2021-03-31-accounts

WWT Annual Report 2020/21

Patron

His Royal Highness The Prince of Wales KG, KT, GCB

President

Kate Humble

Vice Presidents

Sir David Attenborough OM, CH, CVO, CBE, FRS, FLS, FZS, FSA, FRSGS

Mark Carwardine

Mike Dilger

Stanley Johnson

David Lindo

Her Grace The Duchess of Norfolk

Chris Packham CBE

Dr Dafila Scott

Anthony Thomas OBE

Professor Sir Robert Worcester KBE, DL

Contents

Contents

Report of the Trustees incorporating the Strategic Report

Introduction	2
Chair’s message	3
Objectives and activities	7
Achievements and performance
- Programmes	9
- Awareness and Engagement Beyond Our Sites	19
- Membership and Support	19
- Adoption	20
- Retail	20
- Catering	21
- Learning	21
Financial review	23
Sustainability results	26
Principal risks and uncertainties	30
Plans for future periods	31
Structure, governance and management	34

Financial Statements 2020/21

Financial Statements 2020/21
Independent auditor’s report	42
Consolidated statement of financial activities	46
Balance sheets	47
Consolidated cash flow statement	48
Notes to the financial statements	49
Administrative information	70

WWT Annual Report 2020/21

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Introduction

Introduction

The Trustees are pleased to present their annual directors' report together with the consolidated financial statements of the charity and its subsidiaries for the year ending 31 March 2021. This report describes what we achieved in the year and sets out our plans for wetland conservation in the future. The report also explains our constitution and governance arrangements. The audited financial statements for the year ending 31 March 2021 provide the financial details of the work we carried out during the year and how it was funded. The financial statements include the income and expenditure of the charity and all its subsidiaries wherever the statements are referred to as 'consolidated' or 'group'.

This report is prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). In order to meet all these requirements, some specific terms have to be used and detailed disclosures made on some subjects, but wherever possible, we try to make the report and the financial statements clear and easy to read. We hope you find it helpful. More information on our work can be found on our website

www.wwt.org.uk

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Report of the Trustees: Chair’s message

Report of the Trustees: Chair’s message

Looking back it has, without question, been an extraordinary year, which has brought unprecedented and unimaginable challenges. As the year closed, there were some signs that the pandemic was moving to a new, more positive phase, though we remain very conscious that we are still some way from it being over. During the last year our ten sites, our wider conservation projects in the UK and internationally and all our employees and volunteers were impacted by COVID-19. Other than WWT Steart Marshes, which remained open throughout the pandemic, all our sites have closed and re-opened three times. Throughout the year substantial measures were needed to ensure the safety of our employees, volunteers and visitors.

Our sites were often reduced to the minimal staffing needed to ensure the welfare of our animals and birds, and the management of our nature reserves and facilities and some of our wider conservation projects had to be temporarily halted or cut back altogether. Many of our employees worked from home for the entire year, or spent a high proportion of their time “in furlough”, and for much of the time we were unable to welcome volunteers. In addition, in December a wave of Avian Influenza spread across the UK, with casualties in birds at Slimbridge and other sites, bringing with it more restrictions and burdens on our people.

Despite these challenges, it is important to highlight that we were still able to continue some of our key conservation projects. We were delighted to secure substantial funding to enable us to drive our work to develop and demonstrate the value of wetlands, not just for nature, but as a critical part of the solution to the urgent crises of climate change, biodiversity loss and poor health and wellbeing. In the UK we made significant progress in areas including natural flood management, blue carbon, blue prescribing and water treatment, as well as a range of projects designed to support wetland species and maintain and develop the unique habitats that they rely on at our reserves and wider waterscapes. A good example is the Bridgwater Blue Heritage project in Somerset, funded by the Green Recovery Challenge Fund (GRCF), where we were finally able to begin work in September 2020.

We have also continued to develop our activities to engage people with wetlands in new ways. Once the restrictions eased, we were able to complete the last two big exhibits for Slimbridge 2020, the Waterscapes Aviary and the Living Wetland Theatre, which were generously funded by the National Lottery Heritage Fund and other supporters. New exhibits were also completed at WWT Arundel. We have opened them a little later than planned in 2021, but have been delighted with the positive response we have received. We also secured funding for and have started work on 'Generation Wild', an innovative new project which will connect 45,000 disadvantaged children and their families with nature. We also made progress internationally in our three priority countries of Madagascar, Cambodia and Myanmar, working closely with local communities and other partners as far as local pandemic restrictions allowed. Further details of this and other achievements can be found in the following pages.

Throughout this period the response of our employees has been extraordinary. They have experienced ongoing uncertainty for over a year but have, throughout, taken whatever action was needed to enable the Charity to continue vital activities and safeguard its finances, so we were ready to continue our work when the restrictions lifted. Whether maintaining our sites, keeping our critical wider conservation projects going, ensuring that vital corporate functions kept operating, or by being furloughed to help reduce the enormous financial burden on the Charity, all our employees rose to the challenges they faced. I am sincerely grateful to them all. Our volunteers have also remained engaged with us even when they could not visit our sites and projects, and I am hugely grateful to so many of them for returning so quickly to help us rebuild after a year when so much activity had to be paused.

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Report of the Trustees: Chair’s message

We are also indebted to our supporters who continued to maintain their memberships even when sites were closed and to donate exceptionally generously to our emergency appeal. This has enabled us to prepare for our post pandemic future with confidence. We also secured significant emergency and recovery funding for our work, which will enable us to deliver wetland conservation projects at scale, both supporting employment and addressing the immense challenges of nature’s decline and climate change. The impact of the pandemic also meant that we looked afresh at the way we engage with our members and other supporters, and introduced a weekly digital newsletter and a home schooling hub hosted on our website. We also created a Wetlands and Wellbeing guide in partnership with the Mental Health Foundation, and teamed up with the Prince of Wales’s Half Term Nature Challenge, setting a series of nature-based challenges for our supporters and their families.

In addition to responding to these unprecedented external events, we also completed our strategic review which had begun before the pandemic. The objective was to identify a clearer and more focussed set of priorities within our current Strategic Plan for 2017-22, to ensure WWT is making the biggest impact for wetlands and wetland wildlife given today’s challenges, attitudes and opportunities. In addition, we also wished to ensure that the Charity was in a robust financial position to deliver these ambitions and that we ceased to operate an ongoing annual budget deficit. This became even more imperative as the full impact of the pandemic became clear.

The results of the review, our Refocus for the Future, were launched within the organisation in September. It is an evolution rather than a revolution. Our 25 year vision, mission and strategy remain unchanged. However, our refocussed approach means that we can now concentrate our work around four ambitions, to create a bigger impact for wetlands in the UK and internationally, to adapt to the changing world we live in and to ensure we do this within a sustainable financial framework. We believe Refocus for the Future is a robust plan that will ensure WWT remains able to fight effectively for the world’s wetlands, the wildlife that lives there and the wider benefits they bring, now and over the long term. A summary of our refocused plans can be found in the Wetlands for Nature and People document in the publications section of our website.

Our founder Sir Peter Scott believed in the importance of protecting, creating and maintaining large areas of healthy wetlands in order to save species. This was clearly demonstrated by his commitment to creating WWT wetland nature reserves and his work to prevent wetland loss globally. Over the years we have built on Sir Peter’s vision by further developing wetland sites in the UK and protecting international wetlands on key waterbird flyways around the world. Refocus for the Future continues this work, extending it further to ensure all our conservation work results in or contributes to the formation of larger, more connected and better managed nature-rich wetlands. The importance of wetland creation and restoration on a large scale is becoming increasingly recognised as the most effective and sustainable approach to save the species that depend on them.

We also continue to uphold Sir Peter’s belief that the key to successful wetland conservation lies in encouraging people’s curiosity and love of nature. Through Refocus for the Future, we are expanding his central premise by making wetlands more relevant to a wider range of people and their everyday lives to create meaningful change. For many people this relevance will be their passion for wildlife, but even if it is not, wetlands also offer multiple benefits to help solve many of today’s urgent environmental and social crises. For example, wetlands mitigate the impact of climate change, by storing carbon and reducing flooding, and there is increasing evidence that spending time in wetlands hugely aids our own health and feeling of wellbeing. We will be taking this forward by communicating in new, imaginative ways with visitors to our sites, developing the way that we engage with our supporters, and taking the message of the value of wetlands to wider audiences to encourage them to take action.

Refocus for the Future has inevitably resulted in some re-prioritisation which has required some areas of our work to be scaled down or stopped in some areas. We will continue to run species recovery projects that

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Report of the Trustees: Chair’s message

help create larger, better managed, biodiverse wetlands, and/or demonstrate the relevance of wetlands to people and communities, such as our ground-breaking conservation breeding projects to save the curlew and the black-tailed godwit. We will also continue our long-term work to save the Bewick’s swan, as we tackle head on the issues of illegal hunting and lead poisoning, and explore how we can do more to protect their sensitive and threatened wetland habitats in the Arctic.

Some of our work on research and action planning for migratory waterbirds has been concluded. However, many years of pioneering research and action planning for our migratory waterbirds has already secured a future for many species that were previously endangered, or informed the actions we now need to implement to save, better manage or increase their vital wetland habitats along key flyways. It is important to recognise the huge contribution that so many of our conservation staff have made over decades to inform our future conservation actions. Their work leaves a lasting legacy.

Refocus for the Future also reviewed our activities on our sites and in our trading operations to see where we could operate more efficiently, and to ensure our expenditure is efficient and targeted, in order to maximise the income we have available to fulfil our charitable objectives. It has been an opportunity for us to refocus on key issues such as the development of our people, identifying new opportunities to adopt sustainable technology and reducing our organisational impact on the environment. We also reduced some areas of activity due to the impact of the pandemic, both in the short and longer term.

Our refocused approach will be implemented in phases. The first stage involved placing a number of roles at risk of redundancy, followed by detailed collective consultation and then finally individual consultation to assess the opportunities for re-deployment. Over 69 staff were redeployed as a result of this process, but very sadly 54 members of staff were made redundant across the Charity. This was a very difficult decision to make and I would like to express my sincere thanks to all those colleagues who left us in 2020. The second phase of the process involved communicating and embedding our newly focussed ambitions with our employees, volunteers and supporters and this was the focus towards the end of the 20/21 year. Our Annual Report for 2021/22 will review a full year’s activity with our refocused approach in place.

January marked the beginning of our 75th anniversary year and we will report back on our celebrations in our next annual report. I am, however, greatly reassured that WWT will mark this momentous date from a position of strength. Despite all the incredible challenges of the last twelve months, WWT continued to deliver significant conservation outcomes, to protect and manage its sites, and to maintain its relationships with so many supporters and donors. It is also very encouraging that our refocused ambitions have immediately found resonance with others, leading to significant grants and expressions of support directly in line with our ambitions.

During the last year we suffered a further considerable loss following the sudden death of my predecessor as Chair, Dr Peter Day. I referred to this in last year's annual report, which was written after this tragic news, but it is appropriate to record it formally here in my summary of the last twelve months. Peter had been devoted to WWT for many years, first as a volunteer, then a trustee, and finally as Chair, and we feel his loss greatly. We were very pleased to mark his many achievements with his family, friends and colleagues at an event at London Wetland Centre in October, where he spent much of his time as a volunteer. I would like to think that he would have been pleased with what we have achieved in such a challenging year.

There is no doubt the global pandemic has wreaked terrible losses across the world, but it also represents an opportunity. This past year has seen a deeper connection with nature and a greater understanding of its importance. As we emerge from this catastrophe, there is a growing recognition among policy makers and the public of the need for action to value and save nature. I am confident that WWT is emerging from this most difficult of times in good financial health, with clear ambitions and priorities, and with the right people

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Report of the Trustees: Chair’s message

and the right skills. We look to the future with confidence and with a renewed passion to ensure that healthy wetland nature thrives and enriches lives, as we seek to build a “blue recovery” in the post-pandemic world.

Barnaby Briggs Chair of the Trustees

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Report of the Trustees: Objectives and activities

Report of the Trustees: Objectives and activities

Our vision

A world where healthy wetland nature thrives and enriches lives.

Our mission

We conserve, restore and create wetlands, save wetland wildlife, and inspire everyone to value the amazing things healthy wetlands achieve for people and nature.

Our ambitions

Refocus for the Future sets out four overarching ambitions which are designed to shape a clearer and more focussed set of priorities within our current Strategic Plan for 2017-22 and beyond. By setting out our priorities in this way, we believe we can have the greatest impact for wetlands and wetland nature while providing real solutions to some of the most pressing issues impacting people now and in the future. Our four ambitions will enable us to draw on over seven decades of experience in wetland conservation and ensure wetlands are put centre stage in our fight to meet global challenges.

Ambition One

The UK has a bigger, better and more connected network of wetlands with over 100,000 ha of new and restored wetland habitats and the health of our existing wetlands is improving. This network sustains healthy wetland nature and provides nature-based solutions to urgent challenges such as mitigating the impacts of the climate emergency.

Ambition Two

The majority of the public in the UK value and are significantly more connected to wetlands, with at least a million people directly taking action for wetlands where they live and work.

Ambition Three

In the countries where we work around the world, where wetlands, wetland nature and peoples' livelihoods are threatened, we will deliver community-led and sustainable solutions, and ensure wetlands are more effectively valued and considered in local, regional and national decision-making.

Ambition Four

Key international decision makers value wetlands and we will build a global community of highly skilled individuals creating and managing wetlands and mobilising wetland support.

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Report of the Trustees: Objectives and activities

Our activities (intro to programme structure)

To enable us to deliver against our ambitious aims most effectively we structure our charitable activities into nine conservation programmes and the support of our members.

Programme 1 : Wetlands in UK rural catchments

Programme 2 : Wetland landscapes at and around our sites – WWT waterscapes

Programme 3 : UK wetland species restoration

Programme 4 : Experience and engagement at WWT sites

Programme 5 : Urban and community wetlands in the UK

Programme 6 : International community-based wetland conservation

Programme 7 : Global wetland support

Programme 8 : Wetland Conservation in the East Asian-Australasian flyway

Programme 9 : Waterbird conservation in the Northwest European flyway

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Report of the Trustees: Achievements and performance

Report of the Trustees: Achievements and performance

Programme 1: Wetlands in UK Rural catchments

Around 76% of land in the UK is classified as rural, with the vast majority of this being agricultural land. Much of this farmland in coastal areas, lowland floodplains and uplands is located in and around wetlands. We need to make it more hospitable to wetlands and their wildlife, promoting the power of these wetland ecosystems and the nature-based solutions they provide.

This programme is critical for the identification and implementation of a bigger, better and more connected network of new and existing nature-rich wetlands across the UK, complementing the work we are doing under Programme 2 which focusses on our delivery in some internationally important wetland landscapes and catchments. Both programmes will be instrumental in achieving Ambition 1, with the restoration and creation of 100,000 ha of new wetlands our ambitious target.

It will achieve this through delivering and demonstrating fully functioning exemplars of wetland creation or restoration which provide multiple benefits to wildlife and people, by providing evidence of these benefits on a large scale, making this learning available to others and influencing policy. The programme is designed to develop large-scale rural wetlands supporting healthy wetland nature, as well as a whole host of services such as locking away carbon, flood prevention and improving quality of life to people. All these benefits will act as drivers for investment in our natural wetlands.

Key projects

We have a range of projects under this programme to develop WWT’s UK-wide role in:

• Tackling rural flooding and unfavourable flows using Natural Flood Management (NFM);

• Promoting ‘Blue Carbon’, focusing on the creation and restoration of coastal wetland ecosystems that store carbon;

• Finding solutions to nutrient and sediment pollution in rural catchments; and

• Addressing the loss and fragmentation of wetlands, especially ponds, in the farmed environment.

Progress in 2020/21

Linked to wider calls for a 'Green Recovery' from the impacts of COVID-19, we developed our own Blue Recovery vision, calling for 100,000 ha of new and improved wetlands as part of a network to store carbon, reduce flooding, improve water quality and enhance the quality of people's lives. The vision and the rationale for it were formally launched at an online event on 4 March 2021.

We successfully completed the ‘Two Rivers – Slow the Flow’ NFM project in partnership with the Environment Agency in Somerset. Among other interventions, the project has created 10 new open water wetlands, installed 169 'leaky dams', created three wet woodlands, and planted over 4,600 native trees and shrubs across the catchment, working closely with local landowners and the wider community.

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Report of the Trustees: Achievements and performance

We influenced the UK Government’s new Flood & Coastal Erosion Risk Management Strategy, seeking more natural approaches to flood risk management, and now have a seat on the National Steering Group.

Ground-breaking research continued to be carried out at WWT Steart Marshes by scientists from Manchester Metropolitan University, and we used it to demonstrate the real potential of ‘Blue Carbon’ in our fight against climate change. In the first four years of its creation, Steart Marshes is estimated to have stored 35,000 tonnes of carbon. That’s the equivalent of two million trees grown for ten years.

We developed new national treatment wetland guidance and delivered some innovative consultancy projects to tackle pollution issues, including early involvement in using wetlands for nutrient trading.

Programme 2: Wetland landscapes at and around our sites – WWT Waterscapes

This programme recognises, in line with Ambition 1, the potential opportunities to restore or create wetlands, including those with multiple benefits, in landscapes around our sites, beyond our current nature reserve boundaries.

WWT has a long history of creating, restoring and managing some of the UK’s most important wetlands. We currently manage over 3,500 ha of wetland habitats many of which are designated as being of national or international importance.

This programme also covers all our work to bring the status of the species and habitats we manage on our designated sites into favourable condition.

Key projects

Working with local communities, landowners, farmers, businesses and our partners, we have developed a range of projects to create healthy wetland landscapes that provide multiple benefits at the following Waterscapes:

• Severn Vale and Estuary (around WWT Slimbridge);

• Ouse Washes (around WWT Welney); and

• Lower Parrett and Somerset Levels (around WWT Steart Marshes).

We are also delivering numerous projects across our other nature reserves, seeking to improve the condition of the species and habitats for which they are important. Our nature reserve Management Plans guide the efforts of our site teams and ensure our reserves continue to be exemplars of wetland management, restoration and creation, positively influencing others.

Progress in 2020/21

We made progress on a project to improve access and enhance habitats for migratory fish in the Severn Vale and Estuary Waterscape. We also installed a large treatment wetland at Slimbridge, which will clean water from the captive birds in the Gosling Field as well as treat the ‘lightly fouled’ water from the cattle barns and yard at the site. The system uses a combination of pools and native wetland vegetation to clean the water and wildlife is already thriving, including dragonflies and damselflies such as the black-tailed skimmer, common darter and blue-tailed damselfly.

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Report of the Trustees: Achievements and performance

We responded to proposals to remove the acoustic fish deterrent at Hinkley Point C nuclear power station. We were a member of the Welsh Government’s Stakeholder Reference Group, building up evidence and political pressure for protection of the Severn’s fish populations and the wider ecosystem in the Severn Estuary.

We worked closely with our partners during weekly meetings with Defra to press for new funding for nature which resulted in the £80 million Green Recovery Challenge Fund (GRCF) which is now supporting wetland projects for WWT and many other organisations. We secured a £1.6m project to undertake significant wetland conservation work in our Lower Parrett and Somerset Levels Waterscape.

Both Slimbridge and Caerlaverock underwent their five-year nature reserve Management Plan reviews. These assess whether we have met the objectives originally set at the start of the management planning cycle. Wherever possible, measurable limits or targets set in the plan were used as the basis for the assessment but for some species or habitats, this occasionally has to be more subjective.

Some highlights from our nature reserves this year included:

• Marsh harriers attempted to breed at Arundel for the first time and bred successfully at Martin Mere for the first time. Llanelli and Martin Mere both had first time successful breeding by Mediterranean gulls, and black-winged stilts bred successfully at their first attempt at Steart. Kingfishers bred at Arundel for the first time.

• Sites had good numbers of regular breeding birds too with avocets fledging 40 young at Slimbridge, and black-tailed godwits having a good season at Welney and a significant increase in the number of Common Terns nesting at Castle Espie.

• We recorded a welcome increase in the numbers of natterjack toad breeding attempts at Caerlaverock, while elsewhere great crested newts increased at Washington and common frog numbers increased at Arundel.

• Castle Espie had very good numbers of wintering roosting waders on site with maximums of 450 blacktailed godwits and 850 oystercatchers and more waders than ever using the Freshwater Lagoon area.

• Rare and protected plants flourished too. At Arundel, triangular club rush flowered and set seed for the second year since planting in 2018 and the holy leaved naiad has expanded its range into a brand new waterbody.

• Habitat enhancement work at Slimbridge to open up a historic paleo-channel was completed. The new 600 metre long, four-metre wide channel has quickly become a rich aquatic habitat and is being well used by dragonflies, otters, great white egrets and large flocks of wintering waterfowl.

Programme 3: UK wetland species restoration

WWT has a long history of improving the fortunes of threatened species, using a range of tools in the conservation toolbox including our world-leading skills in conservation breeding. Refocus recognises the value of this work and we will continue to play a role in the recovery of keystone, umbrella and flagship species that can also help us to deliver our aspirations under Programmes 1 and 2, contributing towards Ambition 1.

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Report of the Trustees: Achievements and performance

Key projects

‘Project Godwit’ is a partnership project between ourselves and the RSPB that aims to tackle the causes of decline in the Fenland breeding population of the Black-tailed godwit, including using our innovative headstarting approach to complement habitat improvements, and raise awareness of the importance of the UK’s wetlands for breeding waders and other species.

We are involved in three projects to secure the future of the Eurasian curlew and its wetland habitats. Recovery action is taking place in the Severn & Avon Vales, and we are working with the Duchy of Cornwall in Dartmoor and with Natural England, Pensthorpe Conservation Trust, the British Trust for Ornithology and a number of landowners in Eastern England to improve habitat and to trial headstarting, pump-priming diminishing populations by improving breeding success.

We also joined the Corncrake Trial Reintroduction project, working with Natural England, Pensthorpe Conservation Trust, the RSPB and ZSL Whipsnade Zoo, and Professor Rhys Green from the University of Cambridge, to establish the corncrake as a flagship species for floodplain wet grassland restoration in the UK. The first birds will be released in summer 2021.

Progress in 2020/21

This programme was among the most severely affected by COVID-19. With the first national lockdown coinciding with the start of the breeding season, almost all work on our projects was put on hold. While some research efforts were still possible, this was much-reduced compared to plans and previous years.

Although monitoring was hampered by the pandemic, results showed that there were at least 49 pairs of black-tailed godwits in the Fens (up from 45 in 2019). Nine chicks were known to have fledged, and nests were recorded on the Ouse Washes themselves for the first time since 2013.

We also took the opportunity to re-plan our engagement work, developing virtual and outdoor sessions to replace the classroom sessions that were no longer possible, and targeting new audiences, including universities and colleges.

Following the postponement of work in the regional Curlew recovery projects in the Severn & Avon Vales, Dartmoor and the East of England, we undertook substantial re-planning of project activities to enable a COVID-19 secure field season to take place in spring/summer 2021.

WWT was appointed to the Steering Group for the Defra-supported England Curlew Recovery Partnership and is now hosting the Partnership Manager on behalf of the Steering Group. The partnership was formally launched on 1 March 2021.

Programme 4: Experience and engagement at WWT sites

Connecting people to wetlands and wetland nature at our sites has always been a major role for WWT. Our sites have an important role in delivering part of our Ambition 2 to inspire action for wetlands. We aim for all visitors to have an amazing wetland experience by encountering wetlands up close, the range of the activities available to try, and the ways we engage them. This programme covers all our work in providing those experiences but also how we can inform and inspire visitors to take action for wetlands in their own homes, communities or workplaces.

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Report of the Trustees: Achievements and performance

Programme highlights

With the exception of WWT Steart Marshes, for a substantial part of the year our sites were unable to open for visitors due to COVID-19. When sites could re-open, ensuring the safety of our staff, volunteers and visitors and compliance with all regulations remained our primary focus. Access was restricted in internal spaces, including hides and observatories. Even when restrictions were placed on access to our buildings, living collections and even hides we tried to keep our nature reserves open, helping to support people's wellbeing by providing some access to nature and open spaces.

During closure periods we posted videos and films to show what was happening on our reserves and how the living collections were continuing to be cared for. These were well received, especially by our volunteer community, who were unable to return to site at this time.

Our ability to implement plans to develop our engagement with visitors this year has been severely hampered throughout site closures, by limited resources and the constantly changing picture. Even when open, our ability to offer any events or talks, for example, remained difficult due to the requirement to maintain social distancing. We were able to develop self-led activities to support family groups in particular.

All educational activities were stopped during lockdown as schools were unable to travel to sites. We were, however, able to continue to develop our Generation Wild project which is intended to offer greater accessibility for children and their families from disadvantaged areas around our sites. This work has enabled us to launch the project in 21/22. In addition we created a free to use on-line education website to support home schooling with new nature and wetland themes each week. This was extensively used and highly commended.

Despite COVID-19, where possible we continued with developments at Slimbridge and Arundel. Substantial progress was made with the construction of the two remaining major exhibit developments at Slimbridge as part of the Slimbridge 2020 project. The waterscapes aviary incorporates a living wetland theatre, and Mission Possible brings alive WWT’s work on conservation breeding and its impact on wetlands and communities, starting with Nenes up to today’s pioneering work in Madagascar. At Arundel work also continued on two new exhibits featuring Dalmatian pelicans and sea ducks. Unfortunately many other projects designed to develop new experiences at other sites had to be halted during the year due to COVID19, the financial uncertainty, and the lack of both staff and volunteer time to support them.

We were able, as part of our Refocus for the Future, to set the agenda for experience and engagement at our sites. This included a restructure of the central team to support such work, drawing together teams specialising in experience development, engagement, living collection planning, formal learning and interpretative design. There is an increasing focus on improving general standards at our sites (including training, piloting new tools and utilising minimum standards), on developing visitor experiences, including events and activities and engaging stories and messages to convey the importance of wetlands and what we can all do to help. Our planning also includes re-establishing activities around formal learning as schools become more confident to visit.

Programme 5: Urban and community wetlands in the UK

Today, the vast majority of the UK population lives and works in urban environments, and our urban spaces have both expanded and intensified to accommodate this. Wetlands have gradually been squeezed out of urban landscapes with the remaining fragments severely degraded.

As well as being disastrous for wetland wildlife this has had significant impacts on our society. People no longer have access to wetlands, have lost much of their natural connection to them, and are becoming

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Report of the Trustees: Achievements and performance

starved of the services that they can provide. This includes flood alleviation, cleaning up water, recreation and spiritual nourishment. Wetlands contribute significantly to our mental and physical health and wellbeing.

We urgently need to restore people's connection to and affinity for wetlands, and believe that the best way to do this is by finding ways to bring them back into their daily lives, in the places that they live and work. There are many opportunities for this, not least in ensuring nature rich wetlands are incorporated in all new developments and urban planning embraces the concept of a “sponge city”. Doing so will have substantial benefits for wetlands and their wildlife but also provide huge benefits to people. We believe that these benefits can be harnessed to be a major driver of change for urban wetlands as well as another significant way in which we can meet both of our UK Ambitions 1 and 2.

Key projects

We have developed a range of projects under this programme developing WWT’s UK-wide role in:

• Catchment/community-scale urban wetland projects, including projects at the Salt Hill Park in Slough and the ‘Bridgwater Blue Heritage’ initiative in Somerset; and

• Developing the concept of ‘Blue Prescriptions’, an innovative wetland-based health programme designed to enhance people’s connection with nature and improve their wellbeing.

Progress in 2020/21

Final landscaping works on the wetland creation work in Salt Hill Park, Slough had to be postponed during the first national lockdown but were then completed in the autumn. The new stream channel is establishing well and project volunteers are managing the site in collaboration with the local authority, following the simple management prescriptions that WWT developed.

After having to postpone the start of the Bridgwater Blue Heritage Project due to the first national lockdown, we finally got underway in September 2020. The first phase of the project is working with local stakeholders to develop a comprehensive programme of environmental enhancements throughout the town that will help to maintain and develop its connection to its wetland environment. The project has made excellent progress and has already started to make a difference on the ground alongside developing that plan, with work underway at The Meads to enhance wetland habitats and the local community's engagement with them.

Programme 6: International community-based wetland conservation

Wetlands support a disproportionate amount of global biodiversity and this diversity is heavily weighted towards tropical and less developed nations. In many developing countries wetlands are being degraded and destroyed at an alarming rate to make way for unsustainable development. Yet in most cases these wetlands are vital to the lives and livelihoods of some of the world’s poorest people. If they are degraded it is these people who are affected most. Conserving wetland nature often requires us to find ways of improving people’s lives in a way that also results in healthy wetlands and their wise use.

Our resources are best focused on hotspots of wetland biodiversity where threats from unsustainable development are large but also where opportunities exist for WWT to make a substantial and lasting difference. In line with Ambition 3, we will we will deliver community-led and sustainable solutions for threatened wetlands and use these solutions to ensure wetlands are more valued in local, regional and national decision making. The key hotspots where we are effectively implementing our strategy include Madagascar, Cambodia and in the future Myanmar.

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Report of the Trustees: Achievements and performance

Key projects

Madagascar

Madagascar has experienced 60% wetland loss in 50 years and almost every remaining wetland suffers acute problems including sedimentation, pollution, burning, invasive species, and over-harvesting. Wetland species, many of which are found nowhere else, have declined dramatically as their habitats have disappeared. Local communities, of which 80% are rural and 90% have jobs reliant on natural resources, have suffered as a result of the loss of ecosystem services. Finding a sustainable solution to avoid the complete loss of wetlands and native wildlife, while improving conditions for local communities, requires an integrated and scalable approach.

WWT has been working in Madagascar since 2009 and we are now successfully delivering a range of projects focusing on the sustainable management of Madagascar’s plateau wetlands, the wise use of wetlands, and restoring populations of the critically endangered Madagascar pochard.

Cambodia

There are few countries in the world with a greater dependence on wetlands than Cambodia - wetlands cover 30% of Cambodia's total land area and 80% of all people in the country depend on wetlands for their livelihoods. This biodiversity hotspot is going through a period of rapid development. The benefits of this development are however consistently skewed away from the poorest and most vulnerable communities, and the ecological integrity of the landscape is rarely considered. It is vital wetlands are factored into decision-making at all levels, and that mechanisms are in place to help communities sustainably manage their natural resources whilst providing much-needed sanctuary for the region's increasingly threatened biodiversity.

To address these challenges, WWT’s projects in Cambodia focus on the sustainable management of the Mekong Delta and the wise use of wetlands in the country.

Myanmar

Being home to three major global river basins and at the crossroads of several ecological boundaries, the diversity of wetland nature in Myanmar is almost unrivalled and includes numerous globally threatened species. The relative isolation of Myanmar has helped preserve much of this value, but as the political landscape changes there is both a unique conservation opportunity and a risk of rapid over-exploitation.

Our initial work is focusing on a project to create community-based integrated catchment management to conserve the Upper Chindwin River.

Progress in 2020/21

Madagascar

We secured funding through the BIOPAMA programme to help improve the livelihoods of 10,000 people living around Lake Sofia.

In addition, WWT and project partners secured local community rights to manage their natural resources at Lake Sofia. This is a major achievement for the project, and provided much needed security for local people, together with the opportunity for conservationists to continue to plan long into the future.

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We also supported non-governmental organisations and the national government to conduct a review of the conservation management of all 21 of Madagascar's Ramsar Sites. This has been completed by facilitating Ramsar Management Effectiveness Tracking Tool workshops at each site alongside local stakeholders. This will lead to a national report to help managers and government with capacity development and resource allocation prioritisation. We plan to publish the work in a scientific journal to showcase the approach as the first example of its kind globally.

We supported the government to develop a National Wetland Strategy for Madagascar, including important steps to mainstream this alongside other policies and strategies.

Cambodia

Our assessment of the biodiversity, ecosystem services, and conservation status of wetlands in the Cambodian Lower Mekong Delta (CLMD) has led to the designation of Toulpontalei–Boeung Snae Protected Area, a 3,557-hectare wetland given very little attention up until now. WWT conservationists highlighted the significance of the site as the second largest freshwater bird colony, which also provides important ecosystem services for local people. Analysis of current and historical satellite images suggest that in the last 30 years, approximately 1,600 km² of wetland vegetation have been lost from the CLMD. With 858 km² of wetland vegetation remaining in 2020, this equates to a loss of 65% over 30 years. As stark as this seems, the Delta is in better condition to that across the border in Vietnam, providing an opportunity for Cambodian decision-makers to avoid making the same mistakes as their SE Asian neighbours.

Programme 7: Global wetland support

Healthy wetlands are vital habitats for life on Earth, supporting human livelihoods and sustainable development. They are used and inhabited by people, industry, agriculture and wildlife and are at specific risk of mismanagement. The Ramsar Convention’s publication The Global Wetland Outlook provides a worrying assessment of the state of the Earth’s wetlands but identifies the incredible service value they provide to both wildlife and people. The quality of the world’s remaining wetlands remains uncertain with threats from drainage, pollution, invasive species, unsustainable use, disrupted flow and climate change.

In line with Ambition 4, this programme aims to ensure that key decision-makers value wetlands and that we build a global community of highly skilled individuals creating and managing wetlands and mobilising wetland support.

Key projects

• Measuring the status and trends in the world’s wetlands in collaboration with the World Wetland Network and other collaborators;

• Influencing the post-2020 Global Biodiversity Framework, ensuring wetlands feature prominently in the goals and targets; and

• Developing the concept of a School of Wetland Conservation.

Progress in 2020/21

The Freshwater Emergency Recovery Plan we co-authored in 2019 was used to influence global post-2020 wetland conservation plans that will be agreed by Convention on Biological Diversity in 2022. Freshwater conservation was driven up the global conservation agenda with our help as we joined forces with WWF, the IUCN and many others.

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The World Wetlands Network's Global Wetland Watch citizen science survey received 522 respondents from 89 countries and territories across the globe. The results will input into the Ramsar Convention's next Conference of the Parties in late 2022.

We also developed Ramsar Guidance for Wetland Monitoring, which is soon to be published by the Ramsar Regional Center - East Asia.

A new Wetland Link International (WLI) website was developed, and through WLI, WWT has helped to develop a draft resolution on 'Wetlands and Education: supporting the East Asian-Australasian Youth Flyway initiative'.

We produced materials to celebrate WLI's 30th anniversary, tracking down original founders, running a '30 ideas for WLI 30[th ] campaign’, and creating resources for use by our members. A Wetland Centre Accreditation scheme is in development, and an independent panel has been set up representing all continents. We are working with the Ramsar Regional Centre - East Asia to run a pilot scheme this year.

Programme 8: Wetland Conservation in the East Asian-Australasian flyway

The East Asian- Australasian Flyway (EAAF) is the most species-rich flyway in the world, supporting millions of waterbirds that migrate from the arctic to tropical Asia and Australia. It is the most threatened flyway with intense pressures arising from rapid economic development. WWT has been engaged in this flyway for many years through efforts to save flagship waterbird species. Under Refocus, our approach to maximising our impact on this flyway is more in line with Ambition 4, to build local wetland conservation capacity, provide awareness of wetlands and wetland issues and to influence key decision makers along the flyway .

Key projects

We have established a range of projects in the flyway including:

• Coastal action in the flyway, including wetland restoration in South Korea and ongoing work to support the recovery of the Spoon-billed Sandpiper; and

• Coastal Wetland Centre Network, including a specific project at Yancheng in China.

Progress in 2020/21

We completed a project with Nanjing University Ecological Research Institute of Changshu and international urban and architectural design company, Futurepolis, to design Yancheng’s new Wetland Education Centre complex. The coastal wetlands of Yancheng are critically important for hundreds of thousands of waterbirds in East Asia.

We supported the Korea Research Institute for Human Settlements to advise on the transformation of Janghang former brownfield site in South Korea into wetland to provide habitat for birds, and facilities to encourage ecotourism and local regeneration.

WWT co-authored a scientific paper from our Spoon-billed Sandpiper satellite tracking work. Three new autumn moulting sites were identified and, of 28 staging and wintering sites, nine appeared to be of special importance for refuelling during their onward migration, or the post-breeding moult of flight feathers. Only ten of these sites were protected. Further work is needed to identify more unknown sites and to protect the unprotected sites.

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We continued to support the EAAFP Secretariat to navigate through the administrative challenges caused by the COVID-19 pandemic, through assistance to review partnership delivery of the strategic plan, reviewing fundraising mechanisms for the Partnership, Chairing the Finance-Sub-Committee and drafting guidelines for corporate engagement.

Programme 9: Waterbird conservation in the Northwest European flyway

Understanding the status and threats to waterbirds along the northwest European flyway has been a major element of WWT’s research and wider conservation focus over many decades. A significant body of evidence has been built up, together with clear action planning for species in decline. There have also been significant conservation successes with many previously declining species now with healthy and increasing populations.

Many threats remain, such as hunting pressure, climate change leading to impacts on arctic breeding grounds and risks to key wetlands on the flyway. Under Refocus, there will be a renewed focus on major threats to the flyway, on reviewing our approach to conservation issues in the Arctic, capacity building and influencing key decision-makers on the flyway in line with Ambitions 3 and 4.

Key Projects

• Conservation action for the Bewick’s swan;

• Ending lead ammunition poisoning of waterbirds;

• Influencing the adaptive management of geese and other waterbirds; and

• Using the Migratory Birds for People network to campaign for wetland protection along the flyway

Progress in 2020/21

The ban on lead shot in and around wetlands was signed into EU law in January 2021, after the EU REACH Committee voted in support of a complete ban on the use of lead gunshot over EU wetlands. This will vastly improve the health of wetlands and their wildlife across the EU, preventing their contamination with tens of thousands of tonnes of toxic lead shot and the death of one million waterbirds from lead poisoning every year. WWT has played a pivotal role in the ban, providing policy makers with irrefutable evidence on the extent of pollution from lead and its impacts, developing and working with an effective international coalition of partners, and rallying key stakeholders and the public to pressure politicians across Europe.

We published a scientific paper showing that falling productivity seems to explain the decline in Bewick's swan since the mid-1990s. An individual-based model to examine the sensitivity of overwintering swans predicted that the swans could cope with substantial losses of food and increased competition by increasing their daily foraging effort. This reassured us that land management surrounding our nature reserves has no link to the ongoing decline in Bewick's Swan numbers. We have also collected valuable evidence on Bewick's swan behaviour and energy expenditure that shows that competition with whooper and mute Swans in the UK has not contributed to the ongoing decline in Bewick's Swan numbers.

Our project assessing the impact of wind turbines and power lines on wintering pink-footed goose populations was completed. We developed an individual-based model, simulating goose movements around the country over the course of the winter, and predicting their probability of collision with wind turbines and power lines. We concluded that even for a fairly high-risk bird like pink-footed goose, the population-level impact of collision with power infrastructure seems likely to be very small. We found that only 0.02% and

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0.14% of the ~500,000 total UK wintering population were predicted to be killed in collision with turbines and power lines respectively. This can be compared to 50 000 birds per year legally shot for recreational hunting.

Awareness and engagement beyond our sites

A key part of our mission is to inspire everyone to value the amazing things that healthy wetlands achieve for people and for nature. In addition to the experience and engagement activities at our sites, we are continually engaging with our supporters, and people who are new to wetlands, through a range of inspiring on and offline communications. This was more important than ever last year when it became clear that our sites would be closed for long periods and, even when open, restrictions would apply.

Our first priority was to ensure that visitors, supporters and members were kept up to date with the opportunities to visit our wetland centres and reserves when it was possible to do so. In addition, we focussed on developing new ways to keep in touch by providing a wider range of content designed to be relevant to them during the lockdown. For example, we developed home learning materials and guides on local wetland nature. We also produced a wide range of content on the theme of ‘wetlands are a solution to our environmental problems’ which appeared online and in our member magazine, Waterlife. The objective was to highlight the relevance of wetlands to everyone, and the solutions they offer to the nature, climate and wellbeing crises that we face. During the year we explored blue carbon, natural flood management, biodiversity and the human connection to nature. We will continue to develop these new approaches.

As a result of developing this newly focussed content, we hit several milestones with our marketing and communications channels during the year. Our national social media channels saw considerable growth. Our Twitter followers exceeded 40,000, we secured 12,000 followers on Instagram (up from 2,000) and roughly doubled our subscribers on YouTube. Our website figures overall were driven down while our wetland centres were closed, but significantly we saw big increases on our non-site specific pages, which focused on the value of wetlands and wetland nature and our conservation projects. Our sites also kept in touch with their local supporters via their own online channels throughout the pandemic, sharing stories about the changing wetland nature that can be found there throughout the seasons.

We also continued to promote WWT’s conservation work through external channels though this was less than usual given the impact of the pandemic on our work. However, there were still some notable events that enabled us to share the wonders of wetland nature and the impact of the changing seasons. For example, we secured extensive media coverage in February 2021 for an update about Bewick swans, which had reversed their migration pattern in response to adverse weather conditions. This raised awareness of our conservation work with this species of swan on outlets including the BBC Radio 4’s Today programme, news bulletins across the BBC radio network, and The Times newspaper.

Membership and Support

We have been overwhelmed by the support shown by our members and supporters over the last year. Their continued commitment to the charity has enabled us to maintain our wetland centres and continue to fund vital conservation projects despite the impact of the pandemic. We are particularly grateful for the outstanding response to our emergency appeal, which raised £400,000 - the largest response to an appeal we have ever received. We are also very grateful for the generosity shown by the supporters that left us legacies. Their commitment to our work has made a lasting difference to projects in the UK and internationally.

As we were not able to open our sites for most of the year, or only at a significantly reduced capacity, we were not able to recruit new members as usual and our overall membership dropped as a result. At the end of 2020/21 there were 81,504 active memberships which we estimate totals 175,323 individual members.

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This compares to 89,798 active memberships at the end of 2019/20. However, we have continued to deepen our relationship with our existing supporters and the retention rate among our members rose from 80.8% at the beginning of the year to 82.5% by the end of it. We are also already seeing an increase in membership again as the pandemic restrictions ease.

During the pandemic we also undertook a series of measures designed to help our members. For example, we offered a three month payment break for members paying monthly and a 25% discount at point of renewal for members paying annually, to help those who struggled financially or did not feel they had full value from their membership during the year. We have also made it easier for members to renew their membership through a new, online portal and encouraged recently lapsed members to re-join when they are ready to do so. We have also begun work on our new supporter journey approach which is designed to put our supporters at the heart of all we do. We will be developing this further next year.

In addition to our members and supporters, we were grateful to the institutional bodies that continued to support our work during the year and the flexibility shown when projects had to be suspended due to the pandemic restrictions. We were also very fortunate to receive emergency funding from several sources, which has been critical in helping us to maintain our sites when they were closed and to enable us to prepare for the coming year with greater confidence. In some cases these funds will be used to support a green recovery, by financing the jobs needed to help develop new and improved wetlands. They are designed to provide a range of ecosystem services including natural flood management and carbon storage as well as benefiting wildlife and providing more opportunities for people to engage with nature. We are particularly grateful to People’s Postcode Lottery, The National Lottery Heritage Fund and UK PACT Green Recovery challenge fund. Other generous supporters are listed in the Appendix.

Adoption

Adopt an animal continues to grow with the number of animal adopters up 5.5% on the previous year. This growth is largely due to a successful Christmas campaign where 578 new animal adopters were recruited, worth £24,000 annually to the charity. The otter was the biggest seller, followed by duck and flamingo. For the first time the Christmas campaign jointly promoted adoption along with membership and gifts from the online shop as “sustainable gifts that won’t cost the earth” and this was well received by WWT supporters.

Retail

During the last financial year, we moved forward across several elements of our retail strategy. Our revised stock ordering processes, combined with the ongoing focus on moving on slow and dormant lines across the business, resulted in a further reduction in overall stock holding (excluding Optics) from £421,616 at the end of March 2020 to £358,784 at the end of March 2021.

Our focus on creating a point of difference, developing products that are unique to WWT, has seen the development of several new ranges which performed well when we were able to trade. These include our Sustainable Christmas range, which included exclusive Christmas cards, sustainably sourced gifts and decorations, the WWT branded 'Heads and Tails' range and branded confectionery. We have also introduced lines sourced locally to some of our sites, with designs exclusive to WWT, which have been well received.

We moved our online shop onto a new platform in November, giving us better functionality and supporting us in reflecting our now comprehensive product offer online. We also launched products to mark our 75[th] anniversary.

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Catering

We launched a lidless coffee cup that is fully compostable also recyclable with card or paper. As the first of its kind in the UK, it generated considerable interest, and through a campaign in conjunction with the supplier we have seen WWT linked to this beneficial product in a number of national outlets including the Daily Mail and BBC online. Alongside the sustainable benefits delivered by a 100% paper product, our new cup also offers a cost saving compared to our previous cup and lid, enabling us to ensure we can maximise on our contribution toward supporting conservation projects.

We have worked with a local suppler close to Slimbridge, to produce a WWT own-brand cake range. The range is designed to replace the traditional impulse ranges meeting the needs of our visitors with a craving for something sweet on the go and includes a brownie, flapjack and shortbread. In addition to this we have launched with an iced fruit birthday cake to support the 75th anniversary, which has been specially developed from a recipe found in the Scott House kitchen recipe books. Sales data shows these lines are fast becoming a firm favourite with our visitors.

As part of Refocus for the Future, we have undertaken a detailed review of the catering operations and the contribution they make to the wider organisation. We have taken the opportunity to remodel the outlets into three distinct categories. Kingfisher Kitchen, Kingfisher Coffee and Kingfisher Kiosk. Each of the models is set to best fit the service level and style of our outlets. Our Kitchen model focuses on a dining experience in an exceptional setting. The Coffee model is focused on a premium coffee culture offer in a relaxed setting to soak up your surroundings and the Kiosk offer focusses on a simple efficient service to help visitors fuel exploration of our amazing wetlands. The overarching driver for the remodelling is to streamline our offers, to afford us the ability to serve as many of our visitors as possible through peaks in visitation and reduce overheads. This will increase the contribution towards creating and conserving wetlands for everyone.

Learning

WWT is proud to be one of the UK's leading providers of outdoor learning and conservation education. This is one of our most inclusive activities, with our sites welcoming 45,000 learners per year from a diverse range of backgrounds. This element of our work has been further strengthened through our Generation Wild programme, which will connect 45,000 disadvantaged children and their families with wetlands and wider nature over the next three years.

The learning programme was hard hit by the pandemic but we are now seeing increased demand from schools and other educational establishments and plan to rebuild the learning offer over the next 12 months.

Through its Wetland Link International network, WWT encourages and facilitates exchange of expertise, experience and best practice between member wetland centres across the world.

Overview

2020/21 was an unprecedented year. The global Covid-19 pandemic led to closures of our sites for large parts of the year, including our trading operations (retail, catering, accommodation and other). Admissions income was significantly hit and memberships were cancelled, creating a further financial gap. WWT reacted quickly and carefully, putting work on hold where possible, and making use of the government’s furlough scheme. We also worked tirelessly to apply for emergency funding in order to protect the finances of the organisation and ultimately the wetland conservation work that is our reason for being.

Before the pandemic, we had already planned a rebalancing of our budget, to reduce an annual deficit of £1.3m to something closer to breakeven. This was part of the Refocus review, which focused our activities

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on key strategic priorities, while also providing cost savings and increased income. Improvements of £1.9m per annum were made to our unrestricted income and expenditure account as a result of the review. This was a difficult time, with a number of redundancies being made, but we are now in a stronger position – both from strategic delivery and financial perspectives.

We have been able to get through the pandemic with our finances intact due to the generous grants and donations that WWT has been fortunate to receive.

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Income

Total income was £20.9m in the year, which is a drop of 19% on the previous year of £25.7m. Income decreased in all areas except the donations category, which includes income from the Coronavirus Job Retention Scheme.

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Income Trend (£m)
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4.0
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2.0 2.3 2.1 2.1 1.7 2.3 2.2 1.8 2.1
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Donations Legacies Admissions Membership Other income from Shops, restaurants
charitable activities and other trading
activities
2016/17 2017/18 2018/19 2019/20 2020/21
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The furlough scheme provided grants of £1,775k in the year.

Membership income is WWT’s largest source of income and although it decreased from £7.1m to £6.8m this year, it has not fallen as much as it might have done considering the visitation element of membership was not available for some parts of the year. We are grateful to those who have kept up their membership with WWT and have supported the charity’s mission even when they have not been able to come to our sites. These funds support many of the activities at our sites as well as our wider conservation programmes.

Legacy income was the lowest of the last 5 years, with some delays in processing estates the main reason. There has already been some catching up of legacy administration by executors following the year end. We are extremely grateful to those who remember the charity in their wills, the income is key to WWT’s success.

Income from admissions understandably fell sharply, by 50% to £1.8m.

Grants and contract income (where performance conditions have been placed on the funds) is another key income stream. This fell in the year to £2.4m (from the elevated £4.7m in the previous year, which included large grants for the Slimbridge 2020 project).

Expenditure

Total expenditure reduced from £26.9m in 2019/20 to £20.4m in 2020/21. Following the site closures in March 2020, a prudent approach was taken, and non-essential expenditure was put on hold where possible. Some expenditure simply was not required while sites had to close

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Expenditure Trend (£m)
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Raising funds Expenditure on charitable activities
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Expenditure on raising funds reduced from £6.2m in the previous year to £4.5m, a reduction which mostly related to costs in the shops, restaurants and other trading activities.

Expenditure on charitable activities was reduced from £20.7m to £15.9m in 2020/21, as WWT held back some projects while the pandemic took hold and some expenditure was not possible, for example, travel.

Investments

Our investments, managed by Rathbone Greenbank, had an excellent year. The main portfolio saw capital gains of £1.9m while the Endowment Fund portfolio saw increases in value of £366k. Overall this was an increase of 22% in value from one year-end to the next. This followed a sharp fall in markets prior to 31 March 2020 and therefore some of these gains were recovering recent losses. In addition, the investment portfolios provided income of £225k to the charity.

As a wetland conservation charity, WWT is committed to responsible investment, which for us means investing in businesses that demonstrate a positive approach to the environment, society and governance (ESG). Given the existential threat to wetlands posed by the climate and biodiversity emergencies, WWT is reducing the direct contribution to global warming of its investments by avoiding all investment in companies with any involvement in oil, gas, or coal exploration or production; and avoiding all investment in companies generating electricity from coal-fired power stations. In addition, WWT’s policy is to target 100% of our portfolio to be invested in climate-sustainable assets before 2030, and is seeking to influence a move to lowcarbon energy, requesting companies to commit to a science-based pathway to net zero emissions well in advance of 2050.

In addition to our listed investments, we own investment properties at Martin Mere as a result of the purchase of farmland to extend the reserve in 2011/12, and in 2017/18 received land held for investment as part of a legacy.

Pension

In common with many organisations, our defined benefit pension scheme used to show a deficit. Action was taken to reduce the liability, closing the scheme to new entrants in 1997 and ceasing further accrual of future benefits in 2005. An actuarial valuation is carried out every three years. The latest completed valuation, as at

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31 March 2018, showed the scheme in surplus by £0.04m, and we expect this position to have improved in the next valuation, which is being finalised currently. The charity has not needed to make any contributions since March 2019, when a payment of £150k was made into the scheme. WWT pays the administration fees for the scheme.

Within these accounts, accounting regulations require us to report on a pension scheme valuation based on a different set of assumptions. This valuation shows a surplus of £1.2m at 31 March 2021. The pension surplus is not included on our balance sheet since it is unlikely that the charity would ever be able to recover the asset, though the movement year-on-year is reflected in the Statement of Financial Activities.

Funds

We hold £2.6m in a permanent endowment fund. The income earned is unrestricted but the capital remains in place subject only to fluctuations in the market value of the investment portfolio within which it is held.

We have a number of restricted funds where the donor restricts the purpose for which the fund can be used. These totalled £22.8m at 31 March 2021, of which £18.2m (80%) relates to restricted fixed asset funds, representing assets, such as land and buildings, purchased with restricted donations. The remaining £4.6m falls into two categories: specific project funding not yet spent and legacies gifted to specific sites and not yet spent. We are financing significant developments at our sites with these funds.

Unrestricted funds include the General Fund and funds designated for a specific purpose by the trustees. Unrestricted funds totalled £15.9m, an increase of £2.3m on the previous year, of which £1.9m was investment gains. These have been placed in a separate Investment Revaluation Fund in order to protect General Funds from the ups and downs of stock market investments.

The Council’s reserves policy includes setting aside sufficient funds to cover the charity’s unrestricted essential expenditure for a period of up to six months as a contingency. The current contingency reserve level has been set at £6.7m and this has been put aside.

We have also set aside a fixed asset fund in unrestricted funds, which represents the net book value of unrestricted fixed assets that cannot be easily disposed of, and as such these are not liquid resources immediately available to the charity. This fund totalled £5.1m as at 31 March 2021.

The remaining unrestricted funds are held within the General Fund. Totalling £2.2m, this has increased from £0.9m at the start of the year. The increase is partly due to capital expenditure being held back in the year due to the pandemic. This will be used for the ongoing running of the charity.

Total funds now stand at £41.3m, an increase of 7% over the year. Thanks to all supporters, trusts, foundations and government institutions (as well as our dedicated staff and volunteers) for your support that has enabled WWT to end the tumultuous 2020/21 year in a healthy financial position.

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Report of the Trustees: Sustainability results

Report of the Trustees: Sustainability results

This Sustainability section builds on our ongoing (since 2016-2017) sustainability reporting within our Annual Report and the Streamlined Energy and Carbon Reporting (SECR) requirements which we have been required to comply with since 2019/20. As with other areas of our Annual Report, our sustainability performance in 2020/21 has been impacted by the pandemic.

SECR (Streamlined Energy and Carbon Reporting) Reporting

Under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, WWT Limited is classified as a large, unquoted company.

WWT Limited has assessed and reported on our 2020-2021 Greenhouse Gas (GHG) emissions in accordance with the 2019 UK Government Environmental Reporting Guidelines (including SECR guidance) and the Department of Environment, Food and Rural Affairs (DEFRA)/Department for Business, Energy and Industrial Strategy (BEIS) 2019 greenhouse gas conversion factors. Historical data uses the relevant annual DEFRA/BEIS greenhouse gas conversion factors.

Reporting periods

The period covered for the purposes of this SECR section is 1[st] April 2020 to 31[st] March 2021. Since last year's report, as advised in that report, we have re-profiled all of our energy and travel data to align with financial reporting. The tables below provide comparison between financial years. There is therefore no direct comparison between this report and data in previous Annual Reports.

GHG reporting scopes

Our calculations include the following SECR required GHG Protocol Scopes:

• Scope 1 – Direct Emissions – emissions from activities owned or controlled by us that release emissions into the atmosphere - natural gas, Liquefied Petroleum Gas (LPG) for catering and building heating, fuel stored for use in tractors and other plant and fuel used in owned/leased vehicles.

• Scope 2 – Indirect Energy Emissions – emissions related to energy that are the consequence of our activities but which occur at sources that we do not own or control. This includes electricity consumed on our sites including that used to recharge battery operated power tools and plug-in hybrids and electric vehicles. Note that all electricity purchased by WWT is from 100% renewable sources but we still need to report the GHG emissions associated with this electricity use. As the UK electricity grid incorporates more renewable energy, the carbon intensity of UK electricity supply has fallen and this can be clearly seen in the reducing GHG emissions from our electricity consumption.

• Scope 3 – Indirect Other Emissions – emissions that are a consequence of our activities but which occur at sources that we do not control. For SECR this includes business travel in vehicles not controlled by us, such as hire cars and grey fleet (employee-owned vehicles).

We include our heating oil (Scope 1) and biomass (wood pellets) fuel use in this report for completeness although this is outside the scope of SECR reporting requirements.

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There are many other Scope 3 emissions (known as Value Chain emissions) including everything we buy (upstream) and sell (downstream), our investments, pensions and even staff and volunteer commuting. We are working to understand and quantify these for our Net Zero pledge. Reducing those that are material to WWT (our Reductions Pathway) will be key to Net Zero plans and targets. Our Removals Pathway (sequestering more carbon through changes to our land management practices or acquisition of additional carbon sinks) will enable us to achieve Net Zero. The two Pathways will be delivered in parallel though Reduction is the priority.

Calculation methodology

Information is reported as absolute consumption in kilowatt hours (kWh) as well as the greenhouse gas emissions, expressed as Tonnes of Carbon Dioxide Equivalent (CO2e). Carbon dioxide is one of the main greenhouse gases causing climate change and results from the burning of fossil fuels (coal, gas, oil) but there are other greenhouse gases including Methane (CH4), Nitrous oxide (N2O) and Hydrofluorocarbons (HFCs). The CO2e allows the different greenhouse gases to be compared on a like-for-like basis relative to one unit of CO2.

Consumption data (kWh) for site energy use is taken from meter readings, utility bills and, in the case of LPG, biomass pellets and liquid fuels used and stored on sites, from delivered volumes. In this last case, reported figures relate to delivery dates not usage dates. This may result in some minor annual variation in consumption and emissions, for example, where two deliveries are received one year and none the next.

For grey fleet and vehicle hire travel data, kWh is calculated from the CO2e which is calculated from miles travelled (based on expense claims mileage data and hire car data) and using the relevant annual DEFRA fuel conversion factor.

SECR excludes all public transport and flights (domestic and international) except where an organisation operates the flights directly. WWT measures and manages our public transport and flight mileage and emissions.

Results

Consumption

Consumption (kWh)	Mandatory/ Optional under SECR	2014/15	2015/16	2016/17	2017/18	2018/19	2019/20	2020/21
Purchased Electricity*	Mandatory	2563426	2531192	2745342	2724303	2560984	2491238	1723765
Natural Gas	Mandatory	297543	332812	381333	435002	415463	459591	389419
LPG**	Mandatory	149758	207916	246095	195950	264758	180632	75376
Heating Oil**	Optional	496498	338437	368868	170033	122540	125131	75690
Wood Pellets**	Optional	684409	1044197	750023	978842	903795	865178	625077
On Site Plant Fuel**	Mandatory	161418	198224	160646	184526	162269	176053	153188

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Report of the Trustees: Sustainability results

Fuel for Owned/ Leased "Pool" vehicles	Mandatory	173003	147382	156908	169242	146699	147635	78311
Hire Car and Grey Fleet Business Travel	Mandatory	356353	412570	333371	346629	490265	460333	162801
Total SECR Consumption		3701500	3830097	4023695	4055652	4040440	3915481	2582861
WWT Consumption		4882407	5212730	5142586	5204526	5066774	4905790	3283628

• includes on-site charging of battery-operated power tools (e.g strimmers) and electric/plug in hybrid pool vehicles owned or leased by WWT when charged on WWT sites.

**LPG, heating oil, biomass pellets and plant fuel use are based on dates delivered not date consumed as tanks are not metered.

Greenhouse Gas Emissions

Greenhouse Gas Emissions (Tonnes CO2e)	Mandatory/ Optional under SECR	2014/15	2015/16	2016/17	2017/18	2018/19	2019/20	2020/21
Purchased Electricity	Mandatory	1267	1170	1131	958	725	637	403
Natural Gas	Mandatory	55	61	70	80	77	85	72
LPG	Mandatory	32	45	53	42	57	39	17
Heating Oil	Optional	133	90	100	45	33	32	19
Wood Pellets	Optional	8	13	8	12	13	13	9
On Site Plant Fuel	Mandatory	44	54	44	51	45	48	39
Fuel for Owned/ Leased "Pool" vehicles	Mandatory	44	35	38	41	36	35	18
Hire Car and Grey Fleet Business Travel	Mandatory	95	111	89	90	100	93	14
Total SECR GHG Emissions		1537	1476	1426	1262	1040	937	563
WWT GHG Emissions i.e. including optional fields		1678	1579	1535	1319	1086	982	591

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Report of the Trustees: Sustainability results

Intensity Metric

Intensity Ratio	2014/15	2015/16	2016/17	2017/18	2018/19	2019/20	2020/21
FTE	382	378	418	430	441	461	369
Total SECR GHG Emissions
Total CO2e/FTE	4.0	3.9	3.4	2.9	2.4	2.0	1.5
WWT GHG Emissions i.e. including optional fields
Total CO2e/FTE	4.4	4.2	3.7	3.1	2.5	2.1	1.6

Commentary SECR

Our site energy use and business travel figures reflect the COVID-19 pandemic resulting in site closures, substantially reduced business travel and most of our staff working from home or in furlough during the various lockdowns.

Reductions in LPG use reflect closures of or substantially reduced services offered from of our catering operations during site closures or when restrictions were in place.

Reductions in heating oil and biomass demonstrate reduced heating demand and hot water provision although there is still some heating and biomass demand as a result of the need to heat areas for living collections and those teams still on site during full lockdowns, and space heating to protect infrastructure.

Electricity consumption reduction reflects reduced small power use (computers, lighting etc.) and catering needs (e.g. extraction systems) although some electricity consumption remains essential for water pumping, server room cooling, refrigeration and the needs of those staff remaining on site. As would be expected, business travel has reduced substantially during the year because of the pandemic with some residual site pool vehicle use and a small amount of operational mileage, predominantly for low risk essential conservation fieldwork.

In the year, progress on our sustainability agenda was slowed due to furloughing of key staff but a large quantity of LED lightbulbs were installed which will collectively result in carbon savings of 13 tonnes (with a financial pay back of 10 months). Additionally, an Infrared Heating system was successfully trialled at our Martin Mere site and will be rolled out during 2021/22.

Business cases were also produced and approved for a number of energy efficiency and renewable energy projects for delivery in 2021/22 including further LED lighting upgrades and substantial Solar Photovoltaic (PV) installations at Castle Espie, Llanelli, Martin Mere and Slimbridge.

Despite the many negative impacts of the pandemic on WWT, we intend to keep the learning in terms of using video technology to reduce non-essential travel and implement suitable hybrid working from home arrangements (role, individual and team allowing) to reduce our commuting impacts (Scope 3).

Additionally, work has progressed to enable the inclusion of environmental incidents within our new online incident reporting framework (which also includes health and safety, safeguarding and data protection incidents). To date, all such incidents have been reported by incident forms. The new online system went live on 1[st] April 2021.

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Report of the Trustees: Principal risks and uncertainties

Report of the Trustees: Principal risks and uncertainties

Council, assisted by the Finance, Audit and Risk Committee, oversees a formal risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, identifying means of mitigating the risks and monitoring the success of mitigation.

The main risks identified during the risk management process were:

• Reduced visitation at sites due to social distancing requirements of the pandemic

• A depressed economy reducing a number of income streams including membership, admissions, shop and restaurant sales, consulting contracts and investment returns.

• Funding uncertainty, potential loss of employees and environmental impacts as a result of Brexit.

• Adverse weather impacting visitor numbers and reducing income.

• Avian influenza resulting in restrictions to our centres.

• Climate change impacting on some centres to make them vulnerable to flooding, affecting wildlife habitats, visitation and our ability to obtain flood cover insurance.

The risks above were identified as significant prior to mitigation. The risk management process then identified ways in which the likelihood of the risks can be minimised (where this is possible) and how the impact of the risks, should they occur, can be reduced. The main mitigation actions we are taking are:

• Opening sites as soon as it was evidently safe to do so, with an emphasis on visitor, staff and volunteer safety

• A strategic review to focus resources on key priority areas of work to increase impact while improving our financial model

• Reductions in expenditure to reduce the risk of large deficits as a result of the pandemic’s effects

• A focus on increasing a number of different streams of income, not just income associated with visitation.

• To increase the power of our conservation messages; as well as more effectively achieving our charitable aims, we hope this will also broaden our supporter base.

• To protect our sites that are particularly vulnerable to flooding; for example our flood alleviation project at Arundel.

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Report of the Trustees: Plans for future periods

Report of the Trustees: Plans for future periods

In 2020 we completed Refocus for the Future, a strategic review designed to identify a clearer and more focussed set of priorities within our current Strategic Plan for 2017-22. In 2022 we will begin work on a new strategic plan to cover the period 2023-2027, which will build on the review and continue to support the delivery of WWT’s four overarching ambitions. Over the next two years we will focus on the following:

Ambition One

The UK has a bigger, better and more connected network of wetlands, with over 100,000 ha of new and restored wetland habitats and the health of our existing wetlands is improving. This network sustains healthy wetland nature and provides nature-based solutions to urgent challenges such as mitigating the impacts of the climate emergency.

Shorter term measure: 20,000 ha of created or restored wetlands by 2027.

• Working in partnership, we will seek opportunities for the direct creation and restoration of large scale wetlands in the UK as part of a network of bigger, better and more connected wetlands to deliver a “Blue Recovery” in the UK.

• We will assess where there are opportunities for the realistic creation or restoration of 100,000 ha of wetlands in the UK and develop partnerships and funding solutions for large scale wetland creations.

• We will restore populations of declining wetland species where it will result in wider gains for wetland habitats and inspire support.

• We will collect evidence to demonstrate the value of multi-benefit wetlands for wildlife and people, including natural flood management, carbon storage and improving water quality.

• We will continue to improve the wildlife value of our sites and seek opportunities for wetland creation and restoration in surrounding landscapes (our waterscapes)

• We will continue to play a leading role in developing the concept of “blue carbon” and promoting the role of wetlands in the fight against climate change.

• We will conduct research to understand and demonstrate the benefits of engaging with wetlands for health and wellbeing.

• We will show that the multiple benefits of urban and community wetlands are real and showcase the benefits to local communities and other stakeholders.

• We will promote the value of wetlands with stakeholders at all levels and work in partnership with others to make the case for action.

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Report of the Trustees: Plans for future periods

Ambition Two

The majority of the public in the UK value and are significantly more connected to wetlands, with at least a million people directly taking action for wetlands where they live and work.

Shorter term measure: 400,000 people taking action for wetlands by 2027.

• We will raise the profile of wetlands, making them more relevant and increasing understanding of the vital role they play through communications and campaigns aimed at both our existing supporters and new audiences.

• We will take our supporters on a journey with us, and create new ways for them to take action for wetlands at our sites and where they live and work.

• We will develop wetland creation and restoration projects in existing or developing urban environments with an emphasis on multi-benefit nature-rich wetlands providing connection and a source of wellbeing to local communities.

• We will provide outstanding immersive and interactive experiences at our sites, including both our living collections and nature reserves, to engage and inspire action for wetlands.

• We will develop innovative programmes to engage new audiences of all ages and backgrounds with wetlands and encourage them to have a lifelong love of wetland nature.

Ambition Three

In the countries where we work around the world, where wetlands, wetland nature and peoples’ livelihoods are threatened, we will deliver community-led and sustainable solutions, and ensure wetlands are more effectively valued and considered in local, regional and national decision making.

• We will continue to expand community-based wetland management projects in the plateau wetlands of Madagascar.

• We will continue to expand our community-based wetland management projects in the Mekong delta of Cambodia and to develop further work in Myanmar where possible.

• We will undertake further work with in-country partners to promote the protection and restoration of coastal and freshwater wetlands in China.

• We will continue to use site-based demonstrations to influence local, regional and national policy in these countries.

• We will further consider our approach to the conservation of Arctic habitats and the species that depend on them.

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Report of the Trustees: Plans for future periods

Ambition Four

Key international decision makers will value wetlands and we will build a global community of highly skilled individuals creating and managing wetlands and mobilising wetland support.

• We will push for the increased recognition internationally of the wider benefits of wetlands for both wildlife and people.

• We will support initiatives for capacity building in wetland conservation, developing the concept of a Wetland School for Conservation.

• We will identify areas of greatest need and help to develop monitoring, practical conservation and wetland engagement skills along priority flyways.

• We will influence global wetland policy through our work with Ramsar, flyway partnerships and through the work of Wetland Link International (WLI) and support of grass-roots wetland conservation organisations.

• To support the direct delivery of our Ambitions we have also identified the following priorities for our work:

• We will work to ensure a full recovery of the Charity post pandemic.

• We will develop and diversify all our income streams, create new ways for people to support us and develop our commercial approach to maximise support for delivery of our ambitions.

• We will develop further efficiencies in our supporting systems, including in finance and our people systems, our project management, and how we engage with members and supporters.

• We will develop key polices and initiatives, with priorities identified in sustainability, our approach to diversity, inclusion and belonging, flexible working and our brand.

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Report of the Trustees: Structure, governance and management

Report of the Trustees: Structure, governance and management

The late Sir Peter Scott founded the charity, registered in England and Wales, on 10 November 1946. The charity's objects are to promote the conservation and study of wildfowl and wetlands forming their habitat.

WWT was converted to a charitable company limited by guarantee on 16 December 1993.

Subsidiary companies

WWT has four, wholly owned subsidiary companies, all registered in England and Wales.

Wildfowl and Wetlands Trust (Trading) Ltd, known as WWT Trading, carries out commercial activities, mostly retail and catering, at WWT's centres. Wildfowl & Wetlands Trust (Consulting) Ltd, known as WWT Consulting, provides environmental consultancy services. Wetlands Advisory Service Ltd is now dormant.

Wildfowl Trust (Holdings) Ltd does not trade, but acts as trustee of property which is dealt with in the accounts of WWT, whether real or personal, belonging to or in any way, whether directly or indirectly, of interest to WWT.

Each of the trading subsidiaries usually donates its taxable profits, where there are sufficient distributable reserves within the subsidiary, to the charity under the Gift Aid scheme.

For more detailed information about any of the subsidiary companies, the individual financial statements are filed annually with Companies House or they can be obtained from the Company Secretary at WWT's registered office. The address can be found on page 70.

Scotland

The charity registered with the Office of the Scottish Regulator (OSCR) in 2008 and for reporting purposes to OSCR we are required to make a separate statement of our work in Scotland.

WWT's visitor centre in Scotland is the WWT Caerlaverock Wetland Centre, located in Dumfriesshire on the Solway coast. In the year ended 31 March 2020, 14,388 people visited the centre and in addition to these 194 school children and 24 accompanying adults were taught in formal learning programmes. Caerlaverock is most famous for its spectacle of barnacle geese and whooper swans from October to April. Wild osprey, barn owl, natterjack toad and the rare tadpole shrimp can also be seen at this centre. Caerlaverock benefits from a dedicated volunteer base of 39 and nine full-time equivalent members of staff are employed here.

Northern Ireland

WWT is known in the Charities Act (NI) 2008 as a 'section 167 institution' and shortly after the year end submitted an expression of interest to apply to register with the Charity Commission for Northern Ireland. For reporting purposes we are not currently required to make a separate statement of our work in Northern Ireland.

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Report of the Trustees: Structure, governance and management

WWT's visitor centre in Northern Ireland is the WWT Castle Espie Wetland Centre, located in County Down by Strangford Lough.

Constitution

WWT was set up under a memorandum of association, which established the objects and powers of the organisation, and is governed under its articles of association.

The memorandum of association was last amended on 13 December 2007. The articles of association were last amended on 21 October 2010. Both documents can be obtained from the Company Secretary at WWT's registered office. The address can be found on page 70.

Council of Trustees

The memorandum and articles of association stipulate that Council Members may each serve two three-year terms in office. Under certain circumstances Council Members may then serve a further term of up to three one-year periods, where the Council considers that continuity would be of particular benefit to the charity.

All members of the Council are volunteers, give freely of their time and have no beneficial interest in the group or charity.

Council Members are usually also Guarantor Members who guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2021 was 7 (2020: 10). Trustee indemnity insurance is provided.

Responsibilities of Council

The Council of Trustees is responsible for setting WWT's strategic policies and objectives and for ensuring they are fulfilled. Council Members are WWT's directors for Companies Act purposes and must under United Kingdom law prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the group and charity and the incoming resources and application of resources, including the net income or expenditure, of the group for the year. In preparing those financial statements, the Council is required to:

• Select suitable accounting policies and then apply them consistently.

• Make judgements and estimates that are reasonable and prudent.

• State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.

The Council is responsible for ensuring that the group and charity have appropriate systems of control, financial and otherwise. They are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the group and charity and that enable them to ensure that the financial statements comply with the Companies Act 2006. In addition they are responsible for safeguarding the assets of the group and charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:

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Report of the Trustees: Structure, governance and management

• the charity is operating efficiently and effectively

• its assets are safeguarded against unauthorised use or disposition

• proper records are maintained and financial information used within the charity or for publication is reliable

• the charity complies with relevant laws and regulations.

Nominations Committee

To ensure the Council is sufficiently skilled to carry out its responsibilities it undertakes skills analysis of existing members before new ones are appointed. This is carried out by the Nominations Committee. The

Nominations Committee consists of the Chair of the Council, at least one other Council Member and the Chief Executive. Once the skills analysis is complete, the vacant positions on Council are advertised widely in order to attract the best possible selection of potential candidates. The candidates who best meet the skills required are then invited to a selection event where their experience and knowledge is explored in more detail by the Nominations Committee. Once appointed, each new Council member receives a full induction

into the work and administration of the charity. Council Members receive regular updates on the work of WWT and any training deemed necessary to enable members to carry out their responsibilities fully.

Finance, Audit and Risk Committee

The Finance, Audit and Risk Committee assists the Council with detailed scrutiny of WWT's finances, reviews the performance of the subsidiary companies and makes recommendations to the Council on matters that include the staff pension schemes, WWT's investment policy and WWT's reserves policy. The committee is also responsible for internal and external audit, risk management, review of internal policies and procedures, safety management, insurance and IT security. The external auditors report to the Committee at least once a year. Chaired by the Treasurer, this is a sub-committee of the Council.

As with the Council and other subcommittees, members of the Finance, Audit and Risk Committee are volunteers, give freely of their time and have no beneficial interest in the group or charity.

Remuneration Committee

Another subcommittee of the Council, the Remuneration Committee monitors the salary market and determines the salaries of WWT's Chief Executive and other Management Board members. The Committee periodically obtains current not-for-profit sector salary data for each role on Management Board based on the job descriptions and levels of responsibility. These data are used to ensure each salary is appropriate when compared with the salaries for similar roles within the same sector.

Management Board

Day–to-day running of WWT is carried out by the Management Board, consisting of paid members of staff. The most senior members of Management Board are the Chief Executive, who reports directly to the Chair of the Council, and the Chief Operating Officer.

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Report of the Trustees: Structure, governance and management

Management of subsidiary companies

Each subsidiary company has its own Board of Directors responsible for running the company. The Chief Executive or the Chief Operating Officer chair each board and at least one other member of WWT's Management Board sit on each company's board. WWT Trading also benefits from non-executive board members who contribute specialist skills and expertise on a voluntary basis.

Members of the Council, Nomination Committee, Finance, Audit and Risk Committee, Remuneration Committee and Management Board are listed on page 70.

Auditor

An independent audit is conducted annually to fulfil WWT's legal obligations and for the Council to ensure financial statements have been properly prepared and give a true and fair view. The auditor's report to WWT's members is given on pages 42 to 45.

Statement as to disclosure of information to auditors

The Council members have taken all the necessary steps to make themselves aware, as Trustees, of any relevant audit information and to establish that the auditors are aware of that information. As far as the Council members are aware, there is no relevant audit information of which the company's auditor is unaware.

Our people

We are privileged to work together with circa 999 volunteers, 419 employees and 207 casual workers. We are actively building a culture of passion for wetland conservation with a focus on delivering our conservation aims, mutual support between teams across the organisation and putting our visitors and supporters first. Our ambition is for WWT to be a great place to work where our people can be at their best. Our volunteers contribute at the heart of everything we do, giving their time and passion to wetland conservation. On a daily basis they make a difference to the visitor experience, the care and maintenance of our grounds and reserves and to engaging the next generation, school children, with the wonders of wildlife and our conservation messages. Their contribution is growing and in innovative ways, we are seeing creative solutions emerging from conservation projects in particular.

We are also working to make volunteering opportunities available to as wide a range of people as possible by broadening the recruitment methods and resources we use. Additionally, formal requirements for volunteering roles are kept to a minimum wherever possible to maximise the accessibility of volunteering.

Modern Slavery Act Statement

Modern slavery is a crime and a violation of fundamental human rights. It takes various forms, such as slavery, servitude, forced and compulsory labour and human trafficking, all of which have in common the deprivation of a person's liberty by another in order to exploit them for personal or commercial gain. We have a zero-tolerance approach to modern slavery and we are committed to acting ethically and with integrity in all our business dealings and relationships and to implementing and enforcing effective systems and controls to ensure modern slavery is not taking place anywhere in our own business or in any of our supply chains.

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Report of the Trustees: Structure, governance and management

We are also committed to ensuring there is transparency in our own business and in our approach to tackling modern slavery throughout our supply chains. We expect the same high standards from all of our contractors, suppliers and other business partners, and as part of our contracting processes, we include specific prohibitions against the use of forced, compulsory or trafficked labour, or anyone held in slavery or servitude, whether adults or children, and we expect that our suppliers will hold their own suppliers to the same high standards.

Diversity, Inclusion and Belonging

We recognise the importance and value of diversity, inclusion and belonging in our working environment and our people in realising our vision of a world where healthy wetland thrives and enriches lives.

This means that:

1. Everyone, irrespective of background, culture, identity and ability, should have equal opportunity to access wetland nature, to receive the benefits of wetlands, to be inspired, and to take action. This means at our sites and in the wider environment in the UK and internationally.

2. In our workplaces we believe that everyone has the right to be treated with dignity and respect irrespective of race, nationality, ethnic origin, religion or belief, sex, sexual orientation, gender reassignment or gender identity, pregnancy or maternity, age, disability or marriage and civil partnership status. We aim to provide an inclusive working environment and culture in which we provide equality of opportunity, diversity is supported and where people can bring their whole selves to an environment that is safe and supportive and which respects and values their differences, both visible and invisible. We want our people to feel like they belong at WWT.

This is important to us because it's the right thing and so we are building a culture where diversity and difference is valued. We want to create a welcoming environment where individuals have the ability to reach their potential and do their best work to help the charity to achieve its ambitions. We are putting the structures in place to enable this to happen, to support our colleagues and to address any challenges in a fair and transparent manner.

WWT is committed to creating an inclusive working environment, providing equality of opportunity in all aspects of employment and avoiding unlawful discrimination. WWT will not tolerate inappropriate behaviour, discrimination, harassment, bullying or victimisation of colleagues or others working on the Trust's behalf.

Fundraising

To achieve our charitable aims we need to raise vital income through fundraising. In all cases we ensure we meet the standards and obligations that must be met in all our fundraising activities, including:

• We subscribe to the Fundraising Regulator and support the Code of Fundraising Practice. We are also registered with the Fundraising Preference Service, which enables individuals to opt out from receiving fundraising communications from us should they choose to do so.

• We comply with the Data Protection Act and the Information Commissioner's guides and code. Our supporters have the opportunity to express their preferences on how their personal data is handled.

• We work closely with a carefully selected fundraising partner, QTS, which carries out outbound calls to our members on our behalf, for example to welcome them to WWT and at the point of membership renewal. QTS is registered with the Fundraising Regulator, it adheres to the Fundraising Code of

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Report of the Trustees: Structure, governance and management

Practice and its professional fundraisers are fully trained on the Chartered Institute of Fundraising’s guidance on Treating Donors Fairly. Calls are regularly monitored by QTS and WWT to ensure a high standard of calls are maintained.

• We seek feedback from our members and supporters. Anyone can join our Supporter Panel, which has been set up to identify areas where we can make further improvements and ensure that WWT is a 'supporter-centric' organisation. We also involve the panel in surveys and other research, asking them to share their ideas and views on the Charity’s work.

• Our fundraising is carried out in line with the Chartered Institute of Fundraising’s guidance on Treating Donors Fairly, and more specifically:

• We provide training for our Supporter Services team regarding vulnerable people or those in vulnerable circumstances.

• Our Supporter Services team has an internal guidance document setting out how they should implement Institute of Fundraising guidance.

• We also have the following policies in place: Anti-Slavery, Safeguarding (Children and Adults at Risk), Safeguarding our Supporters and Donations Acceptance Policy.

• As a result of the pandemic, our offsite face-to-face fundraising, at events and retail outlets, came to a close in spring 2020.

Whilst we do everything we can to provide the best possible service, we are aware we may not always get it right. WWT has a Supporter Promise and our Feedback and Complaints Policy can be found on our website. Every complaint received is fully investigated and improvements are always made where necessary. We received 97 complaints during the year, which were all managed and resolved through our complaints handling process. These included queries regarding membership during the pandemic when our sites were closed for long periods of time.

Directors’ engagement with employees

The Trustee Directors together with the Management Board work closely together to develop communication with both staff and volunteers, using the best means possible whether a personal contact is required or if email updates are more appropriate.

The main tool used by staff to access information across the organisation is via the intranet; alongside this there is also an intranet for volunteers and casual staff to access information. During this past year with the pandemic, surveys were undertaken to facilitate listening to the many voices of staff and how they were adapting to home working and then later to help them explore feelings and preferences about coming back to the office or to continue working at home or hybrid. Also a survey was circulated to share how recipients viewed the impact of the pandemic on their health and wellbeing.

Discussion and information sharing also takes place in all-staff meetings, departmental meetings, internal events and webinars that are broadcast live on Microsoft Teams. Staff receive the weekly and fortnightly email updates sharing news, highlights, wellbeing and key messages; which have been developed to include video updates. Employees can raise concerns through their manager or through senior management, anonymously through the whistleblowing policy or at staff forums.

We are committed to open and accountable management of our employees where development and good performance is recognised and individual contribution acknowledged, including Long Service awards.

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Report of the Trustees: Structure, governance and management

Directors’ engagement with suppliers, customers and others in a business relationship with the charity

The Trustee Directors together with the Management Board work closely to develop good working relationships with all our stakeholders, from sharing and developing plans for effective impact to overseeing key contract negotiation.

The Charity has taken measures to prevent modern slavery and human trafficking in its business and supply chains; alongside seeking out ethical and environmental sustainable suppliers of products and services. Through our governance arrangements and culture of team communication the trustees consider that they can make good decisions for the success of the charity.

We are clear in what our focus and ambitions are and look for effective partnerships that support our charitable aims. A large part of what we do involves local communities and we value our supporter’s involvement at the heart of what we do.

Director/Trustee compliance with section 172(1) Companies Act 2006

The Directors of the Company have acted in accordance with their duties codified in law, in particular their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

This report highlights the good work that has been achieved this last year, and especially establishing a way forward by setting out our priorities through four ambitions, explained earlier in this report, and further WWT was supported by Siobhan Baillie MP for Stroud help WWT launch the ‘Blue Recovery’ proposals in Parliament, in March 2021 ; details of which can be found at https://www.wwt.org.uk/news-andstories/news/politicians-businesses-and-environment-groups-meet-to-launch-ambitious-blue-recovery-plan1.

Public Benefit Statement

Sir Peter Scott founded WWT in 1946 to bring people and wildlife together, and to engage and inspire people to enjoy and take an interest in the natural world. This continues to be incorporated in all we do and has been expanded over the years. This Annual Report describes the involvement and passion of many supporting WWT to deliver a public benefit that is both sustainable and seeks to increase in its impact for generations to come.

This Annual Report has been prepared with regard to public benefit guidance published by the Commission and complies with section 17 of the Charities Act 2011. The trustees confirm that they have had regard to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives, and in planning activities and setting policies and priorities for the year ahead.

WWT works to save wetlands for wildlife and for people by inspiring people to connect with and value wetlands and their wildlife, by demonstrating and promoting the importance and benefits of wetlands, by countering threats to wetlands and their wildlife, by creating and restoring wetlands and protecting key wetland sites and by savings threatened wetlands species. Throughout this report we illustrate how our work furthers our charitable purposes and the significant benefits it brings to communities and individuals as well as impacting our planet and ultimately our living environments.

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Report of the Trustees: Structure, governance and management

The trustees refer to the Charity Governance Code and seek to implement the recommendations in continually aiming for best practice and ongoing improvement.

This report, incorporating the Strategic Report, was approved by the Council on 14 October 2021 and signed on its behalf by: Barnaby Briggs (Chair) Martin Birch (Treasurer)[fate]

WWT Annual Report 2020/21

Independent auditor’s report to the members of WWT

Independent auditor’s report to the members of WWT

Opinion

We have audited the financial statements of The Wildfowl and Wetlands Trust (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group’s and of the parent charity’s affairs as at 31 March 2021 and of the group’s income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Independent auditor’s report to the members of WWT

Other information

The other information comprises the information included in the Strategic Report and the Directors’ Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Strategic Report and the Directors’ Report which includes the Strategic Report and the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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Independent auditor’s report to the members of WWT

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 35-36, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the parent and charity and its activities, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, the Charities Statement of Recommended Practice, UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, noncompliance with implementation of government support schemes relating to COVID-19, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to use of restricted and endowment funds, and significant one-off or unusual transactions.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

• Discussing with the trustees and management their policies and procedures regarding compliance with laws and regulations;

• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

• Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud.

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Independent auditor’s report to the members of WWT

Our audit procedures in relation to fraud included but were not limited to:

• Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;

• Gaining an understanding of the internal controls established to mitigate risks related to fraud;

• Discussing amongst the engagement team the risks of fraud; and

• Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Signed:

Richard Bott (Senior Statutory Auditor)

for and on behalf of Mazars LLP, Chartered Accountants and Statutory Auditor

90 Victoria Street, Bristol, BS1 6DP

Date:

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Consolidated statement of financial activities

Consolidated statement of financial activities

for the year ended 31 March 2021 (incorporating consolidated income and expenditure account)

Note INCOME AND EXPENDITURE Income and endowments from: Donations 6 Legacies 7 Charitable activities 8 Shops, restaurants and other trading activities 10 Investments 11 Other Total income Expenditure Raising funds: Donations and legacies 12 Shops, restaurants and other trading activities 13 Investments Other Expenditure on charitable activities 14 Total expenditure Net income/(expenditure) before gains on investments Net gains on investments 21 Net income/(expenditure) Transfers between funds 27 Actuarial (losses)/gains on defined benefit pension schemes 28 Change in non-recoverable pension surplus 28 Net movement in funds Funds at the start of the year Funds at the end of the year 26	Unrestricted £’000 Restricted £’000 Permanent Endowment £’000 Year ended 31 Mar 2021 £’000 Year ended 31 Mar 2020 £’000 4,305 1,925 - 6,230 2,101 1,292 186 - 1,478 2,227 10,197 1,234 - 11,431 16,219 1,504 - - 1,504 4,858 226 - - 226 285 3 - - 3 6
	17,527 3,345 - 20,872 25,696
	1,063 167 - 1,230 1,045 3,200 - - 3,200 4,980 58 - - 58 54 - - - - 104 13,108 2,779 - 15,887 20,670
	17,429 2,946 - 20,375 26,853
	98 399 - 497 (1,157) 1,895 - 366 2,261 (737)
	1,993 399 366 2,758 (1,894) 298 (298) - - - (258) - - (258) (580) 258 - - 258 580
	2,291 101 366 2,758 (1,894) 13,628 22,713 2,229 38,570 40,464
	15,919 22,814 2,595 41,328 38,570

All activities relate to continuing operations.

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Balance sheets

Balance sheets as at 31 March 2021

Company number 2882729

		The Group	The Group	The Charity	The Charity	The Charity
		31 Mar 2021	31 Mar 2020	31 Mar 2021	31 Mar 2020	31 Mar 2020
	Note	£’000	£’000	£’000		£’000
Fixed assets
Intangible fixed assets	19	231	86	231		32
Tangible fixed assets	20	23,646	24,312	23,084		23,640
Investments	21	13,336	11,115	13,686		11,465
		37,213	35,513	37,001		35,137
Current assets
Stocks and work in progress	22	558	513	40		53
Debtors	23	2,465	4,474	4,016		5,251
Cash at bank and in hand		2,900	1,550	2,869		1,430
		5,923	6,537	6,925		6,734
Creditors: amounts falling due within one year	24	(1,808)	(3,480)	(1,621)		(3,240)
Net current assets		4,115	3,057	5,304		3,494
Net assets	26	41,328	38,570	42,305		38,631
Funds
Permanent endowment fund		2,595	2,229	2,595		2,229
Restricted funds		22,814	22,713	22,814		22,713
Unrestricted funds:
Designated funds		13,709	12,710	13,709		12,710
General funds		2,210	918	3,187		979
Total funds	27	41,328	38,570	42,305		38,631

The financial statements on pages 46 to 69 were approved by the Council on 14 October 2021 and signed on its behalf by:

Barnaby Briggs (Chair)

Martin Birch (Treasurer)

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Consolidated cash flow statement

Consolidated cash flow statement

for the year ended 31 March 2021

Cash flows from operating activities Net cash provided by/(used in) operating activities Cash flows from investing activities Investment income Purchase of tangible fixed assets Proceeds from the sale of tangible fixed assets Purchase of fixed asset investments Proceeds from the sale of fixed asset investments Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Notes to the cash flow statement		31 Mar 2021 £’000 2,623	31 Mar 2021 £’000 2,623	31 Mar 2020 £’000
				1,414
		226		285
		(1,542)		(4,314)
		3		8
		(1,621)		(1,068)
		1,661		873
		(1,273) 1,350 1,550 2,900		(4,216)
				(2,802)
				4,352
				1,550

Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net income for the year Adjustments for: Depreciation on tangible fixed assets Amortisation of intangible fixed assets (Gain)/loss on investments Investment income (Gain)/loss on disposal of fixed assets (Increase)/decrease in stock Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash provided by/(used in) operating activities Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents	31 Mar 2021 £’000 2,758		31 Mar 2020 £’000 (1,894)
	1,988		1,871
	75		64
	(2,261)		737
	(226)		(285)
	(3) (45)		(6) 137
	2,009		(196)
	(1,672)		986
	2,623		1,414
	31 Mar 2021 £’000 2,900		31 Mar 2020 £’000 1,550
	2,900		1,550

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Notes to the financial statements

Notes to the financial statement

1. General information

The Wildfowl & Wetlands Trust is a charity registered in England & Wales and in Scotland and a company limited by guarantee with no share capital. The Registered Office is Slimbridge, Gloucestershire, GL2 7BT.

Statement of compliance

The company’s financial statements have been prepared in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

2. Accounting policies

A summary of the more important accounting policies, which have been applied consistently, is set out below.

Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain investments.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling which is the functional currency of the company and group and rounded to the nearest £’000. Comparative information relates to the year ending 31 March 2020.

The Trustees are confident that the level of unrestricted reserves and solid income mean the charity has a secure future. There are no material uncertainties about the charity’s ability to continue. The accounts have been prepared on a going concern basis.

Basis of Consolidation

These financial statements consolidate the results of the charitable company and its wholly owned subsidiaries on a lineby-line basis. The financial performance of the charity is shown in note 5.

The turnover and expenditure of the subsidiaries are included within the Consolidated Statement of Financial Activities. The assets and liabilities of each subsidiary is included on a line-by-line basis in the Consolidated Balance Sheet. Further details of the subsidiaries are given in note 32. Accounting policies detailed in this note apply throughout the group and any surplus or deficit arising on intercompany transactions are eliminated in the Consolidated Statement of Financial Activities.

Going concern

At the time these financial statements are authorised there is an ongoing worldwide pandemic due to COVID-19. Having assessed the current situation the directors have considered it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. The directors are satisfied that the company has adequate resources to continue operations for the foreseeable future, being at least twelve months from the date of signature of these financial statements.

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Notes to the financial statements

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. All income is recognised net of Value Added Tax, where applicable.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted and the estate can be reliably estimated, or when a distribution is received. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably.

Income from visitors and members is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts, with the exception of staff discounts when the income is recognised gross. At admission to the wetland visitor centres and within the shops and restaurants this will be when admission is granted, shop goods or refreshments are accepted by a customer and a purchase transaction completed. Income for functions is recognised in the period in which the function took place.

Annual and life membership subscriptions are recognised in full in the period in which they are received. Members receive benefits including free admission to the wetland centres but the income does not relate to the wetland centres alone. Many members regard their subscriptions as gifts in support of all the charity’s activities rather than a transaction made in return for goods and services. It is not possible to quantify the extent to which membership subscriptions are gifts as opposed to transactions made in return for goods and services and the Trustees have decided to treat them as a category within income from charitable activities.

Income from government and other grants, whether capital or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Grant income is included within donations if it is in the form of a gift or non-exchange transaction. This includes grants that are restricted to a particular purpose providing there are no significant performance-related conditions and the substance of the grant is that of a gift. Grant income that is subject to significant performance-related conditions and/or the value of the income is similar to the value in goods or services received by the funder is recognised as income from charitable activities.

For contracts of consultancy services, income is recognised as the value of goods and services supplied. When the outcome of a contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of revenue, the company recognises revenue and expenses on the contract by reference to the stage of completion of the contract at the end of the reporting period. The stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs. When the outcome of a contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable contract costs incurred. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

Sponsorship income is recognised when the contractual obligations of the sponsorship or advertising agreement have been fulfilled.

Donated goods and services

In accordance with the Charities SORP (FRS 102), no value is ascribed to the considerable unpaid contributions of time and skills provided by volunteers due to the difficulty in attributing an economic value.

Gifts in kind donated for use by the charity are included at valuation (which is the equivalent economic benefit on the open market) on receipt where the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably. A corresponding amount is then recognised in expenditure in the period of receipt.

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Notes to the financial statements

Fund accounting

The permanent endowment fund represents donations made where the donor requested that the capital be invested and the income either added to the capital or used to cover expenditure, depending on the conditions of the endowment.

Restricted funds are funds for which the donor has specifically restricted the purpose for which they can be used. The amounts in the funds represent the monies still remaining for future expenditure, or funds represented by assets purchased partly or fully from restricted funds.

Designated funds are funds for which Council has specifically designated the purpose for which they can be applied. The amounts in the funds represent the monies still remaining for future expenditure.

General funds represent the unrestricted net current assets of the group.

All income is allocated to the general fund unless otherwise restricted by the donor or specifically designated by the Council.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of the resources.

Intangible fixed assets

Intangible assets comprise entitlements to agricultural grants and computer software. These are shown at cost. Intangible assets are amortised through the income and expenditure account in equal instalments over the estimated useful life of the asset. The useful life is particular to each entitlement and is estimated as five years for computer software. If there is an indication that there has been a significant change in the useful life of the asset, the amortisation is revised prospectively to reflect the new expectations.

Tangible fixed assets

Individual fixed assets costing £1,000 or more are capitalised at cost, which is their purchase cost, together with any incidental expenses of acquisition. No tangible fixed assets are revalued. All new fixed assets acquired by way of gift are included in the accounts at valuation or fair value as determined by the charity. Assets purchased using restricted funds remain restricted throughout their useful lives.

Depreciation is provided with the intention of writing off the costs of tangible fixed assets over their useful lives. The provision is calculated using the straight line method over the following periods:

Computer equipment 5 years Motor vehicles 5 years Plant and machinery 5-10 years Freehold buildings 20-50 years

Leasehold buildings and equipment are depreciated over the life of the lease, subject to a maximum of 50 years. Any land held under freehold is not depreciated.

If there is an indication that there has been a significant change in the useful life or residual value of an asset, the depreciation is revised prospectively to reflect the new expectations.

Investments

Fixed asset investments are held to generate income or for their investment potential, or both. Listed investments are stated at mid-market value. Unlisted investments are stated at the year-end valuation, performed by WWT’s investment advisors. As a result, the Statement of Financial Activities does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings as they are together treated as changes in the value of the investment portfolio throughout the year.

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Notes to the financial statements

Investment properties are included in the balance sheet initially at cost and subsequently at their open market value, where the cost of acquiring the market value is, in the Trustees’ opinion, economically worthwhile when compared with the expected change in value of the properties. In accordance with the Charities SORP (FRS 102) investment properties are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the Council, necessary in order to give a true and fair view of the financial position of the charity.

Where the charity holds properties for the furtherance of its charitable objectives they are included within tangible fixed assets. This is the case even if they are generating rentals, providing the rental income is incidental and not the reason they are held by the charity.

Stocks and work-in-progress

Stocks are stated at the lower of cost and net realisable value and include all the costs incurred in bringing the goods to their present location.

Costs associated with long-term contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in work in progress are stated at cost, after provision has been made for any foreseeable losses and the deduction of applicable payments on account. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

No value is ascribed to the wildfowl collections maintained at the centres as the Council considers that to do so would not be consistent with the objects of WWT.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments like trade debtors and creditors with no stated interest rate and receivable or payable within one year, which are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Costs in respect of operating leases, where substantially all the benefits and risks of ownership remain with the lessor rather than with WWT, are charged to the statement of financial activities on a straight line basis over the lease term.

Assets purchased under finance leases, where substantially all the benefits and risks of ownership transfer to WWT at the start of the lease, are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. These are written off to the statement of financial activities over the period of the lease.

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Notes to the financial statements

Tax

Where applicable, income is recognised net of any output Value Added Tax and the cost of irrecoverable input Value Added Tax is accounted for in the same period as the expenditure on which it was occurred. Any adjustments made in a subsequent period, such as the Capital Goods Scheme or as a result of a change in calculation method agreed with HMRC, will be recognised as soon as they are known.

Any corporation tax payable in respect of the taxable profit of one of the subsidiary companies is recognised in the year in which the taxable profit is generated. In most years, no corporation tax is payable because the subsidiary companies distribute all the taxable profits to the charity.

Deferred taxation on timing differences arises from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. A deferred tax liability is recognised only where it is sufficiently material that it may not be covered by a future distribution from the subsidiary company to the parent under the Gift Aid scheme and it is probable it will represent a liability expected to crystallise based on current tax rates and law. Deferred tax assets are recognised to the extent that it is regarded as probable that they will be recovered. Deferred tax assets and liabilities are not discounted.

Foreign currencies

Assets, liabilities, revenues and costs expressed in foreign currencies are translated into sterling at rates of exchange ruling on the date on which the transactions occur, except for:

• i) monetary assets and liabilities which are translated at the rate ruling at the balance sheet date (other than those in (ii) below); and

• ii) transactions to be settled at a contracted rate and trading transactions covered by a related or matching forward contract which are translated at those contracted rates.

Differences arising on the translation of such items are dealt with in the profit and loss account.

Employment benefits

The group operates a defined benefit pension scheme, which has now ceased the accrual of future benefits. The funds are valued every three years by a professionally qualified independent actuary, the rates of contribution payable being determined by the actuary. In the intervening years the actuary reviews the continuing appropriateness of the rates. Pension costs are accounted for on the basis of charging the expected cost of providing pensions over the period during which the company benefits from the employees’ services. The effects of variations from regular cost are spread over the expected average remaining service lives of members of the scheme.

WWT also contributes to two defined contribution pension schemes. The assets of the schemes are held separately from those of WWT in independently administered funds. The principal defined contribution scheme is a group stakeholder personal pension plan invested in an ethical fund.

WWT ceased contributions to the Universities Superannuation Scheme, a multi-employer pension scheme in the prior year.

Termination costs

Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or a group of employees or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

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Notes to the financial statements

3. Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make some judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure. However, the nature of estimation means that actual outcomes could differ from those estimates. The main assumptions in these accounts relate to the assessment of the recoverability of trade debtors and the assessment of the carrying value of stock.

Pension Schemes

The cost of defined benefit pension plans and other post-employment medical benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuations, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. The mortality rate is based on publicly available mortality tables. Future salary increases and pension increases are based on expected future inflation rates.

There were no other significant judgements made by management in the preparation of these financial statements.

4. Changes in accounting policies

There have been no changes in accounting policies during 2020/21.

5. Financial performance of the charity

The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiaries: the results of the shops and restaurants and the wetland consultancy business. The summary financial performance of the charity alone is:

charity alone is:
	2021	2020
	£’000	£’000
Income	19,070	20,935
Gift aid from subsidiary companies	0	40
	19,070	20,975
Expenditure	(17,658)	(22,013)
Gain/(loss) on investment	2,262	(737)
Pension unrealised gain/(loss)	(258)	(580)
Change in non-recoverable pension surplus	258	580
Net income	3,674	(1,775)
Total funds brought forward	38,631	40,406
Total funds carried forward	42,305	38,631
Represented by:
Permanent endowment fund	2,595	2,229
Restricted funds	22,814	22,713
Unrestrictedfunds	16,896	13,689
	42,305	38,631

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Notes to the financial statements

6. Income from donations

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	2021	2021	2021	2020	2020	2020
	£’000	£’000	£’000	£’000	£’000	£’000
Donations	1,433	244	1,677	567	715	1,282
Grants	2,872	1,516	4,388	553	140	693
Animal adoptions	-	165	165	-	126	126
	4,305	1,925	6,230	1,120	981	2,101

Included in grants above are funds from Coronavirus Job Retention Scheme Grant £1,775k (2019/20: £15k)

7. Income from legacies

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	2021	2021	2021	2020	2020	2020
	£’000	£’000	£’000	£’000	£’000	£’000
Legacies	1,292	186	1,478	1,659	568	2,227

8. Income from charitable activities

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	2021	2021	2021	2020	2020	2020
	£’000	£’000	£’000	£’000	£’000	£’000
Admissions	1,814	-	1,814	3,588	-	3,588
Membership	6,815	-	6,815	7,084	-	7,084
Grants & contracts	1,172	1,205	2,377	1,564	3,160	4,724
Other income	396	29	425	818	5	823
	10,197	1,234	11,431	13,054	3,165	16,219

Included above are business grants received from local authorities in response to the Coronavirus pandemic of £310k (2019/20: £Nil).

9. Government funding

The charity received the following performance related government grants and contracts to fund wetland centres and wider conservation programmes.

wider conservation programmes.
	2021	2020
	£’000	£’000
Darwin Initiative	113	64
Department for Environment, Food and Rural Affairs	199	-
Environment Agency	168	254
Environment Agency - Water Environment Grant	113	116
Joint Nature Conservation Committee	60	32
Natural England	17	56
North Somerset Council	50	22
OFGEM	9	26
Rural Payments Agency	624	610
Scottish Government	3	37
Scottish Natural Heritage	13	28
Sedgemoor District Council	50	-
Stroud District Council	24	5
Welsh Government	29	-
	1,472	1,265

WWT Annual Report 2020/21

55

Notes to the financial statements

10. Income from shops, restaurants and other trading activities

10. Income from shops, restaurants and	other trading activities
	2021	2020
	£’000	£’000
Shops at wetland centres	629	1,516
Restaurants at wetland centres	719	3,199
Sponsorship	-	14
Other	156	129
	1,504	4,858

All the income from the shops and restaurants, sponsorship and the remaining other income was generated by WWT’s subsidiary company, WWT Trading. Note 32 has further details on WWT Trading. All the income from shops, restaurants and other trading activities is unrestricted.

11. Investment income

11. Investment income
	2021	2020
	£’000	£’000
Dividends and other income from listed securities	225	275
Interest receivable	1	10
	226	285

All investment income is unrestricted.

12. Costs of raising funds: donations and legacies

The costs of generating donations and legacies include the staff costs, printing, postage and other costs incurred as a result of raising donations, administering legacy income, applying for grants and publicising and fulfilling the animal adoption scheme. The costs include managing the relationships with many funders, including those supporting us through some performance related grants.

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	2021	2021	2021	2020	2020	2020
	£’000	£’000	£’000	£’000	£’000	£’000
Raising donations and legacies	856	167	1,023	679	124	803
Support costs (note 15)	207	-	207	242	-	242
	1,063	167	1,230	921	124	1,045

13. Costs of raising funds: shops, restaurants and other

The costs of generating the income in the wetland centre shops and restaurants and other income from other trading activities include the costs of the products sold in the shops, the restaurants’ food, staff costs and support costs. Support costs include depreciation on WWT Trading fixed assets. These activities operate through the charity’s subsidiary WWT Trading, further details of which are in note 32. All these costs are unrestricted.

Trading, further details of which are in note 32. All these costs are	unrestricted.
	2021	2020
	£’000	£’000
Shops at wetland centres	888	1,345
Restaurants at wetland centres	1,464	2,738
Other trading costs	143	48
Support costs (note 15)	705	849
	3,200	4,980

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56

Notes to the financial statements

14. Expenditure on charitable activities

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	2021	2021	2021	2020	2020	2020
	£’000	£’000	£’000	£’000	£’000	£’000
1. Wetlands in UK rural catchments	565	15	580	511	12	523
2. WWT waterscapes	1,357	139	1,496	1,712	344	2,056
3. UK wetland species restoration	453	74	527	537	244	781
4. Experience and engagement at
WWT sites	7,576	2,172	9,748	10,351	1,491	11,842
5. Urban and community wetlands	427	17	444	1070	237	1,307
6. International community-based
wetland conservation	398	302	700	473	180	653
7. Global wetland support	157	-	157	243	-	243
8. East Asian-Australasian flyway	288	44	332	458	67	525
9. Northwest European flyway	325	16	341	663	52	715
Membership	1,562	-	1,562	2,025	-	2,025
	13,108	2,779	15,887	18,043	2,627	20,670

15. Support costs

15. Support costs
	Mgmt	Finance	People	IT	Other	Gov	Depn	2021	2020
	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000	£’000
Costs of raising funds: donations	28	86	26	22	12	13	20	207	242
Costs of raising funds: shops &
restaurants	80	119	94	114	52	70	176	705	849
Costs of raising funds: other	0	0	0	0	0	0	0	0	11
1. Wetlands in UK rural catchments	17	18	13	11	6	7	11	83	91
2. WWT waterscapes	35	39	42	35	20	22	107	300	383
3. UK wetland species restoration	21	12	16	14	8	8	13	92	120
4. Experience and engagement at WWT
sites	273	212	222	185	105	114	1,668	2,779	3,247
5. Urban and community wetlands	11	15	9	7	4	5	7	58	158
6. International community-based wetland
conservation	14	10	11	9	5	6	8	63	89
7. Global wetland support	6	4	5	4	2	3	4	28	45
8. East Asian-Australasian flyway	10	7	8	7	4	4	6	46	99
9. Northwest European flyway	17	8	13	11	6	7	10	72	144
Membership	44	205	43	36	20	22	34	404	456
	556	735	502	455	244	281	2,064	4,837	5,934

Support costs are allocated on the following basis:

Management (Mgmt)	Staff numbers
Finance	Income and expenditure
HR and volunteering (People)	Staff numbers
Information Technology (IT)	Staff numbers
Other	Staff numbers
Governance (Gov)	Staff numbers
Depreciation (Depn)	Staff numbers (except for depreciation on restricted assets)

During the prior year the £1.1m payment to the USS pension scheme (note 29(b)) was included in People costs.

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57

Notes to the financial statements

16. Net income/(expenditure) for the year

This is stated after charging:

This is stated after charging:
	2021	2020
	£’000	£’000
Amortisation	75	64
Depreciation	1,988	1,871
Council’s reimbursed expenses	1	3
Trustee indemnity insurance	3	2
Auditors’ remuneration:
Audit services	20	19
Non-audit services	12	12
Operating lease rentals:
Property	198	218
Other	113	103

17. Employee information

The costs of staff employed by WWT during the year are shown below:

		2021	2020
		£’000	£’000
Costs
Wages and salaries		10,167	11,935
Social security costs		848	993
Pension costs – defined contribution scheme		510	571
Pension costs – USS multi-employer scheme		-	5
Termination costs		342	45
		11,867	13,549
Included in the terminations costs are non-statutory/non-contractual severance payments totalling £17k (2019/20: £2k).
The average headcount and average full-time equivalent (FTE) number		of persons employed by WWT during	the year
are shown below:
		2021	2020
		Number	Number
Costs of raising funds:	headcount	166	249
	FTE	90	132
Charitable activities:	headcount	331	406
	FTE	279	329
Total:	headcount	497	655
	FTE	369	461

No directors (Council Members) of The Wildfowl & Wetlands Trust received any emoluments from WWT during the year (2019/20: none). During the year, out-of-pocket expenses totalling £378 (2019/20: £3,135) were paid to Council Members. The total cost of Council Member expenses was higher than this, but some Trustees chose to waive their expenses. The Trustees do not consider it economically worthwhile to collect data on waived expenses so the value of this has not been quantified.

The key management personnel of the group comprise the Trustees, who are not remunerated for these roles and give freely of their time and members of Management Board. The total employee remuneration of key management personnel for the group was £421k (2019/20: £535k) plus pension contributions of £28k (2019/20: £35k).

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58

Notes to the financial statements

Employees received emoluments (excluding pension contributions) in excess of £60,000 within the following ranges:

	2021	2020
	Number	Number
£60,001 to £70,000	-	-
£70,001 to £80,000	3	3
£80,001 to £90,000	-	-
£90,001 to £100,000	-	1
£100,001 to £110,000	1	-
£110,001 to £120,000	-	1

These employees accrued benefits of £28k (2019/20: £35k) into a money purchase pension scheme.

18. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The group’s tax liability is usually minimised by the donation of taxable profit by the subsidiary companies to the charity under the Gift Aid scheme.

19. Intangible fixed assets

19. Intangible fixed assets
	Computer software	Entitlements	Total
	£’000	£’000	£’000
Group
Cost
At 31 March 2020	663	24	687
Reclassification	13	57	70
Transfers	150	-	150
At31 March 2021	826	81	907
Accumulated amortisation
At 31 March 2020	593	8	601
Charge for year	67	8	75
At 31 March 2021	660	16	676
Net book value
At 31 March 2021	166	65	231
At 31 March 2020	70	16	86
Charity
Cost
At 31 March 2020	394	24	418
Reclassification	13	57	70
Transfers	150	-	150
At 31 March 2021	557	81	638
Accumulated amortisation
At 31 March 2020	378	8	386
Charge for year	13	8	21
At 31 March 2021	391	16	407
Net book value
At 31 March 2021	166	65	231
At 31 March 2020	16	16	32

The entitlements are entitlements to agricultural grants.

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59

Notes to the financial statements

20. Tangible fixed assets

20. Tangible fixed	assets
	Land and	In	Plant and	Motor	Computer
	buildings	development	machinery	vehicles	equipment	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Group
Cost
At 31 March 2020	31,610	3,195	11,104	370	531	46,810
Additions	1,049	333	121	30	9	1,542
Disposals	-	-	-	(3)	-	(3)
Reclassification	(52)	-	-	-	(18)	(70)
Transfers	2,000	(2,309)	137	-	22	(150)
At 31 March 2021	34,607	1,219	11,362	397	544	48,129
Accumulated depreciation
At 31 March 2020	12,729	-	9,211	269	289	22,498
Charge for year	1,353	-	516	31	88	1,988
Disposals	-	-	-	(3)	-	(3)
At 31 March 2021	14,082	-	9,727	297	377	24,483
Net book value
At 31 March 2021	20,525	1,219	1,635	100	167	23,646
At 31 March 2020	18,881	3,195	1,893	101	242	24,312
Charity
Cost
At 31 March 2020	31,328	3,195	9,813	367	530	45,233
Additions	1,049	333	110	30	9	1,531
Disposals	-	-	-	(3)	-	(3)
Reclassification	2,000	(2,309)	137	-	22	(150)
Transfers	(52)	-	-	-	(18)	(70)
At 31 March 2021	34,325	1,219	10,060	394	543	46,541
Accumulated depreciation
At 31 March 2020	12,663	-	8,375	268	287	21,593
Charge for year	1,336	-	412	31	88	1,867
Disposals	-	-	-	(3)	-	(3)
At 31 March 2021	13,999	-	8,787	296	375	23,457
Net book value
At 31 March 2021	20,326	1,219	1,273	98	168	23,084
At 31 March 2020	18,665	3,195	1,438	99	243	23,640

As at 31 March 2021 and 31 March 2020 there were no assets held under finance lease.

The charity’s land and buildings recorded here are held by Wildfowl Trust (Holdings) Ltd, a wholly owned subsidiary of the charity, which does not trade but acts as trustee of property for WWT.

Included within land and buildings are assets held on long-term lease. As at 31 March 2021 their total cost was £15,786k (2019/20: £13,199k) and their accumulated depreciation was £4,927k (2019/20: £4,453k). The remaining assets under Land and Buildings are all freehold property.

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60

Notes to the financial statements

21. Fixed asset investments

21. Fixed asset investments
Total fixed asset investments comprise:		Group		Charity
	2021		2020	2021	2020
	£’000		£’000	£’000	£’000
Listed investments	12,501		10,280	12,501	10,280
Investment property	835		835	835	835
Investment in subsidiary companies	-		-	350	350
	13,336		11,115	13,686	11,465
a) Listed investments				2021 £’000	2020 £’000
Group and Charity
Market value
At start of the year				10,280	10,822
Change in cash holding				(118)	(24)
Unrealised gains/(losses)				1,975	(749)
Realised gains				286	12
Equalisation				-	-
Purchase of additional investments				1,739	1,092
Sale of investments				(1,661)	(873)
Market value at end of the year				12,501	10,280
Historical cost at end of the year				10,379	10,340
Fixed interest securities – UK				2,471	2,577
Equity shares – UK				3,201	2,888
Equity shares – overseas				5,535	3,503
Property funds				381	397
Alternative investments				716	599
Liquid assets				197	316
				12,501	10,280

No investments represented over 5% by value of the portfolio.

b) Investment property	2021 £’000	2020 £’000
Group and Charity
Cost/valuation
At start of the year	835	835
At end of the year	835	835

The investment properties were last revalued in April 2021 by independent RICS qualified surveyors and NAVA/NAEA valuers.

c) Investment in subsidiary companies

Investments held by the charity include an additional £350k (2019/20: £350k) investment in the subsidiary companies at cost (see note 32).

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61

Notes to the financial statements

22. Stocks and work in progress

		Group			Charity
	2021		2020	2021		2020
	£’000		£’000	£’000		£’000
Goods for resale	510		452	-		-
Livestock	40		53	40		53
Work in progress	8		8	-		-
	558		513	40		53

The livestock are cattle and sheep farmed at the Martin Mere and London centres. No value in these accounts relates to the wildfowl collections at centres, as to include such a value would not be consistent with the objects of WWT.

23. Debtors

23. Debtors
		Group			Charity
	2021		2020	2021		2020
	£’000		£’000	£’000		£’000
Trade debtors	278		383	195		296
Amounts owed by subsidiaries	-		-	1,743		933
Other debtors	1,675		2,105	1,665		2,105
Prepayments and accrued income	512		1,986	413		1,917
	2,465		4,474	4,016		5,251

24. Creditors: amounts falling due within one year

		Group			Charity
	2021		2020	2021		2020
	£’000		£’000	£’000		£’000
Trade creditors	447		597	430		513
Other taxation and social security	224		679	224		674
Other creditors	106		99	105		92
Accruals and deferred income	1,031		2,105	862		1,961
	1,808		3,480	1,621		3,240

25. Creditors: amounts falling due after one year

Creditors falling due after more than one year are £nil (2019/20: £nil).

26. Analysis of group net assets between funds

	Permanent
	endowment	Restricted	Designated	General	Total	Total
	fund	funds	funds	funds	2021	2020
	£’000	£’000	£’000	£’000	£’000	£’000
Tangible and intangible fixed assets	-	18,221	5,101	555	23,877	24,398
Investments	2,595	2,133	8,608	-	13,336	11,115
Net current assets	-	2,460	-	1,655	4,115	3,057
Net assets	2,595	22,814	13,709	2,210	41,328	38,570

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62

Notes to the financial statements

27. Movement in funds (group)

	At the start	Incoming	Outgoing	Transfers	Gains/	At the end
	of the year	resources	resources		(losses)	of the year
	£’000	£’000	£’000	£’000	£’000	£’000
Permanent endowment fund	2,229	-	-	-	366	2,595
Restricted funds:
Wetland centres & reserves:
Arundel	807	17	(27)	(331)	0	466
Caerlaverock	64	8	0	0	0	72
Castle Espie	29	214	(204)	0	0	39
Llanelli	144	11	(5)	(32)	0	118
London	49	40	0	(10)	0	79
Martin Mere	1,472	101	(116)	(18)	0	1,439
Slimbridge	85	419	(70)	(308)	0	126
Steart	225	165	(30)	(151)	0	209
Washington	127	3	0	0	0	130
Welney	128	40	0	(10)	0	158
Learning	55	611	(108)	0	0	558
Wider conservation programmes	1,015	1,025	(658)	(243)	0	1,139
Other	29	691	(626)	(34)	0	60
Fixed asset fund	18,484	0	(1,102)	839	0	18,221
Total restricted funds	22,713	3,345	(2,946)	(298)	-	22,814
Unrestricted funds:
Designated funds:
Contingency fund	7,151	-	-	(438)	-	6,713
Fixed asset fund	5,559	-	-	(458)	-	5,101
Investment revaluation fund	-	-	-	-	1,895	1,895
General funds	918	17,527	(17,429)	1,194	-	2,210
Total unrestricted funds	13,628	17,527	(17,429)	298	1,895	15,919
Total funds	38,570	20,872	(20,375)	-	2,261	41,328

Permanent endowment fund

The permanent endowment fund represents donations made where the donor requested that the capital be invested and the income earned on the capital used by the charity. Income earned on this fund is recognised in the General funds. Any market value gains or losses are recognised within this fund.

Restricted funds

Restricted funds are funds for which the donor has specifically restricted the purpose for which it can be used. These funds are recorded individually by project but, for ease, are broadly categorised in these accounts by activity.

The restricted capital fund represents the net book value of those tangible fixed assets purchased from restricted funds, including most of the land and buildings owned by the charity.

Designated funds

Designated funds are unrestricted funds to which the Council has assigned a specific purpose. The Council’s reserves policy includes setting aside sufficient funds to cover the charity’s unrestricted essential expenditure for a period of up to six months. This is included within the contingency reserve and this level is set according to the Trustees’ assessment of risks affecting the organisation’s need for funding to protect WWT in the event of an emergency.

The Investment Revaluation Reserve comprises funds set aside following gains on investments. This reserve protects General Funds from negative fluctuations in equity values.

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63

Notes to the financial statements

The fixed asset reserve represents the net book value of unrestricted fixed assets that cannot be easily disposed of as these are not liquid resources immediately available to the charity.

General funds

The general funds represent those unrestricted funds that are freely available for use on the general running costs of the charity.

Transfers between funds

Within restricted funds, transfers have been made to capital, representing funded capital projects that have been completed.

The transfer between the general fund and the fixed asset designated fund is an annual adjustment to ensure this reserve is equal to the net book value of unrestricted fixed assets that cannot be easily disposed of.

The transfer between the general fund and the contingency fund represents an annual update to the designated funds set aside to cover the charity’s unrestricted essential expenditure for a period of up to six months.

The transfer between unrestricted and restricted funds relates to the reclassification of assets following a review during the year. A transfer of funds is also sometimes necessary to meet a shortfall in the funding of some projects that were largely funded through restricted grants and donations.

28. Pension commitments

(a) Defined benefit scheme

The Company operates a defined benefits plan, the Wildfowl & Wetlands Trust Staff Pension Scheme.

The liabilities of the plan have been estimated for the purposes of FRS102 based on the results of the actuarial valuation as at 31 March 2021, adjusted for the different assumptions required under FRS102.

The principal actuarial assumptions at the balance sheet date were as follows:

	2021	2020
	% p.a.	% p.a.
Discount rate	2.0	2.3
Retail Prices Inflation (“RPI”) assumption	3.4	2.8
Consumer Prices Inflation (“CPI”) assumption	2.6	2.0
Pensionable Salary Inflation assumption	2.6	2.0
Limited Price Indexation* (“LPI”) pension increases	3.2	2.7

*RPI, maximum 5%, minimum 0%

The underlying mortality assumption is based upon the standard table known as S3PxA on a year of birth usage with CMI_2020 future improvement factors and a long-term rate of future improvement of 1.25% p.a. / 1.00% per annum for males / females with 0.25% per annum initial additional improvement (2020: S3PxA CMI_2018, 1.0% p.a.). This results in the following life expectancies:

• Male age 65 now has a life expectancy of 22.1 years (2020 21.6 years);

• Female age 65 now has a life expectancy of 24.3 years (2020 23.9 years);

• Male age 45 now, retiring at age 65, has a life expectancy of 23.4 years (2020 22.7 years);

• Female age 45 now, retiring at age 65, has a life expectancy of 25.4 years (2020 25.1 years);

Allowance has been made at retirement for non-retired members to commute 80% of the maximum pension for a lump sum on the basis of the current commutation factors in these calculations.

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64

Notes to the financial statements

The amounts recognised in the Balance Sheet as at 31 March 2021 (with comparative figures as at 31 March 2020) are as follows:

as follows:
	2021	2020
	£’000	£’000
Present value of plan liabilities	(15,908)	(13,968)
Market value of plan assets	17,128	15,446
Surplus/(deficit) in the plan	1,220	1,478
Adjustment for non-recoverable surplus	(1,220)	(1,478)
Net defined benefit asset/(liability)	-	-

The amounts to be recognised in the Statement of Financial Activities for the year ending 31 March 2021 (with comparative figures for the year ending 31 March 2020) are as follows:

	2021	2020
	£’000	£’000
(Gain)/loss on plan changes	-	-
Total	-	-

Changes in the present value of the plan liabilities for the year ending 31 March 2021 (with comparative figures for the year ending 31 March 2020) are as follows:

year ending 31 March 2020) are as follows:
	2021	2020
	£’000	£’000
Present value of plan liabilities at beginning of period	13,968	15,131
Benefits paid	(359)	(384)
Interest on plan liabilities	317	373
Actuarial (gains)/ losses	1,982	(1,152)
(Gain)/loss on plan changes	-	-
Present value of plan liabilities at the end of period	15,908	13,968

Changes in the fair value of the plan assets for the year ending 31 March 2021 (with comparative figures for the year ending 31 March 2020) are as follows:

ending 31 March 2020) are as follows:
	2021	2020
	£’000	£’000
Market value of plan assets at beginning of period	15,446	17,189
Benefits paid	(359)	(384)
Interest on plan assets excluding non-recoverable surplus	317	373
Return on assets, less interest included in Statement of Financial Activities	1,724	(1,732)
Market value of plan assets at end of period	17,128	15,446
Actual return on plan assets	2,041	(1,359)

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65

Notes to the financial statements

The major categories of plan assets for the year ending 31 March 2021 (with comparative figures for the year ending 31 March 2020) are as follows:

March 2020) are as follows:
	2021	2020
Equities	24%	19%
Annuities	19%	20%
Bonds	38%	42%
Absolute returns	20%	18%
Cash	0%	1%
Total	100%	100%

The plan has no investments in property occupied by, assets used by or financial instruments issued by WWT.

Analysis of the remeasurement of the net defined benefit liability recognised in the Statement of Financial Activities for the year ending 31 March 2021 (with comparative figures for the year ending 31 March 2020) are as follows:

the year ending 31 March 2021 (with comparative figures for the year ending 31 March 2020) are	as follows:
	2021	2020
	£’000	£’000
Return on assets, less interest included in Statement of Financial Activities	1,724	(1,732)
Experience gains and losses arising on plan liabilities	(129)	-
Changes in assumptions underlying the present value of plan liabilities	(1,853)	1,152
Change in non-recoverable surplus	258	580
Remeasurement of net defined benefit liability recognised in the Statement of Financial Activities	-	-

Movement in net defined benefit asset/(liability) during the year ending 31 March 2021 (with comparative figures for the year ending 31 March 2020) are as follows:

year ending 31 March 2020) are as follows:
	2021	2020
	£’000	£’000
Net defined benefit asset/(liability) at beginning of year	-	-
Recognised in Statement of Financial Activities	-	-
Contributions paid by the company	-	-
Remeasurement of net defined benefit liability recognised in Statement of Financial Activities	-	-
Net defined benefit asset (liability) at end of the year	-	-

Funding Policy

Actuarial valuations are carried out every three years on behalf of the Trustees of the plan, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuation are different to those adopted under FRS102.

The last such actuarial valuation was as at 31 March 2018. This showed that the plan’s assets were sufficient to cover the liabilities on the funding basis. The Schedule of Contributions signed on 13 March 2019 sets out that the Employer agreed to pay £275,000 per annum payable in the year ending 31 March 2019.

In addition, the Employer agreed to pay a lump sum of £150,000 which was paid on 25 March 2019.

The contributions are subject to review following completion of the next funding valuation, due as at 31 March 2021. This valuation is in progress but has not been finalised as at the date of preparation of this report.

(b) Multi-employer defined benefit scheme

WWT had one employee in the year who contributed to the Universities Superannuation Scheme (USS), a multiemployer pension scheme. There are also 13 pensioners and deferred members of the scheme. During the year, we paid contributions of £nil (2019/20: £5k) into the scheme for the one active member. The universities and other employers within the scheme have agreed to fund this liability through increased contributions. WWT ceased

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Notes to the financial statements

contributions into the scheme as at 31 December 2019 and withdrew from the scheme. The liability that crystallised as a result, relating to all 14 WWT members of the scheme on a buyout basis, was £1.1m and this was paid in April 2020. This liability was included within creditors as at 31 March 2020.

(c) Defined contribution schemes

From 1 April 1997, WWT has contributed to a defined contribution Group Stakeholder Personal Pension Plan (GSPPP) currently invested in Aviva. The pension charge for the year was £492k (2019/20: £545k).

During 2013/14 WWT started to contribute into the National Employment Savings Trust (NEST), a defined contribution workplace pension scheme. The pension charge for the year was £18k (2019/20: £26k).

Included within Other Creditors are outstanding contributions of £74k (2019/20: £86k).

29. Capital commitments

29. Capital commitments
	2021	2020
	£’000	£’000
Authorised and contracted for	56	289

At 31 March 2021, WWT was committed to a number of capital projects at WWT wetland centres to improve and develop the visitor experience, including £56k on the Slimbridge 2020 project.

30. Operating lease commitments

The Group had total commitments at the year-end under non-cancellable operating leases as follows:

	2021		2020
	Land and		Land and
	Buildings	Other	Buildings	Other
	£’000	£’000	£’000	£’000
Due within one year	201	108	199	116
Due between two and five years	721	149	720	213
Due in over five years	4,806	2	4,959	-
	5,728	259	5,878	329

The land and buildings operating lease commitments due in over five years relate to long-term leases of some of our wetland centres. Some leases are as long as 98 years, and the figures above are the total commitments over the full length of the lease.

31. Related party transactions and transactions with Trustees

We are not aware of any related party transactions in the year (2019/20: £nil). As disclosed in note 18, out of pocket expenses totalling £378 (2019/20: £3,135) were paid to Council Members. Donations received from Council Members totalled £nil (2019/20: £600).

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Notes to the financial statements

32. Trading subsidiaries

The charity has four wholly owned trading subsidiaries, which are registered in England and Wales. WWT (Trading) Ltd (registered company 2541350) carries out commercial activities, mainly retail and catering. WWT (Consulting) Ltd (registered company 2277255) provides environmental consultancy services. Wetlands Advisory Service Ltd (registered company 3050829) is dormant. Wildfowl Trust (Holdings) Ltd (registered company 587114) does not trade, but acts as trustee of property which is dealt with in the accounts of WWT. Usually all the companies donate their taxable profits to WWT.

A summary of the trading results for WWT (Trading) Ltd and WWT (Consulting) Ltd is shown below. Accounts, audited where applicable, for all companies are filed with the Registrar of Companies at Companies House each year.

Statements of comprehensive income	Statements of comprehensive income	WWT	WWT	WWT	WWT
		(Trading) Ltd		(Consulting) Ltd
		Year ended	Year ended	Year ended	Year ended
		31 Mar	31 Mar	31 Mar	31 Mar
		2021	2020	2021	2020
		£’000	£’000	£’000	£’000
			Restated
Turnover	- third party	1,504	4,896	64	559
	- group	-	53	-	27
Cost of sales	- third party	(595)	(1,509)	(37)	(368)
	-group	-	(53)	-	(27)
Gross profit		909	3,387	27	191
Administration costs		(2,594)	(3,448)	(14)	(151)
Other operating income		757	15	-	330
Operating profit/(loss)		(928)	(46)	13	370
Interest received		-	2	-	-
Total comprehensive income for the year		(928)	(44)	13	370
The assets and liabilities of the companies were:
Fixed assets		562	727	-	-
Current assets		696	637	46	116
Current liabilities		(1,897)	(1,075)	(33)	(116)
Total net assets		(639)	289	13	-
Share capital – £1 ordinary shares		350	350	85	85
Retained profits		(989)	(61)	(72)	(85)

The above subsidiary accounts are before consolidation adjustments.

33. Deferred income movement during the year

33. Deferred income movement during	the year
	Fees	Total 2021	Total 2020
		£’000	£’000
Deferred income as at 1 April 2020	228	228	254
Amounts released during the year	(228)	(228)	(254)
Amounts deferred duringtheyear	345	345	228
Deferred income as at 31 March 2021	345	345	228

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Notes to the financial statements

34. Donors and grant funders

We are extremely grateful to all those individuals, companies, government agencies, grant-making bodies and other organisations who assisted WWT’s work during 2020/21.

WWT’s Patrons are as follows:

Norma Adams Anne Hawkins Ian Anderson and Jane Anderson Kelvin Heard John Barney and Sarah Barney John Howes and Yvonne Howes Alison Blackwell and Anthony Blackwell Eugene Lambert and J Lambert Martin Blakey Ben Lundie Jane Bradbury and Michael Clark John Lusted Ann Brown Stella Martin and Clive Wood Elaine Brown and Simon Brown Judy Matthews Valerie Coney Roger Miller Hannah Dolding Rosemary Sharpe Tony Gale John Stevenson Edward Giles Hazel Trapnell Oriole Goldsmith Maureen Warren and Ron Warren Annie Harris and John Harris Anthony Wassell Andrew Harrison Thomas Wilde Joan Harvey Ashley Williams and Elisabeth Williams

We would like to acknowledge all those who have left a gift in their will to WWT this year and to thank their family and friends. Our future work is their legacy. We would also like to thank all of our individual supporters who have donated to our work over the last year. You have made a genuine impact on saving wetlands and wildlife on our reserves and in communities across the world.

Grants were received through the Landfill Communities Fund from Biffa Award; and we also received support from Biodiversity & Protected Areas Management (BIOPAMA) Programme.

Other organisations whose support we gratefully received include:

Defra Zoos Animal Fund Disney Conservation Fund Environment Agency Ernest Kleinwort Charitable trust European Commission – LIFE Eversheds Sutherland Green Recovery Challenge Fund Hobson Charity Limited Moto in the Community

National Lottery Heritage Fund Scottish Power Foundation Severn Trent Water – Great Big Nature Boost Support of players of People’s Postcode Lottery Thames Water Ltd The Darwin Initiative The Olive Herbert Charitable Trust Water Environment Grant Wildlife Habitat Charitable Trust

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Administrative information

Membership of the Council

The members of the Council as at 31 March 2021, all of whom were members for the whole of the year ended on that date and until the date of this report unless stated otherwise, are listed below:

Dr Peter Day (Chair) (until 19 July 2020) Simon Tonge (Chair from 19 July 2020 to 17 August 2020) Barnaby Briggs (Chair from 17 August 2020) Martin Birch (Treasurer) Andrew Beer Pamela Castle OBE (until 4 May 2020) Prof Alastair Driver (until 26 November 2020) Alan Law Hester Liakos Alexander Mawer

Finance, Audit and Risk Committee

Martin Birch (Chair) Barnaby Briggs Dr Peter Day (until 19 July 2020) Robert Falkner David Milne QC Elizabeth Rae Simon Tonge

Remuneration Committee

Dr Peter Day (Chair) (until 19 July 2020) Barnaby Briggs (Chair from 17 August 2020) Martin Birch

Company information

Registered office

Slimbridge, Gloucestershire, GL2 7BT Company Secretary John Rew

Company registration number 2882729 Registered charity number 1030884 (England & Wales) Scottish charity registration number SC039410 VAT registration number 618368028 For more information visit our website: www.wwt.org.uk

Management Board

Martin Spray CBE (Chief Executive) (until 11 May 2020) Kevin Peberdy (Chief Operating Officer) Matthew Carter (Director of Operations) Corinne Pluchino (Director of Fundraising, Marketing and Communications) (from 15 July 2020) John Rew (Director of Finance and Support Services) James Robinson (Director of Conservation)

Advisers

Principal bankers

National Westminster Bank plc 21 Eastgate Street, Gloucester, GL1 1NY

Auditors

Mazars LLP 90 Victoria Street, Bristol, BS1 6DP

Investment managers

Rathbone Greenbank Investments 10 Queen Square, Bristol, BS1 4NT

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WWT, Slimbridge, Gloucestershire, GL2 7BT T 01453 891 190 E [e-mail]

W wwt.org.uk

Company registration number 2882729 Registered charity number 1030884 (England & Wales) Scottish charity registration number SC039410