**CONSOLIDATED STATEMENT OF CASH FLOWS**
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
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**CONSOLIDATED STATEMENT OF CASH FLOWS**
## CONTENTS
1
2-17
18-21 22-23
24 25 26
27-45
## LEGAL AND ADMINISTRATIVE DETAILS
THE TRUSTEES’ REPORT
INDEPENDENT AUDITORS’ REPORT
STATEMENT OF FINANCIAL ACTIVITIES
## CONSOLIDATED BALANCE SHEET
CHARITY BALANCE SHEET
CONSOLIDATED CASH FLOW STATEMENT
NOTES TO THE FINANCIAL STATEMENTS
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**LEGAL AND ADMINISTRATIVE DETAILS**
## LEGAL AND ADMINISTRATIVE DETAILS
|**Charity registration number**|1100845|||
|---|---|---|---|
|**Company registration number**|04711904|||
|**Trustees**|J D A Aspinall (suspended December 2024)|||
||T Aspinall|||
||H F Blackman|||
||G J Farley|||
||D W Hulme|||
|**Company Secretary**|C Morrissey|||
|**Key Management Personnel**|R Amlot|G J Farley|S Lintern|
||J Ash|M Ford (resigned)|M Long|
||J D A Aspinall|C Gilbody|T McKenzie|
||T Aspinall|S Harrington|C Morrissey|
||R Barnes|J Hopper|J Riggs|
||S Betts|L Horton|S Russ|
||H F Blackman|O Howlett|D Sutton (resigned)|
||J Buckingham-Dudley|D W Hulme|D Watts|
||M Davidson|S Jeffrey|N Watts|
||L Edney|A B Kelly||
|**Registered office**|Port Lympne Hotel and|Reserve||
||Lympne, Nr Hythe|||
||Kent|||
||CT21 4PD|||
|**Independent Auditor**|Azets Audit Services|||
||5th Floor|||
||Ashford Commercial Quarter|||
||1 Dover Place|||
||Ashford|||
||Kent|||
||TN23 1FB|||
|**Bankers**|Barclays Bank PLC|||
||1 Churchill Place|||
||London|||
||E14 5HP|||
|**Solicitors**|Girlings LLP|Loyens & Loeff|Russel Cooke LLP|
||Stourside Place|15 Austin Friars|2 Putney Hill|
||Station Road|London|London|
||Ashford|EC2N 2HE|SW15 6AB|
||Kent|||
||TN23 1PP|||
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
> . **CONSOLIDATED STATEMENT OF CASH FLOWS**
## THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
## ~ ' _— **WHO WE ARE**
The Howletts Wild Animal Trust consists of two wildlife parks operating in Kent – namely Port Lympne Hotel and Reserve in Folkestone and Howletts Wild Animal Park, near Canterbury. As a dedicated animal conservation Charity, our purpose is to protect endangered wildlife, improve their lives, and where possible, breed such endangered species to ensure their survival. We work alongside “Ded =“ Se.) Ji, JZ tomy sa OW a < ‘ iy? Ee . ort The Aspinall Foundation to relocate these endangered animals back into their natural habitats around the world.
For details of our individual parks and breeding programmes, please visit:
**www.howletts.com** or **www.portlympne.com**
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## **OUR MISSION STATEMENT**
- e To provide high quality care for confiscated or rescued wild animals and breeding of species that have a demonstrable, direct conservation value or that can be released into the wild.
- e To improve the welfare of every individual animal in our care for the duration of their lives.
- e To communicate our objectives in a transparent and honest way and to focus only on those activities that truly deliver viable and substantial in-situ conservation benefits.
- e To create memorable experiences that matter.
## **OUR YEAR HIGHLIGHTS AT A GLANCE**
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OVER 1,150 ANIMALS 98 SPECIES
IN OUR CARE OF ANIMALS
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OVER 120 BIRTHS OVER 400,000
THIS YEAR VISITORS
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## **HOWLETTS BIRTHS (2024)**
## **PORT LYMPNE BIRTHS (2024)**
|**Species**|**Number of births**|
|---|---|
|Western lowland
gorilla (CR)|**1**|
|Gelada (LC)|**1**|
|De Brazza’s monkey
(EN)|**1**|
The IUCN Red List is a critical indicator of the health of the world’s biodiversity.
IUCN Status of the above species is categorised as:
LC Least Concern NT Near Threatened VU Vulnerable EN Endangered CR Critically Endangered EW Extinct in the Wild
|**Species**|**Number of births**|
|---|---|
|Cape porcupine (LC)|**1**|
|Bolivian squirrel
monkey (LC)|**2**|
|Przewalski’s horse
(EN)|**2**|
|Lion (VU)|**2**|
|Dwarf forest buffalo
(NT)|**2**|
|Dwarf mongoose (LC)|**13**|
|Hog deer, spotted
deer, red lechwe
(EN, LC, NT)|**100**|
|Sambar (VU)|**2**|
|Roan antelope (LC)|**2**|
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**CONSOLIDATED STATEMENT OF CASH FLOWSTHE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
Giraffe
Port Lympne is home to a tower of 9 Giraf e, 7 of whom are the Baringo (formerly Rothschild) sub-species, which sit within the newly classified Northern Giraffe species.
They are endangered (IUCN status Vulnerable) and there are estimated to be less than 2,000 mature individulas in the wild
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31CONSOLIDATED STATEMENT OF CASH FLOWSDECEMBER 2024**
## **INTRODUCTION**
The Trustees of The Howletts Wild Animal Trust (“THWAT” or “the Charity”) are pleased to present their annual report together with the consolidated financial statements of the Charity and its subsidiary for the year ended 31 December 2024, which are also prepared to meet the requirements for a directors’ report and financial statements for Companies Act 2006 purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Charity’s Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
## **STRATEGIC REPORT OBJECTIVES AND STRATEGY**
THWAT’s objectives, as set out in its Memorandum and Articles of Association, are:
The advancement and promotion (whether in England or elsewhere in the world) for the public benefit of education and useful knowledge in relation to the science of zoology the preservation and exhibition of living animals and in particular (without prejudice to the generality of the foregoing).
Red-necked wallaby _Macropus rufogriseus_
**1.** The preservation and exhibition of wild animals in danger of extinction
**2.** The conservation of wildlife habitats
**3.** The maintenance and expansion of breeding groups
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Male Lion, Panthera leo
at Howletts
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**CONSOLIDATED STATEMENT OF CASH FLOWSTHE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **GROUP OBJECTIVES FOR THE YEAR**
The objectives for the Group in 2024 were:
- Continuing to fulfil our charitable objectives
- Achieving targeted levels of visitor and overnight accommodation numbers
- Enhancing the animal welfare experience by making improvements to our facilities
- Enhancing the customer experience through improved service levels and customer offerings
- Keeping costs under control, focusing on revenue-generating activities, and targeting a sustainable surplus
Our strategy remains the same as we are continuing to invest in the customer experience at both of our parks.
In 2024 we continued to invest in the refurbishment of many of our accommodation facilities and the customer facing areas of the parks, improving the experience for all our guests.
We continue to look to build out our long-term strategic plans for Port Lympne with additional luxury and family accommodation. In 2024 we
commenced planning applications for a ‘Port Lympne Explorer’ and ‘Lion Lookout.’ The Explorer is a mobile safari unit which adds to our unique luxury offering whilst Lion Lookout will add a further 12 units to our accommodation range and will surround the largest lion enclosure in the whole of Europe. It is this strategy that has enabled our trading subsidiary to go from loss or break even to a substantially profitable business over the past 10 years and we continue to be committed to it.
Our success feeds our ability to care and look after the animals based at our Parks and where possible work with other charities and NGO’s to return them to the wild. This will continue to be our focus and the Trust’s main charitable objective.
We also aim to educate those who choose to visit us, either on school visits, day visitors to the Parks or as overnight or event guests at Port Lympne. We consider our work to be groundbreaking and that we are leaders in the industry for how we house and care for the animals at our Parks. It is important that we use these opportunities to share this information with our guests and try to help them understand our approach to the work that we do. We will continue to do this through informative signage, in room messaging, display messages, interactions with rangers and safari drivers and regular talks and experiences.
Lion Lookout
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## **ANIMAL COLLECTION AND BREEDING SUCCESSES**
At THWAT, each of our parks follows a dedicated collection planning process shaped by our mission, goals, location, facilities, expertise, history, and budget.
Over the past year, our rewilding efforts have gained renewed momentum. Notably, we successfully transferred seven Javan gibbons and three Javan langurs to The Aspinall Foundation’s rewilding programme in Indonesia—an important milestone that reflects our ongoing global commitment to combat the extinction crisis.
Our plans to return black rhinos to Africa are also progressing in partnership with EAZA and the Black Rhino EEP. We aim to reintroduce three females to Africa by the end of 2025, continuing our leadership in global conservation. We remain committed to rewilding species from our existing collection and exploring new opportunities to support conservation through species acquisition.
Our breeding efforts are centred on species suitable for future rewilding and reintroduction. Current breeding includes dwarf forest buffalo and sambar deer, both earmarked for future release.
We celebrated the birth of our 155th gorilla, a testament to our long-standing success in breeding, caring for, and rewilding this critically endangered species. Working with the IUCN, EAZA and the Gorilla TAG will also enable us to return more Western lowland gorillas to the Congo in the coming years.
We are also working to bring more Siamangs into our parks in preparation for future rewilding initiatives in collaboration with The Aspinall Foundations Siamang Centre in Sumatra.
We are proud to be the world’s leading breeder of Javan gibbons and among the most successful black rhino breeders outside of Africa.
Howletts is home to the UK’s largest African elephant herd, which has produced more births than all other British zoos combined. We were the first UK site to house Barbary lions (extinct in the wild) and continue to lead in breeding De Brazza’s and drill monkeys.
Notable breeding highlights include Western lowland gorilla, Przewalski’s horses, De Brazza’s monkeys, Dwarf forest buffalo, African lions, Sambar deer, Dwarf mongoose, and Roan antelope.
## **LEADING BREEDING PROGRAMME**
Howletts and Port Lympne continue to manage the European captive breeding programmes (studbooks) for clouded leopards, African painted dogs, Javan gibbon, bush dogs and sambar deer, and are representatives on various committees such as roan antelope, lions, De Brazza’s monkey and Canid and Deer Tags. We also have representatives on the conservation translocation working group within Europe and on the IUCN Deer Specialist Group.
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De Brazza’s monkey
Juvenile Cercopithecus neglectus
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**CONSOLIDATED STATEMENT OF CASH FLOWSTHE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **THE CHARITY & TRADING SUBSIDIARY OPERATIONS**
The Charity and its trading subsidiary Howletts and Port Lympne Estates Ltd (“HPLE”) are delighted to report on a strong year of growth is all of it’s key metrics. The table below sets out the KPI’s for the period under review.
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2024 v 2023 Trading KPI’s 2024 2023 Var Var %
Turnover £000s £000s £000s
THWAT Income 7,121 6,450 671 +10.4%
HPLE Income 19,842 17,838 2,004 +11.2%
Total 26,963 24,288 2,675 +11.0%
Day Visitors No’s No’s No’s
Howletts 167,741 143,654 24,087 +16.8%
Port Lympne 157,921 151,883 6,038 +4.0%
Short Breaks Guests 75,095 68,369 6,726 +9.8%
Total 400,757 363,906 36,851 +10.1%
Short Breaks No’s No’s No’s
Rooms Available 28,451 27,434 1,017
Rooms Sold 23,134 21,702 1,432
Occupancy% 81.0% 79.1% 1.9%
REVPAR £347.77 £335.43 £13.66
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The strong trading figures shown above, helped to offset further cost increases, particularly with the National Minimum Wage materially impacting our total wage cost. As with all businesses we felt the impact of inflation on our cost of sales, with margins on food and beverage sales continuing to be heavily impacted. Only so much of this could be passed onto the customer in what was a difficult and expensive time for them too. These increases also impacted costs which are harder to recover, such as animal feeds.
In total our animal and facilities costs in running the business increased by a further 10% during the period under review. The additional unit of accommodation
opened in 2023, the Lookout Bubble, operating for the full year plus an improvement in overall occupancy and visitor numbers have helped to increase the turnover by £2.7m, which aided us in delivering an improved pre-exceptional EBITDA of £2.0m (2023: £1.0m)
THWAT unfortunately continued to incur exceptional costs relating to the ongoing Charity Commission inquiry and the legal dispute with EAZA. (“The European Association of Zoos and Aquariums”), which for 2024 amounted to a further £184k (2023: £142k).
As this has been another tough year of cost increases and given the trading position and cash
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resources available, we were not able to add to our portfolio in 2024.
## **PLANS FOR THE FUTURE**
We will continue to have a strong focus on developing an interesting and diverse range of accommodation at Port Lympne with the aim of achieving increased visitor numbers all year round.
In 2024 we commenced work on obtaining planning for Lion Lookout, a facility that will offer 12 units of accommodation overlooking our lion enclosure. If permission is achieved in 2025, then we would hope to commence this project in 2026. We also began the preparation work for a new attraction which will commence in November 2025: _Port Lympne Illuminated._ This new festive light trail will encourage guests to visit the park in the winter months when historically visitor numbers are very low.
and group are well placed to manage the risks within its control and mitigate those outside its control.
After the review of forecasts and predictions for the period to 31 December 2026, taking account of possible changes in income and considering the continued support of our banking facilities, the Trustees have a reasonable expectation that the Charity and group has adequate resources to continue in operational existence for the next 12 months following the date of approval of the financial statements.
These financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
We maintain our ambition to complete the refurbishment of the back row Bear Lodge tents and introduce the Port Lympne Explorer accommodation to the park as soon as practical.
Giraffe Hall remains in our sights, and we are considering how to finance this exciting project. The planning permission was made extant in 2023 but construction costs and inflation have continued to delay the start of this.
## **GOING CONCERN**
The financial statements have been prepared on a going concern basis. In determining the appropriate basis of preparation of the financial statements, the Trustees are required to consider whether the Charity and the group can continue in operational existence for the foreseeable future.
Information in relation to the Charity and group’s activities, together with the factors likely to affect future development, performance and position is set out in this Trustee Report, including the Risk Management section later in this Trustees Report.
The Trustees are aware of the continuing negative reserve position due to the breakeven result this year, following the disappointing 2023 result. The Trustees have reviewed the 2025 budget and current trading position against this and consider that the Charity
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Western lowland gorilla
Gorilla gorilla
IUCN status: Critically endangered
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**CONSOLIDATED STATEMENT OF CASH FLOWSTHE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FINANCIAL REVIEW**
Total income for the year amounted to £27.0M (2023: £24.3M). Expenditure amounted to £26.9m (2023: £25.3M). The above movements resulted in net income for the year of £19k (2023: £1.0m net expenditure). The Howletts Wild Animal Trust delivered a group unrestricted fund deficit of £502k (2023: £521k deficit). There was no restricted income or expenditure on the restricted funds (2023:nil), leaving a balance of £4k in restricted funds.
The Howletts Wild Animal Trust aims to return to, and build, a surplus in order to support the operating reserve.
The Trustees reported a net increase in all funds of £19k (2023: £1.0m decrease). The consolidated balance sheet at 31 December 2024 shows a net liability position of £498k (2023: net liabilities of £517k).
## **RESERVES POLICY**
The Charity considers a broad range of factors in its reserves policy that will enable the Charity to manage financial risk and short-term income volatility. A sustainable level of reserves are needed to allow the Charity to maintain optimal levels of conservation programme work, provide appropriate care for the animals in our parks and maintain the infrastructure that allows us to operate, ensuring that financial commitments can be met as they fall due. The charity has two reserves funds, Restricted and Unrestricted.
The trustees’ target is to achieve and maintain unrestricted reserves to cover six months of animal care costs and associated ground maintenance and security costs, which is in line with the Charities Commission recommendations. This equates to approximately £2.5m based on budgeted running costs for the next twelve months. At the year end, the charity had negative unrestricted reserves of £502k (2023: £521k negative reserves). It remains our intention to build free reserves towards the target over the coming years.
Establishing a six-month operating reserve will support the Charity in trading through potential adversity and take account of future commitments. The calculation of the required level of reserves is an integral part of the Charity’s planning, budgeting and forecasting. The level of reserves will be
monitored and reviewed by the trustees on an annual basis.
## **LIQUIDITY AND GENERAL RESERVES**
Given the challenging external market conditions THWAT took a balanced approach to maintaining its cash and general reserves. The Trust continued to benefit from a rolling overdraft facility throughout the year. The bank loan was extended for a further 12 months to 30 June 2026 and the bank overdraft arrangement has also been renewed.
## **REMUNERATION POLICY**
The Trustees determine and agree the overall policy for the remuneration and pension arrangements for all the Charity’s employees and oversees any major changes to employee benefits. The Charity’s reward principles are to ensure the same remuneration system applies to all, except where there are justifiable reasons for making separate arrangements.
The Charity aims to provide an overall reward package that is competitive within the sectors in which it operates. In assessing levels of remuneration, the Charity may use external professional advice and salary survey databases from public, private and Charity sectors. The Charity recognises that it must provide an overall reward package that is competitive to attract and retain high calibre staff to deliver our mission, vision, and values.
## **EQUAL OPPORTUNITIES**
THWAT is an equal opportunities employer and is committed to promoting equal opportunity for all staff and job applicants. THWAT has an equal opportunities policy and does not discriminate against staff on the basis of their gender, sexual orientation, marital or civil partner status, gender reassignment, race, colour, nationality, ethnic or national origin, religion or belief, disability or age. This policy applies to all aspects of our relationship with staff and to relations between staff members at all levels. This includes job advertisements, recruitment and selection, training and development, opportunities for promotion, conditions of service, pay and benefits, conduct at work, disciplinary and grievance procedures, and termination of employment.
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## **RISK MANAGEMENT**
The risk management process assists the Trustees and management by facilitating the identification and assessment of significant risks to the achievement of objectives. The process is supported by a risk management policy which outlines the roles and responsibilities of Trustees, management, and staff.
The Board of Trustees is ultimately responsible for risk and reviews its risk management arrangements at least annually. The Board is supported by the Audit and Risk Committee, which regularly reviews the content of the strategic risk register and seeks assurance over the adequacy of arrangements in place to manage the risks. The strategic risk register is not an exhaustive list of risks and many
other non-strategic risks can and do impact on our business.
There is a clearly defined Risk Matrix that sets out the types and levels of risk the Board of Trustees are prepared to accept. The evaluation of individual risks through this lens allows the Board to assess whether its risk taking is within the defined risk appetite and whether additional management actions are required.
Individual departments and identified risk owners are responsible for the identification, assessment and review of risks which fall in their area of responsibility. Risks are prioritised using an agreed scoring methodology. The risk management process is facilitated and monitored by the Board.
The key risks identified by the Trustees are outlined in the tables below and on the following pages:
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Risk: Financial Mitigation actions to be taken Score Probability Impact
Material loss of
income adversely Revenue strategy implemented outlining
affects ability to diversification of income sources, exit 10 2 5
maintain existing strategies in place, keeping costs down.
services
Pricing review to mitigate cost increase of
Significant wages, otherwise little mitigation possible.
increase in Maintain relationships for non-occurrence / 16 4 4
operating costs early warning. Review operational strategies,
working practices and labour force.
Operational fraud, CCTV in key areas. Good financial controls
misappropriation in place, insurances in place including 2 2 1
or theft cyber cover
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Risk: Animals Mitigation actions to be taken Score Probability Impact
Veterinary Team monitoring, ongoing
Notifiable Disease 8 2 4
training for vets.
Veterinary team monitoring, ongoing
Disease Outbreak
training for vets, following government 8 2 4
(non notifiable)
guidelines, hand wash stations.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
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Risk: People Mitigation actions to be taken Score Probability Impact
Shared responsibilities across roles,
Loss of key
developing internal resilience through
member(s) of
shadowing and delegation. Managers
staff affecting 16 4 4
are required to keep JD’s up to date to
ability to deliver
enable rapid recruitment to proceed as a
existing services
consequence of staff turnover.
Up to date Health & Safety Procedures
in place; outreach safety mechanisms
Member of staff in place i.e. Suitable risk assessments
injured undertaken. Staff induction and training 9 3 3
or attacked provided by skilled in-house trainer or
outsourced where specialists’ skills and
certification is required.
Animal Escape Contingency plan in place,
routinely exercised and accredited by local
EHO. Audits conducted as required by
regulation such as fire, fire extinguisher
maintenance, legionella, asbestos, and
Member of electrical systems. Staff and guests are
public injured or required to watch a golf buggy safety 9 3 3
attacked video before being permitted to drive.
Routine fire prevention activity including
alarm testing carried out as prescribed by
legislation and guidance and recorded in
fire books. Adverse weather contingency
plan in place.
Clear understanding of skills and
competencies; clearly set out requirements
Staffing approach when recruiting; good training in place;
ineffective for excellent communications including daily 6 2 3
service delivery briefings to provide regular up to date
guidance on approach. 360 degree feedback
process in place.
Training should be in place at an appropriate
level for all staff on what their responsibility
is to safeguarding and what to do if they
see something they are concerned about.
Safeguarding issue
Training has started at trustee and SMT level
with customer 6 2 3
and should continue to be implemented
or staff
throughout the organisation. Staff handbook
has a new policy included on safeguarding.
Local authority work permits in place for
under 16s.
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Risk: Infrastructure Mitigation actions to be taken Score Probability Impact
Office-based
ICT or premises
inaccessible/
Business Continuity Plan and cyber
materially 9 3 3
security insurance in place.
compromised,
or subject to
cyber attack
Physical damage
Appropriate insurances in place. 6 2 3
to property
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Risk: Reputation Mitigation actions to be taken Score Probability Impact
Failure to comply
with legislation/ Data Protection Policy in Place; annual
regulations. GDPR training, regular briefings regarding
16 4 4
Negative impact confidentiality of data. Reliance on legal &
from outcome of professional advisor support.
ongoing inquiries
Service perceived
Annual review of animals’ requirements to
as failing to meet
better understand need; increased profile
existing/evolving 4 2 2
raising with stakeholders, supporters
animal and/or
regarding how we meet relevant needs.
trust needs
Quality of animal
care and capability Established system of Quality Assurance,
8 2 4
of Parks called into Ongoing training.
question
Review and action on Guestjoy responses,
monitor and respond to Tripadvisor reviews
and social media engagement. Investment
Visitor enjoyment
in future infrastructure, guest engagement 6 2 3
and experience
projects. Mitigate against not seeing the
animals with a range of keeper and ranger
talks and engagement.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**CONSOLIDATED STATEMENT OF CASH FLOWSTHE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FUNDRAISING**
The key sources for income for THWAT are gate income and the trading surplus that has been gifted to THWAT by its wholly owned subsidiary. Gate Income is the admission fee that the visitors pay to enter our parks. THWAT receives income from its wholly owned subsidiary, HPLE, which is primarily a short breaks accommodation and associated services business. THWAT benefits from applicable gift aid income on qualifying donations.
In 2024, THWAT was granted a Small Society Lottery Licence and has started holding monthly raffles, giving supporters the opportunity to win a visit or stay at Port Lympne. Our short breaks visitors are also invited to donate to THWAT when making their reservations.
THWAT undertakes little or no direct fundraising from our supporters, apart from that outlined above. We do not work with professional fundraisers. On the rare occasions that we fundraise directly, we aim to ensure that our supporters and the wider public are treated fairly and with respect. We are continually looking for ways to improve and to ensure we address new challenges and adopt new regulations effectively. Despite turbulent economic times, we remain fully committed to our core fundraising principles.
## **WORKING WITH KEY PARTNERS**
THWAT and TAF have two trustees in common, Damian Aspinall and Tansy Aspinall.
During the year, THWAT’s charitable objectives were closely aligned with TAF’s and the charities worked alongside each other in a number of ways to achieve our shared aims. For example, THWAT’s breeding programmes support TAF’s overseas conservation projects, and expert animal employees of both charities share knowledge and information. Shared resources such as HR & administrative functions, office space and IT infrastructure help to minimise costs.
The trustees would like to extend thanks to our employees and all those involved in the work of The Howletts Wild Animal Trust. Without their drive and determination, we would not be able to achieve what we do, either on the care and welfare of our animals or the first-class service and experiences that we offer at our parks.
Finally, the Charity would like to thank the visitors who have stayed or spent the day with us at one of the parks during 2024, whose continued support is vital for the future of the parks.
## **SUPPORTER DATA**
Responsible use of personal data remains at the heart of our supporter engagement. We are transparent about what we do with personal data and strive to ensure that our supporters feel confident in how we are using it. We maintain and demonstrate compliance with the General Data Protection Regulation.
## **FEEDBACK AND COMPLAINTS**
THWAT engages with its supporters through dayto-day visits to the parks and guests staying over in its accommodation offering at Port Lympne. On that basis over 400,000 people had the opportunity to directly experience the work that THWAT does, and we benefited from in excess of 4.9 million interactions with our guests last year through email, social media and on our website. As THWAT does not raise charitable funds directly, we do not have regular donors with which to engage, and there were no complaints or shortcomings identified that are required to be dealt with. We regularly undertake guest surveys to get direct feedback from our guests. Where shortcomings were identified, we expanded our guidance and training for staff and put new processes in place, both to prevent recurrence of the issues and to improve our guests’ experience. Complaints and guest feedback are an important source of information about the impact that our work has on our guests and members of the public, providing us with insight and lessons for future activities. We provide details of how to contact us, and will include details of our complaints process, on our website.
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Bongo
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31CONSOLIDATED STATEMENT OF CASH FLOWSDECEMBER 2024**
Eastern black rhino _Diceros bicornis_ IUCN status: Critically endangered
Both Howletts and Port Lympne are home to Eastern black rhino and we are proud of our breeding success.
So far 8 rhino have been sent to protected reserves in Africa from Port Lympne’s crash, and we are working with our partners to relocate a further three in the coming year.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**CONSOLIDATED STATEMENT OF CASH FLOWSTHE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **GOVERNANCE**
The Howletts Wild Animal Trust is a company registered in England and Wales under company number 04711904 and registered charity (number 1100845) under the Charities Act 2011.
The Howletts Wild Animal Trust has a single subsidiary, Howletts and Port Lympne Estates Limited a company registered in England and Wales under company number 01120626, and details are set out in note 14 of the financial statements.
The trustees who served during the year are: J D A Aspinall T Aspinall H F Blackman G Farley D W Hulme
## **PUBLIC BENEFIT**
The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public guidance published by the Charity Commission, including its supplementary guidance on fee charging.
The Charity relies on income from admission fees, accommodation, food & beverage and retail sales and other charges to cover its operating costs and in setting the pricing structure, the Trustees give careful consideration to the accessibility of the parks to those on low incomes. Coupled with a flexible pricing structure, many visitors enjoy concessionary prices which are set to encourage visits by children, students, families, senior citizens and those with disabilities.
## **TRUSTEES**
As at the date of signing these accounts, there are five Trustees, two of whom are members of the Aspinall family, and three who were appointed independently. The trustees collectively have trustee responsibility for meeting our charitable obligations.
As at the date of signing these accounts, J D A Aspinall was suspended as a trustee by an Order of the Charity Commission under section 76(3)(a) of the Charities Act 2011.
The Trustees take trustee recruitment very seriously and invest time and resource in finding, inducting, and developing the highest calibre people.
## **TRUSTEES’ TRAINING**
The relationship between the executive and the Trustees is fundamental to the Charity’s success. It is vitally important therefore that the Trustees understand the overall day to-day operational activities of the charity. To this end, new Trustees are required to complete an induction tour of the parks’ various divisions, and to discuss with the executive team the role and function of each division, and the part it plays in the fulfilment of the Charity’s mission.
All Trustees are encouraged to review and understand the relevant literature, covering the role and responsibilities of being a charity trustee.
Other specific training is provided from time to time as required, and online training resources are available to Trustees.
## **TRUSTEES’ RESPONSIBILITY STATEMENT**
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year to give a true and fair view of the state of affairs of the Charity and of the incoming resources and the application of resources of the Charity for that period.
In preparing the financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**THE TRUSTEES’ REPORT FOR THE YEAR ENDED 31CONSOLIDATED STATEMENT OF CASH FLOWSDECEMBER 2024**
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity and its subsidiary transactions and disclose with reasonable accuracy at any time the financial position of the Charity and the Group and enable them to ensure that the financial statements comply in all material respects with the Charities Act 2011, and the Charity (Accounts and Reports) Regulations 2008.
The trustees are also responsible for safeguarding the assets of THWAT (the ‘parent Charity’) and its subsidiaries (‘the Group’) and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the organisational and financial information included on website of the Charity.
## **DISCLOSURE OF INFORMATION TO AUDITORS**
Each of the Trustees have confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.
Signed H Blackman Trustee
Date: 26 September 2025
Giraffe IUCN status: Vulnerable
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS REPORT TO THE TRUSTEES** ~~ae~~ INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE HOWLETTS WILD ANIMAL TRUST FOR THE YEAR ENDED 31 DECEMBER 2024
“* Ea : j a, **THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**18**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **QUALIFIED OPINION**
We have audited the financial statements of The Howletts Wild Animal Trust (the ‘ parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charitable Balance Sheets, the Consolidated Cash Flow Statement and the related notes. 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, except for the effects of the matter described in the Basis for qualified opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s and group’s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its 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 QUALIFIED OPINION**
We would draw your attention to the charitable company’s consolidated general unrestricted reserves which are a deficit of £498k (2023: deficit £517k) of which total bank loans and overdrafts and other loans amount to £5.1m (2023: £5.4m). At this point in time, the group’s bankers have confirmed that the existing banking facilities will be rolled over until 30 June 2026 and this is detailed in note 18 to the financial statements. Due to the rollover period not extending to at least twelve months from when the financial statements are approved this may cast significant doubt on the group’s ability to continue as a going concern.
Note 18 also details that the loan was originally repayable in June 2022 but this facility has been extended annually, the latest being to the 30 June 2026 and there is no indication that the rolling over of the facilities will cease in the future.
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 charitable company 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 qualified opinion.
## **OTHER INFORMATION**
The other information comprises the information included in the trustees’ annual 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. We have nothing to report in this regard.
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 this gives rise to a material misstatement in the financial statements themselves. 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.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 trustees’ report (incorporating the strategic report and the directors’ report) 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 have been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
Except for the matter described in the Basis for qualified opinion of our report, in the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report and the incorporated Strategic Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate 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.
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 charitable company’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 charitable company 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 these financial statements.
## **EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD**
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the trustees’ responsibilities statement set out on page 16, 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
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and noncompliance with laws and regulations, including fraud, we designed procedures which included:
- enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- reviewing minutes of meetings of those charged with governance;
- assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
**https://www.frc.org.uk/auditorsresponsibilities.** This description forms part of our auditor’s report.
## **USE OF OUR REPORT**
This report is made solely to the charitable company’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 charitable company’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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Michelle Wilkes FCA**
(Senior Statutory Auditor)
For and on behalf of Azets Audit Services, 5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
TN23 1FB **Date:** 29 September 2025
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Siamang gibbon
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
**----- Start of picture text -----**
Unrestricted Restricted 2024 2023
Note funds funds Total funds Total funds
£000 £000 £000 £000
Income from:
Donations and grants 2 54 - 54 50
Charitable activities 3 9,563 - 9,563 10,614
Other trading activities 4 17,139 - 17,139 13,588
Other income 5 207 - 207 36
Total income 26,963 - 26,963 24,288
Expenditure on:
Raising funds 12,059 - 12,059 11,635
Charitable activities 14,885 - 14,885 13,681
Total expenditure 6 26,944 - 26,944 25,316
Net movement in funds 19 - 19 (1,028)
Reconciliation of funds:
Total funds brought forward (521) 4 (517) 511
Total funds carried forward (502) 4 (498) (517)
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The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
**----- Start of picture text -----**
COMPARATIVE
Unrestricted Restricted 2023
INFORMATION ONLY
Note funds funds Total funds
£000 £000 £000
Income from:
Donations and grants 2 50 - 50
Charitable activities 3 10,614 - 10,614
Other trading activities 4 13,588 - 13,588
Other income 5 36 - 36
Total income 24,288 - 24,288
Expenditure on:
Raising funds 11,635 - 11,635
Charitable activities 13,681 - 13,681
Total expenditure 6 25,316 - 25,316
Net movement in funds (1,028) - (1,028)
Reconciliation of funds:
Total funds brought forward 507 4 511
Total funds carried forward (521) 4 (517)
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The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
## CONSOLIDATED BALANCE SHEET
## AS AT 31 DECEMBER 2024
**----- Start of picture text -----**
2024 2023
Note £000 £000 £000 £000
Fixed assets
Intangible assets 11 1 20
Tangible assets 12 10,191 10,763
10,192 10,783
Current assets
Stock 15 215 205
Debtors 16 1,314 1,260
Cash at bank and in hand 9 327
1,538 1,792
Creditors: amounts falling due within one year 17 (10,147) (10,802)
Net current liabilities (8,609) (9,010)
Total assets less current liabilities 1,583 1,773
Creditors: amounts falling due after more than one year 18 (2,081) (2,290)
Net assets (498) (517)
Charity funds
Restricted funds 19 4 4
Unrestricted funds
General funds (1,905) (4,229)
General non-Charity funds 14 1,403 3,708
Total funds 20 (498) (517)
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The financial statements were approved and authorised for issue by the Board on 26 September 2025.
Signed on behalf of the Board of Trustees
The notes on pages 27-45 form part of these financial statements.
**Company Number: 04711904**
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
## CHARITY BALANCE SHEET
## AS AT 31 DECEMBER 2024
**----- Start of picture text -----**
2024 2023
Note £000 £000 £000 £000
Fixed assets
Tangible assets 12 1,884 1,862
Investments 14 2,694 2,694
4,578 4,556
Current assets
Stock 15 44 49
Debtors 16 2,903 3,359
Cash at bank and in hand - -
2,947 3,408
Creditors: amounts falling due within one year 17 (7,331) (9,635)
Net current liabilities (4,384) (6,227)
Total assets less current liabilities 194 (1,671)
Creditors: amounts falling due after more than one year 18 (1,928) (2,214)
Net liabilities (1,734) (3,885)
Charity funds
Restricted funds 19 4 4
Unrestricted funds
General funds (1,738) (3,889)
Total funds (1,734) (3,885)
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The financial statements were approved and authorised for issue by the Board on 26 September 2025.
Signed on behalf of the Board of Trustees
The notes on pages 27-45 form part of these financial statements.
**Company Number: 04711904**
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
## CONSOLIDATED CASH FLOW STATEMENT
AS AT 31 DECEMBER 2024
**----- Start of picture text -----**
Group
2024 2023
Note
£000 £000
Cash flow from operating activities
Net cash (used in)/provided by operating activities 22 835 729
Cash flow from investing activities
Purchase of intangible assets - (2)
Purchase of property, plant and equipment (514) (1,163)
Sale of property, plant and equipment 14 3
Net cash flow from investing activities (500) (1,162)
Cash flow from financing activities
Cash flows from borrowing (348) (82)
Net cash flow from financing activities (348) (82)
Change in cash and cash equivalents in the year (13) (515)
Cash and cash equivalents at 1 January 2024 (1,576) (1,061)
Cash and cash equivalents at 31 December 2024 (1,589) (1,576)
Represented by:
Cash at bank 9 326
Bank overdrafts (1,598) (1,902)
(1,589) (1,576)
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
## **1 ACCOUNTING POLICIES**
## **1.1 Basis of accounting**
The Howletts Wild Animal Trust is a registered charitable company in the United Kingdom. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are the advancement and promotion for the public benefit of education and useful knowledge in relation to the science of zoology, the preservation and exhibition of living animals.
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance 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) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Charity.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
a separate Statement of Financial Activities for the parent company is omitted from the group statements by virtue of Section 408 of the Companies Act 2006.
## **1.3 Company status**
The Charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
## **1.4 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **1.5 Income recognition**
All income is included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
## **1.2 Consolidation**
The consolidated financial statements incorporate the results of the Charity and its trading subsidiary, Howletts and Port Lympne Estates Limited, for the year ended 31 December 2024. As a consolidated Statement of Financial Activities is published,
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1 ACCOUNTING POLICIES (CONTINUED)**
## **1.5 Income recognition**
## **Donations and donated services**
- Donated services or facilities are recognised when 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 of the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time is not recognised and refer to the Trustees’ report for more information about their contribution.
- On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
- Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
- Income from the sale of gift vouchers is recognised when the gift vouchers are redeemed. Therefore, amounts received in respect of gift vouchers that have not been redeemed by the year end are deferred to future accounting periods. Gift vouchers that have not been redeemed by the stated expiry date are released to the statement of financial activities at that point.
## **Sale of goods**
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
## **Rendering of services**
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Charity will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The revenue for short breaks is included within the period the break is taken.
## **Government grants**
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
## **1.6 Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Raising funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
Charitable activities and Governance costs are costs incurred on the Charity’s operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
All resources expended are inclusive of irrecoverable VAT.
## **1.7 Intangible fixed assets and amortisation**
Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment. Amortisation is provided on intangible fixed assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life, as follows:
Purchased computer software - 3 years straight line Website development costs - 3 years straight line Trade Mark - 3 years straight line
## **1.8 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Fixed assets below £1k are not capitalised.
- Plant and machinery - 25% reducing balance Motor vehicles - 25% reducing balance Property improvements - 3.33 - 20% straight line Fixed assets under - not depreciated construction until in use
## **1.9 Animals**
The value of animals owned by the Group is not included on the Group’s balance sheet. The costs incurred when acquiring the animals are charged to the statement of financial activities when incurred. Details of number of animals owned by the Group are disclosed in note 13.
## **1.10 Investments**
Investments in subsidiaries are valued at cost less provision for impairment.
## **1.11 Stocks**
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of financial activities.
## **1.12 Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **1.13 Financial instruments**
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
29
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1 ACCOUNTING POLICIES (CONTINUED)**
## **1.14 Leasing and hire purchase**
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Charity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
## **1.15 Operating leases**
Rentals under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 1 January 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.
## **1.16 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## **1.17 Finance costs**
Finance costs are charged to the statement of financial activities over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
## **1.18 Tax**
Tax is recognised in the statement of financial activities, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
## **1.19 Judgements and key sources of estimation uncertainty**
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## _Useful economic lives of tangible asset_
The group has recognised tangible fixed assets with a carrying value of £10,191k at the year end as disclosed in note 12. These assets are stated at their cost less provision for depreciation and impairment. The Charity’s accounting policy sets out at note 1.8 the approach to calculating depreciation for these assets. For property improvements, the group determines at construction reliable estimates for the useful life of the asset. These estimates are based upon such factors as the expected use of the asset and market conditions. At subsequent reporting dates the Trustees consider whether there are any factors such as changes in market conditions that indicate a need to reconsider the estimates used.
## _Bad and doubtful debts_
The value of trade debtors is sensitive to the recoverability in full of any invoices issued to each customer. Once the debt becomes overdue it is chased and periodically reviewed to ensure it is recoverable in full. If a provision is deemed necessary this is included on an annual basis. No provision for bad and doubtful debts is currently included in the accounts.
30
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
## **1.20 Going concern**
The trustees are of the opinion that The Howletts Wild Animal Trust is a Going Concern as at 31 December 2024 and remains a Going Concern as at the approval of these financial statements.
The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
**----- Start of picture text -----**
2024 2023
2 DONATIONS AND GRANTS
£000 £000
Donations other 54 50
54 50
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The Trust benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
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2024 2023
3 INCOME FROM CHARITABLE ACTIVITIES
£000 £000
Gate income from Animal Parks 6,381 5,872
Memberships 483 493
Other primary purpose trading 2,699 4,249
9,563 10,614
**----- End of picture text -----**
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2024 2023
4 INCOME FROM OTHER TRADING ACTIVITIES
£000 £000
Trading income 17,139 13,588
17,139 13,588
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**5**
**----- Start of picture text -----**
2024 2023
OTHER INCOME
£000 £000
Sundry income 52 36
Raffle income 155 -
207 36
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31
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**----- Start of picture text -----**
Staff Direct Support 2024 2023
6 EXPENDITURE Costs Costs Costs Total Total
£000 £000 £000 £000 £000
Raising funds
Commercial activities 6,383 5,656 20 12,059 11,635
Charitable activities
Operation of Parks 6,006 3,157 3,619 12,782 11,579
Other primary purpose trading 1,013 1,090 - 2,103 2,102
13,402 9,903 3,639 26,944 25,316
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2024 2023
7 SUPPORT COSTS
£000 £000
Freight and carriage 25 41
Sundry 9 23
Utilities 1,613 1,305
Printing, postage and telephone 39 41
Computer costs 130 109
Subscriptions 21 18
Cleaning 48 36
Staff recruitment costs 30 30
Bank charges and interest 419 361
Insurance 449 417
Advertising and marketing 126 25
Equipment hire 184 117
Depreciation and profit on
291 349
disposal
Governance:
Audit and accountancy fees 33 34
Legal and professional 222 213
3,639 3,119
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32
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
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2024 2023
NET INCOME FOR THE YEAR
£000 £000
This is stated after charging:
Depreciation 1,266 1,532
Amortisation 20 24
Auditors remuneration
- audit 27 26
- other services 6 8
Operating lease rentals 101 124
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**8**
**----- Start of picture text -----**
2024 2023
STAFF COSTS
£000 £000
Wages and salaries 11,996 11,563
Social security costs 946 847
Other pension costs 460 266
13,402 12,676
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**9**
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £288k (2023: £266k).
The average number of employees by headcount during the year was 607 (2023: 557).
The average number of employees by full time equivalent during the year was as follows:
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2024 2023
No. No.
Animal departments 98 96
Estates 64 70
Rangers and Safaris 29 26
Retail, Catering & Short breaks 180 173
Administration 38 35
409 400
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**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
The number of employees employed by the group whose remuneration for the year fell within the following bands were:
|||**2024**|**2023**|
|---|---|---|---|
|||**No.**|**No.**|
|£60,000 to £69,999||5|3|
|£70,000 to £79,999||1|1|
|£80,000 to £89,999||2|-|
|£100,000 to £109,999||-|2|
|£110,000 to £119,999||1|1|
|£140,000 to £149,999||1|-|
|£200,000 to £209,999||-|1|
|£270,000 to £279,999||1|-|
The senior management team includes the Trustees of the Charity, the directors of its wholly owned subsidiary and other key senior staff who are in charge of directing and controlling, running and operating the Charity on a day to day basis. As detailed below, no trustees received remuneration during the period. The remuneration and benefits of the group’s key management personnel total £1,872k (2023: £1,694k).
## **10 TRUSTEE REMUNERATION**
The Trustees were not paid remuneration for their roles as Trustees or reimbursed expenses during the year (2023: None).
**----- Start of picture text -----**
Lion
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34
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
**4**
**11**
|**INTANGIBLE FIXED ASSETS**||||||
|---|---|---|---|---|---|
|**_Group_**|**Trade mark**||**Website**
**development**|**Software**|**Total**|
||||**cost**|||
|||**£000**|**£000**|**£000**|**£000**|
|_Cost_||||||
|As at 1 January 2024||3|101|37|141|
|As at 31 December 2024||3|101|37|141|
|||||||
|_Amortisation_||||||
|As at 1 January 2024||2|82|37|121|
|Charge||-|19|-|19|
|As at 31 December 2024||2|101|37|140|
|||||||
|_Net book value_||||||
|As at 31 December 2024||1|-|-|1|
|As at 31 December 2023||1|19|-|20|
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View from the Trojan Steps,
Port Lympne Mansion
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35
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**----- Start of picture text -----**
12 TANGIBLE FIXED ASSETS
Assets
Plant and Motor Property
Group machinery vehicles Improvements under Total
construction
£000 £000 £000 £000 £000
Cost
As at 1 January 2024 2,893 901 20,149 1,355 25,298
Additions 104 73 223 319 719
Disposals (19) (82) (66) - (167)
Transfers - - 11 (11) -
As at 31 December 2024 2,978 892 20,317 1,663 25,850
Depreciation
As at 1 January 2024 2,334 686 11,515 - 14,535
Charge 175 55 1,036 - 1,266
Elimination on disposals (13) (74) (55) - (142)
As at 31 December 2024 2,496 667 12,496 - 15,659
Net book value
As at 31 December 2024 482 225 7,821 1,663 10,191
As at 31 December 2023 559 215 8,634 1,355 10,763
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
**----- Start of picture text -----**
2024 2023
£000 £000
Plant and machinery 75 120
Assets under construction 101 -
Motor Vehicles 14 28
Total 190 148
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36
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
**4**
**----- Start of picture text -----**
Assets
Plant and Motor Property
Charity machinery vehicles Improvements under Total
construction
£000 £000 £000 £000 £000
Cost
As at 1 January 2024 1,831 536 7,108 22 9,497
Additions 60 - 171 83 314
Disposals (14) (7) (10) - (31)
Transfers - - 11 (11) -
As at 31 December 2024 1,877 529 7,280 94 9,780
Depreciation
As at 1 January 2024 1,642 415 5,578 - 7,635
Charge 63 30 196 - 289
Elimination on disposals (10) (7) (11) - (28)
As at 31 December 2024 1,695 438 5,763 - 7,896
Net book value
As at 31 December 2024 182 91 1,517 94 1,884
As at 31 December 2023 189 121 1,530 22 1,862
**----- End of picture text -----**
The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
**----- Start of picture text -----**
2024 2023
£000 £000
Plant and machinery 35 36
Motor Vehicles 14 28
Total 49 64
**----- End of picture text -----**
37
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13 ANIMAL NUMBERS**
In accordance with its objectives, the Group owns wild animals that it exhibits at its two wild animal Parks at Howletts and Port Lympne. The Trustees do not consider it possible to determine a reasonable value for these animals and so, as per note 1.9, they are not included on the Group’s balance sheet. At 31 December 2024, the following animals were located at the Group’s two wild animal Parks:
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2024 2024 2023 2023
Howletts Port Lympne Howletts Port Lympne
No. No. No. No.
Carnivores 54 95 55 85
Elephants 13 - 13 -
Gorillas 25 20 25 18
Hoofstock 36 741 42 561
Primates 144 125 148 160
Rhino and Giraffe 3 25 3 24
Other 6 116 10 137
281 1,122 296 985
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**14**
**----- Start of picture text -----**
Shares in
FIXED ASSET INVESTMENTS subsidiary Total
undertaking
Charity £000 £000
Cost / Market value at 1 January 2024 and 31 December 2024 2,694 2,694
**----- End of picture text -----**
**----- Start of picture text -----**
Proportion of voting
Country of registration
Subsidiary undertaking rights and ordinary
or incorporation
share capital held
Howletts and Port Lympne Estates Limited England and Wales 100%
**----- End of picture text -----**
38
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
Howletts and Port Lympne Estates Limited operate the commercial activities of The Howletts Wild Animal Trust. The trading results of Howletts and Port Lympne Estates Limited for the year to 31 December 2024 are as follows:
**----- Start of picture text -----**
2024 2023
£000 £000
Turnover 19,843 17,838
Cost of sales (9,962) (9,423)
Administration costs (4,190) (4,303)
Operating surplus for the year 5,691 4,112
Interest payable (180) (186)
Retained surplus for the year 5,511 3,926
Retained earnings brought forward 3,534 3,005
Distribution under gift aid to THWAT (7,642) (3,397)
Retained earnings carried forward 1,403 3,534
The assets and liabilities of the
subsidiary were:
Fixed assets 8,465 9,079
Current assets 2,912 5,015
Current liabilities (5,519) (5,878)
Non-current liabilities (1,761) (1,988)
Share capital (2,694) (2,694)
Reserves 1,403 3,534
**----- End of picture text -----**
**15**
**----- Start of picture text -----**
STOCK Group Charity
2024 2023 2024 2023
£000 £000 £000 £000
Catering stock 51 63 - -
Retail stock 119 93 - -
Other stock 45 49 44 49
215 205 44 49
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39
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**----- Start of picture text -----**
16 DEBTORS GroupGroup Charity
2024 2023 2024 2023
£000 £000 £000 £000
Trade debtors 227 81 191 74
Loan to group undertaking - - 2,011 2,312
Other debtors 443 574 158 431
Prepayments and
644 605 543 542
accrued income
1,314 1,260 2,903 3,359
**----- End of picture text -----**
A loan from THWAT totalling £2.8m was provided to Howletts and Port Lympne Estates Limited, repayable from 27 June 2022 over 3 years. Interest is charged at a floating rate of 2.45% above base.
**----- Start of picture text -----**
17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Charity
2024 2023 2024 2023
£000 £000 £000 £000
Bank overdraft 1,599 1,902 1,896 1,902
Bank loans 402 402 402 402
Other loans 1,215 1,204 1,215 1,204
Net obligations under
80 38 12 22
finance leases
Trade creditors 1,338 1,627 761 992
Amounts owed to group
- - 2,015 4,111
undertakings
Other taxation and social
954 1,329 79 120
security
Other creditors 510 524 262 339
Accruals and deferred
4,050 3,776 689 542
income
10,147 10,802 7,331 9,635
**----- End of picture text -----**
The bank overdraft is secured by way of a guarantee provided by C Filmer, J Aspinall and R Birley. The overdraft facility was reduced during the year to £1.5m, however as at 31 December 2024 the overdraft facility stood at £2m.
40
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
**----- Start of picture text -----**
17.1 DEFERRED INCOME
Group Charity
2024 2023 2024 2023
£000 £000 £000 £000
As at 1 January 2024 3,165 3,105 182 125
Amounts released from
(3,165) (3,105) (182) (125)
previous periods
Amounts deferred from
3,109 3,165 270 182
this period
As at 31 December 2024 3,109 3,165 270 182
**----- End of picture text -----**
Deferred income relates to bookings in advance.
**----- Start of picture text -----**
18 CREDITORS: AMOUNTS FALLING DUE AFTER MORE ONE YEAR
Group Charity
2024 2023 2024 2023
£000 £000 £000 £000
Other loans 292 292 292 292
Bank loans 1,608 1,910 1,608 1,910
Payments received on
22 31 - -
account
Net obligations under
finance leases 159 Group 57 28 Charity 12
2,081 2,290 1,928 2,214
**----- End of picture text -----**
Obligations under bank loans, included above, are payable as follows:
**----- Start of picture text -----**
Group Charity
2024 2023 2024 2023
£000 £000 £000 £000
Due within 1 year 402 402 402 402
Due 2-5 years 1,608 1,910 1,608 1,910
2,010 2,312 2,010 2,312
**----- End of picture text -----**
A bank loan of £2.8m was repayable from 27 June 2022 over 3 years at a floating interest rate of 2.45% above base. After the year end, the loan term was extended to June 2026. This is a rolling facility of 1 year as the ongoing Statutory Inquiry continues to hamper our ability to arrange long term facilities. The loan is secured by personal guarantee from C Filmer, R Birley and J Aspinall and a charge over Port Lympne, Lympne, Near Hythe, Kent and Howletts, Bekesbourne, Kent.
Other loans consist of an Aspinall Foundation loan of £2m loan taken out June 2020 to support the parks during the closure period of the COVID-19 pandemic and repayable from June 2021 over 5 years at a floating interest rate of 2.09% above base, with the first year interest free. The loan is guaranteed from Howletts & Port Lympne Estates Limited and The Howletts Wild Animal Trust.
41
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
Obligations under finance leases and hire purchase contracts, included above, are payable as follows:
**----- Start of picture text -----**
Group Charity
2024 2023 2024 2023
£000 £000 £000 £000
Due within 1 year 80 38 12 22
Due 2-5 years 159 57 28 12
239 95 41 34
**----- End of picture text -----**
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
**----- Start of picture text -----**
As at 1 As at 31
19 RESTRICTED FUNDS January Income Expenditure Transfers December
2024 2024
£000 £000 £000 £000 £000
Scottish Wild Cats Fund 2 - - - 2
Howletts Education Centre 2 - - - 2
4 - - - 4
**----- End of picture text -----**
**----- Start of picture text -----**
As at 1 As at 31
RESTRICTED FUNDS -
January Income Expenditure Transfers December
2023
2023 2023
£000 £000 £000 £000 £000
Scottish Wild Cats Fund 2 - - - 2
Howletts Education Centre 2 - - - 2
4 - - - 4
**----- End of picture text -----**
**Scottish Wild Cats Fund** - Amounts received to build new enclosures for Scottish Wild Cats. **Howletts Education Centre** - Amounts received to refurbish the Howletts Education Centre.
42
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
**4**
**----- Start of picture text -----**
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Restricted Unrestricted Total
funds funds 2023
£000 £000 £000
Tangible fixed assets - 10,191 10,191
Current assets 4 1,535 1,539
Creditors due within
- (10,147) (10,147)
one year
Creditors due in
- (2,081) (2,081)
more than one year
4 (502) (498)
**----- End of picture text -----**
## **20**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2023**
||**Restricted**
**funds**
**£000**
**Unrestricted**
**funds**
**£000**
**Total**
**2023**
**£000**|
|---|---|
|Tangible fxed assets|-
10,783
10,783|
|Current assets|4
1,788
1,792|
|Creditors due within
one year|-
(10,847)
(10,847)|
|Creditors due in
more than one year|-
(2,290)
(2,290)|
||4
(521)
(517)|
## **21 COMMITMENTS UNDER OPERATING LEASES**
Total future minimum lease payments under non-cancellable operating leases are as follows:
**----- Start of picture text -----**
2024 2023
£000 £000
Within one year 402 101
Between two and
653 519
five years
1,055 820
**----- End of picture text -----**
43
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**INDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
**----- Start of picture text -----**
22 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£000 £000
Net movement for the year 19 (1,011)
Depreciation charges 1,266 1,532
(Profit)/Loss on sale of fixed assets 7 8
Amortisation charges 19 24
Increase in stocks (10) (11)
Decrease in debtors (54) (364)
Decrease in creditors (412) 551
Net cash flow from operating activities 835 729
**----- End of picture text -----**
**----- Start of picture text -----**
23 ANALYSIS OF CHANGES IN NET DEBT
As at 1 As at 31
Non-cash
January Cash flow December
changes
2024 2024
£ £ £ £
Cash at bank and in hand 326 (317) - 9
Bank overdrafts (1,902) 303 - (1,599)
(1,576) (14) - (1,590)
Borrowings excluding (2,312) 302 - (2,010)
overdrafts
Obligations under finance
(95) 60 (204) (239)
leases
(2,407) 362 (204) (2,249)
(3,983) 348 (204) (3,839)
**----- End of picture text -----**
44
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
**NOTES TO THE FIINDEPENDENT AUDITORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023ANCIAL STATEMENTS 4**
## **24 RELATED PARTY TRANSACTIONS**
The group received a loan from The Aspinall Foundation in 2020 to support the Parks throughout the closure period of the COVID-19 pandemic. At the year end the balance due was £875k (2023: £875k). The loan is repayable in equal instalments with the final instalment due for repayment in June 2026 at a floating interest rate of 2.09% above base per annum. During the year, interest of £63k (2023: 70k) was payable, with £32k of this having been paid during the year.
Sales invoices, being recharges of costs incurred on their behalf, amounting to £271k were raised to The Aspinall Foundation and purchase invoices amounting to £0.1k were raised by The Aspinall Foundation to the group. At the year end, the group was owed £198k (2023: £54k) by The Aspinall Foundation.
The Group rents freehold land and buildings from The Aspinall Foundation for an annual rent of £1 (2023: £1).
During the year, costs incurred for services, amounting to £110k (2023: £94k) were donated to The Aspinall Foundation.
During the year, sales invoices, being recharges of costs incurred on his behalf, amounting to £16k (2023: £9k) were raised to J D A Aspinall. At the
year end, the group was owed £1k (2023: £Nil) by J D A Aspinall. This amount was paid shortly after the year end.
J D A Aspinall, a Trustee, had private use of a pool vehicle leased by the subsidiary company. The value of the lease payments in the year was £11k (2023: £10k)
During the year purchase invoices amounting to £Nil (2023: £482k) for the supply of fruit and vegetables for the animals at the wildlife parks were raised by Walmestone Growers Limited. J D A Aspinall was a Director in Aspers Group Limited until July 2023 and Aspers Group Limited was the immediate parent company of Walmestone Growers Limited. Walmestone Growers Limited ceased to trade in August 2023. At the year end the group owed £Nil (2023: £Nil) to Walmestone Growers Limited.
## **25 COMPANY LIMITED BY GUARANTEE**
The company is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
## **26 CONTROLLING PARTY**
The Charity is a company limited by guarantee.
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Lion Pride at Port Lympne
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45
**THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**
46 **THE HOWLETTS WILD ANIMAL TRUST CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT 2024**