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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1108609

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11 to 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 26
Detailed Statement of Financial Activities 27 to 29

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Zoological Society of Hertfordshire is a non-political, non-sectarian voluntary body with charitable status working with statutory and other voluntary organisations to preserve wildlife and endangered species.

The charity's mission is to;

provide a relaxed environment for people of all ages and abilities to interact with animals and to increase their understanding of the natural world.

provide the best facilities in order to benefit the animals in our care, our visitors and our staff. fulfil this mission through entertainment, education, conservation and fun.

Public benefit

The directors confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

Page 1

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

ACHIEVEMENT AND PERFORMANCE

We started January 2022 with a period of closure but this time, by choice. The decision had been made to close the site for 5 weeks in order to carry out some key infrastructure jobs which would have otherwise affected the visitor journey and experience. Although this was a risk as it would mean 5 weeks of no income, the risk paid off.

2022 also saw the airing of the second series of One Zoo Three in July. Following the success of the first pilot series in 2020, filming had taken place for a year throughout 2021 and into 2022 filming back to back series 2 and 3. The series was aired in many schools as a an educational tool. The success of the series also led to a spin off series called OZT Goes Wild in Britain being commissioned for airing in 2023.

The work of Zoological Society of Hertfordshire was highly recognised throughout 2022 with prestigious visits from both the High Sheriff of Hertfordshire and the Prime Minister, Boris Johnson.

A historical milestone was the announcement of a re-brand from 2024 changing from Paradise Wildlife Park and the Zoological Society of Hertfordshire to Hertfordshire Zoo. Through the development work which has taken place over the past decade and our continuing valuable contributions to conservation in-situ and exsitu, we feel Hertfordshire Zoo will bring many new opportunities for growth.

With the re-brand, we began working with Dearadzhu on a brand new development and masterplan for the site which will take us over the next 20+ years. We hope for the finalised plan to be complete in 2024 to launch with Hertfordshire Zoo.

Key highlights throughout the year included;

Visitor numbers:

2022 was a record year in our history for visitor numbers reaching over 449,000 visitors for the year, which was even more pleasing considering the 5 weeks of closure. Ticket sales continued to be pre-booked online only which has stabilised sales and ensured a continuous flow in visitors across the year.

The membership scheme also continued to grow for another year reaching 13,800 members.

Education & Sustainability:

Whilst we were closed throughout January, live streaming took place on our social media to continue to educate our visitors at home.

A brand new education classroom was opened in 2022, now known as Base Camp, with the first talk taking place in there during our re-opening in February. It is fully equipped to deliver high level education sessions for all key stages and includes a variety of resources to engage the students in interactive sessions. This has proved very popular and has allowed us to grow our educational offerings following the Covid years. With over 330,000 people visiting through our school visits in 2022, we were on the route back to our pre-Covid numbers.

We were pleased to see the return of the Creative Writing Competition in partnership with local schools and the Hoddesdon Rotary Club in 2022 following a break during Covid. The author this year was Jess Butterworth. This was very popular amongst the local schools.

The Sustainability Committee was re-launched in February 2022 made up of various team members from each department across the zoo. The theme of the year was 'Reuse' which everyone embraced throughout the year, trying to reuse as many resources as possible.

Page 2

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Conservation

2022 was a fantastic year in terms of our commitment to conservation supporting over 35 conservation partners around the world.

We were exceptionally proud to be officially named as a Centre of Species Survival for England, one of only 8 centres around the world. The centres for species survival aims to empower the need for protection of native species and their conservation through conservation planning and mobilising species recovery action.

New Builds & maintenance:

The 5 week closure in January allowed us to carry out a whole host of work including a new Welcome Centre entrance queuing system, upgraded pathways, arrival and installation of new dinosaurs, introduction of the Zen garden and new offices in the Discovery Centre to make way for additional team members allowing us to continue to grow. Many other upgrades and refurbishments continued to take place throughout the year.

Our main project was the development of our Sun Bear Heights, Otter Rocks and Jaguar Jungle. Due to the pandemic, supply problems and changes with contractors, this project was delayed but will be truly worthwhile once complete allowing us to welcome species we have never housed before with the sun bears and binturong.

Zoo Licence Inspection:

Our Zoo License remains valid until August 2026. An informal visit took place in 2022 with an interim inspection scheduled for 2023.

Events:

Following the success of the previous years, Summer Evenings events and Dinos After Dark, both returned for another year and continued to be hugely popular.

Our Dine4Wildlife Charity Ball returned for its first year after Covid where we welcomed over 200 guests raising over £22,000 to support the animals in our care as well as our conservation partners in India.

FINANCIAL REVIEW

Financial position

Total income for the year amounted to £7,524,451 (2021-£6,160,540) and total expenditure £6,075,142 (2021-£4,379,133). Net movement in funds for the year was a surplus of £1,449,309 (2021-£1,781,407). As at 31 December 2022 reserves amounted to £8,470,683 (2021-£7,021,374).

Principal funding sources

The principle source of funding is from the generation of a surplus from the animal park and related activities.This is supplemented by donations from visitors, corporate bodies and a range of fundraising initiatives.

Reserves policy

The charity aims to retain reserves in order to meet its financial obligations and to establish cash reserves equivalent to at least six months expenditure estimated to be £3,250,000. At the Balance Sheet date net cash reserves amounted to £4,838,795 an increase on the previous period of £1,202,359.The directors will continue to manage the charity's finances on a prudent basis going forward. The directors' objective is to to maintain cash reserves to at least six months expenditure as far as possible.

Page 3

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Going concern

After making appropriate enquiries, the directors have a reasonable expectation that the charity has sufficient resources to continue operations for the foreseeable future. For this reason the going concern basis is adopted in preparing the financial statements.

Key Management Remuneration

The Trustees carry out an annual pay review to ensure that the charity's pay levels are fair, competitive and an effective use of Charity funds.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is unincorporated and is controlled by its governing document, a constitution adopted on 23 January 2005 and amended on 28 November 2016.

Recruitment and appointment of new trustees

Traditionally, directors have been recruited by word of mouth and personal recommendation. The charity has been fortunate that the mix of expertise has been sufficient to enable the directors to make informed decisions.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1108609

Principal address

Paradise Wildlife Park White Stubbs Lane Broxbourne Hertfordshire EN10 7QA

Trustees

ZSH Corporate Trustee 1 ZSH Corporate Trustee 2

Auditors

Brindley Millen Ltd 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Page 4

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

Eric Peacock

Eric Peacock (Sep 21, 2023 15:18 GMT+1)................................................................. ZSH Corporate Trustee 1 - Trustee

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

Opinion

We have audited the financial statements of The Zoological Society of Hertfordshire (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and material third parties. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Maurice Brindley

Maurice Brindley (Sep 22, 2023 13:53 GMT+1) Maurice Brindley FCA BSc (Senior Statutory Auditor) for and on behalf of Brindley Millen Ltd Chartered Accountants and Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH

Date: .............................................

Page 9

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Animal park
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Animal park
Other
Total
NET INCOME
Transfers between funds
19
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
752,410
6,546,533
150,783
64,693
10,032
7,524,451
70,866
1,444,345
4,559,931
6,075,142
1,449,309
5,304
1,454,613
7,016,070
8,470,683
Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
(5,304)
(5,304)
5,304
-		 31.12.22

Total
funds
£
752,410
6,546,533
150,783
64,693
10,032
7,524,451
70,866
1,444,345
4,559,931
6,075,142
1,449,309
-
1,449,309
7,021,374
8,470,683
31.12.21
Total
funds
£
561,123
5,264,804
82,916
85,482
166,215
6,160,540
42,877
1,060,552
3,275,704
4,379,133
1,781,407
-
1,781,407
5,239,967
7,021,374

The notes form part of these financial statements

Page 10

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

BALANCE SHEET 31 DECEMBER 2022

Notes
FIXED ASSETS
Intangible assets
11
Tangible assets
12
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one
year
16
NET ASSETS		 Unrestricted
Restricted
fund
funds

£
£
2,186
-
3,780,480
-
3,782,666
-
22,934
-
514,288
-
5,622,165
-
6,159,387
-
(888,000)
-
5,271,387
-
9,054,053
-
(583,370)
-
8,470,683
-		 31.12.22

Total
funds
£
2,186
3,780,480
3,782,666
22,934
514,288
5,622,165
6,159,387
(888,000)
5,271,387
9,054,053
(583,370)
8,470,683
31.12.21
Total
funds
£
2,186
3,276,486
3,278,672
16,634
589,553
4,619,769
5,225,956
(699,921)
4,526,035
7,804,707
(783,333)
7,021,374

The notes form part of these financial statements

continued...

Page 11

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

BALANCE SHEET - continued 31 DECEMBER 2022

FUNDS
19
Unrestricted funds
Restricted funds
TOTAL FUNDS		 8,470,683
-
8,470,683		 7,016,070
5,304
7,021,374

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 09/28/2023

Eric Peacock

Eric Peacock (Sep 21, 2023 15:18 GMT+1)

.............................................

ZSH Corporate Trustee 1 - Trustee

Matt Brady (Sep 28, 2023 09:54 GMT+1) ............................................. ZSH Corporate Trustee 2 - Trustee

The notes form part of these financial statements

Page 12

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.12.22
£
2,190,027
(31,902)
2,158,125
(958,904)
3,138
(955,766)
(199,963)
(199,963)
1,002,396
4,619,769
5,622,165		 31.12.21
£
1,817,124
(1,956)
1,815,168
(822,754)
6,201
(816,553)
(16,667)
(16,667)
981,948
3,637,821
4,619,769

The notes form part of these financial statements

Page 13

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Increase in stocks
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operations		 31.12.22
£
1,449,309
454,910
(3,138)
31,902
(6,300)
75,265
188,079
2,190,027
31.12.21
£
1,781,407
388,739
(6,201)
1,956
(967)
(444,367)
96,557
1,817,124

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1.1.22
£
4,619,769
4,619,769
(200,000)
(783,333)
(983,333)
3,636,436		 Cash flow
£
1,002,396
1,002,396
-
199,963
199,963
1,202,359		 At 31.12.22
£
5,622,165
5,622,165
(200,000)
(583,370)
(783,370)
4,838,795

The notes form part of these financial statements

Page 14

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

GOING CONCERN

The charity's forecasts and projections indicate that it can meet its day-to-day working capital requirements as they fall due for a period of at least twelve months from the approval of the accounts. In addition, the Trustees consider that the cash resources remain adequate to meet the charity's obligations as they fall due.

The Trustees have also considered the impact of coronavirus on the charity's operations. As the expected long-term duration of coronavirus became clearer, the Trustees completed an exercise to restructure the charity to reflect the impact of the pandemic on the economy. The exercise demonstrated the charity had sufficient cash resources to continue operations for the foreseeable future, being a period of no less than one year from the date of approval of these financial statements. On this basis, the Trustees consider the charity to be a going concern.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of donation.

Admission income is recognised in the period in which it is receivable.

Donations are recognised in the period in which they are received.

Rental income is recognised in the period to which it relates.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

The cost of generating funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

Charitable activities include our conservation and education programmes and the operation of the animal park. The costs of our charitable activities include both direct and support costs.

Governance costs includes costs primarily associated with constitutional and legal requirements.

Page 15

continued...

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

EXPENDITURE

Support costs include general management, information technology and human resources costs.

Irrecoverable VAT is charged as an expense against the relevant activity.

PATENTS AND LICENCES

This represents legal costs incurred to date on trade mark applications and are not amortised. The carrying value is reviewed each year and if a write down is appropriate, is included in the Statement of Financial Activities.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 10% on cost
Short leasehold - in accordance with the property lease
Animal enclosures and attractions - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Assets in the course of construction are not depreciated until they are brought into use. Animal livestock are carried at nil value.

All assets costing more than £500 are capitalised and includes any acquisition costs.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

The charity is exempt from tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Page 16

continued...

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

OPERATING LEASES

Rentals under operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

DEBTORS

Trade and other debtors are measured at the settlement amount. Prepayments are valued at the amount prepaid.

Cash at Bank and in hand

Cash at bank and in hand includes cash held on current or deposit accounts with instant access.

Liabilities and provisions

Liabilities and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.Liabilities and provisions are normally recognised at their settlement amount.

Financial instruments

The charity has financial assets and 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.

2. DONATIONS AND LEGACIES

Donations
Gift aid		 31.12.22
£
29,870
722,540
752,410		 31.12.21
£
49,244
511,879
561,123

continued...

Page 17

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

3.
OTHER TRADING ACTIVITIES
Charity events
Cabin sales
4.
INVESTMENT INCOME
Rents received
Interest receivable
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Visitor income
Animal park
Other operating income
Animal park
6.
RAISING FUNDS
OTHER TRADING ACTIVITIES
Purchases		 31.12.22
£
51,693
99,090
150,783
31.12.22
£
61,555
3,138
64,693
31.12.22
£
6,540,083
6,450
6,546,533
31.12.22
£
70,866
31.12.21
£
(1,324)
84,240
82,916

31.12.21
£
79,281
6,201
85,482

31.12.21
£
5,167,704
97,100
5,264,804

31.12.21
£
42,877

continued...

Page 18

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

7. CHARITABLE ACTIVITIES COSTS

Animal park Direct
Costs
£
1,444,345
8.
SUPPORT COSTS
Other resources expended
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Hire of equipment
Rent payable
Rates and water
Insurance
Motor and travelling expenses
Telephone and communications
Printing, post & stationery
Advertising and marketing
Sundries
Bank charges
Accountancy
Consultancy fees
Legal and professional fees
Light and heat
Staff welfare and uniforms
Computer maintenance
Training costs
Irrecoverable VAT
Repairs and maintenance
Health and safety
Trustees expenses
Depreciation of tangible and heritage
assets
Interest payable and similar charges
Auditors' remuneration		 Management
£
4,554,431		 Governance

costs
£
5,500
31.12.22
Other
resources
expended
£
897,049
94,325
40,974
6,232
618,000
8,196
70,133
42,342
16,552
72,611
266,870
42,426
66,546
11,522
258,000
6,893
202,807
46,941
64,125
45,030
467,173
704,481
18,144
247
454,910
31,902
5,500
4,559,931		 Totals
£
4,559,931

31.12.21

Total

activities
£
661,295
62,580
31,581
6,302
616,500
3,673
65,102
19,241
23,792
42,682
136,134
38,216
53,206
12,299
270,000
12,707
173,953
47,921
74,489
8,838
168,788
349,398
812
-
388,739
1,956
5,500
3,275,704

continued...

Page 19

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

9. TRUSTEES' REMUNERATION AND BENEFITS

The Trustees did not receive any remuneration or benefits in the year under review, nor the previous year.

TRUSTEES' EXPENSES

Trustees expenses of £247 (2021-£nil) were incurred in the year under review.

10. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.12.22
£
1,807,719
158,267
40,974
2,006,960
31.12.21
£
1,395,669
113,645
31,581
1,540,895

The average monthly number of employees during the year was as follows:

31.12.22 31.12.21
Animal park and administration 163 121

No employees received emoluments in excess of £60,000.

The trustees consider the board of trustees and senior management team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity on a daily basis.Total employee costs of the key management personnel were £435,215 (2021£364,612).

11. INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
Patents
and
licences
£
COST
At 1 January 2022 and
31 December 2022 2,186
NET BOOK VALUE
At 31 December 2022 2,186
At 31 December 2021 2,186

continued...

Page 20

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12. TANGIBLE FIXED ASSETS

COST
At 1 January 2022
Additions
Reclassification
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
COST
At 1 January 2022
Additions
Reclassification
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021		 Plant and
machinery
£
172,546
-
-
172,546
54,101
29,611
83,712
88,834
118,445		 Improvements
Assets in
to
course of
property
construction
£
£
135,504
746,522
19,402
925,691
-
(546,909)
154,906
1,125,304
39,689
-
15,491
-
55,180
-
99,726
1,125,304
95,815
746,522
Fixtures

and
Motor

fittings
vehicles
£
£
2,640
43,500
-
-
-
-
2,640
43,500
1,830
33,177
270
2,581
2,100
35,758
540
7,742
810
10,323

Short

leasehold
£
3,650
-
-
3,650
3,650
-
3,650
-
-
Computer

equipment
£
107,404
13,811
-
121,215
85,652
14,746
100,398
20,817
21,752		 Animal
enclosures
and

attractions
£
3,375,205
546,909
-
3,922,114
1,092,386
392,211
1,484,597
2,437,517
2,282,819

Totals
£
4,586,971
1,505,813
(546,909)
5,545,875
1,310,485
454,910
1,765,395
3,780,480
3,276,486

continued...

Page 21

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

13.
STOCKS
31.12.22
£
Goods held for resale
22,934
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22
£
Trade debtors
52,072
Other debtors
309,042
Prepayments and accrued income
153,174
514,288
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22
£
Bank loans and overdrafts (see note 17)
200,000
Trade creditors
194,611
Social security and other taxes
26,770
Other creditors
12,167
Accruals and deferred income
454,452
888,000
16.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22
£
Bank loans (see note 17)
583,370
17.
LOANS
An analysis of the maturity of loans is given below:
31.12.22
£
Amounts falling due within one year on demand:
Bank loans
200,000
Amounts falling between one and two years:
Bank loans - 1-2 years
200,000
Amounts falling due between two and five years:
Bank loans - 2-5 years
383,370		 31.12.21
£
16,634
31.12.21
£
37,634
414,167
137,752
589,553
31.12.21
£
200,000
194,219
19,617
11,114
274,971
699,921
31.12.21
£
783,333
31.12.21
£
200,000
200,000
583,333

continued...

Page 22

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

17. LOANS - continued

The charity successfully applied for finance under the Coronavirus Business Interruption Loan Scheme (CBILS).The term of the loan is over six years and carries a variable rate of interest at a small margin over Bank Base Rate. Interest for the first 12 months was paid by the UK Government and no repayments were required in this period. The loan is unsecured.

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 31.12.22
£
605,871
1,800,000
2,405,871
31.12.21
£
606,367
2,405,871
3,012,238

19. MOVEMENT IN FUNDS

Net
movement
At 1.1.22
in funds
£
£
Unrestricted funds
General fund
7,016,070
1,449,309
Restricted funds
Wild Tiger Health Centre
5,304
-
TOTAL FUNDS
7,021,374
1,449,309
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
7,524,451
TOTAL FUNDS
7,524,451		 Transfers

between

funds
£
5,304
(5,304)
-

Resources

expended
£
(6,075,142)
(6,075,142)
At
31.12.22
£
8,470,683
-
8,470,683

Movement

in funds
£
1,449,309
1,449,309

continued...

Page 23

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
Transfers
movement
between
At 1.1.21
in funds
funds
£
£
£
Unrestricted funds
General fund
5,232,536
1,783,664
(130)
Restricted funds
National Lottery Garden Project
2,127
(2,257)
130
Wild Tiger Health Centre
5,304
-
-
7,431
(2,257)
130
TOTAL FUNDS
5,239,967
1,781,407
-
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
6,160,540
(4,376,876)
Restricted funds
National Lottery Garden Project
-
(2,257)
TOTAL FUNDS
6,160,540
(4,379,133)
A current year 12 months and prior year 12 months combined position is as follows:
Net
Transfers
movement
between
At 1.1.21
in funds
funds
£
£
£
Unrestricted funds
General fund
5,232,536
3,232,973
5,174
Restricted funds
National Lottery Garden Project
2,127
(2,257)
130
Wild Tiger Health Centre
5,304
-
(5,304)
7,431
(2,257)
(5,174)
TOTAL FUNDS
5,239,967
3,230,716
-
At
31.12.21
£
7,016,070
-
5,304
5,304
7,021,374

Movement

in funds
£
1,783,664
(2,257)
1,781,407

At
31.12.22
£
8,470,683
-
-
-
8,470,683

continued...

Page 24

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
National Lottery Garden Project
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
13,684,991
(10,452,018)
-
(2,257)
13,684,991
(10,454,275)		 Movement
in funds
£
3,232,973
(2,257)
3,230,716

Drive4Wildlife-To fund the purchase of an anti-poaching vehicle for use in UWEC, Uganda. National Lottery Garden Project-to provide an outdoor space for a local care home for the elderly. Wild Tiger Health Centre-resource accessible to rangers and veterinary staff working in the field.

20. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.The pension cost of £40,974 (2021-£31,581) represents contributions payable by the charity and includes those paid to the personal pension schemes of certain employees.Contributions totalling £12,095 (2021-£9,365 were payable to the fund at the year end date.

21. RELATED PARTY DISCLOSURES

Parkside Leisure Ltd and it's subsidiaries Paradise Wildlife Park Ltd and Parkside Construction Services Ltd are controlled by P C Sampson and are therefore related parties. L K Whitnall is a director of Parkside Leisure Ltd and the corporate trustees companies which control the charity.

In the period the charity paid rent and other costs from Parkside Leisure Ltd amounting to £950,035 (2021-£922,130).

During the year the charity invoiced rent and other charges to Paradise Wildlife Park Ltd amounting to £770,596 (2021-£451,189). The amount outstanding at the year end was £15,997 (2021-£5,000). Costs recharged to the charity by Paradise Wildlife Park Ltd in the year amounted to £317,243 (2021£200,153) of which £61,822 (2021-£53,570) remained outstanding.

The charity recharged a proportion of administrative salaries and other costs amounting to £91,377 (2021-£101,889) to The Big Cat Sanctuary Ltd (BCS).. This company is a registered charity in which L K Whitnall is a trustee.The amount due from BCS at the year end was £17,102 (2021-£6,154).

The charity paid £18,000 (2021-£18,000) to Valverde Ventures Ltd for consultancy services provided by Stephen Sampson in the year under review.

Page 25

continued...

THE ZOOLOGICAL SOCIETY OF HERTFORDSHIRE

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

21. RELATED PARTY DISCLOSURES - continued

Salaries and benefits totalling £126,434 (2021-£107,591) were paid to Messrs Aaron, Tyler & Cameron Whitnall during the year.

Scott Sampson received salary and benefits amounting to £12,579 for the year (2021-£21,544).

Page 26