ANNUAL REPOR
AND ACCOUNTS
2024-25
zsl.org

## CONTENTS 

- 3 _Welcome_ 4 _A year of success_ 6 _Our vision_ 

- 7 _ZSL around the world_ 

- 8 _Powered by world-leading conservation science_ 

- 9 _The role of ZSL’s conservation Zoos_ 10 _ZSL in numbers_ 

The Trustees present their Annual Report and Accounts of the charity for the year to 30 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the accounts and comply with the charity’s Charter and Byelaws, the Charities Act 2011 and 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) (second edition effective 1 January 2019) – (Charities SORP (FRS 102)). 

## **Our Royal Charter** 

- **11 Protecting species 23 Restoring habitats 35 Training conservationists 47 Creating change** 

- **59 Strengthening ZSL 71 Sustainability 74 Our supporters 76 Governance** 

- **81 Principal risks and uncertainties 86 Financial summary 91 Auditor’s report 93 Financial statements** 

Our charitable purpose, as set out in our Charter, is the advancement of zoology through a variety of means. These include: 

- Conducting scientific research 

- Promoting the conservation of biological diversity and the welfare of animals 

- Caring for and breeding endangered and other species 

- Fostering public interest 

- Improving and disseminating zoological knowledge 

- Participating in conservation worldwide 

In shaping our aims for the year and planning our activities, our Trustees have considered the Charity Commission’s guidance on public benefit and fee charging. Initiatives include free or heavily discounted tickets through our education, junior citizen and community access schemes. We also fund and run a world-renowned zoological library, with open access at no charge. 

Pictured: A northern white-cheeked gibbon at ZSL London Zoo. 

Cover image: The sihek, an Extinct in the Wild bird that ZSL is helping to restore to the wild. Read more on page 14. 



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## WELCOME 

Our CEO and our Chair of Trustees introduce our review of 1 May 2024 to 30 April 2025 

It has been an exciting 12 months. This year saw the launch of ZSL’s redefined strategy. We have thought hard as an organisation about where we can make the most impact, and we have set ourselves a series of ambitious goals to achieve by 2030. This year’s Annual Report outlines the progress we have already made towards our four impact areas: **Protecting Species, Restoring Habitats, Training Conservationists** and **Creating Change** . 

We are an international conservation organisation with a remarkable combination of skills. We bring together two world-class conservation Zoos, a scientific institute, and field conservation projects in over 80 countries. Drawing on this diverse expertise – from veterinary medicine and animal care to data science, ecology and policy – gives us enormous scope when tackling conservation challenges. We are at our most effective when these elements of ZSL come together in common endeavour. 

A compelling example is the rescue of Darwin’s frogs from Chile. Our scientists have long been tracking the devastating impact of the chytrid fungus on amphibian populations around the world. When we learned that it had reached the last stronghold of this extraordinary frog, 

we mounted a rescue mission, supported by the Chilean government, to bring a small, healthy population of Darwin’s frogs to London Zoo. They are now flourishing in a bio-secure facility under the care of our zookeepers and safeguarded against extinction. 

Another example was the restoration of the sihek to the wild. This took many years of planning, collaboration with numerous partners, and the creativity of our scientists to find a habitat similar enough to this bird’s native habitat in Guam to allow its introduction. The introduction of a new population to Palmyra Atoll was led by our team, and bird experts from both of our Zoos were instrumental in hand-rearing siheks that are now thriving in the wild for the first time in over 40 years. 

We continue to deliver a world-class experience for our visitors, and this year welcomed 2.2 million visitors – one of our best ever years – including over 120,000 students on educational visits. Our Zoos are fundamental to showing how we do conservation, to educate others and to inspire future conservationists. They are also a powerful platform for telling our story to the world. The autumn 2025 opening of ZooTown at London Zoo supports this key pillar of our work, offering young children a play-based learning experience where they can explore conservation roles and build problem-solving, social and cognitive skills. 

We were pleased to see another year of financial progress for ZSL, with our income enjoying positive growth and our conservation, policy and science work attracting increased support, reflecting the sector’s confidence in our mission and impact. However, over the summer of 2025 the context in which ZSL operates has become tougher. Rising costs continue to challenge our total operating profit and Defra has cancelled the seven-year 

project we were leading in the West Congo Basin after just one year. Visitor numbers have held up through the summer, but (in line with visitor attractions across the country) overall income was disappointing. 

ZSL is still in a strong position, but the need to keep costs down and diversify income has become even stronger. As we look ahead, a new three-year plan approved by the ZSL Council in spring 2025 sets out a clear path to deliver our strategic priorities while driving ongoing improvements in performance. 



7 October 2025 

**Matthew Gould CMG MBE** CEO 

Finally, we are gearing up for a very special year in 2026 – the celebration of ZSL’s 200[th ] anniversary. We will be looking back at our history and looking forward to the important work we have ahead of us. Although we are very different to the Society founded in 1826, we have stayed true to our founding mission: the advancement of zoological science. That mission, in the face of extraordinary global change, has never been more important. Thank you to all those who have supported us along the way. 



7 October 2025 

**Professor Sir Jim Smith FRS FMedSci** Chair 



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## A YEAR OF SUCCESS 

Highlights from 2024-25, including our progress on key commitments since last year's Report 

## Extinct in the Wild snail returns 

Polynesian tree snail _Partula tohiveana_ was officially reclassified from Extinct in the Wild to Critically Endangered, following a decades-long conservation breeding and reintroduction programme led by ZSL, in collaboration with the French Polynesian Government and a number of partner zoos. We are working to realise the same success for nine other Partula species. 

Expanding Gorilla Kingdom 

Work is underway on the expansion of London Zoo’s gorilla habitat, to make extra room for our growing family of western lowland gorillas. The new space, which will be completed in 2026, will also help us inspire visitors with our conservation work. 

READ MORE ON PAGE 55 

Cheetah restoration in Zambia 

The Luangwa Valley represents the most promising region in Africa for the recovery of cheetah. Our scientists are working with the Zambian government to prepare for the return of these iconic cats. 

READ MORE ON PAGE 22 


## Protecting the Philippines’ seahorses 

Over one million seahorses are caught per year in the Philippines, putting huge pressure on already fragile populations. This year we began a partnership with the Philippine Government to support the conservation of seahorses through research and improved protection. 

## Parliament passes law to allow extension of London Zoo's lease 

The UK Parliament passed an Act to allow the increase of the maximum term of ZSL's lease on its Regents Park site from 60 years to up to 150 years. Following Royal Assent, the Act became part of UK law. This is a huge achievement, only a tiny number of non-government bills become law each year. We received unanimous support from the (then) Government, Opposition, Ministers MPs, Lords, civil servants and many others. The change will allow us to invest in our London site for the long-term. 

## Harnessing big data and AI 

ZSL opened a new supercomputer facility at its Institute of Zoology, funded by the UK’s Department for Science, Innovation and Technology. This powerful infrastructure will help us to expand our conservation work by processing and analysing vast amounts of data more efficiently and will allow us to harness the latest in artificial intelligence. 

## Living Planet Report published 

In collaboration with ZSL, WWF published the latest _Living Planet Report_ , alerting the world to a 73% average decline in the abundance of monitored wildlife populations globally since 1970. The Report highlighted Latin America and the Caribbean as the hardest hit region, where population sizes have, on average, declined by 95%. Overall, freshwater species are the most under pressure, with a global trend of 85% decline. 

## Extinction averted for Mexican pupfish 

In November 2024, we received word that the boxer pupfish ( _Cyprinodon simus_ ) was on the brink of extinction in the wild. We were the only Zoo in the world caring for the species and, without the work of our aquarists, the species could have been lost forever. We have since sent eggs to the Bristol Zoo Project to establish a second population and are working with our Mexican partners to transport eggs to Mexico. We are also supporting the restoration of three other Mexican pupfish, through our Extinct in the Wild Action Partnership. 

READ MORE ABOUT THE PROGRAMME ON PAGE 15 



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## Scaling up restoration in the Congo Basin 

We launched a new programme in the West Congo Basin. We are working with local communities, government and conservation partners to protect this vital ecosystem for wildlife and people. 

## READ MORE ON PAGE 26 

## Supporting the Animal Care T-Level 

We ran two, day-long tutor-training events to support the launch of the new Animal Care T-level qualification this year. The training was delivered at Whipsnade Zoo and online, and covered both theory and practical elements of animal welfare and modern husbandry practice. Several college tutors have since shadowed ZSL zookeepers, and more training days will go ahead in the coming year. 

## Growing our Zoos’ community programmes 

We expanded London Zoo’s Supported Volunteer scheme, offering volunteer placements to adults with learning disabilities and neurodivergence. 

## READ MORE ON PAGE 56 

Amplifying our global impact through policy 

We help to drive global wildlife and environmental policy through our role at international summits such as the Convention on Biological Diversity (COP 16, October 2024), the United Nations Framework Convention on Climate Change (COP 29, November 2024) and the Convention on International Trade in Endangered Species (intercessional meeting, February 2025) We also use our scientific research into key wildlife challenges, such as badger vaccinations, to underpin policy change. 

## READ MORE ON PAGE 50 

## Protecting a pacific wildlife superhighway 

We’ve partnered with the Philippine Government to create the country’s first large-scale offshore marine protected area around the Philippine Rise, an important region for migratory marine species. 

## READ MORE ON PAGE 30 


Education training for field conservationists 

We launched a pilot training programme for field conservationists, designed to give them the knowledge, skills and confidence to deliver conservation education. Running from October 2024 to July 2025, the series consisted of seven online, 45-minute sessions, reaching 190 live participants from across our global conservation network, with further engagement through recordings. 

## Bringing veterinary skills to the classroom 

In 2024 we began a project designed to improve biology learning in the classroom. We’re working with our veterinary department to develop a suite of digital learning resources that will support students studying GCSE and A-Level biology. The online videos and other resources will launch in the coming year. 

READ MORE ON PAGE 46 

## Delivering training for teachers 

We delivered training courses to over 500 trainee and qualified teachers, as part of our mission to embed wildlife in the UK curriculum. 

READ MORE ABOUT OUR WORK WITH SCHOOLS ON PAGE 38 

## Growing veterinary capacity in East Africa 

We ran Interventions in Wildlife Health, our veterinary skills field course, at a new location in Kenya. Our aim is to build veterinary capacity in the region, which is sorely needed to support wildlife disease prevention, translocations and human-wildlife conflict mitigation strategies. 

## READ MORE ON PAGE 42 




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## OUR VISION A world where wildlife thrives 

## WHO WE ARE 

**We’re ZSL, a science-driven conservation charity working to restore wildlife in the UK and around the world. We work to help wildlife and people thrive together.** 

## OUR PURPOSE 

The role we play in the world 

**We inspire, inform and empower people to protect and restore wildlife.** 

## HOW WE WORK 

**We look for answers through science, we work with people to find solutions.** 

## WE BELIEVE 

The foundations on which our work is based 

**Nature can recover.** 

**Conservation works best when it’s People and wildlife powered by science. can thrive together.** 

OUR VALUES How we behave 


**We are innovative, inspiring, ethical, collaborative, inclusive and impactful.** 


## IMPACT AREAS 

We focus on these areas to help us deliver our vision 

## PROTECTING SPECIES 

From research to fieldwork, and in our Zoos, we identify and conserve the species at risk of extinction – and get them on the road to recovery. 

## RESTORING HABITATS 

By collaborating with communities around the world, we protect and restore healthy ecosystems so people and wildlife can thrive together. 

TRAINING CONSERVATIONISTS 

We share skills and knowledge to build a movement of conservationists equipped with the expertise, tools and networks to protect and restore wildlife. 

## CREATING CHANGE 

We create positive change for wildlife and people by inspiring and empowering everyone, from children to politicians, to notice, care and act for nature. 

OUR STRATEGIC GOALS By 2030, we will: 


Support and protect at least 200 threatened species and move 60 of those at greatest risk of extinction towards global recovery. 

Support communities in 10 priority regions to catalyse ecosystem recovery and help people live better with wildlife. 

Increase global conservation capability by supporting more than three million young people and 5,000 career professionals in their development. 

Strengthen the safeguards for nature by inspiring 20 million people to advocate for wildlife and influencing more than 20 key policies to be nature positive. 



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## ZSL AROUND THE WORLD 

We work around the world to restore wildlife and rebuild healthy ecosystems 

**We work in six priority regions around the world, as shown in the map. Beyond these, we run an extensive global network of collaborations and projects across over 80 countries (each represented by a dot on this map). We work in areas where our expertise in science-led conservation can make the greatest difference to the protection of species; where we can reduce species extinction risk, improve ecosystem health, strengthen human-wildlife coexistence and inspire change through close collaboration with local partners. Find out more at** zsl.org/ regions **and read on to discover some of our key areas of activity in 2024-25.** 


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## UK 

In the UK, our two conservation Zoos help us to educate and inspire millions of visitors to respect and protect wildlife. The Zoos are also home to scientific research and veterinary work, and a hub for our UK conservation projects including: the restoration of the Thames Estuary, supporting the reintroduction of species like the beaver and dormouse, and the vaccination of badgers against bovine tuberculosis. 

## 2 

## South Asia 

We are working with the governments of Nepal and India to conserve the Terai Arc, a transboundary landscape of forest and grasslands that supports Bengal tigers, Asian elephants, greater one-horned rhinos, gharials and pangolins. We work closely with local communities living around protected areas to develop sustainable, nature-based livelihoods and mitigate the impacts of conflict with wildlife. 

## 3 

## Southeast Asia 

Our coastal habitat recovery programme in the Philippines has been working with local communities to restore large areas of mangrove and beach forest, and we are now supporting the creation of Asia’s first large-scale, offshore marine protected area. In Thailand, our work focusses on the critical issue of human-wildlife coexistence – we are working with local communities and government to reduce conflict with key species like Asian elephants and Indochinese tigers, while also combating illegal wildlife trade through partnerships on pangolin and tiger cyber-trafficking investigations. 

## 4 

## Indian Ocean 

We lead a conservation science programme across the Indian Ocean, involving over 20 research organisations, that seeks to improve our understanding of how marine protected areas support the preservation of marine species, from seabirds to sharks, and to identify ways of conserving coral reef ecosystems. Understanding the effects of human activity, such as plastic pollution, overfishing and climate change, is key to our work. 


## 5[  Eastern and  ] Southern Africa 

We work alongside local partners in the conservation of key species, such as the black rhino, African wild dog and cheetah, across major savannah ecosystems. Our goal is to grow conservation capacity within the region, improve connectivity, foster human-wildlife coexistence and coordinate action between and within countries. In Mozambique, our focus is on helping coastal communities improve livelihoods through locally led marine protection combined with sustainable fishing practices. 

## 6 West and Central Africa 

We work in Cameroon, Gabon and the Republic of Congo to protect the West Congo Basin, home to African forest elephants, western lowland gorillas and chimpanzees. We’re working with government, business and local communities to support the management of protected areas and transboundary forests, and we’re encouraging the sustainable practices of palm oil, timber, pulp and rubber companies operating in the area. 



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## POWERED BY WORLD-LEADING CONSERVATION SCIENCE 

Science is the most powerful tool we have to make conservation effective 

**Our work is driven by science, and much of that is led by ZSL’s Institute of Zoology. Our research is focussed on developing solutions to several global conservation challenges.** 

## Small population recovery 

In the face of unprecedented biodiversity and habitat loss, effective strategies for saving small populations from extinction are urgently required. Our scientists have been integral to the successful recovery of species such as the Mauritius kestrel and New Zealand’s hihi. 

## Coexistence between wildlife and people 

Relationships between wildlife and people have become, in many cases, unsustainable; scientific research is essential for developing strategies for coexistence. Our research on cheetahs and African wild dogs continues to reveal how humans are impacting their behaviour and movement, and we lead a continent-wide programme of partners from several African countries working to safeguard their long-term future. 

## Global biodiversity monitoring 

To restore wildlife, we first need to understand where it most needs our help. We collect, manage and analyse data to support our conservation work and inform the actions of national and international decision-makers. 

Our key datasets include: 

- Living Planet Index (LPI) 

- UK Cetacean Strandings Investigation Programme (CSIP) 

- Serengeti cheetah project 

- Indian Ocean marine conservation programme 

- Wildlife Disease Risk Analysis and Health Surveillance (DRAHS) 

## Partnerships 

We increase our impact by sharing our scientific discoveries worldwide, through academic partners such as University College London and the Royal Veterinary College; collaborations like the UK Biodiversity Alliance (with Natural History Museum and Royal Botanical Gardens Kew); relationships with the UK Government and the governments of the countries in which we work; and at 250+ intergovernmental forums Our Institute of Zoology collaborates with over 250 led by the United Nations and the International academic institutions and Union for Conservation conservation organisations worldwide to translate our of Nature (IUCN). research into impact 

## Mitigating the impacts of climate change on wildlife 

## Wildlife health 

Wildlife disease contributes to the decline of worldwide biodiversity and is often exacerbated by human activities. Our scientists are at the forefront of tackling the chytrid fungus crisis, which has led to the global decline of amphibians. We also lead 

Climate change is a rapidly developing threat to biodiversity, and our researchers are working to assess the vulnerability of certain species and ecosystems. Our science has drawn attention to the dire threat faced by the African wild dog (right), and developed mitigation strategies for northeast Atlantic seabirds – which will face keen challenges as prey behaviour changes and ocean storms intensify. 

the investigation of health risks for marine mammals in England and Wales and we are working with UK farmers to understand the benefits of badger vaccination for the protection of cattle from bovine tuberculosis. 




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## THE ROLE OF ZSL’S CONSERVATION ZOOS 

Our two conservation Zoos, London and Whipsnade, are an integral part of our global mission 

## Restoring lost and declining species 

A major focus of our work is the return of Extinct in the Wild (EW) species to the wild, and a number of EW species in our care are part of ongoing restoration programmes – including the Socorro dove, three species of Mexican pupfish and several species of Partula tree snails. This year, we celebrated the successful return to the wild of one species of Partula tree snail **(read more on page 4)** . 


## A safeguard for species on the brink 

## Bringing people closer to wildlife 

177 

We currently care for 177 species and subspecies threatened with extinction at London and Whipsnade Zoos, including 16 Extinct in the Wild species – the most of any Zoo in the world. Our Zoos are part of 208 national and international breeding programmes – designed to maintain healthy populations in Zoos and guard against extinction. For example, this year our aquarists were able to avert the extinction of boxer pupfish **(read more on page 4)** . 

A core aim of our Zoos is to inspire visitors to care for the natural world. threatened species and subspecies Our presenting team deliver over are safeguarded in our Zoos 3,500 talks per year to visitors, (48 mammals, 37 birds, and our conservation education 31 fish, 34 invertebrates, teams welcomed over 120,000 students to the Zoos and delivered 17 reptiles and 10 amphibians) conservation-related sessions to over 25,000 students, with our Education Access Scheme growing to support 115 local schools. We also offer discounted tickets and hold special events for individuals who 16 66 previously faced barriers to visiting **Extinct in the Wild Endangered** us, to ensure our Zoos remain inclusive and accessible. **(read more on page 38)** . 35 60 **Critically Endangered Vulnerable** 47% 

threatened species and subspecies are safeguarded in our Zoos (48 mammals, 37 birds, 31 fish, 34 invertebrates, 17 reptiles and 10 amphibians) 

## Sharing our expertise in wildlife care 

Our zookeepers, curators and veterinary team regularly lead workshops in animal care or publish studies on specific animals in our care, to improve their welfare and protection around the world. Little is known about some of our rarest species, so our research into areas like diet and breeding behaviours can significantly improve wild conservation. This year, our veterinarians and their partners ran a wildlife health training course in Kenya, designed to share knowledge and develop the skills of vets working in biodiversity hotspots **(read more on page 42)** . 

**of our Zoo animals are of conservation** 

**importance** (including those not yet assessed or with out-of-date assessments by the IUCN Red List) 

## Whipsnade’s lion pride grows 

For further info on species extinction risk, visit **iucnredlist.org** 

This winter we celebrated the arrival of two litters of lion cubs at Whipsnade Zoo. The cubs represent a huge boost to the numbers of Northern African lions in human care; just 200 adults of this Critically Endangered subspecies are thought to survive in the wild. Their birth was an opportunity to draw attention to their situation, and to ZSL’s conservationists working in W-Arli-Pendjari, a network of national parks and protected areas in northwest Africa where the majority of the rare subspecies is thought to survive. 


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## ZSL IN NUMBERS 200+ 

species we’re conserving around the world from the cheetah to the angelshark 

80+ 

countries we work in around the world from the UK, where we’re reintroducing species like the dormice, to Senegal, where we’re working to protect African wild dogs 177 


threatened species cared for in our Zoos such as Extinct in the Wild Socorro doves and Critically Endangered western lowland gorillas 

225 

scientific research papers were published by ZSL staff and students 

834 **ZSL staff** working for a world where wildlife thrives[1] 1,175 

**volunteers at our Zoos** supporting the care of our animals, the experience of our visitors and the maintenance of our spaces 

2+ MILLION 

**visitors to our Zoos per year** forming lasting connections with wildlife and learning about our conservation work 



**1** Average employee number for UK staff during 2024–25 



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PROTECTING SPECIES **From research to fieldwork, and in our Zoos, we identify and conserve the species at risk of extinction – and get them on the road to recovery** 







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## MILESTONE 1: BY 2026 

**Support the conservation of more than** 200 species **through managed breeding programmes, scientific research and the advancement of animal care** 

MILESTONE 3: BY 2026 

**Work towards restoring populations of** 10 nationally threatened UK species **, supported by advanced breeding techniques and pre- and post-release expertise** 



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MILESTONE 2: BY 2026 

**Support the recovery of** 60 globally threatened or Extinct in the Wild species **through science-driven conservation activities** 


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PROTECTING SPECIES STRATEGIC GOAL FOR 2030 

**To support and protect at least 200 threatened species and move 60 of those at greatest risk of extinction towards global recovery** 


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MILESTONE 4: BY 2030 

**Achieve measurable improvements in the global conservation status of at least** 10 of our 60 target species 


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## PROTECTING SPECIES 

We protect the species that most need our help. We do this through our two conservation Zoos, our Institute of Zoology, and our field conservation around the world. The combined expertise of zookeepers, veterinarians, scientists and field conservationists sets us apart. 

By maintaining healthy and thriving populations of threatened species in our two conservation Zoos we help safeguard species from extinction and ensure they are ready for reintroduction or support in the wild. Our zookeeping and veterinary teams share their expertise and train others in animal care and conservation, to advance skills and knowledge in the global conservation community. 

Wildlife is facing unprecedented threats. Climate change and human activity have pushed our planet to its limit, causing massive habitat and species loss. Wildlife populations have crashed in the last 50 years, and many thousands of species are threatened with extinction. Nature’s future hangs in the balance like never before. 

At our Institute of Zoology, our scientists work to tackle the challenges facing wildlife – from understanding how to stop the spread of amphibian disease, to identifying the risks facing marine mammals, to the development of continent-wide action plans to halt the decline of cheetahs. And through our work on global tools like the Living Planet Index, 

we are able to monitor how biodiversity is responding to new and existing threats, helping to prioritise efforts to combat species losses. 

Our field programmes around the world apply our research, and knowledge of animal care, in biodiversity hotspots including Cameroon and the Philippines. Translating our science into action takes many forms – including changing policy, improving on-the-ground protection, reintroducing species to restored habitats, and working with local communities to improve coexistence with wildlife. 


As well as supporting the recovery of iconic species like tigers and elephants, we also focus on underrepresented species such as invertebrates and fish. This includes those that are evolutionarily distinct as well as being globally endangered, through our EDGE Fellowship programme, and those that are Extinct in the Wild and survive only in human care, which we are working to reintroduce into wild habitats where they have a chance to thrive. 


Below left: We are supporting Thailand’s iconic elephants. Above left: We work to restore Extinct in the Wild species such as the sihek. Above: Our Institute of Zoology is advancing conservation science. 

## CASE STUDIES 

1 **Saving the sihek** 2 **Rescuing Darwin’s frogs** 3 **Coexisting with elephants** 4 **Restoring Britain’s beavers** 



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1 

## SAVING THE SIHEK 

## Extinct in the Wild bird returns to the wild after 40 years 

Since 2019, ZSL Professor John Ewen has led a global partnership (including the US and Guam governments, several NGOs and US zoos) in the development of plans for the sihek’s reintroduction to the wild. With the snakes still present on Guam, an immediate reintroduction is not possible. However, over several years of investigation, the remote Palmyra Atoll in the Pacific Ocean was identified as the most suitable alternative to Guam, thanks to its similar habitat and climate, a robust food web that is able to support a kingfisher, and the lack of other threatened species on the atoll. 

## Overview 

In the 1940s, brown tree snakes were accidentally introduced to the Pacific island of Guam. The invasive snakes flourished at the expense of the island’s native wildlife, which was ill-equipped to deal with the sudden introduction of an arboreal predator. Several native species have since been driven to extinction. 

One species, the sihek (also known as the Guam kingfisher), disappeared from the wild in the 1980s. Prior to its disappearance, however, 29 siheks were rescued and brought into human care in US zoos. The current total zoo population is about 130 individuals but, with only a third of these being females, and with these birds’ complex breeding and care needs, research suggested that the species was likely to decline without urgent intervention. 


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9<br>siheks were<br>transferred  7,300km<br>from the US to<br>Palmyra Atoll in<br>August 2024<br>30<br>breeding pairs<br>expected to<br>be supported<br>on Palmyra<br>**----- End of picture text -----**<br>





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“This is a major moment for conservation – and it’s an event that will increase in frequency as we focus more attention on restoring Extinct in the Wild species.” 

## ZSL’s Extinct in the Wild programme 

We care for 16 Extinct in the Wild (EW) species in our Zoos – almost half of the world’s animal EW species, and the largest number cared for by any zoo. We also work with an additional four EW species beyond our Zoos. A major focus of our work is returning them to the wild, and last year we launched the Extinct in the Wild Alliance to drive recovery of this most threatened group of species. In 2023 we celebrated the successful return of the scimitar-horned oryx to the wild, in Chad, after a multi-year programme of reintroductions alongside our partners, and we are working towards the safe return to the wild of several other EW species – including the Socorro dove, three species of Mexican pupfish and several species of Partula tree snail. **Read more about our success with Partula tree snails on page 4.** 

– Professor John Ewen, ZSL 



April 2025, we were delighted to announce that the first pair had successfully nested and laid eggs. The team are also constantly monitoring the wider ecosystem, to make sure that the siheks don’t have a negative impact on the native wildlife. 

## 2024-25: Sihek spreads wings on Palmyra Atoll 

Years of planning by ZSL scientists paid off this year, with the introduction of siheks to Palmyra Atoll. In spring 2024, several eggs and young chicks produced by adult siheks at US zoos were sent to a bio-secure facility at Sedgewick County Zoo, Kansas, and hand-reared by a team that included bird experts from London and Whipsnade Zoos. In August, nine young siheks were flown to their new home on Palmyra. 

We plan to send another group of siheks to Palmyra as soon as possible. Over time, we hope to expand the population to at least 30 breeding pairs of siheks – the number we estimate the habitat can sustain. With a growing population of siheks, and work under way by the Guam Government to remove the invasive snakes, we will be in a better position to reach our ultimate goal of returning the species to its native Guam. 

16 Extinct in the Wild species cared for at London and Whipsnade Zoos 

Each sihek was initially fitted with a radio transmitter, and they continue to be monitored daily by a small team on the island. The birds are thriving and, in 

Above left: A female (left) and male (right) sihek fitted with their lightweight radio transmitters. Above: Our bird experts helped hand-rear sihek chicks for release into the wild. Right: Partula tree snails are making a comeback. 



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## RESCUED FROM THE EDGE OF EXTINCTION 

Expedition to save Darwin’s frog in face of chytrid crisis 


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53<br>Darwin’s frogs<br>journeyed to<br>London Zoo<br>Population has since<br>grown to around<br>90<br>FROGS<br>**----- End of picture text -----**<br>


## Overview 

First identified by ZSL Fellow Charles Darwin in 1834, the southern Darwin’s frog is probably the last remaining species in the genus _Rhinoderma_ – the only known amphibian in which males become ‘pregnant’ by brooding their offspring in their vocal sacs. Its closest relative, the northern Darwin’s frog, was last seen in 1981; it is believed that amphibian chytridiomycosis – an invasive fungal disease – was a primary driver of its disappearance. 

We have been involved in the research and conservation of Darwin’s frogs since 2009 and have successfully championed Darwin’s frogs as a flagship species for conservation of the temperate rainforests in southern Chile. Several local populations of southern Darwin’s frogs have already been lost to chytrid, and we are working with government and landowners to halt their decline. 

Since 2017, one of our key study areas has been Parque Tantauco, a protected area in the Chiloé Archipelago that remained chytrid-free until recently and was known to support the largest remaining population of southern Darwin’s frogs. 



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## 2024-25: A lifeline at London Zoo 

## Averting the amphibian apocalypse 

In 2023, our scientists detected the first presence of chytrid in Parque Tantauco. By 2024, the disease had contributed to an almost total collapse of southern Darwin’s frogs in the area; our analysis suggests that over 1,300 Darwin’s frogs died in a single year. 

The planet is currently experiencing a mass extinction event. The spread of amphibian chytridiomycosis, a fungal disease that our scientists first helped to identify in the 1990s, has been described as the amphibian apocalypse. The disease is estimated to have led to the extinction of at least 90 amphibian species already, and the decline of 500 more. We are working in our Institute of Zoology, our Zoos and around the world to conserve several species facing this existential threat, such as the southern Darwin’s frog. 

The emergency demanded an urgent response and, in late 2024, scientists from ZSL’s Institute of Zoology, the Ranita de Darwin NGO and Fundación Parque embarked on a rescue mission supported by the Chilean Government: to bring some of the last remaining southern Darwin’s frogs into human care. Over 50 frogs were collected, checked for chytrid at Universidad Andrés Bello and – once given the all clear – transported 13,000km to a bio-secure facility at London Zoo. The group included 11 brooding males who carried their young all the way from Chile, while others have since bred at London. Under the care of amphibian experts at the Zoo, the group have successfully raised almost 40 froglets, and we hope that this population could serve as a vital source for future reintroductions into the wild. 


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In parallel, we are also trialling several chytrid mitigation methods, including the installation of metal fences around existing wild Darwin’s frog populations in Tantauco. This method is designed to reduce contact with other frogs that could inadvertently spread chytrid fungus. If successful, this approach could provide short-to-medium-term protection for Darwin’s frog populations and other forest amphibians worldwide. 

Above right: Searching for southern Darwin’s frogs in Parque Tantauco. Right: Securing the precious cargo for safe transport. Far right: Darwin’s frogs are now thriving at London Zoo. 



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3 

## FOSTERING COEXISTENCE WITH THAILAND’S ELEPHANTS 

## Boosting protection for Southeast Asia’s last elephant stronghold 

One of the key issues facing Asian elephants in Thailand is habitat loss to agricultural land, and the ensuing conflict with humans. An estimated 10-20 wild elephants are killed annually due to conflict, accidents and poaching, while the economic costs of humanelephant conflict are estimated at US$10 million per year. We are working in partnership with the Thai Government and alongside several farming communities in western Thailand to develop mitigation strategies. One key innovation is an insurance scheme to offset elephant-related losses, which can be scaled up across the country. 

## Overview 

The majority of wild Asian elephants are now restricted to small pockets of habitat, highly susceptible to poaching and at risk of inbreeding. For these elephants, there is little opportunity for their populations to grow or connect, and it’s possible that Asian elephants could disappear entirely from several of their range countries. We’re working in Thailand, home to over 4,000 wild Asian elephants – the largest remaining population in mainland Southeast Asia – to safeguard this vital elephant stronghold. 

17 communities in western Thailand engaged in the development of an elephant-friendly agroforestry business model 0 illegal wildlife incidents at ZSL project sites 




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tolerance of elephants outside protected areas and reducing harmful mitigation practices and retaliatory killing. Chang Yim will act as a successful model for scaling up community-led, elephant-friendly livelihoods across the country. 

## 2024-25: 

## Community-led elephant conservation 

35 farming households participating in the Chang Yim elephantfriendly coffee group 

A major achievement has been the establishment of the Chang Yim (Smiling Elephant) coffee collective in Thailand’s Kanchanaburi Province. With training and support from ZSL and our project partner, EcoExist Society, Chang Yim farmers are producing high-quality coffee, which is resistant to drought and less attractive to elephants. Some participating farmers have seen a 200% increase in sale price for their coffee, as a result of training and marketing. 

In parallel with agroforestry, we also support a number of community protection tools, including solar-powered lights, AI-enabled early-warning trail cameras, and the training and deployment of Elephant Rapid Response Units (ERRUs). Made up of local volunteers and rangers, elephant responders are trained and equipped to use safe, non-violent deterrent methods that encourage elephants away from farmland and human habitation. Our forthcoming best-practice guide will further codify these tools, including guidance on elephant behaviour, data collection and collaborative response protocols. 

100 

elephant responders trained 

We are currently working with the Chang Yim collective to develop a set of elephantfriendly standards to increase benefits for biodiversity as well as product value. This direct link between increased income and elephant conservation is increasing 

Above left: Installing AI-enabled early-warning cameras in Thailand. Above: We work with local communities to mitigate conflicts between humans and elephants. Right and inset: Our technology was developed using images of Whipsnade’s elephants. 

## AI-enabled elephant alert technology 

Working alongside our Asian elephant herd and zookeepers at Whipsnade Zoo, we are developing a new low-cost thermal-imaging camera-trap system to detect approaching elephants and alert local communities to their presence. The pioneering AI system, currently being tested in Thailand, was initially trained using 20,000 thermal images, all taken at different distances and angles, of Whipsnade’s elephants. Visit the elephant barn to learn more about how our herd are helping their wild counterparts. 




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## RESTORING BRITAIN’S ECO-ENGINEERS 

Investigating health risks ahead of beaver reintroductions 

## Overview 

The world is facing a climate and extinction emergency. In the UK, these global issues are linked to national concerns, including degrading soil fertility, droughts, flooding, poor river health and the decline of pollinators. 

47 post-mortems have been carried out on beavers in England by ZSL's DRAHS vets 

The beaver, once present in the UK but hunted to extinction by around 1600, could be a low-cost solution to some of those problems. By building dams and creating wetlands in managed areas, beavers can reduce flood risk, improve water quality by catching farm pollutants and silt, store water against future droughts and increase biodiversity by creating new habitats for birds, insects and fish. 


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ZSL is part of a wider project, led by Natural England and in collaboration with the Beaver Trust and Wildlife Trusts, aiming to restore beavers to England’s waterways. In 2020, ZSL’s Disease Risk Analysis and Health Surveillance (DRAHS) programme, a team of veterinarians and biologists, led a disease risk analysis of potential health hazards associated with translocating beavers from another part of Europe to England. 




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disease screening from our vets. The examined beavers were found to be healthy overall, and individuals were all within the expected weight range. 

## 2024-25: Facilitating the beaver’s return 

Our findings were critical in proving that beavers can safely return to England, paving the way for the UK Government to announce in early 2025 that it would begin licensing the reintroduction of beavers, and their first official release in Dorset, shortly afterwards. 

Following the initial risk analysis, the DRAHS team has focussed on health screenings and post-mortem examinations of beavers that have already been unofficially released. There are an estimated 500 beavers living in England – a result of unsanctioned reintroductions – and understanding their health has been an important step towards the UK Government authorising wider reintroductions. 

Since July 2021, a total of 47 beavers have been examined at post-mortem, while 36 living beavers in Devon, Cornwall, Wiltshire and Kent received a health examination and 

Above, and inset: Beavers, and their dams, are back in the UK. Right: Their return has been making headlines. Far right: Our team has been carrying out health exams on wild beavers. 

## Evaluating wildlife health risks 

Wildlife health is critical to the success of reintroduction projects because of the high risk of spreading disease when moving animals between regions and countries. Our DRAHS team specialise in providing disease risk analysis, advising on risk management and linking this to strategic pre- and post-release health monitoring, to protect individual animals being moved and the local ecosystems within which they are released. The programme is currently involved in the protection and restoration of 17 UK species, including the burbot, hazel dormouse, white-tailed eagle, pool frog and chequered skipper butterfly. 

100+ post-mortem examinations carried out by ZSL’s DRAHS vets on a range of species 453 health exams, including red kites, wart-biter crickets and smooth snakes 




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## WHAT’S NEXT? 

The future of our work Protecting Species 

## Cheetah restoration in eastern Zambia 

In 2024 we began a major new project for cheetah restoration in Zambia’s Luangwa Valley, in partnership with the Zambian Government and several conservation NGOs. The region supported cheetahs until at least 1997 and is one of the largest unfenced, intact ecosystems in Africa, making it one of the continent’s most promising recoverable landscapes for the species. Work is under way to enhance wildlife security in the region, including the hiring and training of rangers, 

ahead of an anticipated cheetah reintroduction in 2026. A key aim of the project is to provide tangible support for local communities living in the region, helping them to develop sustainable livelihoods that ensure they benefit from the return of cheetahs to their landscape. 

Below: We are helping to restore wild cheetah populations. 


Above: We work with native species including hazel dormice. Below: Our research is helping to protect African wild dogs. 

## Protecting West Africa’s last wild dog population 

The African wild dog is an Endangered species, with its last strongholds in southern and eastern Africa. Thousands of kilometres away, west Africa’s last few wild dogs teeter on the brink of extinction in Senegal’s Niokolo-Koba National Park. Working in partnership with the Senegal Government and conservation NGO Panthera, our research has estimated that only four wild dog packs remain, constrained to the core of the park by poaching and illegal grazing on the periphery. After supporting the development of a national conservation action plan, we are now working in the field to help recover the population. We are also working to determine whether these ecologically unique wild dogs are also genetically distinct. 

## ZSL’s Centre for British Species Recovery 

Plans are under way at Whipsnade Zoo for the development of a national centre for British species recovery, putting us at the heart of native species conservation and restoration efforts across Britain. The new centre is being designed around three fundamental aims: to increase the recovery of important species in our countryside; to convene experts and train the conservation leaders of the future; and to engage our visitors in the debate around the future of wildlife in the UK. The centre will prioritise breeding efforts for key species like hazel dormice, water voles and red-backed shrikes, while also preparing for larger and more challenging translocations in the future. The centre will also engage major national landowning partners to help scale up opportunities for releases and broader habitat restoration work. 



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## RESTORING HABITATS 

**By collaborating with communities around the world we protect and restore healthy ecosystems so people and wildlife can thrive together** 

Pictured: We have been working in the Congo Basin, home to threatened species such as the western lowland gorilla 



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## MILESTONE 1: BY 2026 

**Prioritise in-country conservation leadership, drive** equitable standards **across our global programmes and enable capacity sharing between at least** 10 partner organisations 


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## RESTORING HABITATS STRATEGIC GOAL FOR 2030 

**To support communities in 10 priority regions to catalyse ecosystem recovery and help people live better with wildlife.** 

MILESTONE 2: BY 2026 **Support** 10,000 households **in priority conservation regions to contribute to wildlife and ecosystem recovery in a way that reduces pressure on natural resources and improves wellbeing** 


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0 +10,000 10,000<br>Households supported*<br>**----- End of picture text -----**<br>


*The impact of this work is being evaluated and will be reported in 2026 

## MILESTONE 3: BY 2030 

**Guide effective protection and restoration of key wildlife habitat totalling more than** 50,000 hectares **across** 10 priority conservation regions 


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MILESTONE 4: BY 2030 

**Support efforts to restore and recover** 10 priority ecosystem types **at risk of collapse** 


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## RESTORING HABITATS 

The destruction of natural habitats is the biggest driver of biodiversity loss. For many species, fragmented, polluted, degraded habitats are now all that is left. And this damage does not just affect animals – it directly affects people, particularly the least financially resilient, making communities more vulnerable to natural disasters, reducing food security and creating the conditions for disease spillover. 

We are collaborating with local communities and partners worldwide to protect spaces for wildlife and restore degraded ecosystems. From replanting mangrove forests to rebuilding oyster beds, we are focussed on reviving the ecosystems that sustain life. 

Our goal is ambitious: we aim to protect and restore more than 50,000 hectares of key wildlife habitats across 10 priority conservation regions, while recovering 10 threatened ecosystem types that are on the verge of collapse. 

Our approach is built on the belief that sustainable nature recovery can only be driven by engagement with local communities. They are essential to the future of ecosystems and the long-term recovery of the species within them. That’s why we prioritise local leadership and ensure that conservation efforts are both fair and equitable for the people who live in these areas. By sharing knowledge, providing education and skills training, and supporting community conservancies, we empower local communities to manage and restore their own ecosystems. 

At the heart of our approach are co-management models, which blend local knowledge with conservation science to ensure lasting impact. Communities play a key role in decision-making, integrating indigenous practices into restoration projects and aligning conservation goals with their needs and aspirations. 

We aim to improve coexistence with wildlife through the development of practical actions to reduce direct conflict, while also supporting capacity development and longer-term strategic planning. Ultimately, sustainable living is at the core of our mission – creating a future where both people and wildlife can thrive together. 

Above: We are working to restore and protect habitats in the Thames Estuary. Above right: Drawing on local knowledge in the Congo Basin. Below: Community mangrove restoration in the Philippines. 


## CASE STUDIES 

1 **Transforming the Congo Basin** 2 **Restoring the Thames** 3 **Protecting Pacific wildlife** 4 **Our FAIRER approach** 



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## TRANSFORMING THE WESTERN CONGO BASIN 

Working with communities and governments to drive regional ecosystem recovery 

## Overview 

The western Congo Basin is a vast region at the heart of the Congo Rainforest, spanning sections of Cameroon, Gabon and the Republic of Congo. It is rich in biodiversity, supporting iconic and Critically Endangered species like forest elephants, western lowland gorillas and western chimpanzees, and home to millions of people – many of whom also depend on natural resources for their livelihoods. 


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178,000<br>KM [2]<br>The western Congo Basin project<br>is ZSL’s largest to date<br>**----- End of picture text -----**<br>


We are leading a long-term programme working closely with international and local partners to address the integrated challenges of poverty, wildlife recovery and climate change within the western Congo Basin. Key ecological threats, such as deforestation, wildlife crime and human-wildlife conflict, are interlinked with deprivation and a lack of alternative livelihoods, so we will be working closely with local governments and communities to identify a way forward that works for both wildlife and humans. 




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## 2024-25: 

## Laying the groundwork for regional restoration 

This year, our focus has been on developing relationships with the governments of Gabon and the Republic of Congo. We have held three national government engagement workshops, established a programme steering committee in Gabon, and signed agreements with the Republic of Congo and Gabon. 

In Cameroon, where ZSL has been working for 18 years and maintains a strong relationship with the government, work is under way to establish baselines of the biodiversity present in the region, using extensive camera-trap surveys. We are also undertaking surveys of households, focusing particularly on indigenous communities, so we can understand the socio-economic impact of our work. 

A major element of our work will be supporting these communities to improve their financial security and reduce the unsustainable use of natural resources by developing sustainable livelihoods, such as ecotourism and forestfriendly agriculture – like organic cocoa. 



Clockwise from below left: our teams have been working on the ground and with communities across Africa’s Congo Basin, a key habitat for species including western lowland gorillas. 


## Championing indigenous landscape stewardship 

Indigenous communities in the Congo Basin are often marginalised, with limited access to resources and support. However, we know from our work in countries such as Cameroon, Nepal and Kenya that, when empowered, indigenous communities are among the most effective stewards of their landscapes and biodiversity. A key part of our approach is to establish landscape governance structures that give full, rights-based engagement to indigenous peoples in the management of natural resources in the vicinity of their communities. **Read more about our FAIRER approach on page 32.** 



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## RESTORING THE THAMES 

Recovering essential habitats on London’s waterway 


## Overview 

The Greater Thames Estuary is a 250,000 hectare mosaic of freshwater, intertidal and marine habitats. Historically, it has been full of saltmarshes, seagrass and native oyster beds with the potential to support a wide variety of marine life, important to both marine biodiversity and the UK’s fishing industry. However, these important habitats in the estuary have been degraded or lost – largely as a result of coastal development and poor water quality. 

In 2011, ZSL led the first Thames Estuary oyster restoration project, a partnership with several other charities and the fishing community, which involved the designation of a 284km[2] marine conservation zone and the reintroduction of thousands of oysters. We have since expanded into seagrass meadow and saltmarsh restoration, with a focus on mapping existing habitats, modelling suitable areas for restoration and undertaking trials to understand the most effective ways of establishing seagrass and saltmarsh. 

20 organisations have joined the ZSL-led Transforming the Thames project, including RSPB, Essex and Kent Wildlife Trusts, the Environment Agency and Essex and Kent County Councils 



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## Investigating marine pollutants 

ZSL is also tasked with investigating the strandings of vulnerable marine species around the English and Welsh coastline, through the Defra-funded collaborative Cetacean Strandings Investigation Programme (CSIP). One of the primary goals of CSIP is to understand the threat that bycatch, pollutants and other pressures pose to our marine life. Our most recent research has shown that half of marine mammals 

184 cetaceans, seals, marine turtles and large sharks were found and examined by CSIP, after stranding on the Welsh and English coasts 

stranding on our coasts carry unsafe levels of chemical 

contaminants. It highlights how chemicals continue to impact our seas, and the urgent need for government action. 

Left: We are restoring seagrass meadows and (inset) carrying out wildlife surveys in the Thames. Below: Our seagrass study facility at London Zoo. 

## 2024-25: Scaling up Thames transformation 

This year, the team published a habitat suitability model for intertidal seagrass and transplanted over 200 cores of dwarf seagrass to a pilot site in Copperhouse Marshes, which was identified by the model as a suitable site for seagrass restoration. Initial monitoring suggests over 90% of the seagrass cores have survived and taken root. A seagrass facility was also constructed at London Zoo, for the study and growing of seagrasses, to complement the field trials. 

We are now working to scale up restoration of the estuary, with the support of a multi-milliondollar grant from the Endangered Landscape and Seascape Programme. Led by ZSL and bringing together 20 organisations working in the estuary – including conservationists, local communities, government bodies and landowners – the Transforming the Thames project will rebuild healthy, resilient ecosystems throughout the estuary, help reduce flooding and coastal erosion, improve water quality and capture carbon. Importantly, it will restore habitats for iconic species including porpoises, seahorses, sandpipers and lapwings. 




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## PROTECTING A PACIFIC WILDLIFE SUPERHIGHWAY 

Creating the Philippines’ first large-scale offshore marine protected area 

## Overview 

The Philippine Rise is an underwater volcanic ridgeline in the western Pacific Ocean, east of Luzon in the Philippines. This underwater plateau is rich in biodiversity and marine resources, and a vital stage in the journey of migratory fish across the country’s eastern seaboard. It is also an important fishing ground for local Philippine fishers, but has come under increasing pressure from industrial and illegal fishing, as well as climate change. 

## 150,000 KM[2] 

of marine habitat around Philippine Rise will be safeguarded by the new protected area 

We have partnered with the Philippine Government in the creation of the country’s first large-scale, offshore marine protected area – a 150,000km[2] area that will boost protection for biodiversity and safeguard healthy fish stocks for the thousands of people who rely on the region for its economic and nutritional value. We will also be working to improve the management of 10,000km[2] of existing, locally managed protected areas in the northeastern Philippines. 




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## 2024-25: Preparing to launch 

We are working at pace towards the legal designation and launch of the Philippine Rise Ocean Conservation Area by September 2027. We have been collaborating with over 100 government stakeholders – at national, provincial and local levels – to ensure the project’s support, and we are underpinning the development and training of a new team within the government’s Bureau of Fisheries to oversee the management of the protected area. We will be working with this new team to develop monitoring and surveillance protocols to ensure the long-term success of the protected area. 

We are also working with partner NGOs to undertake socio-economic surveys of the region, to understand the true value of the Philippine Rise to local communities and fisheries, and ensure the protected area addresses their needs. The FAIRER Framework (see page 32) will inform all interactions with these communities. 




Below left: The Philippine Rise is a spawning ground for many fish species. Above and right: many communities in the region rely on fishing for their livelihoods. Top right: Mangrove restoration in the Philippines. 


## Leaders in marine conservation 

We have proven international expertise in the development and management of coastal and coral protected areas. In the Philippines, where we are a long-term partner with the government, we have restored and protected 10,000 hectares of mangroves and have helped to establish 31 marine protected areas around Panay, Cebu and Bohol – training over 10,000 conservationists and mangrove specialists to support their management. We also draw from our experience in the Indian Ocean, where we lead a programme of around 100 scientists from over 20 global institutions – supported by the Bertarelli Foundation – working to improve the effectiveness of marine conservation. 



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## IMPLEMENTING A FAIRER APPROACH TO CONSERVATION 

Driving equitable standards across our global programmes 

## Overview 

ZSL is an advocate of community-led conservation programmes. We recognise that by collaborating with local and indigenous communities that are most directly connected to the environment, we have the best chance to build trust and commitment, and drive sustainable, long-term change for the benefit of people and wildlife. However, we also recognise that many communities’ historic experience of conservation is one of exclusion from their land and its protection. 

There is a growing desire in the global conservation sector for socially just, equitable and robust practices that address systemic issues perpetuated by historic and current conservation efforts. To help drive this change, we launched the FAIRER Conservation Framework (Fair, Accountable, Inclusive, Respectful, Ethical and Reflective) in 2023. FAIRER champions local rights, knowledge and leadership, ensuring an inclusive and equitable approach to conservation. 


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## 2024-25: 

## Rolling out the FAIRER framework 

Over the past year, the FAIRER Conservation Framework has moved from a concept into active practice. We are working to embed FAIRER in our global field programmes by developing the tools and training our staff need to implement the framework, and have launched three pilot schemes in Wales, Kenya and the Philippines to stress-test the framework. Additionally, week-long FAIRER workshops were held with local partners in St Helena and Mozambique, where we run existing community-based, marine conservation programmes. 




## Embedding FAIRER values at ZSL 

Alongside the technical framework, we are driving a cultural shift at ZSL, through training and forums with our staff. FAIRER Clinics and Community of Practice sessions have provided a forum for our staff to discuss and learn about topics such as conservation history, law enforcement and sustainable business. This dual approach – building both structure and awareness – ensures FAIRER isn’t just a compliance exercise but a living framework that shapes how we think, engage and act in conservation. 

Above: A community meeting in Kenya. Far left and top: Building on our work alongside fishing and farming communities in Nepal, we're embedding FAIRER practices in our global field programmes. 

## Learning from community-led lion conservation in Kenya 

In 2024, we launched a new partnership with Kenyan conservation organisation Ewaso Lions. Based in northern Kenya, Ewaso Lions works closely with local communities, leading efforts to foster coexistence between people and lions. Their novel, community-led initiatives include Warrior Watch, a programme that empowers Samburu warriors, who traditionally protect their communities and livestock from wild animals, to become protectors of wildlife and ambassadors for conservation within their communities. 

We are working with Ewaso Lions to develop a best-practice guide and framework for community-led conservation that can be applied to similar challenges elsewhere in the world. This year we joined Ewaso Lions for a five-day workshop that brought together conservation leaders and community partners from around the world to explore what it means to be ‘community-led’. Their insights, along with interviews and focus groups with community members in northern Kenya, will underpin the framework. 




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## WHAT’S NEXT? 

## Scaling up Thames restoration 

Next year we will be ramping up our work to restore the Greater Thames Estuary. The first phase will see the implementation of several pilots – the restoration of two hectares of seagrass meadow and over a hectare of native oyster reef, and the protection of an existing saltmarsh site in Kent. Our partners will also begin their restoration efforts across other habitats in the estuary, including sand and shingle for beach-nesting birds, coastal grazing marsh and saltwater lagoons. What we learn from these restoration efforts will provide the data and techniques we need to roll out wider habitat restoration across the estuary. 

The future of our work Restoring Habitats 

Above right: We are restoring native oyster reef in the Thames. Below: Tigers are a key species for our work in the Terai Arc. 


## Securing Terai Arc tiger corridors 

ZSL has a long history of supporting the Government of Nepal in the conservation of species and restoration of habitats. In 2025, we will be expanding our work in the Terai Arc – a belt of hills, forests and grasslands that stretches between India and Nepal at the base of the Himalayas – to include the Kamdi Wildlife Corridor. This corridor links Banke National Park in Nepal and Suhelwa Wildlife Sanctuary in India. Suhelwa has been identified as a high-potential tiger recovery site within the Terai Arc, while the Kamdi Corridor is becoming an increasingly important conservation site, as growing wildlife populations from the Banke-Bardia landscape use the corridor to disperse to new habitats. This has increased interactions between humans and wildlife, leading to increased conflict, and the programme will focus on improving coexistence, mitigating conflict and improving habitats for wildlife within this important landscape. 

## Identifying key habitat for Welsh sharks 

Over the coming year, we will be working in collaboration with our fisher partners to track the movements of up to 30 Critically Endangered tope sharks around the Pen Llŷn a’r Sarnau Special Area of Conservation (PLAS SAC) in northwest Wales. Tope sharks are a socially and economically important species for local communities, as they are a popular target for recreational anglers. The PLAS SAC is believed to be used as an important breeding and nursery ground by this highly migratory species. By tracking individuals over the year and assessing their reproductive status (through ultrasounds and blood hormone analysis), we aim to test this hypothesis and work out how different life stages of tope shark use the area’s varied features and habitats – supporting the management of the area and the conservation of an ecologically and culturally important species. 




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## TRAINING CONSERVATIONISTS 

**We share skills and knowledge to build a movement of conservationists equipped with the expertise, tools and networks to protect and restore wildlife** 






Pictured: Vets on our training course in Kenya treat a zebra 



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## MILESTONE 1: BY 2026 

**Deliver conservation education to more than** 500,000 students **each year, inspiring them to act for wildlife** 0 138,217 500,000 Students engaged 

MILESTONE 2: BY 2026 

**Expand our postgraduate course programme to teach more than** 150 Master’s students **and** 85 PhD students **each year** 


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0 115 150<br>Master’s students taught<br>0 62 85<br>PhD students taught<br>**----- End of picture text -----**<br>



## TRAINING CONSERVATIONISTS STRATEGIC GOAL FOR 2030 


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To increase global conservation<br>capability by supporting more<br>than three million young people<br>and 5,000 career professionals in<br>their development.<br>MILESTONE 3:<br>BY 2028<br>Train more than  2,000 professionals  each year<br>through an extensive programme of continuing<br>professional development courses<br>0 1,521 2,000<br>Professionals trained<br>sour target Prog<br>ward ress<br>to fa<br>ss lls<br>re w<br>og ith<br>Pr in<br>ar<br>an<br>e<br>g<br>**----- End of picture text -----**<br>


**Train more than** 2,000 professionals **each year through an extensive programme of continuing professional development courses** 

## MILESTONE 4: BY 2030 

**Work in partnership with universities to enable the delivery of nature-focussed education in at least** five new disciplines **from business to art** 


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0 3 5<br>Disciplines with nature-focussed<br>education developed<br>**----- End of picture text -----**<br>


MILESTONE 5: BY 2030 

**Support** 2,000 young people from underrepresented backgrounds **to gain employment in conservation through mapped career pathways** 


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0 697 2,000<br>Young people from under-represented<br>backgrounds supported<br>**----- End of picture text -----**<br>




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## TRAINING CONSERVATIONISTS 

We need to inspire, train and support the next generation of conservationists: from fostering a deeper connection to the natural world for the youngest, to training tomorrow’s professors and conservation leaders. We need equitable pathways that empower young people from diverse backgrounds – because solving the biodiversity crisis demands the full strength of our collective potential. ZSL can support the full arc of educating the next generation, from pre-school to professional. 


We take a lifelong learning approach, nurturing empathy for nature in early childhood and empowering individuals to take action as they grow. By recognising the different stages of learning – from curious pre-schoolers discovering a love for wildlife to professionals leading conservation efforts – we tailor educational experiences that are age-appropriate, engaging and impactful. 

At pre-school level, we focus on helping children form an emotional connection to the natural world. Activities like storytelling, nature walks and caring for plants or animals build empathy and a sense of responsibility towards living things, laying the foundation for future conservation values. As children grow, empathy is complemented by structured knowledge 

about ecosystems, biodiversity and the interdependence of species. Through hands-on, immersive experiences – both in our conservation Zoos and in their own schools and other learning environments – we help students actively engage with real-world conservation issues. 

At higher education level, we provide the environment and expert tuition for students to advance specialist knowledge in conservation science through undergraduate, Masters, PhD and postdoctoral training. Veterinary hospitals at London and Whipsnade Zoo are hubs for furthering animal healthcare knowledge and teaching aspiring conservationists. For professionals already working in the world’s biodiversity hotspots, our experts in veterinary care, animal monitoring and illegal wildlife trade mitigation share expertise with local vets, law enforcement and wildlife rangers through workshops and field courses. 

Central to our approach is our prestigious EDGE of Existence Fellowship programme, which identifies and supports emerging conservation leaders dedicated to protecting the world’s most Evolutionarily Distinct and Globally Endangered (EDGE) species. The collective knowledge of the EDGE network contributes not only 

Above, left and right: Our Zoos inspire tomorrow’s conservation leaders. 

to today’s conservation challenges but also to mentoring and inspiring the next generation. With a robust alumni network and a Fellowship that attracts the best young conservationists from across developing countries, we are building capacity to effect positive change worldwide. 

## CASE STUDIES 

1 **Creating nature advocates** 2 **Training postgraduates** 3 **Increasing vet expertise** 4 **Empowering EDGE leaders** 

Left: Wildlife health field training in Kenya. 



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**----- Start of picture text -----**<br>
566<br>trainee and qualified<br>teachers took part in<br>ZSL training<br>124,064<br>192<br>students and young people   teachers received<br>visited our Zoos for education<br>online consultations<br>and career activities<br>to help them plan<br>Zoo visits<br>115<br>schools signed up<br>to the Education<br>Access Scheme<br>**----- End of picture text -----**<br>


1 

## CREATING ADVOCATES FOR NATURE 

Working with local schools to improve access to nature 

## Overview 

Young people need to be empowered to work on solutions to the biodiversity and climate crises, but these areas remain underfunded in the UK curriculum, and many school students in low-income areas face financial barriers to accessing nature outside the classroom. Moreover, inconsistent funding for teacher training in biodiversity and climate issues leads to a lack of confidence in how to engage students with these subjects. 

In response to these needs, ZSL established the Education Access Scheme (EAS) in 2021. For an annual subscription, local schools gain unlimited access to our Zoos for educational visits, as well as additional learning activities and a support network to help them maximise the benefits of the scheme. The scheme enables the schools to use our Zoos as an extension of their classrooms and helps us build stronger relationships with young people and teachers in our local communities. 



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## 2024-25: 

## Embedding nature in schools 

This year the EAS grew to 115 schools and colleges from local areas around London and Whipsnade Zoos, and almost 27,000 student tickets were used across the year through the scheme. 

We gained funding this year from The Steel Charitable Trust to launch a pilot at three local schools in Luton, designed to improve nature training and address a gap in education resources. In 2024 the UK Government established National Education Nature Parks, a suite of digital tools to help schools map and monitor biodiversity on 




their grounds, but many schools have yet to benefit from the scheme. We will be working with our three partner schools – one primary, one secondary and one SEND (special educational needs and disability) – to pilot a programme of student and teacher nature training, as well as biodiversity habitat improvement and monitoring in school grounds. 

The aim of the programme will be to develop resources, data and case studies, ahead of a roll-out across UK schools. We will be monitoring the impact on our students and teachers, and school-ground biodiversity. With a huge collective land area that is twice the size of Birmingham, UK schools represent an opportunity to increase local biodiversity while upskilling students and teachers. 

Left: An animal care careers day at London Zoo. Above, top: School students on a visit to Whipsnade. Above: Our staff engage young people with wildlife. Right: Learning about veterinary work at our careers conference. 

## Training the conservationists of the future 

Our UK education team provides conservation education to thousands of students every year to develop their skills and knowledge, provide opportunities to take action for wildlife, and bring them closer to nature and our conservation work. This year we engaged 122,893 school students on educational trips to our Zoos, and an additional 1,171 students and young people through career events. We delivered workshops, tours and pre-booked activities for 25,478 students and young people. Beyond our Zoos, we reached 7,571 students through school visits, digital _ZSL in Your Classroom_ sessions and other outreach activities. We also trained 566 teachers and trainee teachers, so we can further embed wildlife in the curriculum and scale up our reach to generations of students. 




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2 

## TRAINING POSTGRADUATE SCIENTISTS 

## Shaping the future of conservation science 

## Overview 

35 papers were authored or co-authored by our PhD students 

We contribute to the future of life sciences by supporting the training and development of postgraduate scientists. ZSL is formally partnered with the Royal Veterinary College and University College London, but we work with a range of universities to host students from around the world. 

14 new PhD students joined this year 62 PhD students and 115 MSc students studied at ZSL 

Our Master’s programmes provide a stepping stone from higher education to professional specialisms in ecology, conservation and animal care, while our PhD programmes act as a gateway to influential careers in science, academia and applied conservation, unlocking high-level opportunities in the conservation sector. Many of our graduates will go on to secure government roles in the UK and overseas that shape national and international conservation policies. 




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## 2024-25: 

## Supporting postgraduate research 

This year, ZSL taught 62 PhD and 115 MSc students. In addition to UK students, we hosted 73 international students, many from some of the world’s most biodiverse countries. 

We employ a variety of approaches to conservation problems – from field-based monitoring and technological development to genomics and social sciences. Our students tackled a broad range of research questions, from how to use machine learning and audio monitoring to better understand the health of coral reefs, to the study of cheetah behaviour in response to tourism in Tanzania. 

Read about how we’re expanding our PhD programme on page 46. 

Above and below: From the field – or ocean – to the clinic, our researchers are at the cutting edge of conservation science. Right: Juliana Martins (pictured on the left, and inset image) is studying the effects of road closure on wildlife. 


Understanding the impact of roads on Amazon wildlife and people 

**Juliana Martins, PhD Researcher at ZSL, is studying the effectiveness of night-time closure of highways as a conservation strategy in the Amazon Rainforest.** 

“The impact of roads on tropical forests is the subject of heated debate in Brazil. There is huge political pressure to open new roads, crossing protected areas and indigenous lands, and to pave existing roads. 

“The BR-174 cuts through the heart of the Waimiri-Atroari Territory, an indigenous community in the heart of Brazil’s Amazon Rainforest. 

Since the 1980s, the community has been closing the highway daily, from sunset to sunrise – a measure that may reduce biodiversity loss and bring social benefits to the community. Today, this practice is under threat, but I hope to be able to highlight the Waimiri-Atroari approach as a model for conservation in the Amazon. 

“I’m using camera-trap data and audio recordings to assess the impact of the traffic restriction on highways crossing indigenous lands, and I’ll be carrying out interviews and focus groups with the Waimiri-Atroari people to understand their perceptions of the highway’s impacts, both on them and on local wildlife. From the initial data, it’s clear that areas inside the indigenous lands show higher species diversity and fewer road kills compared to areas without any measures in place.” 



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3<br>INCREASING GLOBAL<br>VETERINARY EXPERTISE<br>Since 2016,<br>Training wildlife vets in<br>IWAH has trained:<br>biodiversity hotspots<br>254<br>Overview<br>students from<br>Most veterinary training around the world  35 countries<br>focusses on domestic animals and livestock,<br>and there is an urgent need for veterinary<br>expertise in biodiverse regions where  168<br>resources are limited.  students from low-middle<br>income countries<br>In 2016, ZSL launched the Interventions in<br>Wildlife Animal Health (IWAH) field course<br>with partners, including the Wildlife Institute  148<br>of India and Edinburgh University. IWAH   students from south Asia<br>is an annual, Master-accredited field skills<br>course, taught by ZSL vets, biologists<br>and colleagues from our partners,<br>designed to develop the skills  54<br>needed for working in national  veterinary<br>students taught<br>parks and protected areas<br>by ZSL this year<br>with wild species. For eight<br>years it has been held<br>in India’s Sariska Tiger<br>Reserve.<br>**----- End of picture text -----**<br>




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the Horn of Africa. Our aim is to increase veterinary capacity in the region, which is sorely needed to support wildlife disease prevention, translocations and human-wildlife conflict mitigation strategies. 

## 2024-25: Growing veterinary capacity in East Africa 

This year, the IWAH course moved from India to a new location in Kenya. East Africa is an area of importance for ZSL – from our partnership with the Kenya Wildlife Service, to our research into the behaviour and abundance of cheetahs in Tanzania and 

Twenty-seven participants joined the 18-day field course from 13 countries, including Kenya, Uganda and Nigeria, undertaking training in wild animal population monitoring, disease surveillance, wildlife crime forensics and anaesthesia. Participants assisted local 

rangers in the collection of samples from two zebra and a buffalo – practicing anaesthesia and restraint 

techniques with the support of our vets – and took part in several post-mortems to determine causes of death. 


“The field course was a transformative experience... I gained practical experience in handling and restraining wild animals, and new knowledge on reptiles and amphibians, and modern techniques in wildlife forensics. One of the most significant takeaways from the course was the importance of collaboration. We had the opportunity to connect with likeminded professionals and learn from each other’s expertise.” – Dr Crispus Singoma, Uganda 

## Contributing to global veterinary expertise 

Alongside the care of our Zoo animals and our wildlife disease research, ZSL’s veterinary department is building global veterinary knowledge through teaching, in partnership with organisations like London’s Royal Veterinary College and the European College of Zoological Medicine. ZSL is part of the Wildlife Health Bridge, a consortium of education institutions dedicated to increasing the skill base of wildlife health professionals in biodiverse, low-income countries, and our veterinarians teach on four postgraduate courses designed for veterinarians and biologists. 


Clockwise from left: Our IWAH course brought together participants from 13 countries to gain practical skills and experience in working with wildlife. 



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4 

## TRAINING FUTURE CONSERVATION LEADERS 

Empowering tomorrow’s conservation leaders through the EDGE Fellowship 

## Overview 

Around the world, some of the most unique and extraordinary species are on the brink of extinction. These Evolutionarily Distinct and Globally Endangered (EDGE) species have few or no close relatives on the tree of life and are often overlooked in mainstream conservation. Moreover, regions with the highest concentrations of EDGE species often lack the necessary infrastructure and investment to support local conservation efforts. 

There is no shortage of conservationists, but they are frequently held back by a lack of resources, training opportunities and career pathways. Our EDGE Fellowship programme is designed to champion these local conservation leaders, equipping them with the training, mentorship and funding to launch their careers and safeguard EDGE species. 


**----- Start of picture text -----**<br>
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## 2024-25: 

## Growing local conservation leadership 

This year, we supported 31 EDGE Fellows, working on species and in locations as diverse as the lemon shark in Mexico and Attenborough’s long-beaked echidna in Indonesia. In early 2025, our outgoing cohort of EDGE Fellows attended a training course in London at the culmination of their fellowships, while a new cohort of 12 EDGE Fellows joined the programme. The new Fellows joined a month-long conservation tools course in Thailand. Delivered in partnership with ZSL Thailand and the Thailand Department of National Parks, the course topics included project planning and management, social and ecological methods, the human dimensions of conservation and fundraising. 

## A global alliance for species conservation 

In total, the EDGE Fellowship programme has trained 160 EDGE Fellows working to conserve 163 unique EDGE species. This alumni network now covers 49 countries and serves as a powerful force for change, cascading knowledge regionally, influencing policy and mentoring the next generation of conservationists. Many EDGE alumni also now act as trainers and mentors for new EDGE Fellows, leading initiatives to save their countries’ most unique and threatened species. 


## Increasing protection for rare chameleon 

“One of the key insights from our research is that the chameleons are highly dependent on specific microhabitats and avoid areas that have been disturbed by human activities, for example, outside the forest reserve. 


**Eva Johnson, a wildlife education officer in Tanzania, was selected for an EDGE Fellowship to support her work with the Nguru spiny pygmy chameleon.** 

“One of the most rewarding aspects of the project has been the community engagement; during workshops and school programmes, local people expressed great interest in protecting the chameleons and their habitat. It is clear that education and awareness are crucial for long-term conservation success.” 

“The EDGE Fellowship has been lifechanging. It has shaped my professional path, empowered me to lead projects with confidence and connected me with likeminded individuals. I’ve learnt essential skills such as project management, population monitoring, grant writing, leadership and community engagement – skills that I have been able to apply directly to my work. 

Above: Eva Johnson (also pictured right) is working with the tiny Nguru spiny pygmy chameleon 



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## WHAT’S NEXT? 

The future of our work Training Conservationists 

## Expanding our postgraduate programme 

This year we successfully developed partnerships with five new PhD programmes involving 15 leading UK universities. These programmes will offer over 100 PhD positions annually between them, providing ZSL with access to an array of funding opportunities for PhD training. These include broad-based schemes for research training in any aspect of the natural environment, as well as more focussed programmes such as AI-INTERVENE, which will see us working closely with Reading University and UCL to train 12 PhD students per year over three years in a range of projects that adapt cutting-edge techniques in artificial intelligence for applications in biodiversity conservation. 

## Developing AI skills in conservation 

In May 2025, ZSL partnered with tech training provider Multiverse to launch a new Digital Transformation Academy for ZSL’s staff. Created to futureproof ZSL’s workforce, the year-long apprenticeship scheme will offer three distinct programmes, designed to boost AI literacy and practical, indemand data skills. Staff will be able to focus on training that enhances their existing work, such as learning how to use AI to boost productivity, and how to use predictive analytics to make data work harder for our decision making. 

Left: Sir David Attenborough, pictured at London Zoo in 2016, is an inspiration for our new Nature Comms Academy. Right: Our vets are already inspiring young people – and will soon be sharing their expertise through new resources. 

## Training the nation’s next nature communicators 

## Bringing veterinary expertise to the classroom 

In 2026, we will launch ZSL’s first course in our Nature Comms Academy, designed to inspire and equip the next generation of nature communicators. Building on the role we have already played in the early careers of some of the nation’s greatest nature communicators – including Sir David Attenborough, Gerald Durrell and Liz Bonnin – this first course, aimed at 16–19-year-olds, will increase the media literacy and storytelling skills of young people seeking to create change for nature. Places will be targeted at those from backgrounds underrepresented in the sector, and alumni will be supported on the next steps of their career journey through mentoring and leadership training. 

In 2024 we began a project designed to improve biology learning in the classroom. Thanks to new funding, we are developing high-quality videos and teaching resources featuring up-close animal autopsies and dissections, performed by ZSL vets, that teachers can use in the classroom to support the curriculum. The online videos and resources will launch in the coming year, and enable us to reach, educate and inspire an estimated 1.4 million students across GCSE and A-Level Biology, and BTEC and City & Guilds qualifications. 




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## CREATING CHANGE 

**We create positive change for wildlife and people by inspiring and empowering everyone – from children to politicians – to notice, care, and act for nature** 











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MILESTONE 1: BY 2030 


**Create ‘wow moments’ with wildlife for** 2.8 million people **each year through immersive Zoo experiences, guided by our masterplan** 


**----- Start of picture text -----**<br>
CREATING<br>0 2.2 million 2.8m<br>Zoo visitors<br>CHANGE<br>MILESTONE 2:  STRATEGIC GOAL FOR 2030<br>**----- End of picture text -----**<br>


MILESTONE 2: BY 2026 

**To strengthen the safeguards for nature by inspiring 20 million people to advocate for wildlife and influencing more than 20 key policies to be nature positive.** 

**Extend our reach beyond the boundaries of our two conservation Zoos to an additional** 1 million people **each year, enabling them to engage with nature and advocate for wildlife** 


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## MILESTONE 4: BY 2030 

**Influence more than** £100 million **of finance for nature and work with** 500 companies **to increase transparency on environmental impact and implement nature-positive commitments** 


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0 £9.8m  £100m<br>Investment influenced<br>0 138 500<br>Companies worked with<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
0 1m<br>277,500<br>People<br>**----- End of picture text -----**<br>


MILESTONE 3: BY 2030 

**Work with policymakers, businesses, innovators and communities to influence and strengthen** 20 domestic and inter-governmental policy processes **that impact nature** 


**----- Start of picture text -----**<br>
0 8  20<br>Policies influenced and strengthened<br>**----- End of picture text -----**<br>


MILESTONE 5: BY 2030 

**Provide technical and scientific advice to more than** 10 organisations **to empower them to integrate community-engaged nature recovery into their business and investment models** 


**----- Start of picture text -----**<br>
0 17 10<br>Organisations advised<br>(target surpassed)<br>**----- End of picture text -----**<br>




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## CREATING CHANGE 

Nature is the sustainer of all life on Earth, but it is not a limitless commodity – and it is under threat. Addressing environmental challenges requires coordinated action across multiple sectors, and nature is best protected when people are invested in its success. 

At ZSL, we drive collective action by deepening connections with wildlife, raising awareness about the benefits of nature and promoting stewardship of natural resources. Our interdisciplinary approach to effecting change engages with different areas of society – from the millions of visitors to our conservation Zoos, to businesses, governments and intergovernmental organisations such as the United Nations. 

We advocate for stronger measures to protect biodiversity both in the UK and globally. We provide critical science and indicators to help governments implement global agreements and monitor progress. We push for connected climate and nature policy solutions. We work with our partners to tackle key challenges, like the illegal wildlife trade. 

The private sector plays a critical role in driving environmental change. We work with business and the financial sector to implement sustainable practices that protect nature, reduce environmental damage and support conservation. Transforming supply chains by eliminating harmful practices will be a key part of building a wildlife-friendly economy. Through partnerships, we promote policies around sustainable resources – such as palm oil, rubber and wood – while developing innovative financial mechanisms to invest in biodiversity restoration. 

Left: Palm oil plantations are impacting forests, but we are engaging with the sector. Below: Children get up close with nature at Penguin Beach, London Zoo. 

Our public messaging is designed to encourage behaviours that directly or indirectly benefit wildlife – whether it’s reducing single-use plastics, choosing sustainable products or reducing waste. We want to inspire 20 million people by 2030 to be advocates for wildlife. 

Our Zoos are crucial to these efforts, providing a platform to inspire, educate and engage people of all ages through close encounters with animals and interactive, informative content. By turning passive visitors into active wildlife champions, we create long-lasting connections with nature. 

Tailoring our work in the UK and around the world to address local issues – such as linking conservation to livelihoods, health and wellbeing – helps improve engagement and participation with underrepresented communities. Our community partnerships, both in the UK and around the world, allow us to engage different groups in ways that are inclusive and meaningful. 

## CASE STUDIES 

1 **Shaping badger policy** 

2 **Advocating sustainable business** 3 **Sparking young minds** 4 **Supporting volunteers** 



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1 

## SHAPING THE FUTURE OF UK BADGER POLICY 

Underpinning the UK Government’s transition to badger vaccinations 

## Overview 

Bovine tuberculosis (bTB) leads to the slaughter of over 20,000 cattle in England each year, costs the UK taxpayer around £150 million annually and inflicts devastation on the livelihoods of farming communities. The disease is largely spread between cattle but can also be spread by wild badgers, leading to the licensed culling of badgers across areas of England. 

For several years, we have been investigating badger management methods, including evaluating badger vaccinations as a wildlifefriendly alternative to culling. The project, led by ZSL’s Professor Rosie Woodroffe, has previously shown that culling cannot clear bTB from chronically infected badger populations because, by encouraging surviving individuals to range more widely, it facilitates badger-tobadger transmission and helps the infection to persist even when numbers are low. 

This project provided the research that underpinned the UK Government’s shift away from badger culling to farmer-led vaccination. ZSL is now working with the Department for Environment, Food and Rural Affairs (Defra) and the National Farmers’ Union (NFU) to support the transition, gathering the evidence that farmers and policymakers need to build confidence that bTB can be controlled without culling wildlife. 

30,000 badgers currently culled in England per year 

£150 MILLION cost to UK taxpayer, as a result of bTB infections in cattle 0 badger infections, from a baseline of 16%, at the end of our badger vaccination pilot study in Cornwall 



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Although small-scale, this was the first study to show that farmer-led badger vaccination can be both technically effective and socially acceptable. Some farmers had been sceptical that teams would not catch enough badgers to make a difference to bTB, so we used camera trapping to count badgers independently of trapping, and estimated that 73% of badgers were vaccinated – more than enough to control bTB. In addition, we took blood samples and showed that the percentage of badgers testing positive for bTB declined from 16% at the start of the study to zero in the fourth year. By the end of the study, interviews with farmers showed that they were unanimous in their enthusiasm for the approach, and keen to continue. 

## 2024-25: Showing the value of badger vaccinations 


In 2024, we published the results of a four-year, farmer-led badger vaccination pilot in Cornwall. The pilot study was initiated and part-funded by a small group of Cornish farmers and run in collaboration with Cornwall Wildlife Trust. 

Left: We are working with cattle farmers on their bTB vaccination pilot. Above: The European badger. Right and far right: Our vaccination team working in the field. 

## Expanding badger vaccination research in the Southwest 

In early 2025, Defra announced plans for a £1.4m grant towards badger vaccination in Cornwall, to be led by the NFU in partnership with ZSL. The project will expand on the initial pilot, aiming to upscale badger vaccination while also providing the scientific evidence to underpin a future vaccination policy. Working with local landowners, ZSL will train a local workforce to support the long-term delivery of badger vaccination, while also counting and sampling badgers to evaluate the effectiveness of the approach. 




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## ADVOCATING SUSTAINABLE BUSINESS AND FINANCE 

## Innovating business and investment for the benefit of nature 

## Overview 

It is estimated that protecting and restoring biodiversity globally will cost US$1 trillion a year.* Governments and philanthropists – the traditional sources of funding for conservation – will, at best, provide just a fifth of this. The remaining 80% needs to come from the private sector. 

230 palm oil, timber and pulp, and natural rubber companies assessed through SPOTT, our platform ranking companies on their transparency around environmental issues 65 million hectares of land managed by SPOTTassessed companies, across palm oil, timber and pulp, and natural rubber sectors 

Our Sustainable Business and Finance programme works with businesses and investors to positively influence supply chains, investments and business practices for the benefit of nature. We also engage with financial institutions, offering insights to help them ensure investment decisions and stewardship activities contribute to global biodiversity goals and reflect their clients’ environmental and social values. We have a wide range of partners that we advise, train and collaborate with, including Google, HSBC and Aviva Investors. 

_* Financing Nature: Closing the global biodiversity financing gap,_ The Paulson Institute, The Nature Conservancy and the Cornell Atkinson Center for Sustainability, 2020. 




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## 2024-25: Combating deforestation 

This year we launched a new timber traceability initiative, designed to tackle illegal and unsustainable timber, using stable isotope testing in the Congo Basin. We also expanded our private sector advisory services; new partnerships include working with SLR Consulting and their Book Chain Project to support leading publishers with the EU Deforestation Regulation. We helped partners Scottish Widows assess nature-related pension risks and guided a global bank on tackling deforestation. We’re also developing innovative nature finance tools with our field teams and local partners, including outcomes bonds, carbon assessments and ecotourism research. 

Above and inset: The timber and agriculture industries can impact on wildlife,  but we are engaging with the private sector to tackle deforestation. Right: A Sumatran tiger. 

“We contracted ZSL to gain deeper insight into our palm oil supply chain. ZSL’s approach was both clear and rigorous, highlighting potential ESG risks and helping us to identify critical areas in our supplier engagement.” – Barry Callebaut, chocolate manufacturer 

## Improving the biodiversity impacts of Google’s data centres 

The UK construction industry is a key contributor to the economy, creating jobs and producing infrastructure, housing and commercial developments. However, development can negatively impact the environment. We help companies with biodiversity monitoring on their sites, to understand the ecosystem impacts of construction projects, develop mitigation plans to address negative impacts, and amplify the positive ones. 

We’re working with Google on a pilot project just outside London to monitor and optimise the biodiversity of one of its new data centres. The project will identify the impacts of the data centre’s construction and operation on biodiversity, develop mitigation strategies, and create a scalable framework that could be applied to other data centres. 

## Monitoring Sumatran tigers with the private sector 

We advise SIPEF Biodiversity Indonesia (SBI), a conservation programme managed by palm oil company SIPEF, on wildlife monitoring at a site in western Sumatra. Part of the company’s participation in wider nature conservation efforts in the landscape, SBI’s 12,672ha concession bordering Kerinci Seblat National Park is home to one of the last breeding populations of Sumatran tigers. We’ve provided training in tiger monitoring and identification, and helped them to establish a rigorous camera-trap survey approach for the area that will help to inform wider conservation efforts in this critical habitat for wildlife. 




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## SPARKING YOUNG MINDS IN LONDON’S ZOOTOWN 

Gearing up for London Zoo’s new interactive space for children 


3 MICROSCOPES 

1 ZOO JEEP 

## Overview 

Families of primary-school-age children make up 74% of all London Zoo visitors. Over half of visiting families list their top reasons for visiting as ‘to encourage their children’s interest in wildlife and conservation’ and ‘to stimulate their own or their children’s imaginations’. 


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2,000<br>INTERACTIVE<br>TOYS 13<br>role-play<br>experiences<br>50<br>play activities 300<br>COSTUMES<br>**----- End of picture text -----**<br>


We have developed a new hands-on play and learning space at London Zoo – ZooTown – that meets these key motivators for parents.  ZooTown is designed to inspire our younger visitors by letting them play at being scientists, conservationists, keepers and vets; fostering creativity, problemsolving, social skills and cognitive development. We hope it will also boost Membership retention, offer a fun weather-proof experience throughout the year, and encourage new visitors to the Zoo. 



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## 2024-25: 

The ZooTown interactive stations were designed using the Shaping Us Framework, developed by the Royal Foundation, which is designed to enhance social and emotional skills at all stages of life. The experience is also designed to complement the Key Stage 1 and 2 national curriculum, supporting the learning journeys of visiting school groups and families. 

Above left and above: A ZooTown focus group engaging children with our newest attraction. Below: Plans for our mini-Zooniverse. Right: Our Gorilla Kingdom is growing. 

## Inspiring children to act for nature 

Over the year we have focussed on transforming the former Reptile House into ZooTown, a miniature town featuring 13 areas for children to explore, which opened in autumn 2025. 


Inspired by research on play-based learning, ZooTown will help children try out different planet-protecting careers; from zookeeper and veterinarian to field conservationist and horticulturist, as well as see how different zoo roles – like ice cream vendors and hot drink baristas – all help to achieve ZSL’s mission. Each area has been developed with help from our specialists in these fields, and features multiple bespoke interactive elements. These include a life-sized African wild dog model to conduct veterinary examinations on, complete with real ultrasound footage from our veterinary team, and a ‘whack-a-germ’ game developed with our scientists, designed to represent the real pathogens ZSL is studying. 

“It was like witnessing a microcosm of the future, with the next generation learning, experimenting, and getting involved in conservation on a small scale together!” 

– Parent Jamie Trowell, after attending ZooTown focus group 

## Developing immersive Zoo experiences 

Alongside ZooTown, work is under way on expanding London Zoo’s Gorilla Kingdom into a larger, more complex space for our growing family of Critically Endangered western lowland gorillas. We hope that this new experience will also increase opportunities for us to educate and inspire visitors about our long-running conservation work in Cameroon. **Read more about our Zoo site plans on page 70.** 




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## EXPANDING OUR SUPPORTED VOLUNTEERING SCHEME 

Making London Zoo an inclusive space for the wider community 

## Overview 

Nationally, only 4.8% of adults with a learning disability are in paid employment – a stark indicator of systemic inequality. In 2022, London Zoo launched the Supported Volunteer Scheme to provide meaningful, work-based volunteering opportunities for young people and adults in London who have learning disabilities or are neurodivergent, many of whom face significant barriers to employment and inclusion. 

The scheme was developed with partner organisations to provide supported roles across a variety of departments within the Zoo – creating a safe, structured and empowering environment for confidencebuilding and skills development. Volunteers attend with a dedicated support worker, and engage in animal care, gardening and site maintenance tasks. 


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## 2024-25: Expanding our Supported Volunteer Scheme 

In 2024, we secured support from John Lyon’s Charity to scale the scheme up to run seven days per week and accommodate up to 50 volunteer participants. The scheme will provide hundreds of volunteer hours across London Zoo – a valuable resource for our operations – and integrate across our Zoo departments, including keeper teams, horticulture and logistics. 

The scheme is designed to help volunteers gain employability skills and ultimately provide pathways into paid employment, and all participants are offered one-to-one support from job coaches through several partner organisations. Now partnered with local college Westminster Adult Education Service, our scheme will continue to develop 



and provide more opportunities across ZSL for adults with learning disabilities and neurodivergence in the London area. We aim to use the experience to create a model that can be shared through the zoo network, so other zoos can develop their own supported volunteering programmes. 


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3<br>volunteers moved<br>on to mainstream<br>volunteering or work<br>placements<br>**----- End of picture text -----**<br>


Clockwise from left: Our supported volunteers getting involved with animal food prep, site maintenance and looking after our animal enclosures. 

**Emmanuel joined our Supported Volunteer Scheme in 2022. He initially required support from an advisor but has gained the confidence to take on more independent work. In July 2024, Emmanuel transitioned to an independent keeper volunteer role on our primates and predators team.** 

## Spaces at the heart of our communities 

ZSL’s Community Engagement programmes work with more than 1,000 community partners to provide opportunities for local people from underrepresented backgrounds to connect with nature, build skills and improve wellbeing. Our initiatives include supported volunteering, accessible activities and affordable access through the Community Access Scheme, and other wellbeing initiatives. Rooted in our Zoos, our work reflects the needs of our neighbours, breaks down barriers to participation and ensures our Zoos are welcoming, inclusive and meaningful to the communities around us. 

“It has been an awesome experience volunteering at London Zoo. I have gone from sweeping up leaves around the Zoo and wiping windows to actually getting to work with wild animals, and I am honoured to have achieved this accomplishment. If there’s anything I’ve learned from this, it is that dedication and hard work really do pay off.” 


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– Emmanuel, supported volunteer 




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## WHAT’S NEXT? 

The future of our work Creating Change 

## Celebrating ZSL’s bicentenary 

In 2026, ZSL will mark its 200th anniversary with an exciting series of events and activities spread across the year – from science lectures, heritage trails and talks for our visitors, to community and education projects that will leave a strong legacy for the next 200 years. Our activity during the bicentenary will speak to one or more of three goals: **Celebrating** our impact, our people and animals, and our stories; **Connecting** to our heritage, with new audiences and with supporters and colleagues; and **Strengthening** brand awareness, our reputation and our legacy. Our bicentenary is an important opportunity to reflect on how far we’ve come and celebrate all who have been part of our journey, while renewing our commitment to wildlife for future generations. 



## Incentivising investment in conservation 

## ZSL nature access campaign 

In 2025, ZSL has launched a campaign calling for access to nature to be a statutory right for every school child in England. We believe that regular, high-quality access to (and engagement with) nature should be a core part of how students learn. Connecting to and learning in nature not only supports student attainment, attendance and mental health, but also increases awareness of and engagement with the wider natural world. Yet school outdoor time has halved in a generation, and children in deprived areas are impacted most. Our campaign will combine public and political engagement to mobilise support for this critical ask. 

We recently signed an agreement with Rand Merchant Bank, the investment unit of Africa’s largest bank FirstRand. We are working with them and several partner organisations to develop and launch a series of wildlife impact bonds designed to support conservation in Africa. Wildlife bonds are a financial mechanism that allows investors to back conservation projects and achieve a return based on the impact of that conservation work. It builds on our work developing the Rhino Wildlife Conservation Bond, the first of its kind. Issued by the World Bank in 2022, the Rhino Bond has already helped to direct £9.4 million in funding towards rhino conservation. 

Left: London Zoo pictured in the 1930s – we will be reflecting on our history for the ZSL bicentenary. Above: We are calling for children to have access to nature. Right: Our elephants are getting some home improvements. 

## A new landscape for Whipsnade’s elephant herd 

Whipsnade Zoo is set to begin significant developments to its elephant habitat. The initial phase will focus on enhancing spaces for Ming Jung, our bull elephant, before beginning work on an even more complex and enriching environment for our herd of Asian elephants. Key features of this development are expected to include a large, deep pool, capable of accommodating our entire herd, and access to woodland intended to evoke the natural forest environments found in Asia. The improved habitat will also enhance the experience for Zoo visitors, encouraging them to observe elephant behaviour in new ways and to learn about the challenges faced by Asian elephants, as well as our ongoing conservation work in countries like Thailand. 



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## STRENGTHENING ZSL 

**We underpin our success by growing our income, championing innovation and investing in our people** 

Pictured: London Zoo volunteer Jo Iredale. 



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## STRENGTHENING ZSL 


Operational excellence is central to being an effective, agile and high-performing organisation. We strive to enhance animal care, visitor experience and sustainability through continuous improvement. 

Along with the challenges for nature and wildlife that are the focus of our work, there are shifting societal and economic pressures that affect our organisation. By ensuring longterm sustainability, we can also ensure that we will continue to make an impact in wildlife conservation and meet our goals in a fast-changing world. 

To underpin our financial health, we generate funds through diversified revenue streams, including philanthropy, corporate partnerships and commercial opportunities. By engaging supporters and highlighting significant milestones like our 200th anniversary in 2026, we will expand our network of advocates and donors to ensure sustained backing for our work. 

We are also transforming our Zoos to improve conservation outcomes and enhance visitor experiences. Sustainability is embedded in all our plans, with a goal of achieving net-zero carbon emissions by 2035. Through these efforts, we ensure that we can meet our current challenges and are well positioned to adapt to future demands, while continuing to make a positive impact for wildlife conservation. 

At the heart of our mission is our commitment to creating an inclusive, diverse and highperforming culture that values wellbeing and leadership development. By investing in the growth and recognition of our staff and volunteers, we will build a workforce equipped to meet future challenges while continuing to drive forward our vision. 


Left and above: From our vets to our volunteers, we strive to enhance animal care and visitor experience. Above, inset: Commercial events such as Zoo Nights underpin our financial health. 



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## LIVING ZSL’S VALUES 

Aim **Live our organisational values, creating a work environment where diverse perspectives thrive and wellbeing is prioritised in a safe and productive environment** 

## Diversity and inclusion 

We know that diversity in the natural world is what makes it beautiful; what makes it live and breathe. And if we’re going to achieve our vision of a world where wildlife thrives, we need a world where human diversity thrives, too. 

This year we launched a new inclusive recruitment training scheme for managers, to support fairer and more accessible hiring practices. We launched cross-cultural awareness sessions for our staff, and celebrated cultural events such as Diwali, Eid and Sukkot across our organisation. Importantly, we reported a 0% gender pay gap for the fifth year running, reflecting our ongoing commitment to pay equity, and received the bronze accreditation from the Employers Network for Equality and Inclusion. Our Equality, Diversity and Inclusion (EDI) Steering Group oversees a network of working groups – all striving to embed inclusive practices across our culture and operations, and each sponsored by a member of our executive leadership team. 

We attract a diverse pool of applicants for paid roles, including 43% women, 13% who identify as LGBTQ+, and 33% from ethnic minorities – in line with or exceeding UK Census 2021 benchmarks. This diversity 

continues into offer stages: 61% of offers went to women, 17% to LGBTQ+ candidates, and 26% to candidates from ethnic minorities (up from 17% last year). However, there is still progress to be made in attracting applicants who declare a disability: only 7% of applicants did so, and 8% of successful offers were made to those who declared a disability. 

## Our workforce 

623 834 permanent Average 211 employees across 2024-25 fixed-term employees 

2,159 total people (UK only) 

(headcount during 2024-25, including employees, seasonal colleagues and volunteers) 

0% 

We are continuing to work so that our team better reflects the UK’s broader diversity: 14% of staff identify as ethnic minorities (up from 13% in 2023-24, compared to 18% in the wider population), and 6% declare a disability (down slightly from 7%, and compared to 17% in the wider population). 


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gender pay gap 



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## Wellbeing 

We nurture a supportive and inclusive workplace environment that promotes wellbeing and fosters employee engagement and productivity. We are doing this by enhancing mental health support and reducing the stigma of discussing mental health. Integral to this approach is our network of voluntary mental health first aiders and wellbeing champions. This year, we launched a wellbeing calendar of events and awareness days, including art therapy, yoga, dog therapy, walks and massage. Over 100 colleagues attended wellbeing events and workshops, including two sessions on coping with compassion fatigue – a common cause of stress in the animal care and conservation sector. 

## Volunteering 

Volunteers are vital to our organisation and are involved in almost all areas of the charity, from supporting the smooth running of our conservation Zoos and enhancing the visitor experience to supporting UK-based and overseas fieldwork and science. In total, 1,175 volunteers supported us this year at London and Whipsnade Zoos, donating 124,800 hours, and many more have volunteered as citizen scientists for our fieldwork projects. 

This year we expanded our Supported Volunteering Scheme at London Zoo, thanks to a significant grant from the John Lyon’s Charity (read more on page 57). We continued to run our White Lion volunteering scheme, involving over 50 volunteers from the local area in maintaining the local landmark. We reduced our minimum age for Visitor Welcome Volunteers at London Zoo to 16 years old, to give young people the chance to gain key skills and workplace experience. We also developed new volunteer roles in science and our Zoos, including roles supporting wildlife camera-trap analysis and our badger vaccination programme in Cornwall. 


Right: Volunteers like David Lang support almost every aspect of our work. Below: Whipsnade’s White Lion volunteers restoring our much-loved landmark. 

## 124,800 

hours donated by **1,175 Zoo volunteers** 



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## SPREADING THE WORD 

Aim **Reach wider audiences and cement strong, credible brand reputations by driving growth and loyalty, leveraging our bicentenary in 2026 to generate wider support** 

## Reaching new audiences 

We are reaching national and international audiences through our PR and digital teams, who manage our media presence and develop communication campaigns that support our wider goals. 

This year, we commissioned wildlife filmmaker Paul Glynn to accompany our scientists to Chile and film our ambitious rescue of the Darwin’s frog (read more on page 16). _A Leap of Hope_ premiered at ZSL’s annual staff conference before being made public, and the rescue generated 468 pieces of coverage in newspapers and media outlets, including the BBC, _Daily Mail_ , _The Guardian_ and _The New York Times_ . 

“The film… is a crucial tool to raise awareness of the threats amphibians face. It’s a story of action and resilience that we hope will inspire others” 

– Bastián Santana, Ranita de Darwin NGO (partner organisation on Darwin’s frog rescue) 


The communications teams are on call to ensure we can respond effectively to real-world events, and a major moment for ZSL this year was the appearance of Banksy’s artwork at London Zoo’s main entrance – the culmination of a week of artworks by the street artist across the capital, dubbed the ‘London Zoo series’ by the media. Our quick, positive response set the tone for media interviews and articles across the world. In just the first 24 hours, the artwork generated 390 articles about London Zoo, reaching an estimated 70 million readers. 

This year we took a new approach with our social media presence, prioritising authentic storytelling in a vertical video format that gives users a behind-the-scenes insight into our Zoos and wider conservation work. This has helped us rapidly grow our presence on TikTok and Instagram by over 190,000 new followers, and massively increase our engagement with social media users. It has also led to more engagement with specific campaigns; 

for example, our Zoo Nights social media campaign achieved 12 times the amount of likes as the previous year and over 2.1 million views, contributing to a record number of visitors to the event. 

An exceptional year: Increasing ZSL’s social media following 

1.1 MILLION **fans and followers** (+34%) 


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6000000 5.4 MILLION 350000 312,000<br>likes  (+340%) shares  (+430%)<br>5000000 300000<br>4000000 250000<br>3000000 200000<br>2000000 150000<br>1000000 100000<br>0 50000<br>2021-22 2022-23 2023-24 2024-25 2021-22 2022-23 2023-24 2024-25<br>**----- End of picture text -----**<br>




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Above: The appearance of a Banksy mural at London Zoo was a major media moment. 



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## Bicentenary 

In 2026 we’ll celebrate two centuries of working for wildlife. To mark our bicentenary, we’re planning an exciting series of events and activities, to connect existing and new audiences with our history and work, and reflect on our ground-breaking milestones and impact. These include a commemorative poem by Poet Laureate Simon Armitage and a new podcast exploring the emotional connections between people and wildlife. 

Our successful History Hive crowd-sourcing project asked the public to share their memories and artefacts from ZSL to help bring our history to life. We received almost 300 submissions, with oral archive interviews taking place ahead of its online launch in 2025. Many of the donated artefacts can be viewed in a special display in ZSL’s library and archives. Extensive research has been undertaken into our history with the help of our library and archive team, focusing on the lesser-known people who have shaped ZSL and uncovering new stories from our past – ensuring that storytelling will be both fresh and strong during the bicentenary. 

## Members 

Our Membership programme grew by 8% this year to a total of 145,000. Over the year, we worked to improve our attractiveness to new members, as well as work on ways to retain existing members, leading to a 13% increase in the number of new members joining us and a 6% increase in the number choosing to renew their memberships for another year. Key to this success were several engagement initiatives, such as exclusive early opening hours for Gold members, as well as an expanded onsite events programme, which contributed to a 12% uplift in member visits at London Zoo and 11% at Whipsnade Zoo. Furthermore, the member journey was improved with regular emails, tailored renewal communications and a new _50 Things to Do at the Zoo_ guide included in welcome packs. 


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980 Patrons Fellows ▲ 3% ▼ 5% 

3,708 

## Fellows 

Our Fellowship programme was created during ZSL’s founding, in 1826, and has included Charles Darwin, Joan Procter, Sir David Attenborough and Kate Humble. Our 3,708 Fellows are ZSL’s governing body – electing Council members to oversee ZSL’s CEO and senior leadership team. This year we launched new volunteering opportunities specifically for Fellows, giving them a chance to take part in projects like hedgehog surveys in Regent’s Park. We also launched the Fellowship Conference, providing an opportunity for Fellows to share their work and gain a deeper insight into ZSL’s work. We continue to focus on engaging early-career and student conservationists, recruiting over 300 into the ZSL Fellowship, and we held our Student Fellowship Conference for the second year running, delivering workshops and skills training designed to prepare our student Fellows for a career in conservation. 

## Patrons 

Our Patrons support ZSL’s work, and enjoy access to our conservationists, keepers and scientists through enhanced experiences and exclusive events, including volunteering and talks delivered by our experts. This year, we maintained our strong community of 980 Patrons. Our Patrons are highly engaged, passionate and longstanding supporters of ZSL; our yearly retention rate exceeds 90%, and Patrons regularly support us beyond their Patronage with additional donations to specific projects and the development of our Zoos. 


Above, top: It was a bumper year for ZSL members. Above, inset: Our library and archive team have been helping to gather and display artefacts from ZSL history. 



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## RAISING AND MAKING MONEY 

Aim **Increase fundraising income and optimise commercial opportunities in our Zoos to increase annual income for sustained investment in our conservation Zoos and our science and conservation activities** 

## Events 

This year we built a one-of-a-kind Pooseum at London Zoo, packed with 150 different animal poo specimens and information about animal diets and the expert care our keepers and vets provide. We also saw a record-breaking return for Zoo Nights; the adults-only summer evening event broke all records this year, selling more tickets and bringing in more revenue than ever before to support ZSL’s global conservation efforts. 

Whipsnade Zoo’s summer offering of games, trails and music was Indonesian-themed, to coincide with the opening of new conservation centre Monkey Forest. Both Zoos welcomed back Vets in Action for February half-term, where young and aspiring conservationists take on the role of a vet nurse in one of our specially designed field hospitals and learn to perform health checks on soft-toy replicas of our Zoo animals. Our suite of animal celebration days also proved popular; each day saw a programme of animal talks, feeds, competitions and crafting. 

## 38,000 

tickets sold for Zoo Nights 

▲ 6% against 23/24 

“My youngest has been wanting to be a vet for a long time, it was a dream come true for her” 

– Zoo visitor (after taking part in Vets in Action) 

Above: Visitors at our popular Zoo Nights summer lates at London Zoo. Right: Getting up close to a practice lion at Vets in Action. 




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## Fundraising 

Although the majority of our financial support is generated by our Zoos, our work is also made possible by charitable giving – from philanthropic individuals, partners in the corporate sector, and from charitable trusts and foundations. We are enormously grateful to the supporters and partners who have generously contributed towards our work over the course of the year. 

This year we secured a multi-million-pound grant from the Endangered Landscapes and Seascapes Fund for a major restoration of coastal habitats in the Thames (read more on page 28) and support from Defra’s Ocean Community Empowerment and Nature Grants Programme (OCEAN) to establish a corridor of locally managed marine protected areas along the vulnerable coral reefs of Northern Mozambique. We maintained longstanding relationships with the Players of People’s Postcode Lottery, John Lyon’s Charity and the Clore Duffield Foundation, and established new partnerships with several foundations, including Fondation Lombard Odier, The Linbury Trust and AudemarsWatkins Foundation. 

Major donations this year have included a gift in the Will of Maurice Olney, funds from the MacGeachy family, a donation from the Akester family – who contributed to the building of a new Bactrian camel and Przewalski horse shelter at Whipsnade Zoo – and funds from an anonymous donor to support the development of ZooTown. This year we partnered with Octopus Legacy, a Will-writing service, to make it easier for supporters to leave gifts in their Wills to ZSL. 

Above right: Our Thames restoration project. Above inset: Corporate volunteers from Bloomberg get stuck in at Penguin Beach. Right: The London Zoo lion cubs. 


**----- Start of picture text -----**<br>
98<br>new and recurring grants<br>from charitable trusts,<br>foundations, lotteries<br>and grant programmes<br>supported our work<br>**----- End of picture text -----**<br>


We have a number of corporate partners who support our conservation, and we launched a new corporate membership programme this year, offering four tiers of support to cater to a wider range of companies. As corporate members, businesses get a range of benefits, including the opportunity for their staff to join us on volunteering days. Among our partners, we continued to work with UK-based fund manager, Liontrust, who supported the naming of London Zoo’s lion cubs last year; we collaborated with McVitie’s Penguin and Hilton Metropole on specific campaigns; and support from Sony Interactive Entertainment enabled us to commence two new technologyfocussed conservation projects. 

FIND OUT HOW YOU CAN JOIN OUR COMMUNITY OF SUPPORT AT ZSL.ORG/SUPPORT-US 



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## Responsible fundraising and monitoring of activities 

ZSL is registered with the Fundraising Regulator and observes recommendations of the Chartered Institute of Fundraising. We adhere to the Fundraising Code of Practice and use the Fundraising Regulator logo appropriately on all our fundraising material. Our fundraising is conducted with all relevant schemes and standards and with full compliance of UK data protection legislation. 

We are committed to ensuring we treat the public with respect at all times, taking special care to protect those who may find themselves in vulnerable circumstances. We work with a limited number of fundraising suppliers, ensuring their adherence to the Code is met from initial due diligence and clear contractual obligation through to regular meetings and monitoring of their practices throughout their tenure. 

We concentrate our fundraising efforts where they have the greatest impact, prioritising transformational gifts through high-profile philanthropy, trusts, statutory funding and corporate partnerships, while maintaining a smaller programme of public fundraising covering single and regular gifts from individuals, a lottery, legacy and event fundraising. 

We continue to monitor, review and update our fundraising compliance policies, procedures and staff training to create a culture that consistently aligns with our ethical standards and regulator commitments. 

Left: A white rhino at Whipsnade Zoo. Right: A gemsbok, also at Whipsnade Zoo. 

## Complaints 

We understand the importance of listening to our supporters and view complaints as an opportunity to learn and understand our supporters better. This financial year we have received one complaint from a member of the public about our fundraising activities and no complaints in respect of failures and/or breaches of the Code. 

Fundraising feedback is pro-actively collected, collated and regularly discussed at a senior level to enhance and improve our fundraising activities and approach. We remain committed to transparency and continue to review ways to provide clearer and more accessible routes for the public to raise any concerns with us. 



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## Zoo operations 

## Brand licensing 

Our site operation teams deliver experiences and products for visitors to our two conservation Zoos, driving revenue for our conservation work and creating impactful visits that inspire visitors. 

We are making good progress towards realising the potential of ZSL’s brands. Following the launch of our brand licensing programme last year, our main focus has been on children’s product ranges developed with the globally recognised London Zoo brand. We have launched a kidswear range with NEXT, and are in discussions with other major UK high-street retailers about ranges in 2026. Ahead of our bicentenary, we have also developed a heritage style guide, showcasing some of the incredible artwork in the ZSL library, and we have several product ranges in development to support this important year in our history. 

Over the past year, we have delivered a range of improvements across both Zoos, including upgrades to outdoor seating and catering at Whipsnade, as well as completing a major development of London Zoo’s Terrace Restaurant – significantly improving service speed and refreshing our food menu. The upgrade also enabled us to launch newly designed children’s birthday parties. 

Our experiences remain highly sought-after treats for animal lovers. Whipsnade Zoo’s Hullabasnooze sleepovers have proven exceptionally popular, with bookings secured into 2026. At Whipsnade we’ve launched a behind-the-scenes bird garden tour, giving guests new ways to connect with our conservation work, while at London we launched a new penguin feeding experience, giving visitors the opportunity to engage with our penguins during their lunchtime feeds. 

## 154,000 


**----- Start of picture text -----**<br>
water cans<br>and soft drinks<br>sold in our cafes<br>and shops<br>**----- End of picture text -----**<br>


At Whipsnade Zoo, we are introducing new concessions designed to offer more reasons to visit and drive additional income. This includes the launch of a Mini Land Rover experience for younger visitors, as well as a new Virtual Reality attraction that provides immersive, naturethemed adventures including swimming with manta rays and a trek with mountain gorillas. A similar VR experience will open at London Zoo. 

13,000 visitors booked a Zoo experience or overnight stay 

85,000 large soft toys sold, made with recycled inner stuffing 

Right and inset: We partnered with NEXT on a fun kidswear range. 




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## ENSURING OUR FINANCIAL HEALTH 

Aim **Refine our business model and increase our surplus for investment in our impact and operations** 

To ensure we can continue working for a world where wildlife thrives, we need to keep improving our resilience, efficiency and operating model. An important element of this is making sure we are spending money most effectively, and we are currently reviewing our operational processes to identify inefficiencies and potential savings. 

In spring 2025, ZSL’s Trustees approved a three-year plan to increase operating cashflow to allow greater investment in our strategic delivery, people, systems and infrastructure. This potential enhancement to our financial results is based on four focus areas described in the table on the right. We are aiming to improve underlying cash generation to cover the annual expenditure on capital projects and system upgrades, which is a sustainable level of performance for an independent charity. 

One example of this is the strengthening of our fundraising. Following a review of our fundraising strategy and the appointment of a new Director of Development in March 2025, Pippa Carte, we have identified key areas for development and specific fundraising priorities. In the coming year, an area of focus will be encouraging more companies to partner with ZSL – this may be for brand benefit, to reduce their environmental impact, in support of global programmes or to enjoy our employee volunteering opportunities. 

## ZSL’s three-year business plan: Four focus areas 

## COMMERCIAL AND PROGRAMME FUNDRAISING INCOME COMMERCIAL RETURNS 

## CONTROL OPERATIONAL COSTS 

## STRATEGIC INVESTMENTS 

Drive visitor and secondary For international, scientific income through pricing, and educational third-party new products and markets. -funded programmes, increase the overheads Prioritise key capital allowance and other expenditure projects, like recoveries to a more accommodation and food sustainable level. and beverage, with clear returns on investment. 

Allocate significant funding across the four impact areas (Protecting Species, Restoring Habitats, Training Conservationists and Creating Change) for medium-term impact and growth. 

Manage cost base to compensate for: 

- National insurance and living wage increases 

- Other inflationary cost increases 

- Strategic investments 

Select new opportunities that directly align with strategic milestones and more ambitious financial returns. 

Grow fundraising income through philanthropic and corporate partnerships. 


Evaluate uplifts in sustainable finance and education income. 

Right: Commercial income from our shops helps to underpin our financial health. 



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## IMPROVING OUR SPACES 

Aim **Transform our estates at London and Whipsnade to create progressive, engaging experiences for our supporters and innovative, enriching environments for our colleagues and animals** 

This year, we completed enabling plans for both London and Whipsnade Zoos, setting a clear direction for development and investment across our estates. These plans will guide the renewal of our existing infrastructure and support the case for long-term capital investment in a series of transformational projects. These include the modernisation of key animal habitats and the phased improvement of accommodation for our visitors. 

Work across both sites builds on the comprehensive masterplanning process undertaken in 2023, which was shaped by consultation with Central Bedfordshire and Westminster Councils. At Whipsnade, we are now exploring options to expand on-site accommodation in response to growing demand and to enhance the overall visitor experience. 

Other emerging priorities include the redevelopment of both Zoo entrances and the improvement of sustainable transport links to Whipsnade Zoo, ensuring that both sites remain welcoming, accessible, and environmentally responsible. 

## **KEY** 

London Zoo Whipsnade Zoo **+xx** ~~**%**~~ Percentage improvement on 2023-24 On target 


## **LIKELIHOOD TO RECOMMEND (NPS)** 

## **ENJOYMENT** 


> London Zoo **59% +2%** Target: 60% 

> Whipsnade Zoo **62% +2%** Target: 60% 

> London Zoo **44% +2%** Target: 45% 

> Whipsnade Zoo **59% +8%** Target: 55% 


## **VISIT EXCEEDED EXPECTATIONS** 

## **VALUE FOR MONEY** 

> London Zoo **63% +3%** Target: 60% 

> Whipsnade Zoo **54% +2%** Target: 52% 

> London Zoo **73% +0%** Target: 85% 

> Whipsnade Zoo **81% +2%** Target: 85% 

## **GOOGLE** 

## **TRIP ADVISOR** 

**4.3 +0** Target: 4.5 **4.6 +0.1** Target: 4.5 

> London Zoo **3.8 +0.1** Target: 4 

> Whipsnade Zoo **4.2 +0.6** Target: 4 

London Zoo **ONLINE REVIEWS** Whipsnade Zoo 


**----- Start of picture text -----**<br>
expressed a commitment to helping animals  after  felt the Zoo inspired a   greater appreciation  felt closer to nature  after their visit (+2) million<br>46% their visit (+1) 68% of wildlife (+2) 63% 2.2 Zoo visitors<br>of visitors of visitors of visitors +100k  compared to 2023-24<br>LONDON ZOO<br>**----- End of picture text -----**<br>




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## SUSTAINABILITY 

Aim **Be a great example of efficient, nature-friendly operations, able to scale our impact with ease** 

## Energy and carbon 

Energy and sustainability play a foundational role at ZSL, underpinning both our daily operations and long-term conservation ambitions. Our strategic objective is to lead by example – demonstrating efficient, naturepositive practices across our sites while supporting the broader mission to restore wildlife and support healthy ecosystems. 

To support our goal of net-zero by 2035, we are finalising a science-based decarbonisation strategy. This year we commissioned solar energy feasibility studies at both Zoos, and we are exploring options for biogas generation at Whipsnade. 

This year we achieved a 21% reduction in gas consumption at London Zoo, driven in part by new comfort heating guidelines across office buildings. Additionally, our CO2 output from electricity is at an all-time low across both sites, due to our zero-carbon procurement policy. 

We continue to advance the sustainability goals set out in our Environmental Sustainability Plan, and we track our impacts, through an environmental management system certified to ISO 14001. We are committed to ambitious targets, such as reducing our carbon emissions by 50% by 2030 and achieving net-zero emissions by 2035; and cutting our use of mains water by 30% by the same year. 

At Whipsnade, however, we have seen a 38% increase in liquefied petroleum gas (LPG) and oil consumption compared to our 2019-20 baseline. This rise is largely attributed to a lack of heating controls and limited energy visibility across the site. We have identified these data blind spots as a priority and are developing a phased plan to improve monitoring and sub-metering. The implementation of this infrastructure remains a funding challenge due to its high cost. 

We met and exceeded one of our targets ahead of schedule this year, to recycle more than 70% of front-of-house and office waste. We were also able to eliminate plastic from staff uniforms by partnering with Neutral, a sustainable apparel supplier. The new uniforms, rolled out to staff this year as part of ZSL’s rebrand, are made from organic cotton and have been designed to remove all unnecessary plastic – even down to buttons derived from cotton pulp. 

Travel-related emissions have also increased by 24%. We are exploring how we can bring this down, and are conscious both of the need to reduce ZSL’s emissions and that our staff do sometimes need to travel. 


Pictured: We are making our Zoo buildings more sustainable, nature-friendly places. 



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## ZSL’S SUSTAINABILITY TARGETS 


**----- Start of picture text -----**<br>
OBJECTIVES TARGETS PROGRESS<br>Carbon and Energy Reduce electricity emissions by 50% by end of FY2030-31, based on FY2019-20 baseline Achieved 93.5% reduction<br>Reduce absolute greenhouse gas emissions<br>(GHG) in line with limiting global average  Reduce gas use at London Zoo by 50% by end of FY2030-31, based on FY2019-20 baseline 21% decrease in gas CO2 emissions<br>temperature increase to 1.5 [o] C, and<br>aim to achieve net zero for all residual   Reduce fossil fuel emissions at Whipsnade Zoo by 50% by end of FY2030-31, based on<br> 38% increase<br>GHG emissions by 2035    FY2019-20 baseline<br>Reduce business travel emissions from air, road and rail by 50% by end of FY2030-31,<br> 24% increase<br>based on FY2019-20 baseline<br>Install solar photo-voltaic array at Whipsnade Zoo by Dec 2027 [1]  In progress<br>Set a science-based Scope 3 target for significant value-chain emissions by Dec 2025 [2]  In progress<br>Waste and Materials Efficiency  Achieved<br>Recycle 70% of office and visitor (front-of-house) waste by end of FY2025-26 77% London<br>Promote responsible consumption, minimise  87% Whipsnade<br>the amount of waste produced, and assess<br>all remaining significant waste streams for  Achieved<br>Maintain zero non-hazardous waste to landfill<br>alternatives that support a circular economy  0 tonnes to landfill (non-hazardous)<br>Treat 30% of waste onsite by 2030 via composting or biomass boiler Awaiting assessment<br>Water Management<br>Reduce total water consumption   Reduce total mains water consumption by 30% by end of FY2030-31, based on   Achieved<br>through design and maintenance of   FY2018-19 baseline 32% reduction<br>the estate, and implementation of<br>water efficiency measures<br>**----- End of picture text -----**<br>


1 This target has been extended to December 2027. Following funding limitations we are now exploring smaller-scale solar projects to implement at Whipsnade. 2 Following the hiring of a new sustainability manager, this will be a priority for 2025-26. 



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## ZSL’S SUSTAINABILITY TARGETS 


**----- Start of picture text -----**<br>
OBJECTIVES TARGETS PROGRESS<br>Responsible Procurement 100% of food products sold by ZSL that contain palm oil to be RSPO-certified sustainable   Achieved<br>by Dec 2022<br>Integrate sustainability within all<br>procurement activities and throughout<br>our supply chain, in line with the   100% of timber and paper-based products to be certified as sustainable (FSC or other<br>guidelines of ISO 20400:2017 standard approved certification) by Dec 2026 In progress<br>On-site Biodiversity Implement the principles of ZSL’s UK Site Biodiversity Policy in all relevant operational<br>On track<br>and capital development activities at Whipsnade and Regents Park<br>Optimise the biodiversity value and function<br>of land managed by ZSL in the UK, to<br>complement national biodiversity strategies Review and update ZSL’s Site Biodiversity Management Plan framework by Dec 2026 In progress<br>Sustainable Buildings   All new-build exhibits to consider lifecycle value, include initiatives to reduce energy<br>and Exhibits and water consumption, reduce construction waste, and to source materials responsibly   On track<br>in line with ZSL policies<br>Manage the design and construction of<br>new exhibits, and refurbishment of our<br>existing estate, to minimise environmental  All projects to include sustainability targets in the project brief and confirm a sustainability<br>impact and embed sustainability principles  In progress<br>assessment method with ZSL Sustainability Manager at earliest design stage<br>from the outset<br>Food and Catering  Outsourced caterers Benugo (London Zoo) and RA Venues (Whipsnade) to reduce<br>energy and water consumption, increase recycling, and source produce sustainably   On track<br>Provide nutritious, sustainable food options  in line with ZSL targets<br>for our staff, visitors and animals with as<br>little environmental impact as possible By Dec 2025 [3] , agree additional sustainable catering targets to address food waste;<br>In progress<br>promotion of plant-based meals; visitor engagement campaigns related to food<br>**----- End of picture text -----**<br>


3 Target extended. 



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## OUR SUPPORTERS 

ZSL’s achievements would not be possible without the generosity of its supporters. We would like to thank all the individuals and agencies mentioned in these pages, as well as those not listed here. 

## Royal Patron 

His Majesty The King 

## Honorary Roles 

The Stamford Raffles Patron 

## **Honorary Fellows** 

His Majesty The Emperor Akihito of Japan (1991) 

Sir David Attenborough OM, CH, CVO, CBE, FRS (1998) 

Professor Sir Brian Follet FRS DL (2003) 

Sir Martin Holdgate CB (2004) 

Professor Sir John Krebs FRS (2005) 

Professor Sir Brian Heap CBE FRS (2005) 

Professor Katherine Ralls (2005) 

Professor John Lawton CBE FRS (2006) 

Professor Sir John Beddington CMG FRS (2007) 

Dr Desmond Morris (2012) 

Ken Sims (2013) 

The Rt Hon Lord Paul (2019) 

His Serene Highness, Prince Albert II of Monaco (2020) Dr Michael Brambell (2021) 

Martin Rowson (2023) 

**Honorary Conservation Fellows** Jamie Arbib 

Rosalind Aveling Dr Elizabeth Bennett Dr Robin Bidwell 

Beth Blood 

Professor Luigi Boitani Nicholas Booth Dr Arlo Brady 

Steven Broad 

Julia Bucknall Katherine Chou Ian Craig Dr Glyn Davies Peter Davies 

Dr Emmanuel De Merode Dr Braulio Dias Alexandra Dixon Dr Iain Douglas-Hamilton Professor Nick Dulvy Dr Charles Foley Simone Friedman Professor Joshua Ginsberg 

Matthew Hatchwell Professor Heribert Hofer Roger Howard Kate Humble 

Dr Jonathan Hutton Dr Anwarul Islam Dr Lucas Joppa Professor Kenzo Kaifu Dr Tom Kaplan Dr Michael Knight Dr Annette Lanjouw Dr Frédéric Launay Professor Nigel Leader-Williams Dr Susan Lieberman Professor Keping Ma Professor David Macdonald Dr David Mallon Charles Mayhew MBE Professor Jessica Meeuwig Charles Mindenhall Dr Russell Mittermeier Dr Maurus Msuha Edward Norton 

Dr Timothy O’Brien Hans-Ulrich Obrist Dr Mark Penning Mary Rice Dr John Robinson Professor Alex Rogers Mark Rose Professor Yvonne Sadovy Dr Cristián Samper Dr M Sanjayan Dr John Scanlon Dr Wes Sechrest Dr Claudio Segré Peter Seligmann Brian Sheth Jon Stryker Dr Simon Stuart Jessica Sweidan Adam Sweidan Kerry ten Kate James Thornton Richard Traherne Woody Turner Dr John Veron Dr Jean-Christophe Vie Dr Amanda Vincent Professor David Warrell Alannah Weston 

Peter Wheeler Nigel Winser 

Jochen Zeitz 

## Patrons and Donors 

Lua, Rory, Orson & Amber Adams 

David Aitchison-Tait The Akester Family 

The Bacchus Family Dean Richard Bailey 

Francis and Jo Beddington Dr Robin and Veronica Bidwell The Blackburn Family Emily and Oliver Brettle Simon and Elaine Brown 

Victoria-Rose Burke and Tosin Ososami 

Richard Burn 

Rachel and Barry Chapman 

Pete and Val Charlton 

Angela and Alex Chesterman OBE 

The Countess of Chichester 

The Clarkson Family 

Simon Clements 

C Colclough 

David Fawkes and Family 

Eileen Flanagan 

The Good Family 

The Gould Charitable Trust 

The Grant Family 

Peter Hamm 

Nicholas Heung 

Vivienne Heys 

Duncan Hockley and Andy Pattenden 

Mike Hudson and Dr Sabi Kazi 

Iain 

Jane and Simon Levine 

The Lewis Family 

The Longhurst Family 

The MacGeachy Family Finn Maguire Chris Montgomery 



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The May Chiao and Christoph Bergemann Charitable Fund Patsy and Malcolm Newton 

The Ng Family Sylvia and Martyn Notley Roy Palmer 

Lucy Panter Jay Patel 

The Rt Hon Lord Paul Dr Andrew Powell 

The Pratt Family 

Rolanda, Anthony and Family Simon and Karen Quayle 

Shiela Rankin 

Rolanda, Anthony and Family The Rose Family 

Patrick, Karen, Lily and Ella Rowland 

The Michael and Nicola Sacher Charitable Trust The Schmid Family 

Sophie Scott The Skingle Family David and Alison Slade The Stanley Foundation 

Mike Staunton 

The Storey Family Lisa Syne Neil Thomas-Childs The Warner Family 

Ian Webb 

Barry Werner Alison M Wheeler 

Jo Windsor 

Loraine Woodhouse 

The Yordan Family The Zibners Lohr Pinate Family 

Legacies from the Estates of 

Audrey Lilian Batchelor 

Maurice Olney 

Peter Olney 

## Charities, Trusts, Foundations, Statutory Bodies and Zoos 

Alstom Foundation 

Arcadia Fund via Endangered Landscapes and Seascapes Fund 

Arcus Foundation 

Aruna and Ambika Paul Foundation 

Asian Species Action Partnership 

Auckland Zoo 

Audemars-Watkins Foundation The Balcombe Charitable Trust 

BBVA 

Bellewaerde Park 

Bertarelli Foundation Bestseller Foundation The Big Give Trust 

British Council 

British Ecological Society 

British Hedgehog Preservation Society 

Bruce Wake Charitable Trust 

Calgary Zoological Society 

Central Bedfordshire Council Community Asset Scheme 

Central Bedfordshire Council, Department for Levelling Up, Housing and Communities, and Muscular Dystropy UK 

City of London Corporation Clore Duffield Foundation 

## Connolly Foundation 

The Constance Travis Charitable Trust 

Convention on International Trade in Endangered Species of Wild Fauna and Flora 

Critical Ecosystems Partnership Fund (CEPF) 

Department for Environment, Food and Rural Affairs (Defra) 

Department for Science, Innovation and Technology (DSIT) 

Disney Conservation Fund 

DP World 

Dr Robert Andrew Rutherford CT Dreamworld Wildlife Foundation Ecological Restoration Fund ECO-SOLVE 

The Environment Agency The European Union 

EU BIOPAMA 

European Maritime and Fisheries Fund 

Fishmongers’ Charitable Trust 

Flotilla Foundation 

Fondation Franklina 

Fondation Lombard Odier 

Fondation Segré 

Fort Wayne Zoo Garfield Weston Foundation 

German Corporation for International Cooperation 

Global Canopy 

GM Morrison Charitable Trust Good Energies Foundation 

Government of Guam 

Greater London Authority 

The Howard G Buffett Foundation 

## Indianapolis Zoo 

International Union for Conservation of Nature (IUCN) 

James Gibson Charitable Trust 

The John Ellerman Foundation 

John Lyon’s Charity 

John S Cohen Foundation 

Kadoorie Farm and Botanic Garden 

Levine Family Foundation 

The Linbury Trust 

Mayor of London/Thames Water 

The Mohammed bin Zayed Conservation Species Fund Morris Animal Foundation 

National Geographic Society 

The National Lottery Heritage Fund 

Natural England 

The Nature Conservancy Nature Networks Fund 

Oak Foundation On The Edge 

Outcomes Finance Alliance 

The David and Lucile Packard Foundation 

Panthera 

Players of People’s Postcode Lottery 

Purpose Earth 

Re:wild 

Research England Rewilding Britain 

Rewilding Europe 

Rockefeller Foundation 

The Rufford Foundation 

Rose Foundation 

Rural Payments Agency UK Sahara Conservation Fund 

## Sandra Charitable Trust 

## Corporate Supporters and Members 

Selatan Crafted Giftware 

Shark Conservation Fund 

Apollo 

Stitching Ave Fenix Europa 

Aviva Investors Bloomberg LP CSSC 

Thames21 

UK Blue Planet Fund – Ocean Community Empowerment and Nature 

Goldman Sachs Hanbury Strategy Liontrust 

UK PACT 

UK Trust for Nature Conservation in Nepal 

McVitie’s Penguin Money SuperMarket Recorra 

US Department of State 

US Department of State, Bureau of Oceans and International Environmental and Scientific Affairs 

Russell Reynolds Associates SEFE 

US Fish and Wildlife Service 

Sony Interactive Entertainment The Howard de Walden Estate White & Case LLP Workiva 

USAID 

West Midlands Safari Park 

WildCats Conservation Alliance Wildlife Conservation Network 

Wilhelma Zoo and Botanical Gardens 

Donations to ZSL America Ally Catmosphere Foundation Inc Cynthia and Armins Rusis Emma Barnsley Foundation Friedman French Foundation Joan Digby Weeden Foundation Blavatnik Family Foundation 

Wixamtree Trust 

Woodchester Trust ZSL America 

**To our dedicated supporters: we couldn't do this without you. Your unwavering belief and generous donations fuel our mission, turning vision into reality. Thank you for being such an essential partner in our work.** 



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## GOVERNANCE 

Our work as a charity is overseen by our Council of Trustees 

## Governance review 

In the previous _Annual Report_ we advised that we were waiting for informal agreement from the Privy Council on the proposed changes to our Charter and Byelaws, before we could take these to a ballot of the Fellowship. 

These changes included: 

- Appointing a Chair to take over the formal requirements of the President role, while changing the President role to be ambassadorial 

- Removing the Secretary and Treasurer officer roles 

- Appointing a Senior Trustee 

- Reducing the total number of Council members from 13 to 12 

- Increasing the number of selected Trustees from three to six 

- Amending the Byelaw which prohibited the use of ZSL post-nominal letters by Fellows 

We are pleased to report that, following receipt of this informal agreement, we took the proposals to ballot over the summer of 2024. Over 90% of those Fellows voting voted in favour of the changes. As a result, the Privy Council formally approved the changes to ZSL’s Charter and Byelaws in March 2025 and we are now working through the implementation. 

Under our new Byelaws, six members of Council will be elected from and by the Fellows of the Society. Every year, the Fellows are informed of the number of vacancies on Council and the skills and experience that Council considers would best support ZSL, inviting Fellows to stand. The election is by ballot of the complete Fellowship of the Society, with electronic voting offering flexibility as well as being more environmentally friendly and cost effective. Postal ballots are available for those Fellows who require them. Newly elected Trustees are formally appointed at the Annual General Meeting in November. 

## Corporate status 

ZSL (Zoological Society of London) is a charity incorporated under Royal Charter, registered in England and Wales with the Charity Commission (No. 208728). Certain commercial operations of the two Zoos, principally catering and shops, are carried out through its wholly owned subsidiary company, Zoo Enterprises Limited, a company registered in England and Wales with company number 01178687 (together referred to below as ‘the group’). 

The remaining six members of Council will be directly selected by Council based on their skills and experience in a process managed by the Nominations Committee. All Trustees serve for a term of office of four years. 

We provide various forms of training to Council, including mandatory training (part of the induction process) for new Trustees and those half-way through their terms of office, covering Trustee legal duties and responsibilities, safeguarding, and ZSL’s governing documents. Additional training is provided as needs arise. 

## Organisation 

## **Council** 

We are governed by the Charter and Byelaws, Standing Orders, and Regulations. Our Byelaws set out requirements concerning membership of the Society (the Fellowship), the membership and the proceedings of Council, and meetings of the Society such as the annual general meeting. 


Council is the governing body of our Society and is responsible for establishing and monitoring our strategy and key policies. Council formally meets five times a year as standard, but informally meets more frequently as and when required. Council is currently comprised of 11 Trustees, as we move towards the new composition of six elected and six selected Trustees. 

## **Members of Council/Trustees** 

The following were Council members in the period 1 May 2024 to the date of this report, unless otherwise indicated. See pages 79 and 80 for short biographies of each Council member. 

## **Officers** 

The adoption of the new Byelaws in March 2025 removed the officer positions. The following were in-post from 1 May 2024 until this change: 

**President (then Chair):** Professor Sir Jim Smith FRS (eligible meetings attended: 8/8) 

## **Treasurer (then Chair of AFRC** 

## **and Senior Trustee):** Richard Sykes (6/8) 

**Secretary:** The Secretary role remained vacant throughout 2024 up until the approval of the new Byelaws. Council agreed in February 2023 to leave this role vacant, with the responsibilities of the Secretary being appropriately covered in the meantime. While the formal adoption of the updated Byelaws took longer than initially anticipated, Council is comfortable that this vacancy did not impact the operation of Council. 

Council met eight times between 1 May 2024 and 30 April 2025. There were five formal meetings and three special meetings. Formal meetings are scheduled in advance, whereas special meetings may be called at short notice to discuss specific topics, on the understanding that not every Trustee will be able to attend. Current Council members’ attendance records are listed after their names. 

Shruti Ajitsaria (4/8) May Chiao (6/8) Jonathan Cracknell (4/8) 

Peter Higgins (5/5) ( _retired November 2024_ ) David Jones (7/8) 

Richard Kimblin KC (7/8) Alex Large (7/8) 

Karen Lawrence ( _elected November 2024_ ) (3/3) Athena Markides (7/8) 

Paul Wilson (3/5) ( _retired November 2024_ ) Loraine Woodhouse (6/8) 



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## Committees 

Council delegates oversight in several areas to sub-committees whose terms of reference and membership are shown below (* retired during 2024–25, + joined during 2024–25, ^ external to ZSL, ~non-voting advisory members). 

## **Animal Welfare and** 

## **Zoo Ethics Committee** 

**Terms of reference:** The Animal Welfare and Zoo Ethics Committee (formerly called the Animal Welfare Committee) oversees the day-to-day welfare of the animals in our care. Most of the committee consists of external, independent experts and the role of the Committee is to assist Council to fulfil its responsibility to ensure that matters requiring ethical review under the Zoo Licensing Act 1981 are appropriately considered; we comply with our obligations under the Animal Welfare Act 2006 as it applies to animals in zoos and any other legislation which applies to the welfare of animals in zoos; we demonstrate and practise the highest standards of welfare management for all the animals for which we are responsible. In the last year the committee met formally twice, in May and November, and held several informal briefing meetings on specific topics as and when required. During the year, the Committee advised on updates to key animal care policies, and upcoming capital projects. 

## **Membership:** Dr Peter Higgins* 

(Chair stepped down November 2024), Dr Jonathan Cracknell+ (Chair appointed November 2024), Georgina Allen (née Groves)^, Dr Heather Bacon^, Dr Brian Bertram^, Troy Gibson^, Iri Gill^, Dr Andrew Kitchener^, Dr Maggie Redshaw^, Miranda Stevenson*^, Samantha Ward^ 

## **Awards and Medals** 

**Terms of reference:** Every year, we recognise outstanding achievements in zoology and conservation science through a programme of prestigious awards. The Awards and Medals Committee provides independent advice to Council with regards to the determination and presentation of ZSL awards, medals, and prizes. The committee met in September 2024, with the winners officially announced at an Awards Ceremony in December 2024. 

## **Membership:** Professor Sir Jim Smith 

FRS, Professor Jon Bridle+^, Professor Kathryn Elmer+^, Professor Susan Healey^, Professor Loeske Kruuk+^, Professor Ellouise Leadbeater+^, Professor Steve Paterson*^, Professor Claire Spottiswoode*^, Professor Seirian Sumner*^, Professor Graham Taylor*^ 

## **Ethics Committee for** 

## **Animal Research** 

**Terms of reference:** The role of the Ethics Committee for Animal Research is to ensure that any research we carry out, or is carried out on our behalf, is subject to appropriate ethical review. The Committee has a specialist sub-body, the Animal Welfare and Ethical Review Body (AWERB) to meet our obligations under the Animals (Scientific Procedures) Act 1986. 

## **ECAR Membership:** Alick Simmons 

(Chair)^, Professor Malcolm Bennett*^, Brian Bertram^, Dr Lola Brooks, Maria Diez-Leon, Professor Sarah Durant*, Professor Trent Garner, Dr Matthew Gollock, Dr Amanda Guthrie, Professor Bill Holt^, Wendy Jarrett^, Paul Pearce-Kelly*, Lewis Rowden+, Chris Sergeant, Dr Ben Tapley, Dr David Williams^ 

## **AWERB Membership:** Alick Simmons 

(Chair)^, Dr Lola Brooks^, Professor Andrew Cunningham, Professor Sarah Durant*, Professor Trent Garner, Dr Matthew Gollock, Dr Amanda Guthrie, Professor Bill Holt^, Wendy Jarrett^, Chris Sergeant, Dr Ben Tapley 

## **Audit, Finance, and Risk Committee** 

**Terms of reference:** This Committee monitors the financial management of our Society, acts as an audit committee, makes recommendations to Council on financial policy or capital investment decisions, and monitors our risk framework. The committee met five times in the year reported on and the key items of business discussed during the year were our internal audit plan and approach, our principal risks and areas of risk assurance, pension fund strategy and financial oversight. 

**Membership:** Richard Sykes (Chair), Dr Peter Higgins~, Alex Large, Athena Markides, Paul Wilson*, Loraine Woodhouse 

While not a formal member of the Committee, Council Chair Jim Smith also attends Audit Finance and Risk Committee meetings. 

## **Human Ethics Committee** 

In March 2021, Council agreed to create a dedicated Human Ethics Committee, recognising the need to add additional governance to complement the existing frameworks that ensure that all of the activities we undertake are carried out in an ethical manner and respect all stakeholders, indigenous people, and local communities, as well as our institutional position on human rights. A Human Ethics Working Group was established in 2022 to support the development of the formal Committee and manage the ethical review of projects involving human participants in the intervening period. 

## **Nominations Committee** 

**Terms of Reference:** To ensure that the collective skills and experience of Council and its Committees are appropriate and sufficiently diverse for it to effectively undertake its legal duties and the governance of the Society. The committee met five times in the year reported on. 

**Membership:** Professor Sir Jim Smith FRS (Chair), May Chiao, David Jones, Richard Kimblin KC* 

## **People Committee** 

**Terms of reference:** The purpose of the People Committee is to assist Council through strategic oversight and governance of our People and Culture Strategy, ensure that policies and practices associated with the People and Culture are consistent with our values and culture, and support its long-term sustainability and growth. 

## **Membership:** David Jones (Chair), 

Shruti Ajitsaria, Professor Sir Jim Smith FRS, Dr Peter Higgins*, Helen Downton, Matthew Gould 



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## Day-to-day management **Chief Executive Officer** 

The day-to-day management of our Society is delegated by Council to the Chief Executive Officer and other members of the Executive Committee. All significant matters of policy are determined by Council. 

## Executive Committee 

Our Executive Committee comprises: **Chief Executive Officer:** Matthew Gould CMG MBE 

**Chief Financial Officer:** Timon Drakesmith **Chief Operating Officer:** Kathryn England 

**Director of Conservation and Policy:** Andrew Terry 

**Director of Science:** Johan du Toit 

**Director of Zoo Operations:** Owen Craft **Director of Development:** Catherine Hart (resigned November 2024) 

**Director of Development:** Pippa Carte (from March 2025) 

**People Director:** Helen Downton 

**Director of Estates Transformation:** Claire McKeown 

## The financial statements and Trustees’ responsibilities 

The Trustees are responsible for preparing the Trustees’ 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, which give a true and fair view of the state of affairs of the Charity and the group, and of the incoming resources and application of resources of the Charity and the group for that period. 

In preparing these financial statements, the Trustees are required: to select suitable accounting policies and then apply them consistently; to observe the methods and principles in the Charities Statement of Recommended Practice (SORP); to make judgements and estimates that are reasonable and prudent; to state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and to prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping proper accounting records that 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 with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Royal Charter. They are also responsible for safeguarding the assets of the Charity and the group, and hence for taking reasonable steps for the prevention 

and detection of fraud and other irregularities. The Trustees are also responsible for the maintenance and integrity of the Charity and the group, and for financial information included on the Charity’s website. 

## **Auditor** 

A resolution to reappoint RSM UK Audit LLP, chartered accountants, as auditor will be put to the Council before the end of the next financial year. 

## REFERENCE AND ADMINISTRATIVE INFORMATION 

**Principal /** Regent’s Park **Registered** London **address:** NW1 4RY **Also at:** Whipsnade Zoo Bedfordshire LU6 2LF **Investment** Newton Investment **advisors:** 160 Queen Victoria Street London EC4V 4LA **Principal** Barclays Bank PLC **bankers:** 1 Churchill Place London E14 5HP **Statutory** RSM UK Audit LLP **auditor:** 25 Farringdon Street London EC4A 4AB **Lawyers:** Hempsons Solicitors 100 Wood Street London EC2V 7AN 




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## Council Members/Trustees 




## **Chair:** 

## **Professor Sir Jim Smith FRS** 

_Appointed to Council as Secretary in 2021, appointed as President in October 2022, appointed as Chair of Trustees in March 2025_ 

Jim Smith is a developmental biologist who served as Director of the Medical Research Council (MRC) National Institute for Medical Research, where he helped establish the Francis Crick Institute. Most recently he was Director of Research Programmes at the Wellcome Trust. Jim was elected to the Fellowship of the Royal Society in 1993 and of the Academy of Medical Sciences in 1998; and was knighted in 2017. 

## **Richard Sykes** 

_Originally appointed to Council 2019 (to fill a casual vacancy), elected to Council November 2021_ 

Richard, a chartered accountant and a former senior client partner at PwC brings his accounting, risk, governance and wider business and charity expertise to his role as Chair of the Audit Finance and Risk Committee (AFRC). Richard was appointed as Senior Trustee effective from March 2025. 

## **Shruti Ajitsaria** 

_Elected to Council November 2019, re-elected for a second term November 2023_ 

Shruti is a partner at law firm A&O Shearman, where she created and launched an initiative to build digital skills. She brings this spirit of innovation and adoption of technology in addition to her governance and fundraising experience from serving as a school governor and sitting on a fundraising development group for a hospice. She has also completed the _Financial Times_ ’ Non-Executive Director Diploma. 



## **Dr May Chiao** 

## **Jonathan Cracknell** 

_Elected to Council November 2022_ 

_Elected to Council November 2023_ 

Jonathan became a Fellow in 2008 after completing a RCVS Residency in Zoo and Wildlife Medicine at ZSL. Jonathan is a zoo and wildlife veterinarian, has been the zoological director at a number of zoos and safari parks and is a zoo inspector with over 30 years of experience working with animal collections, welfare programmes and working in the field. As a member of Defra’s Zoos Expert Committee, Jonathan was closely involved with recent legislative changes, including the Standards of Modern Zoo Practice for Great Britain and the Irish Standards of Modern Zoo Practice. 

May has been an editor within the Nature Portfolio for more than 20 years, where she handles physics and astronomy content; she is especially interested in crossovers between traditional subject areas, as well as in science policy and social justice. She is currently enrolled in the Executive Master of Public Administration programme at LSE. Her active engagement with public policy, combined with broad experience in scientific outreach, help to support ZSL’s mission in an increasingly complex and fast-changing sector. 




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## **David Jones** 

_Originally appointed to Council 2020 (to fill a casual vacancy), selected to Council November 2022_ 

David had a board-level career at the John Lewis Partnership where he held senior roles in retail, commercial and supply chain. He brings to ZSL experience in non-executive roles spanning retail, sport, local government, community and voluntary, charity, regulatory and trade bodies. 





## **Richard Kimblin KC** 

_Elected to Council November 2021_ 

Richard started out in environmental sciences: PhD, Royal Society post-doc, environmental assessment. He was then called to the bar in 1998, practicing in planning and environmental law. Richard was a Trustee of the United Kingdom Environmental Law Association for 10 years and its Chair for two. Richard was appointed Queen’s Counsel 2016 and advises in and appears in respect of development and environmental issues for government, developers and planning authorities. 

## **Alex Large** 

_Elected to Council November 2018, re-elected for a second term November 2022_ 

Alex worked as an investment banker at JPMorgan for over 25 years, where he held a variety of risk management, capital-raising and corporate finance roles in the UK and Asia Pacific. He now runs an investment business. 

## **Karen Lawrence** 

_Elected to Council November 2024_ 

Independent consultant Karen Lawrence has made significant contributions to conservation science over a 25-year career focussed on the integration of innovative, science-based techniques for forest and marine ecosystem protection. Her leadership roles at ESSC (Environmental Science for Social Change), WWF and Project X Global have shaped innovations in sustainable food, feed and forest supply chains, regenerative agriculture and nature-based solutions. 



## **Athena Markides** 

_Elected to Council November 2021_ 

Athena is a commercial barrister specialising in insurance, construction and property damage. She was an elected member of the General Council of the Bar of England and Wales between 2015 and 2021 and was elected Chair of the Young Bar in 2019, negotiating the first pay rise for publicly funded prosecutors in 18 years. She is passionate about wildlife, conservation and science, and fostering greater public engagement with ZSL’s work. 

## **Loraine Woodhouse** 

_Selected to Council September 2023_ 

Loraine joined ZSL’s Audit, Finance and Risk Committee as a non-voting member in October 2017 before being formally selected to Council in 2023. Her background is in finance, with previous executive roles in the retail sector, including as Finance Director of Waitrose and Chief Financial Officer of Halfords. Loraine has extensive experience working at corporate board level, covering all aspects of corporate governance including reporting, regulatory compliance, policy setting and strategic risk management. 



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## PRINCIPAL RISKS AND UNCERTAINTIES 

We are a diverse organisation working to achieve strategic priorities in several areas, each with their own unique set of challenges. 

In delivering all our objectives, we accept that we face a range of risks, varying in substance and significance. We have an established risk framework and regularly evaluate and prioritise the risks we face when working to achieve our objectives. Our Trustees and Executive identify and implement effective measures to reduce the likelihood of risks occurring, and to limit the potential impact if those risks do occur. 

## Risk management statement 

Our Trustees establish our risk appetite statement, which sets out our overall tolerance for different categories of risk and provides the framework within which our risk management policies and procedures operate. The Executive Committee has responsibility for underlying procedures relating to risk. 

The Executive Committee manage a society-wide strategic risk register. This tracks and evaluates the strategic, operational, financial and compliance risks that we face. Risk assessment is embedded in management and operational processes. Where relevant, the strategic risk register is supported by underlying operational risk registers across our Society for the operational and charitable activities we undertake. Specifically for health and safety, we have a detailed system for monitoring risks and issues, as well as actions taken, managed by the Health and Safety team. 

Risk is a regular item on the agenda of the monthly meeting of the Executive Committee, where risks are considered, and suitable mitigation plans are developed and implemented. Any new or emerging risks are also added through this forum. 

Our strategic risk register is reviewed annually by our Audit, Finance and Risk Committee (AFRC), who ensure that our processes for identification and mitigation of risks are robust, appropriate and comprehensive. Any significant changes made to the risk register during the year are reported to our Audit, Finance and Risk Committee, and the minutes of these meetings are provided to our Council of Trustees. 

## Principal risks 

The principal risks in the table that follows relate to our key priorities and objectives. Effective and appropriate management of these risks is central to our ability to achieve our objectives; however, they may currently be rated as ‘low likelihood’ or ‘minor impact’ under our assessment framework, because of the effectiveness of our control and mitigation measures. We work very closely with our regulators and have robust policies and procedures that all work to seek to ensure that these principal risks do not materialise. 




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**----- Start of picture text -----**<br>
PRINCIPAL RISK POTENTIAL IMPACT MITIGATIONS 2024–25 TREND<br>•  Insufficient funding to enable delivery   Through our strategic income plan we ensure: Risk increased<br>1 of our objectives •  That we have diversified income streams and funding sources in 2024/25<br>•  Reduced ability to invest in   • Income and expenditure monitoring<br>critical developments<br>Insufficient income and funding   •  Continual management of admissions, memberships and visitor propositions<br>The risk that geopolitical, environmental,<br>to ensure attractiveness to consumers and competitiveness<br>or economic factors create instability<br>•  Maintenance of the research standards funders require with regular review<br>in our funding<br>of research outputs and benchmarking performance<br>•  Grant-funded projects are subject to approval procedures and risk assessments<br>to ensure conditions and commitments can be met<br>•  Confidence in ZSL as a brand is reduced,  Through our people and culture and operational effectiveness plans we ensure: Risk stable<br>2 leading to a reduction in visitor numbers  •  That in all aspects of our work we uphold and live by our values; collaborative,  in 2024/25<br>and income ethical, impactful, inclusive, innovative and inspiring.<br>Brand or reputational damage   •  Loss of funding, partners and funders  •  An Ethical Framework which puts structure around how and when we engage<br>The risk that our brand or reputation   distancing themselves from ZSL with other organisations<br>is damaged  • Risk assessment and sign-off procedures for new projects<br>•  Reputation is considered as an impact category in our risk appetite statement<br>•  Movement of animals is restricted   Through our operational effectiveness plan we ensure: Risk stable<br>3 within spaces or between locations •  Strict compliance with regulations overseen by the Animal Welfare and Zoo  in 2024/25<br>•  Changes to management protocols  Ethics Committee and Animal Welfare Group<br>Animal health and welfare  required •  Monitoring of animal health and nutrition overseen by our experienced<br>provision   •  Public and supporter perception is  on-site veterinary team<br>The risk that we fail to deliver the high  impacted and trust is reduced •  Monitoring and reporting of behaviour, temperament and other<br>standard of welfare we maintain for the<br>psychological indicators<br>animals in our care, or that welfare is<br>affected by circumstances outside of   •  Regular welfare audits and environment assessments with resulting action plans<br>our control, such as a disease outbreak<br>•  The health and wellbeing of those   Through our operational effectiveness plan we ensure: Risk stable<br>4 involved is negatively impacted  • Strict compliance with legislative requirements in 2024/25<br>•  Public and supporter perception is  • Regular risk assessments, inspections, health surveillance and audits<br>Health, safety and wellbeing   impacted, and trust is reduced<br>• Comprehensive policy and procedures<br>The risk of a health and safety or security  • Financial losses<br>•  Programme of targeted training and general awareness of risk and<br>incident that harms our people, our<br>safety matters<br>animals, our visitors or any individual<br>that we are working with<br>**----- End of picture text -----**<br>




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PRINCIPAL RISK POTENTIAL IMPACT MITIGATIONS 2024–25 TREND<br>• Financial losses Through our data and systems plan we ensure: Risk increased<br>5 • Business continuity severely disrupted • Cyber Essentials Plus certification in 2024/25<br>•  Public and supporter perception is  •  Appropriate systems and software controls supported by independent<br>Cyber incident   impacted, and trust is reduced  penetration testing and audit<br>The risk of a cyber incident that threatens<br>•  Dedicated internal information security resource supported by external<br>the security of our data and operations<br>Cyber Security Operations Centre<br>• Regular backup of data<br>• Cyber-training for all staff and ongoing awareness activities<br>•  Financial losses Through our operational effectiveness plan we ensure: Risk stable<br>6 • Business continuity severely disrupted • Global and UK safeguarding policies in 2024/25<br>•  Public and supporter perception is  • Safe recruitment procedures including disclosure and barring checks<br>Safeguarding incident   impacted, and trust is reduced • Free prior informed consent policy in development<br>The risk of a safeguarding incident<br>affecting children or adults at risk as   •  The health and wellbeing of those  involved is negatively impacted • FAIRER Conservation Framework<br>part of our operations in the UK, or  • UK and International incident reporting processes<br>a safeguarding incident that harms  •  Mandatory training for all relevant staff and students and additional training<br>our people, indigenous people, local  for Designated Safeguarding Officers and Duty Managers<br>communities, or any individual we<br>• Safeguarding Lead reporting regularly to the CEO and Council<br>are working with overseas<br>•  That in all aspects of our work we uphold and live by our values;<br>collaborative, ethical, impactful, inclusive, innovative, and inspiring<br>•  An Ethical Framework which puts structure around how and when<br>we engage with other organisations<br>•  The health and wellbeing of those involved  •  Robust emergency procedures and response plans for the Zoos, using   Risk stable<br>7 is negatively impacted  a universal reporting framework recognised by the emergency services in 2024/25<br>•  Public and supporter perception is  • Full site emergency drills and 24/7 on-site security and on-call duty cover<br>Emergency incident    impacted, and trust is reduced •  Risk assessments and emergency response plans required for all<br>The risk of a major UK or   • Financial losses overseas travel.<br>international incident<br>• Overseas emergency support from a third-party company.<br>**----- End of picture text -----**<br>




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PRINCIPAL RISK POTENTIAL IMPACT MITIGATIONS 2024–25 TREND<br>•  Reduction in cash resources and  Through our estates transformation plan we ensure: Risk decreased<br>8 operational flexibility •  Long-term maintenance plans to identify and schedule key spends over   in 2024/25<br>•  Visitor experience and conservation efforts  next 15 years<br>Maintenance and capital  are compromised • Capital projects aligned with our long-term vision through our site plan<br>management   • Animal and staff wellbeing is reduced • Governance processes in place to:<br>The risk that we are unable to effectively<br> - Assess capital needs, with clear criteria<br>manage and deliver against our long-<br>term estates masterplan and rolling   - Prioritise and allocate funding<br>maintenance programme due to rising   - Monitor performance and spends<br>costs or insufficient resources   - Agree project aims and objectives and oversee project control<br>• Financial losses and sanctions Through our governance and risk management planning we ensure: Risk stable<br>9 • Loss of licences/ accreditations • Comprehensive policies, procedures, reporting and record keeping in 2024/25<br>• Increased ongoing costs • Mandatory training in key compliance areas<br>Compliance or<br>• Business continuity severely disrupted •  Programme of internal and external audit overseen by the Audit Finance<br>contractual failure<br>•  Public and supporter perception is  and Risk Committee<br>The risk that we fail to comply with<br>impacted, and trust is reduced •  Ongoing monitoring of proposed legislative change and consideration of any<br>our statutory, legal, contractual or<br>potential impact as well as proactive participation in consultation exercises<br>regulatory requirements<br>• Achievement of impact is diminished  Through our people and culture plan we ensure: Risk rating<br>10 • Costs increase due to inefficiencies •  We attract, develop and retain skilled employees required to delivery   decreased<br>in 2024/25<br>•  Public and supporter perception is  our strategic priorities<br>Strategic delivery    impacted, and trust is reduced • We align the design of our organisation to best meet our delivery needs<br>The risk that we do not have the<br>• We drive and reward performance, aligned to our delivery plans<br>appropriate operating model to deliver<br>Through our business planning we ensure:<br>our strategic objectives<br>•  Detailed financial planning and resource mapping linked to the<br>delivery of our work<br>•  Identification of our delivery partners, beneficiaries, funders and<br>other stakeholders<br>**----- End of picture text -----**<br>


## **Climate change** 

We recognise that the anthropogenically driven climate crisis is one of the greatest threats to global biodiversity and human health. Our Climate Crisis Position Statement sets out some of the actions we are taking to directly address the threat and mitigate the impact. 

In addition to the existential risk, climate change poses immediate risks to our Zoos, supply chains and international conservation programmes. 



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## RISK HEAT MAP 

Likelihood and impact shown after mitigation action. 


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5 1<br>4 10<br>5<br>2 8 6 9<br>3<br>3 7<br>2 4<br>1<br>1 2 3 4 5<br>Potential impact<br>**----- End of picture text -----**<br>


## ~~**Likelihood of risk occuring**~~ 

- **1** Insufficient income and funding **2** Brand or reputational damage **3** Animal health and welfare provision **4** Health, safety and wellbeing **6** Safeguarding incident **7** Emergency incident **8** Maintenance and capital management **9** Compliance or contractual failure 

   - **3** Animal health and welfare provision **4** Health, safety and wellbeing **5** Cyber incident **8** Maintenance and capital management **9** Compliance or contractual failure **10** Strategic delivery 



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## FINANCIAL SUMMARY 

## Overview 

This year has been another strong year for us, with record total visitors across both Zoos, and record Zoo income and funds received and disbursed through our UK and overseas conservation and science programmes. 

Total income rose by 11% to £92.7m, an increase of £9.4m compared to the previous year. Strong Zoo income (including trading membership income) of £62.3m – 2% ahead of 2023-24 – was underpinned by record Zoo visitors of 2.2 million, up 5%. This was an excellent performance, achieved in a difficult economic environment for all visitor attractions. 

We continue to invest in the delivery of our strategic conservation goals, with our conservation and science fieldwork attracting strong increases in both income and, in turn, funds to be disbursed. A combined income of £21.7m, compared to £14.0m in 2023-24, represents a rise of 55%. Key projects included the ELSP Thames Estuary restoration programme and the Howard G Buffett Foundation cheetah landscapes project in Africa. 


**----- Start of picture text -----**<br>
Total income of £92.7m<br>32.2<br>20.2 20.3<br>9.9<br>7.1<br>0.9 1.9<br>Admissions Trading Grants Membership Donations Interest  Other income<br>income<br>Total expenditure of £90.9m<br>44.7<br>18.3<br>14.8<br>10.4<br>2.7<br>Zoo animal  Trading costs   Conservation field  Science and   Cost of generating<br>collection and  of goods sold and  programmes research voluntary income<br>conservation other costs<br>**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
Key Financial KPIs 24-25  23-24<br>₤m ₤m Variance %<br>Total income 92.7 83.3 9.4 11%<br>Net income 1.7 4.3 -2.6 -60%<br>Total funds 94.6 91.7 2.9 3%<br>General cash 13.6 9.9 3.7 37%<br>**----- End of picture text -----**<br>


(Note: Net income represents ZSL’s operating surplus for the year) 



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Total organisational costs rose to £90.9m from £80.7m, an increase of £10.2m or 13%. £5.0m of this increase reflects our increased investment in our conservation and scientific work identified above, but also the fact that we continue to operate in an inflationary environment with input costs rising across all our activities. Staff costs, including social security and pension costs, rose to £39.5m compared to £32.7m in 2023-24. Once a one-off release of a USS pension fund provision of £2.1m in 2023-24 is removed, the like-for-like rise in staff costs was £4.8m or 14%. This increase reflects the recruitment of a number of new roles, as well as the 2024-25 pay award. 

Total net income (in effect, ZSL’s operating profit) fell to £1.7m from £4.3m in 2023-24, a drop of £2.6m. This reduction was driven by higher inyear costs and also the absence of last year’s revaluation gain of £1.5m relating to the Whipsnade properties. Finally, the FRS 102 annual revaluation of the ZSL defined benefit pension scheme gave rise to a recognised gain of £1.1m, compared to a gain of £1.5m in 2023-24. 

Unrestricted income rose to £70.8m, compared to £69.4m in 2023-24, while unrestricted costs rose to £72.5m, compared to £65.1m in the previous year. This reflects the ongoing current inflationary environment as well as our continuing investment in our people. ZSL produced a net unrestricted deficit of £1.8m, compared to a net unrestricted surplus of £5.7m last year (although 2023-24 reflects the revaluation gain associated with the Whipsnade properties). Similarly, unrestricted earnings before interest, taxes, depreciation and amortisation (EBITDA) (a non-GAAP, internal reporting measure) was £3.0m compared to £6.2m in the previous year; a drop of £3.2m, mainly due to higher operating costs. 

Total funds (net assets) rose to £94.6m, an increase of £2.9m, or 3%, on 2023-24. General cash at 30 April 2025 was £13.6m; £3.7m higher than £9.9m at 30 April 2024. 

## Increase      Decrease      Total 

## **Income movement waterfall (£m)** 


**----- Start of picture text -----**<br>
94<br>0.7 0.2 92.7<br>1.2<br>92 4.2 -0.3<br>90<br>88<br>3.4<br>86<br>84 83.3<br>82<br>80<br>2023-24   Increased  Increased  Higher Zoo  Increase in  Lower interest Other income 2024-25<br>income science  conservation and  income   donations income<br>income policy income (inc trading)<br>**----- End of picture text -----**<br>


Increase      Total 

## **Expenditure movement waterfall (£m)** 


**----- Start of picture text -----**<br>
100<br>95<br>1.0 90.9<br>2.6<br>90<br>2.3<br>1.6<br>85 2.7<br>80.7<br>80<br>75<br>2023-24   Zoo  Trading costs  Increase  Increase in  Costs of  2024-25<br>Costs operating/  (Zoo Enterprise  in science  conservation  generating  Costs<br>animal costs Limited cost of  programmes programmes voluntary<br>goods sold) income<br>**----- End of picture text -----**<br>




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## Zoo income and costs 

## **Visitors 000s** 

Paying visitors      Universal Credit and education      Members and complimentary 

Income from London and Whipsnade Zoo (including trading income) rose by £1.1m; (2%) to a record £62.6m, compared to a 2023-24 income of £61.6m. Total Zoo visitors increased 0.1 million, or 5%, compared to 2023-24, and reached 2.2 million. 

Full-paying visitor numbers increased by 3% to 1.04 million (1.01 million in 2023-24). Our Universal Credit ticket scheme continues to be successful, with 300,000 discounted tickets sold in 2024-25 – in line with 2023-24 – enabling wider community access to both of our conservation Zoos. 

Total London Zoo visitors numbered 1.3 million, a 2% increase on 2023-24. The number of paying visitors was flat. This generated total gross revenue (including trading) of £35.7m, in line with 2023-24. Whipsnade also had a strong year, with visitor numbers increasing by 0.1 million to 0.9 million, an increase of 10% compared to 2023-24. Whipsnade Zoo generated £17.0m total gross revenue, an increase of £1.9m or 13% on 2023-24. 

Zoo costs (excluding trading) rose to £44.7m in 2024-25 compared to £42.0m in 2023-24; a rise of 6%. Total support costs were £12.1m compared to £9.7m in 2023-24; an increase of £2.4m. Once the USS pension scheme provision release of £2.1m that occured in 2023-24 is removed, the rise was only £0.3m, or 3% on a like-for-like basis. 

Zoo Enterprises Limited (ZEL) is ZSL’s trading subsidiary, delivering sustainably produced merchandise through our shops, and a wide range of food and catering options across both Zoos. It also operates other commercial activities, including overnight stays in our lodges and our Meet the Animals and Keeper for a Day visitor experiences. 


**----- Start of picture text -----**<br>
2,190<br>2,081<br>674<br>603<br>1,252 1,228 479<br>469<br>222 198<br>938<br>853<br>293 296<br>452<br>London   London   Whipsnade  Whipsnade 405 Total   Total<br>23/24 22/23 23/24 22/23 1,03723/24 1,00922/23<br>737 734 186 174<br>300 275<br>London  London  Whipsnade  Whipsnade  Total  Total<br>24–25 23–24 24–25 23–24 24–25 23–24<br>**----- End of picture text -----**<br>


**Membership visits (000s) vs Membership income (£m)** 

## Memberships 

ZEL turnover rose by £0.8m or 4% to £20.2m, versus £19.4m in 2023-24. ZEL’s gross profit margin dropped slightly from 24% to 23%, reflecting the increased prices of cost of goods sold. Support and overhead costs charged by the parent company rose to £2.6m compared to £2.0m in 2023-24, reflecting ZEL’s proportional share of ZSL’s higher support costs in 2024-25. 


**----- Start of picture text -----**<br>
9.9 9.4<br>674<br>603<br>Member visits Membership income<br>**----- End of picture text -----**<br>


The strength of the ZSL brand – both through its Zoos and its conservation work – continues to grow and build customer loyalty. One example of this is the continuing success of ZSL’s membership programme. Membership income was £9.9m in 2024-25 – a rise of 5% compared to 2023-24 – and compares to £5.9m in 2019-20, an increase of two thirds in five years. Total memberships were 54k at 30 April 2025 (an increase of 4k or 8%), while the total number of members rose 7%, from 135k to 145k, at 30 April 2025. Total member visits also increased to 674k compared to 603k in 2023-24, a rise of 12%. Whipsnade saw 452k member visits (2023-24: 405k), while London saw 222k visits (2023-24: 198k). 

ZEL generated a net profit of £2.0m – after cost of sales, overhead support and interest income – compared to £2.8m in 2023-24. This net profit is wholly Gift-Aided to the parent charity and is included in the group accounts. 

24-25      23–24 



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## Donations and legacies 

Donations and legacy income into ZSL to support our impact work totalled £7.1m, an increase of £0.7m or 11% on 2023-24, mainly comprising a rise in donations. 

## Conservation 

Our conservation programmes, both in the UK and around the globe through our network of overseas offices in countries including the Philippines, Nepal, Kenya and Cameroon, attracted £11.0m of grant income compared to £6.8m in 2023-24 (a rise of £4.2m or 62%), the majority of which came from government agencies. 

Along with the Defra Congo Basin Biodiverse Landscapes Fund project, other key initiatives included Nepal’s Living in Harmony with Wildlife project (also Defra); and the Philippines’ Sustainable Interventions in Biodiversity, Oceans and Landscapes (SIBOL) project, funded by USAID. 

The closure of USAID in January has impacted a number of ZSL conservation programmes. The outlook is further clouded by the reduction in UK Government aid funding, from 0.5% to 0.3% of GDP going forward. A significant number of conservation contracts with Defra are at risk and it is unclear what impact this will have on ZSL’s current grants or proposals being submitted. 

## Science 

Our Institute of Zoology’s world-class research and conservation science programmes continued to attract strong funding from Research England, trusts and foundations, institutional donors and government agencies. Total income increased from £7.2m in 202324 to £10.6m in 2024-25, an increase of almost 50%. This included Research England’s ongoing annual grant and a £2.2m grant 

from the Department for Science, Innovation and Technology (DSIT) for a NVIDIA DGX H100 super-computer. The Howard G Buffett Foundation’s grant to support the reintroduction of cheetahs in Zambia was also bolstered by US$5m to a second-stage, wider-landscape cheetah programme – due to start in Feb 2026 – and paying all funds in April 2025. This income has been deferred into future periods, in line with the Charities SORP (Statement of Recommended Practice) income-recognition guidance. 

Alongside significant costs associated with the delivery of our conservation and science accounted for within our Zoo operating costs, the direct costs for our Institute of Zoology rose from £8.1m to £10.4m, reflecting its higher levels of activity. Total conservation and policy expenditure rose to £14.8m, compared to £12.2m in 2023-24; an increase of £2.6m or 21%. 

In addition, a generous donation of £2.2m was received to fund the construction of our ZooTown project, a new, interactive play and learning space at London Zoo, to support the learning journeys of our visiting families and school groups. 

Gifts-in-kind income was £nil in 2024-25 (2023-24: nil). 

## Interest and 

## investment income 

We actively manage our cash and working capital. This produced unrestricted interest income of £0.8m in 2024-25, a fall of £0.3m compared to £1.1m received in 2023-24. This fall is mainly due to declining market interest rates. 

Our listed investments, valued at £3.3m at 30 April 2025 (2024: £3.3m), comprise a restricted scientific fund, the Newton 

## **Annual capital expenditure spend (total funds, £m)** 


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9.4<br>8.7<br>7.3<br>6.4<br>2.6<br>20–21 21–22 22–23 23–24 24–25<br>**----- End of picture text -----**<br>


Investment Management Socially Responsible Investment (SRI) Fund for Charities. Income from this fund remained stable at £0.1m (2023-24: £0.1m). This investment was liquidated in May 2025 and will be reinvested in higher yielding fixed-income funds. 

and elephant enclosures, and an upgrade of electrical infrastructure at Whipsnade. 

## Liquidity 

We held £25.5m total cash at 30 April 2025, compared to £21.2m at 30 April 2024; an increase of £4.3m. This increase occurred towards the end of the financial year and was driven by strong March and April Zoo performance, plus the receipt of the ZooTown donation and the US$5m from The Howard G Buffett Foundation, both arriving in April 2025. Of the £25.5m total cash, £13.6m was general cash (2024: £9.9m) and £11.9m restricted and designated cash (2024: £11.3m). 

Our other investments include surplus Whipsnade land and 11 cottages for potential sale. These were valued at £5.2m in total at 30 April 2025, a decrease of £35,000 from 30 April 2024. 

## Capital expenditure 

ZSL continues to invest in its infrastructure. Total capital expenditure in 2024-25 was £6.4m in 2024-25 compared to £7.3m in 2023-24. 

Key capital projects include our donor-funded ZooTown learning experience for children and the DSIT-funded NVIDIA DGX H100 super-computer for scientific research. Additional capital investments included ongoing work to develop our gorilla 



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## Funds and reserves 

Total funds held on 30 April 2025 comprised: 


**----- Start of picture text -----**<br>
@ 30 Apr  @ 30 Apr<br>₤m<br>25   24<br>General 14.1 14.6<br>Pension revaluation 9.3 7.9<br>General funds 23.4 22.5<br>Designated 60.1 59.4<br>Unrestricted 83.4 81.9<br>Restricted 11.2 9.8<br>Total funds 94.6 91.7<br>**----- End of picture text -----**<br>


- General funds (free reserves, net of holiday pay accrual) of £14.1m at 30 April 2025 slightly lower than the prior year (2024: £14.6m). The defined-benefit pension surplus of £9.3m compares to 2024/25’s surplus of £7.9m. 

- Designated funds rose to £60.1m (2024: £59.4m), reflecting new capital projects – mainly Monkey Valley – coming on stream. The majority of our designated funds relate to land and buildings at our Regent’s Park and Whipsnade sites, including our Zoos and science and veterinary facilities. 

- Restricted funds rose to £11.2m compared to £9.8m in 2023-24. This reflects the higher levels of conservation expenditure and scientific research and comprises donor funds for work to be carried out in future periods. 

As a result of the above, total funds amounted to £94.6m (2024: £91.7m), a rise of £2.9m or 3%. 

## Reserves policy 

Our general (or free) reserves policy is to ensure we hold an appropriate level of accessible funds to mitigate against identified financial risks, while ensuring we are making timely and strategic use of funds. The policy focusses purely on the general reserves, as these are the funds at the discretion of the Trustees. 

General reserves are held to provide cover for unexpected changes in income and expenditure, allowing us to continue activities in the event of: 

- a temporary loss of income; 

- a permanent fall in income, allowing time to adjust our cost base or business model; and 

- incurring one-off costs that are not covered from donor funds. 

Adequate levels of general reserves also allow us to implement new strategic priorities or invest in new opportunities to achieve our goals. Our reserves range is reviewed annually. 

We aim to maintain, as a policy minimum, general reserves of £9m, which represents approximately three months’ core operating expenditure. 

## Outlook 

As we head into the current financial year, Zoo trading so far has been behind expectations. Total Zoo visitor numbers are down, with lower numbers of full-paying visitors. This downturn appears to be sector-wide, with other visitor attractions reporting lower than budgeted visitors and income. The continuing costof-living pressures experienced by many – particularly families with children – plus mixed weather, appears to be driving visitor numbers down. To tackle this, we are responding with activities to drive footfall, and reviewing discretionary spend. 

## Going concern 

Our finances remained strong in 2024-25 with a reasonable level of general reserves and higher levels of year-end cash. At 30 April 2025, our general and free reserves dipped slightly to £14.1m, compared to £14.6m at 30 April 2024, but still above our policy minimum of £9m. Total cash of £25.5m compares to £21.2m at 30 April 2024, an increase of £4.3m, and total net assets of £94.6m at 30 April 2025 were £2.9m higher than at April 2024. 

Management regularly monitors the charity’s financial health, evaluating in detail both current and future performance, as well as our longer-term financial sustainability. This close monitoring and our risk-management processes give management comfort that our financial situation remains secure. In the light of this, the Trustees consider that there are no material uncertainties about the charity and group’s continuing ability to operate as a going concern and to meet its liabilities as they fall due. 

Approved by Council on 7 October 2025 

Trustees’ Report signed on behalf of Council 


**Professor Sir Jim Smith FRS,** Chair 



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## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF ZSL 

## Opinion 

## Basis for opinion 

We have audited the financial statements of the Zoological Society of London (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 30 April 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). 

We have been appointed as auditors under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

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 group and parent 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. 

In our opinion, the financial statements: 

- give a true and fair view of the state of the group’s and parent charity’s affairs as at 30 April 2025 and of their incoming resources and application of resources for the year then ended; 

## Conclusions relating 

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

## 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. 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

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

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

## Other information 

The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon. 

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. 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Trustees’ Annual Report; or 

- sufficient accounting records have not been kept by the parent charity; or 

- the parent charity financial statements are not in agreement with the accounting records and returns; or 

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

## Responsibilities of Trustees 

As explained more fully in the Statement of Trustees’ responsibilities set out on page 78, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the group’s and parent 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 group or parent charity or to cease operations, or have no realistic alternative but to do so. 



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## 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. 

## The extent to which the audit was considered capable of detecting irregularities, including fraud 

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due 

to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: 

- obtained an understanding of the nature of the sector, including the legal and regulatory framework, that the group and parent charity operate in and how the group and parent charity is complying with the legal and regulatory framework; 

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; 

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. 

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011, the parent charity’s governing document and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect noncompliances that may have a material impact 

on the financial statements, which included reviewing the financial statements, including the Trustees’ Report, and remaining alert to new or unusual transactions which may not be in accordance with the governing documents. 

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to animal welfare, data protection, health and safety and fundraising. We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these law and regulations and inspected correspondence with regulatory authorities. 

The audit engagement team considered the areas of risk comprising management override of controls and income completeness as the areas where the financial statements were most susceptible to material misstatement due to fraud. Income completeness included donations, legacies, grants, merchandise, membership, catering and other income. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates, substantive testing and analytical procedures around the completeness of income. 

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://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 charity’s Trustees as a body, in accordance with the Charities Act 2011. 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


RSM UK Audit LLP Statutory Auditor Chartered Accountants 25 Farringdon Street London EC4A 4AB 

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 

Date: 8 October 2025 



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## Consolidated Statement of 

## Financial Activities 

For the year ended 30 April 2025 

## **Endowment funds** 

Restricted expenditure includes any financial activity related to endowment funds. Further detail of endowment fund movements can be found in note 15. 

|**Notes**<br>**Income and endowments from:**<br>Donations and legacies<br>2<br>Charitable activities:<br>3<br>–  Zoo species collection and conservation<br>–  Science and research<br>–  Conservation and policy<br>Trading activities<br>4<br>Investment income<br>5<br>Other income<br>**Total income**<br>**Expenditure on:**<br>Raising funds:<br>Costs of generating voluntary income<br>Trading:<br>Costs of goods sold and other costs<br>4<br>Charitable activities:<br>–  Zoo species collection and conservation<br>–  Science and research<br>–  Conservation and policy<br>**Total expenditure**<br>6<br>Net gains/(losses) on investments<br>11<br>**Net income**<br>**Other recognised (losses)/gains:**<br>Remeasurement of defned beneft pension obligation<br>17<br>Transfers between funds<br>15<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>15<br>**Total funds carried forward**|**Unrestricted**<br>**Restricted incl.**<br>**Endowment**<br>**2024-25 Total**<br>2023-24 Total<br>**£000**<br>**£000**<br>**£000**<br>£000<br>3,364<br>3,707<br>**7,071**<br>6,356<br>42,326<br>7<br>**42,333**<br>42,064<br>3,520<br>7,121<br>**10,641**<br>7,165<br>2<br>11,036<br>**11,038**<br>6,804<br>20,246<br>-<br>**20,246**<br>19,445<br>826<br>78<br>**904**<br>1,196<br>477<br>-<br>**477**<br>299|
|---|---|
||**70,761**<br>**21,949**<br>**92,710**<br>83,329<br>1,514<br>1,189<br>**2,703**<br>1,703<br>18,290<br>-<br>**18,290**<br>16,688<br>44,672<br>29<br>**44,701**<br>42,013<br>5,405<br>5,010<br>**10,415**<br>8,088<br>2,648<br>12,164<br>**14,812**<br>12,154|
||**72,529**<br>**18,392**<br>**90,921**<br>80,646<br>(35)<br>(10)<br>**(45)**<br>1,635|
||**(1,803)**<br>**3,547**<br>**1,744**<br>4,318|
||1,080<br>-<br>**1,080**<br>1,483<br>2,209<br>(2,209)<br>**-**<br>-|
||**1,486**<br>**1,338**<br>**2,824**<br>5,801|
||**81,890**<br>**9,842**<br>**91,732**<br>85,931|
||**83,376**<br>**11,180**<br>**94,556**<br>91,732|





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## Consolidated and Charity Balance Sheets As at 30 April 2025 

Approved by Council on 7 October 2025 and signed on their behalf by: 


|**Notes**<br>**Fixed assets**<br>Tangible assets<br>9<br>Heritage assets<br>10<br>Investments<br>11<br>**Current assets**<br>Stock<br>12<br>Debtors<br>13<br>Cash at bank and in hand<br>**Liabilities**<br>Creditors: amounts falling due within one year<br>14<br>Net current assets<br>Net assets excluding pension scheme assets<br>Defned beneft pension scheme assets<br>17<br>**Net assets**<br>**Funds**<br>Unrestricted funds excluding pension liability<br>and holiday pay accrual:<br>– General<br>– Designated<br>Unrestricted – Pension reserve<br>Holiday pay accrual<br>Total unrestricted funds<br>Restricted funds<br>– Endowments<br>– Other<br>Total restricted funds<br>**Total funds**<br>15|**Group**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**57,739**<br>56,041<br>**2,170**<br>2,170<br>**8,534**<br>8,579<br>**68,443**<br>**66,790**<br>**1,007**<br>675<br>**10,945**<br>11,974<br>**25,474**<br>21,233<br>**37,426**<br>**33,882**<br>**(20,773)**<br>(16,900)<br>**16,653**<br>**16,982**<br>**85,096**<br>**83,772**<br>9,460<br>7,960<br>**94,556**<br>**91,732**<br>14,588<br>15,253<br>60,060<br>59,384<br>**74,648**<br>**74,637**<br>9,260<br>7,860<br>(532)<br>(607)<br>**83,376**<br>**81,890**<br>32<br>41<br>11,148<br>9,801<br>**11,180**<br>**9,842**<br>**94,556**<br>**91,732**|**Charity**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**57,739**<br>56,041<br>**2,170**<br>2,170<br>**8,646**<br>8,691|
|---|---|---|
|||**68,555**<br>**66,902**<br>**-**<br>-<br>**11,647**<br>12,364<br>**24,859**<br>20,715|
|||**36,506**<br>**33,079**<br>**(19,965)**<br>(16,209)|
|||**16,541**<br>**16,870**|
|||**85,096**<br>**83,772**<br>9,460<br>7,960|
|||**94,556**<br>**91,732**|
|||14,588<br>15,253<br>60,060<br>59,384|
|||**74,648**<br>**74,638**<br>9,260<br>7,860<br>(532)<br>(607)|
|||**83,376**<br>**81,890**|
|||32<br>41<br>11,148<br>9,801|
|||**11,180**<br>**9,842**|
||||
|||**94,556**<br>**91,732**|



**Professor Sir Jim Smith FRS Chair** 



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## Consolidated Statement of Cash Flows 

## For the year ended 30 April 2025 

|**Cash fows from operating activities**<br>Net income before other gains<br>Defned beneft pension scheme<br>non-cash movement<br>Pension defcit recovery plan repayments<br>Defned contribution USS pension<br>scheme movement<br>(Gain)/Loss on investments<br>Interest and investment income<br>Depreciation of tangible fxed assets<br>Impairment of tangible fxed assets<br>(Increase)/Decrease in stock<br>Increase/(Decrease) in debtors<br>(Increase)/Decrease in creditors<br>**Net cash used in operating activities**<br>**Cash fows from investment activities**<br>Interest received on bank and cash balances<br>Investment income<br>Purchase of tangible fxed assets<br>**Net cash used in investing activities**<br>Change in cash and cash equivalents in the<br>reporting year<br>Cash and cash equivalents at the beginning<br>of the year<br>**Cash and cash equivalents at the end**<br>**of the year**|**Group**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**1,744**<br>4,318<br>**(420)**<br>(293)<br>**-**<br>(200)<br>**-**<br>2,005<br>**45**<br>(1,635)<br>**(904)**<br>(1,196)<br>**4,742**<br>4,300<br>**-**<br>92<br>**(332)**<br>(41)<br>**1,029**<br>(3,172)<br>**3,873**<br>(539)|
|---|---|
||**9,777**<br>3,639<br>826<br>1,118<br>78<br>78<br>(6,440)<br>(7,341)|
||**(5,536)**<br>**(6,145)**|
||**4,241**<br>(2,506)<br>**21,233**<br>**23,739**|
||**25,474**<br>**21,233**|



## **A. Analysis of change in funds** 

|Cash|**At 1 May 2024**<br>**Cashfows**<br>**At 30 April 2025**<br>**£000**<br>**£000**<br>**£000**|
|---|---|
||**21,233**<br>**4,241**<br>**25,474**|



## Notes to the Financial Statements 

For the year ended 30 April 2025 

## **1. Accounting policies** 

The Zoological Society of London is a registered charity in England and Wales (charity number 208728). The registered address is Regent’s Park, London, NW1 4RY. 

## **Basis of preparation and assessment of going concern** 

The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition, effective 1 January 2019) – (Charities SORP (FRS 102)), FRS 102 and the Charities Act 2011. 

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 note to these financial statements. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the SORP applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition effective 1 January 2019) – (Charities SORP (FRS 102)). 

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

The Consolidated Financial Statements are presented in sterling, which is the functional currency of the society. 

Monetary amounts in these financial statements are rounded to the nearest whole £1,000 except where otherwise indicated. 

The charity has taken advantage of the paragraph 1.11, Section 1, Cash flows, of FRS 102 and, as such, has not shown an individual charity cash flow statement within these financial statements on the basis that it is a qualifying entity and the Consolidated Statement of Cash Flows included within these financial statements includes the charity’s own cash flows. 

## **Going concern** 

ZSL’s finances remained strong in 2024-25, which enabled continuing investment in its infrastructure while also maintaining reasonable levels of reserves. ZSL’s general reserves of £14.1m at 30 April 2025 are £5.1m above ZSL’s policy minimum. Furthermore, ZSL had a cash balance of £25.5m and net assets of £94.6m at 30 April 2025. 

Management use detailed tools to review and forecast both monthly performance and ZSL’s longer-term financial sustainability. These tools and ZSL’s risk management processes give comfort that ZSL’s financial situation remains secure. In the light of this, the Trustees consider that there are no material uncertainties about the charity and group’s ability to operate as a going concern and meet its liabilities as they fall due. 

## **Consolidation** 

The financial statements consolidate on a line-by-line basis the results and the assets and liabilities of the Society and its wholly owned subsidiary, Zoo Enterprises Limited. The Consolidated Statement of Financial Activities represents the results of both the charitable and non-charitable activities of 



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the group. A separate Statement of Financial Activities for the charity itself is not presented; however, a summary statement of Financial Activities for the charity itself is presented in note 22. The results for the activities carried out by the Society’s subsidiary are set out in note 4 in respect of catering and merchandising. 

## **Funds** 

The Society maintains a number of internal funds, including both restricted and unrestricted funds: 

## _Unrestricted – general fund_ 

The general fund contains the free funds of the Society. 

## _Unrestricted – designated funds_ 

These funds are derived from donations, grants, bequests, heritage assets not held for sale and other resources set aside to be used in accordance with the resolutions passed by the Council of the Society. Both the capital and income may be spent. Until expended, the funds are held in cash, intangible fixed assets, heritage assets, investment property or tangible fixed assets. 

## _Restricted – endowment funds_ 

These funds are derived from bequests to the Society, are held permanently by the Trustees, and comprise investments, the income from which may be used to support Society activities. 

## _Restricted – other funds_ 

These funds are subject to specific restriction imposed by the donor, by the purpose of an appeal or are received for a specific purpose. 

## **Fund transfers** 

Restricted funds are transferred to unrestricted funds on occasions when restricted income has been used and restrictions no longer apply. For example in the acquisition of tangible fixed assets, when the asset is purchased the equal value of the restricted fund is transferred to unrestricted funds. 

## **Income** 

In accordance with the SORP, all income (including Gift Aid on admissions) becoming receivable by the Society during the year is recognised in the Consolidated Statement of Financial Activities, regardless of their source or of the purpose to which they are to be put or have been put. The exception to this relates to individual and family membership income and similar income, which is deferred to the extent that it relates to a service to be provided in future years, and grants and donations that are deferred where milestones and conditions for recognition are expected to be met in future years. Income from corporate memberships is recognised in the period that they are invoiced. 

Where income is received for a specific purpose, the income is included in Restricted Funds. 

Income from conservation and scientific research grants is recognised in accordance with the recognition criteria of SORP when entitlement is assured, there is probability of receipt, and when the amount can be reliably measured. Government grants are recognised when received. 

Legacies are recognised when the Society is entitled to the asset and have been advised that it is probable that payment will be made or assets transferred and the amount involved can be reasonably quantified. 

Donated goods, facilities and services (gifts in kind) are recognised on the basis of estimated current market value and recognised in the period in which they are receivable. 

Gift Aid on membership income is recognised when the Society becomes entitled to it, which is the year that the associated donation was made. 

## **Expenditure** 

Expenditure is recognised when a liability is incurred. Expenditure is allocated to categories in accordance with the main activity of the staff concerned or the substance of the costs incurred as set out in note 6. Resources expended include the costs of raising funds and charitable expenditure, including support, management and administration costs. Gifts in kind are valued at market value or on a valuation basis agreed with the supplier providing the asset or service. 

Governance costs are a component of support costs and include those expenses incurred in the governance of the Society’s assets and are primarily associated with constitutional and statutory requirements and include an appropriate proportion of senior management time. Support costs have been allocated to each of the charity’s core chargeable activities in the proportion that the activity has to the total of all other costs as set out in note 6. Support costs are those costs incurred in support of expenditure on the objectives of the Society as set out in note 6. 

## **VAT** 

Admissions income is treated as VAT exempt and accordingly, as a partially exempt body, ZSL may not recover all VAT paid. The exception is VAT incurred in connection with the catering and merchandising operations that operate through a subsidiary company, which is fully recoverable. Irrecoverable VAT, with the exception of capital works, is charged as a support cost and allocated to core activity costs based upon the total expenditure during the financial year. Any irrecoverable VAT incurred on capital works is capitalised along with the cost. Catering and merchandising income is stated excluding VAT. 

## **Tangible assets and depreciation** 

Fixed assets acquired by purchase or gift are initially recognised at cost or valuation and are subsequently depreciated (with the exception of freehold land and assets under construction, which are not depreciated) on a straight-line basis at rates appropriate to write off the cost over their expected useful lives. Freehold buildings are depreciated over five to 50 years; leasehold buildings from three years to the shorter of the lease term or 50 years; plant and equipment, five to 15 years; and motor vehicles five to 20 years. 

Assets under construction consist of 

expenditure incurred in respect of tangible assets in the course of their construction and installation, and that is directly attributable to bringing the asset into operation. These assets are not depreciated. Transfers are made to the relevant fixed assets category as and when the assets are available for use. 

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. 

Individual tangible fixed assets with a cost below £5,000 are charged to expenditure and are not capitalised. When a number of assets are purchased in a single purchase where individually they have a cost less than £5,000 but cumulatively the figure is greater, these assets are capitalised when they share an identical useful life. 

## **Intangible assets and amortisation** 

Intangible assets are stated at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the depreciable amount of the assets to their residual values over their estimated useful lives. Intangible assets comprise software and the website and are amortised between three and five years. 



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The carrying values of intangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. Intangible assets with an original cost of under £5,000 are charged to expenditure and are not capitalised. 

Assets under construction consist of expenditure incurred in respect of intangible assets in the course of their construction and installation, and that is directly attributable to bringing the asset into operation. These assets are not depreciated. Transfers are made to the relevant fixed assets category as and when the assets are available for use. 

## **Foreign currencies** 

Transactions in foreign currencies are recognised at the rate of exchange at the date of the transaction. Any exchange differences are recognised through the Consolidated Statement of Financial Activities. Foreign exchange monetary assets and liabilities are recognised at the rate of exchange ruling at the balance sheet date. 

## **Investments** 

Listed investments are included in the balance sheet at fair market value based on their published bid price. Investment income is accounted for on an accruals basis. 

Other investments comprise investments in subsidiaries and are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. 

Assets that are surplus to the achievement of ZSL’s charitable objects and with a view to possible future disposal, are valued at market value. 

## **Investment properties** 

Investment property are included in the balance sheet at fair market value based on the most recent valuation by an independent valuer, with realised and unrealised gains or losses 

recognised in the Consolidated Statement of Financial Activities, in the year in which they arise. There are no restrictions on the realisability of income from such investment property nor proceeds of its disposal. Similarly, there are no obligations to develop such property nor obligations for repair, maintenance or enhancements. 

## **Stocks** 

Stocks are stated at the lower of direct cost (determined on a first-in, first-out basis) and net realisable value. 

## **Animals** 

The animals are generally acquired by the Society from other zoological organisations at zero cost or bred in our Zoos, and a realistic valuation cannot be placed thereon. Many of the animals acquired are held in trust with other zoological societies at zero cost. 

## **Heritage assets** 

ZSL holds a collection of books and artwork located at London Zoo in order to support ZSL’s charitable objectives, specifically, the advancement of zoology. The collection advances zoology by facilitating the improvement and dissemination of zoological knowledge. 

The collection was professionally valued during the 2019-20 financial year and the Trustees do not believe its value to have changed materially. The collections are revalued periodically based on the assessment of experts and impaired if required. All heritage assets are therefore held at valuation. 

The Trustees have considered guidance from Charities SORP, FRS 102, relating to the valuation of the heritage assets. 

## **Redundancy payments** 

Termination benefits are payable when employment is terminated. The charity recognises termination costs at the point at which management is committed to incur these costs. 

## **Donated facilities** 

The Society leases the Regent’s Park site from the Department for Culture, Media and Sport. The lease was renewed in 2021 for a term of 60 years at no annual rent. In May 2024, Parliament voted in favour of a Bill to increase the maximum term of ZSL’s lease from 60 years up to 150 years. The Trustees do not believe it is practicable to reasonably quantify and measure the benefit conferred to the Society under this rent-free arrangement due to the Zoo’s unique location and, as such, have not included the value of this donated facility in the Consolidated Statement of Financial Activities. 

## **Advertising costs** 

Costs incurred in relation to advertising are charged to the Consolidated Statement of Financial Activities at the time the advertisements appear in the media or are otherwise made public. Amounts invoiced but not yet taken to the Consolidated Statement of Financial Activities are included in prepayments. 

## **Pension costs** 

The Society participates in various defined benefit and defined contribution pension schemes: 

## **Defined benefit schemes** 

The cost of providing benefits under the ZSL 1988 defined benefit plan is determined using the projected unit credit method, and is based on actuarial advice. 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements 

and curtailments are recognised as an expense in measuring profit or loss in the year in which they arise. The admin costs associated with exiting the scheme have not been recognised, as they cannot currently be reasonably estimated nor are likely to be material. 

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the year as a result of contribution and benefit payments. The net interest is recognised in the Consolidated Statement of Financial Activities as other finance revenue or cost. 

Remeasurement changes comprise actuarial gains and losses, the effect of any asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in the other recognised gains and losses in the year in which they occur, and are not reclassified to the net income/expenditure in subsequent years. 

The defined net benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high-quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and, in the case of quoted securities, is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. 

The Society participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate Trustee-administered 



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fund. Because of the mutual nature of the 

scheme, the assets are not attributed to individual employers and a scheme-wide contribution rate is set. The Society is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102, “Employee benefits”, the Society therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the Consolidated Statement of Financial Activities represents the contributions payable to the scheme. 

## **Defined contribution scheme** 

Contributions to defined contribution schemes are recognised in the Consolidated Statement of Financial Activities in the year in which they become payable. Any unpaid (or prepaid) contributions are separately disclosed in note 17. 

## **Leasing commitments** 

Rentals payable under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term. 

Where assets are financed by leasing agreements that give rights approximating to ownership (“finance lease”), assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor. Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the Consolidated Statement of Financial Activities in proportion to the remaining balance outstanding. 

## **Financial instruments** 

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets or financial liabilities. 

## **Debtors and creditors** 

Trade and group debtors that are receivable within one year are initially measured at the transaction price. Trade and group debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. 

Other creditors and trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. 

**Critical accounting estimates and judgements** The Society makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are those used by the scheme actuary in calculating the Society’s defined benefit pension scheme liability (see note 17 for details), estimating the useful economic life of tangible fixed assets for the purpose of determining an annual depreciation charge and estimating the fair value of investment properties. 

## **2. Donations and legacies** 

|Donations<br>Legacies<br>Gifts in kind|**2024-25**<br>**2023-24**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**2,921**<br>**3,707**<br>**6,628**<br>2,588<br>3,066<br>5,654<br>**443**<br>**-**<br>**443**<br>702<br>-<br>702<br>**-**<br>**-**<br>**-**<br>-<br>-<br>-|
|---|---|
||**3,364**<br>**3,707**<br>**7,071**<br>3,290<br>3,066<br>6,356|



In August 2024, the world-renowned artist Banksy created a mural on the entrance gate shutter at London Zoo. Owing to the unique nature of the artwork, and difficulties in accurately measuring its value, no value has been recognised in respect of this mural. The mural is maintained offsite in a secure location. 

## **3. Charitable activities income** 

|**3. Charitable activities income**||
|---|---|
|**Zoo species collections and conservation**<br>Admissions<br>Membership<br>Grant income<br>Other<br>**Science and research**<br>Grants<br>Studentships<br>Other<br>**Conservation and policy**<br>Grants<br>Other<br>**Total income from charitable activities**|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**32,183**<br>32,436<br>**9,858**<br>9,429<br>**58**<br>33<br>**234**<br>166|
||**42,333**<br>**42,064**|
||**9,270**<br>6,339<br>**796**<br>291<br>**575**<br>535|
||**10,641**<br>**7,165**|
||**10,998**<br>6,686<br>**40**<br>118|
||**11,038**<br>**6,804**|
|||
||**64,012**<br>**56,033**|





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## **3. Charitable activities income (continued)** 

Income from Zoo species and conservation includes that derived from providing: access to London Zoo and Whipsnade Zoo to view the collections and to learn about animals and conservation; animal adoption services; keeper experiences and animal and conservation educational services inside and outside (outreach programmes) the Zoos. Gift Aid on membership income was recognised when the income was received, and contributed an additional £2,389,000 to total income (2023-24: £1,312,000). Income from science, research and conservation field programmes include the following government grants: 

|**Government grants**<br>Department for Environment, Food and Rural Afairs (Defra)<br>Research England<br>Natural England<br>US Federal Agencies<br>Environment Agency<br>Network Rail<br>Foreign, Commonweath and Development Ofce (FCDO)<br>Medical Research Council<br>Welsh Government<br>Scottish Government<br>Natural Environment Research Council (NERC)<br>New Zealand Government<br>Greater London Authority<br>Greenland Institute of Natural Resources<br>Government of Canada<br>European Union<br>Federal Government of Germany<br>Engineering and Physical Sciences Research Council (EPSRC)|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>4,904<br>3,293<br>2,396<br>2,159<br>628<br>437<br>503<br>183<br>263<br>83<br>180<br>-<br>125<br>184<br>100<br>72<br>58<br>57<br>40<br>41<br>31<br>103<br>10<br>-<br>10<br>-<br>7<br>-<br>4<br>-<br>1<br>204<br>-<br>37<br> -<br>4|
|---|---|
||**9,260**<br>**6,857**|



## **4. Trading activities** 

The Society wholly owns Zoo Enterprises Limited (ZEL), which undertakes merchandising, catering activities, overnight experiences in our lodges at London and Whipsnade Zoos, and other commercial activities. 

Taxable net profits are distributed to the Society annually. 

The turnover and net contribution to the Society from catering and merchandising in ZEL were as follows: 

|Turnover:<br>Catering<br>Merchandising<br>Other Commercial income<br>Cost of activities<br>**Trading income (net)**<br>Other income<br>Support and overhead costs<br>Interest receivable<br>**Net proft for the year before distribution**|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>11,047<br>10,301<br>6,894<br>6,302<br>2,294<br>2,829|
|---|---|
||**20,235**<br>19,432<br>(15,656)<br>(14,732)|
||**4,579**<br>4,700|
||-<br>-<br>(2,634)<br>(1,956)<br>11<br>13|
||**1,956**<br>2,757|



Catering, merchandising and other commercial activity turnover of £20.2m (2023-24: £19.4m) is included in the Consolidated Statement of Financial Activities within ‘trading activities’. No other income was received in the year (2023-24: £nil). Cost of activities, support and overhead costs of £18.3m (2023-24: £16.7m) are included within trading, while £11k (2023-24: £13k) is included as interest receivable. 

## **5.  Interest and investment income** 

For government grants recognised as income there are no unfulfilled conditions or contingencies attached which have not been adhered to. 

Included within funding from Defra is the following income and expenditure relating to funding for the Biodiverse Landscapes Fund in the Congo Basin: 

|Interest on bank and cash balances<br>Investment income|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**826**<br>1,118<br>**78**<br>78<br>**904**<br>1,196|
|---|---|



||**2024-25**|**2023-24**|
|---|---|---|
||**£000**|**£000**|
|Grant income|**2,718**|12|
|Grant expenditure|**2,290**|440|





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## **6. Group analysis of total expenditure** 

|Charitable activities:<br>Zoo animal care and<br>conservation<br>Science and research<br>Conservation feld<br>programmes<br>Expenditure on raising funds:<br>Cost of generating<br>voluntary income<br>Trading costs of goods<br>sold and other costs|**Direct**<br>**staf costs**<br>**Direct**<br>**costs**<br>**£000**<br>**£000**<br>16,414<br>22,481<br>5,506<br>3,554<br>6,141<br>6,747|**Other**<br>**support**<br>**costs**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**£000**<br>5,806<br>**44,701**<br>42,013<br>1,355<br>**10,415**<br>8,088<br>1,924<br>**14,812**<br>12,154|
|---|---|---|
||28,061<br>32,782<br>2,058<br>293<br>-<br>15,656|9,085<br>**69,928**<br>62,255<br>352<br>**2,703**<br>1,703<br>2,634<br>**18,290**<br>16,688|
||2,058<br>15,949|2,986<br>**20,993**<br>18,391<br>**12,071**<br>**90,921**<br>9,686<br>80,646<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**7,879**<br>7,576<br>**709**<br>685<br>**105**<br>127<br>**703**<br>710<br>**146**<br>140<br>**323**<br>364<br>**484**<br>(1,803)<br>**88**<br>141<br>**(75)**<br>(31)<br>**141**<br>(15)<br>**74**<br>(3)<br>**333**<br>326<br>**335**<br>555<br>**826**<br>914|
|**Total Group expenditure**<br>**in 2024-25**|**30,119**<br>**48,731**||
||||
|Total Group expenditure<br>in 2023-24|27,996<br>42,964||
|**Analysis of support costs**<br>Staf and related costs<br>Computer services<br>Depreciation and amortisation<br>Insurance<br>Bank charges<br>Irrecoverable VAT<br>Pension costs (ZSL 1988 scheme and USS scheme)*<br>ZSL audit costs (including internal audit)<br>Holiday pay accrual movement<br>Bad debt provision<br>Foreign exchange movement<br>Rates<br>Facilities maintenance<br>Other costs|||
|||**12,071**<br>9,686|



## **7. Net income** 

Net income before other recognised gains/(losses) is stated after charging/(crediting) the following items: 

|following items:|||
|---|---|---|
||**2024-25**|**2023-24**|
||**£000**|£000|
|Auditor’s remuneration:|||
|Group audit services – charged by RSM UK Audit LLP|**107**|102|
|Non-audit services – charged by RSM UK Tax and|||
|Accounting Limited:|||
|Tax advisory|**7**|7|
|Depreciation|**4,742**|4,299|
|Impairment charge (net)|**-**|92|
|Operating lease rentals in respect of plant, equipment and|||
|motor vehicles|**787**|519|
|Foreign exchange (gains)/losses|**339**|(3)|



Trustees’ expenses were £nil in 2024-25 (2023-24: £nil). No Trustee, nor any persons connected to the Trustees, received remuneration for their services in either year. The Society pays the insurance premiums on behalf of the Trustees in respect of professional indemnity insurance. The premium paid is incorporated with the general professional liability premiums, and so is not separately identifiable. 

There are no other reportable transactions with Trustees. The auditor’s remuneration for non-audit services is in respect of fees in connection with general tax advice and consultancy. 

*Included within these figures for the year ended 30 April 2024 is the USS pension provision release to the value of £2,104,000. 

Costs have been allocated to the activities on the basis of total expenditure by activities. Governance costs, being group audit costs, for the year ended 30 April 2025 total £114,000 (2023/24: £109,000). 



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## **8. Staff costs and remuneration of key management personnel** 

|Salaries and wages (including those of key<br>management personnel)<br>Social security costs<br>Pension costs – defned contribution<br>Other staf costs:<br>USS provision movement<br>Other|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**33,470**<br>29,489<br>**3,009**<br>2,619<br>**2,714**<br>2,512<br>**-**<br>(2,104)<br>**292**<br>171|
|---|---|
||**39,485**<br>32,687|



Included within salaries and wages above is £46,000 of redundancy and termination payments in the year (2023-24: £238,000). The cost of temporary staff in the year was £14,000 (2023-24: £69,000). 

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

|Zoo animal collection and conservation<br>Science and research<br>Conservation feld programmes<br>Cost of generating funds – voluntary income<br>Cost of generating funds – trading<br>Support staf|**verage mony eacoun**<br>**Restated**<br>**2024-25**<br>**2023-24**<br>**No.**<br>No.<br>**474**<br>455<br>**91**<br>89<br>**202**<br>196<br>**21**<br>20<br>**69**<br>67<br>**100**<br>93|
|---|---|
||**957**<br>920|



The number of employees with emoluments in excess of £60,000pa (high-paid employees), exclusive of pension contributions, were: 

|**Band**<br>£60,001-£70,000<br>£70,001-£80,000<br>£80,001-£90,000<br>£90,001-£100,000<br>£100,001-£110,000<br>£110,001-£120,000<br>£120,001-£130,000<br>£130,001-£140,000<br>£150,001-£160,000<br>£190,001-£200,000<br>£200,001-£210,000<br>£210,001-£220,000<br>£220,001-£230,000|**2024-25**<br>**2023-24**<br>**No.**<br>**No.**<br>**31**<br>26<br>**20**<br>15<br>**12**<br>9<br>**2**<br>2<br>**2**<br>4<br>**3**<br>1<br>**2**<br>-<br>**1**<br>1<br>**2**<br>-<br>**1**<br>-<br>**-**<br>1<br>**1**<br>-<br>**-**<br>1|
|---|---|
||**77**<br>60|



The key management personnel of ZSL comprise the Trustees, who are not remunerated, as well as the Executive Committee, which at 30 April 2025 comprised the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the Director of Zoo Operations, Director of Development, Director of Conservation and Policy, Director of Science, Director of Estates Transformation and People Director. 

The total employee benefits, including employer pension contributions and redundancy of key management personnel of ZSL, were £1,337,000 (2023-24: £1,410,000), and employer NI contributions for these personnel were £151,000 (2023-24: £151,000). The total number of FTE Executive Committee members for the year ended 30 April 2025 was nine (30 April 2024: nine). 

The above is based solely on number of employees on a monthly basis. Given the large number of part-time, seasonal staff, the full-time equivalent (FTE) is significantly lower than this. The average headcount for the year ended 30 April 2024 has been restated to reflect the impact of employees working on a seasonal basis, which were previously omitted. 



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## **9. Tangible assets** 

|**9. Tangible assets**||
|---|---|
|**Group and charity**<br>**Cost:**<br>At 1 May 2024<br>Additions during the year<br>Disposals<br>Transfers of assets under construction<br>Impairment<br>At 30 April 2025<br>**Depreciation:**<br>At 1 May 2024<br>Charge for the year<br>Disposals<br>Impairment<br>At 30 April 2025<br>**Net book value:**<br>At 30 April 2025<br>At 30 April 2024|**Freehold land**<br>**and buildings**<br>**Buildings on**<br>**leased land**<br>**Assets under**<br>**construction**<br>**Plant and**<br>**equipment**<br>**Motor vehicles**<br>**Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>31,153<br>81,635<br>5,534<br>9,342<br>700<br>**128,364**<br>1,967<br>66<br>1,919<br>2,488<br>-<br>**6,440**<br>(7,798)<br>(11,763)<br>-<br>(4,353)<br>(542)<br>**(24,456)**<br>5,094<br>216<br>(5,310)<br>-<br>-<br>**-**<br>-<br>-<br>-<br>-<br>-<br>**-**|
||**30,416**<br>**70,154**<br>**2,143**<br>**7,477**<br>**158**<br>**110,348**|
||20,651<br>43,370<br>-<br>7,684<br>618<br>**72,323**<br>1,414<br>2,943<br>-<br>376<br>9<br>**4,742**<br>(7,798)<br>(11,763)<br>-<br>(4,353)<br>(542)<br>**(24,456)**<br>-<br>-<br>-<br>-<br>-<br>**-**|
||**14,267**<br>**34,550**<br>**-**<br>**3,707**<br>**85**<br>**52,609**|
||**16,149**<br>**35,604**<br>**2,143**<br>**3,770**<br>**73**<br>**57,739**|
||10,502<br>38,265<br>5,534<br>1,658<br>82<br>56,041|



All tangible fixed assets are held by ZSL and substantially all are used for the charitable purposes of the Society. 

## **10. Heritage assets** 

|**Group and charity**<br>Value as at 1 May 2024<br>**Value at 30 April 2025**|**Library assets**<br>**Total**<br>**£000**<br>**£000**<br>2,170<br>**2,170**|
|---|---|
||**2,170**<br>**2,170**|



New acquisitions to these collections are usually made by donation and are recorded at the current value where available. ZSL holds and retains the collections as a long-term policy for use in its charitable purposes. 

The collections are accessible to the public and scientists in a number of ways. A significant proportion of the collection is on show in the library, which can be accessed by the public, and the remainder is held in an archive. Specific items in the archive are available to view on express request. 

ZSL holds an extensive collection of heritage books and artwork relating to zoological science and conservation. A formal valuation of this collection was carried out in 2019-20 and is included at estimated market value. A desktop valuation was carried out in 2024-25 and confirmed that these values remain appropriate. Each item of the collection has been individually catalogued, and the records are held at ZSL’s Regent’s Park site. Each asset’s value is an average of two estimated auction rates provided by professional auctioneers, less an allowance for sales commission at the time of valuation. 

ZSL holds all fixed assets within designated funds, as they are for the furtherment of the charitable objectives of the Society. Currently, within heritage assets there are £364,000 (2023-24: £364,000) of assets, which are classified under general funds as they are deemed to be held for sale at a future point. 

|**Five-year summary of transactions**<br>Opening balance at 1 May<br>Additions<br>In-year adjustment to heritage<br>asset value<br>**Value at 30 April**|**2024-25 2023-24 2022-23**<br>**2021-22**<br>**2020-21**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>2,170<br>2,170<br>2,170<br>2,170<br>2,275<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(105)|
|---|---|
||**2,170**<br>**2,170**<br>**2,170**<br>**2,170**<br>**2,170**|





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103 

|**11. Investments**<br>**Group and charity**<br>Listed investments at market value:<br>Other investment portfolio (UK)<br>Investment property<br>**Total Group investments**<br>**Charity**<br>Unlisted investments at cost:<br>Investment in ZEL<br>**Total charity investments**<br>**Listed investments historical cost**|**Valued at 1**<br>**May 2024**<br>**Valuation**<br>**Disposal Impairment**<br>**Valued at 30**<br>**April 2025**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>3,314<br>(10)<br>-<br>-<br>**3,304**<br>5,265<br>(35)<br>-<br>-<br>**5,230**|
|---|---|
||**8,579**<br>**(45)**<br>**-**<br>**-**<br>**8,534**|
||**112**<br>-<br>-<br>-<br>**112**|
||112<br>-<br>-<br>-<br>112|
||**8,691**<br>**(45)**<br>**-**<br>**-**<br>**8,646**|
||**1,690**<br>**-**<br>**-**<br>**-**<br>**1,690**|



ZSL’s investment property comprises three plots of land at Whipsnade that are not essential to the delivery of ZSL’s charitable objectives. The land at Whipsnade Zoo was purchased by the Society many years ago at negligible cost. This was valued by a firm of estate agents during 2024-25 at an estimated market value of £5.2m. This valuation was on the basis of similar land/property transactions at the date of valuation. 

The shares in ZSL’s wholly owned subsidiary, ZEL, (company number 1178687) undertakes the merchandising, catering and commercial operations at London and Whipsnade Zoos, and Gift Aids its profits to ZSL annually. The results of ZEL are set out in note 4. 

The financial position of ZEL was as follows: 

||**Assets**|**Liabilities**|**Funds**|**Assets**|**Liabilities**|**Funds**|
|---|---|---|---|---|---|---|
||**2024-25**|**2024-25**|**2024-25**|**2023-24**|**2023-24**|**2023-24**|
||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|
|ZEL|**2,865**|**(2,753)**|**112**|2,106|(1,994)|112|



## **Events after the reporting date** 

In May 2025, ZSL disposed of listed investments with a market value of £3.26m as at 30 April 2025. The investments were held for the purpose of generating a return to support ZSL’s scientific work in the advancement of zoology and animal physiology. Management intends to reinvest the proceeds when a more optimally performing fund has been identified. 

## **12. Stock** 

|**12. Stock**<br>Finished goods<br>**13. Debtors**<br>Trade debtors<br>Amounts owed by group companies<br>Other debtors<br>Prepayments<br>Accrued income||**Group**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**1,007**<br>675<br>**1,007**<br>675<br>**Group**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**2,251**<br>3,003<br>**-**<br>-<br>**1,051**<br>598<br>**1,615**<br>2,381<br>**6,028**<br>5,992<br>**10,945**<br>11,974|**Charity**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>-<br>-|
|---|---|---|---|
||||**-**<br>**-**|
||||**Charity**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**1,877**<br>2,279<br>**1,945**<br>1,305<br>**966**<br>513<br>**1,420**<br>2,381<br>**5,439**<br>5,886|
||||**11,647**<br>12,364|



## **14. Creditors due in less than one year** 

|Trade creditors<br>Taxation and social security<br>Accruals<br>Deferred income<br>Other creditors|**Group**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**2,189**<br>3,565<br>**1,453**<br>997<br>**3,113**<br>3,723<br>**13,279**<br>8,174<br>**739**<br>441<br>**20,773**<br>16,900|**Charity**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**1,983**<br>3,421<br>**1,453**<br>997<br>**2,922**<br>3,542<br>**12,868**<br>7,808<br>**739**<br>441|
|---|---|---|
|||**19,965**<br>16,209|



The movement in deferred income included within creditors amounts falling due within one year is analysed below: 

|Deferred income at 1 May<br>Amounts released from prior year<br>Incoming resources deferred<br>Deferred income at 30 April|**Group**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**8,174**<br>4,528<br>**(4,593)**<br>(4,528)<br>**9,698**<br>8,174<br>**13,279**<br>8,174|**Charity**<br>**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**7,808**<br>4,293<br>**(4,227)**<br>(4,293)<br>**9,287**<br>7,808|
|---|---|---|
|||**12,868**<br>7,808|



Deferred income comprises membership and similar income, which relates to services that will be provided in future years, and grants and donations where milestones and conditions for recognition are expected to be met in future years. 



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104 

## **15. Funds** 

## **Movement of funds for the year – Group** 

|||||||**At 30**|
|---|---|---|---|---|---|---|
||**At 1 May**||||**Gains/**|**April**|
||**2024**|**Income**|**Expenditure **|**Transfers**|**(losses)**|**2025**|
||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|
|**Unrestricted funds:**|||||||
|General fund before|||||||
|pension asset|**15,253**|70,341|(71,482)|511|(35)|**14,588**|
|Holiday pay accrual|**(607)**|-|75|-|-|**(532)**|
|Pension asset|**7,860**|420|(100)|-|1,080|**9,260**|
|**General fund after**|||||||
|**pension asset**|**22,506**|**70,761**|**(71,507)**|**511**|**1,045**|**23,316**|
|**Designated funds**|||||||
|ZSL strategic projects|**1,537**|-|(1,022)|-|-|**515**|
|Tangible and intangible|||||||
|fxed asset fund|**56,041**|-|-|1,698|-|**57,739**|
|Heritage asset fund|**1,806**|-|-|-|-|**1,806**|
||**59,384**|**-**|**(1,022)**|**1,698**|**-**|**60,060**|
|**Restricted funds:**|||||||
|**Endowment funds**|||||||
|Fantham bequest|**41**|-|-|-|(9)|**32**|
||**41**|**-**|**-**|**-**|**(9)**|**32**|
|**Other restricted funds**|||||||
|Scientifc|**3,292**|-|-|-|(1)|**3,291**|
|Curatorial projects|**58**|2,117|(75)|-|-|**2,100**|
|Fundraising development|**370**|1,316|(1,203)|-|-|**483**|
|Conservation and|||||||
|science|**6,081**|18,516|(17,114)|(2,209)|-|**5,274**|
||**9,801**|**21,949**|**(18,392)**|**(2,209)**|**(1)**|**11,148**|
||||||||
|**Total funds**|**91,732**|**92,710**|**(90,921)**|**-**|**1,035**|**94,556**|



## **Movement of funds for the year – Charity** 

|||||||**At 30**|
|---|---|---|---|---|---|---|
||**At 1 May**||||**Gains/**|**April**|
||**2024**|**Income**|**Expenditure **|**Transfers**|**(losses)**|**2025**|
||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|
|**Unrestricted funds:**|||||||
|General fund before|||||||
|pension asset|**15,253**|52,051|(53,192)|511|(35)|**14,588**|
|Holiday pay accrual|**(607)**|-|75|-|-|**(532)**|
|Pension asset|**7,860**|420|(100)|-|1,080|**9,260**|
|**General fund after**|||||||
|**pension asset**|**22,506**|**52,471**|**(53,217)**|**511**|**1,045**|**23,316**|
|**Designated funds**|||||||
|ZSL strategic projects|**1,537**|-|(1,022)|-|-|**515**|
|Tangible and intangible|||||||
|fxed asset fund|**56,041**|-|-|1,698|-|**57,739**|
|Heritage asset fund|**1,806**|-|-|-|-|**1,806**|
||**59,384**|**-**|**(1,022)**|**1,698**|**-**|**60,060**|
|**Restricted funds:**|||||||
|**Endowment funds**|||||||
|Fantham bequest|**41**|-|-|-|(9)|**32**|
||**41**|**-**|**-**|**-**|**(9)**|**32**|
|**Other restricted funds**|||||||
|Scientifc|**3,292**|-|-|-|(1)|**3,291**|
|Curatorial projects|**57**|2,117|(75)|1|-|**2,099**|
|Fundraising development|**371**|1,316|(1,203)|(1)|-|**484**|
|Conservation and|||||||
|science|**6,081**|18,516|(17,114)|(2,209)|-|**5,274**|
||**9,801**|**21,949**|**(18,392)**|**(2,209)**|**(1)**|**11,148**|
||||||||
|**Total funds**|**91,732**|**74,420**|**(72,631)**|**-**|**1,035**|**94,556**|





INTRODUCTION           PROTECTING SPECIES           RESTORING HABITATS           TRAINING CONSERVATIONISTS           CREATING CHANGE           STRENGTHENING ZSL           GOVERNANCE, RISK AND FINANCE 105 

## **15. Funds (continued)** 

## **Unrestricted − general fund** 

The general fund is the free fund of the Society. 

## **Unrestricted − designated funds** 

Designated funds are set aside for specific charitable purposes and include ZSL’s buildings and facilities on both sites. 

## _Conservation and science_ 

This represents grants and donations received to cover conservation, science and project expenditure. 

## **Fund transfers** 

There were no transfers made from restricted funds to general funds in the year ended 30 April 2025 (2023-24: £968,000). 

Transfers from endowment funds to general funds in the year totalled £nil (2023-24: £nil). 

These funds are derived from donations, grants, bequests and other resources set aside to be used in accordance with the resolutions passed by the Council of the Society. Both the capital and income may be spent. Until expended, the funds are held in cash or tangible fixed assets. Designated funds are as follows: 

## _ZSL strategic projects_ 

This includes funds to further the achievement of ZSL’s strategic objectives, including the delivery of its conservation priorities; the delivery of ZSL’s new ticketing system and website development; and seed funding to establish new income streams and investment in visitor experience. 

## _Tangible and intangible fixed/heritage assets funds_ 

This represents resources that have been used to acquire tangible and intangible fixed assets and heritage assets not held for sale, and which were professional valued in 2019-20. The value of this fund at the year-end represents the net book value of those tangible and intangible fixed assets. Included are heritage assets not held for sale, and which were professionally valued in 2019-20. 

Net funds transfers of £511,000 (2023-24: £3,949,000 from general to designated) have been made from designated funds to general funds, being the net movement in tangible fixed assets funded by unrestricted funds. 

Transfers of £2,209,000 (2023-24: £nil) have been made to designated funds from restricted funds, being the capitalisation of the NVIDIA DGX H100 supercomputer for scientific research initially funded by a restricted grant. 

## **Restricted – endowment funds** 

These funds are derived from bequests to the Society, are held permanently by the Trustees, and comprise investments, the income from which may be used to support Society activities. These funds are: 

## _Fantham bequest_ 

This fund is held permanently by the Trustees, and comprises investments, the income from which is to be used to endow a Memorial Research Fellowship for research in parasitology or aquatic animal ecology. 

## **Restricted − other funds:** 

These funds are as follows: 

## _Scientific fund_ 

This restricted fund relates to grants and donations dated 30 May 1991. The fund is to be used for the ‘advancement of zoology and animal physiology’. 

## _Curatorial project_ 

This represents restricted donations received to support animal curatorial and conservation project expenditure. 

## _Fundraising development_ 

This represents restricted donations acquired as a result of fundraising activities. 



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106 

## **15. Funds (continued)** 

## **Movement of funds for the year – Group (prior period)** 

## **Movement of funds for the year – Charity (prior period)** 

|||||||**At 30**|||||||**At 30**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**At 1 May**||||**Gains/**|**April**||**At 1 May**||||**Gains/**|**April**|
||**2023**|**Income**|**Expenditure **|**Transfers**|**(losses)**|**2024**||**2023**|**Income**|**Expenditure **|**Transfers**|**(losses)**|**2024**|
||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**|
|**Unrestricted funds:**|||||||**Unrestricted funds:**|||||||
|General fund before|||||||General fund before|||||||
|pension asset|**14,111**|69,098|(66,440)|(2,981)|1,465|**15,253**|pension asset|**14,111**|52,410|(49,752)|(2,981)|1,465|**15,253**|
|Holiday pay accrual|**(638)**|-|31|-|-|**(607)**|Holiday pay accrual|**(638)**|-|31|-|-|**(607)**|
|Pension asset|**3,979**|293|2,105|-|1,483|**7,860**|Pension asset|**3,979**|293|2,105|-|1,483|**7,860**|
|**General fund after**|||||||**General fund after**|||||||
|**pension asset**|**17,452**|**69,391**|**(64,304)**|**(2,981)**|**2,948**|**22,506**|**pension asset**|**17,452**|**52,703**|**(47,616)**|**(2,981)**|**2,948**|**22,506**|
|**Designated funds**|||||||**Designated funds**|||||||
|ZSL strategic projects|**1,349**|-|(812)|1,000|-|**1,537**|ZSL Strategic projects|**1,349**|-|(812)|1,000|-|**1,537**|
|Tangible and intangible|||||||Tangible and intangible|||||||
|fxed asset fund|**53,092**|-|-|2,949|-|**56,041**|fxed asset fund|**53,092**|-|-|2,949|-|**56,041**|
|Heritage asset fund|**1,806**|-|-|-|-|**1,806**|Heritage asset fund|**1,806**|-|-|-|-|**1,806**|
||**56,247**|**-**|**(812)**|**3,949**|**-**|**59,384**||**56,247**|**-**|**(812)**|**3,949**|**-**|**59,384**|
|**Restricted funds:**|||||||**Restricted funds:**|||||||
|**Endowment funds**|||||||**Endowment funds**|||||||
|Fantham Bequest|**41**|-|-|-|-|**41**|Fantham Bequest|**41**|-|-|-|-|**41**|
||**41**|**-**|**-**|**-**|**-**|**41**||**41**|**-**|**-**|**-**|**-**|**41**|
|**Other restricted funds**|||||||**Other restricted funds**|||||||
|Scientifc|**3,122**|-|-|-|170|**3,292**|Scientifc|**3,122**|-|-|-|170|**3,292**|
|Curatorial projects|**121**|9|(72)|-|-|**58**|Curatorial projects|**121**|9|(73)|-|-|**57**|
|Fundraising|||||||Fundraising|||||||
|development|**846**|2,135|(1,643)|(968)|-|**370**|development|**846**|2,135|(1,642)|(968)|-|**371**|
|Conservation and|||||||Conservation and|||||||
|science|**8,102**|11,794|(13,815)|-|-|**6,081**|science|**8,102**|11,794|(13,815)|-|-|**6,081**|
||**12,191**|**13,938**|**(15,530)**|**(968)**|**170**|**9,801**||**12,191**|**13,938**|**(15,530)**|**(968)**|**170**|**9,801**|
|||||||||||||||
|**Total funds**|**85,931**|**83,329**|**(80,646)**|**-**|**3,118**|**91,732**|**Total funds**|**85,931**|**66,641**|**(63,958)**|**-**|**3,118**|**91,732**|





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## **16. Analysis of group net assets between funds** 

## **Group** 

|**Group**||
|---|---|
|**Fund balances at**<br>**30 April 2025 are**<br>**represented by**<br>Unrestricted funds<br>Restricted funds<br>-  Endowment funds<br>-   Other restricted<br>funds|**Tangible**<br>**and**<br>**intangible**<br>**assets**<br>**Heritage**<br>**assets  Investments**<br>**Investment**<br>**property**<br>**Other net**<br>**assets**<br>**Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>57,739<br>2,170<br>-<br>5,230<br>18,237<br>**83,376**<br>-<br>-<br>32<br>-<br>-<br>**32**<br>-<br>-<br>3,272<br>-<br>7,876<br>**11,148**|
||**57,739**<br>**2,170**<br>**3,304**<br>**5,230**<br>**26,113**<br>**94,556**|



## **Charity** 

|**Fund balances at**<br>**30 April 2025 are**<br>**represented by**<br>Unrestricted funds<br>Restricted funds<br>-  Endowment funds<br>-   Other restricted<br>funds|**Tangible**<br>**and**<br>**intangible**<br>**assets**<br>**Heritage**<br>**assets  Investments**<br>**Investment**<br>**property**<br>**Other net**<br>**assets**<br>**Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>57,739<br>2,170<br>112<br>5,230<br>18,125<br>**83,376**<br>-<br>-<br>32<br>-<br>-<br>**32**<br>-<br>-<br>3,272<br>-<br>7,876<br>**11,148**|
|---|---|
||**57,739**<br>**2,170**<br>**3,416**<br>**5,230**<br>**26,001**<br>**94,556**|



## **Group – prior year** 

|**Group – prior year**||
|---|---|
|**Fund balances at**<br>**30 April 2024**<br>**are represented by**<br>Unrestricted funds<br>Restricted funds<br>-  Endowment funds<br>-   Other restricted<br>funds|**Tangible**<br>**and**<br>**intangible**<br>**assets**<br>**Heritage**<br>**assets  Investments**<br>**Investment**<br>**property**<br>**Other net**<br>**assets**<br>**Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>56,041<br>2,170<br>-<br>5,265<br>18,414<br>**81,890**<br>-<br>-<br>41<br>-<br>-<br>**41**<br>-<br>-<br>3,273<br>-<br>6,528<br>**9,801**|
||**56,041**<br>**2,170**<br>**3,314**<br>**5,265**<br>**24,942**<br>**91,732**|



## **Charity – prior year** 

|**Fund balances at**<br>**30 April 2024**<br>**are represented by**<br>Unrestricted funds<br>Restricted funds<br>-  Endowment funds<br>-   Other restricted<br>funds|**Tangible**<br>**and**<br>**intangible**<br>**assets**<br>**Heritage**<br>**assets  Investments**<br>**Investment**<br>**property**<br>**Other net**<br>**assets**<br>**Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>56,041<br>2,170<br>-<br>5,265<br>18,414<br>**81,890**<br>-<br>-<br>41<br>-<br>-<br>**41**<br>-<br>-<br>3,273<br>-<br>6,528<br>**9,801**|
|---|---|
||**56,041**<br>**2,170**<br>**3,314**<br>**5,265**<br>**24,942**<br>**91,732**|





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## **17. Pension schemes** 

The Society has contributed to both defined benefit and defined contribution schemes during the year and defined benefit schemes are accounted for as if they were defined contribution schemes as required by FRS 102 Section 28 ‘Employee benefits’. Employees join the appropriate scheme, depending on their employment terms. The total cost to the Society for the year ended 30 April 2025, in respect of pension contributions, has been allocated between expenditure categories in proportion to staff costs and charged to the Consolidated Statement of Financial Activities as appropriate, as follows: 

|Defned beneft scheme contributions<br>Defned contributions schemes*|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**-**<br>-<br>**2,714**<br>2,513|
|---|---|
||**2,714**<br>2,513|



At 30 April, there were no outstanding employer’s and employees’ contributions, including any additional voluntary contributions. 

*Includes amount in respect of the USS, which is a defined benefit scheme, but as required by FRS 102 Section 28 ‘Employee benefits’, is accounted for as if it were a defined contribution scheme. 

After the closure of the ZSL 1988 Pension Scheme, which was closed to employees joining after 30 June 2011, a Friends Life stakeholder-defined contribution scheme is available for those employees. Any employees who participate in a defined benefit scheme do so in either the Zoological Society 1988 Pension Scheme (ZS 1988), which is the Society’s own self-administered occupational pension scheme, or the Universities Superannuation Scheme, which is contracted out of the State Second Pension (S2P) or the Friends Life schemes. 

The date of the last triennial actuarial valuation for the 1988 Pension Scheme was 30 June 2023. The date of the next triennial actuarial valuation is 30 June 2026. 

## **ZSL 1988 Pension Scheme schemes** 

|**Changes in present value of the defned beneft**<br>**value of obligation**<br>Defned beneft obligation at the start of the period<br>Interest cost<br>Actuarial (gain)/loss<br>Benefts paid<br>Demographic (gain)/loss on liabilities<br>Experience (gain)/loss on liabilities<br>Beneft obligation at the end of the period<br>**Changes in fair value of plan assets**<br>Fair value of plan assets at the start of the period<br>Interest income<br>Benefts paid (including expenses)<br>Return on plan assets (excl. net interest on the net<br>defned beneft asset)<br>Contributions by scheme participants<br>Fair value of plan assets at the end of the period<br>**Amounts recognised in the balance sheet**<br>Plans that are wholly unfunded and plans that are<br>wholly or partly funded:<br>Fair value of plan assets<br>Present value of wholly or partly funded obligations<br>**Surplus for funded plans and net assets**|**At 30 April 2025  At 30 April 2024**<br>**£000**<br>**£000**<br>**36,144**<br>38,560<br>**1,874**<br>1,838<br>**(2,988)**<br>(1,909)<br>**(1,579)**<br>(1,344)<br>**-**<br>(1,043)<br>**(282)**<br>42|
|---|---|
||**33,169**<br>36,144|
||**44,004**<br>44,544<br>**2,294**<br>2,131<br>**(1,579)**<br>(1,344)<br>**(2,190)**<br>(1,427)<br>**100**<br>100|
||**42,629**<br>44,004|
||**At 30 April 2025  At 30 April 2024**<br>**£000**<br>**£000**<br>**42,629**<br>44,004<br>**(33,169)**<br>(36,144)|
||**9,460**<br>7,860|



|**Components of pension cost**<br>Net fnance income<br>Pension income recognised in net income|**At 30 April 2025  At 30 April 2024**<br>**£000**<br>**£000**<br>**(420)**<br>(293)|
|---|---|
||**(420)**<br>(293)|





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## **17. Pension schemes (continued)** 

|**Other recognised gains and losses**<br>Return on plan assets less income on plan assets<br>Actuarial (gain)/loss<br>Experience losses/(gains)<br>Demographic losses/(gains)<br>Remeasurements of the net defned beneft pension<br>asset|**At 30 April 2025  At 30 April 2024**<br>**£000**<br>**£000**<br>**2,190**<br>1,427<br>**(2,988)**<br>(1,909)<br>**(282)**<br>42<br>**-**<br>(1,043)<br>|
|---|---|
||<br>**(1,080)**<br>(1,483)|



Actual return on plan assets for the year ended 30 April 2025 is a gain of £104,000 (2023-24: gain of £704,000). 

## **Principal actuarial assumptions** 

## **Weighted average assumptions used to determine benefit obligations** 

|**Weighted average assumptions used**<br>**to determine beneft obligations**|||
|---|---|---|
||**At 30 April 2025**|**At 30 April 2024**|
||**%**|**%**|
|Discount rate|**5.85**|5.30|
|Future salary increase|**N/A**|N/A|
|Rate of price infation (Retail Price Index)|**3.00**|3.30|
|Rate of price infation (Consumer Price Index)|**2.60**|2.80|
|Future pension increases:|||
|Retail Price Index capped at 5%|**2.90**|3.10|
|Retail Price Index capped at 5%, subject|||
|to a minimum of 3%|**3.60**|3.70|



## **Plan assets** 

## **Assumed life expectancy on retirement age at 65** 

|**Assumed life expectancy**<br>**on retirement age at 65**|||||
|---|---|---|---|---|
||**30 April**|**2025**|**30 April**|**2024**|
||**Male**|**Female**|**Male**|**Female**|
|Retiring today (member age 65)|**21.7**|**24.2**|21.7|22.0|
|Retiring in 25 years|**23.4**|**26.0**|23.3|23.9|
|(member age 40 today)|||||



## **Plan assets** 

## _Contributions_ 

There were no outstanding contributions payable to the plan at 30 April 2025 (2023-24: £nil). Under the current schedule of contributions, no deficit reduction contributions are payable, as the scheme was revealed to be in surplus at the valuation date. A £100,000 payment was made in May 2024 and is reflected in the financial statements. 

## _Universities Superannuation Scheme (USS)_ 

The latest available complete actuarial valuation of the Retirement Income Builder is as at December 2023 (the valuation date), and was carried out using the projected unit method. 

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. 

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73bn and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4bn and a funding ratio of 111%. 

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/about-us/valuation-and-funding/statement-offunding-principles). 

## **Fair value of plan assets and percentage of plan assets by asset allocation** 

|**Fair value of plan assets and**<br>**percentage of plan assets by**<br>**asset allocation**||
|---|---|
|Cash and cash equivalents<br>Equity investments<br>Diversifed growth funds<br>Debt investments<br>Fixed income<br>Annuities|**At 30 April 2025**<br>**2024-25**<br>**At 30 April 2024**<br>**2023-24**<br>**£000**<br>**%**<br>**£000**<br>**%**<br>**10,396**<br>**24.4**<br>2,235<br>5.1<br>**-**<br>**-**<br>4,911<br>11.1<br>**-**<br>**-**<br>4,609<br>10.5<br>**15,034**<br>**35.2**<br>15,539<br>35.3<br>**17,170**<br>**40.3**<br>16,682<br>37.9<br>**29**<br>**0.1**<br>28<br>0.1|
||**42,629**<br>**100.0**<br>44,004<br>100.0|



Higher levels of cash and cash equivalents reflects the de-risking of the scheme. 



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## **17. Pension schemes (continued)** 

Term dependent rates in line with the difference between the fixed interest and index-linked yield curves less: 1.0% pa to 2030, reducing linearly by 0.1% pa to a long-term difference of 0.1% pa from 2040 

**CPI assumption** 

**Pension increases (subject to a floor of 0%) Discount rate (forward rates)** 

CPI assumption plus 3bps 

Fixed-interest gilt yield curve plus: Pre-retirement: 2.5% pa Post retirement: 0.9% pa 

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows: 

## **2023 valuation** 

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females 

CMI 2022 with a smoothing parameter of 7.5, an initial addition of 0.4% pa, 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females 

Future improvements to mortality 

## **18. Leasing commitments – Group and charity** 

|**Items held under operating lease:**<br>Payments due:<br>Within one year<br>Between two to fve years|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**674**<br>550<br>**602**<br>969|
|---|---|
||**1,276**<br>1,519|



## **19. Capital commitments** 

Outstanding capital commitments at 30 April 2025 amounted to £974k (2023-24: £3,915k). The majority of the outstanding capital commitments relate to the refurbishment of the Reptile House into ZooTown at London Zoo. 

## **20. Group VAT liability** 

The Charity is jointly and severally liable for all Value Added Tax (VAT) debts of the VAT group registration of which it is a part, relating to the year that it has been a member of the VAT group. The total VAT creditor for the VAT group at 30 April 2025 was £313,000 (2024: £365,000). 

## **21. Related parties and other relationships** 

The current life expectancies on retirement at age 65 are: 

||**At 30 April 2025**|**At 30 April 2024**|
|---|---|---|
|Males currently aged 65 (years)|23.8|23.6|
|Females currently aged 65 (years)|25.5|25.3|
|Males currently aged 45 (years)|25.7|25.5|
|Females currently aged 45 (years)|27.2|27.1|



As per the 2023 valuation, deficit contributions payments were 6.3% of salaries over the period 1 April 2022 until 31 December 2023, at which point the rate decreased to 0.0%, reflecting the scheme’s surplus. The figures have been produced using the following assumptions: 

||**At 30 April 2025**|**At 30 April 2024**|
|---|---|---|
|Discount rate|5.4%|4.9%|
|Pensionable salary growth|2.5%|5.0%|



There were no related party transactions in the year (2023-24: none), except for the transactions with subsidiary companies. 

_Entities over which the Society has control_ 

Balances with subsidiaries bear no interest and there are no guarantees given or received in relation to these transactions. Per SORP and FRS 102, the related party disclosure for the subsidiaries (refer to note 11 regarding their purposes) are: 

|**ZEL**<br>Intercompany debtor carried forward<br>Gift Aid distribution to ZSL<br>Support costs charged to subsidiary during the year|**2024-25**<br>**2023-24**<br>**£000**<br>**£000**<br>**1,945**<br>1,305<br>**1,956**<br>2,756<br>**2,634**<br>1,956|
|---|---|
||**6,535**<br>6,017|



It is not possible to split out the assets and liabilities of the USS Scheme. The previously reported deficit is now a surplus, and therefore ZSL’s previously reported deficit obligation is now zero. There was no recognised liability at 30 April 2024 and no movement in the year to 30 April 2025. 



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## **22. Charity Statement of Financial Activities for the period ended 30 April 2025** 

A summary Statement of Financial Activities for the charity itself is presented below, with the turnover and expenditure for ZEL shown by the amount of Gift Aid payable to the charity by the company. 

## **23. Charity Statement of Financial Activities for the period ended 30 April 2024** 

A summary Statement of Financial Activities for the charity itself is presented below, with the turnover and expenditure for ZEL shown by the amount of Gift Aid payable to the charity by the company. 

|**Income and endowments from**<br>Donations and legacies<br>Charitable activities<br>Gift Aid from profts from<br>trading subsidiaries<br>Investment income<br>Other income<br>**Total income**<br>**Expenditure on**<br>Raising funds:<br>Cost of generating voluntary income<br>Charitable activities:<br>Animal collections<br>Science and research<br>Conservation programmes<br>**Total expenditure**<br>Net (losses)/gains on investments<br>**Net income/(expenditure)**<br>Other recognised gains/(losses)<br>Remeasurement of defned<br>beneft obligation<br>Transfers between funds<br>Net movement in funds<br>Reconciliation of funds:<br>Total funds brought forward<br>Total funds carried forward|**Unrestricted**<br>**Restricted**<br>**incl. endowment**<br>**2024-25 Total**<br>**2023-24 Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>3,364<br>3,707<br>**7,071**<br>6,356<br>45,848<br>18,164<br>**64,012**<br>56,033<br>1,956<br>-<br>**1,956**<br>2,757<br>826<br>78<br>**904**<br>1,196<br>477<br>-<br>**477**<br>299<br>**52,471**<br>**21,949**<br>**74,420**<br>66,641<br>1,514<br>1,189<br>**2,703**<br>1,703<br>44,672<br>29<br>**44,701**<br>42,013<br>5,405<br>5,010<br>**10,415**<br>8,088<br>2,648<br>12,164<br>**14,812**<br>12,154<br>**54,239**<br>**18,392**<br>**72,631**<br>63,958<br>(35)<br>(10)<br>**(45)**<br>1,635<br>**(1,803)**<br>**3,547**<br>**1,744**<br>4,318<br>1,080<br>-<br>**1,080**<br>1,483<br>2,209<br>(2,209)<br>**-**<br>**-**<br>**1,486**<br>**1,338**<br>**2,824**<br>5,801<br>81,890<br>9,842<br>**91,732**<br>85,931<br>**83,376**<br>**11,180**<br>**94,556**<br>91,732<br>**Income and endowments from**<br>Donations and legacies<br>Charitable activities<br>Gift Aid from profts from<br>trading subsidiaries<br>Investment income<br>Other income<br>**Total income**<br>**Expenditure on:**<br>Raising funds:<br>Cost of generating voluntary income<br>Charitable activities:<br>Animal collections<br>Science and research<br>Conservation programmes<br>**Total expenditure**<br>Net (losses)/gains on investments<br>**Net income/(expenditure)**<br>Other recognised (losses)/gains:<br>Remeasurement of defned<br>beneft obligation<br>Transfers between funds<br>Net movement in funds<br>Reconciliation of funds:<br>Total funds brought forward<br>Total funds carried forward|**Unrestricted**<br>**Restricted incl.**<br>**endowment**<br>**2023-24 Total**<br>**2022-23 Total**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>3,290<br>3,066<br>**6,356**<br>5,691<br>45,239<br>10,794<br>**56,033**<br>55,988<br>2,757<br>-<br>**2,757**<br>3,268<br>1,118<br>78<br>**1,196**<br>573<br>299<br>-<br>**299**<br>388|
|---|---|---|
|||**52,703**<br>**13,938**<br>**66,641**<br>65,908<br>1,426<br>277<br>**1,703**<br>1,432<br>41,209<br>804<br>**42,013**<br>40,922<br>3,494<br>4,594<br>**8,088**<br>7,977<br>2,299<br>9,855<br>**12,154**<br>11,375|
|||**48,428**<br>**15,530**<br>**63,958**<br>61,706<br>1,465<br>170<br>**1,635**<br>(19)|
|||**5,740**<br>**(1,422)**<br>**4,318**<br>4,183<br>1,483<br>-<br>**1,483**<br>(4,609)<br>968<br>(968)<br>**-**<br>-|
|||**8,191**<br>**(2,390)**<br>**5,801**<br>(426)|
|||73,699<br>12,232<br>**85,931**<br>86,357|
|||**81,890**<br>**9,842**<br>**91,732**<br>85,931|



Restricted expenditure includes any financial activity related to endowment funds. Further detail of endowment fund movements can be found in note 15. 

Restricted expenditure includes any financial activity related to endowment funds. Further detail of endowment fund movements can be found in note 15.