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2022-12-31-accounts

Charity number: 275433 Company number: 01355272

Marwell Wildlife Trustees’ Report & Financial Statements For the year ended 31 December 2022

Page
Trustees 1
Reference and Administrative Details of the Charity and Advisers 2
Chairman’s Statement 3 – 4
Trustees Report 5 – 12
Independent Auditors Report 13 – 15
Consolidated Statement of Financial Activities 2022 16
Consolidated Statement of Financial Activities 2021 17
Consolidated Balance Sheet 18
Company Balance Sheet 19
Consolidated Cash Flow Statement 20
Notes to the Financial Statements 21 – 47

MARWELL WILDLIFE (A Company Limited By Guarantee)

TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2022

Trustees

David Stalker, CIMSPA, Chairman (Business Development) Francis McCaffrey, BA Hons, Vice-Chairman (Business Development, HR/Remuneration) Richard Mark Charter (Business Development) Teresa Frost (HR/Remuneration, Nominations) Peter Jakob, BSc, CIM (Marketing) Christopher Langford, MRICS, FAAV (Business Development) (Resigned 10 May 2022) David Pape, MSc, MCIEEM, (Conservation) (Resigned 16 Jan 2023) Nicola Robinson, VetMB, MRCVS (Ethics) Miranda Stevenson, OBE, BA, PhD, MBA (Conservation, Ethics), (Resigned 10 May 2022) Diane Walkington BSc Hons, (Conservation, Nominations) Andrew Warren, BA Hons, FCA, MBA (Business Development, HR/Remuneration, Nominations) Adrian Neal, FRICS MCIArb (Business Development) (Appointed 10 May 2022)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ADVISERS

FOR THE YEAR ENDED 31 DECEMBER 2022

Company registered number

01355272

Charity registered number

275433

Registered office

Marwell Wildlife, Colden Common, Winchester, Hampshire, SO21 1JH

Chief executive officer

James Cretney MBA, PhD

Independent auditor

Azets Audit Services, Athenia House, 10-14 Andover Road, Winchester, Hampshire, SO23 7BS

Bankers

National Westminster Bank Plc, High Street, Winchester, Hampshire

Solicitors

Coffin Mew LLP, Kings Park House, Kings Park Road, Southampton

MARWELL WILDLIFE

CHAIRMAN’S STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2022

Last year, we reported on the impacts of a second year of Covid restrictions in 2021 and our hope that 2022 would provide a much-needed year of recovery. Although Marwell was finally permitted to operate for a full 12 months trading for the first time in 3 years, no-one could foresee the perfect storm of worldwide and local events that would provide such a challenging environment for the year. A weakened UK economy and staycation market, rising inflation, the war in Ukraine and resultant fuel price and supply issues, all combined with an unprecedented series of external local events, including Avian Influenza, extreme heatwaves, storms and even a tornado, to provide an even more disrupted trading year.

Summer guest numbers, although good given the circumstances, did not match the expectations coming out of Covid. Despite this, we ran a successful summer event programme and launched the first year of our major new winter event, Glow Marwell . This important addition to the calendar was extremely well received, generating around 10% of our paying guest numbers for the year, in just 26 evenings and producing a surplus in its launch year.

Operational circumstances were, in their way, as challenging for Marwell’s staff and volunteers as the previous two years of dealing with Covid. As ever, Marwell’s teams rose to meet those challenges and as a result of the superb efforts of every department, generated an annual income total of £12.46 million, with an end of year unrestricted EBITDA surplus of £718k. As ever, our sincere thanks go to all our valued staff and volunteers, as well as our annual pass holders and guests who visited and continued to support us through the year.

Our charitable work continued to be affected by the pandemic, with movement restrictions remaining in place during the first half of the year in some locations. Additionally, the invasion of Ukraine by Russia hampered our efforts in Central Asia, for example preventing the planned hand-over of work on goitered gazelle to the government of Kazakhstan due to perceived enhanced security risks. Despite these ongoing and emerging constraints, our conservation teams in the UK and around the world continued to make progress with characteristic dedication, flexibility and resilience.

At home, we calculated that we are exceeding carbon neutrality for our UK operation, factoring in the carbon being sequestered and stored by the woodland and grassland habitats that we manage for biodiversity and sustainable food supply for our animals. This is a great achievement and a solid platform on which to build towards net-zero across all our operations. Nevertheless, our small but important step reminds us that climate change continues to be an ever-present threat to us and the global biodiversity we rely upon. This remains in sharp focus through our work on Grevy’s zebra in northern Kenya, where ongoing and seemingly never-ending drought threatens the lives of people and their livestock and wildlife. Our teams and partners have been providing emergency food for the zebras and livestock in the communities we work with, to reduce pressure on these increasingly fragile ecosystems.

In the zoo we continued our work with the Animal Welfare Assessment Grid (AWAG) and our staff have now made over 27,000 welfare assessments for over 50 different species since we began using the software in 2021. Working with the University of Surrey, National Marine Aquarium and a student from Imperial College, we adapted the AWAG to assess the welfare of cephalopod molluscs and decapod crustaceans. We were very pleased to see this work published in the journal Animals , particularly in light of the recognition of these species groups as sentient.

Our teaching partnership with the University of Surrey’s School of Veterinary Medicine continued with delivery of our final year elective module in zoological medicine to 23 students and workshop / lecture delivery to 140 fourth year students. This year student output contributed to our assessment of how Glow Marwell affected our animals and to a further publication on use of the AWAG to assess the welfare of the common cusimanse, a type of mongoose.

In 2022 we published our new conservation strategy for the next five years. This takes the unifying theme of Conservation Health as a focus for our efforts to support nature’s recovery. By bringing together elements of Health, Connection, and Innovation & Knowledge Exchange we set out our novel reframing of the role of progressive modern zoos in conservation; it has also reclarified our purpose to our people. As in previous years, the health of our people and our organisation remained a key focus

MARWELL WILDLIFE CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 as we Worked together to balance the sometimes-competing demands of our rnission, and our commercial, operational. and individual needs. Glow Marwellgave us a wonderful opportunity to come together in 5UPPOrt of our objectives, wrth many 5tsff volunteenng to help wth the event. It also demonstrated the need for us to examine the shape of our workforce. and work has started lo ensure we remain a future-fit organi5abon, wth the Ilexibility to support JI our aclivrties. Since the UK left the European Union. UK 2005 have transferred far fewe¥ animals to ar¢d from Eurcpean countries. Mthough some progress in this area was made during 2022. through the work of zoo industry a550ciations. we have seen an impact on the 5U51ainability ol our animal populats.ons in the zoo. We are working hard to find solutions to this issue to avoid fvrther declines In animal numbers and associated animal welfare impacts. This was also exacerbated by one of the worst years for avian influenza IAII across the UK and in December we sadly lost eight of our Humboldl penguins to Al. Fortunately, due to our high siandards of tsosecunty and quKk response to the outbreak, we were able to remain open Finally, rt wa$ also vAlh great sadness that the conservats'on wodd lost a great and kind colleague, Dr Mark Stanley Price. An eminent and respected conservation scients"5t. with over 40 years of experience predominately In Afrsca and West Asia, he served as a fellow Trustee frorn 2008 to 2020 and chaired our conservation committee lrnparting his knowledge. skill and expertise with his CLt$ltsmary enthusiasm, generosity and atways ￿￿1￿ a tw.nkle In his eye, we mi$s him greatly. David Stalker Chairman of the 8oaTd of Truste Date..

MARWELL WILDLIFE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Marwell Wildlife, is a registered charity and company limited by guarantee, charity number 275433, company number 01355272. The trustees, who are also directors for the purposes of companies legislation, have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2022. These comply with current statutory legislation and the memorandum and articles of association.

STRATEGIC REPORT

Objectives and Activities

Missions, Objects and Aims

The Charity’s mission as reflected in its objects is the advancement of environmental protection and of education for the public benefit by:

Significant Activities that Contribute to Aims

Public benefit

The Trustees confirm that they have complied with the duty in the Charities Act 2011 to have due regard to public benefit guidance issued by the Charity Commission.

The Trustees believe that the pursuit of our aims provides a public benefit in the areas of education, scientific research and the conservation of endangered species and their habitats. Whilst in order to cover the high costs of operating Marwell Zoo, admission fees are charged, when settling the level of fees consideration is given to accessibility to the public. Discounts are available for school visits, students, pensioners and families.

Disabled guests are entitled to free admission for a carer. The charge made for a school classroom session taught by our in-house education team is well below market rates in order to reach as many pupils as possible.

MARWELL WILDLIFE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

Employees

The impacts of Covid-19 continued to influence the people plan at Marwell; and for 2022, rebuilding organisational resilience and supporting our people back to strong physical and mental health was key. Maintaining collaborative working between our ‘health’ focused teams supported the retention of low level Covid-related disruption and absence.

The challenges of an increasingly volatile labour market highlighted the need for us to stay ahead of the game in the attraction and retention of staff. The ways in which we resourced our vibrant organisation remained ever evolving, and we stayed creative and proactive in our approach to acquiring and retaining talent. Next year we will see further increases in our Apprenticeship numbers as we work to negate the effects of external market skills shortages.

Strategic review work sought out the views of all staff and volunteers, and ensured employee voice could continue to be sought into following years with the introduction of a Staff Council, co-chaired by senior managers from departments representative of our 3 organisational goals.

As in previous years, employee engagement sat front and centre of our focus as we looked to communicate extensively, ensuring employee contribution was understood, organisational plans were clear and that all our extraordinary efforts continued to be celebrated.

The future shape and health of our culture remains the responsibility of us all, and so we strive to keep all employees and volunteers connected to the achievement of Marwell’s goals and objectives.

Fundraising Statement

We would like to thank our fundraisers personally for all the generous support you have provided to the charity during the year.

The Charity is a member of the Fundraising Regulator, who holds the Code of Fundraising Practice for the UK. Our approach is to ensure that we comply with the standards as set out in the Code across all of our fundraising activity. We do not engage with any third party fundraisers. We comply with the key principles and behaviours of the Code to ensure that any vulnerable persons are treated fairly. All fundraisers are required to demonstrate an understanding of the Code and make a commitment to uphold its values when they join the Charity.

Our approach is one which ensures that the reputation of the Charity is maintained at a high level. Throughout the organisation, we maintain professional standards of communication with all our stakeholders, and we pride ourselves on being an approachable and professional charity.

Over the course of the year we have monitored our fundraising activities closely. We received no complaints in relation to any fundraising activities. Achievements and performance against objectives

In 2022, we planned to:

Restoring Nature:

MARWELL WILDLIFE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Sustainable Living:

Catalysing Change:

In 2022, we:

Restoring Nature

MARWELL WILDLIFE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Sustainable Living:

Catalysing Change:

Plans for future periods:

We will consolidate our work around our new Conservation Strategy, which adopts a Conservation Health approach to Supporting Nature’s Recovery. This approach will align the themes of Health, Connection and Innovation and Knowledge Exchange. During 2023 we plan to:

Health

MARWELL WILDLIFE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Connection:

Knowledge Exchange and Innovation:

Financial review and subsequent events

2022 was a year without imposed restrictions on our opening and operation, the first in three years. Our visitor numbers are below pre-covid volumes but remain stable following.

It should be noted though that during the year we had a small number of forced closures due to high winds, and water supply issues in the local area. The very hot summer of 2022 discouraged visitors to the zoo at its peak. We do though have increasing membership income which gives us a level of confidence.

In 2022, we successfully introduced the ‘ Glow Marwell’ winter event which is an opportunity to welcome new visitors and supporters during an overwise quiet period of the year. The first year gave a small surplus, and we look forward to a return of the event building on the success of the first.

We are grateful for those people who consider our charity in their will. This year we received legacies from seven estates. Legacies received totalled £699,000 of unrestricted Income, of which the largest £538,000 was accrued in the accounts, but not received by the year end.

Restricted funds at the year-end were £413,702 (2021: £334,995). Our unrestricted reserves at the year-end £18,685,864 (2021: £19,207,492).

MARWELL WILDLIFE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees have established a reserves policy, the object of which is to ensure the continued operation of the organisation, including its scientific, conservation and educational programmes. Historically, it was the charity’s policy to hold a base reserve over and above that held in fixed assets, equivalent to at least three months’ operating expenditure. The aftermath of Covid-19, including inflationary pressures on costs continues to give concern. This year we see free reserves to be a deficit £61,828 (2021: surplus £275,676).

We have prepared budgets for the year to 31 December 2023, which are a fair reflection of estimated income and expenditure. Whilst we believe that the charity will operate into the distant future, it is our view that we must further develop & diversify our income streams of guest numbers, events, trading and fundraising whilst managing our costs. It remains the policy to return to a position where we retain base free reserves sufficient for at least three months’ operating expenditure.

Structure, governance and management

Constitution

The company is limited by guarantee, and the guarantee of each member is limited to £10. The governing instrument is the Memorandum and Articles of Association.

Marwell Wildlife owns 100% of the share capital of Marwell Services Limited. Marwell Wildlife own the land and all other assets and deals with income and expenditure relating to the operation of the park, including the upkeep and welfare of the animals and all visitor services, conservation expenditure, and expenditure of education. Marwell Services Limited deals with all our trading activities, for example income from our shop, for our catering operation, and from hiring out the hall for conferences and other events.

Method of appointment or election of Trustees

The Governing Body of the charity is a Board of not less than five and not more than fourteen Trustees. New Trustees are elected by the Board following a recruitment process facilitated by the Nominations Committee.

Applicants are sought from a combination of personal referrals, advertised vacancies and executive search organisations. Trustees are appointed for a three-year term but may offer themselves for reelection at the end of each term for a maximum of 4 terms.

Policies adopted for the induction and training of Trustees

Training of Trustees is reviewed against individual training needs and a full introduction and induction to the organisation is given to new Trustees upon appointment.

Organisational structure and decision making

The Board normally meets four times a year to review strategy and performance and is helped in its work by the following Trustee-led committees:

Committees do not have executive authority but are chaired by a Trustee. Committees have their own terms of reference and provide linkage back to the main Board and support for senior management of the charity in their work

MARWELL WILDLIFE

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

Remuneration policy

The Trustees consider the Board of Trustees, the Chief Executive Officer and his Executive team, to whom all day-to-day management is delegated, to comprise the key management personnel of the charity. The Executive team comprises the Chief Executive, the HR Director, Commercial Director and the Director of Conservation. All members of the Board of Trustees give their time voluntarily and received no financial benefits or expenses from the charity other than those disclosed in Note 14 to the accounts.

In examining and awarding executive pay, Marwell uses a variety of sectorial data and benchmarks. This includes, but is not limited to, the annual ACEVO Pay Survey, publicly advertised vacancies for similar positions within the sector, and market intelligence gleaned through Marwell’s own networks regarding direct comparisons.

A Remuneration Committee formed from members of the HR Committee oversees this process, meeting twice yearly. Although specific adjustments to executive remuneration can be tabled at any time, the committee normally examines remuneration at its October meeting and currently aims to place executive remuneration in the median quartile for the sector.

Risk management

Oversight of risk is delegated by the Board to the Business Development Committee who have set aside one committee meeting a year solely to address this topic and review the Risk Register in detail with a view to a subsequent Board report. The Risk Register was updated in 2022 assessing the impact of a range of strategic, regulatory and reputational as well as operational risks and to ensure responsibility for monitoring and controlling the relevant risk to reduce the likelihood of occurrence or impact is allocated appropriately.

The most significant risks to Marwell Wildlife are events that impact the continued operation of the zoo which is the major contributor to our charitable outputs. To this end, a thorough review of Business Continuity and Disaster Recovery is routinely undertaken by all operational departments. As a result, business continuity planning focusses on ensuring our critical activities are protected, in so far as possible, from events outside our control and the incidence of events within our control is properly mitigated and controlled. We continued this planning throughout 2022, and we will continue to review it, with relevant procedures developed, examined and tested.

In addition to ‘business as usual’ risk, our major projects are separately risk assessed to identify areas of uncertainty and opportunity relating to project work, products and outcomes, as well as the impact on day-to-day operations.

MARWELL WILDLIFE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPOR T AND STRATEGIC REPORTI FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees, rnsponsibiliti•s ststement The Trustees (who are also dire¢tOfS ol Ma￿ell Wldlife for the purposes of company lawl are responsible lor preparing the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢li¢e). Company law requires the Trustees to piepare financial siatements for each financial year. Under company law the Trustees must not approve the finan¢ial 5talemenls unless they are satisfied that the give a true and fair view of the sfate of affairs of the charitable Company and the group and of the incomin9 re$our¢es and appli¢ation ol resources. Including the In¢ome and expenditure. of the Chanlable group for that period. In pfeparing these finan￿al statements, the Trustees are required to" Select surtable accounting poliC￿S and then appty them consislentty., Ob5eFve the methods and principles in the Chaniies SORP". Make jud9menls and accountsng estimates thal afe iea$onable and prudent", State whether applicable UK Accounting Standafd have been followed. subject to any material departures disclosed and explained in the financial statements,. Prepare the finan¢ial stslemenls on the going concern basi$ unless Il is inappropriate to presume that the charitable group wll continue In tsperabon. The Trustees are responsible for keeping adequate accountyng records that are sufficienl to show and explain the charitable company and the group's transactions and disclose wrth reasonab￿ accura¢y al any time the financial position ol the ¢hanlable group ar￿ enable them to en$ure that the financial statements comply with the Companies Act 2006. They are also respons1ble for safeguarding the assets ol the charitable company and the group and hence foi taking reasonable $tepg lor the prevention and detection of fraud and other irregulantyes. D1•Cl￿uro of InfiThatlon to audltor Each ofthe person$ who are Trustees al the time when this Twstees, Report is approved has confirmed that.. So far as ihat Trustee is aware. there 1$ no relevant audit Information of wthich the charitable group's auditor 15 unaware. and That Trustee ha5 taken all the steps that ought to have been raken as a Tnjstee In order to be aware of any information needed by ihe chariiable group's auditor In connection wth preparing its report and to establish that the ¢harrtable group's auditor is aware of that Informalion. Audltor The Designated Trustees wll propose a motion T&app￿n￿.n9 A2ets Audil Services at a meeting of the Tfustees. This report was approved by the Trusie Strategic Report incorporated therein, on . capacity as company di¥eclors approved the and S￿ned on their behalf by". David Stalker, CIMSPA, Chairnian 12-

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARWELL WILDLIFE

FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of Marwell Wildlife (the ‘charitable parent company’) and its subsidiary (the ‘group’) for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or charitable parent company’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 trustees’ 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, except to the extent otherwise explicitly stated in our report, 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.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARWELL WILDLIFE

FOR THE YEAR ENDED 31 DECEMBER 2022

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARWELL WILDLIFE

FOR THE YEAR ENDED 31 DECEMBER 2022

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Michael Tizard (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants

17 May 2023

......................... Athenia House 10-14 Andover Road Winchester Hampshire United Kingdom SO23 7BS

MARWELL WILDLIFE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

Including a consolidated income and expenditure account for the year ended 31 December 2022

Note
Income from:
Donations and legacies
Job retention scheme grant
3
Other donations and legacies
3
Other trading activities
4, 5
Investments
6
Charitable activities
7
Other income
8
Total income
Expenditure on:
Raising funds
4, 9
Charitable activities
10, 11
Total expenditure
13
Net income/(deficit) before
transfers
Transfers
Net income/(deficit), being net
movement in funds
Reconciliation of funds:
Totals funds at 1 January 2022
Total funds at 31 December
2022
31		 Restricted
funds
2022
£
Unrestricted
funds
2022
£
Total
funds
2022
£
Total
funds
2021
£
-
8,199
8,199
390,163
219,755
1,522,318
1,742,073
1,370,542
219,755
1,530,517
1,750,272
1,760,705
-
3,684,975
3,684,975
2,812,158
-
12,707
12,707
486
383
6,965,147
6,965,530
6,417,338
-
41,855
41,855
45,020
220,138
12,235,201
12,455,339
11,035,707
6,523
4,406,736
4,413,259
3,384,575
134,908
8,350,093
8,485,001
7,030,666
141,431
12,756,829
12,898,260
10,415,241
78,707
(521,628)
(442,921)
620,466
-
-
-
-
78,707
(521,628)
(442,921)
620,466
334,995
19,207,492
19,542,487
18,922,021
413,702
18,685,864
19,099,566
19,542,487

All activities relate to continuing operations.

The notes on pages 21 to 47 form part of these financial statements

MARWELL WILDLIFE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Including a consolidated income and expenditure account for the year ended 31 December 2021

Note
Income from:
Donations and legacies
Job retention scheme grant
3
Other donations and legacies
3
Other trading activities
4, 5
Investments
6
Charitable activities
7
Other income
8
Total income
Expenditure on:
Raising funds
4, 9
Charitable activities
10, 11
Total expenditure
13
Net income/(deficit) before
transfers
Transfers between funds
Net income, being net
movement in funds
Reconciliation of funds:
Totals funds at 1 January 2021
Total funds at 31 December
2021
31		 Restricted
funds
2021
£
Unrestricted
funds
2021
£
Total
funds
2021
£
Total
funds
2020
£
-
390,163
390,163
760,796
157,837
1,212,705
1,370,542
1,095,934
157,837
1,602,868
1,760,705
1,856,730
-
2,812,158
2,812,158
1,727,970
-
486
486
2,694
16,417
6,400,921
6,417,338
4,442,466
-
45,020
45,020
278,149
174,254
10,861,453
11,035,707
8,308,009
9,350
3,375,225
3,384,575
3,199,609
154,018
6,876,648
7,030,666
7,515,448
163,368
10,251,873
10,415,241
10,715,057
10,886
609,580
620,466
(2,407,048)
-
-
-
-
10,886
609,580
620,466
(2,407,048)
324,109
18,597,912
18,922,021
21,329,069
334,995
19,207,492
19,542,487
18,922,021

All activities relate to continuing operations.

The notes on pages 21 to 47 form part of these financial statements

MARWELL WILDLIFE CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Nots Fixed a$$¢ts Tangible assels Animal collection 17 18,747,692 18,851.775 Tolal tangible agse15 18,747,693 18,851,776 Intangible assets 19 18.952 22.528 18.766.645 18,874,304 Cufrent assots Stocks Deblois Cash at bank and in hand 21 22 110.355 688.793 5,069.844 80.729 284,155 5 932,033 5.868.992 8,296,917 Cr•ditors.' amoLrnt$ falling due wthin one year 23 {1,721.544) 11.686,7831 Net current a•••t• 4.147,448 4,610,154 Tot•1 •$s•ts l•*• curr•nt liabilities 22.914,093 23,484,458 Cr•dltors: amounts falling due after one year 24 13.814.527) {3,941,9711 N•l asg•t• 19,099,566 19.542.487 Charlty funds Re51TiCted funds Unr•$tricted fund# Fixed a$sel fund5 Designated funds Free reserves 29 413,702 334,995 18,747.692 18,851,775 80,041 275.676 61,828 Total unrestricted funds 18.685.864 19,207,492 Total funds 30 19,099,566 19.542,487 The financial statemen ved by the Iruslees on . and $igned on their behaw. by. David Stalker CIMSPA. And arrgn, 8A Hon$, FCA, MBA The note$ on page$ 21 to 47 lorm part of these financial statements. Charity Regislration No. 275433 18-

MARWELL WLDLIFE COMPANY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Nots Fixed a55ets Tangible assets Animal collectKJn 17 18.747,692 18,851,775 Total tangible assets 18,747,693 18.851.776 Intangible a$$ets 19 18.952 22,528 Investment5 20 loo.000 100,000 18,866.845 18,974,304 Current $•?ts Stocks Debtors Cash at bank and in hand 21 22 5,376 4.227.892 1.287.900 1,620 2.010.825 3.488.256 5.521.168 5,480,701 Cr•dltors: arnoLtn15 falling due wthin one year 23 {1.$42.8491 {1,626.8821 N•t curr•nt ass•t• 3,978,319 3,853,819 Total As••ts l•s curr•nt liabilities 22.844.964 22,828,123 Crodltors: amount5 falling due after one year 13.814,5271 13,941,971) Net asset• 19,030.437 18,886.152 Charlty fund Reglricled funds Unrestricted funds 29 413.702 18.616,735 334.995 18,551,157 Total lunds 19.030,437 18.886.152 The financial statements were approved by the trustees on and signed or¢ their beh3W. by Davld Stalker CIMSPA, Andrew Warren, BA Hons, FCA. MBA The noles on pages 21 to 47 f¢ym part of Ihese finan¢ial $lements. Company Registration No. 01355272 19-

MARWELL WILDLIFE

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Cash flows from operating
activities
Net cash provided by operating
activities
Interest paid
32
Net cash inflow from operating
activiies
Cash flows from investing
activities
Interest receivable
Purchase of tangible fixed assets
Proceeds from sale of property,
plant and equipment
Net cash used in investing
activities
Financing activities
Repayment of finance leases
Drawdown of loan
Repayment of loan
Net cash used in financing
activities
Change in cash and cash
equivalents in the year
Cash and cash equivalents brought
forward
Cash and cash equivalents carried
forward
33		 £
12,707
(1,017,888)
28,478		 2022
£
525,375
(146,991)		 £
486
(374,797)
-		 2021
£
1,869,798
(122,561)
378,384
(976,703)
(263,870)		 1,747,237
(374,311)
(110,428)
(38,085)
-
(225,785)		 (38,085)
4,300,000
(4,372,343)
(862,189)
5,932,033		 1,262,498
4,669,535
5,069,844 5,932,033

The notes on pages 21 to 47 form part of these financial statements.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting Policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as amended for accounting periods commencing from 1 January 2019) (‘the SORP’) and the Companies Act 2006. The principal accounting policies adopted are set out below.

Marwell Wildlife meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Company status

Marwell Wildlife is a company limited by guarantee (number 01355272) incorporated in England & Wales and registered with the Charity Commission (number 275433).

The members of the company are the Trustees who are named on the first page of the statutory accounts. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

1.3 Basis of consolidation

The financial statements consolidate the accounts of Marwell Wildlife and all of its subsidiary undertakings (‘subsidiaries’).

The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and Expenditure Account.

The income and expenditure account for the year dealt with in the accounts of the company was a surplus of £144,285 (2021: surplus of £223,077).

1.4 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statement

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

1. Accounting Policies (continued)

1.4 Fund accounting (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.5 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. No amounts are included in the financial statements for services donated by volunteers.

Income from donations is recognised on receipt or when any terms and conditions have been met.

Income from legacies is recognised when notification of the legacy is received, generally after grant of probate, providing the amount can be reliably ascertained and ultimate receipt is probable.

Grant income is recognised when all terms and conditions relating to the grant have been met.

Trading income and income from charitable activities is recognised at the time of receipt. Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Membership income is recognised on a straight line basis over the membership period.

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

1.6 Going concern

The financial statements have been prepared on the basis that the group and company are a going concern. They trustees have approved a detailed income and expenditure budget for 2023 and forecasts for 2024, the group has a regular stream of income from visitors and will meet liabilities as they fall due.

Based on the performance to date in 2023, expected results for the rest of 2023 and into 2024 and continued bank support, the trustees consider that there are no material uncertainties relating to the group’s ability to continue its activities for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting Policies (continued )

1.7 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual’s basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

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

Charitable activities include our Conservation and Education programmes, and the operation of the Zoo in support of those programmes. The costs of our charitable activities include both direct costs and support costs relating to those activities.

Governance costs include those incurred in the governance of the charity and are primarily associated with constitutional, statutory and strategic requirements.

Support costs, which include the central office functions such as general management, payroll, administration, budgeting and accounting, information technology and human resources are allocated across the categories of the costs of generating funds, charitable activities and governance costs. Support costs are directly attributed where possible. Where this is not possible, they are apportioned on the basis of numbers of staff employed in different operational areas of the charity.

Irrecoverable VAT is charged as a cost to the Statement of Financial Activities (within the appropriate category as noted above).

1.8 Tangible fixed assets and depreciation

Individual fixed assets costing more than £5,000 are capitalised and included at cost, including any incidental costs of acquisition. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Animal houses and freehold buildings - 2-4% straight line Plant & equipment - 8.5-25% straight line Motor vehicles - 25% straight line Roads and fencing - 7.5% straight line Computer equipment - 25% straight line

No depreciation is provided on freehold land or assets in the course of construction.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting Policies (continued )

1.9 Intangible fixed assets and amortisation

Intangible assets costing more than £5,000 are included at cost, including any incidental costs of acquisition. Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful economic life. The carrying value of intangible assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

The useful economic lives of intangible assets are as follows:

Software and IT systems – 10 years

If there are indicators that the residual value or useful life of an intangible asset has changed since the most recent annual reporting period previous estimates shall be reviewed and, if current expectations differ the residual value, amortisation method or useful life shall be amended. Changes in the expected useful life or the expected pattern of consumption of benefit shall be accounted for as a change in accounting estimate.

1.10 Impairment of non-financial assets

The charity assesses at each reporting date whether an asset may be impaired. If any such indication exists, the charity estimates the recoverable amount of the asset. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revaluation decrease. An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

1.11 Animals

Marwell Wildlife participates in global cooperative efforts to maintain sustainable populations of animals which are reliant on the sharing of individuals between zoological organisations. Veterinary screening, transport and other costs of receiving animals are expensed during the period of acquisition. However, with no objective or practical basis for establishing value, animal transactions are made without monetary consideration. Hence, as is customary among zoological organisations, the animal collection is recorded at a nominal value.

1.12 Stocks

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

1.13 Investments

Investment in subsidiaries are valued at cost less provision for impairment.

1.14 Operating leases

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

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting Policies (continued)

1.15 Debtors

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

1.16 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.17 Creditors and provisions

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

1.18 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets , which include debtors and cash and bank balances receivable within one year, are measured at transaction price including transaction costs.

Basic financial liabilities , including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled

1.19 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting Policies (continued)

1.20 Finance leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as finance lease obligation. The interest is charged to the statement of financial activities so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.21 Foreign currency translation

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transaction. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the SOFA.

1.22 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as liability.

2. Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Useful economic lives of tangible assets

The group has recognised tangible fixed assets with a carrying value of £18,747,692 at the year end as disclosed in note 17. These assets are stated at their cost less provision for depreciation and impairment. The charity’s accounting policy sets out at note 1.8 the approach to calculating depreciation for these assets. For property, animal houses and other buildings, the group determines at construction reliable estimates for the useful life of the asset. Where appropriate component accounting is applied with components of a major asset, being identified and depreciated over different useful lives. These estimates are based upon such factors as the expected use of the asset and market conditions. At subsequent reporting dates the Trustees consider whether there are any factors such as changes in market conditions that indicate a need to reconsider the estimates used.

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

3. Income from donations and legacies

Donations
Legacies
Grants
Government grants
Gift aid
Total donations and legacies
Donations
Legacies
Grants
Job retention scheme grant
Gift aid
Total donations and legacies		 Restricted
funds
2022
£
Unrestricted
funds
2022
£
Total
funds
2022
£
Total
funds
2021
£
66,593
261,099
327,692
480,277
-
699,362
699,362
203,508
153,162
-
153,162
52,155
-
8,199
8,199
390,163
-
561,857
561,857
634,602
219,755
1,530,517
1,750,272
1,760,705
Restricted
funds
2021
£
Unrestricted
funds
2021
£
Total
funds
2021
£
Total
funds
2020
£
105,682
374,595
480,277
417,289
-
203,508
203,508
63,224
52,155
-
52,155
103,933
-
390,163
390,163
760,796
-
634,602
634,602
511,488
157,837
1,602,868
1,760,705
1,856,730

4. Trading activities

Trading activities
Charity trading income
Trading income
Fundraising and trading
expenses
Cost of goods sold
Direct cost of Christmas event
Marketing
All other costs
Wages and salaries
National insurance
Pension costs
Staff related costs
Support costs
Net income from trading
activities		 Total
Unrestricted
funds
2022
£
Total
Unrestricted
funds
2021
£
3,678,382
2,810,688
1,173,024
950,381
369,287
-
66,405
42,675
435,012
306,210
1,110,564
979,881
65,365
45,878
33,526
29,331
2,904
2,579
820,129
731,337
4,076,216
3,088,272
(397,834)
(277,584)

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Included in the above trading activities are the results of the wholly owned subsidiary, Marwell Services Limited (Company No. 00960582), which operates the shop and other areas of commercial trading. A summary of Marwell Services Limited results are as follows:

Turnover
Other income
Expenditure
Profit for the year
Net Assets / Capital & Reserves		 2022
£
2021
£
3,675,762
2,810,355
10,619
110,736
(3,617,252)
(2,264,960)
69,129
656,131
169,129
756,131

5. Other trading activities

Restricted Unrestricted Total Total
funds funds funds funds
2022 2022 2022 2021
£ £ £ £
Provision of administrative services - 6,593 6,593 1,470

In 2021, all income from other activities was unrestricted.

6. Investment income

Restricted Unrestricted Total Total
funds funds funds funds
2022 2022 2022 2021
£ £ £ £
Bank & other interest receivable - 12,707 12,707 486

In 2021, all investment income was unrestricted.

7. Income from charitable activities

Biological conservation
Science and learning		 Restricted
funds
2022
£
Unrestricted
funds
2022
£
Total
funds
2022
£
Total
funds
2021
£
-
61,940
61,940
71,586
383
6,903,207
6,903,590
6,345,752
383
6,965,147
6,965,530
6,417,338

In 2021, of the total income from charitable activities, £16,417 was income to restricted funds and £6,400,921 was income to unrestricted funds.

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8. Other incoming resources

Rental income
Sundry income		 Restricted
funds
2022
£
Unrestricted
funds
2022
£
Total
funds
2022
£
Total
funds
2021
£
-
41,577
41,577
45,009
-
278
278
11
-
41,855
41,855
45,020

9. Costs of generating voluntary income

Costs of goods sold
Marketing
Staff and related costs
Support costs
All other costs
Costs of goods sold
Marketing
Staff and related costs
Support costs
All other costs		 Restricted
funds
2022
£
Unrestricted
funds
2022
£
Total
funds
2022
£
Total
funds
2021
£
6,523
5,714
12,237
15,377
-
51,880
51,880
35,734
-
142,226
142,226
156,427
-
90,923
90,923
64,128
-
39,777
39,777
24,637
6,523
330,520
337,043
296,303
Restricted
funds
2021
£
Unrestricted
funds
2021
£
Total
funds
2021
£
Total
funds
2020
£
9,350
6,027
15,377
8,359
-
35,734
35,734
27,284
-
156,427
156,427
168,267
-
64,128
64,128
120,801
-
24,637
24,637
12,838
9,350
286,953
296,303
337,549

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10. Costs of charitable activities 2022 – Unrestricted

Biological
Science &
conservation learning Sustainability 2022 2021
£ £ £ £ £
Direct animal
303,244		 - 134,687 437,931 374,128
costs
Direct 158,327 10,172 - 168,499 198,624
conservation
costs
Park running 990,613 428,797 89,797 1,509,207 1,214,953
costs
Marketing - 159,371 - 159,371 102,419
Staff and 2,371,637 943,105 105,268 3,420,010 3,109,450
related costs
Support 1,474,777 527,355 105,471 2,107,603 1,648,238
costs
Interest - 146,991 - 146,991 122,561
All other 59,156 327,588 4,150 390,894 89,475
costs
Total 5,357,754 2,543,379 439,373 8,340,506 6,859,848
osts of charitable activities 2022 – Restricted
Biological
Science &
Sustainability
conservation
learning		 2022 2021
£ £ £ £ £
Direct animal costs 60,441 - - 60,441 95,962
Direct conservation 74,467 - - 74,467 58,056
costs
Total 134,908 - - 134,908 154,018

Costs of charitable activities 2022 – Restricted

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

10. (continued) Cost of charitable activities 2021 – Unrestricted

Direct animal
costs
Direct
conservation
costs
Park running
costs
Marketing
Staff and
related costs
Support
costs
Development
write-offs
Interest
All other
costs
Total		 Biological
conservation
£
Science &
learning
£
Sustainability
£
2021
£
2020
£
235,988
-
138,140
374,128
355,090
174,091
24,533
-
198,624
128,622
783,543
389,206
42,204
1,214,953
700,250
-
102,419
-
102,419
66,634
2,203,913
798,947
106,590
3,109,450
3,346,144
1,090,184
457,086
100,968
1,648,238
1,891,570
-
-
-
-
287,804
-
122,561
-
122,561
81,827
26,761
57,658
5,056
89,475
445,627
4,514,480
1,952,410
392,958
6,859,848
7,303,568

Costs of charitable activities 2021 – Restricted

Direct animal costs
Direct conservation
costs
Total		 Biological
conservation
£
Science &
learning
£
Sustainability
£
2021
£
2020
£
95,962
-
-
95,962
105,982
58,056
-
-
58,056
86,497
154,018
-
-
154,018
192,479

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

11. Governance costs

Restricted Unrestricted Total Total
funds funds funds funds
2022 2022 2022 2021
£ £ £ £
Professional fees - 9,587 9,587 16,800

12. Support costs

upport costs
Park running costs
Staff and related costs
Conference and travel costs
Loss on disposal of fixed asset
Depreciation and amortisation
Irrecoverable VAT
Other support costs
Total		 Costs of
generating
voluntary
income
£
Trading
activities
£
Biological
conservation
£
Science &
learning
£
Sustainability
£
2022
£
2021
£
5,391
48,629
87,447
31,269
6,254
178,990
226,298
32,141
289,919
521,338
186,422
37,285
1,067,105
986,628
140
1,264
2,273
813
163
4,653
534
3,951
35,638
64,085
22,916
4,583
131,173
-
29,093
262,421
471,892
168,741
33,748
965,895
867,213
9,215
83,123
149,473
53,449
10,690
305,950
136,598
10,992
99,135
178,269
63,745
12,748
364,889
226,434
90,923
820,129
1,474,777
527,355
105,471
3,018,655 2,443,705

Support costs are directly attributed where possible. Where this is not possible, they are apportioned on the basis of numbers of staff employed in different operational areas of the charity.

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12. (continued)

Support costs

upport costs
Park running costs
Staff and related costs
Conference and travel costs
Depreciation and amortisation
Irrecoverable VAT
Other support costs
Development write-offs
Total		 Costs of
generating
voluntary
income
£
Trading
activities
£
Biological
conservation
£
Science &
learning
£
Sustainability
£
2021
£
2020
£
5,939
67,725
100,956
42,328
9,350
226,298
235,915
25,891
295,272
440,154
184,546
40,765
986,628
1,156,438
14
160
238
100
22
534
1,208
22,758
259,534
386,881
162,209
35,831
867,213
842,543
3,585
40,880
60,939
25,550
5,644
136,598
390,519
5,942
67,766
101,016
42,354
9,356
226,434
214,324
-
-
-
-
-
-
432,253
64,129
731,337
1,090,184
457,087
100,968
2,443,705
3,273,200

Support costs are directly attributed where possible. Where this is not possible, they are apportioned on the basis of numbers of staff employed in different operational areas of the charity.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

13. Analysis of resources expended by expenditure type 2022

Expenditure on
raising voluntary
income
Expenditure on
fundraising trading
Costs of
generating funds
Biological
conservation
Science and
learning
Sustainability
Charitable
activities
Expenditure on
governance		 Staff
Costs
2022
Depreciation
2022
Other
Costs
2022
Total
2022
Total
2021
£
£
£
£
£
171,483
29,093
136,467
337,043
296,303
1,473,042
262,422
2,340,752
4,076,216
3,088,272
1,644,525
291,515
2,477,219
4,413,259
3,384,575
2,835,474
471,892
2,185,296
5,492,662
4,668,498
1,109,052
168,741
1,265,586
2,543,379
1,952,410
138,876
33,748
266,749
439,373
392,958
4,083,402
674,381
3,717,631
8,475,414
7,013,866
-
-
9,587
9,587
16,800
5,727,927
965,896
6,204,437
12,898,260
10,415,241

Analysis of resources expended by expenditure type 2021

Expenditure on
raising voluntary
income
Expenditure on
fundraising trading
Costs of
generating funds
Biological
conservation
Science and
learning
Sustainability
Charitable
activities
Expenditure on
governance		 Staff
costs
2021
£
Depreciation &
amortisation
2021
£
Other
costs
2021
£
Total
2021
£
Total
2020
£
180,121
22,758
93,424
296,303
337,550
1,325,305
259,534
1,503,433
3,088,272
2,862,059
1,505,426
282,292
1,596,857
3,384,575
3,199,609
2,592,709
386,881
1,688,908
4,668,498
4,664,297
964,860
162,209
825,341
1,952,410
2,427,467
143,375
35,831
213,752
392,958
404,283
3,700,944
584,921
2,728,001
7,013,866
7,496,047
-
-
16,800
16,800
19,401
5,206,370
867,213
4,341,658
10,415,241
10,715,057

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

14. Net incoming resources

This is stated after charging:

2022 2021
£ £
Depreciation of tangible fixed assets:
-
Owned by the charitable group		 933,213 836,953
-
Held under finance lease		 29,107 26,686
Amortisation of intangible fixed assets 3,576 3,574
Operating lease costs 263,993 344,836
Government grants 8,199 390,163
Loss on sale of fixed assets 131,173 -

During the year, one Trustee received £3,900 for consultancy services (2021: £nil) and no trustees received any benefits in kind (2021: £nil). No trustees are accruing retirement benefits in either period. During the year no trustees received reimbursement of travel and accommodation expenses (2021 : £433)

During the year the company provided indemnity insurance to cover all its trustees under their duties as trustees at a cost of £2,969 (2021: £1,805).

15. Auditors’ remuneration

Fees payable to the company’s auditor and associates
Audit of the financial statements of the group and companies
Other services		 2022
£
2021
£
19,650
16,800
5,600
7,000
25,250
23,800

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

16. Staff costs

Staff costs were as follows:

taff costs were as follows:
Wages and salaries
Social security costs
Other pension costs
Redundancy costs		 2022
£
2021
£
4,999,640
4,621,623
419,625
340,694
231,999
219,354
76,663
24,696
5,727,927
5,206,367

The average monthly number of employees was 278 (2021: 288) and the average monthly number of full time equivalent employees during the year was as follows:

Charitable activities
Cost of generating funds
Support		 2022
No.
2021
No.
116
121
50
58
17
17
183
196

The number of higher paid employees was:

In the band £60,001 - £70,000
In the band £70,001 - £80,000
In the band £110,001 - £120,000
In the band £120,001 - £130,000		 2022
No.
2021
No.
-
1
2
3
1
1
1
-
4
5

Key management personnel received remuneration and benefits totalling £403,052 (2021: £341,794) and pension contributions of £34,684 (2021: £33,055). During the year the charity made ex-gratia payments to former employees totalling £55,387 (2021: £nil).

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

17. Tangible fixed assets

Group and company
Cost
At 1 January 2022
Additions
Disposal
Transfer between classes
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Depreciation on disposals
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021		 Freehold
land and
buildings
£
Animal
houses
and other
buildings
£
Plant and
equipment
£
Capital
work in
progress
£
Total
£
1,417,411
24,334,568
4,272,573
6,840
30,031,392
140,740
331,268
84,613
461,267
1,017,888
-
(221,092)
(470,264)
(6,841)
(698,197)
-
-
279,473
(279,473)
-
1,558,151
24,444,744
4,166,395
181,793
30,351,083
69,423
9,012,779
2,097,415
-
11,179,617
4,395
658,014
299,911
-
962,320
-
(79,322)
(459,224)
-
(538,546)
73,818
9,591,471
1,938,102
-
11,603,391
1,484,333
14,853,273
2,228,293
181,793
18,747,692
1,347,988
15,321,789
2,175,158
6,840
18,851,775

During the current year no capital work in progress was written off.

The net carrying value of tangible fixed assets for both the group and the company includes the following in respect of assets held under finance leases or hire purchase contracts.

2022 2021
£ £
211,006 240,113
18. Animal collection
Animal
collection
Group and Company £
Valuation
At 1 January 2022 and 31 December 2022 1

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

19. Intangible fixed assets

Group and company
Cost
At 1 January 2022
Additions
At 31 December 2022
Amortisation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
20. Investments
Shares in subsidiary undertaking		 IT systems
and software
£
Total
£
134,223
134,223
-
-
134,223
134,223
111,695
111,695
3,576
3,576
115,271
115,271
18,952
18,952
22,528
22,528
Company
2022
£
2021
£
100,000
100,000
100,000
100,000		 IT systems
and software
£
Total
£
134,223
134,223
-
-
134,223
134,223
111,695
111,695
3,576
3,576
115,271
115,271
18,952
18,952
22,528
22,528
Company
2022
£
2021
£
100,000
100,000
100,000
100,000
2022
£
2021
£
100,000
100,000
100,000
100,000

The company owns 100% of the issued share capital of Marwell Services Limited (company number 00960582), a company incorporated in England and Wales which carries on the business of retail shops and ancillary services. The registered office for Marwell Services Limited is Colden Common, Winchester, Hampshire, SO21 1JH.

The investment, which consists of 100,000 ordinary shares of £1 each, is shown at cost. In the opinion of the Trustees, the aggregate value of the shares in and amounts owing from the company’s subsidiary is not less than the aggregate of the amounts at which those assets are stated in the company’s balance sheet.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

21. Stocks

Goods for resale
Consumables stock		 Group
Company
2022
£
2021
£
2022
£
2021
£
97,605
58,765
-
-
12,750
21,964
5,376
1,620
110,355
80,729
5,376
1,620

22. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
Company
2022
£
2021
£
2022
£
2021
£
74,132
36,939
63,474
36,705
-
-
3,558,792
1,743,332
2,715
7,935
2,715
7,935
611,946
239,281
602,911
222,853
688,793
284,155
4,227,892
2,010,825

23. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Obligations under finance leases
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
Company
2022
£
2021
£
2022
£
2021
£
231,778
367,740
231,778
367,740
383,618
335,447
258,562
310,750
38,085
38,549
38,085
38,549
169,770
117,527
169,770
117,527
101,175
3,972
99,183
3,496
797,118
823,528
745,471
788,820
1,721,544
1,686,763
1,542,849
1,626,882

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

24. Creditors: Amounts falling due after one year

Creditors: Amounts falling due after one year
Bank loans
Obligations under finance leases		 Group and Company
2022
£
2021
£
3,770,094
3,859,917
44,433
82,054
3,814,527
3,941,971

The net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

25. Loans

Bank loan
Payable within one year
Payable between two to five years by instalments
Payable in more than 5 years by instalments		 2022
£
2021
£
4,001,872
4,227,657
231,778
224,276
1,011,867
979,511
2,758,227
3,023,870

The bank loan is a 15-year term loan repayable by instalments from 2021 to 2036 and is secured by legal charges over the freehold property owned by the company and a debenture over the company's assets. Interest is due on the loan at a fixed rate of 3.49%.

26. Finance lease obligations

The group had future minimum lease payments due under finance
leases:
Within one year
In two to five years
Less future finance charges		 2022
£
2021
£
43,130
43,130
50,393
86,285
93,523
129,415
(11,006)
(8,812)
82,517
120,603

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

27. Deferred income

Deferred income at start of year
Resources deferred during the year
Amounts released from previous years
Deferred income at end of year		 Group & Company
2022
£
2021
£
585,048
645,842
574,626
585,048
(585,048)
(645,842)
574,626
585,048

The income deferred above relates to annual membership subscriptions for admissions to the park. The deferral is calculated on the periods remaining on each membership at the year end.

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

28. Unrestricted funds

The income funds of the group include unrestricted funds comprising the following unexpended balances:

Designated funds
Fixed assets
Future maintenance
projects
Tropical House energy
project fund
General funds
General fund – free
reserves
Total unrestricted
funds		 Movement in funds
Movement in funds
Balance at
1 Jan 2021
£
Incoming
resources
£
Resources
expended
£
Transfer
in/(out)
£
Balance at
1 Jan 2022
£
Incoming
resources
£
Resources
expended
£
Transfer
in/(out)
£
Balance at
31 Dec 2022
£
19,340,617
-
(863,639)
374,797
18,851,775
-
(962,320)
858,237
18,747,692
30,041
-
-
-
30,041
-
-
(30,041)
-
50,000
-
-
-
50,000
-
-
(50,000)
-
19,420,658
-
(863,639)
374,797
18,931,816
-
(962,320)
778,196
18,747,692
(822,746)
10,861,453
(9,388,234)
(374,797)
275,676
12,235,201
(11,794,509)
(778,196)
(61,828)
18,597,912
10,861,453
(10,251,873)
-
19,207,492
12,235,201
(12,756,829)
-
18,685,864

Designated funds

The fixed assets fund was set up to reflect the net book value of the assets held by the charity

The future maintenance project fund was for the maintenance of Marwell Zoo, which has been released against 2022 maintenance costs

The Tropical House energy project fund represented a balance transferred from restricted funds where the terms of the related grant had been met. This project was largely completed during 2020 with the expenditure being transferred to the fixed asset fund and the final remaining balance being transferred to free reserves this year.

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

29. Restricted funds

The income funds of the group include restricted funds comprising the following unexpended balances of donations and grants for specific purposes:

Animal management
British species conservation
Grevy’s zebra conservation
Conservation in North Africa
Rhinoceros veterinary
operations
Other conservation
Education
Education Capital Fund
Kitchen Garden
Total restricted funds		 Movement in funds
Movement in funds
Balance at
1 Jan 2021
£
Incoming
Resources
£
Resources
expended
£
Balance at
1 Jan 2022
£
Incoming
resources
£
Resources
expended
£
Transfers
in/(out)
£
Balance at
31 Dec 2022
£
29,332
103,682
(103,682)
29,332
66,593
(66,593)
-
29,332
19,389
6,308
(14,000)
11,697
6,732
(5,401)
-
13,028
66,454
25,597
(18,820)
73,231
53,984
(58,143)
-
69,072
34,222
4,806
(9,340)
29,688
20,402
(9,783)
-
40,307
1
-
-
1
-
-
(1)
-
129,085
15,444
(15,896)
128,633
72,044
(1,141)
1
199,537
43,626
16,417
-
60,043
383
-
-
60,426
2,000
-
-
2,000
-
-
-
2,000
-
2,000
(1,630)
370
-
(370)
-
-
324,109
174,254
(163,368)
334,995
220,138
(141,431)
-
413,702

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

30. Restricted funds (continued)

Animal management

Care of the animals, for example animal feed or clothing for keepers.

British species conservation

Habitat restoration in our ancient woodlands, and the breeding and reintroduction of British species including, specifically, sand lizards.

Grevy’s zebra conservation

Monitoring Grevy’s zebra status and movements in East Africa (through collaring and stripe recognition software techniques), contributing to national conservation strategies and workshops for Grevy’s zebra, equipment for conservation management of local communities, equipment, maintenance and running of a disease laboratory, training local scientists in surveying and other conservation techniques relating specifically to Grevy’s zebra as well as provision of bursaries for Kenyan students in conservation related degrees.

Conservation in North Africa

Lobbying at government level to help protect endangered species in North Africa. Post release and veterinary monitoring of scimitar-horned oryx and addax plus ecological monitoring as well as monitoring equipment. Rescue, rehabilitation and reinforcement of the spur-thigh tortoise as well as reintroduction and conservation of red-necked ostrich.

Other conservation

Habitat restoration and species management funded from our FLIGHT and SPRINT campaigns, aimed specifically at birds and cheetahs respectively and tiger conservation work following the receipt of legacy during 2019.

Education

For education and children related projects

Education Capital Fund

Funds for education capital projects

Kitchen Garden

Funds for creating a kitchen garden.

MARWELL WILDLIFE

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

31. Summary of funds

Designated funds
General funds
Restricted funds
Total funds		 Balance at
1 Jan 2021
£
Incoming
Resources
£
Resources
expended
£
Transfers
in/(out)
£
Balance at
1 Jan 2022
£
Incoming
resources
£
Resources
expended
£
Transfer
in/(out)
£
Balance at
31 Dec 2022
£
19,420,658
-
(863,639)
374,797
18,931,816
-
(962,320)
778,196
18,747,692
(822,746)
10,861,453
(9,388,234)
(374,797)
275,676
12,235,201
(11,794,509)
(778,196)
(61,831)
18,597,912
10,861,453
(10,251,873)
-
19,207,492
12,235,201
(12,756,829)
-
18,685,861
324,109
174,254
(163,368)
-
334,995
220,138
(141,431)
-
413,707
18,922,021
11,035,707
(10,415,241)
-
19,542,487
12,455,339
(12,898,260)
-
19,099,566

32. Analysis of net assets between funds

Tangible fixed assets
Intangible fixed assets
Animal collection
Current assets
Creditors due within one year
Creditors due after one year		 Restricted
funds
2022
£
Unrestricted
funds
2022
£
Total
funds
2022
£
Restricted
funds
2021
£
Unrestricted
funds
2021
£
Total
funds
2021
£
-
18,747,692
18,747,692
-
18,851,775
18,851,775
-
18,952
18,952
-
22,528
22,528
-
1
1
-
1
1
413,702
5,455,290
5,868,992
334,995
5,961,922
6,296,917
-
(1,721,544)
(1,721,544)
-
(1,686,763)
(1,686,763)
-
(3,814,527)
(3,814,527)
-
(3,941,971)
(3,941,971)
413,702
18,685,864
19,099,566
334,995
19,207,492
19,542,487

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

33. Reconciliation of net movement in funds to net cash flow from operating activities

Deficit for the year (as per Statement of Financial Activities)
Adjustment for:
Depreciation & amortisation charges
Interest received
Interest paid
(Gains) / losses on the sale of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Total		 2022
£
2021
£
(442,921)
620,466
965,896
867,213
(12,707)
(486)
146,991
122,561
131,173
-
(29,626)
21,307
(404,638)
316,284
171,207
(77,547)
525,375
1,869,798
2022
£
2021
£
5,069,844
5,932,033
5,069,844
5,932,033

34. Analysis of cash and cash equivalents

35. Analysis of changes in net cash

Cash in hand
Obligations under finance leases
Borrowings excluding overdrafts		 1 January
2022
£
Cash flows
£
31 December
2022
£
5,932,033
(862,189)
5,069,844
(120,603)
38,085
(82,518)
(4,227,657)
225,785
(4,001,872)
1,583,773
(598,319)
985,454

36. Pension commitments

The group participates in the Marwell Wildlife Group Personal Pension Plan operated by Aviva. The pension cost charge represents contributions payable by the group to the fund and amounted to £231,999 (2021: £218,878). Contributions totalling £42,164 (2021: £146) were payable to the fund at the balance sheet date and are included in creditors.

MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

37. Operating lease commitments

The group had future minimum rentals payable under non-cancellable operating leases as follow:

Group and Company
Within 1 years
Between 2 and 5 years
In over 5 years		 2022
£
2021
£
82,627
82,627
175,449
262,209
5,917
-
263,993
344,836

38. Capital commitments

Capital commitments at year end 2022 were £298,457 (2021: nil).