**Charity Registration Number: 275433 (England and Wales)**
**Company Registration Number: 01355272 (England and Wales)**
## **MARWELL WILDLIFE**
# **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
MARWELL WILDLIFE
## CONTENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
||Page|
|---|---|
|**Trustees**|1|
|**Reference and Administrative Details of the Charity and Advisers**|2|
|**Chairman’s Statement**|3 – 4|
|**Trustees Report**|5 – 14|
|**Independent Auditors Report**|15 – 17|
|**Consolidated Statement of Financial Activities 2023**|18|
|**Consolidated Statement of Financial Activities 2022**|19|
|**Consolidated Balance Sheet**|20|
|**Company Balance Sheet**|21|
|**Consolidated Cash Flow Statement**|22|
|**Notes to the Financial Statements**|23 – 48|
MARWELL WILDLIFE (A Company Limited By Guarantee) TRUSTEES
## FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **Trustees**
Francis McCaffrey, BA Hons, Chairman - Member of the Business Development Committee & HR/Remuneration Committee
Andrew Warren, BA Hons, FCA, MBA – Vice Chair, Chair of the Business Development Committee, Member of the HR/Remuneration & Chair of the Nominations Committee
Richard Mark Charter BA Hons, Solicitor, FALA - Member of Business Development Committee
Teresa Frost - Member of Nominations Committee and Chair of the HR & Remuneration Committee (resigned 14/05/2024)
James Bailey BSc Hons MA – Chair of the Marketing Committee
Simon Tonge BSc Hons – Member of the Conservation Committee
Nicola Robinson, VetMB, MRCVS – Chair of the Ethics Committee (resigned 14/05/2024)
Diane Walkington BSc Hons, – Chair of the Conservation Committee and Member of the Nomination Committee
Adrian Neal, FRICS MCIArb – Member of the Business Development Committee
Naomi Mellor BVM&S Cert AVP (EM) MRCVS (appointed 14/05/2024) – Chair of the Ethics Committee
Jacqueline Wearn BA (Hons), MA (appointed 14/05/2024) – Chair of HR/Remunerations Committee
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MARWELL WILDLIFE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **Company registered number**
01355272
## **Charity registered number**
275433
## **Registered office**
Marwell Wildlife, Colden Common, Winchester, Hampshire, SO21 1JH
## **Chief executive officer**
James Cretney (resigned 31 January 2024) Laura Read (appointed 06 March 2024)
## **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**
Paris Smith LLP, Number 1 London Road, Southampton, Hampshire, SO15 2AE
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MARWELL WILDLIFE
CHAIRMAN’S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
Marwell Wildlife is delighted to report a 15% year-on-year increase in visitor numbers for 2024, marking a strong step towards recovery in a post-pandemic world. We welcomed over 520,000 visitors to Marwell Zoo throughout the year, with particularly strong attendance in March, April, and May, exceeding expectations.
While the summer trading period outperformed 2023, it fell short of our projections, prompting us to invest in enhanced summer programming and activities for 2025. Our hugely successful £10 ticket offer in November was a first for Marwell, driving both attendance and secondary spending during what is a traditionally quiet period.
We closed the year within 2.3% of our budgeted total income at £12.40m, reflecting a 6% increase over 2023. However, the three-day closure due to Storm Darragh resulted in £94k in refunds for our Glow Marwell event, significantly impacting December's trading performance. Without this disruption, we would have exceeded budget expectations for this event.
Despite strong visitor numbers, ticket yield was impacted by discounting and our ongoing 5 for £85 offer, affecting overall profitability. Cost pressures remained significant, particularly in employment costs, as we worked to accommodate increased visitor volume, albeit at lower yields. Rising national living wage and national insurance thresholds will continue to present challenges in 2025.
We maintained expenditure within 0.6% of budget and achieved an Earnings before Interest Tax Depreciation and Amortisation (EBITDA) of £621k for the year. Encouragingly, this result was much stronger than anticipated, given the difficulties of the summer trading period.
Looking ahead, we are confident that sustainable growth and financial security are within reach. The right curation of our offerings, well-timed marketing, and targeted promotions will continue to drive visitor engagement. Following years of underinvestment in infrastructure, people, and programming, we recognise that our cost base will remain challenging but manageable. With robust financial controls in place for 2025 and beyond, our priority is to generate significant annual surpluses over the coming years.
A key highlight of 2024 was securing over £70,000 in funding from The Rural Prosperity Fund and The Big Give Green Match Fund for our Native Species Corner. Set to open in March 2025, this exciting new area will feature a state-of-the-art breeding centre for white-clawed crayfish, a sand lizard habitat, a wildlife pond, a nature nook, play areas, artwork, and engaging interpretation to inspire visitors about native species conservation. This initiative will not only revitalise an underutilised part of the zoo but also enhance the guest experience while expanding our conservation impact.
Our conservation work in North Africa, Kenya, and Bhutan continued at pace, with Marwell presenting at both the Sahara-Sahel Interest Group Conference in May and the European Association of Zoos and Aquariums (EAZA) Conference in October. We remain committed to protecting and restoring some of the world's most threatened species, including the slenderhorned gazelle, addax, scimitar-horned oryx, and Grevy’s zebra, in collaboration with global partners.
Closer to home, we hosted our own Primate Nutrition Conference in March, welcoming British and Irish Association of Zoos and Aquariums (BIAZA) members and international delegates. Organised by our Primates and Small Mammals team, the event was incredibly well received. Looking ahead, we have already planned an Antelope Conference for 2025, to be hosted by our Hoofstock team.
We have also expanded the use of our animal welfare assessment grid across more species at the zoo and celebrated breeding successes with okapi, addax, sitatunga, banteng, cotton-top tamarins, and Hartmann’s zebra—all contributing to the European Endangered Species Programmes.
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MARWELL WILDLIFE
CHAIRMAN’S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
2024 was a year of transition under the leadership of our new CEO, Laura Read, who joined in March. She quickly identified six strategic objectives that form the foundation of a new organisational strategy guiding Marwell Wildlife through to 2035:
- Diversify income
- Maximise the impact of our animals, plants, and landscapes
- Hands-on conservation
- Guest-driven success
- Tell compelling stories
- Enable our people to flourish
We have already begun developing plans around these objectives and will publish the full organisational strategy by mid-2025. Additionally, we are embarking on ambitious projects, including the reintroduction of a large-scale events programme, the capital development of a new restaurant, and enhancements to Marwell Zoo's entrance area.
In 2024, we welcomed our new Finance Director, Paul Brannan, and in 2025, we will introduce two additional directors following the departure of long-standing executive members Sean Mannie and Jo Deller. We extend our deepest thanks to them both for their years of dedication to Marwell Wildlife.
Marwell Wildlife is at a turning point. With clear signs of growth, a revitalised leadership team, and robust plans in place, we are poised to propel both the zoo and the wider organisation forward over the next decade.
Francis McCaffrey
Chairman of the Board of Trustees
Date: ……………………..
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MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **MARWELL WILDLIFE ANNUAL REPORT**
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 2024. These comply with current statutory legislation and the memorandum and articles of association.
## **Missions, Objects and Aims**
Marwell Wildlife’s mission, as reflected in its objects, is to advance environmental protection and public education by:
- Conserving biological and natural resources through habitat restoration, species recovery, assurance population management, and ecosystem stewardship.
- Promoting the value of nature to human wellbeing, quality of life, and economic resilience by fostering public and community engagement in conservation.
- Leading by example in environmental protection and sustainability through advocacy, operational excellence, and innovation.
- Conducting and disseminating research, monitoring and fieldwork, and supporting scientific education and training.
- Operating a zoological park that serves as a hub for learning, enjoyment, animal welfare, and conservation action.
## **Key Activities in Support of Our Mission**
- Restoring ecosystems and reintroducing species.
- Advancing evidence-based animal care and welfare.
- Promoting sustainability through practical solutions including carbon reduction, water conservation, and ethical sourcing.
- Engaging individuals, communities, and decision-makers to catalyse environmental change.
- Delivering educational programmes in the UK and abroad, with a focus on school children.
- Supporting coexistence strategies with local communities in conservation areas.
- Providing conservation training and qualifications.
- • Influencing policy and best practice in regional and international conservation.
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## MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **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.
Our activities provide public benefit in areas including education, scientific research, nature-based wellbeing, and species conservation. While admission charges are essential to support zoo operations, we strive to maintain accessibility. For example, our educational sessions for schools are priced significantly below market rates, and we offer discounted home educator events that add unique educational value.
Further concessions include:
- Year-round discounts for pensioners and students.
- Free entry for carers accompanying disabled visitors.
- A subsidised public bus route during school holidays, which includes discounted zoo admission to support sustainable transport and access.
In November 2024, we launched a £10 admission initiative that saw strong uptake, further improving accessibility.
Beyond the zoo, our work contributes to public benefit by boosting local and regional economies (e.g., job creation, ecosystem services, tourism), and through global conservation activities in regions such as Tunisia, Bhutan, northern Kenya, and Kazakhstan.
## **2024 Achievements towards our goals and objectives**
## **Our People**
In 2024, we progressed rapidly toward a new set of strategic objectives that will underpin our organisational strategy, to be launched in 2025. One of the key pillars is “Enabling Our People to Flourish.”
Recognising the lingering uncertainty following the COVID-19 pandemic, we focused on providing clarity, motivation, and reassurance across the organisation. Our communications throughout the year reinforced Marwell’s long-term financial sustainability and unwavering commitment to conservation, animal welfare, and public engagement.
Staff at all levels helped shape our evolving strategy. We held two all-staff meetings—including three-day feedback sessions—encouraging employees to contribute ideas and strengthen internal communication.
We also established the Marwell Staff Council, with departmental representatives ensuring employees have a clear voice in organisational decisions.
In anticipation of new legislation addressing workplace sexual harassment, we updated our policies and implemented ACAS-led training on respectful behaviour. This programme began in 2024 and will be rolled out organisation-wide in 2025.
This year also marked key leadership changes. In December, Sean Mannie, our long-standing Commercial Director, retired after 12 years of championing guest experience and commercial growth. His leadership played a vital role in shaping our friendly and professional front-of-house teams. We thank Sean for his contribution and wish him well.
We also welcomed Paul Brannan as our new Finance Director, bringing extensive experience across sectors. His expertise will be invaluable as we pursue our next phase of growth and impact.
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MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **Delivering our Conservation Strategy and Supporting Nature’s Recovery**
Our mission and strategic direction, under new CEO Laura Read, is a combination of focus on financial resilience with a renewed commitment to charitable impact. Under her leadership, our conservation, education, animal care, and landscapes teams have taken a more visible, guest-facing role, bringing our work to life for visitors.
Our integrated approach is aligning zoo operations with field-based conservation. Insights gained from captive animal management now directly support field efforts, while in-situ work strengthens guest engagement and informs animal care. A central goal of our new organisational strategy (to be published in 2025) will be the creation of a comprehensive **monitoring and evaluation framework** to drive continuous improvement.
Key achievements under our conservation strategy in 2024 include:
## **Health:**
- We completed a full **carbon footprint assessment** , incorporating scope 3 emissions such as supply chain and staff/visitor travel. Our revised footprint rose from 412 tonnes CO ₂ e (Scope 2 only) to 2,142 tonnes CO ₂ e, offering a clearer view of our environmental impact.
- We enhanced our **carbon sequestration monitoring** across Marwell’s woodlands and soils, with new data generated by a postgraduate student from the University of Southampton. This reinforces the ecological value of our estate.
- In collaboration with the **Grevy’s zebra European Endangered Species Programme (EEP)** , we conducted a mortality and birthing analysis to understand declining population trends. While initial findings were inconclusive, they highlighted the need for enhanced data collection, which we will pursue with partners.
- We implemented a new **landscape restoration plan** , integrating biodiversity, guest experience, and carbon sequestration goals. A digital land management system now allows precise tracking of biodiversity gains and feed production areas.
- The **Marwell Nature Reserve** project progressed with clear aims defined and early engagement with funders. This will provide natural space for learning, wellbeing, and community access.
- We finalised the **Eelmoor Conservation Plan 2025–2030** , supporting long-term biodiversity goals and managing a seamless ownership transition.
- In Tunisia, we collaborated with local partners in building five enclosures for **critically endangered slender-horned gazelles** in Sidi Toui National Park. Our animal care team provided training to ensure high welfare standards.
- We developed a **white-clawed crayfish breeding centre** and **on-show habitat for sand lizards** , in partnership with Hampshire & Isle of Wight Wildlife Trust and Bristol Zoo Project.
- We completed a significant **snow leopard enclosure extension** , enhancing space and environmental complexity for improved animal welfare.
## **Connection:**
In 2024, we made significant strides in expanding access to education, improving guest engagement, and reaching underserved communities—both in the UK and internationally.
- We began the year by **redesigning our education webpages** , improving accessibility and updating resources. A streamlined booking process now supports more than 1,000 group visits annually.
- Our **summer A-level weeks** grew substantially, welcoming over 300 students across three weeks. We also expanded weekend and holiday programmes, offering activities such as _Scouting the Zoo_ , _The Hungry Caterpillar_ , and our _GLOW_ lecture series. Events included specialist support for children with SEND during _Kids’ Day Out_ .
- We hosted **PGCE placement students** , launched the inaugural **Children’s Sustainability Awards** with the Southern Sustainability Network, and—with support from Barratt Homes—offered free visits to over 100 pupils from areas classified as nature-deprived.
-
- In total, **35,194 pupils** took part in educational visits to Marwell in 2024.
- We also developed our outdoor learning provision, hosting **alternative provision programmes** and welcoming **Great Oaks SEND students** for work experience. A highlight of the year was reaching
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## MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
our **2,000th learning trip** in collaboration with _Kids Love Nature_ in May 2024: Celebrating 2000 kindergarten trips with Marwell Wildlife.
- Internationally, we supported **two exposure trips for over 60 young people from northern Kenya** , as part of our Grevy’s zebra programme. The initiative received highly positive feedback, with letters and videos reflecting the participants' excitement and increased conservation awareness.
- In an important first, we also engaged **livestock herder groups** —boys and girls often excluded from formal education—through seven outreach events over three months. This work was made possible by **Stephen** , who joined our education and outreach team in 2024.
## **Knowledge Exchange and Innovation:**
In 2024, we advanced our commitment to knowledge-sharing, capacity building, and scientific innovation across the regions where we work.
- We co-organised and led Kenya’s **national survey of Grevy’s zebra** , contributing to the Recovery and Action Plan. Despite recent droughts, the population remains stable, in part due to emergency feeding and the tireless work of local teams and our partners.
- We expanded our Kenya team, welcoming Stephen and Joshua to join Enrita and Lizbeth in education and population monitoring.
- We expanded school visits and **exposure trips** —not just for children, but also for our community scouts.
- We dedicated two scouts to **engage “morans** ” (warrior-herders)—young men who are often disconnected from conservation education and community structures. Monthly meetings are helping shift their role from potential threats to wildlife to active protectors.
- We signed a **Memorandum of Understanding with Lewa Wildlife Conservancy** , enabling deeper collaboration on field data, wildlife assessment methods, and scalable ecosystem management solutions.
- The **MRes programme (2025–2030)** was revalidated to align with our conservation strategy, incorporating One Health principles and broadening to include expertise from our animal care teams.
- We trialled the **Animal Welfare Assessment Grid (AWAG)** on free-ranging corvid species, continuing to refine its application for wild animals.
- We **provided training** to Tunisian keepers and vets, improving husbandry and welfare practices for Dorcas and slender-horned gazelles at El Gonna National Reserve and Sidi Toui National Park.
- • Partnering with the Aridland Institute, we **expanded our biodiversity monitoring** across Tunisia’s protected areas, incorporating satellite remote sensing to evaluate habitat changes linked to oryx reintroductions in Dghoumes National Park.
- We contributed to the **IUCN Green Status assessments** and co-edited a special issue of the Antelope Specialist Group’s Gnusletter on scimitar-horned oryx rewilding.
- We hosted the **BIAZA Primate Nutrition Conference** , featuring several Marwell staff presenters. Feedback was highly positive and strengthened our reputation in animal nutrition science.
## **Commercial Success**
We welcomed **522,158 guests** to Marwell Zoo in 2024 — an 15% increase on the previous year. This growth was fuelled by a strong Easter and Q2 period, following a particularly wet 2023, and the success of our targeted marketing campaigns.
In November, we ran a £10 ticket promotion. The offer brought in thousands of visitors, allowing more people to connect with nature and discover our mission.
While discounting impacted our average ticket yield, we were encouraged to see that secondary spend remained strong:
- Our catering team exceeded expectations, growing sales by 10% year-on-year and surpassing **£2 million** in net revenue for the first time in our history.
- Although retail sales held steady, we undertook a detailed review of pricing and stock and are excited about unlocking fresh potential in 2025.
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## MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
- In late 2024, we relaunched our **Membership Scheme** , introducing three tiers to give members more choice and opportunities to support us. Early signs of engagement are promising, and we’re looking forward to seeing its full impact in 2025.
- **Scouting the Zoo** in May welcomed over 2,500 young people, making it our most successful edition yet.
- We hosted **corporate fun days** for teams from John Lewis, Carnival, and The Rotary Club, building connections with the local business community.
- **Glow Marwell** returned with magical, nature-themed light installations. Despite a weather-related closure due to Storm Darragh, visitor numbers remained strong.
Looking ahead, we’re preparing an ambitious events programme for 2025, with the goal of inspiring more guests to join us—and support our work—through memorable experiences.
## **Fundraising**
We are grateful to all our supporters and donors for your generous contributions to Marwell Wildlife over the past year. Their continued commitment enables us to advance our conservation efforts, both in the UK and internationally.
Marwell Wildlife raises vital funds through membership subscriptions, individual donations and appeals, gifts in Wills, corporate partnerships, and grants from charitable trusts and foundations.
As part of our ongoing commitment to responsible fundraising, we remain registered with the Fundraising Regulator and fully comply with the Code of Fundraising Practice. All staff and volunteers involved in fundraising are required to understand and uphold the Code’s principles, helping to ensure all supporters are treated with fairness, transparency, and respect. We are pleased to report that no complaints were received about our fundraising activities during the year.
In 2024, we made strides to enhance our fundraising capability and supporter care.
- We successfully onboarded a **new fundraising CRM system** , designed to improve donor management and supporter journeys. This investment enables us to better understand our supporters’ preferences, steward relationships more effectively, and ensure every donor interaction is meaningful and timely.
- We published our **Fundraising Promise** , which outlines the principles we follow when communicating with supporters. This publicly available commitment (found at marwell.org.uk/support-us/fundraising-promise) demonstrates our dedication to honesty, integrity, and accountability in all fundraising activities.
- • In 2024, we were proud to receive a generous pledge of £49,859.94 from the **UK Government’s Rural England Prosperity Fund** , supported by Winchester City Council, towards the creation of our new Native Species Zone.
- This was further strengthened by the success of our first **Big Give Green Match Fund** campaign, raising over £20,000 in support of our White-clawed Crayfish Conservation Breeding Centre, and a £2,000 grant from the Marjorie Coote Animal Charity Trust for native species planting and pond development.
- We are grateful to those people who consider our charity in their will **.** In 2024 we accrued legacies amounting to a total of £338,000 from four estates.
Across all our fundraising efforts, we remain focused on maintaining the highest standards of professionalism, transparency, and care. Our supporters are at the heart of everything we do, and we are proud to uphold their trust as we work together to secure a better future for wildlife.
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MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **Financial review**
2024 saw Marwell’s income return to growth.
Total income grew by £695k / 6% to £12.4 million.
Our cost base rose by 2% versus 2023 driven by increases in employment costs primarily for statutory reasons.
Net deficit reduced to £395k from £841k in 2023.
Restricted funds at the year-end were £577,806 (2023: £341,761). Our unrestricted reserves at year end were £17,285,641 (2023: £17,916,551).
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, however since the Covid 19 pandemic and subsequent years of high cost inflation, this has not been possible.
Free reserves (excluding fixed assets financed by our long-term bank loan from the designated fixed asset reserve) stood at £2,773k equivalent to 2.6 months operating expenditure (2023: £2,791k, 2.7 months).
The charity continues to work towards a position of generating an annual surplus and being able to bolster those reserves as well as reinvest into the infrastructure of the zoo and wider organisation. It remains the policy to return to a position where we retain base free reserves sufficient for at least three months’ operating expenditure.
We have prepared budgets for the year to 31 December 2025 with an ambitious approach as we reinvest into our zoo events program, bring some new income generating activities online and amplify our regional message to drive more visitation and engagement with Marwell Wildlife. We are confident in the potential of the zoo and wider estate to generate significantly higher revenue in the coming years.
## **Our objectives and goals for 2025**
In line with our new organisational strategy due to be published in May 2025, we have established six strategic objectives under which our activities will fall in 2025 and beyond. These are;
**Diversifying income Guest driven success Maximising the impact of our animals, plants and landscapes Hands on conservation Tell stories Enable our people to flourish**
Our objectives for 2025 have been allocated under these headings.
## **Diversifying income**
- Delivery of a upweighted events and functions program to drive footfall, give a great value guest experience and drive revenue.
- Continue with fundraising strategy, targeting charity partnerships or sponsorships with at least two companies. Introduce a corporate partnerships manager to grow relationships and increase corporate volunteering.
- Hold the inaugural Marwell Wildlife Gala Dinner.
- Undertake a capital development project at the front of the park to open up the space to the public alongside zoo guests and open a new catering outlet and retail offer which will bring online an additional revenue stream for the organisation.
- Reintroduce additional paid for activities including sunset safaris, new animal experiences and VR experiences.
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MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- Upweight the Christmas offer with the reintroduction of Christmas at Marwell, the full grotto experience in Marwell Hall, previously very popular.
## **Guest driven success**
- Realignment of the operations function, encompassing day to day park management, health and safety and risk management into one workstream, alongside other facilities management teams.
- Embed new membership offer, pushing a campaign to drive membership number and upgrades of existing members, enhancing profitability from our membership
- Create and launch new volunteer hubs and guest talks on a set schedule to enhance visit experience.
- Widen the number of reasons to visit through introduction of large summer food festival, sunset safari, early morning bird tours and bank holiday art exhibition
- Recruitment of a new Park Operations Director.
- Review of signage and interpretation to ensure it is filling guest needs and maximising guest experience.
## **Maximising the impact of our animals, plants and landscapes**
- Introduction of new male binturong, female snow leopard, male tiger, swift parrots, Hartmann Zebra and African wild ass to existing species populations with aim of successful integration.
- Launch of partnership (secured) with DP world on woodland restoration, improving our woodland areas and making safe for KLN to use once again. Introduction of a guided woodland walk offer to guests.
- Opening of British Native Species zone including white-clawed crayfish breeding centre, sand lizards habitat and wildlife pond.
- Population demographics review to be completed for all mammals in the zoo
- Refine AWAG use for Lower Vertebrates and Birds.
- New approach to management of landscape – more cultivation of key guest areas and some highlighted areas left wild for native wildlife harbourage. Development of a garden's masterplan for delivery over subsequent years.
## **Hands on conservation**
- Launch UAV fieldwork in Kazakhstan and Kenya in collaboration with University of Southampton, supporting our PhD student in collection of data.
- Develop Knowledge Transfer Partnership with University of Surrey using AI in animal welfare monitoring ex-situ with view to expand to application in-situ.
- Ongoing work in Northern Kenya on Grevy’s Zebra, cementing community networks, building capacity and education outreach programs, holding three fundraising events throughout the year to also have scope for emergency interventions e.g. drought relief.
- Support continued Conservation Health approaches to protect and enhance antelope and ostrich populations in North Africa, through our ongoing efforts in Tunisia, including Slender-horned gazelle breeding facilities and population management.
- MRes student projects including patterns of antimicrobial resistance at the zoo and comparing microbiome in wild/zoo animals.
- and population management and active conservation in Kenya.
- Developing Green List assessments for priority species, in additions to ongoing Red Lists, through our long-term provision of a Programme Office for the IUCN Species Survival Commission Antelope Specialist Group (ASG).
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MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **Tell stories**
- Develop a 12-part series of Marwell Wildlife Podcasts to reach a new audience and act as an introduction and guide to a zoo visit.
- Build on new relationship with Radio Victory through our breakfast show sponsorship leading to increased market penetration in the Portsmouth area.
- Integrate new external PR agency into Marwell ways of working and ethos to enhance regional and national presence and cut through, driving footfall and fundraising success.
- Begin the interpretation re-design with three targeted areas of the zoo for new signage, increasing the storytelling element around our animals and engagement with our husbandry and conservation work.
## **Enable our people to flourish**
- Continue to embed the Staff Council into the ways of working at Marwell, listening to their points and using them as constructive ambassadors to shape the future of Marwell as an employer.
- Widening of apprenticeship provision to aid career development, working with Kiwi Education.
- Aligning all teams in the right functions, to support the organisational strategy and get us future fit.
- Complete ACAS behavioural awareness training throughout the whole organisation.
- Launch updated Equity, diversity and inclusion policy.
- Launch new organisational strategy to all team to provide clarity and direction for the coming decade.
- • Embed new members of the executive committee – Finance Director, Commercial and Marketing Director and Director of Park Operations.
- Review of staff wellbeing provisions and engagement activities.
In conclusion, we are ambitious for what we want to achieve in 2025 and with the passion and dedication of the Marwell team, we are optimistic of success.
## **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 re-election at the end of each term for a maximum of 3 terms. Trustees may offer themselves for re-election and serve for 4 terms in exceptional circumstances.
## **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.
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## MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
## **Organisational structure and decision making**
The Board normally meets four times a year to review strategy and performance and in 2024, was helped in its work by the following Trustee-led committees:
- Business Development (includes Audit & Risk, Capital Expenditure and Commercial),
- Conservation (includes animal collection, biodiversity, education and sustainability)
- Ethics
- Human Resources & Remuneration
- Nominations
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.
Following a strategy and planning day in October 2024, it was agreed that from 2025 onwards, the Business Development Committee would be separated into two committees to place greater emphasis and focus on both control of cost base and commercial initiatives to generate revenue. These new committees will be Finance and Resources Committee, which will have remit over financial governance, cost control, risk and safety and the Commercial Development Committee which will have focus on driving commercial revenue, marketing and income diversification.
## **Remuneration policy**
The Trustees consider the Board of Trustees, the Chief Executive Officer and their Executive team, to whom all day-to-day management is delegated, to comprise the key management personnel of the charity. In 2024 the Executive team comprised of the Chief Executive, the Director of People and Services, Commercial Director, Director of Animal Care 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**
In 2024, oversight of risk is delegated by 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 2024 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, as 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 2024, and we will continue to review it in 2025, with the development of the Marwell Wildlife Security Management System, which will robustly cover the organisations emergency preparedness and response, in order to be compliant with the Martyn’s Law legislation due to be implemented in April 2025.
In addition to ‘business as usual’ risk, our major projects, expeditions and events 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.
- 13 -
## MARWELL WILDLIFE
TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)
## FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **Trustees’ responsibilities statement**
The Trustees (who are also directors of Marwell Wildlife for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that the give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgments and accounting estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standard have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditor**
- Each of the persons who are Trustees at the time when this Trustees’ Report is approved has confirmed that:
- As far as that Trustee is aware, there is no relevant audit information of which the charitable group’s auditor is unaware, and
- That Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable group’s auditor in connection with preparing its report and to establish that the charitable group’s auditor is aware of that information.
## **Auditor**
The Designated Trustees will propose a motion re-appointing Azets Audit Services at a meeting of the Trustees.
This report was approved by the Trustees, who in their capacity as company directors approved the Strategic Report incorporated therein, on ......................... and signed on their behalf by:
## **Francis McCaffrey, Chair**
- 14 -
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARWELL WILDLIFE
FOR THE YEAR ENDED 31 DECEMBER 2023
____________________________________________________________________________________
## **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 2024 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:
- give a true and fair view of the state of the group’s and of the charitable parent company’s affairs as at 31 December 2024 and of the group’s incoming resources and application of resources, including its income & expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group 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.
- 15 -
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARWELL WILDLIFE
FOR THE YEAR ENDED 31 DECEMBER 2024
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of our audit:
- the information given in the trustees' report, which includes the directors' report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report included within the trustees' report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- • we have not received all the information and explanations we require for our audit.
## **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**
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.
- 16 -
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MARWELL WILDLIFE
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________
## **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 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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 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.
**Jon Noble (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants**
......................... Athenia House 10-14 Andover Road Winchester Hampshire United Kingdom SO23 7BS
- 17 -
## MARWELL WILDLIFE
## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
## FOR THE YEAR ENDED 31 DECEMBER 2024
______________________________________________________________________________________
Including a consolidated income and expenditure account for the year ended 31 December 2024
|**Note**
**Income from:**
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 2024
**Total funds at 31 December**
**2024**
**31**|**Restricted**
**funds**
**2024**
**£**
**Unrestricted**
**funds**
**2024**
**£**
**Total**
**funds**
**2024**
**£**
**Total**
**funds**
**2023**
**£**
450,272
957,682
1,407,954
1,234,112
-
4,166,309
4,166,309
3,876,802
-
96,929
96,929
84,327
-
6,682,980
6,682,980
6,464,061
-
46,707
46,707
46,443|
|---|---|
||450,272
11,950,607
12,400,879
11,705,745|
||3,245
4,554,619
4,557,864
4,423,965
199,046
8,038,834
8,237,880
8,123,034|
||202,291
12,593,453
12,795,744
12,546,999|
||247,981
(642,846)
(394,865)
(841,254)
(11,936)
11,936
-
-|
||236,045
(630,910)
(394,865)
(841,254)
341,761
17,916,551
18,258,312
19,099,566|
||577,806
17,285,641
17,863,447
18,258,312|
All activities relate to continuing operations.
The notes on pages 23 to 48 form part of these financial statements
Including a consolidated income and expenditure account for the year ended 31 December 2023
- 18 -
## MARWELL WILDLIFE
## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
## FOR THE YEAR ENDED 31 DECEMBER 2023
______________________________________________________________________________________
|**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 (deficit) before**
**transfers**
**Transfers**
**Net (deficit), being net**
**movement in funds**
**Reconciliation of funds:**
Totals funds at 1 January
2023
**Total funds at 31 December**
**2023**
**31**|**Restricted**
**funds**
**2023**
**£**
**Unrestricted**
**funds**
**2023**
**£**
**Total**
**funds**
**2023**
**£**
**Total**
**funds**
**2022**
**£**
-
-
-
8,199
171,804
1,062,308
1,234,112
1,742,073|
|---|---|
||171,804
1,062,308
1,234,112
1,750,272
-
3,876,802
3,876,802
3,684,975
-
84,327
84,327
12,707
-
6,464,061
6,464,061
6,965,530
-
46,443
46,443
41,855|
||171,804
11,533,941
11,705,745
12,455,339|
||2,530
4,421,435
4,423,965
4,413,259
197,624
7,925,410
8,123,034
8,485,001|
||200,154
12,346,845
12,546,999
12,898,260|
||(28,350)
(812,904)
(841,254)
(442,921)
(43,591)
43,591
-
-|
||(71,941)
(769,313)
(841,254)
(442,921)
413,702
18,685,864
19,099,566
19,542,487|
||341,761
17,916,551
18,258,312
19,099,566|
All activities relate to continuing operations.
The notes on pages 23 to 48 form part of these financial statements
- 19 -
MARWELL WILDLIFE
## CONSOLIDATED BALANCE SHEET
## FOR THE YEAR ENDED 31 DECEMBER 2024
|______________________________________
**Note**
**Fixed assets**
Tangible assets
**17**
Animal collection
**18**
Total tangible assets
Intangible assets
**19**
**Current assets**
Stocks
**21**
Debtors
**22**
Cash at bank and in hand
**Creditors:**amounts falling due within
one year
**23**
**Net current assets**
**Total assets less current liabilities**
**Creditors:**amounts falling due after
one year
**24**
**Net assets**
**Charity funds**
**Restricted funds**
**29**
**Unrestricted funds**
**28**
Designated fixed asset fund
Free reserves
Total unrestricted funds
**Total funds**
**31**|_____________
**£**
18,039,018
1|___________
**2024**
**£**
18,039,019
20,930|____________
**£**
18,893,441
1|____________
**2023**
**£**
18,893,442
15,050|
|---|---|---|---|---|
||120,551
1,041,470
3,668,748||112,599
673,721
3,907,442||
|||18,059,949
3,080,038||18,908,492
2,883,322|
||4,830,769
(1,750,731)||4,693,762
(1,810,440)||
||14,512,557
2,773,084||15,125,212
2,791,339||
|||21,139,987
(3,276,540)||21,791,814
(3,533,502)|
|||17,863,447||18,258,312|
|||577,806
17,285,641||341,761
17,916,551|
||||||
|||17,863,447||18,258,312|
The financial statements were approved by the trustees on ………..…… and signed on their behalf, by:
## **Francis McCaffrey, BA Hons**
## **Andrew Warren, BA Hons, FCA, MBA**
The notes on pages 23 to 48 form part of these financial statements.
Charity Registration No. 275433
- 20 -
MARWELL WILDLIFE
## COMPANY BALANCE SHEET
## FOR THE YEAR ENDED 31 DECEMBER 2024
______________________________________________________________________________________
|**Note**
**Fixed assets**
Tangible assets
**17**
Animal collection
**18**
Total tangible assets
Intangible assets
**19**
Investments
**20**
**Current assets**
Stocks
**21**
Debtors
**22**
Cash at bank and in hand
**Creditors:**amounts falling due within
one year
**23**
**Net current assets**
**Total Assets less current liabilities**
**Creditors:**amounts falling due after
one year
**24**
**Net assets**
**Charity funds**
Restricted funds
**29**
Unrestricted funds
**Total funds**|**£**
18,039,018
1|**2024**
**£**
18,039,019
20,930
100,000|**£**
18,893,441
1|**2023**
**£**
18,893,442
15,050
100,000|
|---|---|---|---|---|
||1,082
2,459,937
1,863,733||4,852
1,731,073
2,492,085||
|||18,159,949
2,729,991||19,008,492
2,606,287|
||4,324,752
(1,594,761)||4,228,010
(1,621,723)||
||||||
|||20,889,940
(3,276,540)||21,614,779
(3,533,502)|
|||17,613,400||18,081,277|
|||577,806
17,035,594||341,761
17,739,516|
|||17,613,400||18,081,277|
The financial statements were approved by the trustees on ………..…… and signed on their behalf, by:
## **Francis McCaffrey, BA Hons**
## **Andrew Warren, BA Hons, FCA, MBA**
The notes on pages 23 to 48 form part of these financial statements.
Company Registration No. 01355272
- 21 -
MARWELL WILDLIFE
CONSOLIDATED CASH FLOW STATEMENT
## FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
|**Note**
**Cash flows from operating**
**activities**
Net cash provided by operating
activities
**32**
Interest paid
**Net cash inflow from operating**
**activities**
**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**|**£**
96,929
(179,723)
-|**2024**
**£**
254,960
(131,008)|**£**
84,327
(1,205,407)
18,723|**2023**
**£**
351,508
(139,824)|
|---|---|---|---|---|
|||123,952
(82,794)
(279,852)||211,684
(1,102,357)
(271,729)|
||(38,084)
-
(241,768)||(38,086)
-
(233,643)||
||||||
|||(238,694)
3,907,442||(1,162,402)
5,069,844|
|||3,668,748||3,907,442|
The notes on pages 23 to 48 form part of these financial statements.
- 22 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
## **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 deficit of £467,877 (2023: deficit of £949,160).
## **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.
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.
- 23 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
## **1. Accounting Policies (continued)**
## **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. The trustees have approved a detailed income and expenditure budget for 2025 and forecasts for 2026, 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 2025, expected results for the rest of 2025 and into 2026 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 the approval of these financial statements.
## **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.
- 24 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **1. Accounting Policies (continued)**
## **1.7 Expenditure (continued)**
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|- 4-25% 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.
## **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.
- 25 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **1. Accounting Policies (continued)**
## **1.10 Impairment of non-financial assets (continued)**
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.
## **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.
- 26 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **1. Accounting Policies (continued)**
## **1.18 Financial instruments (continued)**
_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 and redundancy/termination payments**
Payments to defined contribution retirement benefit schemes, redundancy and termination payments are charged as an expense as they fall due.
## **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.
- 27 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **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 £18,039,018 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.
## **3. Income from donations and legacies**
|Donations
Legacies
Grants
Government grants
Gift aid
Total donations and legacies|**Restricted**
**funds**
**2024**
**£**
**Unrestricted**
**funds**
**2024**
**£**
**Total**
**funds**
**2024**
**£**
**Total**
**funds**
**2023**
**£**
59,202
258,005
317,207
338,686
202,000
137,938
339,938
252,852
189,070
-
189,070
102,312
-
-
-
-
-
561,739
561,739
540,262|
|---|---|
||450,272
957,682
1,407,954
1,234,112|
|Donations
Legacies
Grants
Job retention scheme grant
Gift aid
Total donations and legacies|**Restricted**
**funds**
**2023**
**£**
**Unrestricted**
**funds**
**2023**
**£**
**Total**
**funds**
**2023**
**£**
**Total**
**funds**
**2022**
**£**
69,492
269,194
338,686
327,692
-
252,852
252,852
699,362
102,312
-
102,312
153,162
-
-
-
8,199
-
540,262
540,262
561,857|
|---|---|
||171,804
1,062,308
1,234,112
1,750,272|
- 28 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **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**
**2024**
**£**
**Total**
**Unrestricted**
**funds**
**2023**
**£**
4,162,814
3,873,519|
||1,217,685
1,154,291
435,162
428,240
85,974
75,564
427,487
443,711
1,172,832
1,033,942
67,311
62,153
38,694
30,477
3,829
4,614
866,231
842,153|
||4,315,205
4,075,145|
||(152,391)
(201,626)|
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|**2024**
**£**
**2023**
**£**
4,158,213
3,872,720
32,708
28,895
(3,940,880)
(3,724,581)|
|---|---|
||250,041
177,034|
||350,041
277,034|
**5. Other trading activities**
||**Restricted**|**Unrestricted**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|
||**2024**|**2024**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Provision of administrative services|-|3,495|3,495|3,283|
In 2023, all income from other activities was unrestricted.
- 29 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
## FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **6. Investment income**
||**Restricted**|**Unrestricted**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|
||**2024**|**2024**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Bank & other interest receivable|-|96,929|96,929|84,327|
In 2023, all investment income was unrestricted.
## **7. Income from charitable activities**
|Biological conservation
Science and learning|**Restricted**
**funds**
**2024**
**£**
**Unrestricted**
**funds**
**2024**
**£**
**Total**
**funds**
**2024**
**£**
**Total**
**funds**
**2023**
**£**
-
138,270
138,270
121,488
-
6,544,710
6,544,710
6,342,573|
|---|---|
||-
6,682,980
6,682,980
6,464,061|
In 2023, all income from charitable activities was unrestricted.
## **8. Other incoming resources**
|Rental income
Sundry income|**Restricted**
**funds**
**2024**
**£**
**Unrestricted**
**funds**
**2024**
**£**
**Total**
**funds**
**2024**
**£**
**Total**
**funds**
**2023**
**£**
-
44,057
44,057
43,972
-
2,650
2,650
2,471|
|---|---|
||-
46,707
46,707
46,443|
## **9. Costs of generating voluntary income 2024**
|Costs of goods sold
Marketing
Staff and related costs
Support costs
All other costs|**Restricted**
**funds**
**2024**
**£**
**Unrestricted**
**funds**
**2024**
**£**
**Total**
**funds**
**2024**
**£**
**Total**
**funds**
**2023**
**£**
3,245
14,062
17,307
12,092
-
51,584
51,584
50,183
-
109,040
109,040
176,644
-
35,754
35,754
84,391
-
28,974
28,974
25,510|
|---|---|
||3,245
239,414
242,659
348,820|
- 30 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **9. Costs of generating voluntary income 2023 (continued)**
|Costs of goods sold
Marketing
Staff and related costs
Support costs
All other costs|**Restricted**
**funds**
**2023**
**£**
**Unrestricted**
**funds**
**2023**
**£**
**Total**
**funds**
**2023**
**£**
**Total**
**funds**
**2022**
**£**
2,530
9,562
12,092
12,237
-
50,183
50,183
51,880
-
176,644
176,644
142,226
-
84,391
84,391
90,923
-
25,510
25,510
39,777|
|---|---|
||2,530
346,290
348,820
337,043|
## **10. Costs of charitable activities 2024 – Unrestricted**
|Direct animal
costs
Direct
conservation
costs
Park running
costs
Marketing
Staff and
related costs
Support costs
Interest
All other costs
Total|**Biological**
**conservation**
**£**
**Science &**
**learning**
**£**
**Sustainability**
**£**
**2024**
**£**
**2023**
**£**
350,293
-
111,420
461,713
463,105
133,199
12
-
133,211
172,230
890,148
349,711
87,164
1,327,023
1,428,402
-
206,338
-
206,338
181,353
2,594,477
1,030,192
113,744
3,738,413
3,430,625
1,213,997
413,968
124,036
1,752,001
1,864,088
58,534
19,960
5,980
84,474
90,973
68,872
244,980
1,634
315,486
273,034|
|---|---|
||5,309,520
2,265,161
443,978
8,018,659
7,903,810|
## **Costs of charitable activities 2024 – Restricted**
|Direct animal costs
Direct conservation
costs
Total|**Biological**
**conservation**
**£**
**Science &**
**learning**
**£**
**Sustainability**
**£**
**2024**
**£**
**2023**
**£**
53,053
-
-
53,053
51,419
145,993
-
-
145,993
146,205|
|---|---|
||199,046
-
-
199,046
197,624|
- 31 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **10. Cost of charitable activities 2023 – Unrestricted (continued)**
|Direct animal
costs
Direct
conservation
costs
Park running
costs
Marketing
Staff and
related costs
Support costs
Interest
All other costs
Total|**Biological**
**conservation**
**£**
**Science &**
**learning**
**£**
**Sustainability**
**£**
**2023**
**£**
**2022**
**£**
334,393
-
128,712
463,105
437,931
170,301
1,929
-
172,230
168,499
961,953
374,890
91,559
1,428,402
1,509,207
-
181,353
-
181,353
159,371
2,410,894
916,296
103,435
3,430,625
3,420,010
1,317,602
444,229
102,257
1,864,088
2,107,603
64,303
21,680
4,990
90,973
146,991
56,377
213,385
3,272
273,034
390,894|
|---|---|
||5,315,823
2,153,762
434,225
7,903,810
8,340,506|
**Costs of charitable activities 2023 – Restricted**
|Direct animal costs
Direct conservation
costs
Total|**Biological**
**conservation**
**£**
**Science &**
**learning**
**£**
**Sustainability**
**£**
**2023**
**£**
**2022**
**£**
51,419
-
-
51,419
60,441
146,205
-
-
146,205
74,467|
|---|---|
||197,624
-
-
197,624
134,908|
- 32 -
## MARWELL WILDLIFE
## NOTES TO THE FINANCIAL STATEMENTS
## FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________________________________________________________
## **11. Governance costs**
||**Restricted**|**Unrestricted**|**Total**|**Total**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|
||**2024**|**2024**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|
|Professional fees|-|20,175|20,175|21,600|
## **12. Support costs 2024**
|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**
**£**
**2024**
**£**
**2023**
**£**
2,164
52,423
77,011
26,261
7,868
165,727
202,613
11,356
275,120
404,164
137,818
41,294
869,752
983,223
97
2,348
3,449
1,176
352
7,422
2,018
-
-
-
-
-
-
26,699
13,425
325,262
477,823
162,936
48,820
1,028,266
1,018,138
3,592
87,017
127,831
43,590
13,061
275,091
304,145
5,121
124,061
182,251
62,147
18,621
392,201
344,772|
|---|---|
||35,755
866,231
1,272,529
433,928
130,016
2,738,459
2,881,608|
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.
- 33 -
## MARWELL WILDLIFE
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
_________________________________________________________________________________________________________________________________
## **12. Support Costs 2023 (continued)**
|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**
**£**
**2023**
**£**
**2022**
**£**
5,934
59,214
97,165
32,759
7,541
202,613
178,990
28,795
287,348
471,515
158,972
36,593
983,223
1,067,105
59
590
968
326
75
2,018
4,653
782
7,803
12,803
4,317
994
26,699
131,173
29,817
297,552
488,259
164,617
37,893
1,018,138
965,895
8,907
88,887
145,856
49,175
11,320
304,145
305,950
10,097
100,760
165,339
55,744
12,832
344,772
364,889|
|---|---|
||84,391
842,154
1,381,905
465,910
107,248
2,881,608
3,018,655|
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.
- 34 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **13. Analysis of resources expended by expenditure type 2024**
|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**
**2024**
**Depreciation**
**2024**
**Other**
**Costs**
**2024**
**Total**
**2024**
**Total**
**2023**
**£**
**£**
**£**
**£**
**£**
118,757
13,425
110,477
242,659
348,820
1,515,232
325,262
2,474,711
4,315,205
4,075,145|
|---|---|
||1,633,989
338,687
2,585,188
4,557,864
4,423,965|
||2,929,438
477,823
2,101,305
5,508,566
5,513,447
1,145,168
162,936
957,057
2,265,161
2,153,762
148,730
48,820
246,428
443,978
434,225|
||4,223,336
689,579
3,304,790
8,217,705
8,101,434|
||-
-
20,175
20,175
21,600|
||5,857,325
1,028,266
5,910,153
12,795,744
12,546,999|
## **Analysis of resources expended by expenditure type 2023**
|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**
**2023**
**Depreciation**
**2023**
**Other**
**Costs**
**2023**
**Total**
**2023**
**Total**
**2022**
**£**
**£**
**£**
**£**
**£**
201,858
29,817
117,145
348,820
337,043
1,382,782
297,552
2,394,811
4,075,145
4,076,216|
|---|---|
||1,584,640
327,369
2,511,956
4,423,965
4,413,259|
||2,819,540
488,259
2,205,648
5,513,447
5,492,662
1,054,516
164,617
934,629
2,153,762
2,543,379
135,738
37,893
260,594
434,225
439,373|
||4,009,794
690,769
3,400,871
8,101,434
8,475,414|
||-
-
21,600
21,600
9,587|
||5,594,434
1,018,138
5,934,427
12,546,999
12,898,260|
- 35 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **14. Net incoming resources**
This is stated after charging:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|Depreciation of tangible fixed assets:|||
|-
Owned by the charitable group|993,765|985,129|
|-
Held under finance lease|29,107|29,107|
|Amortisation of intangible fixed assets|5,394|3,902|
|Operating lease costs|232,443|192,308|
|Loss on sale of fixed assets|-|26,699|
During the year, no Trustees received any remuneration (2023: Nil) and no trustees received any benefits in kind (2023: £nil). No Trustees are accruing retirement benefits in either period. No Trustees received reimbursement of travel and accommodation expenses in either period.
During the year the company provided indemnity insurance to cover all its trustees under their duties as trustees at a cost of £2,414 (2023: £3,894).
## **15. Auditors’ remuneration**
|Fees payable to the company’s auditor and associates
Audit of the financial statements of the group and companies
Other services|**2024**
**£**
**2023**
**£**
21,270
20,650
6,050
5,875|
|---|---|
||27,320
26,525|
- 36 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **16. Staff costs**
Staff costs were as follows:
|taff costs were as follows:||
|---|---|
|Wages and salaries
Social security costs
Other pension costs
Redundancy costs and ex gratia payments|**2024**
**£**
**2023**
**£**
5,222,615
4,946,917
408,298
388,152
226,414
223,299
-
36,066|
||5,857,327
5,594,434|
The average monthly number of employees was 265 (2023: 253) and the average monthly number of full time equivalent employees during the year was as follows:
|Charitable activities
Cost of generating funds
Support
The number of higher paid employees was:
In the band £60,001 - £70,000
In the band £70,001 - £80,000
In the band of £80,001 - £90,000
In the band £110,001 - £120,000||**2024**
**No.**
**2023**
**No.**
113
111
56
53
14
16|
|---|---|---|
|||183
180|
|||**2024**
**No.**
**2023**
**No.**
3
3
1
2
2
-
-
1|
|||6
6|
Key management personnel received remuneration and benefits totalling £386,011 (2023: £265,566) and pension contributions of £27,671 (2023: £54,997). During the year, the charity recognised expenditure for ex-gratia payments to a former employee totalling £Nil . (In 2023, the equivalent payment made to former employees was £8,033).
- 37 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **17. Tangible fixed assets**
|**angible fixed assets**||
|---|---|
|**Group and company**
**Cost**
At 1 January 2024
Additions
Disposal
Transfer between classes
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
Depreciation on disposals
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023|**Freehold**
**land and**
**buildings**
**£**
**Animal**
**houses and**
**other**
**buildings**
**£**
**Plant and**
**equipment**
**£**
**Capital**
**work in**
**progress**
**£**
**Total**
**£**
1,558,151
23,946,983
4,241,689
153,404
29,900,227
-
93,596
13,930
60,923
168,449
-
(14,888)
(139,843)
-
(154,731)
-
167,556
-
(167,556)
-|
||1,558,151
24,193,247
4,115,776
46,771
29,913,945|
||78,212
8,780,990
2,147,584
-
11,006,786
4,395
721,755
296,722
-
1,022,872
-
(14,888)
(139,843)
-
(154,731)|
||82,607
9,487,857
2,304,463
-
11,874,927|
||1,475,544
14,705,390
1,811,313
46,771
18,039,018|
||1,479,939
15,165,993
2,094,105
153,404
18,893,441|
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.
|**18. Animal collection**
**Group and Company**
**Valuation**
At 1 January 2024 and 31 December 2024|**2024**
**£**
**2023**
**£**
152,793
181,900|
|---|---|
||**Animal**
**collection**
**£**
1|
- 38 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **19. Intangible fixed assets**
|**Group and company**
**Cost**
At 1 January 2024
Additions
Disposals
At 31 December 2024
**Amortisation**
At 1 January 2024
Charge for the year
Disposals
At 31 December 2024
**Net book value**
At 31 December 2024
At 31 December 2023
**20. Investments**
Shares in subsidiary undertaking|**IT systems**
**and software**
**£**
**Total**
**£**
61,831
61,831
11,274
11,274
-
-
73,105
73,105
46,781
46,781
5,394
5,394
-
-
52,175
52,175
20,930
20,930
15,050
15,050
**Company**
**2024**
**£**
**2023**
**£**
100,000
100,000
100,000
100,000|**IT systems**
**and software**
**£**
**Total**
**£**
61,831
61,831
11,274
11,274
-
-
73,105
73,105
46,781
46,781
5,394
5,394
-
-
52,175
52,175
20,930
20,930
15,050
15,050
**Company**
**2024**
**£**
**2023**
**£**
100,000
100,000
100,000
100,000|
|---|---|---|
||||
|||**2024**
**£**
**2023**
**£**
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.
- 39 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **21. Stocks**
|Goods for resale
Consumables stock|**Group**
**Company**|
|---|---|
||**2024**
**£**
**2023**
**£**
**2024**
**£**
**2023**
**£**
112,277
96,802
-
-
8,274
15,797
1,082
4,852|
||120,551
112,599
1,082
4,852|
## **22. Debtors**
|Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**Company**|
|---|---|
||**2024**
**£**
**2023**
**£**
**2024**
**£**
**2023**
**£**
42,723
151,074
22,869
143,420
-
-
1,443,156
1,065,006
726
1,954
726
1,954
998,021
520,693
993,186
520,693|
||1,041,470
673,721
2,459,937
1,731,073|
## **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**|
|---|---|
||**2024**
**£**
**2023**
**£**
**2024**
**£**
**2023**
**£**
249,921
241,074
249,921
241,074
484,626
323,426
390,299
217,167
6,348
38,085
6,348
38,085
190,498
166,065
190,498
166,065
46,095
43,887
45,299
43,639
773,243
997,903
712,396
915,693|
||1,750,731
1,810,440
1,594,761
1,621,723|
- 40 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **24. Creditors: Amounts falling due after one year**
|**Creditors: Amounts falling due after one year**||
|---|---|
|Bank loans
Obligations under finance leases|**Group and Company**|
||**2024**
**£**
**2023**
**£**
3,276,540
3,527,155
-
6,347|
||3,276,540
3,533,502|
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|**2024**
**£**
**2023**
**£**
3,526,461
3,768,229|
|---|---|
||249,921
241,074
1,090,216
1,053,163
2,186,324
2,473,992|
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% per annum.
## **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|**2024**
**£**
**2023**
**£**
7,263
43,130
-
7,263|
|---|---|
||7,263
50,393
(915)
(5,961)|
||6,348
44,432|
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.
- 41 -
MARWELL WILDLIFE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **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 and Company**|
|---|---|
||**2024**
**£**
**2023**
**£**
646,762
574,626
570,545
646,762
(646,762)
(574,626)|
||570,545
646,762|
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.
- 42 -
## MARWELL WILDLIFE
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_________________________________________________________________________________________________________________________________
## **28. Unrestricted funds**
The income funds of the group include unrestricted funds comprising the following unexpended balances:
|**Designated funds**
Fixed assets
**General funds**
General fund – free
reserves
**Total unrestricted**
**funds**|**Restated**
**Movement in funds**
**Movement in funds**
**Balance at 1**
**Jan 2023**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfer**
**in/(out)**
**£**
**Balance at**
**1 Jan 2024**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfer**
**in/(out)**
**£**
**Balance at**
**31 Dec 2024**
**£**
14,745,820
-
(780,593)
1,159,985
15,125,212
-
(1,022,871)
410,216
14,512,557|
|---|---|
||14,745,820
-
(780,593)
1,159,985
15,125,212
-
(1,022,871)
410,216
14,512,557|
||3,940,044
11,533,941
(11,566,252)
(1,116,394)
2,791,339
11,950,607
(11,570,582)
(398,280)
2,773,084|
||18,685,864
11,533,941
(12,346,845)
43,591
17,916,551
11,950,607
(12,593,453)
11,936
17,285,641|
The allocation of funds between the Designated fixed asset fund and the general fund has been restated to ensure the fixed asset funds better reflect both the cost of assets but also the associated borrowing. The policy is further detailed in the Trustees Report.
## **Designated funds**
The fixed assets fund was set up to reflect the net book value of the assets held by the charity less any associated borrowings.
- 43 -
## MARWELL WILDLIFE
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________ ______________________________________ ___________________ _______
## **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
Other conservation
Education
Education Capital Fund
**Total restricted funds**|**Movement in funds**
**Movement in funds**
**Balance at**
**1 Jan 2023**
**£**
**Incoming**
**Resources**
**£**
**Resources**
**expended**
**£**
**Transfers**
**in/(out)**
**£**
**Balance at**
**1 Jan 2024**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfers**
**in/(out)**
**£**
**Balance at**
**31 Dec**
**2024**
**£**
29,332
69,492
(53,949)
(43,591)
1,284
296,661
(56,298)
(2,188)
239,459
13,028
2,579
(4,679)
-
10,928
4,499
(4,400)
-
11,027
69,072
52,222
(30,767)
-
90,527
48,919
(36,181)
-
103,265
40,307
47,783
(6,457)
-
81,633
83,574
(34,444)
-
130,763
199,537
(272)
(104,302)
-
94,963
16,619
(70,968)
(1,235)
39,379
60,426
-
-
-
60,426
-
-
(6,513)
53,913
2,000
-
-
-
2,000
-
-
(2,000)
-|
|---|---|
||413,702
171,804
(200,154)
(43,591)
341,761
450,272
(202,291)
(11,936)
577,806|
## **Transfers between funds**
## Animal Management
£2,188 balance transferred out to Unrestricted Funds. £1,255 relates to expenditure released against staff time and overheads as restriction conditions were satisfied. The further £933 relates to expenditure released to capital expenditure as the capital expenditure project is now complete.
## Other Conservation
£1,235 balance transferred out to Unrestricted Funds, the balance was not expended by invoice as the project is complete and all conditions satisfied. This balance represents covering a small proportion of conservation department time on the project.
## Education
£6,513 balance transferred out to Unrestricted Funds. This balance represents part release against PhD costs. Education Capital Fund
£2,000 brought forward balance was transferred out to Unrestricted Funds as considered satisfied by other completed unfunded education projects in 2021.
- 44 -
## MARWELL WILDLIFE
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________ ______________________________________ ___________________ _______
## **29. Restricted funds (continued)**
A description of the nature and purpose of the restricted funds is shown below:
## **Animal management**
Care of the animals, for example animal feed or clothing for keepers
## **British species conservation**
Habitat restoration in our ancient woodlands, management of grassland, and the breeding and reintroduction of British species including, specifically, sand lizards.
## **Grevy’s zebra conservation**
Monitoring Grevy’s zebra status and movements in Kenya and Ethiopia (through scout patrols, community engagement, and the use of methods such as collaring and stripe recognition software), contributing to national Grevy’s zebra conservation strategies and workshops, equipment for field conservation, equipment, for 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 education work with schools and groups of herders as well as adults, including exposure tours into the field. Emergency support for Grevy’s zebra during times of drought or disease outbreaks.
## **Conservation in North Africa**
Conservation translocation and population monitoring, including genetic analyses, of slender-horned gazelle, dorcas gazelle, scimitar-horned oryx, addax, North African ostrich, and Barbary sheep. Biodiversity surveys, assessments, ecological monitoring, and scientific research in aridland habitats, including the provision of monitoring equipment, training, and capacity building in range states. Rescue, rehabilitation and reinforcement of the spur-thigh tortoise. Development of national and international strategies and action plans for threatened aridland wildlife and their habitats, and advocating wildlife conservation to governments, the public and conservation organisations. Supporting the management, husbandry, welfare, translocation, and veterinary care of threatened wildlife in ex situ facilities within range states, principally in Tunisia.
## **Other conservation**
Individual grants to support, often time-limited, projects such as transboundary cooperation for snow leopards between Kazakhstan, Kyrgyzstan and China; Promoting Tiger and Nature Conservation in Bhutan following the receipt of legacy funds during 2019; goitered gazelle population status and distribution in Kazakhstan and training for & management of conservation in country. Supporting the work of the International Union for the Conservation of Nature Species Survival Commission Antelope Specialist Group (IUCN SSC ASG) including Red Listing and Green Status Assessments of antelope and gazelle, communications, receiving and distributing grant funding for antelope conservation work. Aridland antelope supports the conservation work for aridland antelope and their habitats in range states. UN CMS Antelope Specialist Group supports projects on developing national and regional strategies and action plans for the conservation of aridland ungulates.
## **Education**
For education and children related projects
## **Education Capital Fund**
Funds for education capital projects
- 45 -
## MARWELL WILDLIFE
## NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________ ______________________________________ ___________________ _______
## **30. Summary of funds**
|Designated
funds
General funds
Restricted funds
**Total funds**|**Balance at 1**
**Jan 2023**
**£**
**Incoming**
**Resources**
**£**
**Resources**
**expended**
**£**
**Transfers**
**in/(out)**
**£**
**Balance at 1**
**Jan 2024**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Transfer**
**in/(out)**
**£**
**Balance at**
**31 Dec**
**2024**
**£**
14,745,820
-
(780,593)
1,159,985
15,125,212
-
(1,022,871)
410,216
14,512,557
3,940,044
11,533,941
(11,566,252)
(1,116,394)
2,791,339
11,950,607
(11,570,582)
(398,280)
2,773,084|
|---|---|
||18,685,864
11,533,941
(12,346,845)
43,591
17,916,551
11,950,607
(12,593,453)
11,936
17,285,641
413,702
171,804
(200,154)
(43,591)
341,761
450,272
(202,291)
(11,936)
577,806|
||19,099,566
11,705,745
(12,546,999)
-
18,258,312
12,400,879
(12,795,744)
-
17,863,447|
## **31. 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**
**2024**
**£**
**Unrestricted**
**funds**
**2024**
**£**
**Total**
**funds**
**2024**
**£**
Restricted funds
2023
£
Unrestricted
funds
2023
£
Total
funds
2023
£
-
18,039,018
18,039,018
-
18,893,441
18,893,441
-
20,930
20,930
-
15,050
15,050
-
1
1
-
1
1
577,806
4,252,963
4,830,769
341,761
4,352,001
4,693,762
-
(1,750,731)
(1,750,731)
-
(1,810,440)
(1,810,440)
-
(3,276,540)
(3,276,540)
-
(3,533,502)
(3,533,502)|
|---|---|
||577,806
17,285,641
17,863,447
341,761
17,916,551
18,258,312|
- 46 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **32. 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**|**2024**
**£**
**2023**
**£**
(394,865)
(841,254)
1,028,266
1,018,138
(96,929)
(84,327)
131,008
139,824
-
26,699
(7,953)
(2,244)
(367,749)
15,072
(36,818)
79,600|
|---|---|
||254,960
351,508|
## **33. Analysis of cash and cash equivalents**
|Cash in hand
Total|**2024**
**£**
**2023**
**£**
3,668,748
3,907,442|
|---|---|
||3,668,748
3,907,442|
## **34. Analysis of changes in net cash**
|Cash in hand
Obligations under finance leases
Borrowings excluding overdrafts|**1 January**
**2024**
**£**
**Cash flows**
**£**
**31 December**
**2024**
**£**
3,907,442
(238,694)
3,668,748
(44,432)
38,084
(6,348)
(3,768,229)
241,768
(3,526,461)|
|---|---|
||94,781
41,158
135,939|
## **35. 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 £226,414 (2023: £223,299). Contributions totalling £38,286 (2023: £33,680) were payable to the fund at the balance sheet date and are included in creditors.
- 47 -
MARWELL WILDLIFE NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
_____________________________________________________________________________________
## **36. 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|**2024**
**£**
**2023**
**£**
105,716
87,805
126,727
104,503
-
-|
|---|---|
||232,443
192,308|
The expense recognised in relation to operating leases in the year was £88,074 (2022: £82,627).
## **37. Capital commitments**
Capital commitments at year end 2024 were £nil (2023: £nil).
- 48 -