**Registered number: 00792877 Charity number: 300923**
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 OCTOBER 2020**
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1|
|**Trustees' Report**|2|
|**Independent Auditors' Report on the Financial Statements**|29 - 31|
|**Consolidated Statement of Financial Activities**|32 - 33|
|**Consolidated Balance Sheet**|34 - 35|
|**Company Balance Sheet**|36 - 37|
|**Consolidated Statement of Cash Flows**|38|
|**Notes to the Financial Statements**|39 - 61|
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**Trustees**|S E Kings, Chair|
|---|---|
||R W J Ford, Vice Chair|
||S Barr BA|
||A C J Cooper BSc|
||S J Greinig BA (resigned 4 March 2021)|
||R Hill BA (Hons), ACA|
||P R F Chanin MA, PhD|
||B K McLaughlin|
||J P Ravenscroft (resigned 23 September 2020)|
||R A Rowe|
||M S Salmon|
||P M C Stevens|
|**Company registered**
**number**
00792877
**Charity registered**
**number**
300923
**Registered office**
Totnes Road
Paignton
Devon
TQ4 7EU
**Company secretary**
C J Pyne
**Chief Executive Officer**
**Executive Director**
D Flynn (appt. 1st December 2020)
S J Tonge BSc (res. 30th June 2021)
**Independent auditors**
Bishop Fleming LLP
Chartered Accountants
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS
**Bankers**
Lloyds Bank plc
Paignton
Devon||
Page 1
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2020**
The Trustees submit their report and the audited financial statements for South West Environmental Parks Limited for the year ended 31 October 2020. The financial statements comply with the Charities Act 2011 and Companies Act 2006, the Memorandum and Articles of Association and have been prepared in accordance with the requirements of the Statement of Recommended Practice on accounting and reporting for charities (FRS 102) effective 1[st] January 2019.
## **Strategic Report**
## **Strategic Aims & Objectives**
## **Vision**
A world rich in wildlife and wild places.
## **Mission**
South West Environmental Parks Limited is an education, scientific and conservation charity dedicated to protecting our global wildlife heritage and inspiring in people a respect for animals, plants and the environment.
## **Strategic Aims**
In order to achieve its mission the Charity has set out four main Strategic aims:
1. Engagement: Inspiration and empowerment of the public to join our conservation culture and actively participate in conservation of the natural world.
2. Local Conservation: Practical conservation of local habitats and species
3. Global Conservation: Providing leadership, training, expertise, technical support and crucial funds to our overseas conservation partners
4. Advocacy: Campaigning and advocating for wildlife and the natural world with key organisations and decision makers.
## **Public Benefit**
In setting objectives and planning activities for the year the trustees have given careful consideration to HQVXULQJ�WKDW�WKH�FKDULW\¶V�DFWLYLWLHV are to the public benefit, and they have had regard to the Charity &RPPLVVLRQ¶V�JXLGDQFH�RQ�SXEOLF�EHQHILW���Accordingly, the activities at our sites during the last year were for the public benefit and were in accordance with the objects of the charity. They are:
- x To advance scientific knowledge of plants, animals and the natural world
- x To advance the education of students and the public on the conservation of the physical and natural world and the promotion of biodiversity
- x To promote the conservation of the physical and natural environment and the maintenance of biological diversity
In fulfilling its objectives, the charity is dedicated to conserving our global wildlife heritage and inspiring in its many visitors a life-long respect for animals and the environment. The charity achieves this by:
Page 2
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
- x Keeping and breeding animals and propagating plants that are under threat or no longer exist in the wild
- x Offering all visitors an exciting and informative wildlife experience
- x Providing a resource for educational purposes, both within and outside the zoos
- x Contributing to conservation of wildlife and the natural environment both within the zoos and beyond
- x Promoting sustainability of local and global communities and their environment and managing the zoos to a plan to support these ideals
Page 3
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2020**
## **Key Performance Indicators 2019�20**
||2018/19
Actual|2019/20
Target|2019/20
Actual|Variance to
previous year|Variance
to target|
|---|---|---|---|---|---|
|Paignton ZooTotal Visitors|415,613|486,726*|264,809|-36.3%|-13.4%|
|Paignton Zoo Paying Visitors|248,929|315,600*|176,976|-28.9%|-43.9%|
|Paignton ZooEducationsessions|29,956|30,000|6497|-78.3%|-78.3%|
|Paignton ZooTaughtworkshops|334|330|88|-73.6%|-73.3%|
|Paignton Zoo paid educationbookings|24,686|20,000|6,497|-73.7%|-67.5%|
|Paignton Zoo Admissions income|£3,897,597|£5,107,114|£2,847,886|-26.9%|-44.2%|
|Paignton Zoo Gift Aid %|42.7%|43%|33.7%|-21.1%|-21.6%|
|Paignton Zoo Contribution fromtrading|£467,869|£515,377|£195,372|-58.2%|-62.1%|
|Paignton Zoomedia coverage target|£848,107|£1,400,000|£394,039|-53.5%|-71.9%|
|||||||
|Newquay Zoo Total Visitors|155,112|159,560|112,007|-27.8%|-29.8%|
|NewquayZooPayingVisitors|109,363|116,110|92,084|-15.8%|-20.7%|
|NewquayZooEducationSessions|8,937|8,000|2,712|-69.7%|-66.1%|
|NewquayZooTaughtWorkshops|143|150|46|-67.8%|-69.3%|
|Newquay Zoo paid education bookings|7,757|6,500|1,537|-80.2%|-76.4%|
|Newquay Zoo Admissions income|£1,396,100|£1,537,321|£1,205,361|-13.7%|-21.6%|
|NewquayZoo GiftAid %|49.8%|52%|37.5%|-32.8%|-27.9%|
|NewquayZoo Contribution fromtrading|£168,001|£160,416|£145,402|-13.5%|-9.4%|
|Newquay Zoo media coverage target|£229,089|£225,000|£76,553|-66.6%|-66%|
|||||||
|Living CoastsTotal Visitors|126,140|137,350|26,063|-79.3%|-81%|
|Living CoastsPayingVisitors|70,690|81,100|11,062|-84.4%|-86.4%|
|Living CoastsEducationSessions|7,301|6,000|2,282|-68.7%|-61.2%|
|Living Coasts taught workshops|66|65|46|-30.3%|-29.2%|
|Living Coasts paid education bookings|5483|5,000|1,648|-69.9%|-67%|
|Living CoastsAdmissionsincome|£611,156|£715,993|£95,939|-84.3%|-86.6%|
|Living Coasts GiftAid %|47.2%|43%|44.7%|-27.9%|4%|
|LivingCoasts Contribution from trading|�£16,504|-£8,343|-£127,734|-1431%|-674%|
|LivingCoasts media coverage target|£151,809|£200,000|£39,484|-74%|-80.3%|
Page 4
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2020**
## **Global Conservation**
In addition to making grants, the group continued to operate in situ conservation projects (although significantly reduced due to the impact of the COVID pandemic) through its regional programmes. In addition to donating to the parent charity to help with funding these activities the company provides time and resources utilised by the field conservation team in managing these projects.
The Omo Forest project in Nigeria has continued despite the impact of the pandemic. During 2019, we were working to ensure that the rangers were paid and were increasing the patrols of the forest. Unfortunately, the onset of Covid in Nigeria has led to complications in maintaining the level of patrols. We had received a significant amount of funding from external sources and, due to some very quick manoeuvring at the onset of the pandemic, the funders agreed that we could switch the activities covered by that funding to cover the core costs of the rangers wages. Toward the end of 2019 we were invited to put forward a tender to the executors of a will from which we received £50,000 for the continuance of activities in Omo. This is giving us scope to continue the work in the Omo without impacting on the finances of the Wild Planet Trust.
## **Local Conservation**
At Slapton the 10 year management plan was drafted and accepted by the Slapton Management Committee. Work began on some of the clearance necessary before the onset of Covid. A number of the Slapton team were furloughed however some works were reinstated once the first lockdown was finished. During the period of lockdown it appears that some of the species benefitted from the lack of disturbance and dormice have been seen in new areas
Despite the closure of Living Coasts we are continuing to work with the Totnes based company Valeport to look at opportunities to continue the Seagrass project. We were unable to carry out survey dives during 2020 but are looking to retrench and continue in 2021.
Unfortunately, we had to make the decision to stop the conservation breeding of Devon crayfish on site. While we were looking to establish a colony within the zoo, we had yet to receive the breeding females. The original projection of staff time to undertake this work underestimated the man hours required to establish a breeding colony and, with COVID impacting on staff numbers, it was considered beyond our current capacity. +RZHYHU��ZH�KDG�UHFHLYHG�D�VXP�RI�PRQH\�IRU�WKH�VXUYH\�RI�³$UN´�VLWHV�DQG�ZH�ZLOO�IXOILO�RXU�FRPPLWPHQW�WR� that as we decide whether to continue with the project.
At Paignton Zoo a survey of ash trees was carried out to evaluate our situation. Unfortunately, the site has a large number of mature ash which have evidence of disease and will need attention over the coming months. This will lead to the need for further planning for re-planting for the future.
## **Advocacy**
Prior to the outbreak of COVID we had started to develop a programme of events around the use of Sustainable Palm Oil focussed on Newquay. Using the template from Chester Zoo on developing the Sustainable Palm Oil City project, we began to tailor the criteria to suit Newquay. The project was presented to the Local Authority who responded positively, leading us to begin to develop an advocacy plan around establishing Newquay as a Sustainable Palm Oil Town. This work will now continue in 2020/21
## **Engagement**
All three of our sites were forced to close on the 23rd March 2020 and the sad decision was made not to reopen Living Coasts, which had recorded substantial deficits in trading since opening in 2003. After nearly 20 years of operation, the fabric of the building along with the plant and machinery were all in need of significant investment and it would have been difficult to justify the level of expenditure required. The potential financial impact of the pandemic meant that further investment was impossible and so the decision was made not to reopen.
Page 5
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
Following the decision not to reopen Living Coasts, work immediately started to find homes for all of the animals and by the end of the financial year all of the animals had been successfully relocated.
As a result of the zoos and schools being shut down for long periods, together with the requirement for social distancing measures when open, the numbers of formal education visits to our sites in the year was significantly lower than in previous years. The chDULW\¶V�HGXFDWLRQDO�GHSDUWPHQW�SURYLGHG�IRUPDO�DQG�LQIRUPDO� teaching to 11,491 students across the three sites, compared with 46,194 in 2018/19.
In order to meet its charitable objectives, the charity planned to attract 779,636 visitors. Despite the lockdowns, the charity had 402,879 visits during the year, down from 696,865 in the previous year. While the visits are opportunities for the general public to enjoy a day out in interesting surroundings, the charity aims to communicate important and serious messages regarding conservation of endangered species and the destruction of their natural environments. Exit surveys indicate that it was successful in achieving this aim and in addition, the majority of the public who visit enjoy the experience.
## **Financial Review**
The impact of the COVID-19 pandemic dominated the 2019/20 financial year and as a result the group recorded a deficit of £2.8 million.
In light of the financial impacts of the pandemic, together with the closure of Living Coasts, a major restructure and redundancy program was completed during the year, with a total of 94 staff leaving, 58 of these as a result of redundancy.
Paignton Zoo and Newquay Zoos reopened at the start of July and trading in the fourth quarter was stronger than originally anticipated which offset some of the losses sustained during lockdown. Inevitably, the cost of maintaining the zoos during lockdown, coupled with redundancy and restructuring costs and the costs of closing Living Coasts and rehoming the collection meant that the group showed a substantial deficit on trading for the year.
Further write-downs to the book values of the Living Coasts assets across the group increased this deficit by another £927,560 to £2.8 million. In order to replace the cash lost during the year a £3 million loan was obtained from Lloyds Bank under the government CBIL scheme.
Net Assets at the year-end were £7.6 million, down from £10.4 million the previous year.
## Going Concern
The accounts have been prepared on a going concern basis. The Trustees feel that this is appropriate, as at the time of signing the accounts lockdown restrictions have been lifted, rollout of the COVID-19 vaccine in the UK has been going well and Paignton and Newquay Zoos have reopened to strong visitor numbers.
Given the uncertainties surrounding foreign travel in summer 2021 due to COVID restrictions, indications are that visitor numbers to the South West will be robust. The zoo sites are predominantly outdoor attractions, which offer people a chance to reconnect with the natural world. We are therefore optimistic that we will see a return to pre-COVID visitation levels this summer.
The CBIL loan obtained last summer effectively replaced the cash lost during the closures. As part of its reserves policy, the Charity holds cash in reserve in case of trading difficulties. Despite the challenges faced in 2019/20 the Charity continues to hold sufficient cash to meet this requirement. (See Reserves section below)
The Charity has a lease on the Living Coasts site which is currently empty following the closure last March. The Trustees are monitoring the position with regard to this lease which has a peppercorn rent. We are actively seeking to dispose of the site and at present, the cost of managing the site in its current form is
Page 6
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
substantially less than the support that we have had to provide to cover the operating losses in recent years. In the short term therefore SWEPL is in a better position than when the site was in operation.
If we were unable to dispose of the site then it is possible, although not definite, that in the medium term we will have to carry out some work to maintain the structure. Trustees will therefore continue to monitor the position with this lease regularly, giving consideration to the FRS 102 requirements with regard to onerous leases.
In the circumstances and given the resources available to the charity, the Trustees consider that the going concern basis is appropriate
## **Incoming Resources**
Despite the impact of the site closures and the COVID-safe restrictions, Paignton and Newquay Zoos were able to open to visitors in time for the peak summer season and then remained open through to the end of the financial year. As a result, the Charity received £5.7 million from its charitable activities, mainly gate money from visitors to the zoos.
Education income was substantially reduced due to the effects of the pandemic, producing income of £56,181 as opposed to £316,930 in 2018/19.
Turnover on trading activities was reduced from £3.8 m in 2018/19 to £2.2 million in 2019/20. Despite this, the trading subsidiary (South West Zoo Enterprises Ltd) was still able to generate a profit of £149,769, which it donated to SWEPL. In 2018/19 this figure was £619,367.
7KH�&RPSDQ\�DOVR�UHFHLYHG�D�JUDQW�RI��������IURP�0RUULVRQV�WR�EX\�HTXLSPHQW�WR�KHOS�UXQ�D�SLORW�³4XLHW� +RXU´�VFKHPH�IRU�DXWistic children at Living Coasts. Unfortunately, the pilot was suspended due to the COVID lockdown but we hope to continue with this at Paignton and Newquay Zoos when social distancing measures permit.
The group received £696,016 from the government Job Retention Scheme during the year, which was used to pay salaries of staff who were furloughed during the zoo closures.
The breakdown of income in 2019/20 is shown in the following chart.
Page 7
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
## **Fundraising**
All of the FKDULW\¶V�IXQGUDLVLQJ�DFWLYLWLHV�DUH�XQGHUWDNHQ�LQ-house and we do not employ or partner with third parties for this purpose. The charity is registered with the Fundraising Regulator demonstrating our commitment to good fundraising. The Charity complies fuOO\�ZLWK�WKH�VFKHPH¶V�)XQGUDLVLQJ�3URPLVH�DQG�WKH� associated Code of Fundraising Practice.
Fundraising during 2019-20 was minimal, with the majority of funds raised coming from grant applications, corporate sponsorship, events organised in-house and legacies. The Trustees wish to express their gratitude to the members of the public who made generous donations to support the charity during an exceptionally difficult time.
In the year ended 31st October 2020 the company received no complaints about its fundraising activities. We did not carry out any fundraising activities which would be unreasonably intrusive or place undue pressure on people to give money or other property.
## **Resources expended**
Even though we were closed to visitors, the important work of the charity went on throughout the year, with the animal and plant collections needing care and attention throughout. As a result, the expenditure for the year of £11.9 million was only slightly less than the £12.5 million we spent in 2018/19.
Staff costs at £6.36 million represented 53% of the total expenditure during the year, although 699,141 of this related to furloughed staff costs, which were reclaimed from the governments JRS grant. Redundancy costs came to £250,491.
Page 8
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
Living Coasts held £4,945 at the start of the year in a restricted fund relating to the Ocean Connections project. This is a European research project involving universities, zoos/aquariums and schools to improve ocean conservation education, through the use of creativity and AR/VR technologies. During the year, the Charity spent £1,961 on developing resources and working with local schools. The remaining funds will be used to continue the project in 2020/21.
In summer 2020 we hosted a Great Brick Safari at Paignton Zoo at a cost of £181,725. This was originally planned to run from Easter with the intention of boosting visitation ahead of the peak season. The start of the event was delayed due to lockdown but was then extended through to Christmas. The event proved very popular with visitors but against a backdrop of the COVID restrictions is has proved difficult to determine how successful the event was or could have been.
## Impairment of Assets
Now that the Living Coasts site has ceased to operate as a visitor attraction it is appropriate to consider the value of the assets relating to that site in the accounts. Historically, we have valued the assets at Living Coasts on the basis of value in use due to the complexity of attaching a market value to the site. Now that the assets are no longer in use, it is not possible to attach a value to these assets. We have therefore impaired £231,750 of assets owned by the Living Coasts charity in the 2019/20 accounts and a further impairment of £695,810 has been made to the value of the lease in SWEPL. The total impairment for the group in 2019/20 was £927,560.
A breakdown of expenditure in 2019/20 is shown in the following chart.
Page 9
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
## **Capital Expenditure**
We continue to invest in our sites and in 2019/20 incurred £469,287 of capital expenditure. The majority of this was spent on installing badger proof fences at Paignton Zoo along with an upgrade to the building management system. Little other development work was completed due to the impact of lockdown and social distancing requirements.
A full review of the sites was carried out and this has identified a significant maintenance backlog, which will require substantial capital expenditure in future years starting in winter 2021/22.
## **Borrowing, investments & reserves**
It is the general policy of South West Environmental Parks Ltd (SWEPL) and its subsidiary charity, Living Coasts, to apply towards their charitable objectives as much cash as they reasonably can, to avoid accumulating excessive reserves. Where considered appropriate and being mindful not to overcommit the Charity, borrowings may be used to fund elements of significant capital projects.
In setting its reserves policy the Charity takes account of its continuing financial commitments in terms of staffing and overheads including the costs of maintaining the animal and plant collections and funding its charitable activities. The Charity also considers the risk that its income for any particular year may be impacted by a number of factors outside of its control such as periods of prolonged wet weather at peak visitor times, varying levels of economic prosperity and employment, alongside the potential for closure of the zoo to visitors due to the outbreak of contagious disease.
Following the COVID -19 pandemic and the consequences this has had for the organisation, the Trustees are currently reviewing the reserves policy. At the year-end however, the reserves policy was that, having considered these factors, SWEPL maintains minimum cash reserves of £1m available at all times. Such reserves would be sufficient for SWEPL and its subsidiary companies to operate without significant curtailment of their activities for a period of up to six weeks. Similarly, the Trustees consider that unrestricted reserves at the end of any financial year not exceeding 100% of the total resources expended during the year could properly be regarded as both reasonable and justified.
At the end of the 2018/19 financial year SWEPL had no outstanding loans. Following the outbreak of the pandemic and in order to guarantee that the business would have sufficient cash to operate as a going concern during the winter of 2020/21, SWEPL drew down a £3,000,000 government backed Coronavirus Business Interruption Loan (CBIL) in August 2020. Repayments started in March 2021 and the loan is due to be repaid by August 2026.
At the year end the SWEPL group held £6 million of cash including cash held to cover the annual trading cycle, the £1m reserves discussed above and funds available for future developments.
## **Restricted Funds**
Restricted income funds derive from donations, grants and legacies received and are put towards a variety of capital projects and outreach activities. Unrestricted income funds may be designated or freely available for WKH�&KDULW\¶V�JHQHUDO�FKDULWDEOH�SXUpose.
$IWHU�VHWWLQJ�DVLGH�UHVWULFWHG�LQFRPH�IXQGV�WKH�EDODQFH�RI�WKH�&KDULW\¶V�DYDLODEOH�IXQGV�DW�WKH�EDODQFH�VKHHW� date are designated as follows:
- ��DVVHWV�KHOG�IRU�FKDUitable use, up to a maximum of the net book value of those fixed assets at the balance sheet date, then
- ��LI��DIWHU�GHVLJQDWLQJ�XQUHVWULFWHG�IXQGV�DV�DERYH��WKHUH�DUH�IXQGV�UHPDLQLQJ��WKHVH�DUH�WUHDWHG�DV�XQUHVWULFWHG� free reserves. Whilst these funds may have been earmarked by the Trustees for particular purposes or uses, they are not committed or restricted legally.
Page 10
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
At 31 October 2020 the SWEPL group had total funds employed of £7.6m of which £1.4m were restricted. Of the unrestricted funds £3.9m were tied to fixed assets and the balance of £2.3m were considered to be free reserves.
## **Plans for Future Periods**
The Main Key Performance Indicators we have set for 2020/21 are shown in the table below
## **Key Performance Indicators 2020-21**
||2018/19
Target|2019/20
Target|2020/21
Target|
|---|---|---|---|
|Paignton Zoo Total Visitors|479,710|486,726*|415,671|
|Paignton Zoo Paying Visitors|298,600|315,600*|280,950|
|Paignton Zoo Education sessions|39,265|30,000|0|
|Paignton Zoo Taught workshops|350|330|0|
|Paignton Zoo paid education bookings|20,000|20,000|0|
|Paignton Zoo Admissions income|£4,682,883|£5,107,114|£4,510,131|
|Paignton Zoo Gift Aid %|43%|43%|43%|
|Paignton Zoo Contribution from trading|£550,082|£515,377|£341,837|
|||||
|Newquay Zoo Total Visitors|159,560|159,560|149,600|
|Newquay Zoo Paying Visitors|116,110|116,110|115,050|
|Newquay Zoo Education Sessions|7550|8,000|0|
|Newquay Zoo Taught Workshops|135|150|0|
|Newquay Zoo paid education bookings|5,500|6,500|0|
|Newquay Zoo Admissions income|£1,436,345|£1,537,321|£1,523,967|
|Newquay Zoo Gift Aid %|52%|52%|52%|
|Newquay Zoo Contribution from trading|£165,761|£160,416|£159,473|
*Included 17,000 uplift for Brick Safari
Page 11
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2020**
|Directorate|Directorate|Conservation|Conservation|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb±|Apr|May±Jul||Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
||Complete
commitments to
achieved
conservation
funding for
elephants in
Nigeria, crayfish
and seagrass in
UK|Undertake Nigeria
trip to establish
education
sessions
Review Ark sites
for crayfish
Develop advocacy
programme for
crayfish|Report to Defra
/ Darwin Fund
on activities
2 further
potential Ark
sites identified
Produce
programme of
infomessages
around use of
the bay|Develop proposal
for second stage
funding
Assess viability of
Ark sites for Devon
crayfish
Implement
programme of
volunteer dives to
assess seagrass
beds|Application submitted
to Defra / Darwin Fund
Reports submitted to
Devon crayfish group
Timetable of dives
produced
Feedback on social
media infomessages|Review of Wild
Planet Trusts
continued input to
crayfish project
Continued
implementation of
dive programme.
Assessment of
use of the Bay for
leisure activities|Activity plan or
exit strategy
for Devon
crayfish
project
produced
Report on
status of
seagrass beds
for Torbay
seagrass
action group|
|Conservation
funding||||||||
||Lead an Urban
Nature
Community
project in
Torbay|Develop multi-
stakeholder group
working with
green issues
within the Bay|Lead at least
one multi-
stakeholder
group.
Develop two
common focus
points|Develop action plan
for key focus areas
and target
audiences|Production of plan with
KPIs|||
|Community
based
conservation||||||||
Page 12
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Conservation|Conservation|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb±|Apr|May±Jul||Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|Education
online|Broaden our
education offer
and increase
our education
catchment with
blended and
online learning
programmes
developed in
partnership with
two academies|Develop
relationships with
key academies in
Devon and
Cornwall to
discuss models
for work|Report
relationships
with two
academies for
blended
learning|Investigate
possibilities for initial
visits and sessions
with the schools|At least one visit and
one online session to
test the model|Develop curricula
based offer for
academies|Produce
learning
materials for
blended
learning model
and online
model of
education
delivery|
||Develop and
implement a
plan for the
gardens as
exemplar of
Green Urban
Spaces|Develop a
scheme of works
and species to
develop the
gardens at PZ
and NZ as Green
Urban spaces|Produce a
collection plan
and timeline of
works for PZ
and NZ
gardens|Develop aµVKRZ¶
garden within
Paignton Zoo
aligning with
mission / vision
objectives|Open a show garden
within Paignton Zoo|Prepare site for
implementation of
planting plans|Site ready for
new planting
scheme|
|Green Urban
spaces||||||||
||Trees in
advanced state
of die back
removed and
those in earlier
stages
monitored|Continue
programme of
works immediate
ash die back
works|Complete
immediate
works with
contractors|Monitor tree
condition|Report on immediate
issues|Repeat ash die
back survey|Implement
programme of
works for
winter period|
|Ash Die back||||||||
Page 13
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Conservation|Conservation|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb±|Apr|May±Jul||Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|Ranch
expansion|Remove
Verticrop and
replace with
exhibit|Develop and
implement plan of
works of quotes
and timelines|Removal of
verticrop
structure|Construction of off
the peg stabling and
sourcing of animals|Completion of stabling
and introduction of
animals|||
||Plan of works to
update the Ape
centre|Develop plan of
works and quotes|Report to board
on plans and
costings|Consideration
of
options|Decision on chosen
option|||
|Redevelopme
nt plan of Ape
Centre||||||||
|Review of
Animal
Facilities|Rolling plan of
works for
animal houses|Liaise with
maintenance dept
re: priority works|Report back
against
facilities plan|Liaise with
maintenance dept
re: priority works|Report back against
facilities plan|Liaise with
maintenance dept
re: priority works|Report back
against
facilities plan|
|Review of
animal diets|Improved health
and welfare of
species|Develop list of
priority species for
assessment and
indicators for
improvement|Report on
priority species
with timetable
of investigation|Initiate research and
review|Report on priority
species
Review plan and
confirm next priority
species|Initiate research
and review|Report on
priority species
Review plan
and confirm
next priority
species|
Page 14
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Conservation|Conservation|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb±|Apr|May±Jul||Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
||A sustainable
collection plan
in line with
staffing levels
and a phased
programme of
animal
transports|Review Species
Collection|Produce
revised plan
and timeline|Develop timeline for
animal imports and
exports|Animal moves in line
with collection plan|Continue with
plans for moves
Report against
species holding
and timeline|Annual
Collections
Plan Report
for Trustees|
|Population
Management||||||||
|||||||||
|---|---|---|---|---|---|---|---|
|Directorate||Operations||||||
|FY 20-21||Q2 Feb - Apr||Q3 May - Jul||Q4 Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|Business
Planning
Coordination|20212022
Business Plans
approved by
Trustees|Review of all
processes for
reporting issues
and/or ideas for
new projects.|Portfolio of new
procedures.|Roll out of new
business planning
procedures.|Business Plans
submitted.|Review of new
systems.|New systems
finalised for
2021/22.|
Page 15
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Operations|Operations|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Q2 Feb - Apr||Q3 May - Jul||Q4 Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
||Reduce
backlog by
50%|Identify key capital
projects within
backlog. Identify
trades within
maintenance
requests.|Fully costed
capital
expenditure
project list.
Plan for
overcoming the
remaining
backlog.|Tender process for
subcontractor.
Create Asset
Management Plan|Agree projects to put
forward to 21/22
Business Plan.|Subcontractor
issues plans and
commences work.|Board
approves
Capital spend
for 2021/22.
Review of
backlog.|
|Site
Maintenance||||||||
|Commercial
analytics|Products and
services
matched to
increased
awareness of
commercial
performance|Commercial teams
to create suite of
financial and non-
financial KPIs as a
management tool.|KPIs are
finalised|Commercial team to
coordinate gathering
approved KPI
information from
wider organisation|Monthly dashboard
created.|Ongoing activities
and review.|Dashboard
disseminated
across
organization.|
|Annual Passes|Annual Pass
sales to
achieve target
of £795k|Investigate and set
up all process and
procedures for
Direct Debit
payments.|Direct Debits
systems in
place for
monthly
payment of
Annual Passes.|Review the sales
profile of the
Passes.
Review the product
itself.|Increase in new Annual
Passes and renewals
from previous year|Upselling activity
throughout season
through to winter.|Review of
Annual Passes|
Page 16
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Operations|Operations|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Q2 Feb - Apr||Q3 May - Jul||Q4 Aug- Oct||
|||||||||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
||Robust site
and enclosure
fences|Review of all fence
lines cross the
sites.|Develop and
implement plan
of works and
quotes for NZ
Tapir fence|Develop and
implement plan of
works and quotes
for PZ Cassowary
fence.
Prepare plans for
any other large
fence repairs for
2021/22 Business
Plan|Develop all plans for
2021/22 Business Plan
relating to fence lines.|Complete planned
fence repairs|Annual review
of fence lines
across both
sites.|
|Site and
Enclosure
Security||||||||
|||||||||
|---|---|---|---|---|---|---|---|
|Directorate||Marketing & Development||||||
|FY 20-21||Feb -|Apr|May - Jul||Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|Consumer
insight|Measurable
uplift of guest
visits in
targeted
segments|Run data profiling
for Easter and
May half-term
campaigns|Data profiling
complete|Run data profiling
for Summer holiday
campaign|Data profiling complete|Run data
profiling for
October half-
term campaigns|Data profiling
complete|
Page 17
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Marketing & Development|Marketing & Development|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb -|Apr|May - Jul||Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|Websites|Improved user
experience, to
support
achievement of
revenue
targets|Write new content|PZ content
complete|Launch PZ website.
Write new content
for NZ|PZ Website launch in
May. NZ website
launched in July|||
|CRM|Achievement of
visitor numbers
and revenue
targets.|Use Salesforce
and Marketing
Cloud for targeted
e-marcomms|Increased open
and click
through rates
(see digital
KPIs). Meeting
revenue
generation
targets.|Use Salesforce and
Marketing Cloud for
automated e-
marcomms|Direct communication
with guests post-visit|Use Salesforce
and Marketing
Cloud to
automate annual
pass and
adoption
renewals|Automated
renewals to
meet renewal
targets|
|Data Protection|Compliance
with Data
Protection Act
2018|Develop audit
criteria and carry
out audit|Audit
completed.
Fully compliant|Any actions from
audit implemented.
Amend criteria if
required|Actions complete|Audit by end of
September|Audit
completed. Fully
compliant|
||Events plan for
2021 including
Summer and
Christmas
event.
Recommendati
on for|Event planning|2021 event
plan complete|Event planning and
implementation|Summer event takes
place.
Recommendation for
Xmas 2022 event for
business planning|Christmas event
planning|Summer event
took place and
evaluation
complete.
Christmas 2022
event planned|
|Event planning||||||||
Page 18
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Marketing & Development|Marketing & Development|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb -|Apr|May - Jul||Aug- Oct||
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
||Christmas
2022.|||||||
|Paignton Zoo
Centenary|Plan agreed for
2023 to
celebrate PZ
Centenary|Write draft plan|Plan agreed
and presented
to Board of
Trustees|Event planning and
funding applications|Report on progress|Event planning
and funding
applications|Report on
progress|
||2021-2025
strategy
agreed and
activities
launched|Develop strategy|Key fundraising
streams
identified|Draft strategy|Strategy approved by
Board|Finalise plans|Round 1
fundraising
launched|
|Fundraising||||||||
Page 19
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Finance & HR|Finance & HR|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb|- Apr|May - Jul||Aug-|Oct|
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|Staff Survey|Staff
satisfaction
measured and
improvements
delivered|Feedback from
survey to ERG
and staff with
recommendatio
ns|Feedback
completed|Prepare and
implement
improvement plan
based on survey
results|Plan in place|Delivery of plan
and prepare for 6th
survey in Q1 2021
to measure
improvements|Improvement
plan in place.
Survey plan in
place|
|Gender Pay
Gap|Reasons for any
GPG
understood and
justifiable|||Produce 2nd GPG
report|Report completed|Compare with
previous report
and brief SMT and
managers, update
website and
amend plans to
address any
issues|Briefings held
and targets
agreed for 2022.|
|Wellbeing &
resilience|Measurable
improvements
in staff well-
being.
Staff absence
reduced by 5%.
Staff turnover
reduced by 2%
on 2018/19.|Analyse survey
data on
wellbeing.
Identify areas
for improvement
via ERG.
Review
mentoring
programme|Benchmark data
on Wellbeing
available. Ideas
presented to
SMT for
improvement
and continuation
of mentoring
programme|Develop plan for
continuing to
measure wellbeing.
Implement ideas for
improvement|Plans agreed and
shared with
managers|Roll out of any
new initiatives and
ongoing wellbeing
survey.
Measurement of
absence and
turnover data
completed|Data analysed
and plan agreed
for 2022|
Page 20
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Finance & HR|Finance & HR|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb|- Apr|May - Jul||Aug-|Oct|
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|Training|Maximise
Apprenticeship
opportunities at
our sites|Identify
opportunities
with local
providers.
Develop SDC
Keeper
Apprenticeship|Establish
contact with
providers.
Keeper
apprenticeship
on target for
September
launch|Develop program for
staff, including
managers and
keepers|Keeper
apprenticeship
programme in place|Start from 2021-22
academic year|Staff enrolled
from Sept 2021|
||Personal
development
plans for all staff
members|PDRs identify
training needs|PDRs
completed|HR to co-ordinate
training needs and
arrange training|Identified relevant
training delivered|Training delivery
continues and
business plans for
2021-22
developed|Training
identified in
PDR delivered
or planned with
feedback to staff|
|||||||||
||Individual and
collective
training levels
match
mandatory
requirements
and business
needs|Recruit training
coordinator|Additional
member of staff
in place|Prepare
departmental plans|Plans issued|Training delivered
and reviewed|Training report
issued|
Page 21
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Finance & HR|Finance & HR|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb|- Apr|May - Jul||Aug-|Oct|
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|ICT Strategy|ICT strategy
incorporates
end user
requirements|Schedule
meetings with
stakeholders|Meetings
scheduled|Develop
understanding of
stakeholder needs|Meetings complete|Amend ICT
Strategy, consult
and finalise|Revised ICT
Strategy
complete|
|Telephone
systems|Phone
communications
with guests and
between sites
available 24/7|Rollout
replacement
phone system at
PZ|New phone
system in place
and working|Decommission and
remove old systems
when new system
proven|Old contracts
terminated and
equipment removed|Prepare plans for
rollout of additional
functionality|Phase 2 phone
plan in place|
|||||||||
|ICT backup|Continuous
availability of
data at all sites|Switch backup
solution at NZ to
Acronis to mirror
PZ setup|Software
deployed and
working|||||
|||||||||
|Finance
policies|Finance
procedures,
documented,
compliant and
understood|Complete draft
policy|Finance Policy
draft complete|Document
associated
procedures|Finance Procedures
complete|Consult on drafts
and finalise|Final policy &
procedures
document
complete|
|||||||||
|VAT|Simplified VAT
arrangement in
place|Recalculate
2020-21 VAT
year in line with|HMRC agree
VAT
calculations for
year|Calculate VAT on
standard method|1/4ly VAT return
submitted and
payment made|Calculate VAT on
standard method|1/4ly VAT return
submitted and
payment made|
Page 22
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
|Directorate|Directorate|Finance & HR|Finance & HR|||||
|---|---|---|---|---|---|---|---|
|FY 20-21||Feb|- Apr|May - Jul||Aug-|Oct|
|||||||||
|Item|Outcome|Activity|Milestone|Activity|Milestone|Activity|Milestone|
|||standard
method||||||
Page 23
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 OCTOBER 2020**
## **Principal Risks and Uncertainties**
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems and procedures have been established to manage those risks. Further details of these systems and procedures are given below.
## **Risk Management**
The trustees have in place ongoing measures to assess business risks and implement risk management strategies. These involve identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. Principal risks are identified, assessed and monitored by:
- A Risk Analysis & Mitigation plan.
- Regular meetings of the Risk Management and Audit Sub Committee and discussion at full board management meetings of identified risk and associated management strategies.
- Internal financial controls that meet with guidelines issued by the Charity Commission.
- An annual Business Plan showing anticipated numbers of visitors, marketing strategy, maintenance and development of the charity's assets.
- An annual Revenue Budget showing intended income, expenditure and surplus.
- An annual list of intended capital, revenue and other funded additions to the charity's assets.
- A departmental assessment of risks to employees and the public.
- Annual review to ensure adequate insurance cover.
- A Business Continuity Management System which aims to ensure that the charity can continue to deliver a minimum level of service in the event of any disruption.
The Trustees maintain a register of risks which is regularly reviewed and updated. The Risk Management & Audit Sub Committee conducts a formal review of the register and the principal risks identified on a sixmonthly basis and subsequently reports its findings and recommendations to the full Board of Trustees.
At the last review in February 2021 the register identified 49 main risks and the control measures that the organisation has in place to manage them. With the control measures that are in place the organisation does not consider that any of the risks represent a significant threat to the organisation although the long-term impact of climate change remains the primary risk to future viability of operations
The top five risks identified are as follows.
1. Long term epidemic affecting ability to move animals under BALAI directive. For example, outbreak of TB
2. Impact of climate change, particularly the Living Coasts site where sea level rises and increased storms may threaten the fabric of the building which could require substantial financial support to rectify.
3. Financial support required to support/dispose of the Living Coasts site.
4. Rising Energy Costs putting pressure on budgets and our ability to maintain exhibits with high energy consumption e.g. Crocodile Swamp at Paignton Zoo
5. Changing perceptions of Zoos and Aquaria impacting on visitation
Page 24
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
The Principal Uncertainties facing the organisation at present are:
1. The impact of the COVID-19 pandemic. This poses two main causes of uncertainty: -
- a. When the Zoos will be able to reopen and whether additional closures will be necessary
- b. How long social distancing measures will be required as these impact on the number of visitors entering the parks
- c. The longer term impacts on visitation in light of the unknown social and economic changes that may arise from the pandemic
2. The impact of a rising National Living Wage and the difficulties in planning for this given the uncertainty over the size of the annual increases.
3. The declining numbers of visitors to Torbay seen in recent years.
While there is a requirement for continual review and assessment, the trustees consider that the procedures that are in place for risk identification and management are adequate and that actions have been taken to keep risks to an acceptable level.
## **Financial Risk Management**
+LVWRULFDOO\�WKH�FKDULW\¶V�FDSLWDO�SURMHFWV�KDYH�Eeen funded from retained profits with some long-term finance being provided by bank loans. These loans have now been repaid and the current policy of the charity is to fund any new developments from retained profits. During 2019/20 charity borrowed £3 million to cover losses incurred during the COVID pandemic and this loan is repayable over 5.5 years ending August 2026.
New borrowing will only be considered where there is a clear business case and where the Trustees are satisfied that any such borrowing can be serviced without risk to the business.
Seasonal working capital requirements are met from cash reserves and the Charity also carries various insurances against risks which might pose significant threat to the business, such as fire, theft etc.
## **Key Staff & Remuneration**
7KH�7UXVWHHV�FRQVLGHU�WKDW�WKH�%RDUG�RI�7UXVWHHV��ZKR�DUH�WKH�&KDULW\¶V�GLUHFWRUV��the Chief Executive Officer Mr D Flynn and the Senior Leadership Team comprise the key management personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee received remuneration in the year.
At 31[st] October 2020 the Senior Management Team comprised: Executive Director Mr S Tonge Chief Operating Officer (Chief Executive Officer since 1.12.2020) Mr D Flynn OBE Director of Finance & HR Mr C Pyne Director of Marketing & Development Ms P Craddock Director of Conservation Dr K Pullen Director of Operations Ms H Warren
The Trustees determine and agree the overall policy for the remuneration and pension arrangements for all WKH�FKDULW\¶V�HPSOR\HHV�DQG�RYHUVHH�DQ\�PDMRU�FKDQJHV� to employee benefits. The Charity operates an Equal Pay policy and operates a job evaluation system to ensure that remuneration is fair for all employees. The Charity aims to provide a reward package that is comparative within the sector it operates in although exceptions are permitted where there are justifiable reasons, usually in specific areas of the labour market where skilled workers are in short supply.
Page 25
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
The Charity recognises that it should not and does not compete directly with the private sector in terms of remuneration but aspires to provide an overall reward package that is competitive enough to attract and retain KLJK�FDOLEUH�VWDII�ZKR�ZLVK�WR�EH�SDUW�RI�WKH�&KDULW\¶V�ZRUN�
The remuneration of the Senior Management Team is reviewed annually and they normally receive an inflationary increase in line with other employees. The remuneration of the Executive Director, the Chief Executive Officer and the Director of Finance & HR is reviewed annually by the Trustees following a review of the previous \HDU¶V�SHUIRUPDQFH�LQ�D�VHSDUDWH�SURFHVV��5HJXODU�EHQFKPDUNLQJ�LV�DOVR�XQGHUWDNHQ�DJDLQVt similar positions within the sector.
## **Off Payroll**
The charity has introduced a policy on off payroll working and training has been given to managers to enable them to identify possible off payroll issues. Where these situations are identified, procedures are in place to ensure that the charity correctly accounts for all off-payroll workers. In 2019/20 the charity had no such arrangements.
## **Engagement with Employees**
Trustees recognise that that success of the organisation is dependent on the efforts and enthusiasm of the employees and are committed to ensuring that they are fully involved in the running of the business. In order to ensure this Trustees arrange for:
1. Regular presentations are held for employees to provide updates on current projects/initiatives. These presentations are videos and made available for any employees who may have been unable to attend.
2. Weekly and monthly newsletters/emails are provided to all employees which provide information on current operational affairs together with ongoing plans and developments
3. Informal meetings between directors and groups of employees (from all levels) to provide an opportunity for employees to meet leaders in a more relaxed setting to discuss the progress of the organisation
4. A formal Employee Relations Group with representatives from all areas of the organisations meets quarterly as a minimum. The Chief Executive Office attends the start of these meetings which provide an opportunity to
- x update employees on the performance of the organisation and any factors impacting on it, x review employee wellbeing and initiatives to improve this
- x consult with employees on any decision that might impact on them
- x listen to any concerns that employees may have
5. Employees outside of the Senior Team attend Board meetings to brief the Trustees
During the year the organisation regrettably needed to make a number of posts redundant in response to the COVID-19 pandemic. To facilitate this we formed an Employee Representative Group with elections representatives being elected by employees from all areas of the organisation. Detailed discussions were held with the group about the reasons for possible redundancies and how a redundancy process might work. Directly as a result of these discussions changes were made both to the proposed redundancies and also the methodology adopted for selection.
The Charity is fortunate to have a number of volunteers that assist it in its work in a wide range of activities. In 2020, there were 216 volunteers actively involved across the group contributing a total of 17,708 hours.
Page 26
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
Without the dedication, skill and enthusiasm of the volunteers and staff much of what has been achieved would not have been possible and the Trustees are grateful for their continued support and dedication.
## **Safeguarding**
SWEPL operates a Child Protection and Safeguarding policy across all of its sites with designated Child Protection Officers at each site.
The group Safeguarding Officer has provided his annual report on Safeguarding in line with our Safeguarding Policy. All new staff receive training in safeguarding as part of their induction training.
No incidents were dealt with by the safeguarding team across the sites in 2019/20.
## **Structure, Governance and Management**
South West Environmental Parks Limited operates Paignton Zoo Environmental Park and Newquay Zoo Environmental Park and uses these names when appropriate.
The charity is owned by Wild Planet Trust, a charity (number 30662) that has similar objectives and the same trustees. It has a sister charity, Living Coasts, a charity (number 1099076), which operates the Living Coasts exhibit in Torquay and a direct subsidiary, South West Zoo Enterprises Limited, a company (number 02494361), which deals with trading activities at Paignton and Newquay zoos and at Living Coasts.
South West Environmental Parks Limited (Number 300923) is a limited company (Number 792877), incorporated 21 February 1964 and governed by its memorandum and articles of association. The charity is run by a board of trustees, who are also directors for the purposes of the Companies Act and who are named at the front of this report.
In accordance with the governing document, trustees are appointed to the Board by a majority vote of the existing trustees.
A skills audit of the existing Board is maintained with a target list of expertise and experience; it provides the criteria for future appointments. A recruitment procedure is in place to ensure that any nominees have the expertise and experience that will enhance and benefit the Board and its objectives. New trustees are elected to the Board by a vote of the existing trustees.
Training of trustees is reviewed against individual training needs and a full introduction and induction to the charity is given to new trustees upon appointment.
The Board meets approximately ten times a year to review strategy and performance and a number of subcommittees also meet on a regular basis to focus on specific areas. Whilst the trustees are responsible for strategy and policy issues, the day-to-day administration and management of the charity is delegated to the Chief Executive Officer, who reports regularly to the Board. He is assisted by five directors who are responsible for the proper functioning of both zoos.
By Order of the Board **C J Pyne** Company Secretary �����������
Page 27
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **(CONTINUED)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic 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 they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, 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 of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) 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 Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 28
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **OPINION**
We have audited the financial statements of South West Environmental Parks Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 October 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 parent charitable company's affairs as at 31 October 2020 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **BASIS FOR OPINION**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Page 29
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST ENVIRONMENTAL PARKS LIMITED (CONTINUED)**
## **OTHER INFORMATION**
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## **OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company 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 Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Page 30
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST ENVIRONMENTAL PARKS LIMITED (CONTINUED)**
## **AUDITORS' 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 Auditors' 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
## **USE OF OUR REPORT**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.
**Mark Munro FCA (Senior Statutory Auditor)** for and on behalf of
**Bishop Fleming LLP** Chartered Accountants Statutory Auditors 2nd Floor Stratus House
Emperor Way Exeter Business Park Exeter EX1 3QS
> Date: 7/7/2021
Page 31
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE) ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2020**
|**Note**
**INCOME FROM:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds:
8
. Other raising funds
Charitable activities
9
**TOTAL EXPENDITURE**
**NET MOVEMENT IN FUNDS**|**Unrestricted**
**funds**
**2020**
**£**
**423,594**
**5,537,019**
**2,199,603**
**12,112**
**232,473**
**8,404,801**
**1,808,260**
**8,603,372**
**10,411,632**
**(2,006,831)**|**Restricted**
**funds**
**2020**
**£**
**700,616**
**-**
**-**
**-**
**-**
**700,616**
**-**
**1,479,580**
**1,479,580**
**(778,964)**|**Continuing**
**operations**
**2020**
**£**
**1,039,076**
**5,414,402**
**2,194,612**
**12,109**
**232,473**
**8,892,672**
**1,808,260**
**8,885,329**
**10,693,589**
**(1,800,917)**|**Discontinued**
**operations**
**2020**
**£**
**85,134**
**122,617**
**4,991**
**3**
**-**
**212,745**
**-**
**1,197,623**
**1,197,623**
**(984,878)**|**Total**
**funds**
**2020**
**£**
**1,124,210**
**5,537,019**
**2,199,603**
**12,112**
**232,473**
**9,105,417**
**1,808,260**
**10,082,952**
**11,891,212**
**(2,785,795)**|Continuing
operations
2019
£
791,846
7,349,951
3,843,055
28,469
16,207
12,029,528
2,760,441
8,531,818
11,292,259
737,269|Discontinued
operations
2019
£
136,007
849,595
12,328
5
335
998,270
-
1,192,762
1,192,762
(194,492)|Total
funds
2019
£
927,853
8,199,546
3,855,383
28,474
16,542|
|---|---|---|---|---|---|---|---|---|
|||||||||13,027,798|
|||||||||2,760,441
9,724,580|
|||||||||12,485,021|
|||||||||542,777|
Page 32
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020**
|**Unrestricted**|**Restricted**|**Endowment**|**Continuing**|**Discontinued**|**Total**|Continuing|Discontinued|Total|
|---|---|---|---|---|---|---|---|---|
|**funds**|**funds**|**funds**|**operations**|**operations**|**funds**|operations|operations|funds|
|**2020**|**2020**|**2020**|**2020**|**2020**|**2020**|2019|2019|2019|
|**£**|**£**|**£**|**£**|**£**|**£**|£|£|£|
|**RECONCILIATION OF**|||||||||
|**FUNDS:**|||||||||
|Total funds brought forward|**8,162,994**|**2,223,087**|**9,364,659**|**1,021,422**|**10,386,081**|9,326,888|516,416|9,843,304|
|Net movement in funds|**(2,006,831)**|**(778,964)**|**(1,800,917)**|**(984,878)**|**(2,785,795)**|737,269|(194,492)|542,777|
|**TOTAL FUNDS CARRIED**
**FORWARD**|**6,156,163**|**1,444,123**|**7,563,742**|**36,544**|**7,600,286**|10,064,157|321,924|10,386,081|
||||||||||
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 39 to 61 form part of these financial statements.
Page 33
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED REGISTERED NUMBER:00792877**
## **CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2020**
|**Note**
**FIXED ASSETS**
Intangible assets
14
Tangible assets
15
**CURRENT ASSETS**
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
20
**TOTAL NET ASSETS**|**285,514**
**834,907**
**6,023,708**
**7,144,129**
**(1,588,222)**|**2020**
**£**
**33,097**
**4,647,646**
**4,680,743**
**5,555,907**
**10,236,650**
**(2,636,364)**
**7,600,286**|330,568
623,733
5,338,829
6,293,130
(1,510,111)|2019
£
97,883
5,505,179|
|---|---|---|---|---|
|||||5,603,062
4,783,019|
|||||10,386,081
-|
||||||
|||||10,386,081|
Page 34
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED REGISTERED NUMBER:00792877**
## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2020**
|**Note**
**CAPITAL, RESERVES AND FUNDS**
Restricted funds
22
Unrestricted funds:
General funds
22
Called up share capital
Share premium account
22
Total unrestricted funds
22
**TOTAL FUNDS**|**6,122,525**
**10,000**
**23,638**|**2020**
**£**
**1,444,123**
**6,156,163**
**7,600,286**|8,129,356
10,000
23,638|2019
£
2,223,087
8,162,994|
|---|---|---|---|---|
||||||
|||||10,386,081|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on _________________________________________________ and signed on their behalf by:
**S E Kings R W J Ford**
The notes on pages 39 to 61 form part of these financial statements.
Page 35
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED REGISTERED NUMBER:00792877**
## **COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 OCTOBER 2020**
|**Note**
**FIXED ASSETS**
Intangible assets
14
Tangible assets
15
Investments
16
**CURRENT ASSETS**
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within one
year
19
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
20
**NET ASSETS EXCLUDING PENSION**
**ASSET**
**TOTAL NET ASSETS**|**118,429**
**748,093**
**5,767,436**
**6,633,958**
**(1,243,561)**|**2020**
**£**
**43,802**
**4,626,841**
**2**
**4,670,645**
**5,390,397**
**10,061,042**
**(2,636,364)**
**7,424,678**
**7,424,678**|93,230
537,470
4,540,069
5,170,769
(1,030,471)|2019
£
108,588
5,206,607
2|
|---|---|---|---|---|
|||||5,315,197
4,140,298|
|||||9,455,495
-|
|||||9,455,495|
||||||
|||||9,455,495|
Page 36
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED REGISTERED NUMBER:00792877 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2020**
|**Note**
**CHARITY FUNDS**
Restricted funds
22
Restricted funds
22
Unrestricted funds
General funds
22
Total unrestricted funds
22
**TOTAL FUNDS**|**1,490,279**
**5,934,399**|**2020**
**£**
**1,490,279**
**5,934,399**
**7,424,678**|2,218,142
7,237,353|2019
£
2,218,142
7,237,353|
|---|---|---|---|---|
||||||
|||||9,455,495|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**S E Kings R W J Ford** Date:
Page 37
## **SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash (used)/generated from operating activities
**CASH FLOWS FROM INVESTING ACTIVITIES**
Interest received
Proceeds from the sale of tangible fixed assets
Purchase of intangible assets
Purchase of tangible fixed assets
**NET CASH (USED IN) INVESTING ACTIVITIES**
**CASH FLOWS FROM FINANCING ACTIVITIES**
Cash inflows from new borrowing
Repayments of borrowing
Interest paid
**NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**
Cash and cash equivalents at the beginning of the year
**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**|**2020**
**£**
**(1,857,946)**
**12,112**
**-**
**-**
**(469,287)**
**(457,175)**
**3,000,000**
**-**
**-**
**3,000,000**
**684,879**
**5,338,829**
**6,023,708**|2019
£
891,021
28,474
1,800
(7,788)
(659,970)
**(637,484)**
-
(64,146)
(203)
**(64,349)**
**189,188**
5,149,641
5,338,829|
|---|---|---|
The notes on pages 39 to 61 form part of these financial statements
Page 38
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **1. GENERAL INFORMATION**
The Charity (registered number 300923) is a charitable company, limited by share and registered in England and Wales (registered number 00792877). The registered office address is Totnes Road, Paignton, Devon, TQ4 7EU.
## **2. ACCOUNTING POLICIES**
## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
South West Environmental Parks Limited 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 Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
## **2.2 GOING CONCERN**
'The accounts have been prepared on the going concern basis. The Trustees have considered a period of at least 12 months from the date of approval of the financial statements, and have also assesd various business plans relating to COVID and the reopening of the parks. For further details please see the Trustees' Report.
Page 39
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.3 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.4 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 GOVERNMENT GRANTS**
Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.
Page 40
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.6 INTEREST RECEIVABLE**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.7 INTANGIBLE ASSETS AND AMORTISATION**
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
The estimated useful lives are as follows:
Amortisation is provided on the following bases:
|Computer software|-|5|years|
|---|---|---|---|
|Goodwill|-|5|years|
## **2.8 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Leasehold property and 10 to 50 years improvements Motor vehicles - 5 years - Fixtures, fittings and equipment 5 to 10 years
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Financial Activities.
## **2.9 INVESTMENTS**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Page 41
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.10 STOCKS**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.11 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.12 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.
## **2.13 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
## **2.14 FINANCIAL INSTRUMENTS**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.15 PENSIONS**
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
The assets of the scheme are held separately from those of the group and are independently administered.
Page 42
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.16 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 Group 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 Group 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.
## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT**
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.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
The useful life of the fixed assests is a key judgement.
Page 43
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **4. INCOME FROM DONATIONS AND LEGACIES**
|**Unrestricted**
**funds**
**2020**
**Restricted**
**funds**
**2020**
**£**
**£**
Donations
423,594
-
Legacies
-
-
Grants
-
4,600
Government grants
-
696,016
423,594
700,616
Unrestricted
funds
2019
Restricted
funds
2019
£
£
Donations
362,814
-
Legacies
555,039
-
Grants
-
10,000
917,853
10,000
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**funds**
**2020**
**£**
Operation of Paignton Zoo
3,990,642
Operation of Newquay Zoo
1,343,739
Operation of Living Coasts
107,453
Education
56,181
Field conservation and research
39,004
5,537,019|**Total**
**funds**
**2020**
**£**
**423,594**
**-**
**4,600**
**696,016**|
|---|---|
||**1,124,210**|
||Total
funds
2019
£
362,814
555,039
10,000|
||927,853|
||**Total**
**funds**
**2020**
**£**
**3,990,642**
**1,343,739**
**107,453**
**56,181**
**39,004**|
||**5,537,019**|
Page 44
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**5.**
**INCOME FROM CHARITABLE ACTIVITIES (CONTINUED)**
Unrestricted
funds
2019
£
Operation of Paignton Zoo
5,459,025
Operation of Newquay Zoo
1,613,854
Operation of Living Coasts
721,681
Education
316,930
Field conservation and research
47,520
8,159,010
**6.**
**INCOME FROM OTHER TRADING ACTIVITIES**
**Income from fundraising events**
**Unrestricted**
**funds**
**2020**
**£**
Fundraising
20,851
Events
17,167
Commercial trading operations
2,161,585
2,199,603
**7.**
**INVESTMENT INCOME**
**Unrestricted**
**funds**
**2020**
**£**
Interest receivable
12,112|Restricted
funds
2019
£
-
-
-
-
40,536
40,536
**Total**
**funds**
**2020**
**£**
**20,851**
**17,167**
**2,161,585**
**2,199,603**
**Total**
**funds**
**2020**
**£**
**12,112**|Total
funds
2019
£
5,459,025
1,613,854
721,681
316,930
88,056|
|---|---|---|
|||8,199,546|
|||Total
funds
2019
£
63,093
24,893
3,767,397|
|||3,855,383|
|||Total
funds
2019
£
28,474|
Page 45
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **8. EXPENDITURE ON RAISING FUNDS**
## **FUNDRAISING TRADING EXPENSES**
|**Unrestricted**
**funds**
**2020**
**£**
Fundraising
4,358
Staff costs
13,108
17,466
**OTHER TRADING EXPENSES**
**Unrestricted**
**funds**
**2020**
**£**
Cost of sales
818,055
Administration expenses
4,360
Staff costs
968,379
1,790,794
**9.**
**ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
**Summary by fund type**|**Total**
**funds**
**2020**
**£**
**4,358**
**13,108**
**17,466**
**Total**
**funds**
**2020**
**£**
**818,055**
**4,360**
**968,379**
**1,790,794**|Total
funds
2019
£
17,865
23,667|
|---|---|---|
|||41,532|
|||Total
funds
2019
£
1,341,219
5,399
1,372,291|
|||2,718,909|
||||
|**Unrestricted**
**funds**
**2020**
**£**
Operation of Paignton Zoo
8,776,104
Operation of Newquay Zoo
357,066
Operation of Living Coasts
166,218
COVID-19 Grant
(696,016)
8,603,372|**Restricted**
**funds**
**2020**
**£**
783,564
-
-
696,016
1,479,580|**Total**
**funds**
**2020**
**£**
**9,559,668**
**357,066**
**166,218**
**-**|
|---|---|---|
|||**10,082,952**|
COVID-19 Grant expenditure relates to costs incurred against furlough claims. These costs were incurred across all Charitable activities above, and across both support and direct costs.
Page 46
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES (CONTINUED)**
## **Summary by fund type (continued)**
|Operation of Paignton Zoo
Operation of Newquay Zoo
Operation of Living Coasts|Unrestricted
funds
2019
£
8,689,241
697,808
285,083
9,672,132|Restricted
funds
2019
£
52,448
-
-
52,448|Total
funds
2019
£
8,741,689
697,808
285,083|
|---|---|---|---|
||||9,724,580|
## **10. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Operation of Paignton Zoo
Operation of Newquay Zoo
Operation of Living Coasts
Operation of Paignton Zoo
Operation of Newquay Zoo
Operation of Living Coasts|**Activities**
**undertaken**
**directly**
**2020**
**£**
4,286,225
298,973
166,218
4,751,416
Activities
undertaken
directly
2019
£
4,484,542
391,144
285,083
5,160,769|**Support**
**costs**
**2020**
**£**
5,273,443
58,093
-
5,331,536
Support
costs
2019
£
4,257,147
306,664
-
4,563,811|**Total**
**funds**
**2020**
**£**
**9,559,668**
**357,066**
**166,218**|
|---|---|---|---|
||||**10,082,952**|
||||Total
funds
2019
£
8,741,689
697,808
285,083|
||||9,724,580|
Page 47
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **10. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **Analysis of support costs**
|**Operation**
**of the Parks**
**2020**
**£**
Staff costs
1,758,672
Establishment costs
897,744
Administration costs
446,222
Financial costs
274,502
Marketing
519,210
Depreciation
394,490
Amortisation
64,786
Governance
10,548
Impairment of assets
907,269
5,273,443
Operation of
the Parks
2019
£
Staff costs
1,653,887
Establishment costs
850,511
Administration costs
478,104
Financial costs
277,332
Marketing
546,839
Depreciation
359,805
Amortisation
58,545
Governance
16,954
Loss on disposal of assets
15,170
4,257,147
**11.**
**AUDITORS' REMUNERATION**
Fees payable to the Company's auditor for the audit of the Company's
annual accounts|**Education**
**2020**
**£**
5,434
2,165
19,736
352
5,148
4,770
-
197
20,291
58,093
Education
2019
£
122,894
62,078
32,552
21,779
38,832
22,720
4,584
1,225
-
306,664
**2020**
**£**
**14,000**|**Total**
**funds**
**2020**
**£**
**1,764,106**
**899,909**
**465,958**
**274,854**
**524,358**
**399,260**
**64,786**
**10,745**
**927,560**|
|---|---|---|
|||**5,331,536**|
|||Total
funds
2019
£
1,776,781
912,589
510,656
299,111
585,671
382,525
63,129
18,179
15,170|
|||4,563,811|
|||2019
£
12,650|
Page 48
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **12. STAFF COSTS**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2020**
**£**
**5,620,423**
**380,854**
**354,364**
**6,355,641**|Group
2019
£
5,962,650
423,342
357,240
6,743,232|**Company**
**2020**
**£**
**4,307,553**
**318,559**
**276,306**
**4,902,418**|Company
2019
£
4,240,303
330,645
271,084|
|---|---|---|---|---|
|||||4,842,032|
Included within wages and salaries are staff restructuring costs for the group amounting to £250,491, of which £212,404 relates to the company.
The average number of persons employed by the Company during the year was as follows:
||**Group**|Group|**Company**|Company|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**No.**|No.|**No.**|No.|
|Employees|**299**|352|**198**|300|
The average headcount expressed as full-time equivalents was:
|Raising funds
Operation of the parks
Education
Conservation
Governance|**Group**
**2020**
**No.**
**54**
**167**
**12**
**-**
**1**
**234**|Group
2019
No.
72
174
14
4
1|
|---|---|---|
||||
|||265|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|Group|
|---|---|---|---|
|||**2020**|2019|
|||**No.**|No.|
|In the band £70,001|- £80,000|**1**|1|
The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel was £326,187 (2019: £296,318). The group of which South West Environmental Parks Limited group is a part is managed on a unified basis. They key management personnel of the group are remunerated by Wild Planet Trust in respect of their services to the group as a whole.
Page 49
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **13. TRUSTEES' REMUNERATION AND EXPENSES**
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 October 2020, travel expenses totalling £150 were reimbursed or paid directly to 3 Trustees (2019 - £636 to 4 Trustees).
## **14. INTANGIBLE ASSETS**
## **Group**
|**COST**
At 1 November 2019
At 31 October 2020
**AMORTISATION**
At 1 November 2019
Charge for the year
At 31 October 2020
**NET BOOK VALUE**
At 31 October 2020
At 31 October 2019|**Computer**
**software**
**£**
**96,172**
**96,172**
**51,302**
**11,773**
**63,075**
**33,097**
44,870|**Goodwill**
**£**
**683,075**
**683,075**
**630,062**
**53,013**
**683,075**
**-**
53,013|**Total**
**£**
**779,247**|
|---|---|---|---|
||||**779,247**|
||||**681,364**
**64,786**|
||||**746,150**|
|||||
||||**33,097**|
||||97,883|
Page 50
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **14. INTANGIBLE ASSETS (CONTINUED)**
## **Company**
|**COST**
At 1 November 2019
At 31 October 2020
**AMORTISATION**
At 1 November 2019
Charge for the year
At 31 October 2020
**NET BOOK VALUE**
At 31 October 2020
At 31 October 2019|**Computer**
**software**
**£**
**96,172**
**96,172**
**51,302**
**11,773**
**63,075**
**33,097**
44,870|**Goodwill**
**£**
**774,875**
**774,875**
**711,157**
**53,013**
**764,170**
**10,705**
63,718|**Total**
**£**
**871,047**|
|---|---|---|---|
||||**871,047**|
||||**762,459**
**64,786**|
||||**827,245**|
|||||
||||**43,802**|
||||108,588|
Page 51
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **15. TANGIBLE FIXED ASSETS**
## **GROUP**
|**COST OR VALUATION**
At 1 November 2019
Additions
At 31 October 2020
**DEPRECIATION**
At 1 November 2019
Charge for the year
Impairment charge
At 31 October 2020
**NET BOOK VALUE**
At 31 October 2020
At 31 October 2019|**Long-term**
**leasehold**
**property**
**£**
**17,009,364**
**-**
**17,009,364**
**12,880,210**
**160,479**
**695,810**
**13,736,499**
**3,272,865**
4,129,154|**Motor**
**vehicles**
**£**
**366,531**
**-**
**366,531**
**272,122**
**23,692**
**-**
**295,814**
**70,717**
94,409|**Fixtures and**
**fittings**
**£**
**3,288,985**
**469,287**
**3,758,272**
**2,007,369**
**215,089**
**231,750**
**2,454,208**
**1,304,064**
1,281,616|**Total**
**£**
**20,664,880**
**469,287**|
|---|---|---|---|---|
|||||**21,134,167**|
|||||**15,159,701**
**399,260**
**927,560**|
|||||**16,486,521**|
||||||
|||||**4,647,646**|
|||||5,505,179|
Page 52
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **15. TANGIBLE FIXED ASSETS (CONTINUED)**
## **COMPANY**
|**COST OR VALUATION**
At 1 November 2019
Additions
At 31 October 2020
**DEPRECIATION**
At 1 November 2019
Charge for the year
Impairment charge
At 31 October 2020
**NET BOOK VALUE**
At 31 October 2020
At 31 October 2019|**Long-term**
**leasehold**
**property**
**£**
**17,009,364**
**-**
**17,009,364**
**12,880,210**
**160,479**
**695,810**
**13,736,499**
**3,272,865**
4,129,154|**Motor**
**vehicles**
**£**
**366,531**
**-**
**366,531**
**272,122**
**23,692**
**-**
**295,814**
**70,717**
94,409|**Fixtures and**
**fittings**
**£**
**2,558,147**
**460,825**
**3,018,972**
**1,575,103**
**160,610**
**-**
**1,735,713**
**1,283,259**
983,044|**Total**
**£**
**19,934,042**
**460,825**|
|---|---|---|---|---|
|||||**20,394,867**|
|||||**14,727,435**
**344,781**
**695,810**|
|||||**15,768,026**|
||||||
|||||**4,626,841**|
|||||5,206,607|
The group and company's leasehold buildings are held under leases granted by Wild Planet Trust, Torbay Council and Restormel Borough Council. The net book value of leasehold buildings as at 31 October 2020 comprises £1,968,227 (2019: £2,073,093) in respect of Paignton Zoo, £Nil (2019: £714,852) in respect of Living Coasts which was fully impaired in the year and £1,304,638 (2019: £1,341,209) in respect of Newquay Zoo.
Page 53
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **16. FIXED ASSET INVESTMENTS**
|**Company**
**COST OR VALUATION**
At 1 November 2019
**AT 31 OCTOBER 2020**|**Investments**
**in**
**subsidiary**
**companies**
**£**
**2**|
|---|---|
||**2**|
## **PRINCIPAL SUBSIDIARIES**
The following were subsidiary undertakings of the Company:
|**Names**|||**Company**|**Charity**|**Registered office or principal**|**Registered office or principal**|
|---|---|---|---|---|---|---|
||||**number**|**registration**|**place of business**||
|||||**number**|||
|South West Zoo Enterprises Limited|||02494361||Totnes Road, Paignton, Devon||
|Living Coasts|||04620880|1099076|Totnes Road, Paignton, Devon||
|**Principal activity**|**Holding**|**Included in**|||||
|||**consolidation**|||||
|Retail trading activities|100%|Yes|||||
|of the environmental|||||||
|parks|||||||
|Operation of Living|100%|Yes|||||
|Coasts exhibit|||||||
|The financial results of|the subsidiaries for||the year were:||||
|**Names**|||**Income**|**Expenditure**|**Profit/(Loss)**|**Net assets**|
||||**£**|**£**|**/ Surplus/**|**£**|
||||||**(Deficit) for**||
||||||**the year**||
||||||**£**||
|South West Zoo Enterprises Limited|||**2,161,585**|**(2,011,816)**|**149,769**|**149,769**|
|Living Coasts|||**922,393**|**(1,207,773)**|**(285,380)**|**36,544**|
The financial results of the subsidiaries for the year were:
Page 54
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **17. STOCKS**
|Consumables
Goods for resale|**Group**
**2020**
**£**
**120,386**
**165,128**
**285,514**|Group
2019
£
104,675
225,893
330,568|**Company**
**2020**
**£**
**118,429**
**-**
**118,429**|Company
2019
£
93,230
-|
|---|---|---|---|---|
||||||
|||||93,230|
## **18. DEBTORS**
|**DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable|**Group**
**2020**
**£**
**17,196**
**83,794**
**701,350**
**32,567**
**834,907**|Group
2019
£
35,795
53,636
500,865
33,437
623,733|**Company**
**2020**
**£**
**13,421**
**63,666**
**638,439**
**32,567**
**748,093**|Company
2019
£
27,336
10,480
466,217
33,437|
|---|---|---|---|---|
||||||
|||||537,470|
## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2020**
**£**
**363,636**
**303,608**
**236,056**
**39,265**
**645,657**
**1,588,222**|Group
2019
£
-
449,593
363,809
42,326
654,383
1,510,111|**Company**
**2020**
**£**
**363,636**
**204,564**
**76,058**
**32,569**
**566,734**
**1,243,561**|Company
2019
£
-
331,249
87,033
32,160
580,029|
|---|---|---|---|---|
||||||
|||||1,030,471|
Page 55
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (CONTINUED)**
|**Deferred income**
Deferred income at 1 November 2019
Resources deferred during the year
Amounts released from previous periods|**Group**
**2020**
**£**
**Group**
**2020**
**£**
**497,817**
**362,330**
**(497,817)**
**362,330**|Group
2019
£
Group
2019
£
493,787
497,817
(493,787)
497,817|**Company**
**2020**
**£**
**Company**
**2020**
**£**
**497,817**
**362,330**
**(497,817)**
**362,330**|Company
2019
£
Company
2019
£
493,787
497,817
(493,787)|
|---|---|---|---|---|
|||||497,817|
Deferred income relates to annual pass admission income relating to future periods.
## **20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
||**Group**|Group|**Company**|Company|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**£**|£|**£**|£|
|Bank loans|**2,636,364**|-|**2,636,364**|-|
During the year, the Group entered into a loan agreement through the Coronavirus Business Interruption Loan scheme. Interest is charged at 1.94% above the base rate. The balance is repayable in monthly installments over five and half years.
The loan is secured with an unlimited debenture from South West Environmental Parks Limited, South West Zoo Enterprises Limited, Living Coasts and Wild Planet Trust; a first legal charge from Wild Planet Trust over the freehold land and buildings at Totnes Road, Paignton, Devon, TQ4 7EU; an omnibus guarantee and set off agreement among the Bank, South West Environmental Parks Limited, Wild Planet Trust and Living Coasts; and an all moneys guarantee from South West Zoo Enterprises Limited.
## **21. SHARE CAPITAL**
|Issued and fully paid ordinary shares of £1 each|**2020**
**£**
**10,000**
**10,000**|2019
£
10,000
10,000|
|---|---|---|
Page 56
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**22.**
**STATEMENT OF FUNDS**
**STATEMENT OF FUNDS - CURRENT YEAR**
**UNRESTRICTED FUNDS**
General Funds
Unallocated amounts
**RESTRICTED FUNDS**
ERDF Redevelopment Fund
Living Coasts Grants Fund
Crocodile Swamp Fund
Solar PV Array Fund
Forest Schools Fund
BIAZA Fund
Awards For All - Changing Places
Ocean Connections - Erasmus
Coronavirus Job Retention Scheme
Morrisons Quiet Hour
**TOTAL OF FUNDS**|**Balance at 1**
**November**
**2019**
**£**
**8,162,994**
**-**
**8,162,994**
**807,864**
**714,845**
**650,000**
**6,188**
**324**
**28,921**
**10,000**
**4,945**
**-**
**-**
**2,223,087**
**10,386,081**|**Income**
**£**
**8,404,801**
**-**
**8,404,801**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**696,016**
**4,600**
**700,616**
**9,105,417**|**Expenditure**
**£**
**(10,412,632)**
**1,000**
**(10,411,632)**
**(26,059)**
**(714,845)**
**-**
**(2,062)**
**-**
**(24,037)**
**(10,000)**
**(1,961)**
**(696,016)**
**(4,600)**
**(1,479,580)**
**(11,891,212)**|**Balance at**
**31 October**
**2020**
**£**
**6,155,163**
**1,000**|
|---|---|---|---|---|
|||||**6,156,163**|
|||||**781,805**
**-**
**650,000**
**4,126**
**324**
**4,884**
**-**
**2,984**
**-**
**-**|
|||||**1,444,123**|
|||||**7,600,286**|
Restricted funds represent grants received for specific projects.
Page 57
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**22.**
**STATEMENT OF FUNDS (CONTINUED)**
**STATEMENT OF FUNDS - PRIOR YEAR**
**UNRESTRICTED FUNDS**
General Funds - Group
**RESTRICTED FUNDS**
ERDF Redevelopment Fund
Living Coasts Grants Fund
Crocodile Swamp Fund
Solar PV Array Fund
Forest Schools Fund
BIAZA Fund
Awards For All - Changing Places
Ocean Connections - Erasmus
**TOTAL OF FUNDS**
**23.**
**SUMMARY OF FUNDS**
**SUMMARY OF FUNDS - CURRENT YEAR**
General funds
Restricted funds|Balance at
1 November
2018
£
7,616,730
833,923
733,889
650,000
8,438
324
-
-
-
2,226,574
9,843,304
**Balance at 1**
**November**
**2019**
**£**
**8,162,994**
**2,223,087**
**10,386,081**|Income
£
12,977,262
-
-
-
-
-
30,497
10,000
10,039
50,536
13,027,798
**Income**
**£**
**8,404,801**
**700,616**
**9,105,417**|Expenditure
£
(12,430,998)
(26,059)
(19,044)
-
(2,250)
-
(1,576)
-
(5,094)
(54,023)
(12,485,021)
**Expenditure**
**£**
**(10,411,632)**
**(1,479,580)**
**(11,891,212)**|Balance at
31 October
2019
£
8,162,994|
|---|---|---|---|---|
|||||807,864
714,845
650,000
6,188
324
28,921
10,000
4,945|
|||||2,223,087|
|||||10,386,081|
|||||**Balance at**
**31 October**
**2020**
**£**
**6,156,163**
**1,444,123**|
|||||**7,600,286**|
Page 58
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **23. SUMMARY OF FUNDS (CONTINUED) SUMMARY OF FUNDS - PRIOR YEAR**
|General funds
Restricted funds|Balance at
1 November
2018
£
7,616,730
2,226,574
9,843,304|Income
£
12,977,262
50,536
13,027,798|Expenditure
£
(12,430,998)
(54,023)
(12,485,021)|Balance at
31 October
2019
£
8,162,994
2,223,087|
|---|---|---|---|---|
|||||10,386,081|
## **24. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
|**Unrestricted**
**funds**
**2020**
**£**
Tangible fixed assets
3,859,653
Intangible fixed assets
33,097
Current assets
6,486,999
Creditors due within one year
(1,588,222)
Creditors due in more than one year
(2,636,364)
Difference
1,000
**TOTAL**
6,156,163|**Restricted**
**funds**
**2020**
**£**
787,993
-
657,130
-
-
(1,000)
1,444,123|**Total**
**funds**
**2020**
**£**
**4,647,646**
**33,097**
**7,144,129**
**(1,588,222)**
**(2,636,364)**
**-**|
|---|---|---|
|||**7,600,286**|
|**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
Unrestricted
funds
2019
£
Tangible fixed assets
3,966,659
Intangible fixed assets
97,883
Current assets
5,608,563
Creditors due within one year
(1,510,111)
**TOTAL**
8,162,994|Restricted
funds
2019
£
1,538,520
-
684,567
-
2,223,087|Total
funds
2019
£
5,505,179
97,883
6,293,130
(1,510,111)|
|---|---|---|
|Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
**TOTAL**|||
|||10,386,081|
Page 59
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**25.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net income/expenditure for the period (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Amortisation charges
Interest paid
Interest received
Loss on the sale of fixed assets
Decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
**NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES**
**26.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**TOTAL CASH AND CASH EQUIVALENTS**
**27.**
**ANALYSIS OF CHANGES IN NET DEBT**
**At 1**
**November**
**2019**
**£**
Cash at bank and in hand
**5,338,829**
Debt due within 1 year
**-**
Debt due after 1 year
**-**
**5,338,829**|**FROM OPERATING**
**Group**
Group
**2020**
2019
**£**
£
**(2,785,795)**
542,777
**1,326,820**
384,213
**64,786**
63,600
**-**
203
**(12,112)**
(28,474)
**-**
15,170
**45,054**
300
**(211,173)**
(104,752)
**(285,526)**
17,984
**(1,857,946)**
891,021
**Group**
Group
**2020**
2019
**£**
£
**6,023,708**
5,338,829
**6,023,708**
5,338,829
**Cash flows**
**At 31**
**October**
**2020**
**£**
**£**
**684,879**
**6,023,708**
**(363,636)**
**(363,636)**
**(2,636,364)**
**(2,636,364)**
**(2,315,121)**
**3,023,708**|
|---|---|
Page 60
**SOUTH WEST ENVIRONMENTAL PARKS LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **28. CONTINGENT LIABILITIES**
In 2005, the Company entered into a 125 year lease with The Council of the Borough of Torbay for land at Beacon Quay, Torquay. Until its closure in the current financial year, this land was occupied by the Living Coasts Coastal Zoo.
Under the terms of the lease, the Company is obliged to pay only a peppercorn rent, however, is responsible for the repair and maintenance of the site, including a sea wall that borders it.
At the date of this report, the directors of the Company are exploring several potential options for the future use of the site, however, none has been agreed.
Given the length of the remaining lease, it is likely that at some point significant repairs will be required to the site, for which the Company is currently responsible. However, the timing and cost of these repairs cannot be reliably estimated, and the directors remain optimistic that the lease will be taken on by a new tenant. As such, no liability has been recognised in the financial statements in respect of this ongoing obligation.
## **29. PENSION COMMITMENTS**
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £354,364 (2019: £365,418). £26,659 (2019: £28,234) were payable to the fund at the balance sheet date and are included in creditors.
## **30. RELATED PARTY TRANSACTIONS**
As a wholly owned subsidiary undertaking of their ultimate parent, Wild Planet Trust, the company has taken advantage of the exemption in section 33.1A of FRS 102 in not disclosing intra-group transactions where 100% of the voting rights are controlled within the group.
## **31. CONTROLLING PARTY**
The charities parent undertaking and controlling party is its shareholder, Wild Planet Trust (charity number 306622). The objects of Wild Planet Trust are the advancement of scientific knowledge, education and the promotion of conservation. Its principal activities are the provision of grant to a range of conservation projects, the management of nature reserves for the benefit of wildlife and the public and supporting the scientific, conservation and education work of the other charities within the group.
Group accounts for Wild Planet Trust are available from its principal place of business, Paignton Zoo, Totnes Road, Paignton, TQ4 7EU.
Page 61