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2021-10-31-accounts

Registered number: 00792877 Charity number: 300923

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2
Trustees' Responsibilities Statement 8
Independent Auditors' Report on the Financial Statements 9 - 12
Statement of Financial Activities 13
Balance Sheet 14 - 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 38

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2021

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 (resigned 18 August 2021)
B K McLaughlin
R A Rowe
M S Salmon
P M C Stevens (resigned 7 February 2022)
R I Stones (appointed 16 June 2021)
A G Hart (appointed 16 June 2021)
C Cooper (appointed 16 December 2021)
Company registered
number
00792877
Charity registered
number
300923
Registered office
Totnes Road
Paignton
Devon
TQ4 7EU
Company secretary
C E Malkin (appointed 30 July 2021)
C J Pyne (resigned 26 July 2021)
Chief Executive Officer
Executive Director
D Flynn (appointed 1st December 2020)
S J Tonge BSc (resigned 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 2021

The Trustees submit their report and the audited financial statements for South West Environmental Parks Limited for the year ended 31 October 2021. 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.

The period covered by the report was one of unprecedented challenge brought about by the impacts of the prolonged COVID-19 pandemic. This report therefore documents the activities and performance of the charity within the context of an exceptionally difficult backdrop.

STRATEGIC AIM

SWEPL is an education, scientific and conservation charity that takes action to protect at-risk animals and plants from the impacts of biodiversity loss through activities designed to help halt species decline.

CORE BELIEFS

7KUHH FRUH EHOLHIV XQGHUSLQ WKH FKDULW\¶V ZRUN

PUBLIC BENEFIT

In setting objectives and planning activities for the year, the trustees have given careful consideration to HQVXULQJ WKDW WKH FKDULW\¶V DFWLYLWLHV DUH WR WKH SXEOLF EHQefit, and they have had regard to the Charity. 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:

In fulfilling its objectives, the charity brings its objectives and core beliefs to life through the START Programme.

START has five components.

Page 2

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

SUMMARY OF MAIN ACHIEVEMENTS

Contribution to Conservation

Despite needing to minimise our input to our conservation projects due to Covid impacts, all of our conservation projects have survived and some have achieved significant progress.

At Slapton, repairs and replacement of the boardwalk for public access to the reserve has been completed. The removal of an area of willow carr has also been achieved in line with the Management Plan. The social prescribing project did have reduced numbers due to successive lockdowns, but has been redeveloped for the coming year.

Education and Outreach

The COVID pandemic had a significantly negative impact on the traditional approach to the delivery of education and outreach activities. Government requirements for lockdown and social distancing, limitations of schRROV¶ DELOLWLHV WR RUJDQLVH H[WHUQDO YLVLWV DQG RXU RZQ FDSDFLW\ FRQVWUDLQWV FRQVHTXHQW WR WKH UHVWUXFWXULQJ programme initiated in March 2020 meant that new and imaginative ways to continue our work needed to be identified.

COVID was a catalyst for change and we therefore pivoted to online education and outreach with a focus on structured lessons to support Key Stage curriculum requirements, support for home-schooling projects and informal education. We used social media, our own websites and YouTube as the delivery channels for these activities.

The education results were positive and enabled us to reach schools across the UK that would otherwise not have been able to engage with our programmes.

Informal outreach through social media also saw a significant uptake in reach with an average of 20k views for our Facebook and Instagram posts.

We will build on these insights to support our priorities for the next reporting period.

FINANCIAL REVIEW

Overview

The impact of the COVID-19 pandemic once again dominated the reporting period, as it had in 2019/20. As a result of COVID lockdowns, Paignton Zoo and Newquay Zoos were closed for 125 days during 2020/21, partially reopened in mid-April and returned to normal, albeit with enhanced COVID measure in place, at the start of July. Trading was significantly stronger than originally anticipated with the company recording a profit of £1.3 million compared to a deficit of £2.8 million (including the Living Coasts write down of £928k) in the 2019/20 reporting year.

Net Assets at year-end were £8 million, compared to £7.4 million in 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.

The zoo sites are predominantly outdoor attractions, which offer people a chance to reconnect with the natural world, and the growing awareness of conservation issues positions Wild Planet Trust in a strong position. Tourism agency projections are that visitor numbers to the South West in 2022 will be robust, and

Page 3

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

early data points to a continuing positive situation in 2023. Nevertheless our business planning is based on cautious and conservative forecasts and budgets.

The CBIL loan obtained in 2020 effectively replaced the cash lost during COVID closures. As part of its reserves policy, the Charity holds £1M cash in reserve in case of trading difficulties. Despite the challenges faced in 2020/21 the Charity continues to hold sufficient cash to meet this requirement with £8M available at year-end.

The Charity has a lease on the Living Coasts site which is currently empty following the closure in March 2020. 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 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.

In the circumstances, and given the resources available to the charity, the trustees consider that the going concern basis is appropriate.

RISKS AND PRINCIPAL 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. The review and monitoring process includes assessment of business risks and implementing appropriate risk management strategies, in particular through mitigation and insurance. Internal controls are aligned with Charity Commission requirements and guidelines.

Business and operational risks are reviewed by the Finance, Audit and Risk Committee and fully discussed at full board management meetings. Annual business plans are developed for trustee approval. The business plans incorporate estimated visitor numbers and revenue as well as maintenance and development plans. Business plan progress is monitored by the Operations Committee.

Risks are also mitigated through a comprehensive insurance programme, which includes an annual review to ensure adequate cover, and the maintenance of business continuity plans.

The principal risks currently identified include:

PERFORMANCE PLANNING AND INDICATORS

Planning

Annual business plan objectives are set within the context of trustee-approved goals and priorities. The toplevel goal and priorities inform departmental priorities which are then used as one of the performancemonitoring metrics.

Page 4

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

The 21-22 organisational planning and performance goal is:

T o accelerate the transformation programme whilst maintaining financial resilience in order to lay the groundwork for a memorable and successful centenary year in 2023.

The priorities are:

The organisational top priority is to:

Tell our story better.

The stated organisational goal and priorities drive the following baseline business plan activities:

Performance Indicators

Taking into account the unique challenges caused by the COVID pandemic and the principle uncertainties previously described, performance targets have been set at the conservative end of the spectrum and are based on modest increases on 2019 actual performance.

The principal KPIs for the year ended 31 October 2021 are as follows:

The contribution from trading represents the SWZEL profit as at 31/10/21, which will be distributed to the Charity (SWEPL) in 2022, prior to 31[st] July.

2021 Key Performance Indicators

----- Start of picture text -----
2021 Actual
2021 2021 Previous Year 2021 Actual
to Previous
Actual Target 2020 Actual to Target
Year
Total Visitors 526,227 565,271 376,831 -6.9% 39.6%
Paying Visitors 409,853 396,000 269,070 3.5% 52.3%
Total Education Visitors 8,710 0 9,209 * -5.4%
Admissions Income £6,255,511 £4,974,132 £4,053,247 25.8% 54.3%
Education Visits £48,789 0 £38,930 * 25.3%
Contribution from Trading £972,542 £352,364 £149,769 176% 549.4%
----- End of picture text -----

*No target included due to Covid-19 and lockdowns

Page 5

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

2022 Targets

Admissions £5,674,827
Education Visits £135,750
Contribution from Trading £685,816

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.

Following the consequences of COVID for the organisation, the trustees continue to review the reserves policy. At the year-end however, the reserves policy was that SWEPL will maintain 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 year end, the SWEPL group held in excess of £8 million of cash including cash held to cover the annual trading cycle, the £1m reserves discussed above and funds available for future developments.

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 in August 2020. Repayments started in March 2021 and the loan is due to be repaid by August 2026.

Page 6

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

South West Environmental Parks Ltd is a registered charity (Number 300923), governed by its Charity Commission Scheme (LT 306,622 A/3 dated 3 September 1991). It is an unincorporated association run by a board of trustees.

A skills audit of the existing Board is maintained with a target list of expertise and experience, which 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. It has been used successfully. In accordance with the governing document, trustees are appointed to the Board by a majority 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 regularly throughout the 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 a Chief Executive, who reports regularly to the Board.

By Order of the Board

C E Malkin Company Secretary Date:

Page 7

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 OCTOBER 2021

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 Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

C E Malkin Company Secretary Date:

Page 8

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 'charitable Company') for the year ended 31 October 2021 which comprise the Statement of Financial Activities (incorporating income and expenditure account), the Balance Sheet, the 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:

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 charitable Company 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

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

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

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

Page 9

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST ENVIRONMENTAL PARKS LIMITED (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Trustees' Report and Financial Statements other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Trustees' Report and Financial Statements. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

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:

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 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 charitable Company or to cease operations, or have no realistic alternative but to do so.

Page 10

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the Charity for fraud and identified the highest area of risk to be in relation to income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls through the use of manual journals.

We have also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charities SORP 2019, UK Companies Act and FRS102.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or avoid a material penalty. These included the Zoo Licensing Act, data protection legislation, health and safety regulations, and employment legislation.

Our procedures to respond to risks identified included the following:

Page 11

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH WEST ENVIRONMENTAL PARKS LIMITED (CONTINUED)

We also communicated identified laws and regulations and potential fraud to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the financial statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law or regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omissions, or misrepresentation.

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: 27th July 2022

Page 12

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2021

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
Charitable activities
9
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
Transfers between funds
22
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2021
£
421,051
7,897,109
9,932
151,027
17,200
8,496,319
16,318
7,894,994
7,911,312
585,007
(9,350)
575,657
5,983,539
575,657
6,559,196		 Restricted
funds
2021
£
100,305
-
-
-
-
100,305
-
128,427
128,427
(28,122)
9,350
(18,772)
1,441,139
(18,772)
1,422,367		 Total
funds
2021
£
521,356
7,897,109
9,932
151,027
17,200
8,596,624
16,318
8,023,421
8,039,739
556,885
-
556,885
7,424,678
556,885
7,981,563		 Total
funds
2020
£
1,031,982
5,771,272
33,027
630,081
27,616
7,493,978
17,466
9,507,329
9,524,795
(2,030,817)
-
(2,030,817)
9,455,495
(2,030,817)
7,424,678

Page 13

SOUTH WEST ENVIRONMENTAL PARKS LIMITED REGISTERED NUMBER:00792877

BALANCE SHEET AS AT 31 OCTOBER 2021

Note
FIXED ASSETS
Intangible assets
14
Tangible assets
15
Investments
16
CURRENT ASSETS
Stocks
17
Debtors
18
Cash at bank and in hand
26
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		 122,644
466,643
6,433,323
7,022,610
(1,365,253)		 2021
£
58,029
4,357,084
2
4,415,115
5,657,357
10,072,472
(2,090,909)
7,981,563		 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

Page 14

SOUTH WEST ENVIRONMENTAL PARKS LIMITED REGISTERED NUMBER:00792877

BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2021

Note
CAPITAL, RESERVES AND FUNDS
Restricted funds
22
Unrestricted funds:
General funds
22
Called up share capital
Share premium account
Total unrestricted funds
22
TOTAL FUNDS		 6,525,558
10,000
23,638		 2021
£
1,422,367
6,559,196
7,981,563		 5,949,901
10,000
23,638		 2020
£
1,441,139
5,983,539
7,424,678

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 17 to 38 form part of these financial statements.

Page 15

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2021

CASH FLOWS FROM OPERATING ACTIVITIES
Net cash (used in)/generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received
Purchase of tangible fixed assets
NET CASH (USED IN) INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Cash inflows from new borrowing
Repayments of borrowing
NET CASH (USED IN)/PROVIDED BY 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
The notes on pages 17 to 38 form part of these financial statements		 2021
£
1,198,888
(1,258)
(168,107)
(169,365)
-
(363,636)
(363,636)
665,887
5,767,436
6,433,323		 2020
£
(1,301,094)
(10,714)
(460,825)
(471,539)
3,000,000
-
3,000,000
1,227,367
4,540,069
5,767,436

Page 16

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

1. GENERAL INFORMATION

The Charity (registered number 300923) is a charitable Company, limited by shares 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.

Under the Companies Act 2006 the Company is exempt from producing consolidated accounts as it has been included in EEA group accounts of a larger group (s.400).

The parent entity in which consolidated statements are being produced is Wild Planet Trust. These statements are available from the Charity Commission.

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 assessed various business plans relating to the potential on-going impact of COVID on the operation of the parks. For further details, please see the Trustees' Report.

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.

Grants are included in the 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.

Page 17

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

2. ACCOUNTING POLICIES (continued)

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 Company 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 Company'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 Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

2.6 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; 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

Page 18

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

2. ACCOUNTING POLICIES (continued)

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:

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the 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 Statement of Financial Activities.

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

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.

Page 19

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

2. ACCOUNTING POLICIES (continued)

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 Statement of Financial Activities as a finance cost.

2.14 FINANCIAL INSTRUMENTS

The Company 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 Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company 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.

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 Company and which have not been designated for other purposes.

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

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

Page 20

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

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 assets is a key judgement.

Page 21

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

4. INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds
2021
£
Donations from Living Coasts
10,775
Donations
328,138
Government grants
82,138
421,051		 Restricted
funds
2021
£
-
-
100,305
100,305		 Total
funds
2021
£
10,775
328,138
182,443
521,356

Government grant funding received relates to the Coronavirus Job Retention Scheme and business support grants awarded as a result of COVID-19.

Donations
Government grants		 Unrestricted
funds
2020
£
414,370
-
414,370		 Restricted
funds
2020
£
-
617,612
617,612		 Total
funds
2020
£
414,370
617,612
1,031,982

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2021
£
Operation of Paignton Zoo
5,342,300
Operation of Newquay Zoo
2,070,269
Education
101,265
Field conservation and research
38,599
Charges to South West Zoo Enterprises Ltd
344,676
7,897,109		 Total
funds
2021
£
5,342,300
2,070,269
101,265
38,599
344,676
7,897,109		 Total
funds
2020
£
3,990,642
1,343,739
48,111
39,004
349,776
5,771,272

Page 22

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

6. INCOME FROM OTHER TRADING ACTIVITIES

Income from fundraising events

Unrestricted
funds
2021
£
Fundraising
9,932
Events
-
9,932		 Total
funds
2021
£
9,932
-
9,932		 Total
funds
2020
£
15,860
17,167
33,027

7. INVESTMENT INCOME

Unrestricted
funds
2021
£
Distribution from South West Zoo Enterprises Limited
149,769
Interest receivable
1,258
151,027		 Total
funds
2021
£
149,769
1,258
151,027		 Total
funds
2020
£
619,367
10,714
630,081

8. EXPENDITURE ON RAISING FUNDS

FUNDRAISING TRADING EXPENSES

Unrestricted
funds
2021
£
Fundraising
3,498
Staff costs
12,820
16,318		 Total
funds
2021
£
3,498
12,820
16,318		 Total
funds
2020
£
4,358
13,108
17,466

Page 23

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2021
£
Operation of the Parks
7,584,797
Education
111,359
Conservation
299,143
COVID-19 Grant
(100,305)
7,894,994		 Restricted
funds
2021
£
28,122
-
-
100,305
128,427		 Total
funds
2021
£
7,612,919
111,359
299,143
-
8,023,421

COVID-19 Grant expenditure relates to costs incurred against furlough claims. These costs were incurred across both support and direct costs.

Operation of the Parks
Education
Conservation
COVID-19 Grant		 Unrestricted
funds
2020
£
7,704,364
237,744
788,218
(617,612)
8,112,714		 Restricted
funds
2020
£
777,003
-
-
617,612
1,394,615		 Total
funds
2020
£
8,481,367
237,744
788,218
-
9,507,329

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Operation of the Parks
Education
Conservation		 Activities
undertaken
directly
2021
£
3,331,866
111,359
299,143
3,742,368		 Support
costs
2021
£
4,281,053
-
-
4,281,053		 Total
funds
2021
£
7,612,919
111,359
299,143
8,023,421

Page 24

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

10.
ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
Activities
undertaken
directly
2020
£
Operation of the Parks
3,803,168
Education
237,744
Conservation
788,218
4,829,130
ANALYSIS OF SUPPORT COSTS
Operation
of the Parks
2021
£
Staff costs
1,822,516
Establishment costs
980,378
Administration costs
342,034
Financial costs
259,010
Marketing
400,459
Depreciation
437,858
Amortisation
21,298
Governance
17,500
Impairment of assets
-
4,281,053
11.
AUDITORS' REMUNERATION
Fees payable to the Company's auditor for the audit of the Company's
annual accounts		 Support
costs
2020
£
4,678,199
-
-
4,678,199
Total
funds
2021
£
1,822,516
980,378
342,034
259,010
400,459
437,858
21,298
17,500
-
4,281,053
2021
£
8,250		 Total
funds
2020
£
8,481,367
237,744
788,218
9,507,329
Total
funds
2020
£
1,702,038
885,325
240,556
270,836
465,567
344,781
64,786
8,500
695,810
4,678,199
2020
£
8,000

Page 25

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

12. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
3,891,930
300,734
257,984
4,450,648		 2020
£
4,307,553
318,559
276,306
4,902,418

Included within wages and salaries are staff restructuring costs for the Company amounting to £60,000 (2020: £212,404).

The average number of persons employed by the Company during the year was as follows:

2021 2020
No. No.
Employees 186 198

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £60,001 - £70,000 1 -
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 £395,278 (2020: £445,550). The group of which South West Environmental Parks Limited is a part of is managed on a unified basis. The key management personnel of the Company are remunerated by Wild Planet Trust in respect of their services to the group as a whole.

13. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2020: £Nil).

During the year ended 31 October 2021, travel expenses totalling £780 were reimbursed or paid directly to 4 Trustees (2020: £150 to 3 Trustees).

Page 26

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

14. INTANGIBLE ASSETS

COST
At 1 November 2020
Additions
At 31 October 2021
AMORTISATION
At 1 November 2020
Charge for the year
At 31 October 2021
NET BOOK VALUE
At 31 October 2021
At 31 October 2020		 Computer
software
£
96,172
35,525
131,697
63,075
10,593
73,668
58,029
33,097		 Goodwill
£
774,875
-
774,875
764,170
10,705
774,875
-
10,705		 Total
£
871,047
35,525
906,572
827,245
21,298
848,543
58,029
43,802

Page 27

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

15. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 November 2020
Additions
At 31 October 2021
DEPRECIATION
At 1 November 2020
Charge for the year
At 31 October 2021
NET BOOK VALUE
At 31 October 2021
At 31 October 2020		 Long-term
leasehold
property
£
17,009,364
-
17,009,364
13,736,499
141,436
13,877,935
3,131,429
3,272,865		 Motor
vehicles
£
366,531
80,289
446,820
295,814
32,921
328,735
118,085
70,717		 Fixtures and
fittings
£
3,018,972
87,818
3,106,790
1,735,713
263,507
1,999,220
1,107,570
1,283,259		 Total
£
20,394,867
168,107
20,562,974
15,768,026
437,864
16,205,890
4,357,084
4,626,841

The 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 2021 comprises £1,863,362 (2020: £1,968,227) in respect of Paignton Zoo, £Nil (2020: £Nil) in respect of Living Coasts which was fully impaired in the prior year and £1,268,067 (2020: £1,304,638) in respect of Newquay Zoo.

Page 28

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

16. FIXED ASSET INVESTMENTS

COST OR VALUATION
At 1 November 2020
AT 31 OCTOBER 2021
NET BOOK VALUE
AT 31 OCTOBER 2021
AT 31 OCTOBER 2020		 Investments
in
subsidiary
companies
£
2
2
2
2

Page 29

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

16. FIXED ASSET INVESTMENTS (CONTINUED)

PRINCIPAL SUBSIDIARIES

The following were subsidiary undertakings of the Company:

Names Company Charity Registered office or principal Principal activity Holding
number registration place of business
number
South West Zoo Enterprises Limited 02494361 NA Totnes Road, Paignton, Devon Retail trading activities 100%
of the environmental
parks
Living Coasts 04620880 1099076 Totnes Road, Paignton, Devon Operation of Living 100%
Coasts exhibit

Page 30

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

17.
STOCKS
Consumables
18.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank overdrafts
Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 November 2020
Resources deferred during the year
Amounts released from previous periods		 2021
£
122,644
2021
£
18,899
11,814
384,263
51,667
466,643
2021
£
337
545,455
202,721
77,960
33,039
505,741
1,365,253
2021
£
362,330
398,913
(362,330)
398,913		 2020
£
118,429
2020
£
13,421
63,666
638,439
32,567
748,093
2020
£
-
363,636
204,564
76,058
32,569
566,734
1,243,561
2020
£
497,817
362,330
(497,817)
362,330

Deferred income relates to annual pass admission income relating to future periods.

Page 31

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021 2020
£ £
Bank loans 2,090,909 2,636,364

In the prior year, the Company 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

2021 2020
£ £
Issued and fully paid ordinary shares of £1 each 10,000 10,000

Page 32

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
General Funds
RESTRICTED FUNDS
ERDF Redevelopment Fund
Crocodile Swamp Fund
Solar PV Array Fund
Forest Schools Fund
BIAZA Fund
Coronavirus Job Retention
Scheme
TOTAL OF FUNDS		 Balance at 1
November
2020
£
5,983,539
781,805
650,000
4,126
324
4,884
-
1,441,139
7,424,678		 Income
£
8,496,319
-
-
-
-
-
100,305
100,305
8,596,624		 Expenditure
£
(7,911,312)
(26,059)
-
(2,063)
-
-
(100,305)
(128,427)
(8,039,739)		 Transfers
in/out
£
(9,350)
-
-
-
-
9,350
-
9,350
-		 Balance at
31 October
2021
£
6,559,196
755,746
650,000
2,063
324
14,234
-
1,422,367
7,981,563

Restricted funds

ERDF Redevelopment Fund and Crocodile Swamp Fund - This represents funding received for redevelopment of sites and exhibits at Paignton Zoo.

Other restricted amounts represent funds received for a specific purpose and can only be used under particular conditions.

Page 33

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

22.
STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
UNRESTRICTED FUNDS
General Funds
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
Coronavirus Job Retention Scheme
TOTAL OF FUNDS		 Balance at
1 November
2019
£
7,237,353
807,864
714,845
650,000
6,188
324
28,921
10,000
-
2,218,142
9,455,495		 Income
£
6,876,366
-
-
-
-
-
-
-
617,612
617,612
7,493,978		 Expenditure
£
(8,130,180)
(26,059)
(714,845)
-
(2,062)
-
(24,037)
(10,000)
(617,612)
(1,394,615)
(9,524,795)		 Balance at
31 October
2020
£
5,983,539
781,805
-
650,000
4,126
324
4,884
-
-
1,441,139
7,424,678

23. SUMMARY OF FUNDS SUMMARY OF FUNDS - CURRENT YEAR

General funds
Restricted funds		 Balance at 1
November
2020
£
5,983,539
1,441,139
7,424,678		 Income
£
8,496,319
100,305
8,596,624		 Expenditure
£
(7,911,312)
(128,427)
(8,039,739)		 Transfers
in/out
£
(9,350)
9,350
-		 Balance at
31 October
2021
£
6,559,196
1,422,367
7,981,563

Page 34

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

23. SUMMARY OF FUNDS (CONTINUED) SUMMARY OF FUNDS - PRIOR YEAR

General funds
Restricted funds		 Balance at
1 November
2019
£
7,237,353
2,218,142
9,455,495		 Income
£
6,876,366
617,612
7,493,978		 Expenditure
£
(8,130,180)
(1,394,615)
(9,524,795)		 Balance at
31 October
2020
£
5,983,539
1,441,139
7,424,678

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2021
£
Tangible fixed assets
3,599,275
Intangible fixed assets
58,029
Fixed asset investments
2
Current assets
6,358,052
Creditors due within one year
(1,365,253)
Creditors due in more than one year
(2,090,909)
TOTAL
6,559,196		 Restricted
funds
2021
£
757,809
-
-
664,558
-
-
1,422,367		 Total
funds
2021
£
4,357,084
58,029
2
7,022,610
(1,365,253)
(2,090,909)
7,981,563

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL		 Unrestricted
funds
2020
£
3,840,910
43,802
2
5,978,750
(1,243,561)
(2,636,364)
5,983,539		 Restricted
funds
2020
£
785,931
-
-
655,208
-
-
1,441,139		 Total
funds
2020
£
4,626,841
43,802
2
6,633,958
(1,243,561)
(2,636,364)
7,424,678

Page 35

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

25.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income/expenditure for the year (as per Statement of Financial
Activities)
ADJUSTMENTS FOR:
Depreciation charges
Amortisation charges
Interest receivable
(Increase) in stocks
Decrease/(increase) in debtors
(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
2020
£
Cash at bank and in hand
5,767,436
Bank overdrafts repayable on demand
-
Debt due within 1 year
(363,636)
Debt due after 1 year
(2,636,364)
2,767,436		 FROM OPERATING
2021
2020
£
£
556,885
(2,030,817)
437,864
1,040,591
21,298
64,786
1,258
10,714
(4,215)
(25,199)
281,450
(210,623)
(95,652)
(150,546)
1,198,888
(1,301,094)
2021
2020
£
£
6,433,323
5,767,436
6,433,323
5,767,436
Cash flows
At 31
October
2021
£
£
665,887
6,433,323
(337)
(337)
(181,819)
(545,455)
545,455
(2,090,909)
1,029,186
3,796,622

Page 36

SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

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 previous 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 partially 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 partially 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.

A health and safety incident occurred at one of the parks in the year ending 31 October 2020, which resulted in an investigation being made. No resolution has been reached between the parties and the investigation into the incident is still on-going at the date of the audit report. However, it is possible that the Company will be subject to a financial penalty.

The Trustees are not able to assess the probability of any penalty that might arise, nor the probability of this taking place. As such, the Trustees have made no provision in the 2021 financial statements.

29. PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £257,984 (2020: £276,306). £28,103 (2020: £30,024) were payable to the fund at the balance sheet date and are included in creditors.

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SOUTH WEST ENVIRONMENTAL PARKS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021

30. OPERATING LEASE COMMITMENTS

At 31 October 2021 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2021
£
4,562
4,562
8,619
17,743		 2020
£
2,244
2,244
5,049
9,537

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2021 2020
£ £
Operating lease rentals 2,824 2,244

31. 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.

32. CONTROLLING PARTY

The Company's 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.

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