**Charity number: 306622**
## **WILD PLANET TRUST**
## **TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 OCTOBER 2020**
**WILD PLANET TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2|
|**Independent auditors' report on the financial statements**|26 - 28|
|**Consolidated statement of financial activities**|29 - 30|
|**Consolidated balance sheet**|31|
|**Charity balance sheet**|32|
|**Consolidated statement of cash flows**|33|
|**Notes to the financial statements**|34 - 57|
## **WILD PLANET TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, 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|
||R A Rowe|
||M S Salmon|
||P M C Stevens|
||J P Ravenscroft (resigned 23 September 2020)|
|**Charity registered**
**number**
306622
**Principal office**
Totnes Road
Paignton
Devon
TQ4 7EU
**Chief Executive Officer**
**Executive Director**
D J Flynn (appt. 1st December 2020)
S J Tonge (res.30th June 2021)
**Independent auditors**
Bishop Fleming LLP
Chartered Accountants
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS||
Page 1
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
The Trustees submit their report and the audited financial statements for Wild Planet Trust for the year ended 31 October 2020. The financial statements comply with the Charities Act 2011, and have been prepared in accordance with the requirements of the Statement of Recommended Practice on accounting and reporting for charities (FRS 102) effective 1st January 2019.
## **Strategic Report**
## **Strategic Aims & Objectives**
Vision
A world rich in wildlife and wild places.
## **Mission**
Wild Planet Trust 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 in its Strategic Plan for 2020-2025:
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 ensuring that the FKDULW\¶V�DFWLYLWLHV�DUH�WR�WKH� public benefit and they have had regard to the Charity Commission¶V�JXLGDQFH�RQ�SXEOLF� benefit. Accordingly, the activities at both zoos during the last year were for the public benefit and were in accordance with the objects of the charity. They are:
- To advance scientific knowledge of plants, animals and the natural world.
- To advance the education of students and the public on the conservation of the physical and natural world and the promotion of biodiversity.
- 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:
- Keeping and breeding animals and propagating plants that are under threat or no longer exist in the wild.
- Offering all visitors an exciting and informative wildlife experience.
- Providing a resource for educational purposes, both within and outside the zoos.
- Contributing to conservation of wildlife and the natural environment both within the zoos and beyond through the operation of its regional programmes.
- Promoting sustainability of local and global communities and their environment and managing the zoos to a plan to support these ideals.
Page 2
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
||2018/19
Actual|2019/20
Target|2019/20
Actual|Variance to
previous year|Variance
totarget|
|---|---|---|---|---|---|
|Paignton Zoo Total Visitors|415,613|486,726*|264,809|-36.3%|-13.4%|
|Paignton ZooPayingVisitors|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 education bookings|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 Zoo media coverage target|£848,107|£1,400,000|£394,039|-53.5%|-71.9%|
|||||||
|NewquayZooTotal 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%|
|NewquayZooTaught Workshops|143|150|46|-67.8%|-69.3%|
|NewquayZoo paid educationbookings|7,757|6,500|1,537|-80.2%|-76.4%|
|NewquayZooAdmissionsincome|£1,396,100|£1,537,321|£1,205,361|-13.7%|-21.6%|
|Newquay Zoo Gift Aid %|49.8%|52%|37.5%|-32.8%|-27.9%|
|NewquayZoo Contribution from trading|£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 educationbookings|5483|5,000|1,648|-69.9%|-67%|
|Living Coasts Admissions income|£611,156|£715,993|£95,939|-84.3%|-86.6%|
|Living Coasts Gift Aid %|47.2%|43%|44.7%|-27.9%|4%|
|Living Coasts Contribution from trading|-£16,504|-£8,343|-£127,734|-1431%|-674%|
|Living Coastsmedia coveragetarget|£151,809|£200,000|£39,484|-74%|-80.3%|
In 2019/20 the charity spent a total of £464,300 on its conservation, research and grant making programmes in addition to the wider charitable activities carried out across its sites.
Page 3
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
## **Wild Planet Trust Grants Scheme 2019/20**
During 2019/2020 the Wild Planet Trust awarded £4,500 in conservation grants in addition to £26,773 awarded to the Field Studies Council to support work at Slapton Ley. Grantees ranged from university researchers to community or conservation organisations, and project topics fulfilled elements of all of the Wild Planet Trust strategic aims. The majority of funded projects fulfilled our in-situ conservation strategic aim, but projects also focused on ex-situ conservation, education, and conservation advocacy, and many projects covered multiple aspects, allowing integrated contribution to the strategic aims. Funded projects are listed below for their primary strategic aim, with details of outputs given for example projects.
## Enhancing conservation of critically endangered Aloe species of Tanzania
Habitat degradation and destructive harvesting and collection of critically endangered Aloe species (CEAs) for medicine or trade threaten the population of these plants in Tanzania. The aim of this project was to enhance survival of CEAs via ex-situ conservation in a botanical garden, promote their restoration, and raise awareness to protect them in the wild.
- Prioritisation of the conservation challenges facing the endangered Dracaena Ombet tree species and its community based conservation interventions in Ethiopia
The endangered Dracaena Ombet tree is only sparsely found in tKH�'HVD¶D�IRUHVW�RI�1RUWKHUQ�(WKLRSLD��,Q�WKLV�KDELWDW�� the species is heading to extinction due to over-exploitation and habitat degradation. To date, there has been no detailed study on its ecology and conservation status. This project studied its ecology, conservation challenges and future interventions by using data from the local community, field surveys and observations. The collected data was then analysed to train the local community and other relevant stakeholders on conservation of the species going forward.
Study and conservation of natural habitats of endangered Colchicum species in the steppes of Odessa region (Ukraine)
This project studied the active population of the endangered Colchicum species of southern Ukraine, with the aim of enhancing their protection. Enabling the local community to help with this process meant that they now have a key role in protecting their habitats and other rare and endangered plant species in the area. The results of this work were used in the planning of the protective zones in the Odessa region.
Advancing the understanding and conservation of endangered Vietnamese rosewood (Dalbergia oliveri) in Vietnam
Dalbergia oliveri is among the most endangered and illegally traded plant in Indochina. Bu-Gia-Map National Park is one of the most important conservation sites for the species. The aim of this study was to document the relevant conservation issues and then propose a long-term conservation plan to ensure the continued existence and recovery of this species.
## **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 at a cost of £121,075. This figure does not account for the 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
Page 4
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
however some works were reinstated once the first lock down was finished. During the period of lock down 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. However, we had received a sum of money IRU�WKH�VXUYH\�RI�³$UN´�VLWHV�DQG�ZH�ZLOO�IXOILO�RXU�FRPPLWPHQW�WR�WKDW�DV�ZH�GHFLGH�ZKHWKHU�WR�FRQWLQXH�ZLWK�WKH�SURMHFW�
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-19 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.
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. 7KH�FKDULW\¶V educational department provided formal and informal 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 £2.86 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.
Page 5
## **WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
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 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**
The majority of the group¶V�LQFRPH�FRPHV�IURP�WKH�RSHUDWLRQ�RI�WKH�SDUNV�ZLWK�DGGLWLRQDO�LQFRPH�IURP�WKH�LQYHVWPHQW� portfolio held by Wild Planet Trust. (£91,063 in 2019/20). The charity receives some donation income but the majority of this comes from donations at the gate in the parks which relate to gift aid. Fundraising produced income of £20,851, 0.2% RI�WKH�7UXVW¶V�LQFRPH�
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 £5.8 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.
Living Coasts UHFHLYHG�D�JUDQW�RI��������IURP�0RUULVRQV�WR�EX\�HTXLSPHQW�WR�KHOS�UXQ�D�SLORW�³4XLHW�+RXU´�VFKHPH�IRU� autistic 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 Trust received £12,982 of grant income to continue the work on the Crayfish Ark site project and a £50,000 donation to assist with the Omo Forest project in Nigeria. We received £8,515 from Valeport towards the costs of installing eco
Page 6
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
moorings to protect Seagrass beds in Torbay and £3,000 from Marjorie Coote Animal Charity Trust to help with the cost of repairs in the Great Ape house at Paignton Zoo
The group received £699,141 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 total income for the year was £9.3 million and a breakdown is shown in the following chart:
## **Fundraising**
$OO�RI�WKH�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 IXQGUDLVLQJ��7KH�&KDULW\�FRPSOLHV�IXOO\�ZLWK�WKH�VFKHPH¶V�)XQGUDLVLQJ�3URPLVH�DQG�WKH�DVVRFLDWHG�&RGH�RI�)XQGUDLVLQJ� 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 Trust 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**
In 2019/20, the group spent £12 million. Even though the zoos 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, £9.4 million, was spent on the operation of the parks with an additional £361,566 being spent on Education activities. £464,300 was spent on Conservation activities including the In-Situ projects and grants to fund education/research projects including a payment to the Field Studies Council of £26,773 for the management of Slapton Ley. The upkeep of the nature reserves in Torbay cost £30,665
Expenditure on raising funds cost £1.8 million. The commercial trading operation accounted for the majority of this with £17,466 being spent on fundraising and support costs.
Page 7
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
Staff costs at £6.36 million represented 53% of the total expenditure during the year, although 696,016 of this related to furloughed staff costs, which were reclaimed from the governments JRS grant. Redundancy costs came to £250,491.
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:
## **Capital Expenditure**
We continue to invest in our sites and in 2019/20 spent £486,146 on capital expenditure. The majority of this spend being 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.
## **Investments**
The Trustees take professional advice before taking major decisions which could result in a loss to the charity. Accordingly, a firm of brokers has been appointed in a discretionaU\�UROH�WR�PDQDJH�WKH�7UXVW¶V�LQYHVWPHQW�SRUWIROLR���
Page 8
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
The investments of the Trust are managed to ensure that:
- 7KH�PDQDJHPHQW�RI�WKH�7UXVW¶V�LQYHVWPHQWV�FRPSOLHV�ZLWK�WKH�&KDULWLHV�$FWV�DQG�7UXVWHH�$FWV�
- The long-term capital growth of the portfolio exceeds or at least keeps pace with inflation, the retail price index, the FTSE All Share index, the FT Government Securities index and other appropriate benchmarks.
- The investment strategy does not conflict with the charitable objectives of the Trust.
- Not morH�WKDQ�� �RI�WKH�7UXVW¶V�WRWDO�LQYHVWPHQW�FDSLWDO�LV�XVHG�WR�Surchase any one equity or other investment.
7KH�7UXVW¶V�LQYHVWPHQW�SRUWIROLR��DQG�WKH�SHUIRUPDQFH�RI�LWV�EURNHUV��LV�UHYLHZHG�DW�OHDVW�WZLFH�DQQXDOO\�
## **Grant making Policy**
The trust allocates a sum each year for grants. It delegates the decision as to who is awarded a grant to a subcommittee. The subcommittee meets six monthly to consider applications that have been received within the preceding six month period. Grants are awarded for projects that meet tKH�WUXVW¶V�FKDULWDEOH�REMHFWLYHV�RI�UHVHDUFK��DQG� education and are normally awarded to individuals, although appropriate projects put forward by organisations will be considered. The amount awarded is usually up to a maximum of £1,000 and a report on the output of the project is required.
## **Reserves**
It is the general policy of Wild Planet Trust and its subsidiary charities, South West Environmental Parks Limited and Living Coasts to apply towards their charitable objectives as much cash as they reasonably can, to avoid accumulating excessive reserves.
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 consequence this has had for the organisation the Trustees are currently reviewing the reserves policy however at the year end the reserves policy was that, having considered the factors that could impact on the business, Wild Planet Trust maintains minimum available cash reserves of £1m within its subsidiary companies 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. In addition, Wild Planet Trust held an investment portfolio valued at £2.37m as at 31[st] October 2020. Whilst the investment portfolio is not considered to be part of the free reserves, the Trustees consider that these assets could be liquidated in a relatively short timescale if required, albeit at a cost.
The subsidiary companies making up the SWEPL group held £6 million of cash as at 31[st] October 2020, which was considered to be more than sufficient cash to cover the annual trading cycle and the £1m reserves discussed above.
## **Borrowing**
The Trustees normal policy is that, where considered appropriate and being mindful not to overcommit the Charity, borrowings may be used to fund elements of significant capital projects. At the end of the 2018/19 financial year the charity 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 start from March 2021 and the loan is due to be repaid by August 2026.
## **Restricted Funds**
Restricted income funds derive from donations, grants and legacies received and are put towards a variety of capital projects and outreach activities. At 31[st] October 2020, the Wild Planet Trust group had restricted funds of £1.57 million (see note 22 to the accounts).
8QUHVWULFWHG�LQFRPH�IXQGV�PD\�EH�WLHG�XS�LQ�IL[HG�DVVHWV�RU�IUHHO\�DYDLODEOH�IRU�WKH�&KDULW\¶V�JHQHUDO�FKDULWDEOH�SXUSRVH��
Page 9
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020**
After setting asidH�UHVWULFWHG�LQFRPH�IXQGV�WKH�EDODQFH�RI�WKH�&KDULW\¶V�DYDLODEOH�IXQGV�DW�WKH�EDODQFH�VKHHW� date are designated as follows:
- assets held for charitable use, up to a maximum of the net book value of those fixed assets at the balance sheet date
- If, after designating unrestricted funds as above, there are funds remaining, these are treated as unrestricted free reserves. Whilst the Trustees may have earmarked these funds for particular purposes or uses, they are not committed or restricted legally.
At 31 October 2020, the Trust had total funds employed of £18.7 million on the consolidated balance sheet of which £109,728 related to prior bequests, property sales and cash held for restricted purposes and £408,293 related to the original endowment. Restricted funds totalled £1.6million with £1.65m of the £15.3m of fixed assets restricted. The balance of the fixed assets of £13.6 million were considered to be unrestricted.
The element of unrestricted funds considered free reserves was therefore £3.1 million at 31[st] October 2020.
## **Plans for Future Periods**
## **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 10
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|Conservation
funding|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|
|Community
based
conservation|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|||
Page 11
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|Green Urban
spaces|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|
|Ash Die back|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|
Page 12
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|||
|Redevelopme
nt plan of Ape
Centre|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|||
|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|
|Population
Management|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|
Page 13
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|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.|
|Site
Maintenance|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.|
|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.|
Page 14
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|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|
|Site and
Enclosure
Security|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.|
Page 15
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|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|
|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|
Page 16
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|Event planning|Events plan for
2021 including
Summer and
Christmas
event.
Recommendati
on for
Christmas
2022.|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|
|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|
|Fundraising|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|
Page 17
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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 18
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|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|
Page 19
## **WILD PLANET TRUST**
## **TRUSTEES REPORT 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|
|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
standard
method|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 20
**WILD PLANET TRUST**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 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:
- x A Risk Analysis & Mitigation plan.
- x Regular meetings of the Risk Management and Audit Sub Committee and discussion at full board management meetings of identified risk and associated management strategies.
- x Internal financial controls that meet with guidelines issued by the Charity Commission.
- x An annual Business Plan showing anticipated numbers of visitors, marketing strategy, maintenance and development of the charity's assets.
- x An annual Revenue Budget showing intended income, expenditure and surplus.
- x An annual list of intended capital, revenue and other funded additions to the charity's assets.
- x A departmental assessment of risks to employees and the public.
- x Annual review to ensure adequate insurance cover.
- x 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.
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 21
**WILD PLANET TRUST**
## **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�EHHQ�IXQGHG�IURP�UHWDLQed 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**
The Trustees consider that the Board of Trustees and the Chief Executive Officer comprise the key management personnel of the Wild Planet Trust 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.
The Trustees determine and agree the overall policy for the remuneration and pension arrangements for all WKH�FKDULW\¶V�HPSOR\HHV�DQG�RYHUVHH�DQG�PDMRU�FKDQJHs to employee benefits. The Charity operates and 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 competitive 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.
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�ZRUk.
The Key management personnel of the SWEPL subsidiary companies are considered to be the Board of 7UXVWHHV��ZKR�DUH�WKH�&KDULW\¶V�GLUHFWRUV��WKH�Chief Operating Officer and the Senior leadership Team.
Page 22
**WILD PLANET TRUST**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
At 31[st] October 2020 the Senior Leadership Team comprised: Executive Director Mr S Tonge Chief Operating Officer Mr D Flynn Director of Finance & HR Mr C Pyne Director of Marketing & Development Ms P Craddock Director of Conservation Ms K Pullen Director of Operations Ms H Warren
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 WKH�SUHYLRXV�\HDU¶V�SHUIRUPDQFH�LQ�D�VHSDUDWH�SURFHVV��5HJXODU�EHQFKPDUNLQJ�LV�DOVR�XQGHUWDNHQ�DJDLQVW� similar positions within the sector.
## **Off Payroll Working**
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.
Page 23
**WILD PLANET TRUST**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020**
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 228 volunteers actively involved across the group contributing a total of 17,984 hours. 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**
Wild Planet Trust operates a Child Protection and Safeguarding policy across all of its sites with designated Child Protection Officers at each site.
The group Safegurding 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**
Wild Planet Trust is a registered charity (Number 306622), 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.
Wild Planet Trust owns South West Environmental Parks Limited (SWEPL) which operates Paignton Zoo Environmental Park and Newquay Zoo Environmental Park and uses these names when appropriate. SWEPL is a registered Charity (number 300923) and a Limited Company (number 792877) incorporated 21 February 1964 and governed by its memorandum and articles of association. SWEPL has a sister charity, Living Coasts, (company number 04620880) which is a charity (number 1099076) and operates the Living Coasts exhibit in Torquay. It also has a direct subsidiary, South West Zoo Enterprises Limited, a company (number 02494361), which deals with trading activities at Paignton and Newquay zoos and previously at Living Coasts.
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. It has been used successfully. 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 eight 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 a Secretary and a warden who is responsible for the management of Primley and Clennon Reserves.
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Page 24
## **WILD PLANET TRUST**
## **(CONTINUED)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and the Charity 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 judgments 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 Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 25
## **WILD PLANET TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILD PLANET TRUST**
## **OPINION**
We have audited the financial statements of Wild Planet Trust (the 'parent charity') 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 charity 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).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charity'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 Charities Act 2011.
## **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 charity'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 26
**WILD PLANET TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILD PLANET TRUST (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 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.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- the parent Charity has not kept sufficient accounting records; or
- the parent Charity financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.
## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.
Page 27
## **WILD PLANET TRUST**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILD PLANET TRUST (CONTINUED)**
## **USE OF OUR REPORT**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an 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 charity and its trustees, 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
Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 28
## **WILD PLANET TRUST**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020**
|**Note**
**INCOME AND**
**ENDOWMENTS**
**FROM:**
Donations and
legacies
4
Charitable
activities
5
Other trading
activities
6
Investments
7
Other income
8
**TOTAL INCOME**
**EXPENDITURE**
**ON:**
Raising funds
9
Charitable
activities
10
**TOTAL**
**EXPENDITURE**|**Endowment**
**funds**
**2020**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**Restricted**
**funds**
**2020**
**Unrestricted**
**funds**
**2020**
**£**
**£**
**700,616**
**444,502**
**74,407**
**5,572,875**
**-**
**2,199,603**
**-**
**91,063**
**-**
**262,569**
**775,023**
**8,570,612**
**-**
**1,808,260**
**1,483,191**
**8,738,651**
**1,483,191**
**10,546,911**|**Continuing**
**operations**
**2020**
**Discontinued**
**operations**
**2020**
**£**
**£**
**1,059,984**
**85,134**
**5,524,665**
**122,617**
**2,194,612**
**4,991**
**91,060**
**3**
**262,569**
**-**
**9,132,890**
**212,745**
**1,808,260**
**-**
**9,024,219**
**1,197,623**
**10,832,479**
**1,197,623**|**Total**
**funds**
**2020**
**£**
**1,145,118**
**5,647,282**
**2,199,603**
**91,063**
**262,569**
**9,345,635**
**1,808,260**
**10,221,842**
**12,030,102**|Continuing
operations
2019
£
2,313,343
7,404,521
3,843,055
129,482
11,578
13,701,979
2,771,271
8,669,321
11,440,592|Discontinued
operations
2019
£
(1,356,007)
849,595
12,328
5
335
(493,744)
-
1,192,762
1,192,762|Total
funds
2019
£
957,336
8,254,116
3,855,383
129,487
11,913|
|---|---|---|---|---|---|---|---|
||||||||13,208,235|
||||||||2,771,271
9,862,083|
||||||||12,633,354|
Page 29
## **WILD PLANET TRUST**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2020**
|**NET**
**(EXPENDITURE**
**)/INCOME BEF**
**ORE NET**
**(LOSSES)/GAIN**
**S ON**
**INVESTMENTS**
Net (losses)/gains
on investments
**NET MOVEMENT**
**IN FUNDS**
**RECONCILIATIO**
**N OF FUNDS:**
Total funds
brought forward
Net movement in
funds
**TOTAL FUNDS**
**CARRIED**
**FORWARD**|**Endowment**
**funds**
**2020**
**£**
**-**
**-**
**-**
**408,293**
**-**
**408,293**|**Restricted**
**funds**
**2020**
**£**
**(708,168)**
**-**
**(708,168)**
**2,277,790**
**(708,168)**
**1,569,622**|**Unrestricted**
**funds**
**2020**
**£**
**(1,976,299)**
**(169,645)**
**(2,145,944)**
**18,914,850**
**(2,145,944)**
**16,768,906**|**Continuing**
**operations**
**2020**
**Discontinued**
**operations**
**2020**
**£**
**£**
**(1,699,589)**
**(984,878)**
**(169,645)**
**-**
**(1,869,234)**
**(984,878)**
**20,579,511**
**1,021,422**
**(1,869,234)**
**(984,878)**
**18,710,277**
**36,544**|**Total**
**funds**
**2020**
**£**
**(2,684,467)**
**(169,645)**
**(2,854,112)**
**21,600,933**
**(2,854,112)**
**18,746,821**|Continuing
operations
2019
£
2,261,387
144,903
2,406,290
20,364,733
2,406,290
22,771,023|Discontinued
operations
2019
£
(1,686,506)
-
(1,686,506)
516,416
(1,686,506)
(1,170,090)|Total
funds
2019
£
574,881
144,903|
|---|---|---|---|---|---|---|---|---|
|||||||||719,784|
|||||||||20,881,149
719,784|
|||||||||21,600,933|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 34 to 57 form part of these financial statements.
Page 30
## **WILD PLANET TRUST**
## **CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2020**
|**2020**
**Note**
**£**
**FIXED ASSETS**
Intangible assets
15
**33,097**
Tangible assets
16
**12,919,737**
Investments
17
**2,373,750**
**15,326,584**
**CURRENT ASSETS**
Stocks
18
**285,514**
330,568
Debtors
19
**847,755**
639,580
Cash at bank and in hand
**6,525,300**
5,746,122
**7,658,569**
6,716,270
Creditors: amounts falling due within one
year
20
**(1,601,968)**
(1,528,095)
**NET CURRENT ASSETS**
**6,056,601**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**21,383,185**
Creditors: amounts falling due after more
than one year
21
**(2,636,364)**
**TOTAL NET ASSETS**
**18,746,821**
**CHARITY FUNDS**
Endowment funds
22
**408,293**
Restricted funds
22
**1,569,622**
Unrestricted funds
22
**16,768,906**
**TOTAL FUNDS**
**18,746,821**
The
financial
statements
were
approved
and
authorised
for
issue
by
the
_________________________________________________and signed on their behalf by:
**S E Kings**
**R W J Ford**|2019
£
97,883
13,771,480
2,543,395
16,412,758
5,188,175
21,600,933
-
21,600,933
408,293
2,277,790
18,914,850
21,600,933
Trustees
on|
|---|---|
The notes on pages 34 to 57 form part of these financial statements.
Page 31
## **WILD PLANET TRUST**
## **CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 OCTOBER 2020**
|**2020**
**Note**
**£**
**FIXED ASSETS**
Tangible assets
16
**8,272,091**
Investments
17
**2,373,750**
**10,645,841**
**CURRENT ASSETS**
Debtors
19
**12,848**
15,847
Cash at bank and in hand
**501,592**
407,293
**514,440**
423,140
Creditors: amounts falling due within one
year
20
**(13,746)**
(17,984)
**NET CURRENT ASSETS**
**500,694**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**11,146,535**
**NET ASSETS EXCLUDING PENSION**
**ASSET**
**11,146,535**
**TOTAL NET ASSETS**
**11,146,535**
**CHARITY FUNDS**
Endowment funds
22
**408,293**
Restricted funds
22
**125,499**
Unrestricted funds
22
**10,612,743**
**TOTAL FUNDS**
**11,146,535**
The
financial
statements
were
approved
and
authorised
for
issue
by
the
_________________________________________________and signed on their behalf by:|2019
£
8,266,301
2,543,395
10,809,696
405,156
11,214,852
11,214,852
11,214,852
408,293
54,703
10,751,856
11,214,852
Trustees
on|
|---|---|
**S E Kings**
**R W J Ford**
The notes on pages 34 to 57 form part of these financial statements.
Page 32
## **WILD PLANET TRUST**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash (used)/generated in/from operating activities
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of intangible assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
**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**
The notes on pages 34 to 57 form part of these financial statements|**2020**
**£**
**(1,933,678)**
**178,536**
**-**
**-**
**(479,606)**
**202,403**
**(211,649)**
**(310,316)**
**3,000,000**
**-**
**-**
**3,000,000**
**756,006**
**5,778,259**
**6,534,265**|2019
£
831,660
129,487
1,800
(7,788)
(659,970)
753,422
(750,739)
**(533,788)**
-
(64,146)
(203)
**(64,349)**
**233,523**
5,544,736
5,778,259|
|---|---|---|
Page 33
**WILD PLANET TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **1. GENERAL INFORMATION**
The Charity (registered number 306622) is a registered charity. 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 Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Wild Planet Trust 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 Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
## **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 34
**WILD PLANET TRUST**
**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 Charity 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 Charity 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 Charity, 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 35
**WILD PLANET TRUST**
**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 except certain land and buildings which are included at deemed cost on the transfer to FRS102. 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.
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:
|Freehold property|-|
|---|---|
|Leasehold property and|- 10 to 50 years|
|improvements||
|Motor vehicles|- 5 years|
|Fixtures, fittings and equipment|- 5 to 10 years|
|Other fixed assets|-|
No depreciation is provided on freehold land and buildings. It is the group's policy to maintain its buildings in such condition that the value is not impaired by the passage of time. As a consequence any element of depreciation would, in the opinion of the trustees, be immaterial and no provision has been made. Those development costs that are considered to have a finite useful life, despite the group's policy to maintain its buildings, have been depreciated over their expected useful life.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Page 36
**WILD PLANET TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.9 HERITAGE ASSETS**
Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.
## Assets - Animals
Animals are generally acquired from other zoological organisations without charge, and they are incapable of being reliably valued. Accordingly, no value is attributed to the animals in these financial statements. There were no material purchases or sales of livestock during the current or previous year. Full details of the animals included in the zoos' collections are available in a separate annual report published by the charity.
## **2.10 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.
## **2.11 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.
## **2.12 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.
## **2.13 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.
## **2.14 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 Charity 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.
Page 37
**WILD PLANET TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **2. ACCOUNTING POLICIES (continued)**
## **2.15 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.
## **2.16 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.
## **2.17 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 JUDGMENT**
Estimates and judgments 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 Charity 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 judgment:
The useful life of the fixed assets is a key judgement.
Page 38
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **4. INCOME FROM DONATIONS AND LEGACIES**
|Donations
Legacies
Grants
Government grants
Donations
Legacies
Grants|**Restricted**
**funds**
**2020**
**Unrestricted**
**funds**
**2020**
**£**
**£**
-
441,377
-
-
4,600
-
696,016
3,125
700,616
444,502
Restricted
funds
2019
Unrestricted
funds
2019
£
£
2,000
363,529
-
555,039
10,000
26,768
12,000
945,336|**Total**
**funds**
**2020**
**£**
**441,377**
**-**
**4,600**
**699,141**|
|---|---|---|
|||**1,145,118**|
|||Total
funds
2019
£
365,529
555,039
36,768|
|||957,336|
As noted in the trustees' report the group benefits notably from the involvement and enthusiastic contributions of volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|Operation of the Paignton Zoo
Operation of Newquay Zoo
Operation of Living Coasts
Education
Field conservation and research|**Restricted**
**funds**
**2020**
**Unrestricted**
**funds**
**2020**
**£**
**£**
-
3,990,642
-
1,343,739
-
143,309
-
56,181
74,407
39,004
74,407
5,572,875|**Total**
**funds**
**2020**
**£**
**3,990,642**
**1,343,739**
**143,309**
**56,181**
**113,411**|
|---|---|---|
|||**5,647,282**|
Page 39
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **5. INCOME FROM CHARITABLE ACTIVITIES (CONTINUED)**
|Operation of the Paignton Zoo
Operation of Newquay Zoo
Operation of Living Coasts
Education
Field conservation and research|Restricted
funds
2019
£
-
-
-
-
76,716
76,716|Unrestricted
funds
2019
£
5,459,025
1,613,854
740,071
316,930
47,520
8,177,400|Total
funds
2019
£
5,459,025
1,613,854
740,071
316,930
124,236|
|---|---|---|---|
||||8,254,116|
## **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**|**Total**
**funds**
**2020**
**£**
**20,851**
**17,167**
**2,161,585**
**2,199,603**|Total
funds
2019
£
63,093
24,893
3,767,397|
|---|---|---|
|||3,855,383|
||||
|**Unrestricted**
**funds**
**2020**
**£**
Dividends and interest on listed investments
73,201
Rental income
5,750
Investment income - local cash
12,112
91,063|**Total**
**funds**
**2020**
**£**
**73,201**
**5,750**
**12,112**
**91,063**|Total
funds
2019
£
95,263
5,750
28,474|
|---|---|---|
|||129,487|
Page 40
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **8. OTHER INCOMING RESOURCES**
|Other operating income
Other incoming resources|**Unrestricted**
**funds**
**2020**
**£**
215,007
47,562
262,569|**Total**
**funds**
**2020**
**£**
**215,007**
**47,562**
**262,569**|Total
funds
2019
£
-
11,913|
|---|---|---|---|
||||11,913|
## **9. EXPENDITURE ON RAISING FUNDS FUNDRAISING TRADING EXPENSES**
|**Unrestricted**
**funds**
**2020**
**£**
Fundraising costs
4,358
Investment management fees
-
Wages and salaries (including support 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|**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
11,709
22,788|
|---|---|---|
|||52,362|
|||Total
funds
2019
£
1,341,219
5,399
1,372,291|
|||2,718,909|
Page 41
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **10. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
## **Summary by fund type**
|Operation of the Parks
Education
Conservation
Operation of the Parks
Education
Conservation|**Restricted**
**funds**
**2020**
**Unrestricted**
**funds**
**2020**
**£**
**£**
782,564
8,612,104
-
361,566
4,611
460,997
1,483,191
8,738,651
Restricted
funds
2019
Unrestricted
funds
2019
£
£
52,448
8,541,675
-
683,274
18,106
566,580
70,554
9,791,529|**Total**
**funds**
**2020**
**£**
**9,394,668**
**361,566**
**465,608**|
|---|---|---|
|||**10,221,842**|
|||Total
funds
2019
£
8,594,123
683,274
584,686|
|||9,862,083|
## **11. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Operation of the Parks
Education
Conservation|**Activities**
**undertaken**
**directly**
**2020**
**£**
4,286,225
303,473
427,410
5,017,108|**Support**
**costs**
**2020**
**£**
5,108,443
58,093
38,198
5,204,734|**Total**
**funds**
**2020**
**£**
**9,394,668**
**361,566**
**465,608**|
|---|---|---|---|
||||**10,221,842**|
Page 42
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **11. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
|Operation of the Parks
Education
Conservation|Activities
undertaken
directly
2019
£
4,511,193
387,836
458,016
5,357,045|Support
costs
2019
£
4,082,930
295,438
126,670
4,505,038|Total
funds
2019
£
8,594,123
683,274
584,686|
|---|---|---|---|
||||9,862,083|
## **Analysis of support costs**
|Staff costs
Field conservation and research
Grants and donations
Reserves warden/Primley project costs
Establishment costs
Administration costs
Financial costs
Marketing
Amortisation
Depreciation
Loss on sale of assets
Governance costs
Impairment of assets|**Operation**
**of the Parks**
**2020**
**£**
1,758,672
12,419
205,666
3,666
720,325
294,199
266,066
511,723
20,678
399,260
-
8,500
907,269
5,108,443|**Education**
**2020**
**£**
5,434
2,165
19,736
352
-
5,148
4,770
-
197
-
-
-
20,291
58,093|**Conservatio**
**n**
**2020**
**£**
-
-
-
-
18,071
3,010
300
1,656
-
8,453
1,308
5,400
-
38,198|**Total**
**funds**
**2020**
**£**
**1,764,106**
**14,584**
**225,402**
**4,018**
**738,396**
**302,357**
**271,136**
**513,379**
**20,875**
**407,713**
**1,308**
**13,900**
**927,560**|
|---|---|---|---|---|
|||||**5,204,734**|
Page 43
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **11. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **Analysis of support costs (continued)**
|Staff costs
Advertising
Administration costs
Marketing
Establishment costs
Administration costs
Finance costs
Marketing
Amortisation
Depreciation
Governance costs|Operation of
the Parks
2019
£
1,653,887
27,779
223,200
4,604
669,837
372,976
272,728
407,445
62,141
374,975
13,358
4,082,930|Education
2019
Conservation
2019
£
£
122,894
77,334
1,706
-
13,713
-
283
-
60,372
4,904
16,177
7,027
24,908
459
30,268
17,865
4,763
-
19,308
7,325
1,046
11,756
295,438
126,670|Total
funds
2019
£
1,854,115
29,485
236,913
4,887
735,113
396,180
298,095
455,578
66,904
401,608
26,160|
|---|---|---|---|
||||4,505,038|
Support costs are allocated between raising funds and charitable activities on the basis of numbers of staff, and allocated within charitable activities on the basis of visitor numbers.
## **12. AUDITORS' REMUNERATION**
The auditors' remuneration amounts to an auditor fee of £14,000 _(_ 2019 _-_ £13,995 _)_ , and non-audit fees of £3,000 (2019 - £4,775).
## **13. 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
£
6,063,903
423,342
357,240
6,844,485|**Charity**
**2020**
**£**
**-**
**-**
**-**
**-**|Charity
2019
£
102,132
-
-|
|---|---|---|---|---|
|||||102,132|
Page 44
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **13. STAFF COSTS (CONTINUED)**
The average number of persons employed by the Charity during the year was as follows:
||**Group**|Group|**Charity**|Charity|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**No.**|No.|**No.**|No.|
|Employees|**304**|358|**6**|6|
The average headcount expressed as full-time equivalents was:
|Raising funds
Operation of the parks
Education
Conservation
Governance|**Group**
**2020**
**No.**
**54**
**169**
**12**
**1**
**1**
**237**|Group
2019
No.
72
174
14
8
1|
|---|---|---|
||||
|||269|
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|
|In the band £90,001 - £100,000|**-**|1|
|In the band £100,001 - £110,000|**1**|-|
The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel was £410,187 (2019: £405,651).
## **14. TRUSTEES' REMUNERATION AND EXPENSES**
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 October 2020, expenses totalling £299 were reimbursed or paid directly to 3 Trustees (2019 - £1,272 to 4 Trustees) for travelling expenses.
Page 45
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**15.**
**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 46
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **16. TANGIBLE FIXED ASSETS**
## **GROUP**
|**COST OR VALUATION**
At 1 November 2019
Additions
Disposals
At 31 October 2020
**DEPRECIATION**
At 1 November 2019
Charge for the year
On disposals
Impairment charge
At 31 October 2020
**NET BOOK VALUE**
At 31 October 2020
At 31 October 2019|**Freehold**
**property**
**£**
**8,322,013**
**-**
**-**
**8,322,013**
**84,325**
**6,671**
**-**
**-**
**90,996**
**8,231,017**
8,237,688|**Leasehold**
**property and**
**improvements**
**£**
**17,009,364**
**-**
**-**
**17,009,364**
**12,880,210**
**160,479**
**-**
**695,810**
**13,736,499**
**3,272,865**
4,129,154|**Motor**
**vehicles**
**£**
**373,071**
**16,859**
**(6,540)**
**383,390**
**277,354**
**26,782**
**(5,232)**
**-**
**298,904**
**84,486**
95,717|**Fixtures,**
**fittings and**
**equipment**
**£**
**3,295,858**
**469,287**
**-**
**3,765,145**
**2,014,242**
**215,089**
**-**
**231,750**
**2,461,081**
**1,304,064**
1,281,616|**Library**
**£**
**27,305**
**-**
**-**
**27,305**
**-**
**-**
**-**
**-**
**-**
**27,305**
27,305|**Total**
**£**
**29,027,611**
**486,146**
**(6,540)**
**29,507,217**
**15,256,131**
**409,021**
**(5,232)**
**927,560**
**16,587,480**
**12,919,737**
13,771,480|
|---|---|---|---|---|---|---|
Page 47
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **16. TANGIBLE FIXED ASSETS (CONTINUED)**
## **CHARITY**
|**COST OR VALUATION**
At 1 November 2019
Additions
Disposals
At 31 October 2020
**DEPRECIATION**
At 1 November 2019
Charge for the year
On disposals
At 31 October 2020
**NET BOOK VALUE**
At 31 October 2020
At 31 October 2019|**Freehold**
**property**
**£**
**8,322,013**
**-**
**-**
**8,322,013**
**84,325**
**6,671**
**-**
**90,996**
**8,231,017**
8,237,688|**Motor**
**vehicles**
**£**
**6,540**
**16,859**
**(6,540)**
**16,859**
**5,232**
**3,090**
**(5,232)**
**3,090**
**13,769**
1,308|**Fixtures and**
**fittings**
**£**
**6,873**
**-**
**-**
**6,873**
**6,873**
**-**
**-**
**6,873**
**-**
-|**Library**
**£**
**27,305**
**-**
**-**
**27,305**
**-**
**-**
**-**
**-**
**27,305**
27,305|**Total**
**£**
**8,362,731**
**16,859**
**(6,540)**
**8,373,050**
**96,430**
**9,761**
**(5,232)**
**100,959**
**8,272,091**
8,266,301|
|---|---|---|---|---|---|
Page 48
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **17. FIXED ASSET INVESTMENTS**
|**Group and Charity**
**COST OR VALUATION**
At 1 November 2019
Additions
Disposals
Revaluations
**AT 31 OCTOBER 2020**
**NET BOOK VALUE**
**AT 31 OCTOBER 2020**
AT 31 OCTOBER 2019
**18.**
**STOCKS**
Raw materials and consumables
Finished goods and goods for resale
**19.**
**DEBTORS**
**DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Prepayments and accrued income
Tax recoverable|**Group**
**2020**
**£**
**17,196**
**90,191**
**707,801**
**32,567**
**847,755**|Group
2019
£
43,544
59,723
502,876
33,437
639,580|**Group**
**2020**
**£**
**120,386**
**165,128**
**285,514**
**Charity**
**2020**
**£**
**-**
**6,397**
**6,451**
**-**
**12,848**|**Listed**
**investments**
**£**
**2,543,395**
**211,649**
**(202,403)**
**(178,891)**
**2,373,750**
**2,373,750**
2,543,395
Group
2019
£
104,675
225,893
330,568
Charity
2019
£
7,749
6,087
2,011
-
15,847|
|---|---|---|---|---|
Page 49
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 November 2019
Resources deferred during the year
Amounts released from previous periods|**Group**
**2020**
**£**
**363,636**
**303,608**
**243,936**
**41,451**
**649,337**
**1,601,968**|Group
2019
£
-
449,992
370,976
44,929
662,198
1,528,095|**Charity**
**2020**
**£**
**-**
**-**
**7,880**
**2,186**
**3,680**
**13,746**
**Group**
**2020**
**£**
**497,817**
**362,330**
**(497,817)**
**362,330**|Charity
2019
£
-
399
7,167
2,603
7,815|
|---|---|---|---|---|
||||||
|||||17,984|
|||||Group
2019
£
493,787
497,817
(493,787)|
||||||
|||||497,817|
## **21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
||**Group**|Group|
|---|---|---|
||**2020**|2019|
||**£**|£|
|Bank loans|**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.
Page 50
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**22.**
**STATEMENT OF FUNDS**
**STATEMENT OF FUNDS - CURRENT YEAR**
**Balance at 1**
**November**
**2019**
**£**
**UNRESTRICTED FUNDS**
General Funds
**18,914,850**
**ENDOWMENT FUNDS**
Herbert Whitley Esq fund
**408,293**
**RESTRICTED FUNDS**
J W Wright Fund
**1,319**
Primley Lodge Fund
**4,406**
Education Centre Fund
**3,553**
Energy Saving Trust Boiler
Fund
**20,410**
Seagrass Project Fund
**5,715**
ERDF Redevelopment Fund
**807,864**
Living Coasts Grants Fund
**714,845**
Crocodile Swamp Fund
**650,000**
Solar PV Array Fund
**6,188**
Forest Schools Fund
**324**
BIAZA Fund
**28,921**
Awards For All - Changing
Places
**10,000**
Ocean Connections - Erasmus
**4,945**
Coronavirus Job Retention
Scheme
**-**
Morrisions Quiet Hour
**-**
Nigeria Elephants
**-**
Crayfish
**10,800**
M Coote Orangutans
**2,000**
Vietnam Civets and Pheasants
**6,500**
**2,277,790**
**TOTAL OF FUNDS**
**21,600,933**|**Income**
**£**
**8,570,612**
**-**
**-**
**-**
**-**
**-**
**8,515**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**696,016**
**4,600**
**50,000**
**12,892**
**3,000**
**-**
**775,023**
**9,345,635**|**Expenditure**
**£**
**(10,546,911)**
**-**
**-**
**(297)**
**-**
**-**
**-**
**(26,059)**
**(714,845)**
**-**
**(2,062)**
**-**
**(24,037)**
**(10,000)**
**(1,961)**
**(696,016)**
**(4,600)**
**-**
**-**
**(3,000)**
**(314)**
**(1,483,191)**
**(12,030,102)**|**Gains/**
**(Losses)**
**£**
**(169,645)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(169,645)**|**Balance at**
**31 October**
**2020**
**£**
**16,768,906**|
|---|---|---|---|---|
|||||**408,293**|
|||||**1,319**
**4,109**
**3,553**
**20,410**
**14,230**
**781,805**
**-**
**650,000**
**4,126**
**324**
**4,884**
**-**
**2,984**
**-**
**-**
**50,000**
**23,692**
**2,000**
**6,186**|
|||||**1,569,622**|
|||||**18,746,821**|
Page 51
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**22.**
**STATEMENT OF FUNDS (CONTINUED)**
**STATEMENT OF FUNDS - PRIOR YEAR**
Balance at
1 November
2018
£
**UNRESTRICTED FUNDS**
General Funds
18,212,137
**ENDOWMENT FUNDS**
Main fund reserve
25,486
Revaluation reserve
166,174
Capital reserve
216,633
408,293
**RESTRICTED FUNDS**
J W Wright Fund
1,319
Primley Lodge Fund
7,863
Education Centre Fund
3,553
Energy Saving Trust Boiler
Fund
20,410
Elephants of OMO forest
reserve Fund
-
Seagrass Project Fund
1,000
M Coote Orangutans
-
Crayfish
-
Vietnam civets
-
Vietnam Pheasants
-
ERDF Redevelopment Fund
833,923
Living Coasts Grants Fund
733,889
Crocodile Swamp Fund
650,000
Solar PV Array Fund
8,438
Forest Schools Fund
324
BIAZA Fund
-
Awards for All - Changing
Places
-
Ocean Connections - Erasmus
-
2,260,719|Income
£
13,119,519
-
-
-
-
-
-
-
-
11,380
7,500
2,000
10,800
2,500
4,000
-
-
-
-
-
30,497
10,000
10,039
88,716|Expenditure
£
(12,561,709)
-
-
-
-
-
(3,457)
-
-
(11,380)
(2,785)
-
-
-
-
(26,059)
(19,044)
-
(2,250)
-
(1,576)
-
(5,094)
(71,645)|Gains/
(Losses)
£
144,903
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|Balance at
31 October
2019
£
18,914,850|
|---|---|---|---|---|
|||||25,486
166,174
216,633|
|||||408,293|
|||||1,319
4,406
3,553
20,410
-
5,715
2,000
10,800
2,500
4,000
807,864
714,845
650,000
6,188
324
28,921
10,000
4,945|
|||||2,277,790|
Page 52
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
|**22.**
**STATEMENT OF FUNDS (CONTINUED)**
**TOTAL OF FUNDS**
20,881,149|13,208,235|(12,633,354)|144,903|21,600,933|
|---|---|---|---|---|
Page 53
## **WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **22. STATEMENT OF FUNDS (CONTINUED)**
The J W Wright Fund was set up in 1994 out of a legacy specifically bequeathed to provide for the conservation of fish and for fishing. The fund is being used to conduct a study into fish health at Slapton Ley.
The Primley Lodge Fund relates to the proceeds of the sale of Primley Lodge, and is used to defray the costs of repairs and refurbishment of charity property as directed by the charity commissioners.
The Education Centre Fund relates to monies donated for the development of the educational facilities at Paignton Zoo.
The Energy Saving Trust Boiler Fund relates to a grant received for the energy saving boiler at the Crocodile Swamp exhibit.
The remaining restricted funds represent grants and donations received for specific projects.
## **23. SUMMARY OF FUNDS**
## **SUMMARY OF FUNDS - CURRENT YEAR**
||**Balance at 1**||||**Balance at**|
|---|---|---|---|---|---|
||**November**|||**Gains/**|**31 October**|
||**2019**|**Income**|**Expenditure**|**(Losses)**|**2020**|
||**£**|**£**|**£**|**£**|**£**|
|General funds|**18,914,850**|**8,570,612**|**(10,546,911)**|**(169,645)**|**16,768,906**|
|Endowment funds|**408,293**|**-**|**-**|**-**|**408,293**|
|Restricted funds|**2,277,790**|**775,023**|**(1,483,191)**|**-**|**1,569,622**|
||**21,600,933**|**9,345,635**|**(12,030,102)**|**(169,645)**|**18,746,821**|
|**SUMMARY OF FUNDS - PRIOR YEAR**||||||
||Balance at||||Balance at|
||1 November|||Gains/|31 October|
||2018|Income|Expenditure|(Losses)|2019|
||£|£|£|£|£|
|General funds|18,212,137|13,119,519|(12,561,709)|144,903|18,914,850|
|Endowment funds|408,293|-|-|-|408,293|
|Restricted funds|2,260,719|88,716|(71,645)|-|2,277,790|
||20,881,149|13,208,235|(12,633,354)|144,903|21,600,933|
|||||||
Page 54
**WILD PLANET TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **24. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
||**Endowment**|**Restricted**|**Unrestricted**
**Total**|
|---|---|---|---|
||**funds**|**funds**|**funds**
**funds**|
||**2020**|**2020**|**2020**
**2020**|
||**£**|**£**|**£**
**£**|
|Tangible fixed assets|191,660|1,484,760|11,243,317
**12,919,737**|
|Intangible fixed assets|-|-|33,097
**33,097**|
|Fixed asset investments|-|-|2,373,750
**2,373,750**|
|Current assets|216,633|84,862|7,357,074
**7,658,569**|
|Creditors due within one year|-|-|(1,601,968)
**(1,601,968)**|
|Creditors due in more than one year|-|-|(2,636,364)
**(2,636,364)**|
|**TOTAL**|408,293|1,569,622|16,768,906
**18,746,821**|
|**ANALYSIS OF NET ASSETS BETWEEN**|**FUNDS - PRIOR PERIOD**|||
||Endowment|Restricted|Unrestricted
Total|
||funds|funds|funds
funds|
||2019|2019|2019
2019|
||£|£|£
£|
|Tangible fixed assets|191,660|2,208,930|11,370,890
13,771,480|
|Intangible fixed assets|-|-|97,883
97,883|
|Fixed asset investments|-|-|2,543,395
2,543,395|
|Current assets|216,634|68,860|6,430,776
6,716,270|
|Creditors due within one year|-|-|(1,528,095)
(1,528,095)|
|**TOTAL**|408,294|2,277,790|18,914,849
21,600,933|
Page 55
## **WILD PLANET TRUST**
## **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, amortisation and impairment
Gains/(losses) on investments
Dividends, interests and rents from investments
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
Notice deposits (less than 3 months)
Cash held as part of investment portfolio
**TOTAL CASH AND CASH EQUIVALENTS**
**27.**
**ANALYSIS OF CHANGES IN NET DEBT**
**At 1**
**November**
**2019**
**£**
Cash at bank and in hand
**5,746,122**
Debt due within 1 year
**-**
Debt due after 1 year
**-**
**5,746,122**|**FROM OPERATING**
**Group**
Group
**2020**
2019
**£**
£
**(2,854,112)**
719,784
**1,396,135**
455,138
**204,352**
(144,903)
**(12,112)**
(129,284)
**-**
15,170
**45,054**
300
**(208,174)**
(101,379)
**(289,764)**
16,834
**(1,718,621)**
831,660
**Group**
Group
**2020**
2019
**£**
£
**910,199**
1,236,399
**5,615,101**
4,509,723
**8,965**
32,137
**6,534,265**
5,778,259
**Cash flows**
**At 31**
**October**
**2020**
**£**
**£**
**779,178**
**6,525,300**
**(363,636)**
**(363,636)**
**(2,636,364)**
**(2,636,364)**
**(2,220,822)**
**3,525,300**|
|---|---|
Page 56
**WILD PLANET TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020**
## **28. CONTINGENT LIABILITIES**
In 2005, South West Environmental Parks Limited 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**
The Charity has taken advantage of the exemption in section 33.1A of FRS 102 in not disclosing intragroup transactions where 100% of the voting rights are controlled within the group.
Page 57