Dudley and West Midlands Zoological Society Limited ANNUAL REPORT AND FtNANCIAL STATEMENTS for the year ended 31 December 2025 Company Registration No.1350864 Charity No. 507221
Dudley and West Midlands Zoological Society Limited OFFICERS MEMBERS OF THE BOARD Appointed members P J Silver D H Sparks OBE PJTart A J Taylor S K Vincent P A Batson G M Griffiths (resigned 9111 S¢pt¢mber 2025) M J Evan5 Nominated Members A Taylor A GoddaTd Co-opted members K Fuller S WoollaTd P l Loveday Zoo Director Finance Director Operations Manager M R Lewis (appointed Zoo Director on 1st June 2025) J D Ashfield (appointed Finance Director 151 June 2025} l L Blackwell (appointed Operations Manager 1st June 2025) Page I
Dudley and West Midlands Zoological Society Limited ADVISORS AND COMPANY INFORMATION CHARITY REGISTRATION NUMBER 507221 COMPANY REGISTRA TION NUMBER 1350864 AUDITOR Crowe U.K LLP 4111 Floor St James House St James, Square Cheltenham GL50 3PR BANKERS Natwest Bank L77'. Meny Hill Centre Brierley Hill West Midlands DY51 PRINCIPAL AND REGISTERED OFFICE Castle Hill Dudley DYI 4QF Page 2
Dudley and West Midlands Zoological Society Limited CONTENTS Page Report of the Directors 4- 15 Report of the Auditor 16- 18 Consolidated Ststement of Financial Activities 19 Consolidated Balance Sheet 20 Company Balance Sheet 21 Consolidated Statement of cash flows 22-23 Accounting Policies 24-27 Notes to th¢ Financial Statements 28-44 Page 3
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 The Trustees, who act as directors of the Charity for the purposes of the Companies ACL present their annual report together with the audited financial stslemenls for the year ended 31 De¢emb¢r 2025. The Directors have adopted the provisions of the Siat¢menl of Recommended Practice {SORP)"A¢¢ounting and Reporting by Charities" (Charities SORP (FRS 102}) in preparing the Annual Report and financial stst¢ments of the Charity. REFERENCE & ADMtNISTRATIVE DETAILS Dudley and West Midlands Zoological Society is a charitable company with shares wholly owned by Dudley Metropolitan Borough Council, structured as a charitsble organisation, with a trading am) known as Dudley Zoo Services Limited and The Dudley Zoo Development Trust which raises money for animal welfare expenditure. The charity has been in exisren¢e sin¢e 1978 wilh the responsibility to run the zoologica] and historical site in Dudley, West Mid12nds, as set out in its Articles of Association. STRUCTURE. GOVERNANCE & MANAGEMENT The Society is governed by a board of Directors (a maximum of 15), including the Ch&irnian. The management arrangement consists of a Zoo Director and a group of senior managers who administer the day to day running of the business. The Zoo Director. Finance Director and Operations Manager attend the main board meetings with other managers attending as and when n¢c¢ssary. The Zoo Director meets regularly with the Chairn)an of the board to discuss any issues and rewirts are produced on a monthly basis for the Directors to keep them infomed of day-to-day operational matters, and the board of Directors meet quarterly to discuss and review the activities of the organisation against the overall strategic plan. We operate an open access policy for Directors with the management team. As part of the infra Structure sub groups are also in place, attended by specified Directors and managers to consider specific areas of the busines5. These include regular 10pic-bed sub group meetings for Finance & Legal, Health and Safety, and Ethics, along with task and finish Sub groups sel up by the btsard wiih an agreed objective and deadlines to review a particular subject or to achieve a set task. All sub gTOUPS then report to the full board at the quarterly meetings. Minutes of the board meetings are available on request. Trustees have the Opiion of attending meeiings via virtual pl&ifornis, such as Teams. as required in the modern working environment. Dire¢tors ar¢ r¢¢ruited through various means. Up to three Directors are nominated by th¢ shar¢hold¢r (Dudley Metropolitan Borough Council) and the Executive Board Can appoint not less than four or more than eight members using the Nolan process with advertisements and interviews, or by co-opting up to four members who have particular skills lacking within the board. The latter would all be small in numbers as the majority of Directors have a commercial background and no ¢onflict of interest. All Direclors are inducted initially by a one-lo-one meeting with the Zoo Director and Chairnian and then by meeting with the relevant managers to enable them to fully understand the operational activities of the Society and the future objectives. All Dir¢¢lors are constantly updated by the Zoo Director and external advisors ¢on¢¢ming legal matt¢rs ensuring their knowledge of zix> licensing is adequate and they are fully aware of ihe itnpli¢ation5 of this unusual legislation. Directors continue to benchmark the perfomance of the Society by visiting other similar organisations, which also serves as part of their professional development a5 a trustee. During 2025 the Board of Trustees made a visit to Noah's Ark Zoo in Bristol to observe the operations of this organisation. Page 4
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 The Trustee5 consider the Board of Directors of the So¢iety and the Senior Managemerkt Team a5 being the key management personnel of the Society. responsible for dire¢ting and managing the day-to-day operations of the Society's aclivities. All Trustees give their time freely and no Truslee received remuneration in the year. Details of Trustees, expenses are disclosed in the noies lo these financial staternents. The reTnuneration of the senior management team is set by the Board of Dire¢lors using the facility of the Finance and Legal subgroup to assess their experience and qualifications and comparing it with similar roles within Ihe sector. The zoo licensing authority Dudley Metropoliian Borough Council (DMBC) carry out regular inspections of operations, consisting of interim inspeciions every 3 years and a major inspection every 6. as well as annual health and safety inspections. We have gUlar liaison with Defra (Department for Environment, Food & Rural Affairs) concerning various animal related legislation, which include waste disposal and moveTn¢nt of animals. A full Zoo inspection look place on the 6th February 2025 and we have now received the written report Containing a number of Directions, Conditions, Recommendations and a HSWWA Re¢ommendalion. There were a number of items highlighted within the report that we needed to satisfy before our Zoo li¢¢n¢e expiry date. All the items were addressed and resolved within the appropriate timefram¢ and we had no issues with our zoo licence being renewed. As part of our EAZA (European Association for Zoos and Aquaria) membership we have an accreditation visit each 5 years. This took place on 3rd and 4th October 2022 and we received positive feedback on all aspects of the site. We have had no inspections since. The Public Protection Manager at DMBC conducted the Annual Inforn)al inspection on the 26th February 2026. The initial feedback was positive and we were praised for the good condition of the slte We are awaiting the fornial written report. OBJECTIVES & ACTIVITIES The object of the Society shall be, for the b¢nefits and education of the public, the collection, preservation. conservation. car¢ and exhibition on the premises of the Society of living animals and the promotion and advan¢¢ment of the sciences of zoology, arboriculture, horticulture and botany and a more extended education, study, knowledge and appreciation of the animal and plant kingdotns by th¢ introduction of new curious and endangered species belonging to them. Dudley Zoo and Castle is not only home to a large collection of endangered species, but Also an I Ith century ¢astle, the world's largest single collection of Tecton buildings and an important geological site. Our aim is to provide our visitors, via our education and Conservation a¢liviti¢s, with an understanding and awaT¢ness of all elements of this unique site, the history of the castle and th¢ geology, the importance of the architectural design of the Tectons and the opportunity to get closer to the world's rarest animals. It is vital that every visitor to Dudley Zoo & Castle is infonlled about our¢ons¢rvation work with endangered species and how they can help us with the protection of these animals. The purpose of Dudley Zoo Setvices is to create funds for the pursuit of the obje¢tives mentioned above. Page 5
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 ACHIEVEMENTS & PERFORMANCE The Society foTrJnd 2025 a challenging year and the perforniance reflected this. There were a number of factors that have meant that we have not been able build on the perforniance of the prior year. We had set a target of 312,000 totsl visitors for 2025 but we had low visitor numbers in the summer due to hot weather, traffic disruption, general economic downturn and increased competition from other visitor attractions. These factors resulted in us missing our target for the year. In 2025 we welcomed 299,726 total visitors to Dudley Zoo and Castle compared to 303,385 lotal vi51tors in 2024. The totsl visitors in 2025 represented a 1.2% decrease on the previou5 year. The Society experienced a deficit after depreciation of £229,142 (2024-. £465,935 suTrlus). In 2025 the Society received a legacy of £43k, whereas in 2024 a large legacy totalling £526k was received. This has been the main factor in the difference between this year and 2024. The Society continued to face the challenges of the inflationary pressures that were prevalent throughout the UK economy in 2025, although these pressures eased towards the end of the year. It Ternain5 our long-tenn strategy to utilise our surplus to improve and develop the site. to maintain il as a quality vi51tor attraction and to improve the welfare of the animals Within our care. In addition, it 15 our aim to maintain the listed building5 on site. In 2025 we have used the funds from surpluses tnade in pr¢vious year's and we are expecting to make a Surplus in 2026. The Directors will review the strategy of utilising funds to develop the siie if we make a deficit in future years. Towards the latter part of 2024 we started work on the African Painled Dog enclosure and in May 2025 we ¢ompl¢l¢d works on this spectacular new ¢n¢losur¢, whi¢li provid¢ ¢x¢¢llent facilities for our new group of Painted Dogs. In 2025, as a result of the Zoo inspe¢lion earlier in the year we made some improvements to a number of en¢losuTes in the year and these works were ¢ompl¢t¢d in rh¢ year. Th¢s¢ improvements will enable the zoo to comply with future licencing requirements and have created better facilities for the Society's collection of animals. In 2024 we started work on an ¢xciting adventure playground on site and this completed in early 2025. Visitor feedback has been extremely positive and younger visitors to the Zoo and Castle have been particularly impressed with this new feature. Ai the end of 2025 we started work on our Lynx enclosure to provide an updated facility for our current collection of Carpathian Lynx. These works are expected to be cornpleted by Easter 2026. The Castle Creatures exhibit gives an extensive history of Dudley Castle and include5 educational and interactive items for visitors. This continues to be a very popular exhibit with visilors and provides avaluable fa¢ility for educating our visitors on, not only the history of the castle, but on how people co-existed with animals in medieval tim¢s. We havetaken part in a VisitorAttra¢tion Quality Scheme (VAQAS) for many years, as this scheme provides an unbiased viewpoint of our visitor experience by industry professional4 who produce a full assessment and written report of their visit. The VAQAS accreditation enables us to monitor our performance against ever changing customer expectations. The assessor will replicate our customer experiences throughout all aspects of our attraction, including Cuslomerlstaff inl¢ractions. This year's annual assessment wa5 undertaken in May 2025 and the subsequent report confim¢d we had passed the Visit England accreditstion once again with an overall score of 900/0. This showed we have improved on the high standards of the previous assesstnent in 2024 (890/0). This was a fantastic achievement and we w¢r¢ also honoured with the 'Best Told Story, at ihe 2025 VisitEngland Accolade Awards. which r¢¢ognis¢d the zoo's outstanding commitment lo lelling ils slory effectively. Page 6
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 ACHIEVEMENT & PERFORMANCE (conL) During the festive period in 2025 we again ran a Santa's Grotto. We welcomed 12,542 visitors to the Grotto in 2024, which was mu¢h more than in 2024 {12.055 visitors) and created income of £154k (2024: £141k). We have undertaken our annual review of ihe Long-Tem Development Plan for the site to see if the Work programme identified last year has ehanged in priority or r¢l¢vance. The plan prioritises projects into low, medium and high ¢al¢gories and aim5 to tackle all the highest priority projects within a period of five years. The plan covers all redevelopment projects. spe¢ifi¢ally building re5tOTation, visitor services and animal exhibits and will require financing from the operating surplus, fund raising and grants. Th¢ Zoological Society has a strategic vision document outlining the detailed aims of the Society and included within that is the C&stle Hill Vision which highlights all the projects that we are seeking external funding assistsnce for. Our staff continue to support the wider zoo ¢ommunity through participation in zoo-association led working groups and committees. A member of the DZC staff is a member of the BIAZA Mammal Working Group and another member of our staff has been ¢le¢ted in 2024 as vice chair of the BIAZA Terrestrial Invertebrate Working Group and support5 the EAZA Terrestrial Invertebrate TAG. Participation in BIAZA mammal and native species working groups allowed DZC staff to play an active role in shaping best practice beyond our own site. In 2025 we continued to have success with our breeding programmes. One of the most significant developments this year was the arrival of an ex-silu population of glutinous snails (Myxas glutinosa). During the year the population gTew to 384 individuals. Elsewher¢ across the zoo, we welcomed critically endangered African painted dogs, in conjunction with completing a brand-new enclosure for them. A female Asiatic lion arrived in the year to join our male. We also w¢lcome a female spider rnonkey. a male Azara's agouti and 5ev¢ral species of lorikeet. These arrivals ar¢ in line with wider European ex-situ programming and further our ability to engage visitOTS with stories of biodiversity loss and re¢ov¢ry. In 2023 w¢ welcomed a breeding pair of Bush dogs to the collection ai Dudley Zoo and they have subsequently bred in 2024 and again in 2025 with 4 Cubs born. Notable births included 2 wolverines, 3 r¢ind¢er, a Humboldt penguin, a Luzon bleeding heart dove, an Arcli¢ Fo& and a Linne's two-toed sloth. Awareness days have been a vitsl tool in previous years for giving visitors a proper understanding of the species that are at risk in the wild and specifically gives a single species a whole day or weekend where the focus is completely on them. In 2025 we continued to undertake these important event5 and fo¢ussed on ¢ncouraging visilors to rnake a behavioural change on a day-to-day basis. that will ultimately benefit wild sp¢¢ies. In March 2025 we launched a ti¢ket offer for people on Universal Credit as an effort to make it more affordable for some people to attend the Zoo & Castle. In June we ran our Under 5's days which offers entertaintnent on site for a specific audience of young children at a reduced cost. These days offer admission at a reduced cost and are extremely popular with toddler gTOUPS and parents with young Children. The site also hosts a number of ghost tour operators who use the site to entertain visitors about the ghostly events at this historic location. We successfully ran 2 film nights at DZC in 2025 and welcomed 1,657 (2024.. 1,412) visitors into the Castle Courtyard. which offers a unique outdoor setting to watch a film. The annual classic car show retumed in July 2025 and was again held in the wtle courtyard. This event proved popular with our visitors and helps highlight the local motoring heritage. Page 7
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 KEY PERFORMANCE INDICATORS Visitor Numbers- W¢ budgeted to a¢hieve 312,000 (2024- 320,000} Total Visitors and actually achieved Total Visitors of 299,726 (2024: 303,385). Although we missed our budget targeL and were down 1.20/0 on previous year w¢ w¢re not down significantly on the previous year. Paying Visitor NuiTJbers- Wc budg¢tcd for 267,000 (2024.. 268.000) Paying Visitors and actually re¢¢ived 247,863 (2024- 245,698) Paying Visitors. We were 80/0 down on budget, bul l % up on previous year. Admissions In¢ome - In 2025 we actually achieved £3,080,741 (2024.. £3,202,893) against a budget for 2025 of £3,550,000 (2024.. £3.425,000). We were adverse to budget by 15Vo on our Admissions Incorne target in 2025. Mernbership Numbers- In 2025 we looked lo increase the nutnber of season ticket holders (membership). In 2025 we sold 5,122 season tickets compared lo 4,630 in 2024. In 2025 we had 36,664 Member Revisits (2024: 33.672) Take per Head ('TPH"} for Catering operation- We aimed in 2025 to achieve a TPH of £2.71 (2024.. £2.59) and actually achieved £2.79 (2024.. £2.69). Education Numbers- We achi¢v¢d 19.321 visitors (2024: 18,778) against a budget of 20.000 visitors (2024.. 20,000). Education numbers were 30/• up on 2024's figure and indicates growth in this area of the organisation. Good performance as one of our key objectives is to educate visitors about conservation. FUNDRAlStNG The Society does not normally undertake material fundraising activities and does not employ or use the services of any professional fundraisers, nor is the Society subject to a voluntary schetne for regulating fundraising. During the year the Society received no complainls in respect of its fundraising practices. The society set up a series of fundraising schemes, mainly through digital platforms such as JustGiving, a5 a safe way for peopl¢ to donat¢ to the zoo. These schemes continued in 2025 but Ih¢ir usc has declined to a low amount. Page 8
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 Decetnber 2025 ACHIEVEMENTS AGAtNST OBJECTIVES It is the aim of the Society to deliveT tslk times to all our visitors as a way of educating them. Over th¢ years we have built up an extensive talk times programme, which gives daily talks on animals and also history walks which inform visitors about SOTn¢ of the history of the site. In 2025 the education team delivered 2,072 anima] talks (2024.. 2,381) across th¢ zoo and these have proved very popular with visitors. These are an essential tool in educating people about conservation. In 2025 we continued to run low-cost ¢astle tours, which are specific to the history of the Castle and enable visitors to look around the castle as aseparate visitor experience to the zoo. We plan to continue undertaking these castle tours in the future. During 2025 we launched"Bat Walk & Talks", which is a late-night tour using bat dete¢lors. This acted as a Yaluable educational tool to raise awaTeness about nalive bat species at DZC. A total of 248 visitors {2024'. 216) attended these walks and visitor feedback was very positive. We ¢ommen¢¢d upon a Native Bat Consetvation Project, which included a period of surveying throughout sutnmer and aulurnn 2024, wliere a range of species were trapped and rung. We continued this surveying Work in 2025 and the programme is now affectionately known as 'Bats of the Black Country,. wide rang¢ of infomal leaming opportunities are offered to visitors Ihroughout the year, with approximately 30 dsfferent animal-keeper talks presenled, alongside multiple teaching tables and informal activities {many of which are linked to conservation messaging). Th¢ 200 welcomed 19,321 learners via formal s¢hool visits in 2025, of which 9,687 attended educational workshops (2024: 9956) led by our education team. The Education team engaged with 1.371 leamers in community outreach sessions at locations in the lo¢al area. We continued with our Education & Engagement Volunteer programme in 2025. A number of volunteers have given tlieir time and engaged with visitors and assisted with the delivery of anirnals talks and other valuable engagement activities. In 2024, Dudley Zoo & Castle became the first zoo to be accrediied as 'Autism Friendly. by the autism awarene55 charity DiJn¢nsions UK. Following this, a number of additional warning signs and contact for concern signs were erected a¢ross the site, in an effort to help improve ¢omtnuni¢ation surrounding visitor jQUTneys, wants and needs. In 2025 we were awarded with a BIAZA Gold award as a result of our Commitment to becoming an Autism Friendly attraction. This year we formed a brand-new partnership with Widgit, a national charity which specialises in symbol-based communication. We look forward to launching bespoke symbol boards for use on-site in early 2026, sUPPOrting our effort to become a Symbol Friendly Organisalion. We continued with our successful Home Educator Days in 2025 and welcomed 252 learners and 189 guardians over 3 days. The Home Edueator Days focused on a range of topies including classification, castle history and conservation. The 3 events received positive feedba¢k, and we aim to continue running these successful ¢v¢nts in the future. Throughout the 2023-2024 academic year, the DZC education team ¢arried out the 'Chimpanzee Champion, pen pal schem¢, in partnership with the Tacugama Chimpanzee Sanctuary in Sierra Leone. We continued this scheme in 2025 and brought together 305 learners in primary s¢hools across Dudley and the Black Country, and approximately 500 learners in the Loma Mountains of Sierra Leone. The Scheme has the objectiv¢ of educating children about the environment of the chimpanzees and was deemed successful. We hope to continue with this s¢h¢m¢ in the next acadetnic year. In 2025 we received Community and Place grant funding from the West Midlands Combined Authority and Dudley MBC for a Coffc¢, Cake and Castle Hill project, which was a ¢offee moming aiming to tackle loneliness and bring ¢ommunities together to celebrate and discu55 the rich history of Castle Hill and Dudley town. This was a successful event as we had strong attendances and many people relumed to fulure events. Puge 9
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 We participated in a Youth Trailblazer proje¢l and provided 2 work placements for young people not in education, employment or training (NEET). In 2024 we W¢ su¢¢¢55ful in an appli¢ation lo the Ri¢hardson's Brothers Foundation for a grant of £10,000. This grant has been used lo fund the cost of education visits to the zoo and outreach visits, allowing primary schools and SEN schools within the Dudley and Sandwell lo¢al authority the opportunity to visit the zoo in 2024 and 2025. We ¢ontinuc to partn¢r with n¢ighbouring universities and the zoo welcomed students from various universities, who undertook both undergraduate and postgraduate studies on various species. The Zoo's development aims are set out in a 10-year Long Range Site Dev¢lopmenl Plan which is reviewed and updated annually io reflect physi¢al changes. in order to meet welfare requirements, and io allow us to achiev¢ our gspiraiions while r¢taining the zoo's ¢ommstment to conservation, education. scientific study and recreation. In 2021 we w¢r¢ ¢onfident enough in our financial position to proceed with our long-terjn aim of developing the outdoor orangutan en¢losur¢ lo improve the welfare and habitat of these endangered species, which was completed in 2022. We ¢onlinue lo work through this long-tenn plan and have since completed the gir&ffe, reindeer enclosure, the African Painted dog's habitat and are now focussed on updating th¢ Lynx ¢n¢losure. PUBLIC BENEFIT The Directors are conscious of providing benefit for the local populalion and that of the region. We offer reduced rates for groups, education visits. young people, senior citizen5, special needs gTOUPS and thos¢ with a disability to ensure we have a diverse appeal. In 2025 we offered a much-reduced tick¢l price offer for people on Universal Credit to enable a more affordable visit. Disabled guests are entitled to a fT¢¢ admission for their caTer. We see our conservation work in terms of both aniJnals and buildings and the knowledge this imparts to society in general as an important part of our activities. The Society works very hard to raise awareness of th¢ plight of endangered species through our educational work for all visitOTS and a150 by our support of various organisations in the UK 2nd abroad. We are continuing to Co-ordinate the Black Lemur (European Endangered Species Progrdmrne). This is the 34th year that we have managed the studbook for this important sp¢¢ies. We support in-situ ¢onservation proje¢ts su¢h as Madagascan lemurs (AEECL) and have continued to financially a55lSt a project in Madagascar which funds 9 teachers to educate the local population about conservation. In 2025 the Society coniinued to make a significant financial contribution to the Sintang Orangutan Cenlre, an Orangutan rescue and rehabililalion project based in Bomeo. Funds provided by the Society hav¢ been put towards the development of a forest school (rehabilitation facility), further increasing their ability to protect and aid wild populations of the critically endangered Bornean orangutan. We continued to support the Wild Camel Prol¢¢tion Foundation (WCPF) which works with the last remaining population of wild Bactrian camels. We have sponsored the care of 2 baby Camels, which have subsequenlly been named 'Dudley' and 'Noddy' by those working at the centre in Mongolia. Our financial support has helFcd the WCPF build a new bre¢ding centr¢ in Mongolia. We have re-introduced African painted dogs into the zoo in 2025 and as part of this we have made a commitment to financially support the Painled dog ¢onservation. In 2025 we again contributed to the Intemational Snow Leopard Trust as part of an ongoing commitmentto supporting research and conservation in wild snow leopards across their natural range. We have financially supported a number of animal conservation charities as we recognise that it's imwrtantto support them. In 2025, in addition to th¢ projects already mentioned above, we donated to the following organisations. Kanahau Wildlife Conservation. Cikananga Conservation Breeding Centre for Birds, Sphenisco. Tacugama Chimpanzee Sanctuary, The BIUDGES Gelada study, The Civet Project, and the Red Panda Network. Page 10
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 PUBLIC BENEFIT (cont.) Alongside these intemalional projects we Continue to champion work for nalive species. We PTovide practical and financial assistan¢e for various projects. In 2025 we continued with the delivery of the Big Bat Box Build. We wel¢omed to sile multiple exiemol partners during 2025, including the WWF, RSPB and Canal & Riv¢rs Trust. The Zoo works closely with the West Midlands Birding Club to survey whal biTd species we have on site. In this ye2r we undertook bird ringing thanks to the help of a keeper at DZC who holds a C licen¢e for bird ringin& allowing us to ¢ondu¢l our own bird ringing on the Z site. In the past we have managed to catch and ring many species including rnigratory birds such as redwing and fieldfare and also recapture more local species to show that individua15 were returningto the zoo site, proving it is an excellent habitat for these animals. We also take great care of the listed buildings and the grounds of the Castle, which is a s¢heduled Monument. The Tecton buildings are now recognized to be of World importance. Our arrangement with the local collegeto provide in-house practical training in ¢onjunction with their animal management COUTses continued in 2025. We welcomed 5 T level, 6 T Level and 6 BTEC Animal Management students oveT a 22-week perithj. This PToves io b¢ v¢ry popular with students as it gives them valuable practical experience. We have strong links to the Community and participate in many local events. The Castle courtyard was again Used lo host St Oeorgcs Day cclcbrations and welcomed local people to participate in various themed activities. In 2025 the Guild of the Bless¢d Si Edmund attended the St Georges Day event, which help support their organisation. In June we again welcomed chronically ill and disabled youngsters along with their families for an exclusive after-hours free event called Dream Night. The Internationally recognised zoo event, which tskes plAc¢ around the world on the first Friday in June, saw youngsters in the care of hospices, hospitsls and charities visit the zoo for a memorable evening. which included animal talks and feeds, ¢hildren's entertainers, a fun fair and representatives from the emergency service5. Dudley Zoo has hosted the Dream Night ¢v¢nl b¢for¢ and staff give up their own time to welcome the children and iheir families and fe¢dba¢k was so positive that we're hoping to repeat the event again next year. We support an organi5ation called The Friends of Dudley Castle by pmviding facilities for their meetings and offering access to the 51te for this important historic group. The Directors confirm thatthey have referred 10 the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the Charity and in planning future activities for the year. SOCIAL tNVESTMENT POLICIES We participale in many events and activities in the community and contribute to 50ci¢ty in general by being an employer and by having a positive impact on the local eeonorny as many of our suppliers are from the local vicinity. Pagell
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS foT the year ended 31 December 2025 VOLUNTEERS During 2023 we launched an Education & Engagement Volunteer programme. This programme has grown during the last 2 years and we have inducted 23 volunteers during the year who have contributed 3,529 hours of their time engaging with visitors and a5Si5ting with delivery of animals talks and otlier engagement activities. We have had volunteers in previous years and acknowledge that they add considerable value to th¢ organisation. FINANCIAL REVIEW Income for 2025 of £5,907k (2024-. £6.564k) 15 a decrease frotn 2024 and indicates what a challenging year 2025 was. li is also worth noting that in 2024 we received a large legacy of £563k, we received £42k of legacy income in 2025. Income from Charitable Activilies in 2025 was £3,887k. whi¢h was a decrease of 20/0 from 2024 (£3,976k). The trading activities of the subsidiary have had a mixed performance in 2025. The Catering income performed well in 2025 and have been boosted by the increase in Take per Head in the year. The Retail outlet achieved an income of £647k. which is a 50/0 decrease from Ihc perfomance of the previous year (2024- £678k). The Catering Income of £841 k is an increase of 30/ty from 2024 (£816k)- We achieved an improved catering performan¢¢ by op¢ning Tnore outlets at key tirnes throughout the year. Dudley Zots Services will gift aid £448,500 in respe¢l of 2025 PTofils to the Society (2024.. £412,899). In 2025 we achieved an increase in the level of special events incom¢ - £94k from what we did in 2024 (£91k), as we in¢reas¢d the amount of out of hours ¢v¢nls undertaken. We have strived to control our fixed overheads where possible, and most importantly have kept salary Costs well within budget. Energy costs increased significantly in 2023 as rates increased. We have tri¢d to r¢duc¢ overall usage but in 2024 and early 2025 the rates have come down and this has helped stabilise costs in this area. In previous years interest received has been steadily growing as OUT ¢ash reseryes hav¢ been built up in expectation of undertaking some major projects. Interest rate5 have been historically low in pr¢vious years and interest earned has not been significant. However. in 2023 interest rates rose for fixed ral¢ bonds and also on savings accounts. We have enjoyed quite high interest Tales still in 2025. As a ¢onsequence of these continued high rates, the interest we earned in 2025 was £l10.632, a slight incr¢as¢ on the previous year of £108.884. We have engaged in some significant capital projects in the year bul d¢spite this, we have managed to mainlain a cash position of nearly £3m with the balance standing at £2,978k at 31 December 2025 (2024= £3,491k). The 51te is an unusual and expensive site lo tnanage compared to a normal operating zoo. having listed buildings and a scheduled monutnent. In Previous years the Society has rec¢iv¢d an annual Dudley Castle Maintenance Grant from DMBC of £150k per annum (£150k during 2024) as a contribution to maintaining the upkeep of the scheduled monument and ihe surrounding grounds. The amount of £37.5k in 2025 represents Ihe final portion ofthe grant received in 2024 that relates to January to March 2025. From March 2022 the gTant has been treated as a restricted fund lo support the castle rnaintenan¢¢ Cost base. Page 12
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 PLANS FOR THE FUTURE We continue to invest in the charity with the futKis ¢re&led from surpluses and il is expected that moving forward we will create enough funds in the future to enable significant capitsl expenditure around th¢ sil¢. The long-tem) aim is lo continually regenerate the site, in particular the animal welfare part. and ro invest in new revenue streams that will increase visitor numbers and income. This will in turn Strengthen the long- tern) financial position and enable us to redevelop areas of the zoo and maintain ihe listed buildings around site. Combined with this plan of internal gTowih and inv¢slm¢nt is a desire to attain external funding where pO]b]e to provide additional capital to improve th¢ sile. INVESTMENT POLICY The Charity retained investments in cash-based funds during the year. Interest has b¢¢n earnt from fixed rate savings accounts. Bank Treasury Deposit accounts and our Special Interesi a¢¢ount, which totalled £110,632 {2024.. £108,884) in the year. The amount eamt in the year of £l10.632 is significant and will contribute to one of the proj¢cts we are working on but IS Still not suffi¢ient enough to fund a major development project in ils own right. In 2017 a new investment policy was ¢ated in conjunction with a task-based sub group to monitor and control fixed rate saving5 accounts for the benefit of maximising the So¢iety's cash deposits. Thts is still regularly monitored under the remii of the Finan¢¢ and Legal sub group. INVESTMENT POWERS Under the memorandum and articles of aS)elatIon the Society has the power to make any investmen15 whirh the Directors think fit. RISK MANAGEMENT The Directors continuously review the major risks and have developed Systems to monitor and control these risks to mitigate any impact they tnay have on the Society in the future. In particular the Society carries out an annual risk assessment, in the forni of a Corporate Risk Management document, to asse55 what risks the charity may face. These risks are prioritised into ¢ategories and we have contingency plans in place with action plans and procedures to mitigate those risks. We have also designed controls that can be implemented should any risks materialise. Our risk management sirategy is administered by the Directors in conjunction with the SIKiety'S manag¢m¢nt team and is reviewed at the Finance and Legal sub group meeting. The key risks identified by th¢ Directors are-_ Protection of the So¢iety's assets including its reserves, which is addr¢ssed through appropriate govemance, relevant insurance and regular reviews. Stability of commercial income to cover operating costs, provide fiJndin8 for our charitable aims and investment for our capital expenditure programme. This is addressed by looking to diversify income streams, and by continually monitoring income and expenditure. general reserves and cash flow forecasts. ajor operatiotydl issue impacting public safety and causing reputational damage which is addre55¢d through documented operational procedures which are regularly tested, health and safety trainin& and routine inStIOns. The Directors and management of the Society regularly assess the risks to ihe Society and the impact on ils cash reserves. The Society carefully tnonitors its cash position and produces cashflow forecasts that are regularly updated lo give the director's and tnanagement the confidence to plan future operations effe¢liv¢ly. Page 13
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 RESERVES The Directors have reviewed the reserves of the charitable company. This review encompwed the ownership of the shares, the nature of the income and expenditure streams, the need to match variable and seasonal income with fixed commitments, and the nature of reserves. The review concluded that the charitsble Company is in a good position lo conlinue to operate gs a self-suslaining business. The consolidated reserves of the Society at 31 December 2025 were £6.769,1 S9 (2024: £6,998,301. This includes £1,120,238 (2024: £1,176,931) of restrict¢d funds not available for general purposes of the Society at the end of the reporting period. At 31 December 2025 Dudley and West Midlands Zoological Society Limited is reporting unrestricted funds of £4,648,821 (2024.. £5,821,270)- After making allowance for designation of £1,500,000 and the carrying amount of fixed assets the Society has free reserves of £706,431 (2024: £1,148,638). The Directors aim to maintain minimum reserves of £75Ok which covers approximately three months of expenditLEre. Our free reserves have decreased significantly over the year and are now slightly below our stated policy. It is the aim of the society in the future to achieve an Operating Surplus that will put us back in a position where we have sufficient reserves to cover 3 months expenditure. The Designated Fund of £1.5m is to be used in the next 2 to 3 years on rnatch funding for our Visitor and Education Centre project. We feel it will not be necessary to decrease the level of Designated Funds and reserve cover for Capital projects in the next 12 months as the level of net current a55ets is still sufficient to cover our future Capital Expenditure progrdmme which has one major project or significant site improvements lined up for the next 2 to 3 years. GOING CONCERN The Society will always aim to achieve a surplus and this is then ieinvested back into the Society to sustain growth and a¢hiev¢ the Society's objectives. Historically the Society has made surpluses and plans to in the future. Th¢ managcment have drawn up budg¢ts for th¢ immediate future that outline how these surpluses will be achieved. In this r¢sp¢ct th¢ Dir¢¢tors see the organisation as a going concern. The Society's perforniance in 2024 and 2025 has given the Directors and management Confidence that conditions, although challenging in the current economic climate, are stable enough for the SIKiety to generate income in the future. In 2025 we have had a challenging trading year but we are confident that we can return to a position in the near future of generating good levels of income and consequently a surplus. which will maintain ow finan¢ial position. Management has regularly assessed the group's financial position through financial mi)delling forecasts. The financial plans assume levels of income growth in 2026 and the subsequent budgets and flow forecasts indicate that the position of retaining cash reserves to cover at least 3 months operational expenditure will be maintained throughout 2026 and beyond. On 23rd December 2025 Dudley Metropolitan Borough Council WTOte to the Board of DItorS and stated that in its capacity as both owner and shareholder of the Society and its subsidiary, the Council 15 committed to working collaboratively with the Z(M) board to explore and secure investment into the site and the long- temi future of the Zoo and Castl¢. The letter also makes a commitment to support the Society, subject to certain conditions until 30th September 2027. Page 14
Dudley and West Midlands Zoological Society Limited REPORT OF THE DIRECTORS for the year ended 31 December 2025 DIRECTORS. RESPONSIBILITIES FOR THE FINANCIAL STA TEMENTS The Directo are responsible for preparing the Report of the Trustee's and the financial stateinents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year whi¢h giv¢ a truc and fair view of the state of affair5 of the charitable company and the group and of the incoming r¢50urces and application of resources, including the incotne and expenditure. of the charitable group for that period. In preparing ihese financial statements, the Directors are required to: select suitable accounting policie5 and then apply them ¢onsistently' observe the methods and principles in the Charities SORP. make judgements and eslitnates that are reasonable and prudent. state whether applicable UK Accounting Standards 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 ¢haritable company will continue in business. The Directors are responsible for keeping proper accounting r¢cords that disclose with reasonable a¢¢ura¢y at any time the financial position of the charilable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence taking reOnable steps for the prevention and detection of fraud and other irregularities. In so far as the Directors are aware.. there is no relevant audil information of whi¢h the charitable company's auditor is unaware. and the Directors have taken all steps Ihat they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of ihat information. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR The directors who were in office on the date of approval of these financial statements hav¢ ¢onfimed, as far a5 they are aware, that IheTe is no relevant audit information of which th¢ auditor is unaware. Each of the directors have confirJned that they have lak¢n all the steps that they ought to h&ve tsken as directors in order to make themselves aware of any relevant audit inforn)ation and to establish that il has b¢¢n communicated to the auditor. AUDITOR Crowe U.K. LLP have indi¢&ted their willingness to continue in office and will be proposed for reappoiniment at the AGM. This report ha5 been prepared in accordance with the provisions applicable to ¢ompanies entitled to the small companies, exemption. On behalf of the board D H Sparks OBE Director 2nd June 2026 PagÈ 15
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUDLEY AND WEST MIDLANDS ZOOLOGICAL SOCIETY LIMITED Opinio We have audited the financial statements of Dudley and Wesi Midlands Zoological Society Limited (the 'charitable company,) and ils subsidiaries (the 'group') for the year ended 31 December 2025 which coinprise the Consolidated Statement of Financial A¢livili¢s, th¢ Consolidated and Company Balance Sheets, the Consolidaied Statements of Cash Flows and notes to the financial statements, including accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in th¢ UK and Republi¢ of Ir¢land" (United Kingdom Generally Accepted Accounting PTactice}. In our opinion the financial statements.. give a true and fair view of the state of tlie group's and the charitsble company's affairs as at 31 December 2025 and of the group's incoming resources and application of resources, including its ineome and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group in accordance with the ethical requirements that are relevant to our audit of the financial Statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatiDg to going concern In auditing the financial statement5, we have concluded that the trustee's use of the going concem basis of accounting in the preparation of the financia] statetnenls is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or ¢onditions that, individually or ¢oll¢¢tively. may cast significant doubt on th¢ charitable company's or the group's ability to ¢onlinue as a going conc¢m for a p¢riod of at l¢ast tw¢lv¢ months from when the financial statements are authoTised for issu¢. Our responsibilities and the responsibilities of the Iwstees with respe¢t to going concern are described in the relevant se¢tions of this report. Otber information The Irustees are responsible for the other inforn)ation. The other infomation comprises the infonnation included in the Annual Report other than the financial statements and our auditor's report thereon. Our opinion on the financi statemenis does not cover the other information and, except to the extenl otherwise explicitly stated in our report, w¢ do not ¢xpress any forn] of assurance conclusion thereon. In connection with our audit of th¢ flnancial ststements, our responsibility is to read the other inforniation and, in doing so, ¢onsider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or oiherwise appears lo be materially misstated. If we identify such material inconsisiencies or apparent material misstatements, we are required to detem)ine whher ther¢ is a matCTial mi55tatcmenl in the financial statements or a material misstatement of the other information. If, based on the work we have perfornied. we ¢oncludc that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the CompaDie5 Act 2006 In our opinion, based on the work undertaken in the course of the audil.. Page 16
INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF DUDLEY AND WEST MIDLANDS ZOOLOGICAL SOCIETY LIMITED the information given in the Trustees, Report, which includes the Direetors, Report prepared for the purposes of company law, for the financial year for which the financial statements ar¢ prepared is consistent with the financial statements. and the Directors, Report included wilhin the Trusiees, Report has been prepared in ac¢ordan¢e with applicable legal requir¢m¢nts. Lll4tters on which we are required to report by exception In the light of the knowledge and understanding of the gTOUP and the charitable company and their environment obtained in the course of the audit. we have not identified Materi tnisslatements in the Directors, Report included within the Trustees. report. We have nothing to report in respect of the following matters where the Companies A¢t 2006 require us to report to you if, in our opinion.. adequat¢ and sufficient accounting records have noi been kept by Ihe charitable company. or the charitable ¢ompany financial statements ar¢ not in agreement with the aoUnting records and returns. or certain dis¢losures of trustees, remuneration specified by law are not rnade; or we have not reeeived all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the financial slatements in accordance with the small companies regime and take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in Preparing the Truste¢s' Report. Responsibilities of trustees As explained more fully in the Ststement of Directors, responsibilities set out on page 15, the trusl¢¢s (who are also the directors of the ¢haritable company for the purposes of ¢ompany law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detern)ine is necessary to e[ble the preparation of financial statements that are free frotn material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and charitable olnpany's ability to continue as a going con¢em, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Érustees either intend to liquidate the group or parent ¢haritabl¢ company or to cease operations. or have no realistic alternativ¢ but to do so. Auditor's responsibilities for the #udit of the financial statements Our objectives are to obtain reasonable assurance about whether the fir1¢1&1 statements as a whole are free from material misststement, whether due to fraud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material tnisstalement when it exists. Misststem¢nts can arise from fraud or error and are considered rnaterial if, individually or in the aggregate, they rould reasonably be expected to influence the economic decisions of users lak¢n on the b&sis of these financial statements. Details of the extent to which the audit was considered capabl¢ of detecting irregularities, in¢luding fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at htt ://www.frc.or .uk/auditorsres onsibilities. This des¢ription forms part of our auditor's report. Extent to wbich the audit was consldered eapable of detecting Irregularities, including frxud Irregularities, including fraud, are insian¢es of non-compliance with laws and regulation5. We identified and assessed the risks of malerial tnisstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these b¢lween our audil team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriale to provide a basis for our opinion. We obtained an understanding of ihe legal and regulatory frameworks within which the charitable COTnpany Page 17
INDEPENDENT AUDITOR*S REPORT TO THE MELVLBERS OF DUDLEY AND WEsr MIDLANDS ZOOLOGICAL SOCIETY LIMITED and group operates, focusing on those laws and regulations ihat have a direct effect on the determination of aterial amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our &udit procedures on the related financial statement items. IJJ addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with whi¢h might be fundamental to th¢ charitabl¢ ¢ompany's and th¢ gTOUP'S ability to operate or to avoid a material penalty. We also considered the opportunities and in¢entives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were Zoo Li¢ensing Act 1981. Health and safety legislation and Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Truste¢s and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant income and the overrid¢ of controls by managem¢nl. Our audit procedures to respond to these risks included enquiries of management, and the Finance & Legal Committee about their own identification and sesSment of the risks of irregulariiies, sample testing on the posting of journals. reviewing accounting estimates for biases, reviewing regulatory correspondence with ihe Charity Commission and reading minutes of meetings of those charged with governance. In respcct of recognition of grant income, audit procedures consisted of sample testing to corresponding agreements to ensure appropriate recognition criteria and a review of grant applications in order to assess Ihe ¢ompleteness. Owing to the inherent limitalions of an audit, there is an unavoidable risk that we may not have detected some mal¢rial misstatements in the financial statements, even though we have properly planned and perfornied our audit in accordance with auditing standards. For example. the further removed non- compliance with laws and regulations (irregularities) is from the event5 and transactions reflected in the financial ststements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audil. Ihere remained a higher risk of non-derection of irregularities. as these may involve collusion, forgery, intentional ornissions, misrepreseniations, or ihe override of internal controls. We are not responsible for preventing non-compliance and cannot b¢ expected to deteet non- compliance with all laws and regulations. Use of our report This report is made solely to the charitable company's members, a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might state lo the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyon¢ other than the charitable company and the cheritable company's members as a body, for our audit work, for this repor¢ or for the opinions we have forn)ed. Tara Westcott {Senior Statutory Auditor) For and on behalf of Crowe U.K. LLP, Statutory Auditor Chartered Accountants 4th Floor St James House St James, Square Cheltenham GL50 3PR Date.. 4 June 2026 Page 18
Dudley and West Midlands Zoological Society Limited CONSOLIDATED STATEMENT OF FtNANCIAL ACTIVITIES for the year ended 31 December 2025 Unrestricted funds General Unrestricted run(Is iksi8naied Total funds 2025 Total funds 2024 Restricted funds Noles INCOME FROM.. Donations and Le8&cies 63,426 105,019 168,445 748,628 Charitable Acttvitie5 3.886,912 3,886,912 3,975,794 Other trdding activitle5 1,741,426 1,741,426 1,730,419 InvestEnents 110,632 110,632 108,884 TOTAL 5,802,396 105,019 5,907,415 6.563.725 EXPENDITURE ON: Raising Funds 1.468.692 1,468.692 1,481,212 Charitsble Activities 4,506,153 161,712 4,667.865 4,616,578 TOTAL 5974,845 161.712 6,136J57 6.097,790 NET INCOMEIIEXPENDITURE) {172,449} (56.6931 (229,1421 465,935 Transfers between funds 15 Net mov¢metii in funds (172,449) (56,6931 1229,142) 465,935 Fund ba12nt¢s brought forward at l January 2025 4,321,370 1.500.000 1,176,93 1 6,998.301 6.532.366 Fund bd12nces carried forward at 3 1 December 2025 15117 4,148,921 i.soo,000 1,120,238 6,769,159 6,998,301 The net group incotne and expenditUT¢ and th¢ r¢sulting net movement in funds arise from continuing operdtions. There are no recognised 8ain5 0r105se5 other than the net movement in fund5 for the year. Poge 19
Dudley and West Midlands Zoological Society Limited CONSOLIDATED BALANCE SHEET 31 December 2025 Company Registration No. 1350864 Notes 31 December 2025 31 December 2024 FIXED ASSETS Tangible assets 4,562,728 4,349,663 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 77,088 205,540 2,978,011 105.003 173,310 3,490,880 12 3.260,639 3,769,193 CREDITORS.. Amounts falling due within one year 13 (644,208) (670,555) NET CURRENT ASSETS 2,616,431 3,098.638 TOTAL ASSETS LESS CURRENT LJABILITIES 7,179,159 7,448,301 CREDITORS: Amounts falling due after more than one year 14 (410,000) (450,000) NET ASSETS 6,769,159 6,998,301 FifNDS Restricted funds Unrestricted funds Called up share capital General income funds Designated funds 15 1,120,238 1,176,931 16 17 17 loo 4,148,821 1,500,000 100 4,321,270 1,500.000 TOTAL FtfNDS EMPLOYED 6,769,159 6.998,301 The financial slalements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. The financial statements on pages 19 to 44 were approved by the board of directors and aulhorised for issue on 2nd June 2026 and are signed on its behalf by.. D H Sparks OBE Dire¢lor Page 20
Dudley and West Midlands Zoological Society Limited COMPANY BALANCE SHEET 31 December 2025 Company Registration No. 1350864 Noies 31 December 2025 31 December 2024 FIXED ASSETS Tangible assets Investments 4,562.728 3,012 4,349,663 3.012 10 4,565,740 4.352,675 CURRENT ASSETS Slo¢ks Debtors Cash at bank and in hand 9,549 150,648 2.938,119 12,658 137,557 3,193,394 12 3,098.316 3,343,609 CREDITORS: Amounts failing due wiihin one year 13 (519,530} {524,230) NET CURRENT ASSETS 2.578.786 2.819,379 TOTAL ASSETS LESS CURRENT LIABILITIES 7,144,526 7,172,054 CREDITORS: Arnounts falling due after more than one year 14 (410,000) (450.000) NET ASSETS 6,734,526 6.722,054 FUNDS Restricted funds Unrestricted Called up share capital General income funds Designated funds 15 ,120.238 ,176.931 16 17 17 100 4,045.023 1.500.000 4,114,188 1.500,000 TOTAL FifNDS EMPLOYED 6,734,526 6,722,054 Th¢ financial ststements have been prepared in accord8n¢e with the provisions applicable to companies subject to the small companies, regime. The result of th¢ parent charity was a nel increase in fvnds of £12,472 (2024: net increase in futHIs of £201.500). The finan¢ial statements on pages 19 to 44 were approved by the board of directors and authorised for issue on 2nd June 2026 and ar¢ signed on its behalf by: D H Sparks OB Director Page21
Dudley and West Midlands Zoological Society Limited CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 Decernber 2025 2025 2024 C2sh floTrvs from operating activities: Net cash provided by operating #¢tlvltles 86.315 811.019 C2$b flows from investing activitie5: Interest Proceeds from sale of fixed assets Purchase of propety. plani and equipment 110,632 108.884 (669,816) {725.411) Net Cash (ll$ed in} investing aettvities (559,184) {616,527) C8sh tlows from finaneing activities: Repayments of borrowing {40,000) (40,000) Net eash (used in) fiuan¢ing activities {40,000) (40,000) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (512,869) 3,490,880 154,492 3,336,388 Cash and cash equivalents at the end of the rertIng period 2.978.011 3,490,880 Reco¢1113t1tsn of net income lo net cash floiv from oper#ting activities Net iD¢om¢ for the TepoTting period (as per the 5tatetnent of financial activities) Adju5tm¢Dts foT: Depre¢iation charges Interesl received Profit on the sale of fixed assets Dcerease in stocks (Increase)l in debtors (Decrease) in creditors (229,142) 465,935 456,751 (110.632) 436.493 (108,884) 27.915 (32,230) (26,347) (1,245) (19,900) 38,620 Net ¢¥sb provided by operating activities 86,315 811,019 Analysis of ¢ash and cash equivalents Cash in hand 2,978,011 3,490.880 Total cash ind cash equivalents 2,978.011 3,490,880 Pag£ 22
Dudley and West Midlands Zoological Society Limited CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2025 An8lysis of changes in net debt At l January 2025 Ch flows At31 December 2025 Cash at bank and in hand 3,490,880 (512,869) 2.978,011 Debt due within one year 40,000 40,000 Debt due after one year 450,000 {40,000) 410,000 3.980.880 (552,869) 3,428,011 Page 23
Dudley and West Midlands Zoological Society Limited ACCOUNTING POLICIES GENERAL INFORMATION Dudley and Wesl Midlands Zoologi¢al Society Limited {"the Society") is a charitable company limited by shares and is incorporated in England and Wales (Company registration number1350864 and charity number 507221). The address of the So¢i¢ty'5 Tegi51ered 0]ce and principal place of business is Castle Hill, Dudley* DYI 4QF. The Society's principal activity is the operation of a conservaiion-based organisation for the benefit and education of its visitors to promote the primary themes of zoology, history and ar¢hil¢¢tur¢. The principal accounting poli¢ies adopted, judgeEnents and key Sources of estimation uncertainty in the preparation of the financial statements are as follows.. BASIS OF ACCOtrNTfNG Basis of accounting The financial slafrmenls have been prepared in accordance with Accounting and Reporting by Charities- Statement of Re¢ornmended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015)- Charities SORP (FRS 102), Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Dudley and West Midlands Zoological Society Limited meets the definition of a public benefit entity under the CliaTilies ACL a55ets and liabilitie5 are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. BASIS OF CONSOLIDATION These financial statements ¢otis01idat¢ the financial Statements of Dudley and West Midland5 Zoological Society Limited {"Ih¢ Society") and its subsidiaries, Dudley Zoo Services Limited and Dudley Zoo Development Trust ("Ihe subsidiaries,) all of which are made up to 31 December 2025. The financial siatemenls consolidate the results of the Charity and its wholly owned subsidiaries on a line- by-line basis. A separate Staiement of Financial Activities and Income and Expenditure Account for the Charity has not been prcsented because the Charity ha5 taken advantage of the exemplion afforded by Section 408 of the Companies Act 2006. The uncon501idated loss of tlie charity wa5 (£12,742} (2024.. £201,500). All inlra-group transactions, balances and unrealised gains on transactions between Group entities are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of ihe asset transferred. Where necessary, adjustments are made to the financial statements of subsidiaries to bringthe accounting policies used into line with those used by other members of the Group. ANIMALS The animals are acquired by the Society from oiher zoological organisations al zero cost or bred at our zoo and a realistic valuation Cannot be pla¢&1 thereon. Many of the animals acquired are held in trust with other zoological societies at zero ¢ost. STOCKS Stocks on hand of consumables and items for resale are stated at the lower of cost and estimated net realisable value. Net realisable value is based upon estimated selling prices less ci)Sts of disposal. Provision is made for obsolete and slow-moying items. Page 24
Dudley and West Midlands Zoological Society Limited ACCOUNTING POLICIES (continued) DONATED FACILITIES The Society leases the site from Dudley Metropolilan Borough Council. The lease w&$ renewed in January 2025 for a terni of 99 years, at market renL which is currently £200 p¢rannum (including the additional lease agreetnent for the car park). The Trustees do not believe it is pra¢li¢al lo reasonably quantify and measure the benefit conferTed to the Society under the aTTangemenl due io the Zoo's unique location and as such have not included the value of the donated facilities wilhin the Con501idatcd Stst¢ment of Financial Activities. TANGIBLE ASSETS AND DEPRECIATION Other than for int¢r¢sls in land as slated above, tangible fixed assets are capilalised at cost and depreciated from the date that they are brought into use. From time to time a rnajor capital project may not be ¢ompleted and thus is not in use at the end of the accounting period. In such a case the policy is to capitslise the expenditure to date and show it separately as a capital project under conruction within tangible fixed assets but no depreciation is provided until the project is completed and availabl¢ for us¢. Depreciation is ¢al¢ulated to write down the nel original cost of the tangible fixed a55ets by equal annual instalments oveT its anticipated useful life io its then estimated residual value. Individual assets under £1,000 are not capitalised (unless they are consistent with what historically been ¢apilalised). The depreciation rates used are= Office Buildings Animal ¢nc105ures Service areas Fixtures, fittings and offi¢e equipment Motor vehicles- Commercial - cars 5Yo straight line 6.660/0 Straight line 10 2/¢ Straighi line IO% straight line 200/0 Straight line 200/0 Straight line 200/0 Straight line Computers INVESTMENT SUBSIDIARIES The investmenis in the subsidiaries are stated at cost less impairn]ent. HERITAGE ASSETS The Castle and other heritage assets are located on the Zoo sil¢. The Trustees do not consider Ihat reliable cost or valuation information can be obtaincd for th¢s¢ assets, because of the unique features of the asset5 held and the lack of cornparable markei values. The Society do¢s not therefore recognise these assets on its balance sheet. FINANCIAL INSTRUMENTS The Society has elected to apply the provisions of Section I I 'Basi¢ Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102. in full, to all of its financial instruments. Trade debiors Trade debtors which are r¢¢eivable within one year and which do not constilute a financing transaction are initially measured al the transaction price. Trade debtors are subsequently measured af amortised cost, being the transaction pri¢¢ l¢ss any amounts settled and any impaim)ent losses. Trade credilors Trade creditors payable within one year that do not constitute a finan¢ing transaction are initially measured at the transaction price and subsequenily measured at amortised ¢ost. being the transaction price les5 any amounts settled. Boyrowings Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortis¢d cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in inter¢sl payable and other similar charges. Commitments to receive a loan are measured ai cost less impairment. Page 25
Dudley and West Midlands Zoological Society Limited AccouwrtNG POLICIES (continued) TAXATION The Society is a Registered Charity and undertakes activities which, under present legislation, are not subject to Corporation Tax. The Society's Subsidiary, Dudley Zoo Service5 Limited, is not a Registered Charity and undertakes trading activities within the meaning of the Taxes Acts and is liable to Corporation Tax. Typically? however, the subsidiary gift aids all its t&xable profits to the Society and as a consequence no provision is usually required for the payment of Corporation either current or deferred. FUND ACCOUNTING AND RESERVES Restricted funds are only expendable by the Directors in accordance with the donors. directions. Unrestricted fund5 are expendable at the discretion of the Directors in furtherance of the objects of the Society. Certain ofthese funds, at the discretion ofthe Directors. may be transferred to funds to be used for particular purposes and be¢ome designated funds. CONTRIBUTIONS TO PENSION FUNDS The Society operates money purchase pension schemes which all employees may join after having served for a qualifying period. Both the Society and the employee make defined Contributions lo pur¢h8S¢ the employ¢¢'5 individual pension. All such ¢ontribulions are held in separat¢ trust funds which are independent of th¢ Society's finances. The pension Costs charged against the Society's results represent th¢ amount of the Society's contributions payable to the schetnes in re5pe¢t of ihe accounting period. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Pension contributions are included in unrestricted expendilure. BASES AND DEFtNITION OF INCOME AND EXPENDITURE Income: Income is the total amounts, excluding VAT but including Gifi Aid if applicable. received or receivable by Ihe Society which are recognised in the financial statements as follows:_ Income from ¢harit#ble A¢tivities: Zoo operating incotne - Tecognised on a received basis from admission and entry charges including gale receipts. conee5sionary group and special offer admissions, season tickets and park fees. Donations and legacies: Donation and gifts - recognised on an accruals basis to the extent that the Society has been notified it will receive a donation or gift of a determined atnounl or the donation or gift has been received. Donations and gifis, whether general, designated or restricted, aris¢ from a number of sources which include members, Dudley Zoo Development TTUSt, special appeals and th¢ general publi¢. Govemment and other grants- grants for upkeep of the site and reimbursement of costs previously incurred are recognised immediately. Gifts in kind, if m8lerial, are included at an estimate of m2rket value. Legacies are recognised when evidence of entitlement exists, and The Society is able to me&sur¢ the valu¢ reliably. Legacies ar¢ a¢¢ounled for based on settlement of the ¢stat¢ or receipt of paymenL whichever is the earlier. As a resulL accrued legacy income is recognised, al times. in advance of receiving the cash. Other tr&ding activities: Rentsl income r¢c¢iv¢d re¢ognis¢d on an accruals basis from the letting of land and property not immediately required for use by the Society. Retail and catering - income represents the invoiced valu4 net of Value Added Tax, of goods sold and services provided to customers. Investments: Bank interest- rQgnised as th¢ amount receivable during the year. Page 26
Dudley and West Midlands Zoological Society Limited ACCOUNTING POLICIES (continued) Expenditure: Costs of charitable activitie5- this include5 all costs for the supp)rt of zoo animals in aOrdanCe with best recognised husbandry practices. keeping them in the appropriate habiiats and maintaining the infrastructure of the zoo. Also included are costs incurred that ensure that all the Charity's objects are achieved such as those relating lo the preservation and conservation of wildlife, and of education, science, and recreaiion logether with the cost5 of ihe good stewardship and managcrnent of the Society's assets, organisation, administration and compliance wilh statutory requiretnents and those of good practice. Basis of allo¢alion of support costs- support costs are allocated between activities on a resource used basis so far as possible. The most significant costs arise from payroll costs and some of these cosis may arise from individuals who carry out multi-functions. Where such costs are incurred and Shared over a nuTnber of expense categories estimates have been made based primarily on time occupied by the individual concemed. Similarly with shared non-payroll costs the basis of allocation is based primarily on an as5¢ssment of the benefit derived from the cost by each expense head. All exnditUre is in¢lud¢d on an accruals basis and is recognised when there is a legal or constructive obligation io pay for expenditure. Volunteer costs Th¢ value of services provided by volunteers has not b¢¢n in¢luded in these financial slaternents. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the &ppli¢ation of the Society's accounting policies. the dir¢¢lors are required to make judgements, estimates and assutnplions about the ¢arrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factois that are considered to be relevant. Actual r¢sults may differ from these estimates. The estiinate5 and underlying assumption5 aT¢ rcviewed on an ongoing basis. Revisions to accounting estitnates are recognised in the period in whi¢h the estimate is revised, if the revision affects only that period. or in ihe period of the revision and future periods if the revision affects both Current and future periods. The directors do nol consider that there are any estimates and assumptions which have & significant risk of causing a material adjustmenl to the caTrying amount of assets and li&bililies. GOING CONCERN The Society aims to achieve a surplus and this is then reinvested back into the Society lo sustsin growth and achieve the Society's objectives. Historically the Society has made sutpluses and plans io in the future. The Directors of the Society ¢ontinue to ¢onsider the wider economic impacts on the charity'5 Position and how this affects the society when preparing th¢ finan¢ial stst¢ments. The Directors have considered projections lo the end of 2026, logeth¢r with a longer tenn assessment, to stress test the financial resilience of the Charity which takes into account the potential changes in income over this period. The Dire¢tors have considered tliat it remains appropriate to prepare the financial statements on a going concern basis. The ongoing str¢ss testing of th¢ Charity's financial position has satisfied the Directors that it ha5 adequate reserves and strategies to deal with any fuiure economic impacts or any other unexpected factor5. On 23rd December 2025 Dudley Metropolitan Borough Council wrote io the Board of Directors and stated that in its capacity as both owner and shareholder of the Society and ils subsidiary, th¢ Council is committed to working collabordtively with the Zoo board to explore and secure inve5tinent into the site and the long- term future of the Zoo and Castle. The letter also makes a commitment to support the Society. subje¢l to certain conditions until 30th S¢ptember 2027. Page 27
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMEwrs for the year ended 31 December 2025 COMPARATIVE INFORMATION- CONSOLIDATED STATEMENT OF FINANCIAL AcfJviTIES Unre5tricled General Designated Funds Funds 2024 2024 Restricted Funds Total Funds 2024 2024 Ineotne fTOrn Donations and legacies Charitable L¢tivities Other trading a¢tivities Investments 545,790 3,975,794 1,730,419 108.884 202.838 748,628 3,975,794 1,730,419 108,884 TOTAL 6,360,887 202,838 6,563,725 EXPENDITURE ON: Raising Funds Charitable activities 1,481,212 4,474,398 1,481,212 4,616,578 142,180 TOTAL 5,955,610 142,180 6,097,790 NET INCOME/(EXPENDITURE) 405,277 60.658 465.935 Transfer between funds Net movement in funds 405.277 60.658 465,935 Funds brought forward I January 2024 3.916.093 1.500,000 1.116.273 6,532.366 Funds Carried forward 31 December 2024 4,321,370 1,500,000 1.176,931 6,998JOI Page 28
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Dec¢mber 2025 DONATIONS AND LEGACIES Year ended 31 December 2025 Year ended 31 tk¢¢mber 2024 Unrestricled Donations 63,426 545,790 Reslricted DMBC- Maintenance Grant CWG Legacy Fund Richardson Brotliers Foundation Grant William Cadbury Grant Coffee, Cake & C2Stle Hill Youth Trailblazers Fund Donations and gifts 37.500 112,500 36,300 10,000 20,000 6,546 2.681 38.292 44.038 105,019 202,838 168,445 748,628 tNCOME FROM CHARITABLE AcfiviTIES Year ended 31 Dec¢mber 2025 Year ended 31 December 2024 Admissions, season tickets and associaled gift aid Car park and other income 3.080,741 806,171 3,202.894 772,900 3,886,912 3,975,794 Page 29
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 OTHER TRADtNG ACTIVITIES The Society h&s a wholly owned trading subsidiary, Dudley Zoo Services Limited (Company number 1350863), which is incorporated in the UK. The principal activity of this company is that of providing and operating gift shops and related activities, and contracted catering Service facilities for the zoo site. Year ended 31 December 2025 Year ended 31 December 2024 Turnover (Including intercompany rental income of £175,981 {2024.. £164,205) Cost of sales 1.917.407 {1,240,424) 1,894,624 (1,242,055) Gross profit 676,983 652,569 Administrative expenses and taxation (228,268) (239,157) Net profit for the year 448,715 413,412 The subsidiary's net fund5 at 31 D¢r¢mb¢r 2025 atnounled to £2,184 (2024.. £1,939). The nel profil of £448.715 {2024-. £413,412) is after recharging management and support costs of £194,049 (2024: £210,400) and labour recharges of £195,378 (2024: £183,428) from the Charity to Dudley Zoo Servi¢¢s Limited. An amount of £413,113 was paid from Dudley Zoo Services Ltd in 2025 under gift aid (2024= £350,000) and £448,470 will be paid to the Charity from Dudley Zoo Services Limited under Gift Aid for the current year. Page 30
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 ANALYSIS OF TOTAL EXPENDITURE Raising funds Charitable activities Total Costs DIRECT COSTS Direct wag¢s and salaries Other direct ¢osts Animal ¢are Marketing and publicity Utilities General site maintenance and security 124,725 1,045,046 2,138,887 2,263,612 66.743 1.111,789 422,689 422,689 128.225 128,225 313,661 368,522 325,310 406,625 54,861 81,315 1,305,947 3.395,515 4,701,462 SUPPORT COSTS Indirecl wages and salaries Depreciation Sile Development Costs IrTe¢overable VAT Insurance, legal and professional Post, print, stationery, IT attd communications Other staff costs, finance and adminisliative expenses 70,653 385,180 456,751 19.883 91,139 108.646 455.833 456,751 19,883 102,074 161.596 10,935 52.950 9,917 75,504 85,421 18.290 135,247 153.537 162,745 1,272,350 1,435,095 Totals at 31 December 2025 1,468,692 4,667,865 6,136,557 Totals at 31 December 2024 1,481,212 4,616,578 6,097,790 Page 31
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 NET INcoMFXPENDITuRE Y¢ar ended 31 December 2025 Year ¢nded 31 Decetnber 2024 Net incomelexpenditure is slated after ¢harging'. Operating lease rentals Auditor's remuneration for audit s¢rvi¢es for non-audit services Depreciation of tangible fixed assets 23,958 1,730 456,751 22,500 1,500 436,493 DIRECTORS AND EMPLOYEES Year ended 31 December 2025 Year ended 31 December 2024 Group staff costs including directors, emoluments: Wages and salaries Social security costs Pension costs 2,410,270 256,510 52,665 2,349,209 189,967 51,493 2.719,445 2.590.669 Average weekly number of employees including directors: Year ended 31 December 2025 No. Year ended 31 December 2024 No. Keepers and ground staff Maintenance and gardening Admissions and retail Management, administration 2nd rnark¢ling Education Seasonal staff 44 16 46 16 14 33 35 118 123 Page 32
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 DIRECTORS AND EMPLOYEES (continued) FTE including directors.. Year ended 31 December 2025 No. Year ended 31 DeceTnber 2024 No. K¢¢pers and ground staff Maintenance and gardening AdTllission5 and retsil Management, administration and marketing Edu¢ation Seasonal staff 40 15 40 15 12 12 87 93 Seasonal staff are employed to support th¢ pemianent admissionslretail staff and ar¢ also engaged in other trading and charitable aclivities. The following employees re¢eived emoluments, excluding employer's pension and National Insurance contribution4 in excess of £60.00 l in the year ended 31 De¢emb¢r 2025 12024.. 3 in exce55 of £60,001). 2025 Nurnber 2024 Number £60,001 to £70,000 £70,00110 £80,000 £80,001 to £90.000 The Charity made contributions of £4,483 to a group personal pension plan in respe¢l of the higher paid employees (2024.. £6,377). The key management personnel comprise the Zoo Director, Finance Director and the Operations Manager(2024'. the Zoo Direcior, Zoo Manager and Finance Manager). The total employee benefits of the key management personnel, including ¢mployer's pension and National Insuranee contributions, were £241,876 (2024- £244,494). Volunteers: The Charity a number of volunteers who ¢ngage with visitors during the day. The estimated value of volunteer time during ihe year is £46.152 in respect of visitor engagement volunteering (2024.. £45,114). DIRECTORS No Trustee received remuneration during either year. 5 Tnjstees were reimbursed expenses for personal travel and subsistence of £657 in the year to 31 December 2025 (2024: 5 Trustees reimbursed expenses of £1.3 I l)- Page 33
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 TANGIBLE ASSETS GROUP Buil&ngs Assets P7der con¥lrttclio anEmal enclosures Servic area Fixlurts & fElliKgs Vehicles Total COST At l January 2025 Additions Transfers Disposals 7.317,435 487.834 77,742 46,118 864,202 21,173 107.183 314,943 570,901 (822.810) 9,091,597 669,816 776,692 At 31 December 2025 8,094,127 611,694 885,375 107,183 63,034 9,761,413 DEPRECIATION At l January 2025 Charged in the period Disposals 3,425.354 408,132 417,974 25,322 811,028 17,717 87.578 5,580 4.741.934 456,751 At 31 December 2025 3,833.486 443,296 828,745 93.158 5.198,685 NET BOOK VALUE Al 31 Decernber 2025 4.260.641 168.398 56.630 14.025 63.034 4,562,728 At 31 D¢¢¢mb¢r 2024 3,892.081 69,860 53,174 19,605 314.943 4,349,663 Page 34
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 TANGIBLE ASSETS (continued) SOCIETY Buildings and anEmal enelosures Assets der conslruclio Service are Fixlwes & fillings Vehlcles Tolal COST At l January 2025 Additions Transfers Disposals 7.317,435 487,834 77.742 46,118 641,120 21,173 107,183 314,943 570,901 (822,810) 8,868,515 669,816 776,692 At 31 December 2025 8,094,127 611,694 662.293 107,183 63,034 9,538,331 DEPRECIATION At l January 2025 Charged in the period Disposals 3.425.354 408,132 417,974 25,322 587.946 17.717 87,578 5,580 4,518,852 456.751 At 31 December 2025 3,833.486 443,296 605,663 93.158 4,975,603 NET BOOK VALUE At 31 December 2025 4,260,641 168,398 56,630 14,025 63,034 4,562,728 At 31 December 2024 3,892,081 69,860 53,174 19,605 314,943 4,349,663 10 INVESTMENTS SOCIETY 2025 2024 Cost of investments- l January and 31 December 3,012 3,012 The Directors consider the market value of the investmenls not to be materially different lo its cost. The Society owns the whole of tlie issued shaTe capital of Dudley Zoo Services Limited. Dudley Zoo Services Limited 15 incorporated in, and operates in, the United Kingdom. Its principal activiry is the provision of retail, catering and leisure servi¢es. Dudley Zoo Services Limited's profit for the year ended 31 December 2025 was £448,715 (2024.. £413,412) and its capital and reserves at 31 t)eeember 2024 were £2,184 (2024- £1,939). Dudley Zoo Development Trust is a subsidiary of the cornpany with the company ¢xercising control over the Trust. Dudley Zoo Development Trust is a r¢gist¢r¢d charity- The objective of the charity is to assist with the development of Dudley Zoo and to assist with the feeding of the animals. Dudley Zoo Development Trust's net expenditure for the year ended 31 December 2025 was £241.859 (2024.. net income of £264,035) and its reserve5 at 31 December 2025 were £35,461 (2024.. £277,320). Dudlry Zoo Development Trst was exempt from haying an audit in the years ended 31 December 2025 and 2024 by virtue of its siz¢. Page 35
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 STOCKS Group Society 2025 2024 2025 2024 Food stuffs, Tnateria]5 and consumables Goods for sale 9,549 67.539 12,658 92.345 9,549 12,658 77,088 105.003 9.549 12.658 12 DEBTORS Group Society 2025 2024 2025 2024 Trade debtors Other debtors Amounts due from group undertakings Prepayments and ac¢rued in¢ome 61.182 23,793 72,121 4,746 12,761 19,938 24,280 22,943 120,565 96,443 117,949 90,334 205,540 173,310 150,648 137,557 Page 36
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 13 CREDITORS.. Amounts falling due within one year Grot Society 2025 2024 2025 2024 Trade creditors DMBC Loan Other taxation and social security Other creditors Accruals and Deferred Income Amount due to group undertakings 291,861 40.000 100,987 14,606 196.754 323,363 40,000 81,619 15,731 209,842 180,210 40,000 51,221 13,181 122.302 112,616 206,233 40,000 43.982 15,491 128,723 89,801 644,208 670,555 519,530 524,230 14 CREDITORS: Amounts falling due in more than one year Group Society 2025 2024 2025 2024 Dudley Metropolitan Borough Council Long lerm loan DMBC Loan 250,000 160.000 250,000 200,000 250,000 160,000 250,000 200,000 Total 410,000 450,000 410,000 450,000 The Long-term loan of £250,000 frotn Dudley Metropolitan Borough Council is interest free and will not be repaid wilhin the next 12 months, though il has no fixed repayment date. The DMBC Loan is an interest free loan of £400,000 repayable over 10 years with equal repayments of £40,(100 per annum. Page 57
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 15 RESTRICTED FUNDS Balance I January 2025 Balance 31 Decemkr 2025 Incoming resources Resources expended Trdnsfers GROUP AND SOCIETY Donations for animal feed from th¢ Dudley Zoo Development Trust 38.292 (38,292) HerEfage lotteryfund.. Chairlift Project 17,712 (6,072) 11,640 Tecton EntrarEce & Shop Tecton Intri)ductory Exhibit. Bear Ravine 122,897 5,591 146,124 (12,394) (589) (13,916) 110,503 5,002 132,208 European Regional Developmenl Fund.. HaTry Hatch's Cottage Castle Visitor Centre Sculptures Fencing at Enlran¢e Glass Panels al Entrance 57,201 165,919 8.750 8,683 3.752 (5.969) (13,275) (1,500) (1,467) (635) 51.232 152.644 7,250 7,216 3,117 LEP Grant Adult Changing Places Richardson Brothers Foundation Grant CWG Legacy Fund William Cadbury Grant Coffee, Cake and Castle Hill Youth Trailblazer Fund Castle Maintenance Grant 211,664 36,667 8,135 19,377 (20,000) (2,666) (8,135) (19,377) (3,455) (7,443) (2,681) (3,846) 191,664 34,001 20,000 6,546 2,681 37,500 16,545 (897) 364,459 398,1 l3 1.176,931 105,019 (161,712) 1,120,238 PdgÈ 38
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 RESTRICTED FUNDS- 2024 Balance I January 2024 Balance 31 December 2024 Incoming resources Resources expended Transfers GROUP AND SOCIETY Donations for animal feed from the Dudley Zoo Development Trust Herilage lolteryfuhd.. Chairlift Project Tectons Project Tecton Entrance & Shop Tecton InlToductory Exhibit. Bear Ravine 44.038 (44.038} 23,784 (6,072) 17,712 135.291 6,180 160.040 (12.394) (589) (13,916} 122,897 5.591 146,124 European Regional Developmeni Fund.. Harry Hat¢h's Cottage Castle Visitor Centre Sculptures Fencing at Entrance Glass Panels at Entrance 63.170 179.194 10,250 10.150 4,387 (5.969) (13,275) {1,500) {1,467) (635) 57,201 165,919 8,750 8,683 3,752 LEP Grant Apprenticeship Fund LEP Visitor & Education Centre Adult Changing Places Richardson Brothers Foundation Grant CWG Legacy Fund Castle Maintenance Grant 231.664 (20,000) 211,664 39,333 (2,666) (1,865) (16,923) (871) 36,667 8,135 19,377 364,459 iO.IKM) 36,300 112,500 252,830 1,116,273 202,838 (142,180) 1,176,931 DONATIONS FOR ANIMAL FEED FROM THE DUDLEY 200 DEVELOPMENT TRUST Income used exclusively for the animal food. CHAIRLIFT PROJECT Capital cost of restoring the historic Chairlili Resources ¢xpend¢d are the depreciation charges for the year. TECTON ENTRANCE & SHOP The Entrance and Shop Tecton buildings were restored and the resources expended in the year are the depreciation charges. TECTON tNTRODUCTORY EXHIBITION The Tecton Project included an Inlroductory Exhibition explaining the architectural significance of the Teclon buildings and the project to refurbish them. The resources expended in the year are the deprecialion charges. BEAR RAvfNE The Tecton project involved an extensive restoration of the Bear Ravine Tecton building (the structure used to house bears), and the resources expended in the year are the depreciation ¢harg¢s. Page 39
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 HARRY HATCH'S corrAGE This ERDF project involved the significant restoration of a building on site - Harry Hatch's Cottage. This was ¢apilal expenditure and the Tesources expended in the year were depreciation charges. CASTLE VISITOR CENTRE The construction of the Castle Visitor Cenlre wa5 completed in 2015 and branded Castle Creature5. This was capital expenditure and the resources expended in the year were depreciation charges. SCULPTURES As part of the ERDF projecl various steel sculptures at the Zoo entrance were constructed. This was capital expenditure and the resources expended in the year were depreciation charges. FENCING The ERDF project included the construction of steel fencing at the Zoo entrance. This was capital exp¢nditure and the rewurces expended in ihe year were depreciation charges. GLASS PANELS The ERDF project included capital expenditure on glass panelling at ihe Zoo entrance. This was capital expenditure and the resources expended in the year were depreciation charges. LEP GRANT A grant of £300,000 was award¢d to thc Society in 2020 for the purp05¢ of assisting the Society in paying for the car park works totalling £600,000. ADULT CHANGING PLACES FUND In 2023 an adult changing place was conslwct¢d with the assistance of funding from the Department for Levelling Up, Housing and Communities, which was administered by Dudley MBC. This capital expendilure amd the resources expended in the year were depreciation charges. RICHARDSON BROTHERS FOUNDA TION GRANT In 2024 we received a grant to fund education visits and outreach visits for local school children. Some of this was expended in 2024 and the rest will be expended in 2025. CWG LEGACY FUND In 2024 we were awarded a Commonwealth Games Legacy Fund grant from West Midland5 Combined Authority for the preparation of an outline cornmunity engagement activity and interpretation plan for Dudley. Teclon Structures, and woodlands. WILLIAM CADBURY GRANT In 2025 a grani of £20,000 was received to fund educational visits for local school children. Some of this was expended in 2025 and the rest will be expended in 2026. COFFEE. CAKE AND CASTLE HILL In 2025 we were awarded a grant to by the UK Shared Prosperity Fund to fund a public engagement project. YOUTH TRAILBLAZER FtrND In 2025 we participated in a project to help find employment for young people that w&8 funded by UK govt. in conjunction with the West Midlands Combined Authority and the Local Authority. CASTLE MAINTENANCE GRANT The Society receives an annual grant from Dudley MBC in resp¢¢t of the Castle and the maintenance ihereof. This is either speni in the year il is received andlor Carried forward io fuiure periods where it can be utilised for future major restoration work PToj¢ots. A portion otth¢ grant income r¢¢eiv¢d in 2024 relates lo January to March 2025. Pase 40
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 16 CALLED UP SHARE CAPITAL Allotted and fully paid Authoris GROUP AND SOCIETY At 31 De¢ember 2024 and 31 December 2025 100 ordinary shares of £1 each 100 loo No shares in tlie capital of th¢ Society have been auihorised or issued since the end of the accounting period. The Society's ordinary shares. which carry no right to fixed incotnc, ¢ach carries the right to one vote at general meetings of ihe Society. 17 UNRESTRICTED FUNDS Balance I January 2025 Balance 31 December 2025 Surplus in year GROUP Transfers General income funds Designated reserve 4,321,370 1,500,000 (172,449) 4,148,921 1,500,000 5.821,370 (172,449) 5,648,921 Balance I January 2025 Balance 31 December 2025 Surplus in year SOCIETY Transfers General income funds Designated reserve 4,045,123 1,500,000 69.165 4,114.288 1,500,000 5,545,123 69,165 5,614,288 Th¢ designated reserve is to cover: Emergency funds for unexpected events Capital proj¢cts 300,0(X) 1,200,000 300,000 I,200,000 1,500,000 I,soo.000 The reserves for Capital Projects within Designated Funds of £1.2m will be utilised in the next 2 to 3 yeaTS on the following projects., Lynx Enclosure - £200k, Sea Lion Pool redevelopment- £150L OTangutan final phase- £150k, Tiger Enclosure- £400k (2024- £400k), and General Works- £300k (2024: £300k). The Chimpanzee enclosure works were compl¢frd in 2025 and this has been replaced in the designated funds project programme by the Lynx enclosu. In 2025 the African Painted Dog enclosure was Completed and this has been replaced in the designated funds project programme by the Sea Lion redev¢lopment and Orangutan final phase programme of works. Page 41
Dudley and West Midlands Zoological Society Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2025 UNRESTRICTED FUNDS - 2024 Balan¢e I January 2024 Balance 31 December 2024 Surplus in year GROUP Transfers OeneTal in¢ome funds Designated reserve 3,916,093 1,500,000 405,277 4,321,370 1,500,000 5.416.093 405,277 5,821.370 Balan¢e I January 2024 Balance 31 December 2024 Surplus in year SOCIETY Transfers General income funds Designated reserve 3.904,281 1,500,000 140,842 4,045.123 1,500.000 5,404,281 140,842 5,545.123 The designated reserve is lo cover.. Emergency funds for unexpected evenls Capital projects 300.000 1.200.000 300,000 1,200,000 1,5(K>,000 1,500,000 Page 42
Dudley and West Midlands Zoological Society Limited NOTES TO THE FENANCIAL STATEMENTS for the year ended 31 December 2025 18 NET ASSETS B Y FUNDS - 2025 Unrestricted Restricted Total GROUP Funds are represented by: Fixed assets Current assets Current liabilities Long terni liabilities 3,442,490 3,260,639 (644,208) (410,000) 1,120,238 4,562.728 3,260,639 (644,208) (410,000} 5,648.921 1,120,238 6,769,159 SOCIETY Funds are represented by.. Fixed assets Current assets Current liabilitie5 Long terni liabilities 3,445.502 3,098,316 (519,530) (410,000) 1,120,238 4,565,740 3,098,316 (519,530) {410.000) 5,614,288 1,120.238 6.734,526 NET ASSETS BY FUNDS - 2024 Unrestricted Restricted Total GROUP Funds are represented by: Fixed assets Current assets Current liabilities Long tern) liabiliti¢s 3.172,732 3,769,193 (670,555) (450,000) 1,176,931 4,349.663 3,769,193 (670,555) (450,000) 5,821,370 1,176,931 6,998.301 sIETy Funds are represented by: Fixed assets Current assets Current liabilities Long terni liabiltties 3.175,745 3,343,609 (524,230) (450,000) 1.176.931 4,352,676 3.343,609 (524,230) (450,000) 5,545.123 1,176,931 6,722,054 Page 43
Dudley and West Midlands Zoological Society Limited NOTES TO THE FfNANCIAL STATEMENTS for the year ended 31 December 2025 19 OPERATING LEASE COMMITMENTS Financial commitments under non-cancellable operaling leases will result in the following total payments lo th¢ end of th¢ Icase term. 2025 Land and Buildings 2024 Land and Buildings Payable.. In less than one year In two to five y¢ars In more than five years 200 800 18,600 200 800 10,133 19,600 11,133 20 ULTIMATE PARENT UNDERTAKING The ultimate parent undertaking of the Society is Dudley Metropolitan Borough Council. They wholly own the shares in the Society and nominate 2 members to the Zoo's Board of Directors. Their accounts can be obtained from the Local Council Offices. 21 RELATED PARTY TRANSACTIONS At 31 December 2025 the Group owed alolal of £252,198 (2024.. £252,198) to Dudley Metropolitsn Borough Council. These liabilities are included within trade creditors of £0 (2024.. £0), other creditors £2,198 (2024.. £2.198). 10 year£400k loat) £210,000 (2024.. £240,000) and long-tenn loans £250,000 (2024.. £250,000). During the year, the group made payments of £6,570 (2024.. £93,925) and were invoiced £6,570 (2024- £14,359) for s¢rvirKs provided by Dudley Metropolitan Borough Council. The Society also made a £40,000 annual Tepaym¢nl as part of its 10-year loan arrangeent of £400,000. The Society is owned by Dudley Metropolitan BoTough Council and has the normal relationship and traaCtionS that any other charitable or trading company would enjoy with the L(*al Authority within whose jurisdi¢lion it resides. in this case Dudley Metropolitan Borough Council. 22 CAPITAL COMMITMENTS Future capital expenditure contracted for, but not provided in the financial statements as at 31 December 2025 was £67,000 (2024.. £50,000). 23 coNriNGENT LIABILITIES The Society is party lo a group VAT registration. At 31 December 2025 the amount outstanding in respect of otlier group companies a5 the group was £49,766 (2024..£37,637 beingihe amount owed). being the atnount due for Qtr 4 2025). PagÉ 44