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2020-12-31-accounts

Charity Registration No. 514108

Company Registration No. 01731129 (England and Wales)

NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr P Gibson MA (Oxon), DMS, MBIM
Dr C S Harcourt BSc, MSc, PhD
MrT Deakin MIET
Mr P Loveluck CBE, BA, JP
Mr N H Brown BSc
Mr R Jackson BBACGMA
Mr H D Roberts FRICS
Ms S Scanlan BA Hons.
Dr S Miller BSc (Hons)
MrA Greenwood MAVetMB CBiol (Appointed 21 April 2020)
FSB DipECZM FRCVS
Secretary MrN LJackson MBE
Charity number 514108
Company number 01731129
Principal address Flagstaff Gardens
Old Highway
Colwyn Bay
LL28 5UY
Registered office Flagstaff Gardens
Old Highway
Colwyn Bay
LL28 5UY
Auditor Sage & Company BusinessAdvisors Ltd
102 Bowen Court
StAsaph Business Park
StAsaph
Denbighshire
LL17 OJE
Bankers HSBC Bank Pic - Colwyn Bay
7 Conwy Road
Colwyn Bay
Conwy
LL297AB

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

CONTENTS

Page
Trustees report 1-8
Statement ofTrustees responsibilities 9
Independent auditor's report 10-13
Statement offinancial activities 14
Balance sheet 15
Statement of cash flows 17
Notestothefinancialstatements 18-30

NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the consolidated financial statements of the charity accounts for the year ended 31 December 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the National Zoological Society of Wales's memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)”.

Objectives and activities

As the National Zoological Society of Wales, the Charity's object and its principal activity are to advance the education of the general public by increasing knowledge, interest and appreciation of animals - including rare and endangered species - and plants in both natural and artificial environments, and to provide facilities for recreation and other leisure time activities.

Mission Statement

Through its work at the Welsh Mountain Zoo, and elsewhere, the Society seeks to:

We have outlined the achievements and performance of the Charity in line with its Strategic Aims as listed below.

Strategic Aim 1: To operate an exemplary Zoo, providing a centre of excellence for animal welfare and the Zoo environment

Strategic Aim 2: To maximise the impact of our conservation and research activities both within the Zoo and in the wild, making a real difference to the care and protection of animals, plants and habitats

Strategic Aim 3: To enhance the public's knowledge, appreciation and understanding of animals and the natural environment (including rare and endangered species) and increase awareness of conservation through inspiring educational experiences

Strategic Aim 4: To enhance the Zoo's position as a leading visitor attraction in North Wales, providing engaging, enjoyable, quality experiences for all guests

Strategic Aim 5: To ensure the long-term financial and environmental sustainability of the Charity through financially sustainable business activities and high standards of governance

Strategic Aim 6: To be an active and effective social enterprise with strong community involvement and partnership working

The Trustees and Management confirm they have both paid due regard to and continue in the provision of public benefit through the Charity's objectives in line with s4 of the Companies Act 2006 and s17(5) of the Charities Act 2011.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

This report should be read in the light of the COVID-19 crisis which caused the Zoo to be closed through much of the 2020 summer season, through a large part of the winter of 2020/21 and, whilst we hoped for reopening in time for Easter of 2021, this did not happen. The Zoo only reopened on 26 April 2021, but through the following summer had to function with a variety of restrictions to comply with Welsh Government regulations. Although attendances through May, June, July and August were strong and public support was heartening, the periods of closure and restricted activity have had a serious effect on the Charity’s finances and ability to meet its Mission.

We have been comparing attendance and income figures for 2021 with the more normal year of 2019. Although the summer month-on-month comparisons were excellent, the loss of Easter leaves us as yet uncertain how we will compare with the 12 months of 2019 by the end of 2021.

We take this opportunity to thank all Directors and staff, whether working or furloughed through the crisis, for their wonderful dedication to the cause of the survival of the Welsh Mountain Zoo — National Zoo of Wales and all its animals.

Updating last year’s report, we managed to secure the following donations:

And the following loans:

As we approach the end of 2021’s main summer season, the Zoo’s Management and Trustees will look carefully at a programme of repairs and renewals for the coming winter. As will be seen below, the strong performance through the summer has enabled us to reinstate some of the projects we had put on hold through COVID, but the uncertain nature of the pandemic means we will plan ahead with caution.

The basis of valuation for donated services of volunteers is that deemed costs are not recognised within the Statement of Financial Activities.

Achievements and performance

Strategic Aim 1: To operate an exemplary zoo, providing a centre of excellence for animal welfare and the zoo environment

Improvements to the Zoo’s animal accommodation:

The new ‘Silk Road’ snow leopard project was completed in time for the main season, but restrictions on activities and numbers in the Zoo have meant we did not go ahead with any kind of official opening. Nevertheless, the completed project with the pair of snow leopards safely installed has been highly publicised and promoted and has been positively welcomed by visitors. The snow leopards have settled well in their new accommodation and staff are congratulated for completing the transfer without any problems or animal welfare concerns.

The strong financial performance once the Zoo reopened in the spring has meant we have been able to complete some of the suspended improvement projects. Refurbishment/replacement of the Amazon Aviary, deer enclosure fencing, Reptile and Alligator House roofing have been successfully completed. The go-ahead has also been given for a completely new range of accommodation for our breeding population of red squirrels and improvements to the pine marten accommodation. Looking further ahead, the Zoo’s Directors are looking at alternative ideas for a major refurbishment/ replacement of the tropical houses. It is hoped to have these plans drawn up by the spring of 2022.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Breeding:

During 2020/21 a number of species were bred as part of co-ordinated national or international ex situ breeding programmes and these included ring-tailed lemur, margay, red squirrel, cotton-top tamarin, pine marten, red panda, Darwin’s rhea and Humboldt penguin, plus a variety of other species including cape teal, ferruginous duck, Welsh mountain goat and fallow deer.

Following the European chimpanzee co-ordinator and studbook keeper's recommendations to resume breeding, and last year’s successful birth, we are pleased to report the birth of a second baby, a female, in the chimpanzee group.

Red squirrel Breeding Programme

The Co-ordinator and Studbook Keeper for Red Squirrels, based at the Welsh Mountain Zoo, has continued her excellent work advising the UK captive breeding programme and the Clocaenog Forest reintroduction project.

Animal Department staff

In compliance with Welsh Government's Visit Wales grant for the snow leopard development we have increased the animal keeping department by one person during 2021. This takes on board the increased workload due to the major new development.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategic Aim 2: To maximise the impact of our conservation and research activities both within the Zoo and in the wild, making a real difference to the care and protection of animals, plants and habitats

Although the provision of funding for activity under this heading was suspended for a while due to COVID, strong financial recovery meant that by the end of 2020 we were able to meet all existing promised funding. We must be cautious for this current year, but we are optimistic that this will continue for 2021 and beyond.

In situ Conservation:

Strategic Aim 3: To enhance the public’s knowledge, appreciation and understanding of animals and the natural environment (including rare and endangered species) and increase awareness of conservation through inspiring educational experiences

Education:

The Zoo’s Education and Learning Manager, Margaret Warren, has made excellent progress in developing the education programmes. This work was seriously interrupted by the COVID pandemic but Margaret has managed to develop a range of online experiences and activities through the most restricted periods. Use of the Zoo’s education building, the WILD Centre, was drastically reduced during the worst of COVID crisis but it is hoped, as restrictions ease, it will once again become the focus of the education programmes and production of educational signage.

Research:

Most of the Society’s supported research projects from various universities were suspended due to the pandemic, but the PhD study of Aesculapian snakes continued with COVID safeguards.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategic Aim 4: To enhance the Zoo’s position as a leading visitor attraction in North Wales, providing engaging, enjoyable, quality experiences for all guests

Visitor facilities:

It is disappointing to report that after great improvements to visitor facilities by the provision of new public toilets during 2019, we were not able to go ahead with the planned indoor children’s play area in 2021. This looks likely to be the one long-term development postponement due to COVID. The Management and Trustees are convinced this would be an important enhancement of the Zoo's indoor visitor facilities and a probable driver of increased attendances, but it will have to wait for a later phase of development.

The site chosen for this development was the area of the old snow leopard accommodation. This old enclosure has been demolished and removed and the site cleared and landscaped as a picnic and relaxation area for visitors.

Financial review

Strategic Aim 5: To ensure the long-term financial and environmental sustainability of the Charity through financially sustainable business activities and high standards of governance

Financial Performance:

2020 attendance figures were significantly affected by the pandemic and asa result, the year-end figure was 29% down on the previous year. 97,770 people visited in 2020. 79,270 of these were paying, with the remainder made up of free admission wheelchair users, under 3s and complimentary tickets. Repeated closures in 2020 in turn had a knock-on effect on gate, shop and catering receipts etc. Although admission prices were held for 2020, gate receipts for the year were 39% down on 2019. The 2020 shop receipts were 30% down on the previous year, but the spend per head improved from £1.99 in 2019 to £2.30 in 2020.

Catering receipts were down 54% and this also resulted in a reduction in the catering spend per head. However, on a more positive note, 2020 income from purchased activities in the Zoo, i.e., Keeper for the Day, Encounters and Adoptions, showed an increase of 45% on 2019.

Strategic Plan

The Society's 2018 to 2028 Strategic Plan was published in late summer 2018. In view of the COVID crisis, the proposed ten-year developments and improvements will be revised during 2021/22 when the financial health of the charity will be clearer.

Reserves policy

The Trustees policy for reserves is to maintain a minimum of £500,000 in the bank account, such amount to be kept under continuous review. This is based on an aggregate of 5 months' running costs which is deemed prudent by the Trustees.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Risk management policy

The Trustees have carried out a detailed review of the charity's activities and produced a comprehensive strategic plan setting out the major opportunities available to the charity and the risks to which it is exposed. The Trustees monitor progress against the strategic objectives of the charity. A detailed review of the objectives is carried out regularly.

As part of this process, the Trustees have implemented a risk management strategy which comprises: * aregular review of the risks which the charity may face;

The Trustees have focused on the need to refurbish and develop the animal exhibits further, resulting in the applications for funding mentioned previously. A successful outcome is dependent on the charity meeting the challenges such a major project presents and managing our finances prudently.

Car parking and traffic management:

The external car park field has continued to give concern about its suitability during periods of very wet weather. This was particularly noticeable in August 2020. However, the installation of land-drains meant that through the relatively dry summer of 2021 the car park was used without problem. Further phased improvements will be made as funding allows.

Senior Management Structure:

The senior management structure established in May 2019 has worked very well and Nick Jackson, CEO, takes this opportunity to thank the three Directors, Jen Jesse (Director of Operations and Administration), Kim Wood (Director of Living Collections) and Neil Morris (Director of Estates) for their work on behalf of the Society, particularly through the very difficult time of the COVID crisis.

Environmental sustainability:

The Society’s commitment to sustainability at the core of its activities has continued and the programme of separating and recycling waste is continuing.

All new developments and renovations on the Zoo site look to enhance and improve environmental performance.

The Directors are aware that improving environmental performance is an ongoing project and we are continuing to look at ways we can improve.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Strategic Aim 6: To be an active and effective social enterprise with strong community involvement and partnership working

Volunteers and Supporters:

Through the COVID crisis, the use of volunteers across the main Zoo departments was suspended. However, it was possible for the Education Manager to co-ordinate some volunteers to help manage visitors where queueing, mask wearing and social distancing were required.

Some volunteers had returned to the Grounds and Gardens department by the summer of 2021. The Society’s Trustees and Directors express their sincere thanks to all volunteers who have helped in the Zoo through these very difficult times and hope we will be able to welcome volunteers back to all departments before too long.

Community Weekends:

The 2020 Weekend was postponed due to lockdown and with continuing difficulties through the summer of 2021 has been arranged for 18th and 19th September 2021.

We intend to extend it from Conwy County residents to anyone from the LL postcode area and use it to thank all our supporters and friends for their wonderful response to our COVID Appeal.

Membership of the ZSW Association (ZSWA):

Although the ZSWA is a separate charity, it is appropriate to include reference in this report as it is effectively the Zoo charity's ‘friends’ or support group and a strong link to the local community. The Association gave excellent financial support to the Zoo during COVID donating £50,000 to help fund completion of the Silk Road project for the snow leopards.

One of the ways the public showed their support through the crisis was by a surge in memberships. In terms of individuals enjoying benefits in all membership categories (excluding Groups) by July 2021, this had more than doubled to over 3,200 members.

Structure, governance and management

The National Zoological Society of Wales is a company limited by guarantee and does not have a share capital. The liability of each member in the event of winding up is £1.

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

Mr P Gibson MA (Oxon), DMS, MBIM

Dr C S Harcourt BSc, MSc, PhD

Mr T Deakin MIET Mr P Loveluck CBE, BA, JP Mr N H Brown BSc

Mr R Jackson BBA CGMA

Mr H D Roberts FRICS Ms S Scanlan BA Hons. Dr S Miller BSc (Hons) MrA Greenwood MA VetMB CBiol FSB DipECZM FRCVS

(Appointed 21 April 2020)

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Under the articles of association the maximum number of Trustees is nine, and one third of those retire each year by rotation. They are eligible to be re-elected and are nominated and appointed by the remaining Trustees.

The charity is governed by the Trustees who pass the day to day administration to Mrs Jen Jesse in her capacity as Director of Operations and Administration. The Zoological operation continues to be directed by Mr Nick Jackson.

Any new Trustees that are nominated by the Trustees are individuals that have the necessary skills and knowledge to support the work of the charity, however newly appointed Trustees are given appropriate training as deemed necessary.

The Trustees hold quarterly council meetings both in private and with directors to discuss progress and any issues arising. There is no reimbursement of Trustee expenses.

The charity has a trading subsidiary (Zoological Society of Wales Trading Company Limited), the results of which are incorporated into the consolidated accounts.

The organisation operates a structured volunteer scheme in co-operation with Conwy Voluntary Council and WCVA. The volunteers assist on a part-time basis, under supervision, in various Zoo departments including Education, Gardens and Animal Welfare. The Trustees and Management of the Society are grateful for the support of our volunteers. In accordance with the accounting policy, the value of such volunteers is not recognised in the accounts.

Auditor

In accordance with the company's articles, a resolution proposing that Sage & Company Business Advisors Ltd be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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The Truste s reportwvas approved by the Board of Trustees.
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Mr T Deakin MIET Vice Chairman Dated: 14 September 2021

Mr N L Jackson MBE Secretary Dated:14 September 2021

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees, who are also the directors of National Zoological Society of Wales Limited for the purpose of company law, are responsible for preparing the Trustees Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the National Zoological Society of Wales and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the National Zoological Society of Wales and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the National Zoological Society of Wales and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditors

So far as each person who wasa trustee at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the trustees individually have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

Opinion

We have audited the financial statements of National Zoological Society of Wales Limited (the ‘National Zoological Society of Wales’) (the 'parent') and its subsidiaries (the 'group') for the year ended 31 December 2020 which comprise the Consolidated SOFA, Consolidated Balance Sheet, Consolidated Cash flow Statement and Parent Company Balance Sheet, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the National Zoological Society of Wales in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the National Zoological Society of Wales’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the National Zoological Society of Wales and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the National Zoological Society of Wales for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the National Zoological Society of Wales’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that rise due to fraud can be harder to detect than these that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO y/ RUSTEES OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED r O [ie Christ6p Viorgans BA ACA (Senior Statutory Auditor) for and on behalf of Sage & Company Business Advisors Ltd 14 September 2021

Chartered Accountants Statutory Auditor

102 Bowen Court St Asaph Business Park St Asaph Denbighshire LL17 OJE

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Restricted Total Total
funds funds
2020 2020 2020 2019
Notes £ £ £ £
Income and
endowments
from:
Donations and legacies		 3 636,114 388,760 1,024,874 167,176
Charitable activities 2 961,279 37,040 998,319 1,589,267
Othertrading activities 4 186,156 - 186,156 248,392
Investments 5 42,943 - 42,943 49,138
Other income 7 129,165 - 129,165 85,737
Total income 1,955,657 425,800 2,381,457 2,139,710
Expenditure
on:
Raising funds		 6 20,725 - 20,725 49,615
Trading costs 6 154,204 - 154,204 176,784
Charitable activities 8 1,461,774 37,040 1,498,814 1,723,300
Total resources expended 1,636,703 37,040 1,673,743 1,949,699
Net incoming resources before transfers 318,954 388,760 707,714 190,011
Gross transfers between funds 19,475 (19,475) - -
Net income for the year/
Net movement in funds 338,429 369,285 707,714 190,011
Fund balances at 1 January 2020 2,927,034 520,661 3,447,696 3,257,684
Fundbalancesat31December2020 3,265,463 889,946 4,155,409 3,447,695

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed assets
Tangible assets 13 2,863,073 1,878,003
Current assets
Stocks 14 66,132 52,886
Debtors 16 189,234 83,457
Cash at bank and in hand 1,518,342 1,580,750
1,773,708 1,717,093
Creditors: amounts falling due within
one year 17 (234,620) (147,401)
Net current assets 1,539,088 1,569,692
Total assets less current liabilities 4,402,161 3,447,695
Creditors: amounts falling due after
more than one year 18 (246,752) -
Net assets 4,155,409 3,447,695
Income funds
Restricted funds 889,946 520,661
Unrestricted funds 3,265,463 2,927,034
4,155,409 3,447,695

The financia ents were approved by the Trustees on 14 September 2021 NN — C) Mr T Deakin MIET Vice Chairman

Company Registration No. 01731129

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

PARENT COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2020

2020 2019
Notes £ £ £ £
Fixed assets
Tangible assets 13 2,863,073 1,878,003
Investments 2 2
2,863,075 1,878,005
Current assets
Stocks 14 16,102 18,800
Debtors 16 235,496 111,679
Cash at bank and in hand 1,518,126 1,580,534
1,769,724 1,711,013
Creditors: amounts falling due within 17
one year (230,638) (141,323)
Net current assets 1,539,086 1,569,690
Total assets less current liabilities 4,402,161 3,447,695
Creditors: amounts falling due after 18
more than oneyear (246,752) -
Net assets 4,155,409 3,447,695
Income funds
Restricted funds 889,946 520,661
Unrestricted funds 3,265,463 2,927,034
4,155,409 3,447,695

The finangi atements were approved by the board of directors and authorised for issue on 14 September 2021 andfare signed on its behalf by:

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b
Mr T Deaki
Vice Chairman
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Company Registration No. 01731129

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2020

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|||||||||| |---|---|---|---|---|---|---|---|---| |2020|2019| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|26|715,720|302,069| |Investing|activities| |Purchase|of tangible|fixed|assets|(1,092,823)|(457,885)| |Rental|income|and|interest|received|42,943|49,139| |Net|cash|used|in|investing|activities|(1,049,880)|(408,746)| |Financing|activities| |Proceeds|from|borrowings|271,752|-| |Net|cash|generated|from/(used|in)| |financing|activities|271,752|-| |Net|decrease|in|cash|and|cash|equivalents|(62,408)|(106,677)| |Cash|and|cash|equivalents|at|beginning|of year|1,580,750|1,687,427| |Cash|and|cash|equivalents|at|end|of year|1,518,342|1,580,750|

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Company information

National Zoological Society of Wales Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Flagstaff Gardens, Old Highway, Colwyn Bay, LL28 5UY.

1.1 Accounting convention The accounts have been prepared in accordance with the National Zoological Society of Wales's governing documents, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The National Zoological Society of Wales is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the National Zoological Society of Wales. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The charity has elected not to include a parent entity statement of financial activities within these consolidated accounts.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the National Zoological Society of Wales has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the National Zoological Society of Wales.

18

NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the National Zoological Society of Wales has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from donations, legacies and grants, including capital grants, are included in incoming resources when these are receivable.

When donors specify that these are for particular restricted purposes, which do not amount to preconditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 4% straight line
Building improvements 10% straight line
Plant and machinery 15% reducing balance
Fixtures, fittings & equipment 10% reducing balance
Motor vehicles 25% reducing balance
Silk Road Project 10% straight line
Newtoiletblock 4%straightline

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Costs incurred in respect of projects under construction are capitalised. The assets held are not depreciated and won't be until such time that the project has been fulfilled and offers a source of future economic inflows to the entity.

1.7 Impairment of fixed assets At each reporting end date, the National Zoological Society of Wales reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The National Zoological Society of Wales has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the National Zoological Society of Wales's balance sheet when the National Zoological Society of Wales becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

(Continued)

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the National Zoological Society of Wales’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the National Zoological Society of Wales is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

The National Zoological Society of Wales operates a defined contributions pension scheme. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme, to the Statement of Financial Activities.

2 Charitable activities

Operation Operation
ofZoo ofZoo
2020 2019
£ £
Sales within charitable activities 998,319 1,589,267
Analysis by fund
Unrestricted funds 961,279 1,582,445
Restricted funds 37,040 6,822
998,319 1,589,267

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

3 Donations and legacies

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Unrestricted|Restricted|Total| |funds|funds|funds|funds| |2020|2020|2020|2019|2019|2019| |£|£|£|£|£|£| |Donations|and|gifts|388,970|298,760|687,730|61,523|105,653|167,176| |Grants|received|247,144|90,000|337,144|-|-|-| |636,114|388,760|1,024,874|61,523|105,653|167,176|

----- End of picture text -----

Income from donations, legacies and grants, including capital grants, are included in incoming resources when these are receivable.

When donors specify that donations, legacies and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

4 Other trading activities

----- Start of picture text -----
|||||| |---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2020|2019| |£|£| |Non-charitable|trading|activities|175,476|248,392| |Grants|received|10,680|-| |Other trading|activities|186,156|248,392|

----- End of picture text -----

The Zoological Society of Wales Trading Company Limited is a wholly-owned trading subsidiary, registered in England & Wales under company registration number 02919513. It operates a gift shop within the zoo grounds and donates all profits to the parent charity by Gift Aid. In addition to this donation, the company pays an annual management charge of £21,000 to the society as a contribution to its overheads.

The investment policy with regard to this subsidiary is the recognition at cost value only. An amount of £46,261 (2019: £28,222) owed to the parent by the subsidiary is included within debtors.

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

5 Investments
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Rental income 40,689 42,687
Interest receivable 2,254 6,451
42,943 49,138
6 Raising funds
Unrestricted Unrestricted
funds funds
2020 2019
£ £
Fundraising and publicity
Seeking donations, grants and legacies 20,725 49,615
Trading costs
Other trading activities 80,504 114,477
Staff costs 72,400 60,557
Support costs 1,300 1,750
Trading costs 154,204 176,784
174,929 226,399
7 Other income
2020 2019
£ £
Insurance claim 42,484 =
GiftAid receivable on admissions 86,681 85,737
129,165 85,737

= 99\e

NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2020

8 Charitable activities

Direct Total 2020 Total 2019
Charitable
Expenditure
£ £ £
Staff costs 793,252 793,252 836,581
Depreciation and impairment 107,753 107,753 98,145
Feed and bedding 106,577 106,577 147,020
Rates and water 34,291 34,291 47,656
Light and heat 70,397 70,397 60,163
Veterinary fees 36,934 36,934 41,506
Livestock acquisition and transport - - 4,419
Property maintenance 87,035 87,035 191,056
Gardens 11,950 11,950 27,683
Donations Re: In situ conservation 11,351 11,351 5,652
1,259,540 1,259,540 1,459,881
Share ofsupport costs (see note 9) 233,274 233,274 257,419
Share ofgovernance costs (see note 9) 6,000 6,000 6,000
1,498,814 1,498,814 1,723,300
Analysis by fund
Unrestricted funds 1,461,774 1,461,774 1,716,478
Restricted funds 37,040 37,040 6,822
1,498,814 1,498,814 1,723,300

eS

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Support costs

Support costs
Support Governance 2020 2019
costs costs
£ £ £ £
Telephone 9,577 - 9,577 22,203
Insurance 55,963 - 55,963 44,397
Printing, postage and stationery 15,116 - 15,116 16,619
Motor and travel 8,772 - 8,772 26,993
Sundry expenses 9,770 - 9,770 6,370
Bank charges, bank interest and credit card fees 23,245 - 23,245 17,680
Legal and professional 10,236 - 10,236 18,421
Subscriptions 16,077 - 16,077 21,352
Consultancy, accountancy and payroll 22,600 - 22,600 15,000
Irrecoverable VAT 61,918 - 61,918 62,384
Audit fees - 7,300 7,300 7,750
233,274 7,300 240,574 265,169
Analysed between
Trading - 1,300 1,300 1,750
Charitable activities 233,274 6,000 239,274 263,419
233,274 7,300 240,574 265,169

Governance costs includes payments to the auditors of £7,300 (2019- £7,750) for audit fees.

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the National Zoological Society of Wales during the year.

11 Employees

The average monthly number of employees during the year was:

2020 2019
Number Number
Administration 8 6
Keepers 17 16
Maintenance and gardens 12 13
Seasonal workers 12 13
Total 49 48

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

11 Employees (Continued)
Employment costs 2020 2019
£ £
Wages and salaries 865,652 897,138
There were no employeeswhose annual remuneration was £60,000 or more.
12 Taxation

Owing to the organisations charitable status, no provision has been made for corporation tax.

13 Tangible fixed assets

Tangible fixed assets
Land and
buildings		 Plantand
machinery		 Motor
vehicles		 Total
£ £ £ £
Cost
At 1 January 2020 3,186,025 317,431 59,196 3,562,652
Additions 1,092,823 - - 1,092,823
At31December2020 4,278,848 317,431 59,196 4,655,475
Depreciation and impairment
At 1 January 2020 1,436,808 202,451 45,390 1,684,649
Depreciation charged in the year 87,055 17,246 3,452 107,753
At 31 December 2020 1,523,863 219,697 48,842 1,792,402
Carrying amount
At 31 December 2020 2,754,985 97,734 10,354 2,863,073
At31December2019 1,749,217 114,980 13,806 1,878,003

All tangible fixed assets are owned by National Zoological Society of Wales Limited, and as such these assets are that of both parent and consolidated group.

14 Stocks 2020 2020 2019 2019
Consolidated Parent Consolidated Parent
£ £ £ £
Consumables and Finished Goods 66,132 16,102 52,886 18,800
66,132 16,102 52,886 18,800

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

15 Loans and overdrafts

Loans and overdrafts
2020 2019
£ £
Other loans 271,752 -
Payable within one year 25,000 -
Payableafteroneyear 246,752 ~
HSBC Bank plc retainsa first legal charge dated 17 March 2002 over leasehold land and buildings at the
Flagstaff Estate, Colwyn Bay, anda
first legal charge dated 22 September 1997 over freehold property
land on the Northerly side of the Old Highway road from Mochdre to Colwyn Bay adjoining Tower Lodge,		 HSBC Bank plc retainsa first legal charge dated 17 March 2002 over leasehold land and buildings at the
Flagstaff Estate, Colwyn Bay, anda
first legal charge dated 22 September 1997 over freehold property
land on the Northerly side of the Old Highway road from Mochdre to Colwyn Bay adjoining Tower Lodge,		 HSBC Bank plc retainsa first legal charge dated 17 March 2002 over leasehold land and buildings at the
Flagstaff Estate, Colwyn Bay, anda
first legal charge dated 22 September 1997 over freehold property
land on the Northerly side of the Old Highway road from Mochdre to Colwyn Bay adjoining Tower Lodge,		 HSBC Bank plc retainsa first legal charge dated 17 March 2002 over leasehold land and buildings at the
Flagstaff Estate, Colwyn Bay, anda
first legal charge dated 22 September 1997 over freehold property
land on the Northerly side of the Old Highway road from Mochdre to Colwyn Bay adjoining Tower Lodge,		 HSBC Bank plc retainsa first legal charge dated 17 March 2002 over leasehold land and buildings at the
Flagstaff Estate, Colwyn Bay, anda
first legal charge dated 22 September 1997 over freehold property
land on the Northerly side of the Old Highway road from Mochdre to Colwyn Bay adjoining Tower Lodge,		 HSBC Bank plc retainsa first legal charge dated 17 March 2002 over leasehold land and buildings at the
Flagstaff Estate, Colwyn Bay, anda
first legal charge dated 22 September 1997 over freehold property
land on the Northerly side of the Old Highway road from Mochdre to Colwyn Bay adjoining Tower Lodge,
Colwyn Bay.
On 26 May 2020a legal chargewas created in favour ofDow Investments (10) Limited securing all monies
due or to become due from the Charity on all freehold property and fixed assets both present and future.
16 Debtors Consolidated Parent Consolidated Parent
2020 2020 2019 2019
£ £ £ £
Amounts falling due within one year:
Trade debtors 2,131 2,131 20,960 20,960
Amounts due from subsidiary undertakings - 46,261 - 28,222
Other debtors 144,337 144,338 2,663 2,663
Prepayments and accrued income 42,765 42,765 59,834 59,834
189,233 235,495 83,457 111,679
17 Creditors: amounts falling due within one
year
Consolidated Parent Consolidated Parent
2020 2020 2019 2019
£ £ £ £
Loans and overdrafts 15 25,000 25,000 - -
Other taxation and social security 87,860 85,988 16,062 12,477
Trade creditors 41,752 41,752 21,739 21,739
Other creditors 72,508 70,398 2,677 2,584
Accruals and deferred income 7,500 7,500 106,923 104,523
234,620 230,638 147,401 141,323

NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

18 Creditors: amounts falling due after more than one year

2020 2019
£ £
Borrowings 246,752 -

19 Retirement benefit schemes

The company operates a defined contribution pension scheme for all qualifying employees. The The company operates a defined contribution pension scheme for all qualifying employees. The assets of
the scheme are held separately from those ofthe company in an independently administered fund.
20 Capital commitments 2020 2019
£ £
At 31 December 2020 the National Zoological Society ofWales had capital
commitments as follows:
Contracted for but not provided in the financial statements:
Acquisitionofproperty,plantandequipment 216,500 894,308

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NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

21 +Analysis ofnetassetsbetweenfunds Unrestricted Restricted Total
£ £ £
Fund balances at 31 December 2020 are represented by:
Tangible assets 1,902,532 889,946 2,863,073
Current assets/(liabilities) 1,539,087 - 1,539,088
Long term liabilities (246,752) - (246,752)
3,194,867 889,946 4,155,409

Restricted funds during the period related to restricted donations and depreciation of fixed assets.

22 + Events after the reporting date

In accordance with Government guidelines the Zoo remained closed from 14th December 2020 and reopened on the 26th April 2021, and although it had suffered a period of no visitors whilst closed, the backing of the local community and other supporters of the Zoo helped to raise a significant amount of money to help with the running of the Zoo alongside the careful control and monitoring of expenditure by the Directors. Since reopening, the support shown to the Zoo has been reflected in the daily visitor numbers, the Directors are looking ahead, and the finances of the Zoo remain robust.

23 ~+Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2020 2019
£ £
Aggregate compensation 118,730 138,063

Nick Jackson is an employee of the National Zoological Society of Wales Ltd (NZSW) and is also Chairman of the Zoological Society of Wales Association (ZSWA). During the year the ZSWA donated £44,694 (2019: £23,685) to NZSW.

24 Analysis of changes in net funds

Analysis of changeschanges in net fundsfunds
At 1 January Cash flows At 31 December
2020 2020
£ £ £
Cash at bank and in hand 1,580,750 (62,408) 1,518,342
Loans falling due within one year - (25,000) (25,000)
Loans falling due after more than one year - (246,752) (246,752)
1,580,750 (334,160) 1,246,590

«20s

NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

25 Subsidiaries

These financial statements include the results of the wholly owned trading subsidiary, Zoological Society of Wales Trading Company Limited ona line by line basis.

Name of undertaking: Zoological Society of Wales Trading Company Limited Company registration number: 02919513

Country of incorporation: United Kingdom

Holding: 100% of 2 ordinary shares in issue

Principal Activity: Sale of zoological goods and souvenirs

For the year ended 31 December 2020 the trading subsidiary had revenue of £175,477, and after donating its surplus to the parent via Gift Aid, had an operating profit of £0.

26 Cash generated from operations 2020 2019
£ £
Surplus forthe year 707,714 190,011
Adjustments for:
Investment income recognised in profit or loss (42,943) (49,138)
Depreciation and impairment oftangible fixed assets 107,753 98,145
Movements in working capital:
(Increase) in stocks
(Increase) in debtors		 (13,246)
(105,776)		 (10,755)
(9,249)
Increase in creditors 62,218 83,055
Cashgeneratedfromoperations 715,720 302,069

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