Charfty Registrallon No. 514108 Company Reglstr•tion No. 017311291England and Wales) NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P Gibson MA {Oxonl, DMS, MBIM Dr C S Harcourt BSC, Msc, PhD Mr T Deakin MIET Mr N H Brown Bsc Mr R Jackson BBA CGMA Dr S Miller Bsc IHons} Mr A Greenwood MA VetMB CBiol FSB DipECZM FRCVS Mr N L Jacksors MBE MrA Rogers Secretary Mr C Mitchell Charlty number 514108 Company nvmbor 01731129 Principal address Flagstaff Gardens Old Highway CoNvyn Boy LL28 SUY Registered office Flagstaff Gardens Old Highway Colvryn Bay LL28 5UY Audltor Sage & Company Business Advisors Ltd 102 Bowen Court St Asaph Business Park StAsaph Denbighshire LL17 OJE
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED CONTENTS Page Trustses report Ststement of Truste8s responsibilities Independent auditoffs report 9-12 Statement of financial adivrties 13-14 8alance sheet 15 Statement of cash flows 17 Notes to the financial statements 18-29
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together wth the consolidaled financial stslements of the charity accounts for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in nole 1 to the financial statements and comply with the Nabonal Zoological Society of Wales's Igoverning documentl, the Companies Act 2006 and "Accounting and Reporting by Charities. Statement of Recommended Pracbce applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicab In the UK and Republic of Ireland IFRS 1021" (effective 1 January 2019}. ObJe¢tlve8 and actlvltl?s As the National Zoological Soci&ty of Wales. the Charity's object and its prinupal activity are to advance the education of the general public by Increasing knowledge, Interest and apprectatson of animals - including rare and endangered species and plants in l)oth natural and artifioal environments. and to provide facilities for recreation and other leisuTe time activities. Ml88lon Ststernent Through Ils work at the Welsh Mountain Zoo, and elsewher8. the SOcty seeks to.. enhan(x appreciation and understanding of the earth's nalural hentage through public education and r•¢reation, and the advancement of biological study. support the maintenance of the earth's biological diversity through participats'on in conservalion breeding programmes and assistance for Conservation in the wild. pursue the above objectives and activities globalty, regionally and with special omphasis on the conservation and enhancement of biodiversity in Wales and its surrounding areas. We have oullined the achievements and perfomiance of the Charty in line with its Strategic Aims as listed below. Strategic Aim 1.. To operate an exemplary Zoo, providing a ntre of excellence for animal welfare and Ihe Zoo environment Strategic Aim 2". To maximise the impact of our conservation and research activities both within the Zoo and in Ihe wild. making a real difference lo the care and prolects'on of animals, plants and habitsts Strategic Aim 3. To enhance the public's knowlèdge. appreciation and understanding of animals and the natural environment {Including rare and endangered species) and increase awareness of nSerVatIon through inspiring educational experiences Strategic Aim 4.. To enhance the Zoo's position as a leading Visitor attraction in North Wales, providing engaging, enjoyable, qualty experiences for all guests Strategic Aim 5.. To ensure the lon*temi financial and environmental sustainability of the Charity through ffinancially sustainable business activities and hh standards of goveman Strategic Aim 6.. To be an active and effective social enterpnse with strong community involvement and partnership working The Trustees and Management confimi they have both paid due regard lo and continue in the provision of public benefit through the Charity's obiectives in line with s4 of the Companies Act 2006 and 517{51 of the Charities Act 2011.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 As visitor attendance figures will demonstrate. 2023 ended slightly down on 2022. Unfortunately, Ihe downtum in visitor numbers may be due to poor weather experienced in the year and the fall out of this on a largely outdoor attraction. Whilst this report focuses on the Zoo Charity, we have to accept that there are concems over visitor numbers al attractions on both a national and regional level, with global factors adding an air of uncertainty. Uts'lity pnces and other costsaof-living remain high. The basis of valuation for donated services of volunteer3 is that deemed costs are not recognised within the Statement of Financial Activities. Achlevem•nts and perfornianco Strat•gl¢ Alm 1: To operat• an •x•mplary zoo, provldlng a c•ntr• of excelhnc• for anlmal w•lfar• and Ihe zoo envlronm•nt vemen s animal f Work ha$ begun to disposilion the repti collecb'on. to ensure the Zoo can meet the tems of the Licence Direction that the reptiles be in new accommodatson by September 2024. This will allow works lo begin t¢)wards a new facility in the area of the alligators, children's fam and reptik8 house. The galah aviary was reameshed, with addibonal shelter added for the birds. The specification of the mesh also ensures pests are excludéd from the aviary, providing protection of their food source and from incufsion of wild birds. Plans are being put together wrth our archrtect contractors for improved ac¢ommodatson for the brown bears and gibbons. Plans were finaliséd for rep1arnent of the Sumatran tiger fence. the work for which will be undertaken in 2024. Design of the fenr* line aims to improve both viewing al allocated points, while generally improving seclusion opportunities for the cats. The electric sub main and feod to the sea lion habitat was upgraded. to ensure the LSS is fully supported into the future. A new and improved animal feed-prep kitchen was constructed ano fully fitted. ensuring a hygienic food prep area can b• maintained. During 2023 a number of speoes were bred as part ol COwordinal8d national or international éx situ breeding programmes and these induded Califomia sea lion, margay. Humboldt penguin plus a variety of other species including lemon dove, galah and weavers. A new female snow leopard was assigned to the Zoo by the EEP. and arrived in October. 11 is hoped ther8 will be breeding success bets¥een this young female and the mak8 received in 2022. Two young captive bred squirrels were assigned to and received by the Zoo, helping create hvo breeding paits. The Sumatran tigers underwent fertility investigation. From observations. they are both due dental work and the female will undergo keyhole surgery to remove a cyst in 2024. It is thought these acb'ons will work to improve the fertility of both cats. They will then be reassessed by the EEP for breeding recommendations. Ifare an of Life A The Zoo ha$ further developed annual welfare assessments. and ¢ontinues to develop the Quality-of-Life assessments, in order to measure and track animal welfare arKI habitst improvements. The functionality of these assessments will be under constant review.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strategle Alm 2: To maxlmlse the Impact of our conservatlon and research actlvltles both wlthln the Zoo and in the wild, making a real dlfference to the care and protection of animals, plants and habltats In 2023 we were able to exceed all existing promised frJnding, wrth the budget for in-situ financial donations increased. The Zoo was pleased to be able to provide a host site for coyn Bee Honey apiaries. with the locality expected to benefit trom the pollinators. 3 young captive bred squirrels were transferred to the Zoo for holding. ahead of their wild release in 2024. In situ Conservab"on'. The Society has maintained rts practical and financial support for a number of in situ conservation projects.. Rehabilitation and release of grey and common seals continues this year. Moth monitoring on the Zoo site in collaboration with Rothamsted Research. Working closely with collabofators in the Gwynedd Pine Marten Project and NRW the Zoo has provided pine martens for release in Gwynedd. North Wales. In 2023. the three martens bred In 2022 went for wild release. The Conservation Planning Specialist Group of the Species Survival Commission of IUCN. The Forest Guardian Programme {through EAZAI for red panda conservation in Nepal, The Snow Leopard Trust for snow leopard conseation in range countn"es,' Madagasikara Voakajy for lemur conservation in Madagascar., The WELD Chimpanzee Foundation for chimp conservation in Cote d.1voi. Liberia, Guinea and Sierra Leone". Wildcats Conservation Alliance for wikl tyr conservation projects., Red Squirrels Trust Wales for the conservation of this native species. CREA Panama Margay Arboreal Project was added this year. Strateglc Alm 3: To enhance the public'$ knowledge. appre¢iation and understanding of animals and the natural environment lin¢luding rare and endangered species} and increase awareness of conservatlon through inspiring gducalional experiences Education.. Alex has increased outreach. dassroom and infomial education engagements by 744% in 2023, compared with 2022 engagement records. This was in achieved in part due to resuming Zoo Clubs. embracing larger community engagement opportunities and VIewIng pric¢ng structure to increase uptake of formal education sessions by schools through the traditionalty quieter winter period. The Zoo implemented increased signage and inlerpretstion, f¢xused on ocean plastics to promote prfrconservation behaviours. Alongside, interactive signage for the bears. red-panda, and bees. Templates were created to introduce plant species signs to the site. Research.. This year saw nine completed research projects ranging from BSc-PhD. These induded behaviour sludies with bears, sea lions, callitrichids, macropods, and chimpanzees. teacher feedback evaluation, and signage impact on visitor engagement. The Zoo's in-house research was presented at the BIA2A National Education ConfenCe with fellow sector peers.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Strategic Aim 4: To anhanc• the Zoo's posltlon a• a l•adlng vlsllor attractlon In North Walo8, provldlng ongaglng, •nJoyablo. quality exp•rl•nc•8 for all guests Improvements and modifications were made to some pathways in the woodland to improve accessibility. Further works were undertaken lo improv8 guest a$$ and egress lo and from the Zoos overfow carpark. Improved visitor access to and viewing of the Sumatran tiger endosure have been planned in line with the fence replacement, induding large viewing windows for a more immersive guest experience. A compound has been created in the comer of the overtlow car park. for vehicle, trailer and tool storage. This ar88 helps remove these items from sight of our guest and improves perceptions of the Zoo from arrival on the car park. The guest fatsng area of Ihe chimp auditorium undeThvent renovats'on and removal of Some obsolete equipment. to ensure a more attracbve space for guests lo Snd tsme. Electric cabling was laid from the pedestrian entrance of the Zoo to the field car park in preparation of receipt of defibrillator, which will mean there are Iwo defibrillators located on site for guest. A canopy was erected over and around the guest faang area of the main office. improving the look of this area and providing an all-wealher space for visitors in need of visiting the main office. Flnanclal rovl•w Strateglc Alm S". To •n•ure th• long-terni flnanclal Ind envlronm•ntal su8tslnablllty of the Charlty through flnanclally •u$tslnable busSne• ¢tlvltl•s and hlgh •tandard$ of gov•m¥ncfr We ended 2023 12% down on the attendance ffigures of 2022. with 153.469 people visiting in 2023. 124,685 of these were paying. with the remainder made up of tree admission wheelchair users, under 3s and complimentsry tickets. Admission prices were increased in 2023 by 10% with gate receipts for the year ending 5.2% down on 2022. The 2023 shop receipts were 12Yo down on the previous year. wrth spend per head dropped 51ightty from £2.87 in 2022 to £2.63 in 2023. Catering recèipts were up 9% and this also resulted in an improvement in the caterin9 spend por head from £3.37 in 2021 10 £3.71 in 2023. Income from purchased activities in the Zoo. i.e., Keeper for the Day. Encounters and Adoptions, in 2023 showed an increase of 4yr* on 2022. The Society's 2018 to 2028 Strategic Plan was published in lale summèr 2018. The Trustees announced in September that a CEO would be appointed for 2024, at which point the Strategic plan would be reviewed. Chris Mitchel was appointed as CEO in May 2024. Ro•erve¥ poll¢y The Trustees policy for reseNes is to maintain a minimum of £500,000 in the bank account, such amount lo be kept under continuous review. This is based on an aggregate of 5 months, running costs which is deemed prudent by the Trustees.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT> (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Risk management pollcy The Trustees have camed out a detailed review of the charity's acts"vities and produced a comprehensive strategi plan setting out the maior opportunities available to the charity and the risks to which it Is exposed. The Trustees monitor progress against the strategic obiectives of the charity. A delailed review of the objeth'ves is carried out regularly. As part of this process, the Twstse$ have implemented a risk management strategy which comprises.. regular review of the risk5 which the charity may face.. the establishment ol systems and procedures to mitsgate those risks identified in the plan," and the implemenlalion of proCedUS designed to minimise any potential impact on the charity should any of those risks materialise. The Truslees have focused on the need to refurbish arbd develop the animal exhibts further, resulting in the applications for funding mentioned previously. A successful outcome is dependent on the charity meeting the challenges such a maior project presents and managing our finan¢$ prudenlly. Pl•n• for fulvr• p•rlod• Work lo the overflow car park in 2022 were not effective in creating a usable all•weather car park. and as such, thè overfow car park was not usable during February half tenn and the busy Easter period, due lo waterlogging. nvir nm The Society's commitment to suslainability at the core of its activities has conb'nued and the programme of separating and recycling waste is continuing. In 2023 Catering Concessionaires, Graze Gqtering, successfijlly managed to remove the v8sI majonty of single use plastic items from their operation. induding but limited lo, cutlery, lake away packaging and preacked drinks. The Direclofs engaged with Gen Digital Academy. in order to begin assessment of the site in tems ol energy usa and cart)on footprint and begin a partnership lo identify any changes and Improvements that can be made, and any funding that may available to assist this process. The Board of Tnjslees announced in September 2023 that they would be rocruitr'ng for a CEO lo join the Charity. Chris Mitchel was appointed as CEO in May 2024. Director of Estates, Neil Morris, resigned his posrtion in the last quarter of the year. The vacancy was not advertised or refilled, with Jen Jesse, D1clOr Operations and Administration picking up key responsibilitses for the position. A Senior HR advisor post was created and filled in the second half of the year.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Strategic ASM 6: To b• an a¢tOv• and effectlv• 80¢ial •nterprlse wlth •trong communlty Involvemont •nd partnernhlp worklng The Zoo engaged 38 volunteers across the four departments, who dedicated a totsl of 3,501.75 hours to thé zoo. We partnered with two local colleges, Uandrillo and Pengwem. to offer woth placements for their art. media, and garden students. Education sessions were held in collaboration with local charity groups including Guide Dogs UK. Epilepsy Action Cymru, ScoutslBrownies, and The Joshua Tree Charity. The zoo also. worked with Conwy Counril to receive Level 1 Makaton training lo increase the inclusivity of the zoo for its guests. hi ion The ZSWA charity. which ran memberships to NZSW was disbanded in July 2023. All exibng funds were transferred lo the Zoo, and membership will now be handled directly by the Zoo administration team. Total memberships averaged 2.400 for the year. reaching their peak in February 2023 with just under 2,700 members. Structurè. governan¢e and management The National Zoological Soaety of Wales Is a company limrted 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 dunng the year were,. Mr P Gibson MA (Oxonl, DMS. M81M Dr C S Harcourt BSC. Msc, PhD Mr T Déakin MIET Mr N H Brown 8Sc Mr R Jackson BBA CGMA Mr H D Roberts FRICS Ms S Scanlan BA Hons. Dr S Miller BS¢ (Hons) Mr A Greenwood MA VetMB C8iol FSB DipECZM FRCVS Mr N L Jackson M8E Mr A Rogers (Resigned 12 September 20231 (Resigned 21 March 2023} Under the artic$ of assoaation the maximum number of Trustees is 1ve. and one third of those retire each year by rolation. They are eligible lo be rewelected and are nominated and appointed by the remaining Trustees. The charity is govemed by the Twste8s who pass the day to day administrats.on to Jen Jesse in her capacity as Director of Operations and Administration (until May 2024} then Chris Mitch811 in his role as CEO {from May 2024}. The Zoological operation contsnue$ to be directed by Kim Wood. Any new Trustees that are nominated by the Trustees a individuals that have the necessary skills and knowledg8 lo support the work of Ihe charity, however newly appointed Truslees are given appropriate training as deemed necessary. The Trustees hold quarterfy council meetings both in private and directors to discuss progre$$ and any igsue$ arising.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The charity has a trading subsidiary (Zoological Society of Wa* Trading Company Limited). the reSUS of which are incorporated Into the consolidated accounts. The organisation operates a structured volunteer scheme in Cowoperation 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 gratefvl for the support of our volunteers. In acwfdance with the accounting policy, the value of such volunteers is not recognised in the accounts. Auditor In accordan with the company's artides, a resolution proposing that Sage & Company Business Advisors Ltd be reappointed a5 auditor of the company will be put at a General Meeting. Disclosure of inforrnation to auditor Each of the Trustees has confirmed that there is no information of vthich they are aware which is relevant to the audit, but of which the auditor is unaware. They have fvrtheT confim)ed that they have taken appropriate steps to identify such levant infonnation and to estsblish Ihat the audttor is aware of such infomation. The Tnjstees report was approved by the Board of Trustees. Mr R Jackson BB Chalrnlan GMA 10 Septembef 2024
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees. who are also the d1CtorS of National Zoological Society of Wales Limited for the purpose of ¢ompany law. are responsible for prepanng the Trustses Report and the a¢¢ounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel. Company Law requires the Trustees to prepare accounts for each financ¢al year which give a twe and faiT view of the stale of affairs of the National Zoological Society of Wales and of the incoming resources and application of resources. induding the income and expenditure. of the charitable company for that year. In preparing these accounts, the Trustees are required to.. - select surtable accounting policies and Ihen appty them consistenty., - observe the methods and principles in the Chariti8s SORP.. - make judgements and ests'mates that are reasonable arKI prudent., and - prepare the accounts on the going concem basis unless it 15 inappropriats to presume that the National Zoological Society of Wales wll continue in operats'on. The Trustees are responsible for keeping adeqLtale accounting records that disclose with reasonable accuracy at any time the finanal position of the National Zoological Souety of Wdles and enable them to ensure Ihal the accounts comply with the Companies Act 2006. They are also responsible fof safeguarding the assets of the National Zoological Society of Wales and hence for taking reasonable steps for the prevention and delection of fraud and othef irregularities. ststgment of dl•¢lo8ure to audltorn So far as &ach person who was a truste8 at the date of approving this report is aware. there is no relevant audil 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 ord6r to make themselves aware of all relevant audit information and to establish that the Company's auditors are aware of that infOnaOn.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Oplnlon We have audited the financial statements of National Zoological Society of Wdles Limited (the 'National Zoological Society of Wales'l Ithe 'parenfl and its subsidiaries (the 'group'i for the year ended 31 December 2023 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 preparatron is applicable law and United Kingdom Accountsng Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicabl8 in the UK 8nd Reputslic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements give a true and fair view of the state of the Charitable companYs affairs as at 31 December 2023 and of its incoming resources and application of resources. induding its income and expenditure, for the year then ended", have been property prepared in accordance with Unrted Kingdom Generally ApIe0 Accounting Practice; and have been prepared in accordance wrth the requirements of the Companies Act 2006. 8¥•l• lor opSnlon We conducted our audit in accordance with 1ntemats.onal Standards on Audrting (UK} {ISAs IUKII and applicable law. Ouf responsibilities under those standards are further described in the Auditofs rasponsibiliti8s for the audit of the financial slatemenls 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 obtsined is sufficiont and appropriate to provide basis for our opinion. Con¢lu8lons r•latlng to goln9 cone•rn In auditing the financial statements, we have concluded that the Trustees use of the going concem basis of accounting in the preparation of the finanual statements is appropriate. Based on the work we have perfomed, we have not tdenlified any material uncertainties relating to events or onditions that, individually or collectively. may cast significant doubt on the National Zoological Society of Wales's ability lo continue as a going concem for a period of at least 1ve months from when the financial statements are authorised for Issue. Our responsibilities and the re$ponsibilits'es of the Trustees with respect to going concem are described in the relevant sections of this report. Other Infornatlon The other inforynalion comprises the infomialion induded in the annual report other than the financial slalements and our auditoff s report thereon. The Trustees are responsible for the other Information contained within the annual report. Our opinion on the finanaal statements does not cover the other information and, except to the extent oth8rwise expliuily staled In our report. we do not express any lom of assurance conclusion thereon. Our responsibility is lo ad the other infomalion and. in doing so, consider whether the other infonnalion is materially incon$i$lenl with the financial slalements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to detemiine whether this gives nse 10 a material misstatement in the financial statements themselves. If, based on the work we have rfOrnied. we condude that there is g material mi$$tatem•nt of this other inft)rmation. we are required to report that fact. We have nothing to wport in this regard.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Oplnlons on othor matt•rn prescrlbod by the Companlo• Act 2006 In our opinion, based on the wort( undertaken in the Urse of our audit". the information given in the Trustees report for the finanaal year for which the financial statements are prepared, whi¢h Includ8S the directors, report prepared for the purposes of company law, is consistent wrth the financial statements., and the directors. report included within the Trustses report has been prepared in accordance with applicable legal requirements. Mattor• on whlch w• ar• requlrod to r•port by excoptlon In the light of the knowledge and unclerstanding of the National Z¢)ological Society of Wdles and its environment obtained in the course of the audit. have not identified material misstatements in th8 directors. report included within the Trustees report. We have nothing lo report in respect of the following matters in relation to which Ihe Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have nol been kept. or relums adéquate for our audit hav8 not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums.. or certain disclosures of Irustées. remuneratson speahed by law are not made. or we have nol received all the infomiats'on and explanations we require for our audit,. or the Trusl&8s were not enlilled lo prepare the finanaal slalements in accordance with the small companies regime and take advantage of the small companies, exemptions in prepanng the Trusteos report and from the raquirement to prepare a strategic report. R••pon•lbllltlM of Trul•o• As explained more fully in the statemenl of Trustees responsibilits'es, the Trustees, who are also the direclors of the National Zoological Soaety 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 trua and fair view. and for such inlemal control as the Trustees delerynine 1$ necessary to enable the preparation of financial statements that are free trom material misstat8menl, whether due lo tral or error. In preparing the financial statements, the Trustees are responsible for assessing the National Zoological Soaety of Wales's ability lo conb.nue as a going concern, disclosing. as appIlble. rnatters related to going concem and using the going concem basis of aOUnting unless the Trustees either intend lo liquidate the charitable ¢¢)mpany or to cease operations. or have no realists'c altemative but to do so. Audltorf• re¥pon•lbllltle• for th• audlt of th• fln•n¢ll *tat•m•nts Our objectives are to obtain reasonable assurance about whether the finanual statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an auditorfs report that indude5 our opinion. Reasonable a35urance 1$ a high level of assurance but 1$ not a guarantee that an audit conduded in accordance with ISAS IUKI will aayS detect a material misstalemenl when rt exists. Misstatements can arise from fraud or error and are considèred material if, individually or in the aggregate, they could reasonably b8 expected lo influenr the economic decision$ of users taken on the basis of these finanaal staternents. The extant lo which our procedures are capable of deteth'ng irregulariti'es, induding fraud, is detailed below. 10-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropnate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulatr.ons applicable tov the company through oliscussions with directors and other managernent.. we focused on specific laws and regulats.ons which we conSred may have a direct material effect on the financial statements Of the operations of the company, induding the Companies Act 2006, taxation legislation and employment legislatson", we assessed the extent of compliance with the laws and regulations idenliffied above through enquires of management and inspecting legal correspondence.. and identified laws and regulations were communicated within the audit team regularty and the team remained alert to instsn¢e$ of non-mplI8n¢e through the audit. We assessed the susceptibility of th8 company's financial statements lo matenal misststement. induding obtaining an understanding of how fraud might occur, by.. making enquires of management as to vA)ere they Considered ihere was sugcgptibility lo fraud. their knowledge of actual. suspected and alleged fraud.. considefing the internal controls in placE lo mrtigale risks of fraud and nonrycompliancé with laws and regulations., and understanding the design of the company's remuneration policies. To address the nsk of fraud through management bias and override of controls, we. perforned analytical procedure5 to identify any unusual or unexpected rolatsonshipj.. tested journal entries lo identify unusual Iransath"ons', asse$$ed whether iudgemenls and assumptions made in detemiining the accounting estimates were indicative of potential bias.. and investigated the rationale behind significant or unusual transath"on$. In spOnSe to Ihe risk of irregularities and non<omplian¢e wtlh laws and regulats'ons, we designed procedures which included. bul were not limited lo.. agreeing financial slalement disclosures to underlying supporbng documentation,. and enquiring ol management as to actual and potential lits'gabon and claims. There are inherent limitations in our audit procedures descnbed above. The more removed that laws and regLtlalions are trom financial transactions. the less likely it is that we woukl become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance wrth laws and regulations lo enquiry of the directors and other management and the inswth'on of regulalory and legal correspondence, if any. Material misstatements that rise due to fraud Can be harder to delecl than these that arise from error as they may involve deliberale concealment or collusion. A furthèr descnplion of our responsibilities is available on the Financial Reports'ng Council's website at." https".11 www.frc.org.ukJaudrtorsre$pon$ibiltkn'es. This description forms part of our auditorfs report. This report is made solely lo the company's members, as a body, in accordance with section 391 of th8 Companies Act 2014. Our audit work has been undertaken so that we might slate to the company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pem7itted by law. we do not accept or assume responsibility to anyone other than the company and the company's members a$ a body, for our audrt work, for this report, or for the opinions we have fomed. 11
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Chrlstop for and on bo rgan 8nlor Statutory Audltorl Sage & Company Busine88 Advisors Ltd 10 September 2024 Chartored Accountant• Statutory Audltor 102 Bowen Court St Asaph Business Park St Asaph Denbighshire LL17 OJE 12-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrnstricted R•strlcted fund• fund• 2023 2023 Total Unr•stricted R?stricted fund8 funds 2022 2022 Total 2023 2022 Notes Income and endowmen from: Donations and legacies Charitable activities Other trading activities Investments Other income 221,588 1.903.329 261 10.613 221.849 1,913,942 72,170 1.950,085 72,170 1,964,243 14,158 344,842 61,328 75.509 344,842 61,326 75.509 387,491 55,997 112.834 387,491 55.997 112.834 Tot•1 Incom• 2.606,594 10.874 2.617.468 2.578.577 14.158 2,592.735 Ex endltur on: Fundraising and publicity Trading costs 46.304 242.752 46.304 242,752 42,327 326,589 42,327 326,589 289.056 289.056 368,916 368,916 Charitable activities 2.256.043 10.613 2.288.656 2,111,261 14,158 2,125,419 Loss on disposal of fixed assets 3,051 3,051 Total expendlture 2,545,099 10,613 2.555,712 2,483.228 14,158 2,497,386 Net Incomlng rn8ourc•• boforo transfers 61.495 261 61.756 95,349 95,349 Gross Ifansfers betsveen lunds 39,978 (39.978) 39,092 (39,0921 Net Incomellexp•ndltur•l for tho yearl Net rnovement In fund# 101,473 {39.717) 61.756 134,441 {39,0921 95,349 Fund balances at 1 January 2023 4,199.512 813.494 5.013.007 4,065,071 852,587 4,917,658 Fund balances at 31 D•e8rnbgr 2023 4.300,985 773.777 5,074.762 4.199,512 813,495 5.013,007 The statement of financial ath'vrties indudes all gains and losses recognised in the year. 13-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 All income and éxpenditure derive from conts'nuing acliviti"es. The statement of financial acts'vities aL complies wrth the requirements for an incom8 ar)d eXndrtUr8 account under the Companies A 2006. 14-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notès Flxed assets Tangible assets 13 3.565.189 3,629,380 Current assets Stocks Debtors Cash at bank and in hand 14 16 122,409 103,449 1.554.611 91.935 86,196 1,460,637 1,780.469 1,638,768 Creditors: amounts falling due within one year 17 (191,533) 1124.1821 Net Current assets 1.588.936 1.514,586 Total assets1g8$ ¢Ufrent Ilabllltles 5,154.125 5,143,966 Credltors: amounts falling due after rnorg than on• year 18 {79,363} (130,9591 Net assets 5.074.762 5.013,007 Incorne funds Restricted funds Unstn.¢ted funds 773.777 4,300,985 813,495 4,199,512 5,074,762 5,013,007 ial statements were approved by the Trustees on 10 September 2024 Mr R Jackson Trustee A CGMA Company reglstratlon numbor 01731129 15-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED PARENT COMPANY BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Not08 Flxod assets Tangible assets Investments 13 3,565,188 3.629,380 3,565.190 3,629.382 Current a*•ots Stocks Debtors Cash at bank and in hand 14 16 11.040 206.926 1.554.611 11,030 164.207 1.460.637 1,772,577 1,635.874 Credltorn: •mounts falllng duo wlthln one yo•r 17 (183,6421 1121,2901 Net Current assets 1,588.935 1,514,584 Totsl a••ots l••s curr•nt Ilabllltles 5.154.125 5.143.966 Cr•dltors: amounts falllng du• aft•r morg than ono year {79.363) 1130,959) N•t ••••l• 5,074.762 5,013,007 Incomo funds Restricted fvnds Unrestricted funds 773.777 4.300,985 813.495 4,199.512 5.074,762 5,013,007 The financial statements were approved by the board of directOT5 and authorised for issue on 10 September 2024 an ed on its behalf by.. Mr R Jackson 8BA CGMA Chaiman Company Regl$tratlon No. 01731129 16-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Ca$h flow8 from operatlng a¢tlvltl•• Cash generated from operations 2S 269.459 159.346 Invo•tlng a¢tlvltle• Purchase of tangible fixed assets Investment Income reeived {179.7991 61.326 1818.7141 55,997 Net cash uaad In Investlng actlvltl•s {118.4731 1762,7171 Flnanclng actlvltle• Repayment of borrowings 157,012) 158.9221 Net cash used In fln•n¢lng a¢llvllle• 157,012) {58,922} N•1 Incrnasolldocrea•e) In Cash •nd c••h equlv10nts 93,974 1662.2931 Cash and cash equivalents al beginning of year 1.460.637 2.122,930 C••h and ¢a•h oqulv•lent• at end of y•ar 1,554,611 1,460,637 17-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountlng poll¢l•• Company Informatlon National Zoological Society of Wdle$ Limited is a private company limited by guarantee InrPorated in England and Wales. The registered office is Flagstsff Gardens. Obj Hwjhway. cOn Bay, LL28 5UY. 1.1 Accountlng ¢onventSon The a¢¢ounts have been prepared in accordance with the National Zoological Soaety of Wabs's governing documents, the Companies Act 2006 and -Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chanbes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (as amended for accounbng periods commenong from 1 January 2016). The Natsonal Zoological Souety of Wales 15 a Public Benefit Entity as defined by FRS 102. Th8 financial $tat8ments have departed from the Charities (Accounts and R8portsl Regulations 2008 only to the extent required lo provide a true and fair view. This departu 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 Regulats'ons but which has since boon thdraWn. The financial statements are prepared in sterling, which is the functional currenty of the National Zoological Society of dIes. Monetary amounts In these finanaal stalements are rounded to the nearest £. The accounts have been prepared on the historical cost convention, modified to include the revaluatson of freehold properties and to indude investment properties and c•rtain finanrjal instruments at fair vall. The principal accounting policies adoptéd are set out below. The charity has elected nol lo indude a parent entity statement of financial activities within these consolidated accounts. 1.2 Golng concern Al the time of approving the financial statements. the Trustees have a reasonable expectation that the National Zoological Society ol Wales has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concem basis of accounb'ng in preparing the finanual slalements. 1.3 Charltablo fund• Unrestricted funds are available ft)r use at the discretion of the Truslo8s in furtherance of their charitsble objectives. Restricted fvnds are subject to yufic condrtions by donors as lo how Ihey may tje usad. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment ftjnds a subject lo specific conditions by donors that the caprtal must be maintained by th8 National Zoological Souety of Wales. 1A Incomlng resour¢es Income is recognised when the National Zoological Society of Wales is legally èntitled to it after any perfomance conditions have been met. the amounts can be measured reliably. and it is probable thal income will be received. Cash donations are recognised on receipt. Other donations are recognised onc the Nab'onal Zoological Society of Wales has been notified of the donats"on. Un5$ performanc conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift or deeds of covenant is cognised at the time of the donation. 18-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢les Icontlnuedl Income from donations, legacies and grants. including caprtal grants, are induded in incoming resources when these are receivable. hen donors specify that these are for particular $tricted purposes, which do not amount lo prea¢ondilions regarding entitlement. this income is induded in incoming resources of restricted funds when receivable. Zoo annual membership income is deferred and fOaSed over the period the service Is provided. 1.5 Ro8our¢o• oxp•nded Basic financial liabilities. including trade and other payables. ar• In'allY recognised at transaction price unless the arrangement constitutes a financing transaction. where the debl Instrument is measured at the present value of the fijture receipts discounted al a market rate of interest. Debt Instruments are subsequently carriod al amortised cost, using the effeth've interest rate method. Trade payables are obligations to pay for goods or services that have been acquired In the ordinary courso of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or le$$. If not, they are presented as non-current Iiabililies. Trade payables are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. 1.6 Tanglbl• flx•d ••••ts Tangible fixed assets ar8 inrtially measured at cost and subsequently measured at cosl or valuation, net of depreciabon and any impaimient losses. Depreciation is recognised so as to write off the cost or valualion of assets less their residual valu88 over their ugeful lives on the following bases.. Land and buildings Building improvements Plant and machinery Fixtures. fittings & equipment Motor vehicles Silk Road Project New toilet block 4% straht line 1 Ovo Straight line 15% reducing balance 10% reducing balance 25% reducing balance 4% straight line 4% $traighl line The gain or loss arising on the disposal of an asset is detemlined a$ the differencE ben the sale procaeds and the carying value of the asset. and is recognised in the statement of financial activities. Costs incurred in respecl of projects urlder constrLKtion 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 enbty. 1.7 Impalrrngnt of flx•d a•¥•t• At each reporting end date. the National Zoological Society of Wales reviews the carrying amounts of its tangible and Intangible assets to determine whelhef there Is any indication that those assets have suffered an impaiment loss. If any such indicatson exists. the cOVerab amount of the asset is estimated in order to detemine the extenl of the impairment loss. 19-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting poll¢lo8 (Contlnuodl Recoverable amount is the higher of fair value Costs to sell and value in use. Sn assessing value in use, the estimated ftjture cash flows are discounted to their present value using a prethtax discount rate that reflects current market assessments of the ts'me value of money and the risks speufic to tr asset for which the estimates of futu cash llows have not been adjusted. If ihe recoverable amount of an asset is estimated to be less than rls carying amounl, the carying amount of the asset is redu to its recoverable amount. An impairnenl loss is recognised immediately in incom81 expenditure for the year. unless the relevant asset is carried at a revalued amount, in which case the impaiment loss is treated as a revaluatson decrease. Recognised impairment losses are reversed if. and only if, the reasons for the irnpaiment loss have ceased to apply. Where an impairment loss subsequenty reverse5, the carying amount of the asset is increased to the revised estimate of its recoverable amount but so that the increased carrying amounl does not exceed the carrying amount that woukl have been detennined had no impaim)ent loss been cOgniSed for the asset in pnor years. A reversal of an impairment loss is recognised immediatety. unless the relevant asset is carried in at a revalued amount. in which case the reversal of the impaiment loss is treated as a revaluation increase. 1.8 Stocks Stocks are slated at the lower of cost and estimated selling price less cosls 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 psent location and CondOn. Net realisable value Is the estimated selling price less all ests'mated Costs of complets'on and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in harKI, deposits h6bJ at call with banks, other short-tsrm liquid investments with original matunties of three months or $$. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnancial Instruments The National Zoological Souety of Wales has elected to apply the provisions of Sethon 11 '8a5ic Financial Instruments, and Seth'on 12 '0ther Financial Instruments Issues, of FRS 102 to all of rts financial instruments. Financ¢al instruments are recognised in the National Zoological Soaety of Wdle5's balan sheet when the National Zoological Society of Wale5 becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the finanaal statements, when there is a legally enforceable right to Set off the recognised amounts and there is an intention to setue on a net basis or lo realise the a$$et and setde the liabilty simultaneously. Baslc Ilnancial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction pnce including transaction costs and are subsequenvy carried at amortised cost using the effective interest method unless the arrangement con5tstutes a ffinancing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest Finanaal assets dassified as receivable within one year are not amorbsed. -20-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounllng pollcle8 (Contlnued} Baslc financial liabiliti9$ Basic financial liabilib"es. induding trade and other payables, are initially recogDised at transaction price unless the arrangemenl conslrtutes a finanryng tran5a¢tFon. where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are sUbseqUenY carried at amortise(I cost. using the effecb've 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 dassified as current liabilth.es if payment is due wrthin one year or less. If not. they are presented as no4rrent liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amorts.sed cost using the effective interest method. Derecognltlon of flnanclal IlablllU•s Finanryal liabilitie$ a derecogniged when the National Zoological Society of Wales's contractual obligations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Temination beneffts are recognised immediately as an expense when the National Zoological Society of Wales is demonstrably commttted to tem)inate the employment of an employee or to provide teninatIon benefits. 1.12 Retlrèment beneflts The National Zoological Souety of Wa5 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 Finanryal Acb"vrties. Donatlon8 and le9a¢les Unrestrlcled Restrlcted funds funds Total Unrestricted funds 2023 2023 2023 2022 Donations and gifts 221,588 261 221,849 72,170 Income from donalions, legacies arKI grants. induding caprtal grants, are induded in incoming resources when these are receivable. When donors specify that donations. legacies and grants. induding capital grants. are for particular restricted purposes, which do not amount to prCOndI.0$ regarding ents"dement. this income is included in incoming $our¢es of re$tri¢ted ftjnds when receivable. Induded in donations and legaues is £177.840 from the Zoo Association, this includes a donab'on of £34,300 and a transfer of £143.341 as the responsibilib.es for the membership arrangements were tsken over by the Zoo. noting that the profit and loss amount includes an adjustrnenl to refiect membership income received in advan. SubseqLtent income is recognised wthin the charilable activities, see note below. 21
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable aclfvltles Operation Of0ration of Zoo Zoo 2023 2022 Sales within charitable activities 1,913,942 1,W,243 Analysls by fund Unrestricted fvnds Restricted funds 1.903.329 1,950.085 10.613 14,158 1,913,942 1,964.243 Charitable tradlng in¢ome During the year on the 1 August 2023, Zoo membership arrangements We transferred from the Zoo Assocbab'on to the Zoo, included in the above is the receivable amount of membership income for the penod. Othor tradlng acllvitie8 Unregtri¢ted Unrestrl¢ted funds funds 2023 2022 Non<haritable trading a1vItieS 344,842 387,491 The Zoological Society of Wales Trading Company Limited is a wholly-owned trading subsidiary, registered in England & Wales undef 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 Socbety as a contribution to its ovetheads. The investment policy with regard to this sUbSlary is the recognition at $t value only. An amount of £103,47612022.' £74,889) owed to the parent by the subsidiary is induded within deblors. Investments Unrestrictsd Unrwdtrlcted funds funds 2023 2022 Rental income Interest receivable 52.917 8,409 54.790 1.207 61.326 55.997 -22-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ralslng fund• Unrestrlcted Unr•8trScted fund• funds 2023 2022 in Seeking donations. grants and legacies 46,304 42,327 in Other trading adimties Staff costs Support costs 155,618 84.934 2,200 179,620 144.844 2,125 Trading costs 242.752 326.589 289.056 368.916 Olh•r In¢om• Unr••trl¢t•d Unr••trlcted fund• fund* 2023 2022 Gift Aid receivable on admissions 75,509 112,834 -23-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ch•rltable actlvltl Dlrect Dlrect Charltsble Charltablo Expendlture Exponditurg 2023 2022 Staff costs Depreciation and impaimenl Feed and bedding Rates and water Light and heal V8tennary fees Livestock acquisttion and transport Propety maintenanc8 Gardens Donations Re.. In Srtu conservation 1,102,127 243.989 149.070 46,004 91,437 62.662 2,055 189,461 18.449 16,997 931,179 200,414 137.7 64.930 76.449 53.980 218,898 49.125 9,034 1,922,251 1,741,576 Share ol support $1$ (see note 9) Share of govemance costs (see note 91 338.405 377,843 2.266.656 2,125.419 An*lysl8 by fund Unrestri¢led funds Restricted fijnds 2,256,043 2,111,261 10,613 14.158 2.266,656 2.125,419 -24-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs ¢08ts 2023 Support Governance ¢osts costs 2022 Telephone Insurance Printing, postage and stationery Motor and travel Sundry expenses Bank charges. bank interest and credit card fees Legal and professional Subscnplions Audit, accountancy and payroll Irrecoverable VAT 11.008 75.945 11.008 75.945 10.151 72.298 10,151 72,298 24.527 18,223 19,563 24,527 18,223 19,563 27.235 19,672 25,918 27.235 19,672 25,918 21,780 27.854 23,485 21,780 27,854 23.485 29,463 50.290 24,921 29,483 50,290 24,921 29.659 86.362 29.659 86.362 21.543 96.352 21,543 96,352 Audit fees 8,200 8,200 8,125 8.125 338,406 8.200 346.606 377.843 8,125 385.968 Analysed belween Trading Charilable ath'vities 2.200 6,000 2,200 344,4C 2,125 6.000 2.125 383,843 338.406 377.843 338.406 8,200 346.606 377.843 8,125 385,968 Govemance costs indudes payments lo Ihe auditors of £8.20012022- £8.1251 for audit fees. 10 Tru•taa• None of the Trustees lor any persons connected with them) received any remuneration dunng the year. Trustees expenses paid in the year totalled £36512022." £4051. 11 Employ••• The average monthly number of employees during the year was". 2023 Numb•r 2022 Number Administration Keepers Maintenance and gardens Seasonal workers 18 12 10 17 10 19 Total 48 53 -25-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employ00$ (Contlnuodl Employment CO8ts 2023 2022 Wages and salaries 1,187,061 1,076,023 There were no empklyees whose annual remuneration was more than £60.OIXI. 12 Taxatlon Owng to Ihe organisations chantable slatus. no provision has been made for corporation Lu. 13 T•nglbl• flxed a•••l• L•nd •nd bulldln Plant and m•chin•ry Motor v•hlcl•• Totsl Co•t Al l January 2023 Additions 5,074.184 135.853 595.021 43,856 57.589 288 5,726.794 179,797 At 31 December 2023 5.209,837 638,877 57,877 5,906,591 Dopr•clatlon and Impalrni•nt At 1 January 2023 Depreciation charged in the year 1.823,3 178,190 265,148 53,615 8,876 12,184 2.097.414 243,989 At 31 December 2023 2.001.580 318.763 21.060 2,341.403 Carrylng amount At 31 Decembei 2023 3.208,257 320.114 36,817 3,565,188 At 31 Dec4mber 2022 3.250.794 329.873 48,713 3,629,380 All tangible fixed assets owned by National Zoological sOty of Wales Limrted, and as such these assets are that of both parent and consdidaled group. 14 Sto¢k• 2023 2022 Raw malerials and consumables Finished goods and goods for resale 11,039 111,370 11,030 80.905 122,409 91.935
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Loan8 and overdrafts 2023 2022 Other loans 130.959 187,971 Payable within one yeai Payable after one year 51.596 79,363 57,012 130,959 HSBC Bank plc retains a first legal charge dated 17 March 2002 over leasehold land and buildings al the Fla9Staff Estate, cOn Bay, and a first legal charge dated 22 September 1997 over freehold property land on the Northerly side of Ihe Old Highway road from Mochdre to Cofvryn Bay adjoining Tower Lodge, Colwyn Bay. On 26 May 2020 a legal charg8 wa5 created in favour of Dbw Investments 1101 Limited securing all monies due or lo become due from Ihe Charity on all fro8hold property and fixed assets both presenl and future. 16 Doblov• 2023 2022 Amounts lalllng du• wlthln one yoar: Trade debtors Prepayments and accrued income 29,829 73,620 21,301 64.895 103,449 86,196 17 Credltorn: amounts lalllng duo wlthln y•ar 2023 2022 Borrowings Other taxation and soual securrty Trade creditors Other creditors Accruals and deferred income 51,596 23,476 19.888 87,073 9.500 57,012 18,031 8,231 31,858 9,050 191,533 124,182 18 Credltor8: amounts falllng due after mor• than on• y••r 2023 2022 Borrowings 79.363 130,959 19 Retlremont Ofit schemes The company operates a defined contn"buts"on pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independendy adMinisted fvnd. -27-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Capltal ¢ommltmonts 2023 2022 At 31 December 2023 the Nats'onal Zoological Souety of Wales had capitsl commitments as follows.. Contracted for but not provided in the financial statsments.. Acquisition of propety, plant and equipment 804,585 21 Relatod party tran8a¢tlon• Romuneratlon of key man•gemont personnel The remuneration of kay management personnel ig as followa. 2023 2022 Aggregate compensabon 160,465 155,891 Nick Jad(son a Trustees of National Zoological So• of Wale$ Ltd INZSWI 18 al30 Chaiman of the Zoological Society of Wales Association IZSWAI. During the year the ZSWA ceased lo be a charity and all operations transferred to NZSW this resultgd in donab"on8 dunng the year and a transfer of closing funds of £177.84012022'. £62.8661 to NZSW. 22 Analy•l• of n•1 a8••ts b•tw••n fund• Unre•trlctod RtrICtsd funds fund• 2023 2023 Total Unrn•trl¢l•d R•8trfetod funds fund• 2022 2022 Total 2023 2022 Fund balances at 31 December 2023 are represented by.. Tangible assets Current a$setsllliabilities) Long tem liabilities 2,791,411 1,588.936 (79.363) 773.777 3.565.188 2,815.885 1,588.936 1.514,586 (79.3631 1130,9591 813,495 3.629,380 1.514,586 {130,9591 4.300.984 773.777 5,074,762 4.199,512 813,495 5,013,007 Restricted funds during the period related to restricted donations and depreciation of fixed assets. -28-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Analy818 of ¢hanges in net funds At 1 J•nu4ry 2023 C•h flo At 31 D•cb•r 2023 Cash at bank and in hand 1.460,637 93.974 1,554,611 Loans falling due wthin one year Loans falling due after more than one year 157,012} {130,959) 5.416 51,596 {51.5961 {79.3631 1.272,666 150.986 1,423.652 24 Sub•ldl•rl•• These financial stalemenls include Ihe results of the vtholly owned trading subsidiary, Zoological Society of Wales Trading Company Limited on a line by line basis. N•m• of undertaklng: Ztxlogical Society of Wales Trading Company Limited Company regl•tratlon numbor.. 02919513 Country ol Incorporatlon: United Kingdom Holdlng.. 100°/o of 2 ordinary shares in issue Prlnclpal Acllvlty: Sale of zoological goods and souvenirs For the year ended 31 December 2023 the trading subsidiary had revenue of £344,842. and after donating its surplus to the paT8nl via Gift Aid. had an operating profft of £0. 25 Cash gen•rnted from oporatlons 2023 2022 Surplus for the year 61.756 95,349 Adjuslmenls for". Investment income recognised in ststement of financial activit$ IGain}Ilo$s on disposal of tangible fixed assets Depreciation and impaim•nt of tangible fixed assets 161.3281 155.997) 3,051 200,414 243,989 Movemenls in working capital: {Increase} in stocks {In¢reasel in debtors Increaselldecrease) In creditors 130,474) {17,253) 72.767 (9,649) 14,2491 169.573) Cash generated from op•ratlon• 269,459 159.346 -29-