Charity Registration No. 514108 Company Registrdtion No. 01731129 (England and Wales) NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 Mr T Deakin MIET Mr N H Brown Bsc Mr R Jackson BBACGMA Dr S Miller Bsc (Hons) MrA Greenwood MA VetMB CBiol FSB DipECZM FRCVS Mr N L Jackson MBE Mr A Rogers Ms A O'carroll (Appoinled 20 January 2025) (Appoinled 20 January 2025) (Appoinled 20 January 2025) Mrs J Legget-Jones Dr V Melfi Secretary Mr C Mitchell Charity number 514108 Company number 01731129 Principal address Welsh Mountsin Zoo Old Highway Cown Bay LL28 5UY Registered office Welsh Mountsin Zoo Old Highway Cown Bay LL28 5UY Auditor Sage & Company Business Advisors Ltd 102 Bowen Court St Asaph Business Park St Asaph Denbighshire LL17 OJE
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED CONTENTS Page Trustees report Statement of Trustees responsibiltties Independent auditorfs report 10-13 Statement of financial activities 14-15 Balance sheet 16 statement of cash flows 18 Notes to the financial statements 19-30
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 December 2024. Executive Summary The 2024 Annual Report outlines a year of continued progress for the Zoo across its strategic aims, delivering meaningful improvements in animal welfare, conservation, education, visilor engagement, financial slability, and communty partnerships. With the appointment of a new CEO and a review of the Strategic Plan and Masterplan promised in 2025. Animal Welfare and Zoo Environment Significant improvements were made to animal faulities, including renovations to the replile house, enhand housing for gibbons. and the initiation of fencing upgrades for the Sumatran tigers. Breeding SucsS continued with key species such as margay, snow leopards, and red squirrels. Welfare and quality-of-life assessments were reviewed and expecled lo have a positive impacl on weifaie slandards going forwards. Conservation and Research Support for in situ conservation projects expanded, wth continued collaboration with global partners and the addition of Proyecto Titi. Reintroductions included the release of captive-bred red squirrels into the wild. Twelve research projects were completed, and notsble acquisilions were made to enhance species conservalion planning. Education and Public Engagement Educational impact grew by 980/0 cornpared to the previous year. reaching over 34.000 people through fomial and informal programmes. The Zoo also delivered over 10.000 guest engagements via species talks and QR-code- driven feedback tools. Intemal research was presented at sector conferences, reinforcing the Zoo's academic contribution. Visitor Experience Despite weather-related infrastructure issues. visttor numbers remained stable, wtth a 60/0 increase recorded in June. Enhancements such as Ihe Tropical Trail (fom)erly Reptile House), digital signage, and accessibility improvements helped create a more inclusive and informative guest experien. Financial and Environmental Sustainability The Zoo ended the year in a strong cash position (£1.43M), despite a year-end deficit of £101,390. Income from adoplions and calering exceeded 2023 levels. Capital spending was below budget due to projecl phasing, with key estate improvements completed. Food waste was reduced and carbon impact lowered through procurement and vehicle use changes. Community and Social Enterprise Volunleer engagement rose signrficantty, wrth 66 volunteers conlributing over 5,400 hours and high salisfaction scores 19.71101. The Zoo continued to work with communty groups and appointed a dedicated Partnerships and Fundraising Manager to further strengthen outreach and collaboration. Governance and Strategic Planning The fomial dosure of the Zoological Society of Wales Association was completed, consolidating operations under NZSW. Strategic planning continued under new leadership, with priorities set for 2025 and beyond. Workforce Staff headcount reached 59, with recruiiment focused on guest services and leadership. The sickness absence rate stood al 4.7010, and lurnover was in line with sector averages. Worfrfor inveslment conlinues lo be a priority, with a focus on sustsinability and retention. The financial slatements have been prepared in accordance with the accounting policies set oul in note 2 to the financial statements and comply with the National Zoological Society of Wales's goveming document, the Companies Acl 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Chariiies.. Statement of Recommended Practice apF4icable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021"
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and activities As the National Zoological Society of Wales, the Chanty's object and its principal activity are b advance the education of the general public by increasing knowledge, interesl and appreciation of animals - including rare and endangered species - and plants in both natural and artthcial environments. and to provide facilitEs for recreation and other leisure time activities. Mission Statement Through its work at Ihe Welsh Mountain Zoo. and elsewhere, the Society seeks to= enhance appreciation and understanding of the earth's natural heritage through public education and recreation, and the advancement of biological study. support the maintenance of the earth's biological diversty through participation in conservation breeding programmes and assistance for conservation in the wild. pursue the above objectives and activities globally, regionally and with special emphasis on the conservation and enhanment of biodiversity in Wales and its surrounding areas. We have outlined the achievements and perfonnance of the Charty in line with its Strategic Aims as listed below. Strategic Aim 1.. Ta operate an exemplary Zoo. providing a centre of eXllen 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 drfference to the care and proleclion of animals, plants and habf(ats 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 govemance Strategic Aim 6: To be an active and effective social enterprise with strong community involvement and partnership working Public benefit The Trustees have paid due regard lo guidance issued by the Charity Commission in deciding whal aclivities the National Zoological Society of Wales should undertake. Voluntee The basis of valuation ft)r donated services of volunteers is that deemed costs are not recognised within the Slatement of Financial Activtties.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and perfonnance Significant activities and achievements against objectives 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 Facilities In line with licence requirements, the reptile collection was fully dispositioned. This allowed lemporary renovalion of the house, to provide a reduced and improved reptile experien for guests for the summer through to the end of the year. A new reptile tscility will be created to sit alongside the butterfly house. Additional indoor and holding accommodation was constructed for the gibbons. Plans continue lo be developed by our architecl contractors for improved accommodation for the brown bears. Replacemenl of Ihe Sumatran tiger fence commenced. Breeding During 2023. a number of species were bred as part of co-ordinated national or inlemational ex situ breeding programmes and these included margay (our first Ins) and snow leopard. plus a variety of other species including Chilean flamingo, red squirrels and pine marten. Welfare and Quality of Life Assessments Following implemenlation. welfare assessments continued to be reviewed and improved for use. Strategic Aim 2- To maximise the impact of our conservation and research activities both within the Zoo and in the viild, making a real difference to the care and protection of animals. plants and habitats In situ Conservation The Society has maintained its practical and financial support for a number of in situ conseNation projects.. Moth monitoring on the Zoo site in collaboration with Rothamsted Research The ConseNation Planning Specialist Group of the Species Sutwival Commission of IUCN The Foresl Guardian Programme (through EAZA) for red panda conservation in Nepal The Snow Leopard Trust for snow leopard conservation in range countries Madagasikara Voakajy for lemur conseNalion in Madagascar The WILD Chimpanzee Foundation for chimp conservation in Cote d'lvoire. Liberia, Guinea and Sierra Leone Wildcals Conservation Alliance for wild tiger conservation projecls Red Squirrels Trust Wales for the conservation of this native species CREA Panama Margay Art)oreal Projecl Proyecto Trti was added this year to support the conservation of Cotton topped tamarins in Columbia Reintroduction 3.4.0 young caplive bred squirrels were sent for wild release at Clocaenog forest, through the Magic Mammals programme approved by Natural Resources Wales. Species Planning Some notable species were acquired under the species plan. in temis of conservation and EEP value. A bachelor group of critically endangered blue-crowned laughingthrush were acquired through Ihe EEP. A pair of critically endangered spider tortoise were acquired from a private source. with a view to integrating them with the EEP.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 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 Our Education Manager has increased outreach. classroorn and informal education engagements by over 980/0 in 2024, compared with 2023 engagement records. A large percentage of this was achieved by attending the National Education Show and the Conservation Christm8S outreach campaign. Engagements for the year across formal and infomial education and outreach totalled 34.426. Summer species talks were provided for guests. with QR codes being used to encourage feedback for evaluation of learning. Over 10,000 infomial guesl education engagements were achieved through species talks. Research Twelve completed research projects ranging from BSc-PhD took place. induding behaviour sludies wtth bears, sea lions. callitrichids, macropods. and chimpanzees, and behaviour change. The Zoo's in-house research was presented at the BIAZA National Education Conference with fellow sector peers. 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 Numbers and Infrastructure Despite ongoing weather-related disruption to parking. visitor numbers remained stable across the first half of the year, with a 6°/0 year-on-year increase reported in June. On-sile challenges linked lo waterlogging led to the decision to invest in car park malling. to be installed by the maintenance team in eady 2025. Visitor Experience Initiatives Launch of a new "Zoo Updates and Improvements" webpage to better infomi guests about ongoing works and closures Installation of digital signage at the Zoo Shop and improved wayfinding Adjustments to presentation tirnings and the introduction of mobile catertng units reduced queuing and improved guest flow The Reptile House was reopened and rebranded as the Tropical Trail, incorporating sensory features lo enhance accessibility for neurodivergent and visually impaid guests. The development was supported by the Education team and has been positivety received.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Strategic Aim 5: To ensure the long-temi financial and environmental sustainability of the Charity through financially sustainable business activities and high standards of governance Financial Perforniance For the Group, as of 31 December 2024: Total income for the year was £2.69M, ahead of the budget of £2.52M Cash al bank stood at £1.43M, well above resep4e thresholds and projections Net deficit for the year.. £101,390, foll0llng a Q4 seasonal loss of £364,000 Key Financial Points GiftAid income.. £88,800 (target: £100,000) Membership income.. £87,212 (target.. £95,000) Direcl purchases ended £17,000 under budget Overheads in Q4 wilhin £9.000 of budget, despite rising energy and grounds costs Capital Expenditure Agreed capital budget= £804,585 Actual 2024 spend.. £197.717 £156,857 in capital projects carried forward to 2025 Key projects included penguin fencing, chimpanzee den repairs. groundwork for new gibbon house Reserves policy Reserves policy The Truslees policy for reserves is to maintain a minimum of£500.000 in the bank account, such amount lo be kepl under continuous review. This is based on an aggregate of 5 months. running costs which is deemed prudent by the Truslees. Major risks Risk management policy The Trustees have carried oul a detsiled review of the charity's activities and produced a comprehensive strategic plan setting oul Ihe major opportunities available to the charity and the risks to which it is exposed. The Truslees monitor progress against the strategic objectives of the charity- A detailed review of the objectives is carried out regulady. As part of this process, the Trustees have implemented a risk management strategy which comprises.. a regular review of the risks which the charity may face- the establishment of systems and procedures to mitigate those risks identrfied in the plan., and Ihe implementalion of procedures designed to minimise any potential impact on the charity should any of those risks materialise. The Trustees have focused on the need to refuTbish and develop the animal exhibtts further, resulling in the applications for funding mentioned previousty- A successful outcome is dependent on the charity meeting the challenges such a major project presents and managing our finances prudenlty.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods Governance In January 2024, the Charity Commission confirmed the removal of the Zoological Society of Wales Association IZSWA} from the register, all operations now continue under National Zoological Society of Wales and Zoological Society of Wales Trading Company Ltd Chris Milchell joined the Society as CEO in May 2024 Environmenlal Suslainability All food waste on site is now recycled, in line Vth Welsh Govemrnent guidance Zoo ceased collection of superrnarket waste food. purchasing directty from wholesale sources. resulting in redUd food waste and carbon emissions. Strategic Aim 6: To be an active and effective social enterprise with strong community involvement and partnership working Volunteers and Supporters The Zoo engaged 66 volunteers across 4 departments in 2024 Volunleers dedicated a total of 5.464 hours - a 56% increase on 2023 Annual volunteer survey yielded a 9.7110 satisfaction rating Community and Partnerships Education 5es5ions were held in collaboration with local charity groups. including Guide Dogs UK and Conwy Connect Appointment of a Partnership and Fundraising Manager in October 2024, starting December Marketing efforts in 2024 focused on accessibility, transparency, and visitor engagement Slrategic Plan Slrategic plan under review for board confimation in 2025 Slructure. 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 diredors for the purpose of company law. and who served during the year were.. Mr P Gibson MA {Oxonl, DMS. MBIM Dr C S Harcourl BSC, MSC. Pho Mr T Deakin MIET Mr N H Brown Bsc Mr R Jackson BBA CGMA Dr S Miller Bsc {Honsl MrA Greenwood MA VetMB CBiol FSB DipECZM FRCVS Mr N L Jackson MBE MrA Rogers Ms A O'carroll Mrs J Legget-Jones Dr V Melfi (Appointed 20 January 2025) (Appointed 20 January 2025) (Appointed 20 January 2025) Recmitment and appointment of tnistees
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Organisational structure Under the articles of association the maximum number of Trustees is Iwelve. 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 govemed by the Trustees who pass the day to day administration to Chris Mitchell in his role as CEO (from May 20241. The Zoological operation continues to be directed by Kim Wood. Induction and training of trustees 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 newty appointed Trustees are given appropriate training as deemed necessary. The Trustees hold quartedy council meetings both in private and with directors to discuss progress and any issues arising. Human Resources and Organisational Dala Headcount (as of Dec 2024 Department No. of Staff Guest Services 19 (inc. 16 seasonal) Animal Keepers 17 (inc. 1 seasonall offi Estates Grounds and Gardens Leadership Total 59 Relationship with related parties 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 slruclured 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 ofthe Society are grateful for the support of our volunleers. In accordance with the accounting policy, the value of such volunteers is not recognised in the accounts. Audilor In accordance with the company's articles. a resolution proposing that Sage & Company Business Admsors Ltd be reappointed as auditor of the company will be put at a General Meeting.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Disclosure of infonnation to auditor Each of Ihe Trustees has confirmed thal there is no infomialion of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confimed that they have taken appropriate steps to idenlify such relevant infomation and to establish that the auditor is aware of such informalion. The Trustees report was approved by the Board of Trustees. Mr R Jackson BBA CGMA Chairnian 16 September 2025
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the diredors of National Zoological Society of Wales Limited for the purpose of company law, are responsible for preparing the Trustees Report and Ihe 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 twe fair view of the state of affairs of the National Zoological Society of Wales and of the incoming resources and application of resources, induding the income and expendilure. of the chartlable company forthal year. In preparing Ihese accounts, the Truslees are required to= select suitable accounting policies and then appty them consistenty.. observe the methods and principles in the Chartties SORP- make judgements and estimates that are reasonable and prudent- stale whether applicable UK Accounting Standards have been followed, subject to any malerial departures disclosed and explained in the accounts- and prepare the accounts on the going concern basis unless it is inappropriate to presume that the National Zoological Society of Wales will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of Ihe Nalional Zoological Society of Wdles and enable Ihem lo ensure Ihal 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 tsking reasonable steps for the prevention and delection of fraud and other irregulartties. Slatement of disclosure to audilors So far as each person who was a trustee at the date of approving this report is aware, there is no relevant audit information of which the company's audilors are unaware. Addilionally, the trustees individually have taken all the necessary sleps that Ihey oughl to have laken as trustees in order to make themselves aware of all relevant audil information and to establish that the company's auditors are aware of that information. Company law requires the Trustees to prepare financial statements for each financial year which gwe a true and fair view of the slate of affairs of the National Zoological Society of Wales and of the incoming resources and application of resources, including the incorne and expenditure. of the charitable company for that year. In preparing ihese financial statements. the Truslees are required lo= select suitable accounting policies and then app them consistently.. observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in Ihe financial slatements.. and prepare the financial statements on the going concem basis unless it is inappropriate to presu that the National Zoological Society of Wales will conlinue in operation. The Trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy al any lime the financial position of the Nalional Zoological Society of Wales and enable Ihem to ensure that the financial statements 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.
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Opinion We have audited the financial slatements of National Zoological Society of Wales Limited (the 'Nalional Zoological Society of Wales'l (the 'parent'l and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise Ihe Consolidaled SOFA, Consolidated Balance Sheet, Consolidated Cash )low Slatement 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- give a true and fair view of the stsle of the charitable companvs affairs as at 31 December 2024 and of ils incoming resources and application of resources, including its income and expenditure, for the year then ended., have been property prepared in accordance United Kingdom Generally ACpted Accounting Practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audii in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditorfs 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 Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SLrfficient 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 condilions that, individually or collectively, may cast significant doubt on the National Zoological Society of Wales's ability to continue as a going concem for a period of at least Iwelve 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 seclions of this report. Other information The other information comprises the infomiation induded in the annual report other than the finala1 statements and our auditorfs report thereon. The Tnjstees are responsible for the other information contained within the annual report. Our opinion on Ihe financial statements does not cover the other informalion and, except to the extenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomialion 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 othetwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to delermine whelher this gives rise to a material misstatemenl in the financial statements Ihemselves. If, based on the work we have perfomied, we condude 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. 10-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of our audit= the infomiation given in the Trustees report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law. is consistent with the financial statements., and the directors, report included within the Trustees report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the National Zoological Soaety of Wales and its environment obtained in the course of the audit. we have not identified material misststements in the directors, reporl included within the Trustees report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have 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 trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advanlage of the small companies, exemptions in preparing the Truslees report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the statement of Trustees responsibililies, the Trustees. who are also the directors of the National Zoological Society of Wale5 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 intemal control as the Truslees detemiine is necessary to enable Ihe pparatiOn of financial statements that are free from malerial misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Nalional Zoological Society of Wales's ability lo continue as a going concern, disclosing, as applicable, matters related to going conrn and using the going conrn basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic atternative 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 stalemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran bul is nol a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslatements 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 stalements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 11
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Our approach to identifying and assessing the risks of material misstatement in resped 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 appropriate competen, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations- we identified the laws and regulations applicable tov the cornpany through discussions with directors and other management., we focused on specific laws and regulations which we considered may have a direct malerial effect on the financial statements or the operations of the company. including the Companies Act 2006, taxation legislalion and employment legislation., we assessed the extent of compliance wilh the law and regulations identified above through enquires of management and inspecting legal correspondence- and identified laws and regulations We communicated within the audtt team regularty and the team remained alert to instances of non-compliance through the audit. We assessed the susceptibility of the company's financial statements to material misstatement, induding obtaining an understanding of how fraud mighl occur, by= making enquires of management as to where they considered there was susceptibility to fraud, Iheir knowledge of actual. suspected and alleged fraud., considering the inlernal controls in place to mtligate risks of fraud and non-compliance with laws and regulations., and understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls. we.. performed analytical procedures to identfy any unusual or unexpecled relalionships., tested joumal entries to identify unusual transactions., assessed whether judgements and assumptions made in delemiining Ihe accounting estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual transadions. In response to the risk of IegUlaritieS and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to undertying supporting documentation.. and enquiring of management as to actual and potential litigation and daims. There are inherent limitations in our audii procedures described above. The more removed that laws and regulations are from financial Iransaclions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit prOdureS required to identify non-compliance with laws and regulations to enquiry of the direclors 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 ror 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=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitaue company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullesl extent pemiitted by law, we do nol accept or assume responsibility to anyone other than the charilable company and the charitable company's members as a body. for our audit work. forthis report, or for the opinions we have formed. 12-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED Christopher Morgans BA ACA (Senior Statutory Auditor) For and on behalf of Sage & Company Business Advisors Ltd, Statutory Auditor Chartered Accountants 102 Bowen Court StAsaph Business Park SIAsaph Denbighshire LL17 OJE 16 September 2025 13-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Donations and legacies Charitable activities Olher trading activities Inveslments Other income 25,218 2,096,826 307 8,308 25.525 2.105,134 221,588 1,903,329 261 10,613 221,849 1,913,942 366,140 114,113 86.311 366,140 114,113 86.311 344,842 61,326 75,509 344,842 61,326 75,509 Total income 2.688,608 8,615 2.697,223 2,606,594 10,874 2,617,468 enditure on: in Fundraising and publicity Trading costs 50,279 294,569 50,279 294,569 46,304 242,752 46,304 242,752 344,848 344,848 289,056 289,056 Charitable activities 2,445,457 8,308 2.453,765 2,256,043 10,613 2,266,656 Total expenditure 2,790,305 8,308 2,798,613 2,545,099 10,613 2,555,712 Net (outgoingifincoming resources before transfers (101,697) 307 (101,390) 61,495 261 61,756 Gross transfers between funds 39,932 (39,932) 39,978 139,978) Net (expenditure)lin¢ome for the yearl Net movement in funds {61,765) {39,625) (101,390) 101,473 139,717) 61,756 Fund balances at 1 January 2024 4.300,984 773,777 5.074.762 4.199,512 813,494 5,013.006 Fund balances at 31 December 2024 4,239,219 734,152 4.973,371 4,300,985 773,777 5,074,762 The slatement of financial activities indudes all gains and losses recognised in the year. The ststement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 14-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 The stalemenl of financial activities also complies wf(h the requirements for an income and expenditure account under the Companies Act 2006. 15-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 14 3.536,653 3,565,189 Current assets Stocks Debtors Cash at bank and in hand 15 16 107.494 130.022 1.431.277 122,409 103,449 1,554,611 1.668.793 1.780.469 Creditors: amounts falling due within one year 18 1205.359) 1191.5331 Net current assets 1.463,434 1,588,936 Total assets less current liabilities 5.000,087 5,154,125 Creditors: amounts falling due after more than one year 19 (26,716) {79,363) Net assets 4.973,371 5,074,762 The funds of the National Zoological Society of Wales Restricted income funds 20 Unrestricled funds 21 734,152 4,239,219 773,777 4,300,985 4,973,371 5,074,762 The financial statements were approved by the Trustees on 16 September 2025 Mr R Jackson BBA CGMA Chairnian Company registration number 01731129 (England and Wales) 16-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED PARENT COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Inveslments 14 3.536.653 3,565,189 3.536,655 3,565,191 Current assets Stocks Debtors Cash at bank and in hand 15 16 11.040 218,492 1.428.059 11.039 206,926 1.554,611 1.657.591 1.772.576 Creditors: amounts falling due within one year 18 (197.377) (183,642} Net current assels 1.460,214 1,588,934 Total assets less current liabilities 4.996,869 5.154,125 Creditors: amounts falling due after more than one year 19 {26.7161 179,363) Net assets 4,970,153 5,074,762 Income funds Restricted funds Unrestricled funds 20 734,152 4,236,001 773,777 4,300,985 4,970,153 5,074,762 The financial statemenls were approved by the board of directors and authorised for issue on 16 September 2025 and are signed on its behalf by.. Mr R Jackson BBA CGMA Chaimian Company Registration No. 01731129 17-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 24 21,080 269,459 Investing activities Purchase of langible fixed assets Investment income received (206,924) 114.113 (179,7991 61.326 Net cash used in investing activities 192.811) {118,473) Financing activities Repayment of borrowings (51.603) {57,0121 Net cash used in financing activities (51,603) {57,012) Net Idecreasellincrease in cash and cash equivalents (123,334) 93,974 Cash and cash equivalents at beginning of year 1,554,611 1,460,637 Cash and cash equivalents at end of year 1,431,277 1,554,611 18-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts 25,218 307 25,525 221,588 261 221,849 Income from donations, legacies and grants. including capiial grants. are included in incoming re9jurS when these are receivable. When donors specify that donations, legacies and grants. including capital grants. are for particular restricted purposes, which do not amounl to pre-condilions regarding enlitlement, this income is included in incoming resources of restricted funds when receivable. Accounting policies Company infomiation National Zoological Society of Wales Limiied is a private company limited by guarantee incorporated in England and Wales. The regislered office is Welsh Mountain Zoo, Old Highway, Colwyn Bay, LL28 5UY. 2.1 Accounting convention The accounts have been prepared in accordan 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 chartties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las 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 lo the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Praclice for charities applying FRS 102 rather than the version of the Slatement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterfing. which is the funclional 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 inslrumenls al 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 tFEse consolidated accounts. 2.2 Going concern At the time of approving ihe finanual slatements. the Twstees have a reasonable expectalion 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 concem basis of accounting in preparing the financial statements. 2.3 Charitable funds Unreslricled funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. 19-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Restricted funds are subject to specific condilions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject lo specific conditions by donors that the capital must be maintained by the National Zoological Society of Wales. 2.4 Incoming resources Income is recognised when the National Zoological Society of Wales is legally entitled to it after any perfomiance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt- Other donations are recognised once the National Zoological Society of Wales has been notified of the donalion, unless perf0mlan conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Income from donations, legacies and grants. including capiial grants. are included in incoming resources when these are receivable. Vvhen donors specify that these are for particular restricted purposes. which do not amount to pre-conditions regarding enlitlement, this income is included in incoming resources of restricted funds when receivable. Zoo annual membership income is deferred and released over the period the service is provided. 2.5 Resources expended Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangemenl constilutes a financing transaction, where the debt instrument is measured at Ihe present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequentty carried al amortised cost, using the effeclive interest rate method. Trade payables are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operalions from suppliers. Accounls payable are classtfied as current liabilities if payment is due within one year or less. If not, they are presented as non-CUet liabiliti'es. Trade payables are recognised initially at transaction price and subsequenlly measured al amortised cost using the effective interest melhod. 2.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairrnent10sses. 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 Building improvements Plant and machinery Fixtures, fittings & equipment Motor vehicles Silk Road Projecl New toilet block 4¥0 Straight line 10°/o Straighl line 150h reducing balan 10 /0 reducing balance 250A reducing balan 4°/0 Straight line 4 % straight line The gain or loss arising on the disposal of an asset is detemiined as the difference belween Ihe sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. -20-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Costs incurred in respect of projects under conslruclion a capitalised. The assets held are not depreciated and won't be until such time that the project has been fuffilled and offers a Sour of future economic inflows to the enlity. 2.7 Impaimient of fixed assets Al each reporting end date, the National Zoological Society of Wales reviews the carrying amounts of its tangible and intangible assets to detemiine 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 detemiine the extenl of the impaimient loss. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated fulure cash Ilows are discounted to their present value using a pre-tax discount rate thal reflecls current market assessments of the time value of money and the risks specific to the asset for which the eslimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than f(s carrying amount, the carying amount of the assel is reduced to its recoverable amount. An impaimient loss is recognised immediatety in incomel 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 rf, and onty rf. the reasons for the impairment loss have ceased to apply. Where an impaimenl loss subsequentty reverses, the carrying amounl of the asset is increased lo the revised estimate of its recoverable amount, but so that the increased carying amount does not exceed the carrying amount that would have been detemined had no impaiment loss been recognised for the asset in prior years. A reversal of an impaimenl loss is COgnised 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 revaluatKJn increase. 2.8 stocks Stocks are stated at the lower of cost and estimated selling Pri 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 lo their present location and condition. Net realisable value is the estimated selling price less all estimated costs of complelion and costs to be incurred in marketing, selling and distribution. 2.9 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. 2.10 Financial instruments The National Zoological Society of Wales has elected to apply the provisions of Seclion 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the National Zoological Society of Wales's balan 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 inlenlion to settle on a net basis or to realise the asset and settle the liabilty simultaneousty. 21
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initialty measured at transaction price including transaction costs and are subsequentty carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at Ihe present value of the future reiptS discounted at a market rate of interest. Financial assets classified as receivable within one yeai are not amortised. Basic financial liabilities Basic financial liabilities, including trade and other payables, are initialty recognised at transaction price unless the arrangement constitules a financing transaclion. where Ihe debl inslrumenl is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequentty carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operalions 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 subsequentty 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 conlraclual obligalions expire or are discharged or cancelled. 2.11 Ernployee benefits The cosl of any unused holiday entiuement is recognised in the period in which the employee's services are received. Temiination beneffts 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. Income from charitsble aclivities Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Operations of Zoo Sale of goods 2,0,626 8,308 2,105,134 1,903,329 10,613 1,913,942 Income from other trading activities Unrestricted Unrestricted funds funds 2024 2023 Non-charilable trading activilies 366,140 344,842 -22-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from other trading activities (Continued) The Zoological Society of Wales Trading Company Limtted is a wholw-owned trading subsidiary, registered in England & Wales under company registration number 02919513. It operates a gifl shop within the zoo grounds and donates all profits lo Ihe parent charity by Grfl Aid. In addilion to this donation, Ihe company pays an annual management charge of£21.000 to the society as a contribution to tts overhead5. The inveslment policy with regard to this subsidiary is the recognttion at cost value onty. An arnnt of £88,46912023.' £103,476) owed to the parent by the subsidiary is included within debtors. Income from investments Unrestricted Unrestricted funds funds 2024 2023 Rental income Interesl receivable 75,883 38,230 52,917 8,409 114,113 61,326 Other income Unrestricted Unrestricted funds funds 2024 2023 GiftAid on admissions 86,311 75,509 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraising and publicity Seeking donations, grants and legacies 50,279 46,304 Trading costs other trading activities Staff costs Support costs 182,697 108,207 3,665 155,618 84,934 2,200 294,569 242,752 Total costs 344,848 289,056 -23-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activities Zoo activities 2024 Zoo activities 2023 Direct costs staff costs Depreciation and impairment Feed and bedding Rates and water Light and heal Veterinary fees Livestock acquisition and transport Property maintenance Garden Donations - In situ conservation 1,191,903 235,458 170,987 68,249 108,205 84,787 800 198,561 16,040 12,705 1,102,127 243,989 149,070 46,004 91,437 62,662 2,055 189,461 18,449 16,997 2.087,695 1,922,251 Share of support and governance costs (see note 10) Support Governance 352,270 13,800 338,405 6,000 2.453,765 2,266,656 Analysis by fund Unrestricted funds Restricled funds 2,445,457 8,308 2,256,043 10,613 2.453,765 2,266.656 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(creditingl= Fees payable for the audit of the charity's finanal statements Depreciation of owned tangible fixed assets 13.800 235,458 6,000 243,989 -24-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Support costs Support Govemance costs 2024 Support Govemance costs costs 2023 Telephone Insuran Printing, postage and stationery Motor and travel Sundry expenses Bank charges, bank interest and credil card fees Legal and professional Subscriptions Audit, accountancy and payroll Irrecoverable VAT 10,939 75.964 10,939 75.964 11,008 75.945 11,008 75,945 19.506 22,364 22.078 19.506 22,364 22.078 24,527 18,223 19.563 24,527 18,223 19,563 26,212 23,706 28.417 26.212 23.706 28.417 21,780 27,854 23,485 21,780 27,854 23,485 28.538 94,547 28.538 94,547 29,659 86,362 29,659 86,362 Audit fees 17,465 17,465 8,200 8,200 352,271 17,465 369,736 338,406 8,200 346,606 Analysed between Trading Charitable activities 3.665 13,800 3.665 366,071 2,200 6,000 2,200 344,405 352,271 338,406 352,271 17,465 369,736 338,406 8,200 346,606 Governance costs includes payments to the auditors of £17.465 {2023- £8.200) for audtl fees. 11 Trustees None of the Trustees {or any persons connected with Ihem) received any remuneration during the year. Trustees expenses paid in the year totalled £36512023.. £3651. 12 Employees The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Administration Keepers Maintenance and gardens Seasonal workers 19 13 18 12 10 Total 43 48 -25-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees (Continued) Employment costs 2024 2023 Wages and salaries 1,300,110 1,187,061 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key rnanagement personnel was as follows= 2024 2023 Aggregate compensation 125,732 160,465 13 Taxation Owing to the organisations charitable status. no provision has been made for corporation tax. 14 Tangible fixed assets Land and buildings Plant and maehinèry Motor v•hielès Total Cost Al 1 January 2024 Additions 5,209.837 176,734 638,878 30,188 57,877 5,906,592 206,922 At 31 Dember 2024 5,386,571 669,066 57,877 6,113,514 Depreciation and irnpainnent At 1 January 2024 Deprecialion charged in the year 2,001,580 176.494 318,763 49,760 21,060 2,341,403 9,204 235.458 Al 31 December 2024 2,178.074 368,523 30,264 2,576,861 Carrying amount At 31 Dember 2024 3,208.497 300.543 27,613 3,536,653 At 31 December 2023 3,208.257 320.114 36,817 3,565,188 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. -26-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Stocks 2024 2023 Raw materials and consumables Finished goods and goods for resale 11,039 96.454 11,039 111,370 107,493 122,409 16 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 56.282 73,740 29,829 73,620 130,022 103,449 17 Loans and overdrafts 2024 2023 Other loans 79,356 130,959 Payable within one year Payable after one year 52.640 26,716 51,596 79,363 HSBC Bank plc retains a first legal charge dated 17 March 2002 over leasehold land and buildings at the Flagstaff Estate, Colwyn Bay, and a first legal charge dated 22 September 1997 over freehold propety land on the Northerfy side of the Old Highway road from Mochdre to Colvryn Bay adjoining Tower Lodge, Colwyn Bay. On 26 May 2020 a legal charge was created in favour of Dbw 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. 18 Creditors: amounts falling due within one year 2024 2023 Borrowings Other tsxation and social security Trade creditors (Xher creditors Accruals and deferred income 52.640 21,859 2.594 65,935 62.331 51,596 23,476 19,888 87,073 9,500 205.359 191,533 -27-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Creditors: amounts falling due after more than one year 2024 2023 Borrowings 26,716 79,363 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to spectfic conditions by donors as to how they may be used. At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 773,777 8.615 (8,308) (39.9321 734,152 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 813,494 10.874 (10,613) (39.9781 773,777 21 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjecl to specific conditions by donors and grantors as lo how Ihey may be used. These include designated funds which have been set aside out of unrestricted fijnds by the trustees for specific purposes. At 1 January 2024 Incoming resources Resources expended Transfers At31 December 2024 General funds 4.300,986 2.688.608 12,790,305) 39.932 4,239,221 Previous year: At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 General funds 4,199,512 2.606.594 12,545,099) 39,978 4,300,985 -28-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Capital commitments 2024 2023 Amounts contracted for but not provided in the financial statements.. 2024 2023 Acquisition of property, planl and equipment 804,585 23 Analysis of net assets between funds Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by.. Tangible assels Current assetsllliabilities} Long temi liabilities 2,802,501 1.463,433 {26,715) 734,152 3,536,653 1.463.433 (26,715) 2,791,411 1,588.936 (79,363} 773,777 3,565,188 1,588,936 {79,363) 4,239,219 734,152 4,973,372 4,300,984 773,777 5,074,761 Restricted funds during the period related to restricted donations and depreciation of fixed assets. 24 Cash generated from operations 2024 2023 IDeficit)Isurplus for the year 1101,3901 61,756 Adjustments for: Inveslment income recognised in ststement of finanaal activities Depreciation and impaimient of tangible fixed assets {114.1131 235,458 {61,326) 243,989 Movements in working capital: Decreasellincreasel in stocks Ilncrease) in debtors Increase in creditors 14,916 (26.5731 12,782 {30,474) {17,2531 72,767 Cash generated from operations 21,080 269,459 -29-
NATIONAL ZOOLOGICAL SOCIETY OF WALES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysis of changes in net funds At 1 January 2024 Cash flows At 31 December 2024 Cash at bank and in hand 1.554.611 (123.3341 1,431,277 Loans falling due within one year Loans falling due after more than one year (51,596) (79,363) (1,0441 52.647 {52,640) {26.716) 1.423,652 (71.7311 1,351,921 26 Subsidiaries These financial statements include the result5 of the wholty owned trading subsidiary, Zoological Society of Wales Trading Company Limited on a line by line basis. Name of undertaking." Zoological Society of Wales Trading Company Limited Company registration number: 02919513 Country of incorporation: United Kingdom Holding: 1004/0 of 2 ordinary shares in issue Principal Activity- Sale of zoological goods and souvenirs For Ihe year ended 31 December 2024 Ihe trading subsidiary had revenue of £366,140, and after donaling its surplus to the parent via Gift Aid, had an operating profit of £0. -30-