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2024-12-31-accounts

Annual Report & Accounts 2024

Contents

Message from the Chair

The first year of our 2030 strategy has made clear both the critical nature of our work and also what a difference we can make together. The ongoing decline in biodiversity, habitat loss, and the global climate crisis underscore the urgency of our mission. These challenges have been exacerbated in recent months by the sudden realigning of global priorities and a drop in governmental funding for both nature and climate work.

In the light of these challenges, the conservation community around the world has shown remarkable resilience and innovation in the face of adversity. Our shared purpose – to protect the diversity of life – remains steadfast.

A great strength of having such a long organisational history is to be able to learn from what has been before to prepare for what may come – whether at a global level or for an individual species. This is at the heart of what we do. At Fauna & Flora, our focus is on really understanding our impact, working closely with partners to deliver tangible outcomes for nature, people and climate.

There is increasing recognition that locally led conservation work, which has always been core to Fauna & Flora, has the most sustainable impact. In 2024, I had the privilege of visiting one of Fauna & Flora’s long-term partners, Akdeniz Koruma Derneği (AKD) in Türkiye. I saw their holistic approach to conservation, from rangers patrolling Marine Protected Areas, to shark monitoring stations, and the insertion of trackers on lionfish to help monitor the spread of this invasive species. And their vital collaboration with local groups to protect the cultural heritage of this region and create a market for the destructive lionfish.

My first year as Chair of Fauna & Flora has been inspiring but has also shown more clearly the challenges ahead for our work. Together we must continue to adapt to a changing world, in order to meet our ambitious goal to double our impact by 2030 and with the underpinning of ensuring a dynamic, resilient and well-governed organisation able to rise to the demands ahead.

We don’t do this work alone and we are forever grateful for the crucial support of our local partners, funding partners, supporters and donors. I look forward to continuing our vital mission, with you at our side.

Stephen Fitzgerald AO

Message from the Chair 2
Strategic report
Our purpose and mission		 4
6
How we work 6
Our charitable objectives 6
Our strategic approach 7
Where we work 8
2024 highlights 10
Plans for the future 21
Structure, governance and management 22
Our structure 24
How we are governed 24
Trustee recruitment, induction and training 24
How we are managed 25
The Charity Governance Code 25
Trustee duties in relation to Section 172(1) of the Companies Act 26
Reference and administrative details 28
Key policies and statements
Public benefit		 30
31
Reserves policy 31
Investment policy 31
Grant-making policy 32
Environmental policy 33
Remuneration policy 34
Safeguarding policy 34
Going concern 34
Fundraising 36
Principal risks 38
Financial review 42
Statement of Trustees’ responsibilities 48
Independent auditor’s report 50
Financial statements 54

2 Fauna & Flora’s Annual Report & Accounts 2024

Contents 3

Strategic report

Phon Sophea and Majel Kong, Fauna & Flora staff, remove a large net from the sand which was found during a beach clean up in Cambodia

Our purpose and mission

Our shared purpose is to protect the diversity of life on Earth, for the survival of the planet and its people. We work closely with local conservation partners around the world to save nature, together. We harness this collective expertise to inspire positive change globally.

How we work

Our charitable objectives

Fauna & Flora is committed to achieving the following charitable objectives:

We support, sustain and strengthen local nature conservation action. For the survival of species and habitats, the planet and people.

Around the world, we work on the ground with local partners and communities. By aligning our technical skills and experience with their expertise and their local and traditional knowledge, we each play to our strengths for maximum conservation impact.

We influence businesses and governments to make informed decisions that benefit nature by addressing issues that affect our sites and improving global policies and practices. We also ensure that the voices of those spearheading conservation on the ground are heard.

To achieve our mission and charitable objectives, our Strategy to 2030 sets out five strategic objectives which underpin our approach to conservation as we aim to double our impact.

We innovate, test new approaches, share skills and accelerate learning in support of the evolution of the wider conservation community. We aim to embrace new sectors and communities in order to make a greater contribution to conservation, diversifying the skills that can help solve the crisis before us.

Read our Conservation Impact Report Read our Strategy to 2030

We tackle the biodiversity and climate crisis as one. Our projects are integrated, effective and sustainable so that – working with our partners – we can deliver the best outcomes for climate, food security, livelihoods and health, as well as for nature.

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Karst limestone hills
and wetlands, Vietnam
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Our strategic
approach
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3. Decisions
for nature
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By promoting better policy and practice, we create a healthy canopy that fuels a flourishing global conservation programme and community.

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2. Strong
partners
We support our
partners as they grow,
helping them to
flourish and increase
their own impact.
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1. Impact on
the ground
Our work is rooted in
conservation at the local
level, where we collaborate
with in-country partners to
4
protect and restore nature 4. Seeding better
on the ground.
conservation
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We spread our ideas far and wide, contributing to a growing global conservation community taking action for nature around the world.

A strong and resilient organisation – built on expert, diverse and motivated staff, and engaged supporters – forms the bedrock of all our work.

6 Fauna & Flora’s Annual Report & Accounts 2024

Strategic report 7

Where we work

Fauna & Flora has over 125 projects[†] in more than 40 countries around the globe.

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Administrative hub 3. Eurasia
HQ
Bulgaria
Georgia
Kazakhstan
Kyrgyzstan
Romania
Tajikistan
Türkiye
Turkmenistan
United Kingdom
Uzbekistan
1. Americas
& Caribbean
Anguilla
Antigua and Barbuda
Bahamas 2. Africa
Barbados
Belize Botswana
Dominica Cabo Verde
Grenada Democratic Republic
Honduras of Congo (DRC)
Jamaica Guinea
Nicaragua Kenya
Saint Lucia Liberia
Saint Vincent & Mozambique
4. Asia-Pacific
the Grenadines Namibia
Trinidad & Tobago Rwanda Australia
United States of America São Tomé and Príncipe Cambodia
Senegal Indonesia
South Africa Laos (People’s
South Sudan Democratic Republic)
Tanzania Myanmar
Uganda Vietnam
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† For the purposes of this report, a project is defined as a set of activities leading towards a meaningful conservation outcome. The conservation result that a project works towards might be a specific biodiversity target, such as the conservation of a site or a species, or it might be creating a specific set of enabling conditions for delivering better conservation – for example by changing the behaviour of a particular group to address a specific issue. A project may encompass multiple sites and/or species and employ multiple conservation approaches. A project might be delivered by Fauna & Flora directly, or in collaboration with partners and other organisations

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Strategic report 9

OUR STRATEGIC OBJECTIVES

1. Impact on the ground

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A Sombrero ground lizard
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Protecting nature, together.

Nature is in crisis, but crucial to the success of our conservation efforts is ensuring we work with those who live closest to nature to protect and recover habitats and species around the world. By 2030 our goal is to double our onthe-ground impact, securing and restoring more land and sea for biodiversity, climate security and for people. And we continue to work towards that ambition hand-in-hand with our local partners, organisations and communities.

We implement comprehensive projects, designed to ensure the flourishing of ecosystems, species, and communities. We work with communities as active participants, partners, and leaders in conservation and sustainable resource management, ensuring they have the tools and support they need to thrive.

2024 highlights

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Influenced the conservation of over
60
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Helped protect Worked directly to manage habitat in 323 sites ~~ EG e @ 94 256 e@ priority secondary species species

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million hectares
of crucial habitat
(an area nearly twice the size of Italy)
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Grew / planted over Engaged with over 274,000 3,300 people tree seedlings, including over from over 14,000 800 communities from threatened species to inform conservation actions

Conserved over

1.7 million hectares

of important marine and coastal habitat, and influenced conservation over an additional

1.3 million hectares

Delivered conservation outreach activities to over

44,000 community members

Carried out over Activities to address 215 biodiversity helped protect at leastillegal wildlife trade surveys within our field projects 84 species

Protected and released over

15,000 turtle hatchlings

Turning the tide for a critically endangered Caribbean reptile

Sombrero Island is home to several species found nowhere else on Earth – including the Sombrero ground lizard. Just three years after Fauna & Flora and our partners began work to rescue this diminutive Caribbean species from extinction, it started showing signs of bouncing back. A population survey conducted in 2024 revealed a staggering increase in numbers – from fewer than 100 individuals in 2018 to over 1,600 – representing one of the most rapid recoveries of any reptile in the region.

Sombrero 2,000 1,000 ground lizard numbers 0 <100 ~~>1,600~~ 2018 2024

This success is the direct result of on-the-ground action carried out in close partnership with the Anguilla National Trust, Re:wild, and Wildlife Management International, with leadership and expertise from local conservationists. Together, we have implemented a holistic island restoration programme: local teams have played a critical role in removing invasive species, propagating and replanting native flora, and monitoring species recovery. These efforts are beginning to transform the island’s landscape: once barren and degraded, Sombrero is now visibly greener and more hospitable for its unique native wildlife.

The ecological recovery of the island, part of both a designated Ramsar Site that protects its wetlands and a Marine Reserve, is not only securing biodiversity, but also increasing the island’s resilience to climate change, helping to buffer against more frequent and intense hurricanes and other environmental shocks.

This project is a powerful example of what’s possible when local leadership, scientific expertise and long-term partnerships come together to deliver real, measurable impact on the ground.

The ecological restoration we have implemented on Sombrero and many other islands across the Caribbean is important for establishing a more secure future for these islands and the many species and people that rely on them. Protecting and restoring healthy natural ecosystems is key to resilience to a changing climate.

Arica Hill Caribbean Lead

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Strategic report 11

OUR STRATEGIC OBJECTIVES

2. Strong partners

In partnership for success

At the heart of our conservation efforts is our commitment to partnership. Together, we are better equipped to tackle new challenges and able to combine global and local expertise to protect and restore nature. Alongside our ambition to increase on-the-ground impact, we aim to see our local partners thrive, grow, and amplify their own impact.

To do this, we support our partners with training and development, resources, and the confidence they need to drive sustainable programmes and influence decision-making. Because strong, capable partners are fundamental to delivering enduring conservation impact.

2024 highlights

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Collaborated with Over
439 320 5,500
in-country organisations,
of which organisations people
whose skills, knowledge & whose conservation
resources we helped develop capacity we built
68
were core partners
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Ownership in local hands

area stretching from mountains to reefs, containing critical forests and supporting a range of iconic and threatened species, as well as being the home for numerous local communities.

In 2021 Fauna & Flora worked to secure funding to secure the Boden Creek Ecological Preserve in Belize on behalf of our local partner, Ya’axché Conservation Trust.

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Se ME C/o
ay eS aN
FS eS ae
Golden Stream flowing
through Boden Creek, Belize
© A Gunn / Fauna & Flora
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This year saw us successfully transfer ownership of this site to Ya’axché Conservation Trust, in line with the original vision and intention for local ownership in perpetuity. Ya’axché now protects and manages this crucial 5,178-hectare area, through community outreach work, monitoring and protection patrols. Boden Creek represents a vital part of a wider mosaic of protected sites, linking across the Mayan Golden Landscape – a 300,000-hectare

Working together to secure a future for Vietnam’s rare primates

Community-led conservation is at the heart of Fauna & Flora’s work in northern Vietnam, where the world’s second rarest primate – the cao vit gibbon – clings to survival in just 16 km² of remaining habitat. With an estimated 74 individuals left in the wild, every single birth matters. And so does every local conservationist working to protect them.

In 2024, we continued to work closely with the Gibbon Monitoring Team (GMT) – a dedicated group of 10 community members who, alongside Fauna & Flora research staff and rangers from the Forest Protection Department, are the front line of protection for this critically endangered species and its habitat.

The GMT’s role goes far beyond patrols. We work closely with them to train them to be conservation practitioners, undertake acoustic surveys, track gibbon behaviour, collect samples for genetic analysis, and record vital data to inform national and international conservation efforts. Over the past year alone, the team conducted nearly 1,500 person-patrol days covering over 7,600 kilometres, and contributed more than 3,500 hours to gibbon protection and research.

In November 2024, the team recorded a hopeful milestone: the sighting of a newborn gibbon – the second since the population was reassessed and recalibrated in 2023.

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Newborn cao vit gibbon recorded
in November 2024, Vietnam
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We were very excited to spot another infant cao vit gibbon during our regular patrolling. This is amazing and an encouraging sign of hope for the species’ population, and highlights the critical importance of longterm ongoing monitoring and conservation efforts in Cao Bang.

Tho Duc Nguyen Project Manager – Cao Vit Gibbon Programme

Fauna & Flora has worked alongside the GMT to build their capacity over time – not only in field techniques, but also in research, leadership and enforcement. In 2024, the team led an intensive two-day enforcement patrol, working hand in hand with Fauna & Flora staff and government rangers. No signs of poaching or illegal activity were found – a clear sign of success.

This partnership is a powerful example of our strategic priority to support locally led conservation – in this case, communities rooted in the landscape. As we move forward, our goal is to help the GMT strengthen its role further, grow its influence, and share its expertise with others working across Vietnam’s remaining forests.

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R. © Nguyen Duc Tho / Fauna & Flora
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12 Fauna & Flora’s Annual Report & Accounts 2024

Strategic report 13

OUR STRATEGIC OBJECTIVES

3. Decisions for nature

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North Haven, one of the primary
ports of Fair Isle, Scotland
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© Fauna & Flora
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Influencing wider policies and practices

Decisions made by governments, international bodies and businesses can help or hinder nature. We aim to influence laws and policies that have a direct impact on the sites where we work, and ensure that the knowledge and information we and our partners hold can be used to influence key global decisions.

We continue to amplify local voices and expertise to ensure that the local communities we work with are included at all levels of conservation decision-making. We are also working to find credible, practical and effective ways to get more finance invested into nature conservation and climate change work in a way that benefits people and planet. We strive to find solutions that ensure this finance reaches those taking action on the ground.

2024 highlights

Influenced the development of at least Helped develop 140 policies that affect our work at local, national or regional scale 61

Engaged with 164 government agencies on policy issues

laws, regulations and strategic government plans

Directly worked with over Worked with over 157 550 local and communities on local planning or governance national businesses

Community-led marine management in Scotland

Working in partnership lies at the heart of Fauna & Flora’s approach in Scotland. Across the country, we support community-based organisations to take the lead in protecting nature, shaping conservation priorities, and influencing policy. One such partner is the Fair Isle Marine Research Organisation (FIMRO), which is helping to manage the waters around one of Scotland’s most pioneering marine sites.

In 2016, following years of community advocacy, the waters around Fair Isle – a remote island between Orkney and Shetland – were designated as a Demonstration and Research Marine Protected Area (DR MPA) with support from Fauna & Flora. Marine Protected Areas (MPAs) are sites where damaging activities are limited or prohibited to help restore marine ecosystems. A DR MPA has a particular focus on testing new ideas and involving local people in how the site is run – and Fair Isle remains the only one in Scotland where a community-based organisation like FIMRO is formally recognised as part of the site’s management.

Since designation, Fauna & Flora has worked alongside FIMRO to strengthen their ability to play a meaningful role in shaping how the MPA is governed. This includes mentoring staff, fundraising support, technical project input, and ensuring FIMRO has a seat at the table through the site’s advisory and steering groups, which Fauna & Flora is also a part of. In practice, this means the community sets research priorities, reviews plans and data, and advises on how the area should be protected and managed – bringing local knowledge and lived experience directly into decision-making.

In 2024, FIMRO took a major step forward by securing £120,000 to hire a full-time Research Officer for three years – funding that Fauna & Flora helped secure, through contributions from

NatureScot and the National Trust for Scotland. This new role is already delivering results including:

These findings are helping to build a clearer picture of how the local marine environment is changing – and will support evidence-based decisions about future management of the site.

As the only designated MPA in Scotland with formal community involvement in governance, Fair Isle is setting a valuable precedent – one that is helping to inform wider policy conversations about communityled marine management across the country. FIMRO’s story has inspired other local community groups to follow the same process, and Fauna & Flora are also supporting the application process in another location.

FIMRO are an inspiring

example of what a community can achieve for nature and people through their commitment, resilience and deep local knowledge, with steady support from Fauna & Flora’s locally based team – reflecting our model of collaboration and respect for locally led solutions.

Rebecca Plant Programme Manager, Scotland

Fauna & Flora’s Annual Report & Accounts 2024

Strategic report 15

14

OUR STRATEGIC OBJECTIVES

4. Seeding better conservation

New approaches, new solutions

The global challenges we face due to the nature and climate crises are enormous. To overcome this, we must work together. We are able to harness our track record to help improve how we all implement conservation.

Woven throughout our programmes is a commitment to seeding better conservation. By working together, with organisations both within the conservation sector and beyond, we innovate, collaborate, and seek new solutions. We harness emerging technologies and, most importantly, learn from one another to build on our successes.

2024 highlights

The Conservation Leadership Programme has kickstarted over 4,400 careers in nature conservation across 109 countries. In our most recent alumni survey, 98% credit the programme with playing an important role in their career success.

Conservation skills training was delivered to over: 2,000 2,900 570 staff community students from our members close to our partner and close to our project sites collaborating project sites organisations

Marianne Carter Director, Capacity & Conservation Leadership

58% The Conservation Leadership of field-based Programme supported projects 13 teams incorporated technology into their work in context-appropriate ways including camera traps, of 60 eDNA and other DNA analysis, tagging, aerial surveys, acoustic conservationists monitoring and BRUVS with over

Research from Fauna & Flora projects was used to support wider decision-making in over

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50
projects
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US $212,000 in small grant funding

Challenging gender norms to strengthen conservation from the inside out

In Kenya’s community conservancies, women have traditionally been sidelined from leadership and decision-making roles. Recognising that stronger conservation governance depends on inclusive participation and broader community ownership, Fauna & Flora, funded by the UK government through the Darwin Initiative, is working with CARE Kenya to pilot a gender-transformative approach in two conservancies – Sera Wildlife Conservancy and Pate Marine Community Conservancy.

The process, tailored to each site, encourages men and women to examine and reflect on gender roles and norms, and take action to address inequalities in their households, communities and the conservancy. In 2024, more than 190 people in Pate – including Beach Management Units, religious leaders and local government representatives – joined training and dialogue sessions. These community conversations opened up space to rethink who gets to lead and contribute to conservation, and how.

The effects go beyond formal leadership. In Sera, 21 trained “champions” facilitated 62 dialogues across the community, reaching almost 1,400 people. These sessions are helping shift attitudes and expectations, including around unpaid care work and who speaks in public forums. As one older man shared: “Since we started the community dialogues, women have been experiencing a positive shift in the community culture. As an older man, I have begun assisting my

wife with tasks I traditionally would not have done… I no longer feel ashamed to help with household chores, and my wife is pleased with the change.”

This shift in mindset is also translating into tangible support for women’s involvement in conservation action.

I have changed the narrative that the women can’t… I encouraged one woman to travel to Naivasha to train on rhino protocol and another to attend to attend a conservancy annual meeting. The women were afraid to travel alone but the two did when I encouraged and supported them.

Conservancy manager

By removing barriers to women’s participation and encouraging collective reflection and action, the project is building stronger, more representative conservancy governance – and with it, deeper commitment to conservation outcomes.

The pilot is already influencing Fauna & Flora’s work elsewhere, with tools and learning products in development to support other practitioners to apply gender-transformative approaches in their own contexts.

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16 Fauna & Flora’s Annual Report & Accounts 2024

Strategic report 17

OUR STRATEGIC OBJECTIVES

5. Fauna & Flora flourishes

Huot Syradeth, Head of Sewage Control (left) and Majel Kong, Marine Plastic Specialist (right) on a sea trawl survey at Koh Rong Island, Cambodia

To have maximum impact, we must ensure that Fauna & Flora is a dynamic and resilient organisation, built on effective, expert, diverse and motivated staff with effective systems to support their work.

As we aim to double our impact by 2030, we continue to ensure our funding keeps pace with our ambition, prioritising funding sources that gives us greater flexibility in how we work. In raising our profile, we will ensure more people know us as an organisation and are able to support our work to drive the change we want to see.

2024 highlights

Fundraising

Cartier for Nature, William Grant Foundation,

and two anonymous US-based donors. We also embarked on two new partnerships with Tierra Pura Foundation and the Hans Wilsdorf Foundation, who are demonstrating this approach. We are immensely thankful for these investments and proud to be working alongside donors who see collaboration and trust not just as values, but as strategies for lasting conservation impact.

• 2024 also saw targeted growth in funding to our marine programme. Thanks to the support of key donors, including (but not limited to) the Paul M Angell Family Foundation, Rainforest Trust, Oceans 5, and the Nando & Elsa Peretti Foundation, we have been able to expand our efforts across multiple seascapes to protect marine habitats and species, and support the communities that depend on them. Support from these donors has also enabled us to deliver capacitybuilding workshops with local partners in Honduras and Nicaragua – strengthening the foundations for lasting, locally led marine conservation. Institutional funding for our marine programming continues to grow. In 2024 we secured funding from the UK government’s OCEAN fund to scale responsible fisheries and resilient livelihoods efforts across 21 coastal communities in Honduras and begin tackling the insidious threat to ocean and human health of untreated wastewater. In São Tomé and Príncipe, Blue Action Fund provided crucial follow-on funding to support the implementation and expansion of the country’s first marine protected area network.

People & systems

which will be rolled out globally in 2025. This builds on work in done in 2023, when we implemented a job evaluation and grading system and transitioned our staff to new and competitive pay structures. This is a great step forward for Fauna & Flora and will ensure that everyone’s performance is reviewed regularly and consistently across the organisation.

• In 2024, we invested in a dedicated safeguarding role and have since made significant strides in strengthening our safeguarding practices, particularly in light of the unique and challenging environments in which we operate. This work has included updates to our policies, processes, and reporting measures, as well as expanding awareness-raising initiatives across the organisation and with our partners. There has also been a strong drive to set up multiple safeguarding focal points in each country of operation, complemented by a training initiative to upskill staff in safeguarding to help increase awareness of safeguarding and reporting processes. These developments reflect our ongoing commitment to fostering a safe and supportive environment for everyone we work with.

18 Fauna & Flora’s Annual Report & Accounts 2024

Strategic report 19

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A pregnant saiga in Ural, May 2019
a
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Altyn Dala’s Earthshot Moment

Altyn Dala – meaning Golden Steppe – began in 2005 as a bold response to the dramatic decline of the saiga antelope in Kazakhstan. Since then, the Altyn Dala Conservation Initiative, has grown into one of the world’s largest and most visionary landscape restoration initiatives, covering over 750,000 square kilometres of steppe, desert, and wetlands.

Together, we have helped to engineer the comeback of the once critically endangered saiga antelope, whose numbers have surged from fewer than 40,000 in 2005 to more than 2.8 million in 2024. Beyond saiga, Altyn Dala partners are also working to revive other threatened steppe species, including the steppe eagle, sociable lapwing, kulan (wild ass), and Przewalski’s horse, which made its return to Kazakhstan in 2024 after two centuries of absence, marking a major milestone in steppe ecosystem restoration. Bred through ex situ conservation, the horses will help revive native grasslands alongside species like kulan and saiga.

In November 2024, this long-standing partnership in which Fauna & Flora is a core member – was announced as the winner of the Protect and Restore Nature category at The Earthshot Prize. Launched by our patron Prince William and longstanding vice-president Sir David Attenborough, The Earthshot Prize is a global environmental award that aims to catalyse innovative solutions to the planet’s biggest challenges.

We celebrate the incredible honour it is to have our work recognised by The Earthshot Prize. At Fauna & Flora, the coming years will see us focused on strengthening the capacity of locally led monitoring teams and national government bodies to prevent, detect and respond to wildlife crime in Kazakhstan, and ensure hard-won conservation gains are sustained and built upon.

David Gill Director of Operations, Eurasia, Fauna & Flora

The initiative is a collaboration between the Association for the Conservation of Biodiversity of Kazakhstan (ACBK), the Ministry of Ecology and Natural Resources of Kazakhstan, Fauna & Flora, the Frankfurt Zoological Society, and the Royal Society for the Protection of Birds (RSPB). Altyn Dala’s success reflects our vision for the future of conservation – collaborative in spirit and rooted in local leadership.

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© Albert Salemgareyev / Altyn Dala
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Plans for the future

Fauna & Flora enters 2025 with clarity of purpose and determination to rise to the moment.

Around the world, nature continues to face accelerating pressure. At the same time, global headwinds from shifting geopolitical dynamics to financial uncertainty are making the path ahead more complex. Yet in the face of these challenges, our belief in the power of locally rooted, globally connected conservation is stronger than ever.

We continue to focus on building a solid organisational foundation, and resilience across our partnerships, and our conservation impact. That means considering and advancing practical and strategic adjustments to ensure operational efficiencies, mitigate any shortfall in funding, and optimise our fundraising function. It means thinking carefully about how we amplify what’s already working, while making space for innovation and new ideas. And it means holding fast to the principles that have always guided us: long-term partnerships, community leadership, building trust and practical, local knowledge and science-informed action on the ground.

Strengthening our financial foundations is a priority, but so too is ensuring that those resources are used wisely supporting the people, species and places where conservation makes the greatest difference.

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Local university students measuring
the large leaves of the rare Magnolia
atlantida tree in Pico Bonito
National Park, northern Honduras
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As ever, our commitment to local leadership runs deep. In 2025, we are putting even greater emphasis on enabling and elevating the voices of those at the frontlines of conservation ensuring they are seen, heard and supported, not only in their communities but in global decision-making spaces as well.

We will also continue to evolve how we communicate our story to the world, and expand our reach. Through innovative partnerships and wider collaboration across sectors, geographies, and disciplines where we are seeking to turn local success into systemic change. We are harnessing the power of storytelling to inspire new audiences, and the potential of technology to unlock new solutions. All of this supports our broader ambition: to increase the scale and impact of our work, while staying true to the values and approach that define us.

We know the challenges are many. There is much to do. But we also know that when communities, partners, and organisations like ours work together, guided by trust, grounded in evidence and local knowledge, and driven by a shared purpose, lasting change is possible.

As we look to the year ahead, we remain energised by our mission, and committed to building a growing network of people, organisations, businesses and donors who share our commitment to a thriving planet to help support our vital work.

20 Fauna & Flora’s Annual Report & Accounts 2024

Strategic report 21

Structure, governance and management

Fisherman fishing in a canoe, Indawgyi Lake, Myanmar

Our structure

Fauna & Flora is headquartered in the United Kingdom and is also registered, and has a network of branch offices, in the following locations:

In addition to these branches, which form part of the Charity, Fauna & Flora has related organisations in Australia, Belize (until June 2024), Mozambique, Romania, South Africa and the United States of America.

Further information on these related parties can be found in Note 21 to the Financial Statements.

How we are governed

Fauna & Flora was established under a Memorandum of Association, which sets out its objects and powers, and is governed under its Articles of Association.

The Board of Trustees, or ‘Council’, is the governing body of the organisation and has legal,

financial and managerial responsibility for the Charity. The Members of Council are directors for the purpose of company law and trustees for the purpose of charity law.

The company is limited by guarantee; therefore, no member of the Board of Trustees has any beneficial interest in the company.

Trustee recruitment, induction and training

Members of Council are elected by the membership of the organisation at the Annual General Meeting (AGM) and ordinarily serve a four-year term but can be re-elected for a further term. The Articles of Association provide for any five members in writing or for the existing trustees by resolution, to nominate any member of Fauna & Flora for election or re-election as a trustee.

Council has adopted formal procedures for the recruitment, selection and induction of new trustees and has constituted a Nominations & Governance Committee to support Council in the implementation of these procedures. The Committee reviews the structure, size, effectiveness and composition (including the skills, knowledge, experience and diversity) of Council and makes recommendations to the trustees with regard to any changes to these.

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nicknamed Big John in Liberia
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The Committee reviews all nominations and

applications for officers and ordinary members of Council (as well as for other honorary appointments) and puts forward recommendations to Council on suitable nominees. Newly appointed trustees undergo an induction programme, which includes guidance on their role and responsibilities and the opportunity to visit Fauna & Flora’s headquarters to spend time with staff, ensuring that Council members have the information and tools they need to fulfil their legal obligations and to play an effective role within the governing body.

How we are managed

Council is responsible for establishing the strategy, policy and control framework of the organisation, which is achieved via quarterly meetings and via formal delegations to its subcommittees, the Officers of Council and to the Senior Leadership Team (SLT). Council has established two further subcommittees, all the acts and proceedings of which are fully and promptly reported to the full Council, which sets the terms of reference and membership of each committee.

The Audit & Risk Committee meets three times a year and is responsible for engaging with the external audit provision, participating in planning the nature and scope of the audit and receiving and reviewing the Annual Report & Accounts, along with the associated Audit Findings Report. The Committee’s role is to provide critical challenge, and its remit includes reviewing internal control and risk management systems and receiving reports on such from the management of the organisation.

The People & Remuneration Committee supports the organisation in the delivery of its People Strategy, which includes reviewing and agreeing the remuneration and benefits of the CEO and SLT members, as well as the overall remuneration policy for Fauna & Flora employees. In addition, the Committee is responsible for agreeing any significant changes in employee benefits or benefit providers.

The Charity Governance Code

Council believes that Fauna & Flora is best placed to fulfil its purpose and mission if it has an effective board

and high standards of governance, with practices and thinking which reflect the Code’s seven principles.

Principle 2 of the Code calls for charities to be headed by a board that provides strategic leadership in line with the charity’s aims, one which can adopt an appropriate strategy for effectively delivering on those aims and sets the tone for the charity in terms of its vision, values and reputation. It advocates having a Chair to lead the board, taking prime responsibility for ensuring it has agreed priorities, appropriate structures, processes and a productive culture, so it can both govern well and add value to the charity.

In 2023, having embarked on a new strategy, refreshed our brand and welcomed a new CEO, a search was initiated for a new Chair of Trustees to lead the organisation in realising its ambitions to 2030. At the same time, a successor was sought for the current Treasurer, who were reaching the end of their second term of office. Terms of Reference and application packs for each role were agreed and the positions advertised widely, with the recruitment processes being supported by two external charity specialist search firms. A Selection Committee was formed, and following a rigorous short-listing and interview process, Council met in February to approve the appointments of its new Chair and Treasurer. These appointments were ratified by the AGM in September 2024.

Principle 5 on Board Effectiveness recognises the need for the board to work as an effective team, using the appropriate balance of skills, experience, backgrounds and knowledge to make informed decisions. It recommends that the Chair, working with board members and staff, plans the board’s programme of work and its meetings, making sure trustees have the necessary information, time and space to explore key issues and reach well-considered decisions, so that board time is well-used.

Principle 5 also recommends that the board review its own performance, and that an external evaluation of board effectiveness is carried out every three years. In 2024, an external provider was engaged to conduct such a review, with all members of the trustee body participating in this process. One outcome of the review was a decision by Council to phase out the Executive Committee, comprised of the Officers only, and to increase full board meetings from two to four per year instead, providing trustees with more time and space to use their experience and knowledge to strategise and to explore key issues. The review also prompted further empowerment of the Council subcommittees, with new names and expanded remits for the Nominations & Governance and People & Remuneration Committees.

24 Fauna & Flora’s Annual Report & Accounts 2024

Structure, governance & management 25

Trustee duties in relation to Section 172(1) of the Companies Act

The Board of Trustees is aware of its duty under section 172 to act in the way it considers, in good faith, to be most likely to promote the successful achievement of Fauna & Flora’s charitable objectives.

Below is a summary of the ways in which the trustees, as the company directors, consider that they have fulfilled their obligations under section 172, having had regard to the following (amongst other matters) in doing so:

Decision-making

Newly appointed trustees are briefed on their responsibilities, including their duty to act in the Charity’s best interests and to use reasonable skill and care to make balanced and informed decisions they believe will best enable Fauna & Flora to fulfil its purpose and mission. When doing so they take account not only of current factors but also of any likely consequences and potential impacts their decisions may have on Fauna & Flora’s success, both now and in the future.

One of the aims of the 2024 review of board effectiveness was to look at the effectiveness of Council as an oversight and decision-making body. Meetings of the full board now take place quarterly, thereby increasing opportunities for trustee engagement in discussion and decision-making on how to deliver on Fauna & Flora’s Strategy to 2030. The structure, remit and composition of the Council subcommittees was also reviewed, with the remit of the Remuneration Committee expanded to cover strategic People issues and some governance decisions delegated to an expanded Nominations & Governance Committee.

Stakeholder engagement

Employees

Fauna & Flora recognises that our employees are our most valuable assets and fundamental to our success. Attracting, nurturing and retaining high-performing and motivated people is key to achieving our mission. We aim to support our workforce in finding a fulfilling, long-term career at Fauna & Flora by investing in training and development, allowing our people to work flexibly, helping them to improve their mental resilience, promoting clear internal communications, and fostering an inclusive ‘One Fauna & Flora’ culture.

Partners

Fauna & Flora has a long and successful history of building effective partnerships with others, from local NGOs and community groups to national government and multilateral agencies, international NGOs and large corporates. We we ensure conservation is in local hands, and we continue to lead the field due to our long-term approach to partnership. All over the world, we work on the ground with local partners and communities. By aligning our technical skills and experience with their expertise and their local and traditional knowledge, we each play to our strengths for maximum conservation impact. We support our partners as needed, to help them develop the skill sets, resourcing and confidence required to develop their programmes and Institutions. Our ambition is that our partners’ operations are both sustainable and effective, and that they are in turn able to share that expertise with others.

As well as working with local partners we also recognise the importance of partnering with others both within and outside our sector to improve conservation knowledge and practices, and to influence decisions that affect the places we work and people we work with. A key part of our approach is centred on ensuring that the knowledge and voices of those spearheading conservation locally are heard on the global stage.

For more information on Fauna & Flora’s work with partners and on influencing others please see our reporting on Objectives 2, 3 and 4 earlier in this report.

Donors, members and supporters

At Fauna & Flora, we are fortunate to have supportive and long-standing relationships with our major donors and to have members and supporters who provide valued and steadfast support, responding positively to our campaigns and appeals and engaging with us through our online communications, as well as both hybrid and in person events. We report regularly to our donors, members and supporters, providing updates

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Green turtle,
Sulawesi, Indonesia
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on the impact we are having so they can see what their support is helping to achieve. Our AGM provides an opportunity for members to engage with trustees and our SLT and to provide us with their thoughts and feedback via a live Q&A session.

Suppliers and other stakeholders

In keeping with Fauna & Flora’s values we act with integrity in all our internal and external relationships. This includes our business relationships with suppliers, which we foster through long-term arrangements where appropriate (for example with our key professional advisers). Our collaboration with partners in the Cambridge Conservation Initiative continues to flourish, with our global headquarters at The David Attenborough Building part of a vibrant hub representing the world’s largest cluster of conservation organisations, researchers, policymakers and practitioners.

Community and the environment

At Fauna & Flora, we want to see a world where nature comes first and we live sustainably within its limits, a world where nature is valued for its impact on our health, well-being, livelihoods and survival. Therefore, as we undertake our day-to-day activities we aim to minimise as far as possible any negative impact we may have on the environment, by reducing emissions, waste and resource use, without compromising our ability to address our purpose and mission.

For further details please see the section on our environmental policy.

26 Fauna & Flora’s Annual Report & Accounts 2024

Structure, governance & management 27

Reference and administrative details

Status

Fauna & Flora International (Fauna & Flora) is a company limited by guarantee, incorporated in January 1992, Registered Company Number 2677068. It was originally established in 1903 and was registered with the Charity Commission in May 1992, Registered Charity Number 1011102.

Registered office

Fauna & Flora’s registered and principal office is at The David Attenborough Building, Pembroke Street, Cambridge, CB2 3QZ.

Board of Trustees

The trustees who served during the year and at the date of this report were as follows:

Officers of Council

Stephen Fitzgerald AO Chair (appointed 17th September 2024) Annette Lanjouw Vice Chair (retired 17th September 2024) David Gibson Vice Chair Paul Baldwin Treasurer (stood down 13th February 2024) Martin Tyler Treasurer (appointed 17th September 2024)

Ordinary members of Council

Patron President Vice-president HRH The Prince HRH Princess Laurentien Sir David Attenborough of Wales of the Netherlands OM FRS

Jeffrey Blumberg Anna Gavazzi Hernán González Merlani Abshiro Halake Tony Juniper CBE Christine Lloyd Miguel Nogales Richard Plackett (retired 17th September 2024)

Dr Liz Rogers

Hugh Sloane Tola St. Matthew-Daniel Kimberly Stewart Hugo van Vredenburch (stood down 18th May 2024) Dominic Waughray (appointed 17th September 2024) Professor Joanne Webster FLS FRSB

Senior Leadership Team

Nature Champions Network

Anders Johansson Andrew Sykes Antonio Versace Blaine T. Phillips Charlene de Carvalho-Heineken Charles Whitbread Dr Adrian Wilson Dr Claudio Segré Dr Lee Durrell Dr Lisbet Rausing Georgina Bloomberg Giles Clark Jon L. Stryker

Justin Mundy LVO Lindsay Bury Nigel Winser Professor Sir Roy Anderson FRS FMedSci

Rove McManus

Rt Hon. Mark Simmonds Sir Gareth Rhys Williams CB

Sir Stephen Fry

The Rt Hon. Baroness Young of Old Scone The Rt Hon. the Lord Randall of Uxbridge Tim Jarvis AM Victoria Stack

Kristian Teleki Chief Executive Officer Svetlana Ignatieva Chief Operating Officer and Company Secretary Joanna Elliott Global Director of Conservation Dr. Abigail Entwistle Senior Conservation Director Paul Hotham Senior Conservation Director Nicola Frost Chief of Staff Jonny Wright Senior Director, Communications & Fundraising (until 19th July 2024) David Hillyard Global Director of Fundraising (from 3rd March 2025)

Principal professional advisers

Auditors Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW Solicitors Mills & Reeve, Botanic House, 100 Hills Road, Cambridge, CB2 1PH Investment Managers BlackRock, 12 Throgmorton Avenue, Drapers Gardens, London, EC2N 2DL Bankers Barclays Bank, Mortlock House, Vision Park, Histon, Cambridge, CB24 9DE Insurance Brokers Gallagher, 25 Walbrook, London, England EC4N 8AF

28 Fauna & Flora’s Annual Report & Accounts 2024

Structure, governance & management

29

Our reserves fall into three types:

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Public benefit

The Strategic Report demonstrates the scope of the activities undertaken by Fauna & Flora in 2024 in furtherance of its charitable purposes for the public benefit.

Reserves policy

Fauna & Flora is committed to maintaining a level of reserves appropriate to the identified operating needs, taking into account financial impact of risk, working capital requirements, future income sources and organisational plans and commitments. Fauna & Flora’s policy is to hold 6–18 months of budgeted, recurring, unrestricted expenditure, with the target unrestricted reserve level of 10 months, whilst also taking into account the total expenditure (restricted and unrestricted) of the organisation as a whole.

The Covid-19 pandemic brought into focus the need to maintain an adequate level of reserves in order to protect the organisation from financial shocks. In setting a policy of 6-18 months with a target of 10 months, Fauna & Flora trustees have considered the cost base and risk profile of the organisation and the impact of a sudden drop in income, and believe that the policy is appropriate to allow Fauna & Flora to continue its operations while simultaneously working to rebuild its reserves. Fauna & Flora’s current reserves position is outlined in the Financial Review on page 47.

Restricted reserves

Restricted reserves reflect the balance of unspent restricted funding (e.g. grants, donations) that have been received by Fauna & Flora (often in advance) for a specific charitable purpose or project. They are not available for general purposes and can only be spent according to funder terms and conditions.

Endowment reserves

Endowment funds must be spent in accordance with funder stipulations, and are held separately within Fauna & Flora’s reserves because the capital amounts must be maintained. Further details on Fauna & Flora’s endowments are given in Note 12 of the financial statements.

Unrestricted reserves

Unrestricted reserves are net assets around which no donor conditionality exists, which may be spent to further Fauna & Flora’s charitable objectives in accordance with internal decisions made by Fauna & Flora’s management and Council. Designated reserves are created from time to time when the trustees identify organisational priorities. These reserves form part of total unrestricted reserves as they represent internally earmarked funds. Currently these funds have been designated for investment in initiatives to help minimise the environmental impact of Fauna & Flora’s activities.

Investment policy

Fauna & Flora’s investment policy outlines how Fauna & Flora will manage its reserves, with reference to the purposes for which the funds have been raised.

Fauna & Flora is responsible for the safekeeping and investment of restricted reserves prior to their being required for project expenditure. As such, the main investment priority is capital preservation, with the funds held either on deposit with major banks or in suitable money market funds. Unrestricted reserves are held for general expenditure and to meet unforeseen requirements. As these funds may need to be available at short notice, they are regarded as short-term funds for investment purposes, with capital preservation and liquidity as the main focus. Fauna &

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A white-bellied
pangolin in its habitat
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Key policies and statements 31

Flora keeps sufficient funds to enable efficient cash flow on deposit with major banks or money market funds. Any excess funds may be held in short-dated bond funds and equities.

Endowment funds are long-term funds designed to produce an income in line with donor stipulations.

As such, these funds are invested in a portfolio of equities, bonds and other securities with the aim of preserving the value of the funds’ capital in real terms and providing a growing income stream. The portfolios are invested over the long term with approximately 70% in equities and 30% in bonds and other securities. Wherever practical, Fauna & Flora will choose investment opportunities that align with Fauna & Flora’s mission.

Fauna & Flora has appointed investment managers who will manage the applicable funds in accordance with the investment policy approved for those funds.

Grant-making policy

Fauna & Flora makes grants to strategic and implementing partners, and in 2024 we disbursed over £9.4 million in grant funding (2023: £7.1m), in addition we transferred an investment of £4.1m of land in Boden Creek, Belize to a local partner organisation for £nil consideration. All our grant funds are disbursed with clear criteria and application processes, including conducting due diligence based on materiality criteria, and use formal review and clearly defined decision-making. All grants are made based on written grant agreements that incorporate requirements on reporting and financial oversight. Donor conditions are passed on to the recipient in the sub-grant agreement, as necessary.

Fauna & Flora staff also reviewed over 560 grant applications for external grants funds using criteria developed and agreed with the donors. Through this, we influenced the allocation of an additional £34.3 million of conservation grant funds.

Environmental policy

All of our activities are designed to address threats to the world’s habitats and species and to have a positive impact on biodiversity. We are therefore committed to minimising our environmental impact wherever we can, while ensuring we are able to deliver on our wider environmental goals.

Our Green Group continues to embed the organisation’s environmental policy and encourage best practice. As a result, in 2024 we received an NUS Green Impact Scheme gold award for the third year running.

Fauna & Flora’s environmental policy was updated in September 2024. The key updates were an increased emphasis on tracking our carbon footprint, encouraging staff to follow the carbon management framework when considering the need to travel for business purposes, and encouraging staff to adhere to the sustainable food procurement guidelines.

To quantify and manage Fauna & Flora’s carbon footprint, we established a 2019 baseline for emissions related to our Cambridge office and organisation-wide flights. We continue to track carbon on a regular basis,

following the most commonly used accounting and reporting standard: the Greenhouse Gas Protocol. Our carbon management framework guides staff in decision-making to minimise the carbon intensity of our operations, while our expenses and travel policies provide clear guidance to improve information collected about flights.

In line with the sustainable food procurement guidelines, Fauna & Flora has continued to provide 100% vegetarian catering at UK events, including Council lunches and staff events, which have been positively received. The internal Green Fund has been used to support three staff members to make more sustainable choices, by reimbursing the difference in cost between train and air travel within Europe. Reflecting changing commuting habits, we have maintained the hybrid-working policy that we initiated during the pandemic. This offers staff more flexibility on home working and also means a reduction in emissions associated with commuting to an office (although we do not track this, nor any increase in home energy bills associated with working from home). Fauna & Flora has also embraced communications technology in order to reduce our carbon footprint from both commuting and overseas travel.

Energy and emissions report (SECR)

As detailed above, over the last three years we have actively promoted energy efficiency and low carbon choices. Our actions are in line with the carbon reduction and energy efficiency targets set out in the Sustainability Action Plan for the David Attenborough Building, where our headquarters is located. We are working closely with building management to understand the increases in energy use and put in place appropriate measures in line with our shared goals to reduce consumption within the building.

2019 2020 2021 2022 2023 2024
Gas (kWh) 107,079 94,175 88,310 95,765 99,230 110,067
Electricity (kWh) 55,057 35,865 36,565 43,138 41,484 41,874
Total UK energy use (kWh)1 162,136 130,040 124,875 138,903 140,714 151,941
Gas (tonnes CO2e) 19.7 17.3 16.2 17.5 18.2 20.1
Electricity (tonnes CO2e) 14.1 8.4 7.8 8.3 8.6 8.7
Total associated GHG emissions (tonnes CO2e)2 33.8 25.7 24.0 25.8 26.8 28.8
Intensity ratio = Emissions per office floor
space (tonnes CO2e per m2)		 0.046 0.035 0.032 0.035 0.036 0.039
  1. The total UK energy use covers gas and electricity consumption of the Fauna & Flora office in our global headquarters, The David Attenborough Building (DAB). Global data is not yet available, therefore we have agreed a stepwise process for assessing our carbon footprint that prioritises the UK operation, before a gradual roll out to country offices. Please note that there is a discrepancy between data captured before and after October 2024 with a factor of ca 11.19 between the old and new data. While this discrepancy is being investigated by the university, the data captured as part of this report post October 2024 has been converted by the factor of 11.19 to keep it in line with the scale of data reported in previous years. There were also a number of gaps in the gas data provided, which were filled using data from previous years, this therefore represents estimated rather than actual overall gas usage. Also note that two gas-fired hot water boilers failed and were replaced with electric boilers in July 2024, gas data therefore includes gas consumption by the water boilers up to June 2024 and the electricity data doesn’t include the new hot water boilers. Once the data is available these tables will be updated accordingly.

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Jeanne Aradjabu Pendeza,
DRC ranger, at the IRC World
Ranger Congress 2024
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Energy consumption in 2020–2021 was also affected by the pandemic and increased home working since then. Also note that the DAB’s electricity supply is a combination of 20% renewable electricity purchased from UK-based wind farms via a Power Purchase Agreement, and nuclear power which, under carbon accounting guidance, can be reported as zero carbon. Thus, the DAB’s electricity supply can be considered carbon neutral. For transparency, the emissions figures provided represent the hypothetical carbon footprint that the electricity usage would have represented if electricity had been bought from the UK grid (aka location-based emissions).

  1. Associated greenhouse gas (GHG) emissions have been calculated using DEFRA conversion factors, following the widely recognised independent standard, the GHG Reporting Protocol – Corporate Standard.

32 Fauna & Flora’s Annual Report & Accounts 2024

Key policies and statements 33

Remuneration policy Going concern

Going concern remains an increased risk area for many organisations, particularly in light of sustained economic pressures, including inflation, cost of living challenges, and rising global geopolitical instability.

Fauna & Flora recognises its responsibility to spend funds wisely and intelligently in line with its status as a Charity and the expectations of the public and those that support its work. In parallel, it recognises its responsibility to ensure that it attracts and retains excellent people with the appropriate level of skills and experience to achieve its mission. To this end, at all levels of the organisation, it aims to ensure that pay is appropriate to the skills required and responsibilities involved and is set through a fair, objective and systematic process. It carries out external benchmarking with the aim of ensuring that pay is as competitive as possible and aligns with the charity sector, whilst at the same time ensuring that pay levels remain affordable and sustainable and that we are managing our charitable resources appropriately. Safeguarding policy

Trustees are required make a determination of Fauna & Flora’s ability to continue as a going concern for a minimum of 12 months following the date of signing of this report. For trustees to make this determination, we have reviewed our actual results from previous years together with our current budget and have updated the projection figures and assumptions therein, taking a conservative approach. The results of this exercise indicate that Fauna & Flora has sufficient reserves to continue to deliver its strategic objectives by the end of that period, and will still maintain an adequate level of unrestricted reserves by the end of it. The trustees therefore have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, and are not aware of any other material uncertainties which may adversely affect the organisation.

Fauna & Flora recognises its responsibility to protect all individuals, particularly children and adults at risk, from any harm caused by coming into contact with the organisation and its activities. This includes harm arising from the conduct of staff or personnel associated with Fauna & Flora, and/or the design and implementation of our programmes. Fauna & Flora strives to protect all individuals through proactive and reactive safeguarding measures and processes and is committed to addressing safeguarding through the four pillars of preparation, prevention, response and support. Our Safeguarding Policy sets out our responsibilities and those of our staff and associates in relation to safeguarding. It is a zero-tolerance policy, meaning all proportionate and appropriate measures will be taken to prevent an incident, and to respond effectively if one arises. We are committed to acting on every safeguarding allegation and expect our partners to do the same.

Accordingly, the financial statements continue to be prepared on the going concern basis.

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Ministry of Environment
ranger installing acoustic
monitoring device, Cambodia
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© Phyroum Chourn / Fauna & Flora
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In 2024, the appointment of a dedicated Safeguarding Manager enabled a review of our safeguarding practices, with our Safeguarding Policy being updated to reflect recent developments in guidance and best practice, and a new Safeguarding Framework created, setting out organisational safeguarding processes and procedures. We are also working with our partners, offering support and training to enable them to strengthen their safeguarding practices.

34 Fauna & Flora’s Annual Report & Accounts 2024

Key policies and statements 35

The Trustees have reviewed Fauna & Flora’s fundraising activities in light of the Charities (Protection and Social Investment) Act 2016 and the related guidance published by the Charity Commission. The following summary outlines Fauna & Flora’s approach towards developing and monitoring its fundraising activities.

Fauna & Flora is a membership organisation and uses the membership offer as well as a broader regular giving proposition to cement long-term relationships with donors. Fauna & Flora’s direct marketing activities are carried out in partnership with specialist agencies, who provide creative and media buying services, enabling us to develop supporter recruitment materials and to place our fundraising campaigns across a variety of offline and online channels, including private site fundraising, direct response television, telemarketing and social media advertising.

We have a well-established major-giving programme, with approaches typically made in person by senior staff or trustees. Fauna & Flora also hosts events throughout the year, typically targeted at stewarding and soliciting funding from major donors and prospects.

Fauna & Flora has paid the applicable levy to register with the Fundraising Regulator and displays the Regulator’s badge on all appropriate fundraising materials. Fauna & Flora complies with the terms and conditions of its registration, and follows the guidance and recommendations from the Regulator, as well as the standards contained in the Code of Fundraising Practice to ensure that our fundraising activities are fair, transparent and honest.

We are signed up to the Fundraising Preference Service, which is run by the Fundraising Regulator, and enables members of the public to manage the direct marketing communications they receive from charities. In 2024, via this service, Fauna & Flora received and actioned seven requests to be removed from marketing and fundraising campaigns.

and all such arrangements are monitored to ensure continued compliance with the legal requirements.

In 2024, we received approximately 30 complaints relating to supporters’ interactions with our response handling agency. None of these complaints stemmed from dissatisfaction with call handlers; rather, they were all related to supporters not being able to get through to a call handler to make a donation.

In each of these cases, the supporter either got through to our main office line and a donation was taken, or we subsequently contacted the supporter, apologised for any inconvenience caused, and a donation was taken. We would then follow up with our response-handling agency to investigate why supporters could not get through. In the overwhelming majority of cases, this was due to congestion on the response-handling line, i.e. too many people trying to contact us at the same time.

We regularly monitor our response handing agency and telephone agencies, which allows us to monitor their performance closely and respond quickly if and when any issues do arise. In addition to this, we receive regular updates from them regarding any questions or queries they receive from our supporters which need to be followed-up by Fauna & Flora staff.

Our agencies also follow a set of guidelines to determine supporter vulnerability; if a supporter is deemed to be vulnerable, a case is raised with Fauna & Flora which will investigate the matter. This may result in a donation being declined and further action being taken.

Fauna & Flora regularly reviews its Privacy Statement and updates it when necessary. Our Fundraising Promise makes it clear what personal data is collected, how it is processed and how an individual can get in touch with Fauna & Flora to change their preferences. All of Fauna & Flora’s communications include easy mechanisms for unsubscribing or updating contact preferences and we ensure that our database is updated accordingly.

Fauna & Flora does not routinely outsource its fundraising activities. However, we work with commercial participators and outsource activity if an opportunity is identified that we cannot fulfil ourselves. Examples of this include face-to-face fundraising and our online shop.

All such new opportunities are assessed against Fauna & Flora’s fundraising strategy and the Fundraising Regulator’s guidance and with due consideration given to Fauna & Flora’s reputation. We have developed a commercial participator agreement template

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Koh Tang, Cambodia
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Fundraising 37

iid + Principal risks

The trustees have established a framework for identifying and controlling the major risks to which the Charity is exposed.

Risk management strategy

The trustees have a risk-management strategy that comprises:

Key risks

The key risks faced by the Charity, along with the steps taken to mitigate these risks, have been identified as follows:

Financial environment

An unpredictable economic outlook, escalating trade tensions, financial market adjustments and downward forecasts for global growth, combined with geopolitical instability and ongoing cost of living pressures, pose a range of risks. We mitigate against these uncertainties through careful financial monitoring and management, future scenario planning, diversification of sources of income and by reviewing our discretionary spending. These additional pressures require prudent and agile management of our financial resources and reserves, striking a balance between long-term sustainability and the need to invest in the organisation to support the achievement of our objectives.

Funding landscape

Changes to the 2025 funding landscape, particularly in regard to US government funding, but also the potential for overseas spending reductions by other governments, are altering the future landscape for statutory funding. Our immediate aim has been to mitigate the extent of our financial exposure this year by taking early action where the loss of US government funding has been confirmed. We are fundraising for near-term project funding gaps and planning practical contingency measures should these become necessary. Separately, we have undertaken a strategic portfolio review, assessing the alignment, efficiency and impact of our global project portfolio to see if and where adjustments could be made. To support organisational resilience, we have also identified the need to adjust towards a future funding model with a balanced mix of income across corporate, trusts & foundations, individuals and statutory streams. The removal of US government funds necessitates and accelerates this move.

Recruitment and retention

Our people are critical to the delivery of our strategy, but attracting and retaining our talented workforce can be challenging in an increasingly competitive global labour market. Recognising this risk, we have introduced a fair, equitable and transparent global job evaluation & pay structure with the objective of (a) providing clarity around career progression, and (b) paying our people competitively for our sector, while at the same time managing our charitable resources appropriately by ensuring pay levels remain affordable and sustainable.

Financial management, compliance and resilience of in-country partners

This is an inherent risk, particularly where funding is sub-granted from government or multilateral donors, where funding from Fauna & Flora represents a significant element of funding portfolios, and/ or where local partners have limited access to international fundraising markets. We identify risks through partner due diligence and, where possible, invest in supporting our partners by strengthening their financial management to meet donor compliance requirements, and building their capacity and resilience more generally. We achieve this through grants, direct technical support, and mentoring, and through the Conservation for Capacity website, a free online resource and e-learning hub designed to promote self-led organisational development.

A red shanked douc hanging from a tree, Vietnam

Principal risks 39

Reputational risks

Fauna & Flora’s excellent reputation is dependent on continuing to demonstrate significant conservation added value, which requires all internal decisionmaking systems from programme design to monitoring and evaluation to be functioning well. We continue to invest in sound governance and control processes and to conduct robust due diligence on our institutional relationships, with a particular emphasis on careful selection of partners. To mitigate the reputational risk associated with a greater external profile and potential media interest, we have crisis communications procedures in place designed to help us prevent, prepare for, and respond to crises including (but not limited to) negative press coverage.

Negative social impacts

Fauna & Flora takes a holistic, people-centred approach to biodiversity conservation recognising that, in many of the places in which we work, people live and rely on the environment for food, fuel, shelter, and income. With sustainable management of natural resources inextricably linked to people’s rights to secure their livelihoods and live in dignity, we promote conservation approaches that are co-designed and led by Indigenous Peoples and local communities. Our Social Safeguards Framework guides our engagement with local communities, safeguarding their rights to access, use, and manage natural resources, and their

rights to access information, participate in decisionmaking and access justice. Social safeguards help us manage risks and uphold human rights by recognising local communities as allies and partners, supporting us to minimise harms, and to identify, implement, and monitor the effectiveness of measures to avoid them, whilst also maximising positive impacts for people.

Global safety and security

Our staff and operations are inevitably subject to such risks especially given some of the more remote, difficult and insecure locations we work in and travel to (such as Myanmar and Mozambique). Having a specialist Health, Safety & Security Manager in place has strengthened our ability to mitigate these risks through new and updated policies, procedures and risk management measures designed to protect our people and programmes. This includes tracking regional security and political trends for developing situations and monitoring global travel, security and health risks which might affect staff, and having emergency planning and response mechanisms in place. By providing staff with support and training, including hostile environment awareness courses, we aim to embed a culture and practice of safety and security, not only to safeguard them and those that come into contact with our activities but so Fauna & Flora can be prepared for, and respond well to, the safety and security challenges it faces.

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Sunlight penetrating a karst
limestone cave, Vietnam
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40 Fauna & Flora’s Annual Report & Accounts 2024

Principal risks 41

e > \ -~ . Financial review

Trieu Hoang Tuyen, a member of the gibbon monitoring team, observing cao vit gibbons, Vietnam

Overall position

This report and the consolidated Financial Statements incorporate the results of Fauna & Flora’s UK operations, its overseas branches and controlled subsidiaries and its associated permanent endowment funds.

The net movement in total funds for the period is a decrease of £4.7m (2023: £5.4m decrease), comprising a decrease in restricted funds of £3.3m (2023: £3.1m decrease), an increase of endowment funds of £30k (2023: £6k increase) and a decrease in unrestricted funds of £1.4m (2023: £2.3m decrease). Restricted funds include around £1.9m of capitalised land purchases and the balance predominantly relates to current, active projects and are largely anticipated to be utilised over the course of the next one to four years.

Income

Income generated overall of £44.6m shows an increase of £7.8m (21%) compared with 2023. Trusts & Foundations remain our largest source of income at 40% of total (2023: 48%). Funding from Government and multilateral sources has increased to 35% from 30% of the portfolio in the prior year.

----- Start of picture text -----
100%
4% 5% 6% 7% 6% 3%3%
4% 2% 2% 1%
10%
15% 20%
17%
9%
80% 20%
22%
60%
47% 48% 40%
48%
48% 59%
40%
20%
35%
30% 30%
22%
20%
15%
0%
2019 2020 2021 2022 2023 2024
----- End of picture text -----

Unrestricted income by type

----- Start of picture text -----
2023/2024
2019 2020 2021 2022 2023 2024
Change
Individuals 1,362,427 4,139,416 4,081,322 3,804,560 4,209,676 4,427,691 5%
Trusts and foundations 756,517 859,475 1,821,776 619,169 611,259 2,300,772 276%
Legacies 2,325,653 1,189,313 901,330 601,962 488,377 1,144,756 134%
Other 25,514 34,453 7,412 195,069 624,894 519,840 -17%
Corporate 52,914 196,920 19,806 32,251 82,272 74,611 -9%
Capital campaign 125,000 - - - - - 0%
4,648,025 6,419,577 6,831,646 5,253,011 6,016,478 8,467,670 41%
----- End of picture text -----

Unrestricted income from Individuals increased by £218k (5%) from 2023, a result of successful campaigns as well as investment in direct supporter recruitment. Income from Trusts & Foundations increased by £1.7m from 2023 due to income of £1.5m from a recurring donor now being classified as unrestricted (a result of a change of wording in the donor’s grant agreement). Legacy income increased by £656k (134%), we have a strong Legacy pipeline, although the timing of receipt is difficult to predict. Other income includes income from investments and interest.

Restricted income by type

----- Start of picture text -----
2023/2024
2019 2020 2021 2022 2023 2024
Change
Government and
6,947,640 5,315,100 5,645,650 7,400,676 11,061,076 15,631,498 41%
multilateral
Trusts and foundations 10,206,257 11,738,061 19,713,173 15,447,495 17,104,561 15,435,474 -10%
Individuals 414,924 1,560,470 2,042,816 2,396,280 238,054 3,470,287 1358%
Corporate 816,097 1,254,924 2,046,255 2,315,213 1,971,917 1,180,871 -40%
Other 178,269 180,828 205,417 352,797 408,069 431,471 6%
Legacies 44,613 - - - - - 0%
18,607,800 20,049,383 29,653,311 27,912,461 30,783,677 36,149,601 17%
----- End of picture text -----

Restricted income from Individuals includes USD $4m received from a donor in relation to the co-management of Maiko National Park in DRC. Trusts & Foundations restricted income has decreased by £1.7m (10%) from 2023, largely due to the reclassification of £1.5m from one donor as unrestricted, mentioned above. Income from Government & Multilateral sources has increased by £4.6m (41%) from 2023. Government grants tend to be higher value grants and allow us to scale in activity and impacts, however they can be costly in terms of compliance as well as set-up and close-out costs. They may also require co-finance.

As ever, we are very grateful for all the support we receive from our donors.

Government and multilaterals Individuals (inc. membership) Corporate Trusts and foundations Legacies

44 Fauna & Flora’s Annual Report & Accounts 2024

Financial review 45

Expenditure

Charitable expenditure across our conservation portfolio has remained consistently high as a proportion of total expenditure (92%) in 2024 (2023: 89%). Charitable expenditure in 2024 includes the successful planned transfer of an investment in land in Belize of £4.1 million to our local partner organisation for £Nil consideration, see page 64.

With over 125 active projects in more than 40 countries, we continue to manage a diverse programme of activity, which presents its own challenges, but is also evidence of our far-reaching impact in delivering tangible biodiversity conservation.

----- Start of picture text -----
Fundraising
8%
2024 Total
expenditure
£48.8m
Conservation
expenditure
92%
----- End of picture text -----

Fauna & Flora operates through four regional Conservation Programmes (Asia-Pacific; Africa; Eurasia; and Americas & Caribbean) supported by an array of cross-cutting initiatives (Conservation Science & Design; Conservation Capacity & Leadership; Business & Nature; Climate & Nature Linkages; and People & Nature), which form our Cross-cutting Programmes division.

Conservation programme expenditure

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100%
8% 9% 10% 9% 10%
20%
9%
11% 12% 13% 12%
80%
11%
22%
27%
24% 27%
31%
60%
28%
30%
22%
40% 28%
26%
22%
17%
20%
31% 30%
26% 25% 26% 26%
0%
2019 2020 2021 2022 2023 2024
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Cross-cutting programmes Africa Eurasia Americas & Caribbean

Reserves

The total reserves of the organisation at the end of 2024 were £23.5m (2023: £28.2m). Restricted reserves were £19.2m (2023: £22.6m), these funds comprise balances of unspent restricted funding, funds received in advance, and £1.9m of capitalised land and other programme related investments. Endowment reserves were £674k (2023: £644k), these funds are invested to secure the capital base whilst producing an income stream in support of our gorilla conservation work.

Unrestricted reserves were £3.6m (2023: £5.0m). Free reserves (unrestricted reserves less unrestricted fixed assets of £206k (2023: £267k) were £3.4m (2023: £4.7m). This represents 4.3 months (2023: 5.6 months) of budgeted, recurring core expenditure. This is below our minimum level of 6 months of reserves, a result of our unrestricted fundraising income not growing as much as we’d hoped, combined with the impact of global cost of living increases on our unrestricted cost base. Trustees are concerned about the decline in reserves and, following the changes in USAID funding, a reforecast budget for 2025 was presented to the Board, showing a small unrestricted surplus for the year. The Trustees are focused on fundraising activity and closely monitoring performance with contingency plans being drawn up to address any further decline in unrestricted reserves.

£million

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£30
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£25
£20
£15
£10
£5
£0
2019 2020 2021 2022 2023 2024
Restricted Unrestricted Endowment
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46 Fauna & Flora’s Annual Report & Accounts 2024

Financial review 47

Statement 7 of Trustees’ responsibilities

The Trustees (who are also directors of Fauna & Flora International for the purposes of company law) are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

Disclosure of information to auditors

So far as each of the Trustees is aware at the time the report is approved:

The Trustees’ Annual Report and the Strategic Report contained therein were approved and authorised for issue by the Board of Trustees on 3rd July 2025 and signed on its behalf by WZ

Stephen Fitzgerald AO

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Sunda pangolin in Cambodia

Statement of Trustees' responsibilities 49

Independent auditors report

Independent auditors report

Opinion

We have audited the consolidated financial statements of Fauna & Flora International (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Group and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including 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).

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

In our opinion the financial statements:

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.

We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Independent auditor's report 51

Independent auditors report

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report 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 to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 49, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and

for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

Details of the extent to which the audit was considered

capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to

Independent auditors report

fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were anti-fraud, bribery and corruption legislation and General Data Protection Regulation (GDPR). We also considered compliance with local legislation for the group’s overseas operating segments.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant and contract income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates and judgements for biases, reviewing regulatory correspondence with the Charity Commission, sample testing of grant and contract income, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to 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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Naziar Hashemi

on behalf of Crowe U.K. LLP, Statutory Auditor Date: 31 July 2025

52 Fauna & Flora’s Annual Report & Accounts 2024

Independent auditor's report 53

Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account)

For the year ended 31 December 2024

Total Total
Notes Unrestricted Restricted Endowment Total 2024 Total 2023
Income and endowments from: £ £ £ £ £
Donations and legacies 3a, 3b 5,143,691 3,470,287 - 8,613,978 4,430,301
Charitable Activities 2,801,232 32,247,843 - 35,049,075 31,333,208
Investments 510,620 185,949 207 696,776 839,573
Other Trading Activities 2,907 - - 2,907 3,684
Other 9,220 245,522 - 254,742 193,586
Total 8,467,670 36,149,601 8,467,670 36,149,601 207 44,617,478 36,800,352 44,617,478 36,800,352
Expenditure on:
Raising funds 4,023,620 - - 4,023,620 4,587,721
Charitable Activities 5,760,890 38,916,640 5,760,890 38,916,640 - 44,677,530 37,228,986
Jointly Controlled Operations expenditure
Total		 20
4a, 6a, 6b		 56,723
9,841,233 38,916,640
~~a~~
~~—E>E*h—h—o———_~~		 -
9,841,233 38,916,640
~~—E>E*h—h—o———_~~		 -
-
~~—E>E*h—h—o———_~~		 56,723
48,757,873
~~—E>E*h—h—o———_~~		 58,348
41,875,055
~~—E>E*h—h—o———_~~
~~LLL~~
Net gains/(losses) on investments 3,766 - 29,538 33,304 9,006
Net income/(expenditure) (1,369,797) (2,767,039) (1,369,797) (2,767,039) 29,745 (4,107,091) (5,065,697)
Transfers between funds 98,429 (98,429) - - -
Other Recognised Gains and Losses
Realised foreign exchange gains/(losses) (113,232) (56,238) - (169,470) 3,277
Unrealised foreign exchange gains/(losses) (8,437) (435,650) - (444,087) (322,764)
Profit/(losses) on disposal of tangible fixed assets (1,507) 31,859 - 30,352 (19,580)
Other gains/(losses) 4b (123,176) (460,029) - (583,205) (339,067)
Net movement in Funds (1,394,544) (3,325,497) (1,394,544) (3,325,497) 29,745 (4,690,296) 29,745 (4,690,296) (5,404,764)
Total funds brought forward 5,009,677 22,562,230 5,009,677 22,562,230 644,459 28,216,366 33,621,130
12 3,615,133 19,236,733 674,204 23,526,070 28,216,366

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

In 2023, unrestricted voluntary income was £4,192,667 (the remainder was restricted). In 2023, unrestricted charitable activities income was £1,195,654 (the remainder was restricted). In 2023, unrestricted investment income was £618,913 and endowment investment income was £196 (the remainder was restricted). In 2023, unrestricted income from other trading activities was £3,264 (the remainder was restricted). In 2023, unrestricted income from other sources was £5,981 (the remainder was restricted).

In 2023, unrestricted charitable activities expenditure was £4,273,574 (the remainder was restricted). In 2023, all expenditure on raising funds was unrestricted. In 2023, all expenditure on jointly controlled operations was unrestricted.

Pacific leatherback sea turtle (Dermochelys coriacea) a critically endangered species, Indonesia

In 2023, unrestricted net gains on investments were £3,412 and endowment fund net gains were £5,594. In 2023, restricted to unrestricted transfers were £1,041,626 and unrestricted other losses were £434,604 (the remainder was restricted).

Financial statements 55

Consolidated Balance Sheet

For the year ended 31 December 2024

For the year ended 31 December 2024
Group
Group
Charity		 Charity
2024
2023
2024		 2023
Fixed Assets Notes £
£
£		 £
Tangible assets 7a 1,725,285
1,897,476
528,854		 693,959
Intangible assets 7b 129,388
173,333
129,388		 173,333
Investments 8 13,788,831
20,932,378
13,788,831		 20,932,378
Total fixed assets 15,643,504
23,003,187
14,447,073		 21,799,670
Current Assets
Debtors 9 4,858,722
4,433,281
5,897,545		 4,830,107
Cash at bank and in hand 6,533,474
8,892,352
5,214,775		 7,922,239
Total current assets 11,392,196
13,325,633
11,112,320		 12,752,346
Creditors: amounts falling due within one year 10 (3,270,974)
(8,094,768)
(3,243,679)		 (8,070,353)
Net Current Assets 8,121,222
5,230,865
7,868,641		 4,681,993
Provisions for liabilities 11 (238,656)
(17,686)
(238,656)		 (17,686)
Net assets 23,526,070
28,216,366
22,077,058		 26,463,977
The funds of the charity
Income Funds
Unrestricted funds 12 3,560,818
4,954,408
1,705,659		 2,975,869
Designated funds 54,315
55,269
54,315		 55,270
3,615,133
5,009,677
1,759,974		 3,031,139
Restricted funds 12 19,236,733
22,562,230
19,642,880		 22,788,379
Capital Funds 22,851,866
27,571,907
21,402,854		 25,819,518
Permanent endowment funds 12 674,204
644,459
674,204		 644,459
Total Charity Funds 23,526,070
28,216,366
22,077,058		 26,463,977

Consolidated Cash Flow Statement

For the year ended 31 December 2024

For the year ended 31 December 2024
Group
Group
Charity		 Charity
Notes 2024
2023
2024		 2023
£
£
£		 £
Cash flows from operating activities 16 (6,347,758)
416,527
(6,692,019)		 1,464,886
Cash flows from investing activities 16 696,776
839,573
691,294		 833,878
Cash flows from financing activities 16 (6,713)
(409,804)
(6,713)		 (388,634)
(5,657,695)
846,296
(6,007,438)		 1,910,130
Reconciliation of Net Cash Flow to Movements
in Net Funds
Increase/(decrease) in cash in the year (5,657,695)
846,296
(6,007,438)		 1,910,130
Cash and cash equivalents at the beginning 24,019,077
23,951,529
23,048,964		 21,813,541
of the reporting period
Change in cash and cash equivalents due 484,241
(778,748)
485,398		 (674,707)
to exchange rate movements
Cash and cash equivalents at the end of the 18,845,623
24,019,077
17,526,924		 23,048,964
reporting period
Analysis of cash and cash equivalents
Cash at bank and in hand 6,533,474
8,892,352
5,214,775		 7,922,239
Deposit accounts 12,312,149
15,126,725
12,312,149		 15,126,725
18,845,623
24,019,077
17,526,924		 23,048,964

The attached notes form part of these financial statements.

The (deficit) in respect of the parent charity only was (£4,386,921) (2023: £4,761,966). The attached notes form part of these financial statements.

Approved by the board of Trustees and authorised for issue on 3rd July 2025 and signed on its behalf by:

Chair: Stephen Fitzgerald AO Treasurer: Martin Tyler

56 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 57

1. Accounting Policies general objectives of the company and which have not been designated for other purposes. Designated funds comprise The following accounting policies have been used unrestricted funds that have been set aside by the Trustees consistently in dealing with items which are considered for particular purposes. The aim and use of Fauna & Flora’s Independent material in relation to the charity’s financial statements. designated funds is set out in the Reserves Policy within the Fauna & Flora meets the definition of a public benefit entity Trustees’ Report. Restricted funds are funds which are to under FRS 102. Assets and liabilities are initially recognised be used in accordance with specific restrictions imposed at historical cost or transaction value unless otherwise by donors or which have been raised by the company for stated in the relevant accounting policy. particular purposes. The costs of raising and administering auditor’s such funds are charged against the specific fund. The a) Basis of accounting aim and use of each restricted fund is set out in the notes The financial statements are prepared under the historical to the financial statements. Permanent endowments cost convention, as modified by the revaluation of are funds which are permanently restricted, details of investments, and are in accordance with the Statement of which are set out in Note 12 of the financial statements. Recommended Practice applicable to charities preparing Investment income, gains and losses are allocated to the their accounts in accordance with the Financial Reporting report appropriate fund.

a) Basis of accounting The financial statements are prepared under the historical cost convention, as modified by the revaluation of investments, and are in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting report Standard applicable in the UK and Republic of Ireland effective 1 January 2015 (The FRS 102 Charities SORP) and the Companies Act 2006.

e) Income

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is entitled to the income, that receipt is probable and the amount can be quantified with reasonable accuracy. Income from donations is accounted for when received and legacy income is included in the accounts when the amount due can be quantified with reasonable probability and the timing of the receipt is known.

b) Basis of consolidation

The consolidated financial statements comprise a consolidation of the financial statements of Fauna & Flora International and its fully owned subsidiaries, Fauna & Flora International Australia (Ltd), Fauna & Flora International USA Inc., Fauna & Flora International (South Africa), Fauna & Flora International S.R.L. and Fauna and Flora Foundation, and its share of its jointly controlled operations (the Caribbean Alliance) with Re:Wild.

Grant income is recognised when all three recognition criteria are met (entitlement, probability and measurability). Income from performance related grants and contracts is included in the accounts to the extent that entitlement has been earned through performance of the contract.

c) Significant estimates or judgements

In the application of the charity’s accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

f) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Project activity costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management and oversight delivered from UK contracted staff. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are indirect costs related to the overall management and facilities of the organisation, Trustee administration of the charity and compliance with constitutional and statutory requirements.

The investment in Boden Creek Land and Cattle Ltd in Belize by Fauna & Flora International has been accounted for as a programme related investment in the charity only balance sheet, rather than as an investment in a subsidiary. The purchase of the share capital of the company was completed in order to achieve ownership of the land owned by the company. The company has no other assets or liabilities. As such on a substance over form basis, the investment has been accounted for as a programme related investment rather than an investment in a subsidiary in the charity only balance sheet. This land was acquired for conservation purposes and during the year was successfully transferred to our local partner organisation in Belize as planned, making the intended exit from the project. This disposal has been accounted for as charitable expenditure.

g) Pension Contributions

The charitable company contributes to individual personal pensions for staff; contributions are charged to the profit and loss account as they become payable.

h) Finance and operating leases

Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred. Assets purchased under finance leases are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cost and the total obligation under the lease represents the finance charges. Finance charges are written off to the SOFA over

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the

the period of the lease so as to produce a constant periodic rate of charge.

i) Foreign Exchange

Assets and liabilities denominated in foreign currencies are translated into sterling on the balance sheet at the rates of exchange ruling at the year-end. Unrealised gains and losses on re-translation of monetary assets are shown as income or expenditure in line with FRS 102. Unrealised gains and losses of non-monetary assets are dealt with as part of the deficit or surplus on ordinary activities for the financial year. Gains and losses related to restricted projects cannot be allocated to specific projects. Therefore, these are accumulated in a foreign exchange revaluation fund and grouped with restricted reserves, as shown in Note 12. These are then allocated to the relevant projects as they are completed.

j) Tangible Assets

Tangible assets are shown at cost less depreciation. Assets in use in the organisation are capitalised where the value of an individual item is greater than £3,000 and the asset has a long-term useful life. When items of portable equipment are acquired, such items that fall below this threshold may be capitalised. Where items are acquired from funding from restricted grants, these items will be treated in accordance with the grant requirements and therefore may well be fully expensed in the year of acquisition, rather than capitalised.

Depreciation is provided so as to write off the cost of tangible assets over their estimated useful lives at the following annual rates:

Fixtures and fttings 20 – 25% straight line
IT equipment 33% straight line
Software 20% straight line
Land & buildings 5% straight line
(buildings only, land not depreciated)
Vehicles 20% straight line

k) Investments

Investments are stated at market value at the balance sheet date. The Consolidated Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year

l) Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured

or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Deferred income

Deferred income relates to performance related grant and contract income where the conditions of the grant have not yet been met and therefore the Charity is not entitled to the income until a future period.

p) Financial instruments

The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and comprise cash and bank and in hand, short term cash deposits together with trade and other debtors excluding prepayments. Financial liabilities held at transaction value comprise the short and long term trade and other creditors excluding deferred income and taxation payable. No discounting has been applied to these financial instruments on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial.

q) Going concern

The trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

58 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 59

2. Company Status

The company is limited by guarantee, not having share capital, and is also a registered charity; it is not liable to corporation tax. In the event of the charity being wound up, the liability in respect of guarantee is limited to £1 per member of the limited liability company.

3a) Donations and legacies

Individuals
Legacies		 2024
2023
£
£
7,469,222
3,941,924
1,144,756
488,377
8,613,978
4,430,301

3b) Income

Income Source
Government & Multilateral
Trusts & Foundations
Corporate
Individuals
Membership
Investment
Other
Total		 Restricted
Unrestricted
Endowment
Total 2024
Total 2023
£
£
£
£
£
15,631,498
-
-
15,631,498
11,061,076
15,435,474
2,300,772
-
17,736,246
17,715,820
1,180,871
74,610
-
1,255,481
2,054,189
3,470,287
5,143,691
-
8,613,978
4,430,301
-
425,850
-
425,850
502,123
185,949
510,620
207
696,776
839,573
245,522
12,127
-
257,649
197,270
36,149,601
8,467,670
207
44,617,478
36,800,352

4a) Expenditure

4a) Expenditure
2024 2023
Expenditure includes: £ £
Auditors' remuneration – statutory audits 80,377 65,685
Auditors' remuneration – grant audits and other 132,995 87,523
Depreciation 253,203 220,454
Operating leases: land and buildings 237,977 235,748

5. Employee Information

5a) Staff costs:

5a) Staf costs:
Wages and salaries
Social security costs
Pension costs		 2024
2023
£
£
16,938,826
14,252,780
1,749,258
1,528,187
790,822
789,466
19,478,906
16,570,433

Included in the above is £119,508 relating to termination payments for 16 individuals in 2024, the majority of which relate to project closures (2023: £1,795).

5b)

The average number of persons, analysed by function, employed during the year was:
Project management
Fundraising
Administration
5c)
Employees whose emoluments for the year were £60,000 or more are shown
in the following bands:
£60,001 – £70,000
£70,001 – £80,000
£80,001 – £90,000
£90,001 – £100,000
£100,001 – £110,000
£130,001 – £140,000
£140,001 – £150,000
£150,001 – £160,000
£170,001 – £180,000		 2024
2023
577
537
24
26
41
35
642
598
2024
2023
10
8
13
3
5
4
3
3
3
4
1
0
2
3
1
0
1
0

The pension contributions to pension schemes for the higher paid staff were £166,824 (2023: £126,580).

The total value of salary and benefits received by key management personnel in 2024 was £968,346 (2023: £943,984).

4b) Other gains/losses

Other gains/losses includes:
Realised foreign exchange gains/(losses)
Unrealised foreign exchange gains/(losses)
Gains/(losses) on disposal of tangible fxed assets		 2024
2023
£
£
(169,470)
3,277
(444,087)
(322,764)
30,352
(19,580)
(583,205)
(339,067)

The above numbers do not include Trustees who are not permitted to receive remuneration for their duties unless formal approval has been received from the Charity Commission.

In 2024, £7,013 (2023: £19,214) was reimbursed to, or paid on behalf of Trustees in respect of travel and subsistence during the year.

60 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 61

6a) Analysis of Total Expenditure

Conservation Programme Area
Africa
Asia Pacifc
Americas & Caribbean
Eurasia
Cross-cutting Programmes
Other (incl Foreign Exchange) Revaluation
Programme Activities
Fundraising costs
Support & administration costs
Total costs		 Staf costs
Other costs
Support costs
Total 2024
Total 2023
£
£
£
£
£
3,809,874
6,355,754
779,879
10,945,507
9,733,697
5,499,658
4,572,178
89,029
10,160,865
8,130,632
1,295,345
6,206,576
288,969
7,790,890
3,003,689
1,525,136
2,439,740
216,547
4,181,423
3,659,576
4,631,039
1,890,237
175,442
6,696,718
7,025,930
-
(178,602)
-
(178,602)
886,183
16,761,052
21,285,883
1,549,866
39,596,801
32,439,707
1,540,626
-
2,482,994
4,023,620
4,587,721
3,232,882
-
1,904,570
5,137,452
4,847,627
21,534,560
21,285,883
5,937,430
48,757,873
41,875,055

The foreign exchange (gain)/loss is the revaluation of monetary assets arising from the organisation operating internationally. Included in Other costs of Programmatic Activities is £9.4m (2023: £7.1m) of funds sub-granted to third parties and £4.1m of land in Belize transferred to our local partner organisation.

7a) Tangible Fixed Assets (all group fixed assets are attributable to the charity, excluding the land & buildings)

Cost:
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation:
At 1 January 2024
Charge for year
On disposals
At 31 December 2024
Net book value:
At 31 December 2024
At 31 December 2023		 Fixtures &
Fittings
IT Equipment
Land &
Buildings
Vehicles
Total
£
£
£
£
£
48,461
93,548
1,176,733
1,334,486
2,653,228
-
3,848
-
41,780
45,628
-
-
-
(33,940)
(33,940)
48,461
97,396
1,176,733
1,342,326
2,664,916
23,583
24,960
-
707,209
755,752
9,473
11,669
-
188,116
209,258
-
-
-
(25,379)
(25,379)
33,056
36,629
-
869,946
939,631
15,405
60,767
1,176,733
472,380
1,725,285
24,878
68,588
1,176,733
627,277
1,897,476

6b) Analysis of Support Costs

Ofce rent & services
Equipment Acquisition & Maintenance
Grants
Conference attendance & event costs
Printing, publications and media costs
Bank charges and interest
Depreciation
IT, telephony & ofce supplies
Travel & Subsistence
Audit, Legal & Professional fees
Bad and doubtful debts
Other costs
Total support costs		 Programme
activities
Fundraising
costs
Operations &
Governance
costs
Total 2024
Total 2023
£
£
£
£
£
98,229
890
571,107
670,226
668,533
33,214
246
8,893
42,353
77,026
763,591
-
-
763,591
67,720
28,916
69,510
32,537
130,963
177,537
8,002
783,878
74,949
866,829
1,755,791
18,920
224,159
12,103
255,182
176,256
12,153
15,717
28,710
56,580
37,549
112,741
270,210
469,317
852,268
764,544
235,252
45,965
134,428
415,645
488,922
138,817
1,035,876
507,483
1,682,176
1,484,387
54,125
-
-
54,125
-
45,906
36,543
65,043
147,492
193,177
1,549,866
2,482,994
1,904,570
5,937,430
5,891,442

7b) Intangible Fixed Assets (all group intangible fixed assets are attributable to the charity)

Cost:
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation:
At 1 January 2024
Charge for year
On disposals
At 31 December 2024
Net book value:
At 31 December 2024
At 31 December 2023		 Software
Total
£
£
566,340
566,340
-
-
-
-
566,340
566,340
393,007
393,007
43,945
43,945
-
-
436,952
436,952
129,388
129,388
173,333
173,333

62 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 63

8. Fixed Asset Investments (all group fixed assets investments are attributable to the charity)

8. Fixed Asset Investments(all group fxed assets investments are at tributable to the charity)
Movement during the year
Market value as at 1 January
Net gains/(losses) during the year
Foreign exchange gains/(losses) during the year
Capital invested/(withdrawn) during the year
Transfer of land held as investment
Total investments
Investments are represented by:
Fixed interest securities & equity shares
Cash deposit funds
Programme related investments
Total Investments held in the UK		 2024
2023
£
£
20,932,378
23,005,425
33,304
9,006
(212,092)
(867,927)
(2,855,785)
(1,214,126)
(4,108,974)
-
13,788,831
20,932,378
703,971
670,668
12,312,149
15,126,725
772,711
5,134,985
13,788,831
20,932,378

The historic cost of investments as at 31 December 2024 was £13,684,859 (2023: £20,892,437).

Programme related investments consists of land held in Ecuador with the intention of transferring it to a local organisation capable of preserving its conservation value.

10. Creditors

10. Creditors
Trade creditors
Tax and social security
Accruals and deferred income
Other creditors
Accruals and deferred income includes the following:
Deferred income at 1st January
Income deferred in year
Amounts released from previous years
Deferred Income at 31st December		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
1,183,502
863,839
1,180,188
858,057
993,470
976,484
972,720
968,176
1,090,200
6,250,782
1,086,969
6,240,457
3,802
3,663
3,802
3,663
3,270,974
8,094,768
3,243,679
8,070,353
Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
5,814,857
-
5,814,857
-
-
5,814,857
-
5,814,857
(5,814,857)
-
(5,814,857)
-
-
5,814,857
-
5,814,857

Deferred income in 2023 related to the timing of receipts of grants received relating to future periods.

Transfer of land held as investment represents the successful planned transfer of the land held at Boden Creek in Belize to our local partner organisation for nil consideration. The land had been held as a programme related investment with a book value of £4,108,974 and the loss on transfer is included in restricted Programme Other costs.

11. Provisions (all provisions are attributable to the charity)

9. Debtors

9. Debtors
Trade debtors
Amounts due from subsidiaries
Prepayments and accrued income		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
3,337,391
3,846,209
3,281,407
3,804,000
-
-
1,094,807
522,250
1,521,331
587,072
1,521,331
503,857
4,858,722
4,433,281
5,897,545
4,830,107
Project expenditure repayable
Land taxes payable		 At
01/01/2024
Provisions
created /
(released)
Provisions
utilised
At
31/12/2024
£
£
£
£
-
220,970
-
220,970
17,686
-
-
17,686
17,686
220,970
-
238,656

Provision has been made in prior year for land tax in Ecuador that may be payable by Fauna & Flora.

Project expenditure repayable relates to projects where the respective donors have disallowed costs that were deemed not in accordance with grant terms & conditions.

All the above amounts fall due within one year.

64 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 65

12. Group Reconciliation of Funds

Transfers
Balance Other gains/ between Balance
b/fwd Income Expenditure (losses) funds c/fwd
£ £ £ £ £ £
Unrestricted
General unrestricted funds 4,954,408 8,467,670 (9,841,233)
(119,410)		 99,383 3,560,818
Designated funds 55,269 - -
-		 (954) 54,315
Total unrestricted funds 5,009,677 8,467,670 (9,841,233)
(119,410)		 98,429 3,615,133
Endowment funds
Rothiemurchus Bequest Fund 33,807 207 -
1,825		 - 35,839
Whitley Animal Protection Trust 610,652 - -
27,713		 - 638,365
Total endowment funds 644,459 207 -
29,538		 - 674,204
Restricted funds
Africa 2,503,413 12,027,556 (10,479,661)
(121,961)		 1,257,516 5,186,863
Americas & Caribbean 6,276,200 2,273,688 (7,319,901)
(17,004)		 625,555 1,838,538
Asia-Pacifc 5,340,168 9,366,066 (11,002,269)
(9,724)		 1,193,736 4,887,977
Conservation Capacity and Leadership 1,814,367 1,467,515 (2,134,069)
196,870		 (9,066) 1,335,617
Cross-cutting Programmes Development 454,775 110,613 (144,490)
(105)		 - 420,793
Conservation Science and Design 1,693,423 6,215,206 (2,923,661)
(76,746)		 (3,476,319) 1,431,903
Climate & Nature Linkages 53,517 1,184,944 (279,032)
-		 - 959,429
Eurasia 2,979,346 2,225,274 (3,852,121)
3,508		 380,801 1,736,808
Business & Nature 171,081 802,944 (827,097)
783		 - 147,711
People & Nature 28,155 169,155 (132,941)
-		 - 64,369
Regional Programmes Development 120,366 - -
-		 (70,652) 49,714
Other (incl Foreign Exchange) Revaluation 1,127,419 306,640 178,602
(435,650)		 - 1,177,011

13. Analysis of Net Assets between Funds

Tangible Fixed Assets
Intangible Assets
Investments
Net current assets
Provisions
Prior Year Funds Analysis Statement
Tangible Fixed Assets
Intangible Assets
Investments
Net current assets
Provisions		 General
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Endowment
Funds
Total
£
£
£
£
£
76,175
1,649,110
1,725,285
129,388
129,388
5,340,335
7,774,292
674,204
13,788,831
(1,746,424)
54,315
9,813,331
-
8,121,222
(238,656)
(238,656)
3,560,818
54,315
19,236,733
674,204
23,526,070
General
Unrestricted
Funds
Designated
Funds
Restricted
Funds
Endowment
Funds
Total
£
£
£
£
£
93,466
-
1,804,010
-
1,897,476
173,333
-
-
-
173,333
5,066,149
-
15,221,770
644,459
20,932,378
(360,854)
55,269
5,536,450
-
5,230,865
(17,686)
-
-
-
(17,686)
4,954,408
55,269
22,562,230
644,459
28,216,366

14. Operating Lease Commitments

Total restricted funds 22,562,230 36,149,601 (38,916,640) (460,029) (98,429) 19,236,733 Total Funds 28,216,366 44,617,478 (48,757,873) (549,901) - 23,526,070

The Rothiemurchus bequest stipulates that the Charity should:

i. Hold the bequest and pay or apply part of the income thereof each year in assisting not more than one conservation project consistent with the aims of the Charity

ii. Accumulate for as long as possible at least one quarter of the income, which should be added to the capital of the bequest.

The Whitley Animal Protection Trust M.G.P Fund represents a capital donation from the Whitley Animal Protection Trust, which stipulated that the capital should be invested and the income used for the protection of the mountain gorilla. Provision is made to maintain the relative value of the capital and to provide regular guaranteed income for the IGCP.

The restricted funds of the charity comprise unexpended balances on income given to specific purposes. In accordance with Fauna & Flora’s income recognition policy as outlined in Note 1 to the accounts, restricted funds in deficit have arisen where Fauna & Flora is not sufficiently entitled to recognise income against ongoing work that is funded in arrears.

Other gains/(losses) and Transfers between funds includes internal grants transferred from our Halcyon Land & Sea, Species and other internal portfolio funds to field based projects.

14. Operating Lease Commitments
Annual commitments are as follows:
Land and buildings:
Not later than one year
Later than one year and not later than fve years
Later than fve years
Other operating leases:
Not later than one year
Later than one year and not later than fve years
Later than fve years		 2024
2023
£
£
210,558
217,804
120
142,609
-
-
210,678
360,413
95,649
73,520
-
62,811
-
-
95,649
136,331

Included in the above are amounts for grants received from Fondation Segré (2024: £47,796, 2023: £144,453), the Endangered Landscapes Programme (2024: £267,118, 2023: £435,737), and Defra, UK Government: Darwin Initiative (2024: £3,425,237, 2023: £3,684,626), Darwin Plus (2024: £81,907, 2023: £202,319), Illegal Wildlife Trade Challenge Fund (2024: £353,802, 2023: £309,776), and income received of £1,347,945 (2023: £nil) and expenditure of £1,866,887 (2023: £13,115) in relation to the Biodiverse Landscapes Fund (BLF). Also in relation to the BLF is match funding received of £67,296 (2023: £nil) and related expenditure of £324 (2023: £nil).

66 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 67

15. Related Party Transactions and Ultimate Controlling Party

The company is under the control of the Board of Trustees. There is no ultimate controlling party.

Fauna & Flora received grant funding from The Marcela Trust in 2023. A member of Fauna & Flora’s SLT is a Trustee of the Trust.

Fauna & Flora provides grant funding to Principe Foundation (São Tomé and Príncipe) and Ol Pejeta Conservancy. A member of Fauna & Flora’s SLT is also a director of each of these organisations. Fauna & Flora also provides grants to The Mount Kenya Trust which has a mutual Trustee. Fauna & Flora provides grant funding to Chuilexi Conservação e Investimentos Limitada and Luambeze Investimentos Limitada, both of which are subsidiaries of Fauna & Flora. Refer to Note 21 for details of Fauna & Flora’s subsidiaries and jointly controlled operations. Fauna & Flora has paid and received reimbursement of expenditure from Ol Pejeta Ranching Ltd and ProPark Foundation. A member of Fauna & Flora’s SLT is also a director of these organisations.

2024 2023
Grants received from related parties £ £
The Marcela Trust - 430,000
Grants made to related parties
Ol Pejeta Conservancy 307,412 -
Chuilexi Conservacio e Investimentos Limitada 987,781 1,143,042
Luambeze Investimentos Limitada 243,879 331,207
Principe Foundation 186,657 295,903
The Mount Kenya Trust 70,528 114,214
Donations received from
Trustees & Related parties 301,253 74,503
Expenditure paid on behalf of related parties
ProPark Foundation 1,652 -
Ol Pejeta Ranching Ltd 1,217 -
Reimbursement of expenditure from related parties
ProPark Foundation 511 416
Amounts owing (to)/from subsidiary undertakings
Fauna & Flora International Australia 15,246 18,316
Fauna & Flora International South Africa 36,041 36,572
Fauna & Flora International USA Inc 1,043,520 467,362

16. Cash Flow Information

16. Cash Flow Information
a) Reconciliations of changes in resources to net infow
from operating activities
Net incoming resources
Depreciation charge
(Gain)/loss on disposal of tangible and intangible fxed assets
Investment income (shown separately in (b) below)
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Change in fxed asset investments valuation
Transfer of Land held as investment to partner
Unrealised foreign exchange gains/(losses) on
non-monetary assets
Unrealised foreign exchange gains/(losses) on monetary assets
Net cash infow/(outfow) from operating activities
b) Gross cash fows
Returns on investment and servicing of fnance:
Investment income received
Capital expenditure and fnancial investment:
Payment to acquire tangible and intangible fxed assets
Receipts from sale of tangible and intangible fxed assets		 Group
Group
Charity
Charity
2024
2023
2024
2023
£
£
£
£
(4,690,296)
(5,404,764)
(4,386,921)
(4,761,966)
253,203
220,454
246,118
215,127
(30,353)
19,580
(30,353)
19,580
(696,776)
(839,573)
(691,294)
(833,878)
(425,441)
(825,393)
(1,067,435)
(319,269)
(4,602,819)
6,208,331
(4,605,697)
6,211,433
(33,304)
(9,006)
(33,304)
(9,006)
4,108,974
-
4,108,974
-
253,294
268,149
253,301
268,149
(484,240)
778,749
(485,408)
674,716
(6,347,758)
416,527
(6,692,019)
1,464,886
-
-
-
-
696,776
839,573
691,294
833,878
(45,628)
(409,804)
(45,628)
(388,634)
38,915
-
38,915
-
(6,713)
(409,804)
(6,713)
(388,634)

17. Summary income and expenditure account for the year ending 31 December 2024

Income
Gains/(losses) on investments
Interest and investment income
Gross income in the reporting period
Expenditure
Interest payable
Depreciation and charges for impairment of fxed assets
Total expenditure in the reporting period
Net income (expenditure) before tax for the reporting period
Tax payable
Net income (expenditure) for the fnancial year		 All income
funds
All income
funds
2024
2023
£
£
43,920,702
35,960,779
696,569
839,377
44,617,271
36,800,156
49,084,109
41,990,256
-
253,203
220,454
49,337,312
42,210,710
(4,720,041)
(5,410,554)
-
(4,720,041)
(5,410,554)

The summary income and expenditure account is a Companies Act and FRS102 requirement and is derived from the corresponding figures in the SOFA with the exclusion of endowment funds.

68 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 69

18. Charity Statement of Financial Activities

Income and endowments from:
Donations and legacies
Charitable Activities
Investments
Other Trading Activities
Other
Total
Expenditure on:
Raising funds
Charitable Activities
Total
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
Other Recognised Gains and Losses
Other gains/(losses)
Net movement in Funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Restricted
Total
Endowment
Total 2024
Total 2023
£
£
£
£
£
4,671,319
207,575
-
4,878,894
4,090,731
2,271,995
35,415,747
-
37,687,742
31,205,020
505,138
185,949
207
691,294
833,878
2,907
-
-
2,907
3,684
9,220
243,355
-
252,575
193,327
7,460,579
36,052,626
207
43,513,412
36,326,640
3,186,172
-
-
3,186,172
3,935,730
5,533,031
38,746,573
-
44,279,604
36,858,696
8,719,203
38,746,573
-
47,465,776
40,794,426
3,766
-
29,538
33,304
9,006
(1,254,858)
(2,693,947)
29,745
(3,919,060)
(4,458,780)
98,429
(98,429)
-
-
(12,211)
(114,738)
(353,121)
-
(467,859)
(290,975)
(1,271,167)
(3,145,497)
29,745
(4,386,919)
(4,761,966)
3,031,141
22,788,377
644,459
26,463,977
31,225,943
1,759,974
19,642,880
674,204
22,077,058
26,463,977

19. Prior year Group Reconciliation of Funds Statement

Transfers
Balance Other gains/ between Balance
b/fwd **Income ** Expenditure (losses) funds c/fwd
£ £ £ £ £ £
Unrestricted
General unrestricted funds 7,246,862 6,016,479 (8,919,643)
(431,192)		 1,041,902 4,954,408
Designated funds 55,545 - -
-		 (276) 55,269
Total unrestricted funds 7,302,407 6,016,479 (8,919,643)
(431,192)		 1,041,626 5,009,677
Endowment funds
Rothiemurchus Bequest Fund 34,059 196 -
(448)		 - 33,807
Whitley Animal Protection Trust 604,610 - -
6,042		 - 610,652
Total endowment funds 638,669 196 -
5,594		 - 644,459
Restricted funds
Africa 3,707,201 5,955,903 (9,532,223)
14,511		 2,358,022 2,503,414
Americas & Caribbean 6,302,956 1,601,286 (2,575,413)
9,203		 938,168 6,276,200
Asia-Pacifc 5,449,171 7,982,086 (8,923,127)
7,020		 825,018 5,340,168
Conservation Capacity and Leadership 2,353,738 1,972,976 (2,475,431)
829		 (37,746) 1,814,366
Cross-cutting Programmes Development 427,106 102,577 (74,909)
1		 - 454,775
Conservation Science and Design 2,770,545 6,156,615 (3,285,205)
366,364		 (4,314,895) 1,693,424
Climate & Nature Linkages 69,633 20,548 (38,192)
1,528		 - 53,517
Eurasia 2,494,564 3,397,511 (3,389,633)
(8,660)		 485,564 2,979,346
Business & Nature 5,470 1,382,938 (1,215,612)
(1,715)		 - 171,081
People & Nature 3,555 185,657 (161,057)
-		 - 28,155
Regional Programmes Development - 1,500,000 (398,427)
-		 (981,208) 120,365
Other (incl Foreign Exchange) Revaluation 2,096,115 525,580 (886,183)
(293,544)		 (314,549) 1,127,419
Total restricted funds 25,680,054 30,783,677 (32,955,412)
95,537		 (1,041,626) 22,562,230
Total Funds 33,621,130 36,800,352 (41,875,055)
(330,061)		 - 28,216,366

20. Post Balance Sheet Events

In late January 2025, the United States Government began taking a number of actions to implement a variety of Executive Orders impacting their funding of foreign aid. Fauna & Flora had 13 active grants with budgeted expenditure of USD $3.0m in 2025, all of which were put under Stop Work Orders. Subsequently, all 7 of our USAID funded grants have been terminated and an Illegal Wildlife Trade grant has been resumed. At the time of signing, the remaining 5 grants, funded by the US Fish and Wildlife Service remain suspended. In total, around 7% of Fauna & Flora’s 2025 budget was funded from US Government sources. A reforecast exercise was undertaken following the news in January and, thanks to the support of existing and new donors, we still expect to end the year in line with our original budget.

In February 2025, the UK Prime Minister announced that the UK Overseas Development Aid (ODA) budget would be reduced from 0.5 to 0.3 of GNI by 2027. This change is not expected to be fully introduced until 2026/27 and information is not yet available on where reductions will be made within the ODA portfolio. In the meantime, Fauna & Flora is reviewing its UK and overseas Government-funded portfolio to identify areas of risk and mitigation.

70 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 71

21. Subsidiaries and Jointly Controlled Operations

Fauna & Flora has five wholly owned subsidiary undertakings. One registered in Australia, two registered in Romania, one registered in South Africa and one registered in the USA.

Fauna & Flora holds a 75% controlling interest in Luambeze Investimentos Limitada (Luambeze), a limited liability company registered in Mozambique. The minority interest in this company is immaterial to the Group, so it has not been adjusted for in the consolidated accounts.

----- Start of picture text -----
»
Maria Fernanda Flores and Swampy the Utila
Spiny-Tailed Iguana. Maria Fernanda Flores is an
ecologist and conservationist based in Honduras
© Alex Cubas / Fauna & Flora
----- End of picture text -----

Fauna & Flora holds a 55% controlling interest in Chuilexi Conservação e Investimentos Limitada (Chuilexi), a limited liability company registered in Mozambique. The minority interest in this company is immaterial to the Group, so it has not been adjusted for in the consolidated accounts.

Fauna & Flora Fauna & FIora Fauna & Flora Fauna & Flora
Fauna & Flora		 Fauna & Flora
Fauna & Flora		 Fauna & Flora
Chuilexi		 Luambeze
International International International International International Conservação e Conservação e
Investimentos,
Entity Australia (Ltd) USA Inc. (South Africa) (South Africa)
S.R.L		 Foundation Investimentos Limitada
Country of Australia USA South Africa Romania Romania Mozambique Mozambique
Registration
Registration ABN: 75 132 715 ABN: 75 132 715
81-3967095		 2014/ 33448761 1299/221/2024 100321041 100014343
Number 783 099386/08
CAN: 132715783
Registered c/o Purpose c/o Corporation c/o Corporation
43 Fish Eagle		 STR. 1 Decembrie Nr. 14 c/o MozConsult Rua Beijo da c/o MozConsult Rua Beijo da
Address Accounting, Trust Center, Place, Fish 330025 Deva, Romania Mulata nº 188, Sommerschield II, Mulata nº 188, Sommerschield II,
583 Elizabeth 1209 Orange Eagle Place, Maputo, Moçambique
Street, St, Wilmington, Kommetjie,
REDFERN New Castle 7975, South
NSW 2016 Country, Africa
Delaware, USA
Percentage 100% 100% 100% 100% 100% 55% 75%
Ownership / Control
£ £ £ £ £ £ £
Total Income 103,108 6,898,762 3,526 278,632 62,456 - -
Costs (85,971) (6,041,987) (3,024) (298,101) (63,794) (1,212,134) (300,147)
Net gains/(losses) - - - - - - -
on investments
Other gains/ (12,574) 6,079 (111) - - - -
(losses)
Surplus / (deficit) 4,563 862,854 391 (19,469) (1,338) (1,212,134) (300,147)
for the year
Retained surplus 165,521 360,367 7,661 1,240,988 - (5,580,180) (2,667,144)
brought forward
Retained surplus 170,084 1,223,221 8,052 1,221,519 (1,338) (6,792,314) (2,967,291)
carried forward ~~CE~~
Gross assets at 31 188,127 2,271,473 44,854 1,217,906 21,284 637,694 376,534
December 2024
Gross liabilities at (18,043) (1,048,252) (36,802) (2,143) (16,866) (290,425) (228,905)
31 December 2024
Reserves at 31 170,084 1,223,221 8,052 1,215,763 4,418 347,269 147,629
December 2024

The Caribbean Alliance is a jointly controlled operation between Fauna & Flora and Re:Wild. The jointly controlled operation was created in 2021.

The net expenditure of £56,723 (2023: £58,348) shown in the Statement of Financial Activities represents Fauna & Flora’s share of the net expenditure of the jointly controlled operation for 2024.

72 Fauna & Flora’s Annual Report & Accounts 2024

Financial statements 73

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I am proud to have been a member of Fauna & Flora since the late 1950s. This admirable organisation has kept its objectives clear and focused, and has achieved marvellous things for conservation throughout its history.

Sir David Attenborough OM FRS

Front cover image: Utila spiny-tailed iguana, Honduras

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