2025-12-31-accounts

Annual Report & Accounts 2025

Contents

Message from the Chair

As anticipated, 2025 proved to be a challenging yet exciting and important year for everyone involved in conservation, both from a funding perspective and in terms of the increasing threats to nature. The realities of the changing geopolitical landscape hit home, and our mission to reverse biodiversity loss and tackle the climate crisis came under pressure. Gratifyingly, the response was resolutely positive. Fauna & Flora not only held firm, but witnessed real progress and reason for hope.

The past year has demonstrated how strong and resilient we are as an organisation. Good governance ensures we remain robust in turbulent times and inspires confidence in those who support and invest in us. In 2025, we instituted some significant governance changes, strengthening our Council, US and Australian boards and emphasising the generational shift that we are actively pursuing as we look to the future. We appointed Miguel Nogales as Deputy Chair of Council and Dr Joyce Cacho as our US Board Chair. We also made changes to create more empowered Council sub-committees, allowing more time for the main Council meetings to focus on strategy and supporting the leadership team.

We have always had complete confidence in the effectiveness of our locally led and communityowned approach to nature conservation. In 2025, we completed a strategy refresh for our Africa programme with the support of McKinsey & Company, alongside an organisational resilience review with the support of consultancy Q5. These efforts have strengthened our belief in the Fauna & Flora model, and have provided us with helpful recommendations that we are in the process of evaluating and implementing.

After two years in this role, I’m still struck by the extraordinary levels of commitment, skill and enthusiasm shown by all those who work with and for Fauna & Flora. This is particularly evident when the Council and leadership team come together to discuss crucial strategic issues. Those meetings are invariably brought to life by

presentations from inspirational colleagues who work in the field, with uplifting stories to tell about the incredible impact we are seeing at our project sites worldwide.

This year we held the autumn board meeting on site in Romania, giving Council members the chance to see first-hand the work of Fauna & Flora and that of our local partners in the Carpathian Mountains. We plan to continue these onsite visits every 18 months, with board members funding their own travel expenses.

I would like to add a special thanks to our individual supporters, whose numbers have continued to grow over the past year, including our community of more than 25,000 monthly donors and all those who gave to our appeals this year.

As ever, we’re conscious of the vital role played by all our partners and donors in our success, and immensely grateful for your continued support. Those encounters reaffirm the importance of Fauna & Flora’s mission and strengthen our collective resolve.

Stephen Fitzgerald AO

----- Start of picture text -----
Message from the Chair 2
Strategic report 4
Our purpose and mission 6
How we work 6
Our charitable objectives 6
Our strategic approach 7
Where we work 8
2025 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 24
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 30
Public benefit 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 auditors report 50
Financial statements 54
Thank you 74
----- End of picture text -----

2 Fauna & Flora’s Annual Report & Accounts 2025

3

Strategic report

Conservation Leadership Programme awardwinner Eva Ayaro conducting a nocturnal survey of pygmy chameleons, Tanzania.

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, people and the planet.

• To conserve the environment by protecting biodiversity for the benefit of the public through globally applicable solutions that are effective locally.

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.

• To advance the awareness and education of all sectors of society around the world in the conservation and protection of biodiversity.

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.

----- Start of picture text -----
Saker falcon, one of Fauna &
Flora’s 2026 Species to Watch.
© Xi Zhinong / Nature Picture Library
----- End of picture text -----

----- Start of picture text -----
Our strategic
approach
----- End of picture text -----

----- Start of picture text -----
3. Decisions
for nature
----- End of picture text -----

By promoting better policy and practice, we create a healthy canopy that fuels a flourishing global conservation programme and community.

----- Start of picture text -----
2. Strong
partners
We support our
partners as they grow,
helping them to
flourish and increase
their own impact.
----- End of picture text -----

----- Start of picture text -----
their own impact.
1. Impact on
the ground
Our work is rooted in
conservation at the local
level, where we collaborate
with in-country partners to
protect and restore nature 4. Seeding better
on the ground.
conservation
----- End of picture text -----

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.

Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 7

6

----- Start of picture text -----
Where we work
In 2025 Fauna & Flora worked in 40 countries around the globe.
Administrative hub only
Including global HQ
3. Eurasia
Bosnia and Herzegovina
Bulgaria
Croatia
Georgia
Kazakhstan
Kyrgyzstan
Romania
Tajikistan
Türkiye
United Kingdom
Uzbekistan
1. Americas
& Caribbean
Anguilla
Antigua and Barbuda
Bahamas 2. Africa
Barbados
Belize Cabo Verde
Dominica Democratic Republic
Honduras of Congo
Jamaica Guinea
Nicaragua Kenya
Saint Lucia Liberia
Saint Vincent & Mozambique
the Grenadines Rwanda
United States of America São Tomé and Príncipe
4. Asia-Pacific
Senegal
South Africa Australia
South Sudan Cambodia
Tanzania Indonesia
Uganda Laos
Myanmar
Vietnam
Fauna & Flora’s Annual Report & Accounts 2025
----- End of picture text -----*

8 Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 9

OUR STRATEGIC OBJECTIVES

1. Impact on the ground

Protecting nature, together

The success of our efforts to tackle the nature crisis depends on how effectively we work with those living closest to the species and habitats we aim to protect and restore. We aim to maximise our impact on the ground by working hand in hand with local partners, organisations and communities to halt and reverse biodiversity loss, enhance resilience to climate change and improve well-being.

2025 highlights

----- Start of picture text -----
Influenced the conservation of over
----- End of picture text -----

Helped protect Worked directly to manage habitat in 365 sites 57 million hectares 119 187 of crucial habitat priority secondary (an area nearly the size of Kenya) species species

----- Start of picture text -----
million hectares
of crucial habitat
(an area nearly the size of Kenya)
----- End of picture text -----

Grew / planted over

----- Start of picture text -----
Conserved over
----- End of picture text -----

1.9 million hectares

443,000 tree seedlings, including over

Engaged with over

11,800 6,000 people from threatened species to inform conservation actions

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

1.4 million hectares

Delivered conservation outreach activities to over

15,000 community members

Carried out over Activities to address 200 biodiversity helped protect at leastillegal wildlife trade surveys within our field projects 55 species

Engaged with communities in all of our relevant field-based projects

Critically endangered parrot population hits a new peak

The yellow-naped amazon is a frequent victim of the pet trade. Owing to its dazzling plumage and ability to talk, it is one of the most sought-after parrots in the world. Native to Central America, they are found from southern Mexico to northern Costa Rica, but yellow-naped amazons are now extremely rare in Mexico, Guatemala and Honduras.

The island of Ometepe – a wildlife haven in the middle of Nicaragua’s largest freshwater lake – harbours the largest remaining population of this critically endangered parrot anywhere in the world.

Thanks to the collaborative efforts of Fauna & Flora and local partner Biometepe, yellow-naped amazon numbers continue to rise year on year at our project site in Nicaragua. In addition to promoting climate-resilient and nature-friendly agricultural practices on the island, we’re working closely with the local community to monitor and protect the parrot and its forest habitat. This includes supporting a network of local guardians

----- Start of picture text -----
A rescued and rehabilitated
yellow-naped amazon on
Ometepe Island, Nicaragua.
----- End of picture text -----

who conduct regular anti-poaching patrols, and community engagement to raise awareness of the parrot’s plight and its global importance.

The latest surveys in 2025 recorded 1,684 adult birds on Ometepe Island, a 12% increase on the previous year and a 33% population increase since 2022. In the past four breeding seasons, well over 220 chicks have fledged successfully from the nests we actively monitor.

The record growth in the Ometepe population of the yellow-naped amazon is a direct result of the collaborative conservation efforts to safeguard this vital Nicaragua stronghold.

Osmar Sandino Programme Manager, Nicaragua

----- Start of picture text -----
© Naiot Espinoza / Fauna & Flora / Cartier For Nature / Fairpicture
----- End of picture text -----

10 Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 11

OUR STRATEGIC OBJECTIVES

2. Strong Partners

Partnership with purpose

Fauna & Flora’s focus on partnership is at the core of every conservation challenge we tackle. We work collaboratively to protect and restore nature, combining traditional knowledge and local expertise with our own global experience and resources. We maximise conservation impact by playing to our respective strengths, ensuring that our partners’ own interests and aims are reflected in the shared work. We aim to to provide the support our partners need to enable them to thrive long term.

2025 highlights

----- Start of picture text -----
Built the
conservation
capacity of over
5,000
Collaborated with
people
Helped develop the skills,
knowledge and resources
421 of over
Provided training
in-country organisations,
and other support
of which
to over 360
64 270
organisations
were core partners organisations
----- End of picture text -----

----- Start of picture text -----
Prickly Pear East, site of the
successful Lesser Antillean
iguana translocation in Anguilla.
© Olivier Raynaud / Fauna & Flora
----- End of picture text -----

----- Start of picture text -----
Juvenile Lesser Antillean
iguana ready for release on
Prickly Pear East, Anguilla.
© Olivier Raynaud / Fauna & Flora
----- End of picture text -----

In 2025, new survey data revealed that these collaborative efforts are paying off, with more than 300 adult and adolescent iguanas counted on the island, a tenfold increase in the combined total of 33 lizards introduced in 2016 and 2021. With support from Fauna & Flora, Anguilla National Trust has also established a potential reintroduction site on the mainland, encircled by a pest-proof fence to exclude harmful invasive species.

Caribbean collaboration sparks reptile resurgence

Native to the Eastern Caribbean, the critically endangered Lesser Antillean iguana has suffered devastating declines, and its global population stands at fewer than 20,000. Among other threats, it has been decimated by invasive alien species, particularly the common green iguana, which grows up to two metres long, reproduces quickly, and outcompetes and interbreeds with the native iguana.

Our partnership with Fauna & Flora truly reflects what we’re able to accomplish when we work together: real, lasting conservation that has brought our most vulnerable species back from the brink and the safeguarding of our wildlife and wild spaces for the long term.

In 2016, Lesser Antillean iguana numbers on Anguilla were estimated at fewer than 300, with the green iguana population seemingly out of control. Fauna & Flora and local partner Anguilla National Trust joined forces to save the species, capturing and translocating 23 of the surviving native iguanas from the mainland to Prickly Pear East, a small, uninhabited islet.

To minimise the risk of inbreeding, the partners were keen to introduce additional Lesser Antillean iguanas to the gene pool. They contacted the Forestry, Wildlife & Parks Division in Dominica – home to the largest surviving population – who agreed to donate lizards to the project. In early 2021, ten young and healthy Lesser Antillean iguanas from Dominica were released on Prickly Pear East.

Farah Mukhida Executive Director, Anguilla National Trust

12 Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 13

OUR STRATEGIC OBJECTIVES

3. Decisions for nature

Influencing policy and practice

Alongside our collaborative efforts with local partners to protect and restore nature on the ground, we recognise that decisions made by governments, international bodies and the business sector can be hugely beneficial – or detrimental – to the sites where we work. We aim to influence global and national decision-making, ensuring that policy and practice are informed by the wealth of knowledge and data that we have accumulated in the course of our work. In particular, we work to amplify local voices, ensure their involvement in decisions made on the global stage and advocate for increased investment in grass-roots conservation.

2025 highlights

Influenced the development of at least 127 policies that affect our work at local, national or regional scale

Contributed to the development of 64

Engaged with national laws, regulations 186 and strategic government plans government agencies on policy issues

Directly worked with over Worked to establish 100 60 local and new protected national businesses areas

Leading the way for greater ocean protection

Held in France in June 2025, the third UN Ocean Conference hosted 175 countries, 64 heads of state, 115 ministers, 28 heads of UN agencies and 12,000 delegates in total, including representatives from Fauna & Flora and our partners.

Fauna & Flora used the conference as a platform to highlight the vital role that small-scale fishers can play in ocean stewardship. During the conference we advocated for more investment in ocean conservation, including increased support for local leaders through practical mechanisms that ensure funding reaches communities and organisations at grass-roots level.

As well as championing our partners’ work and showcasing best practice in marine protection, we called for greater commitment to locally led marine protected areas and an end to destructive bottom trawling in these areas; increased finance for those on the front line of marine conservation; and ratification of the High Seas Treaty, a global agreement to protect vast swathes of ocean outside national jurisdiction.

----- Start of picture text -----
Shoal of blackbar soldierfish, Príncipe.
----- End of picture text -----

We secured widespread media coverage for our recommendations.

Several of the countries with whose governments we are working used this high-profile moment to announce progress on marine protected areas, contributing to an increase in global MPA coverage from 8% to more than 10% of the world’s ocean. Among them was São Tomé and Príncipe, whose government announced the pending designation of eight brand new marine protected areas.

It is important to seize opportunities like the UN Ocean Conference to showcase concrete examples of progress. Working with partners and governments to target announcements at such events also helps keep up momentum at a national level.

Catherine Weller Global Policy Director

----- Start of picture text -----
© Peter Richardson / Fauna & Flora
----- End of picture text -----

14 Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 15

OUR STRATEGIC OBJECTIVES

4. Seeding better conservation

New approaches, new solutions

In order to address the scale and breadth of the challenges that the interlinked nature and climate crises present, we need to be creative, innovative, entrepreneurial and adaptable in how we tackle them. Across our entire programme of work, we are committed to embracing new ways of working and seeking new forms of collaboration within and beyond the conservation sector, including the use of emerging technologies.

----- Start of picture text -----
Ilisia, Naita and Guida with sustainable produce
from their local enterprise on Príncipe.
----- End of picture text -----

----- Start of picture text -----
© RSTP / Rede De Áreas Marinhas Protegidas De STP / Fauna & Flora
----- End of picture text -----

2025 highlights

In 2025 the Conservation Leadership Programme (CLP) that Fauna & Flora supports celebrated its 40th anniversary

Conservation skills training was delivered to:

CLP provides vital support to conservationists during the early career stage when they are full of ideas and energy, but don’t have enough resources.

Almost Over Over

1,500 3,000 450 staff community students from our members close to our partner and close to our project sites collaborating project sites organisations

Julie Razafimanahaka Director of Madagasikara Voakajy and CLP award-winner

72% of field-based projects

Across the programme’s lifetime CLP alumni have In 2025 CLP supported gone on to lead conservation achievements including: 16 teams Establishment of 75 protected areas of 62 conservationists with over 130 species discovered or rediscovered US $215,000 in small grant funding Creation of 126 NGOs

incorporated technology into their work in context-appropriate ways including camera traps, eDNA and other DNA analysis, tagging, aerial surveys, acoustic monitoring and BRUVS

Small-scale enterprise initiatives benefit coastal communities in São Tomé and Príncipe

In São Tomé and Príncipe, Fauna & Flora and our regional partners – Oikos, Marapa and Fundação Príncipe – have been working with coastal communities and the government since 2018 to strengthen marine protection through the co-design of marine protected areas (MPAs). A key facet of this work has been to develop alternative sources of income for coastal communities. This includes supporting the establishment of a range of small local businesses and providing training on a variety of enterprise skills – from baking to soapmaking – while also building awareness of more sustainable fishing practices.

Livelihoods and community activities have contributed to improvements in well-being in participating fishing communities. By the end of 2025, the project supported 84 active small-scale enterprises (73 in São Tomé and 11 in Príncipe). The enterprises benefit well over 100 people (40% women; 60% men) across 18 fishing communities, with tangible improvements seen in income, food security and social cohesion.

Collective services such as ice production and solar-powered facilities have created new earnings and reduced fish spoilage, increasing the availability of food and cash for households. Women involved in these initiatives have gained greater agency and confidence, taking on management roles and financial decisions. Joint management of assets and dialogue around the MPAs have also strengthened cooperation within communities.

The livelihoods activity has helped to promote community dynamism while also fostering a new entrepreneurial mindset among fishers and fish traders, creating new income opportunities for families. In addition, it contributes to reducing human pressure on our marine resources.

Cileine Fernandes Fundação Príncipe

Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 17

16

OUR STRATEGIC OBJECTIVES

5. Fauna & Flora flourishes

Strength and stability

Operating against an increasingly unpredictable and unstable geopolitical backdrop, it is imperative that Fauna & Flora remains resilient to the turbulence affecting the sector, in order to maximise our impact as an organisation. We continue to ensure that the scale of our ambition is matched by funding that provides the stability and flexibility we need, raising our profile and encouraging widespread support for our vital work.

2025 in review

has achieved a return on investment of 9:1. It offers an important lesson in how we present our work, making it more accessible, relatable and impactful for donors. As a result, it will serve as an exemplar for future appeals.

Fundraising

• In June, we successfully launched Salesforce, marking a step change in our fundraising and

• database capabilities. The customer relationship management software has already delivered important efficiencies, streamlined processes and helped reduce manual workload across the fundraising team. It has also transformed our reporting and analysis capability, including improved KPI reporting that is enabling more accurate, timely and insightful decision-making. Beyond this, Salesforce provides a more complete view of our supporters and is improving overall data quality. Its scalability and integration tools are helping to strengthen engagement and support our income growth, ensuring we are better equipped to respond to opportunities.

• At the start of 2025, the US government took well-publicised decisions to reduce their

overseas development aid , with significant

consequences for the conservation sector as well as others. Fauna & Flora had 13 active grants, of which seven were terminated and five suspended. A well-coordinated, cross-organisational response mitigated the impact of these decisions for Fauna & Flora’s work. Other statutory donors have also cut their budgets and therefore we will seek to stabilise our statutory funding pipeline based on the new reality.

• 2025 was a strong year for fundraising appeals,

• Global financial uncertainty and systemic shifts in development finance have made for a challenging fundraising landscape in 2025 . Thanks to many longstanding funding partners across Trusts & Foundations, and the development of several new relationships, Fauna & Flora has been able to weather these shifting contexts. We are grateful to many Trusts & Foundations who have continued to invest in Fauna & Flora’s work and served as key enablers of our continued conservation mission, including (but not limited to) Arcadia, Fondation Franklinia, Lucille Foundation, Margaret A. Cargill Philanthropies, The Nando & Elsa Peretti Foundation and players of Postcode Lottery. The year also saw Fauna & Flora strengthen key partnerships, including with Fundación Tierra Pura, Greenwood Place, Oceans 5, Rainforest Trust and Stiftung Drittes Millennium, to grow their impact for the benefit of people and nature through increased levels of funding and by broadening their support to new areas of work. In addition to our long-term funding

• with income exceeding £1.2m. The appeals

• programme included the US Aid cuts appeal, Maiko Appeal, Big Give South Sudan Elephant campaign and the Pangolin Clinic Appeal, which alone raised over £700,000. Despite an increasingly complex external fundraising environment, the programme continues to go from strength to strength with more people giving to Fauna & Flora than ever before. This success reflects continued optimisation alongside the benefits of Salesforce and improved website payment journeys.

• The Pangolin Appeal was our most successful ever, raising over £700,000 from more than 13,000 donations. Supported by Sir Stephen Fry, who narrated the campaign video, it demonstrated the continued value of high-profile advocates in driving engagement and support. Its success reflects a compelling combination of an iconic species and a clear, tangible intervention, delivered through a highly effective in-house campaign, that

loss. A standout example is the launch of our

partners, we have built some new relationships, including with Ecological Restoration Fund, Gordon and Betty Moore Foundation, and Newby Trust, which are enabling us to look to new areas of critical need where Fauna & Flora’s locally led approach can deliver real change.

three-year global environmental partnership with Schroders. Grounded in a shared commitment to protecting biodiversity while supporting communities to thrive alongside nature, the partnership combines Schroders’ long-term sustainability ambition with Fauna & Flora’s on-the-ground conservation expertise. In its first year, Schroders’ support has enabled conservation action across five priority landscapes in Scotland, Uganda, Romania, Nicaragua and Cambodia, delivering tangible outcomes for threatened species, critical habitats and local livelihoods. Central to the partnership is a strong emphasis on employee engagement, with Schroders’ colleagues actively shaping the partnership through project selection, participating in creative workplace activations, events and storytelling, and building a shared sense of purpose and pride in the impact being delivered. Together, this partnership exemplifies how collaborative, valuesled engagement with the private sector can deliver measurable conservation impact while embedding nature more deeply into business culture.

• The support of Trusts & Foundations was also

• critical in enabling thriving partners across our conservation portfolio in 2025. As we double down on our strategic support to global partners, an increasing number of donors are understanding the need for healthy local organisations to ensure substantial and sustained impact on the ground. We applaud those who are early adopters and have granted us financial resources to foster and/or strengthen the capacity of our local partners. Some key supporters of our partnership approach in 2025 include Esmée Fairbairn Foundation, Hempel Foundation, Paul M. Angell Family Foundation and William Grant Foundation.

• During 2025 we have seen an increase in

• collaborative opportunities arising from across our Trusts & Foundation supporters – a true desire to share lessons, co-design initiatives and provide flexible funding to enable the time and space to tackle some of the biggest challenges facing people, planet and nature today. Many are forging powerful global partnerships that amplify impact and drive collective solutions. Together, this evolving ecosystem of donors and partners is reshaping what’s possible for conservation and sustainable development. Donors we would particularly like to acknowledge with gratitude in this area include (but are not limited to) Fondation Hans Wilsdorf, Oceans 5, and The Pew Charitable Trusts.

People & systems

• We continued to focus on our people, our

• greatest asset , with the roll-out of a new global performance review approach, with a more formal and centralised performance review that achieved 95% completion in its first year.

• Our work to support employee well-being, which brings a direct value to enhancing our conservation effectiveness, also continued.

• 2025 also saw us start a process of assessment and reflection on how we can improve

  - organisational resilience and readiness further, in line with delivery of our 2030 strategy. This was supported by external management consultants. In 2026 we will review recommendations from the review, and will use this to inform our future organisational development.

• Private sector partnerships are an increasingly important and growing area of focus for Fauna

• & Flora, reflecting a strategic shift towards deeper, longer-term collaborations with companies seeking to play a meaningful role in addressing biodiversity

----- Start of picture text -----
Schoolmaster snapper, Honduras.
© Ashley Kirkham
----- End of picture text -----

18 Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 19

----- Start of picture text -----
Alfredo Gotine preparing to
release a rescued Temminck’s
pangolin in Mozambique.
© Alfredo Gotine / Fauna & Flora
----- End of picture text -----

Rescuing pangolins in Mozambique

Pangolins are extremely sensitive animals. For a long time, we didn’t have proper equipment and infrastructure to rehabilitate rescued individuals. Treatment was carried out in improvised spaces, with limited resources making the whole work particularly delicate and challenging. Thanks to the new crisis clinic, that reality will change. It will allow us to take in and rehabilitate a higher number of pangolins, ensuring their well-being and increasing the chances of a successful recovery.

Our incredible donors helped raise over £700,000 that went in part to equip our new pangolin crisis clinic in Mozambique, the first of its kind in the region. As threats to wild pangolins increase, we expect to find more injured pangolins that will need urgent care. This vital haven in Chimanimani, which will be equipped with life-saving veterinary equipment and a safe outdoor rehabilitation area, is now up and running and has already received its first patient.

----- Start of picture text -----
© Alfredo Gotine / Fauna & Flora
----- End of picture text -----

----- Start of picture text -----
A male Temminck’s
pangolin receives
treatment at the clinic.
----- End of picture text -----

Alfredo Gotine, Conservation Project Officer, Mozambique

Plans for the future

Deploying our resources well is as important as growing them. In 2026, we are directing investment deliberately, towards the people, species and places where conservation makes the greatest and most lasting difference. Central to this is our commitment to local leadership. We are placing even greater emphasis on elevating the voices of those on the front lines of conservation, ensuring they are not only supported in their communities but present and influential in the global spaces where decisions are made.

Fauna & Flora enters 2026 with hard-won momentum and a clear sense of where it can make the greatest difference.

Around the world, nature continues to face accelerating pressure. The headwinds we anticipated, from deepening geopolitical disruption to sustained financial uncertainty, have not abated. 2025 confirmed that these are structural realities, not temporary setbacks. Conservation organisations that want to thrive in this environment must be built for disruption and resilience. Our belief in the power of locally rooted, globally connected conservation has never been stronger, and the demand for it has never been clearer.

We are also investing in how we tell our story. Through partnerships and collaboration across sectors, geographies and disciplines, we are working to turn local conservation success into systemic change, inspiring new audiences and building the broader coalition that this moment demands.

We are well placed to meet this moment. Our partnerships are deeper, our operational capability sharper, and our conservation leadership more focused than at any point in our history. We are applying new technologies in practical ways that extend our reach and improve decision-making in the field. And we remain anchored in what has always set us apart: long-term commitment, community leadership, trust, and science-informed action grounded in local knowledge.

The challenges ahead are real. But so is the opportunity. When communities, partners and organisations work together, guided by trust, grounded in evidence, and driven by shared purpose, the impact multiplies. We remain energised by our mission and focused on growing the network of people, organisations, businesses and donors who share our commitment to a thriving planet, and who make this work possible.

----- Start of picture text -----
Cristian Poamă, member
of the restoration team in
the Mureș Valley, Romania.
© Daniel Mîrlea / Fauna & Flora
----- End of picture text -----

20 Fauna & Flora’s Annual Report & Accounts 2025

Strategic report 21

Structure, governance and management

Sunrise over the coastal wetlands of Gökova Bay, Türkiye.

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:

• Asia-Pacific Cambodia, Indonesia, Myanmar and Vietnam

• Africa DR Congo, Guinea, Kenya, Liberia, Mozambique, South Sudan and Uganda

• Americas & Caribbean Antigua and Barbuda, Belize, Ecuador and Nicaragua

• Eurasia Cabo Verde, Georgia, Kyrgyzstan, Romania and Tajikistan

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

Further information on these related parties can be found in note 20 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.

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 Finance, Audit & Risk Committee meets four times a year and has oversight of the organisation’s finances, which includes reviewing and recommending the Annual Institutional Budget and the Annual Report & Accounts to Council for approval. It is responsible for engaging with the external audit provision, participating in planning the nature and scope of the audit and receiving and reviewing the Audit Findings Report. The Committee’s role is to provide critical challenge, and its remit also 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 delivery of the organisation’s People Strategy, providing guidance to enable Fauna & Flora to attract, motivate and retain the people it needs to support the achievement of its strategic objectives. The Committee’s remit also includes reviewing and agreeing the remuneration and benefits of the CEO and SLT members, as well as the overall remuneration

‘The Essential Trustee.’ During their time in office, trustees are kept updated on their responsibilities, as well as the wider context within which the charity operates, and are signposted to the latest Charity Commission guidance via the dedicated trustee area of Fauna & Flora’s intranet.

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

The new Principle 4 on Ethics and Culture recommends that the board agreed a set of values and expected behaviours for the charity, which board members consistently demonstrate in how they work. Trustees should not only adopt clear standards for the charity to follow but also lead by example, upholding high ethical standards in their conduct and decision making, and being open about how the organisation and its governance works.

Council believes that Fauna & Flora is best placed to achieve its purpose and objectives if it has high standards of governance, with practices and thinking which reflect the Code’s eight universal principles, and that by adopting these it can provide effective leadership which supports the fulfilment of the Charity’s mission.

Fauna & Flora’s organisational Code of Conduct was approved by Council in 2024, and is mandatory for, and requires compliance from trustees as well as all employees. The Code of Conduct provides clear guidance on the standards of conduct and behaviour required by all those covered by it and includes examples of conduct and behaviour that will be considered unacceptable. It recognises that as we work to achieve our shared purpose and mission, we must all ensure that our conduct and behaviour, both professional and personal, not only reflects our organisational values and ‘One Fauna & Flora’ culture but positively contributes to our impact and reputation.

The refreshed 2025 version of the Code sets out clearer expectations of the behaviours, values and processes that underpin good charity governance. The new Foundation principle advocates that trustees take responsibility for, and invest the necessary time and care, in understanding the charity and their responsibilities and legal duties.

On appointment, new Council members are provided with a comprehensive induction pack which sets out the shared responsibilities of the board, as well as the expectations of them as individual trustees, and includes the Charity Commission publication

----- Start of picture text -----
Coral and seagrass
survey, Cambodia.
© Hem Manita / Fauna & Flora
----- End of picture text -----

24 Fauna & Flora’s Annual Report & Accounts 2025

Structure, governance and 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:

----- Start of picture text -----
Tonkin snub-nosed
monkeys, Vietnam.
----- End of picture text -----

• the likely consequences of any decision in the long term

• the interests of the company’s employees

• the need to foster the company’s business relationships with suppliers, customers and others

• the impact of the company’s operations on the community and the environment

• the desirability of the company maintaining a reputation for high standards of business conduct, and

• the need to act fairly as between members of the company

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. As well as taking account of the lessons learned from past performance, the trustees decision-making process considers not only the current factors and context but also the likely consequences and potential impacts of any decision on Fauna & Flora’s future success.

In 2025, the Council of Trustees transitioned to a new schedule of governance meeting whereby the board meets in full each quarter which, in combination with newly defined terms of reference and increased meeting frequency for its three subcommittees, is designed to support considered and effective decision-making.

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 pioneered putting conservation 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 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 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, policy makers 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.

Fauna & Flora’s Annual Report & Accounts 2025

Structure, governance and management 27

26

Reference and administrative details

Registered office

Status

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

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.

President

Vice-president

Patron

HRH The Prince HRH Princess Laurentien Sir David Attenborough of Wales of the Netherlands OM FRS

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 David Gibson Vice Chair (retired 18th September 2025) Miguel Nogales Vice Chair (co-opted 18th September 2025) Martin Tyler Treasurer

Ordinary members of Council

Jeffrey Blumberg

Dr Liz Rogers (retired 18th September 2025) Hugh Sloane Tola St. Matthew-Daniel Kimberly Stewart

Dr Joyce Cacho (co-opted 7th October 2025) Anna Gavazzi Hernán González Merlani Abshiro Halake Tony Juniper CBE Christine Lloyd

Dominic Waughray

Professor Joanne Webster FLS FRSB (retired 18th September 2025)

Senior Leadership Team

Nature Champions Network

Dr Adrian Wilson

Anders Johansson Andrew Sykes Antonio Versace

Blaine T. Phillips (died 3 December 2025) Charlene de Carvalho-Heineken

Charles Whitbread Dr Claudio Segré Dr Elodie Freymann Georgina Bloomberg Giles Clark Jon L Stryker Justin Mundy LVO

Dr Lee Durrell Lindsay Bury Dr Lisbet Rausing

Nigel Winser

Professor Sir Roy Anderson FRS FMedSci

Rove McManus AM

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 (until 30th September 2025) Dr Abigail Entwistle Senior Conservation Director Paul Hotham Senior Conservation Director Nicola Frost Chief of Staff David Hillyard Global Director of Fundraising

Principal professional advisers

Auditors Solicitors Investment Managers Bankers Insurance Brokers

Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW

Mills & Reeve, Botanic House, 100 Hills Road, Cambridge, CB2 1PH BlackRock, 12 Throgmorton Avenue, Drapers Gardens, London, EC2N 2DL Barclays Bank, Mortlock House, Vision Park, Histon, Cambridge, CB24 9DE Gallagher, 25 Walbrook, London, England EC4N 8AF

28 Fauna & Flora’s Annual Report & Accounts 2025

Structure, governance and management 29

Key policies and statements

Public benefit

The Strategic Report demonstrates the scope of the activities undertaken by Fauna & Flora in 2025 in furtherance of its charitable purposes for the public benefit.

• Fauna & Flora promotes the conservation of the environment, benefiting the public through our shared purpose of protecting the biodiversity of life on Earth, for the survival of the planet and its people. We advance the awareness and education of all sectors of society worldwide in conservation and the protection of biodiversity by promoting or conducting training programmes and research and by publishing knowledge acquired as a result of such research; as well as undertaking and engaging in other informative activities including exhibitions, lectures, conferences and seminars.

• In exercising its powers and duties in furtherance of the Charity’s Objectives, the Board of Trustees has complied with its duty, under Section 17 of the Charities Act 2011, to show due regard for the Charity Commission’s general guidance on public benefit. In addition, whilst setting the organisation’s annual objectives and planning its activities, both in the short and the longer term, the trustees have also demonstrated due regard for any specific guidance from the Commission relating to the conservation of the environment 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 sudden suspension of US government funding and subsequent reductions in funding from other governments reinforced 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.

Our reserves fall into three types:

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

Saprophitic fungi in the Honduras rainforest.

Key policies and statements 31

Karst Biodiversity Coordinator, Sothearen Thi, examines a snail during a survey in Battambang, Cambodia.

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. For a fourth consecutive year, we achieved the NUS Green Impact Scheme gold award.

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 2025 we calculated our carbon footprint against expenditure and per capita for 2024, marking five years’ worth of data since establishing a baseline (having removed 2020 from

the analysis due to the Covid-19 pandemic and noting the significant decrease in 2021 due to the ongoing impacts of the pandemic). The five-year analysis shows an overall reduction in our carbon footprint.

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 continues to offer small grants to enable staff around the globe to make environmentally sound choices or take actions to help minimise Fauna & Flora’s environmental footprint. These grants can be used as top-up funding to allow for greener travel, or to fund equipment or greening initiatives.

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)

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 & 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 2025 we disbursed over £7.8 million in grant funding (2024: £9.4m). 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 630 grant applications for external grants funds using criteria developed and agreed with the donors. Through this, we influenced the allocation of an additional £40 million of conservation grant funds.

As detailed above, we actively promote 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.

----- Start of picture text -----
2020 2021 2022 2023 2024 2025
Gas (kWh) 94,175 88,310 95,765 99,230 92,193 94,219
Electricity (kWh) 35,865 36,565 43,138 41,484 45,089 48,144
Total UK energy use (kWh) [1] 130,040 124,875 138,903 140,714 137,282 142,363
Gas (tonnes CO2e) 17.3 16.2 17.5 18.2 16.9 17.2
Electricity (tonnes CO2e) 8.4 7.8 8.3 8.6 9.3 8.5
Total associated GHG emissions (tonnes CO2e) [2] 25.7 24.0 25.8 26.8 26.2 25.7
Intensity ratio = Emissions per office floor
0.035 0.032 0.035 0.036 0.036 0.035
space (tonnes CO2e per m2)
----- End of picture text -----

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 were a number of gaps in the gas data provided in 2024 and 2025, 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. The electricity data for 2024 was corrected to include the new hot water boilers. Electricity consumption by lighting and devices in 2025 were less than previous year, but 2025 was first full year with electric water heaters in place, increasing overall electricity consumption.

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 was 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, could be reported as zero carbon. However, from October 2025, the University switched to a new tariff to reduce costs – this is not fully renewable or nuclear and can no longer be reported as zero carbon. 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 2025

Key policies and statements 33

Remuneration policy

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

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.

Since appointing a dedicated Safeguarding Manager in 2024, we have updated our Safeguarding Policy to reflect recent developments in guidance and best practice, and created a new Safeguarding Framework, setting out organisational safeguarding processes and procedures. We have introduced a new mandatory Safeguarding course for all employees and are also working with our partners, offering training and support, including a new tool-kit to enable them to strengthen their safeguarding practices.

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.

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.

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

----- Start of picture text -----
Eastern chimpanzees are benefiting
from forest restoration in Uganda.
© Elodie Freymann / Fauna & Flora
----- End of picture text -----

34 Fauna & Flora’s Annual Report & Accounts 2025

Key policies and statements 35

A Nicaraguan farmer applies organic fertiliser to his crops on Ometepe Island.

Fauna & Flora’s fundraising activities continue to be conducted in compliance with the Charities (Protection and Social Investment) Act 2016 and all 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, using both its membership offer and a broader regular giving proposition to build long-term relationships with donors. Direct marketing activities are planned and developed in-house by the Supporter Marketing team, with specialist support from selected agencies. These agencies provide media buying and creative services, and we also outsource to specialist partners who run private site fundraising and telemarketing activities.

Fauna & Flora has 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 new Code of Fundraising Practice which came into effect in November 2025, to ensure that our fundraising activities are fair, transparent and honest.

Fauna & Flora is also 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 2025, Fauna & Flora received nine requests to be removed from marketing and fundraising campaigns.

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

In 2025, we received 25 complaints relating to supporters’ interactions with our response handling agency. These were not driven by dissatisfaction with call handlers; rather, they primarily stemmed from supporters being unable to get through on the phone to speak to someone, either to complete a donation or to have a question answered.

In 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 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 on by Fauna & Flora staff.

Our agencies also follow a set of guidelines to identify supporter vulnerability. If a supporter is deemed vulnerable, a case is raised with Fauna & Flora for investigation. This may result in a donation being declined and further action being taken. This includes recording the case on the database and assessing whether the individual should be removed from future fundraising communications.

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.

Fundraising 37

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:

• A rolling review of the risks the Charity faces, or which may arise, both at a macro level and also operationally as tracked in the Institutional Risk Register. This is complemented by regular discussion of risk by the Finance, Audit & Risk Committee and at board level.

• Systems and procedures to mitigate against those risks and their potential impacts should they materialise as well as processes that allow identification and management of specific risks, like those in relation to overseas travel.

• A risk-tracking tool that enables regular and comprehensive assessment of individual projects across our portfolio against a series of six risk categories (financial; human rights & social safeguards; health, safety & security; partner; other delivery risks; and impact).

• Regular review of the organisation’s insurance cover to assess whether it adequately addresses the risks and potential liabilities the Charity faces, extending cover if new risks are identified.

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

Geopolitical instability and a volatile economic outlook, with forecasts of downward global growth, increases in inflation and the cost of living, including soaring energy costs, 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 non-essential 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

The withdrawal of US government funding, together with reductions in overseas spending by other

governments, changed the statutory funding

landscape in 2025. Our immediate aim was to mitigate the extent of our financial exposure as a result of these changes, by taking early action when the loss of US government funding was confirmed. We set about fundraising for near term project funding gaps and put plans in place for practical contingency measures in case the need for these arose. Separately, we undertook 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 identified the need to adjust towards a future funding model with a balanced mix of income across corporate, trusts & foundations, individuals and statutory streams, with the removal of US government funds accelerating the need for 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 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 Capacity for Conservation website, a free online resource and e-learning hub designed to promote self-led organisational development.

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

A turtle hatchling in Myanmar heads for the ocean.

Principal risks 39

Global safety and security

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.

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, Mozambique and South Sudan). Having a specialist International Health, Safety & Security Manager strengthens our ability to mitigate these risks, and to put policies, procedures and risk management measures in place which are designed to protect our people and programmes. We track regional and country level security and political trends for developing situations and monitor global travel, security and health risks which might affect our staff, activating emergency planning and response mechanisms to address these risks when needed. By providing staff with advice, support and training, 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.

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.

----- Start of picture text -----
Ranger patrol in Virachey
National Park, Cambodia.
© Hem Manita / Fauna & Flora
----- End of picture text -----

----- Start of picture text -----
Venus slipper orchids, Vietnam.
© Canh Xuan Chu / Fauna & Flora
----- End of picture text -----

40 Fauna & Flora’s Annual Report & Accounts 2025

Principal risks 41

----- Start of picture text -----
Financial
review
Mircea Marginean (right) from Fauna
& Flora’s Romania team on a sturgeon-
tagging learning exchange in the USA.
----- End of picture text -----

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 an increase of £2.2m (2024: £4.7m decrease), comprising an increase in restricted funds of £1.3m (2024: £3.3m decrease), an increase of endowment funds of £39k (2024: £30k increase) and an increase in unrestricted funds of £823k (2023: £1.4m decrease). Restricted funds include £1.9m of capitalised land purchases and the balance predominantly relates to current, active projects and is largely anticipated to be utilised over the course of the next one to four years.

Income

Income generated overall of £44.8m shows an increase of £0.2m (0.4%) compared with 2024. Trusts & Foundations remain our largest source of income at 47% of total (2024: 40%). Funding from Government and multilateral sources has decreased to 30% from 35% of the portfolio in the prior year.

----- Start of picture text -----
100%
3%
5% 6% 7% 6% 3% 8%
2% 1%
4% 2% 1%
15% 20% 13%
17%
80% 20%
22%
60%
48% 40% 47%
48%
48% 59%
40%
20%
35%
30% 30%
20% 22%
15%
0%
2020 2021 2022 2023 2024 2025
----- End of picture text -----

Unrestricted income by type

----- Start of picture text -----
2024/2025
2020 2021 2022 2023 2024 2025
Change
Individuals 4,139,416 4,081,322 3,804,560 4,209,676 4,427,691 4,802,089 8%
Trusts and foundations 859,475 1,821,776 619,169 611,259 2,300,772 2,400,470 4%
Legacies 1,189,313 901,330 601,962 488,377 1,144,756 655,551 -43%
Other 34,453 7,412 195,069 624,894 519,840 352,051 -32%
Corporate 196,920 19,806 32,251 82,272 74,611 58,127 -22%
Capital campaign - - - - - - 0%
6,419,577 6,831,646 5,253,011 6,016,478 8,467,670 8,268,288 -2%
----- End of picture text -----

Unrestricted income from Individuals increased by £374k (8%) from 2024, a result of successful campaigns as well as investment in direct supporter recruitment. Income from Trusts & Foundations increased by £100k from 2024. Legacy income decreased by £489k (43%); 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 -----
2024/2025
2020 2021 2022 2023 2024 2025
Change
Government and
5,315,100 5,645,650 7,400,676 11,061,076 15,631,498 13,511,052 -14%
multilateral
Trusts and foundations 11,738,061 19,713,173 15,447,495 17,104,561 15,435,474 18,762,910 22%
Individuals 1,560,470 2,042,816 2,396,280 238,054 3,470,287 299,474 -91%
Corporate 1,254,924 2,046,255 2,315,213 1,971,917 1,180,871 3,600,990 205%
Other 180,828 205,417 352,797 408,069 431,471 352,379 -18%
Legacies - - - - - - 0%
20,049,383 29,653,311 27,912,461 30,783,677 36,149,601 36,526,805 1%
----- End of picture text -----

Restricted income from Individuals has reduced as 2024 includes USD $4m received from a donor in relation to the co-management of Maiko National Park in DRC. Trusts & Foundations restricted income has increased by £3.3m (21%) from 2024. This is in part due to the strengthening of our relationships with existing, long-term donors. It is also a reflection of the conscious effort made to diversify our income streams following the US Government cuts. Income from Government & Multilateral sources has decreased by £2.1m (14%) from 2024, having been impacted by the US Government cuts. 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 2025

Financial review 45

Expenditure

Charitable expenditure across our conservation portfolio has remained consistently high as a proportion of total expenditure (93%) in 2025 (2024: 92%).

With over 125 active projects in 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
7%
2025 Total
expenditure
£42.5m
Conservation
expenditure
93%
----- 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.

Reserves

The total reserves of the organisation at the end of 2025 were £25.7m (2024: £23.5m). Restricted reserves were £20.6m (2024: £19.2m), 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 £714k (2024: £674k), these funds are invested to secure the capital base whilst producing an income stream in support of our gorilla conservation work.

Unrestricted reserves increased to £4.4m at the end of the year (2024: £3.6m). Free reserves (unrestricted reserves less unrestricted fixed assets of £153k (2024: £206k) were £4.2m (2024: £3.4m). This represents 4.7 months of budgeted recurring core expenditure, compared with 4.3 months in 2024.

While this is an improvement on the prior year, reserves remain below our minimum policy level of 6 months. This position reflects the impact of a challenging funding environment over recent years, alongside deliberate and necessary investment in the organisation to support long-term resilience and delivery of our strategy, including strengthening fundraising capacity and introducing a competitive global pay structures aligned with relevant charity sector benchmarks.

The Trustees remain committed to rebuilding unrestricted reserves to at least the minimum policy level, and towards longer-term reserve target of 10 months, through supporting fundraising activities, planned surplus budgets, close monitoring of unrestricted income and expenditure, appropriate contingency planning, and implementing the recommendation from the resilience and readiness assessment to support the delivery of our 2030 strategy.

£million

£30

Conservation programme expenditure

----- Start of picture text -----
100%
9% 10% 9% 10% 10%
20%
9%
12% 13% 12% 11%
80%
11%
22%
24% 27%
31% 31%
60%
28%
30%
40% 28%
26% 21%
22%
17%
20%
30%
28%
26% 25% 26% 26%
0%
2020 2021 2022 2023 2024 2025
----- End of picture text -----

Cross-cutting programmes Africa Eurasia Americas & Caribbean

----- Start of picture text -----
£25
£20
£15
£10
£5
£0
2020 2021 2022 2023 2024 2025
Restricted Unrestricted Endowment
----- End of picture text -----

46 Fauna & Flora’s Annual Report & Accounts 2025

Financial review 47

Statement 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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

Disclosure of information to auditors

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

• There is no relevant audit information of which the company’s auditors are unaware; and

• The Trustees have taken the necessary steps that they ought to have taken as trustees to make themselves aware of any relevant audit information and to establish that you are aware of that information.

The Trustees’ Annual Report and the Strategic Report contained therein were approved and authorised for issue by the Board of Trustees on 9 July 2026 and signed on its behalf by

Stephen Fitzgerald AO

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.

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.

An adult hawksbill turtle swimming in the coastal waters of the Atlántida Seascape, northern Honduras.

Statement of Trustees' responsibilities 49

Independent auditors report

Independent auditors report

Opinion

We have audited the financial statements of Fauna & Flora International (the “charitable company”) and its subsidiaries (the “group”) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities (incorporating an Income and Expenditure Account), the Consolidated 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).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The 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.

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

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.

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

• the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included within the trustees’ report have been Auditor’s responsibilities for the prepared in accordance with applicable legal audit of the financial statements requirements.

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.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its 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.

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.

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:

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.

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

A further description of our responsibilities for the audit of the financial statements is located on the

• we have not received all the information and explanations we require for our audit.

Financial Reporting Council’s website at: frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

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

Independent auditors 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 fraud or error, and discussed these between our audit team members, including component teams. 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, including financial reporting legislation and the Charities SORP (FRS 102), and local tax regulations. 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 necessary to the charitable company’s and group’s ability to operate or to avoid a material penalty. 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 also considered the opportunities and incentives that may exist within the charitable company/ group for fraud. 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 Finance, Audit and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing of grant and contract income, reviewing regulatory correspondence with the Charity Commission,

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.

Simon Hughes

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP Statutory Auditor London

52 Fauna & Flora’s Annual Report & Accounts 2025

Independent auditor's report 53

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

For the year ended 31 December 2025

Notes Income and endowments from: Donations and legacies 3a Charitable Activities Investments Other Trading Activities Other Total 3b Expenditure on: Raising funds Charitable Activities Jointly Controlled Operations expenditure 20 Total 4a, 6a, 6b Net gains/(losses) on investments Net income/(expenditure) Transfers between funds Other Recognised Gains and Losses: Realised foreign exchange gains/(losses) Unrealised foreign exchange gains/(losses) Proft/(losses) on disposal of tangible fxed assets Other gains/(losses) 4b Net movement in Funds Total funds brought forward Total funds carried forward 12	Total Unrestricted Restricted Total Endowment Total 2025 Total 2024 £ £ £ £ £ 4,980,197 299,474 - 5,279,671 8,613,978 2,936,040 35,874,953 - 38,810,993 35,049,075 345,725 211,539 276 557,540 696,776 1,669 - - 1,669 2,907 4,657 140,839 - 145,496 254,742
	8,268,288 36,526,805 276 44,795,369 44,617,478
	2,798,792 - - 2,798,792 4,023,620 4,628,199 35,037,669 - 39,665,868 44,677,530 49,378 - - 49,378 56,723
	7,476,369 35,037,669 - 42,514,038 48,757,873
	4,566 - 39,156 43,722 33,304
	796,485 1,489,136 39,432 2,325,053 (4,107,091) 98,429 (98,429) - - - (73,239) 70,386 - (2,853) (169,470) 708 (138,195) - (137,487) (444,087) 973 21,598 - 22,571 30,352
	(71,558) (46,211) - (117,769) (583,205) 823,356 1,344,496 39,432 2,207,284 (4,690,296) 3,615,133 19,236,733 674,204 23,526,070 28,216,366
	4,438,489 20,581,229 713,636 25,733,354 23,526,070

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

In 2024, unrestricted voluntary income was £5,143,691 (the remainder was restricted). In 2024, unrestricted charitable activities income was £2,801,232 (the remainder was restricted). In 2024, unrestricted investment income was £510,620 and endowment investment income was £207 (the remainder was restricted). In 2024, unrestricted income from other trading activities was £2,907 (the remainder was restricted). In 2024, unrestricted income from other sources was £9,220 (the remainder was restricted).

In 2024, unrestricted charitable activities expenditure was £5,760,890 (the remainder was restricted). In 2024, all expenditure on raising funds was unrestricted. In 2024, all expenditure on jointly controlled operations was unrestricted.

In 2024, unrestricted net gains on investments were £3,766 and endowment fund net gains were £29,538. In 2024, restricted to unrestricted transfers were £98,429 and unrestricted other losses were £123,176 (the remainder was restricted).

Coastal area at the mouth of Lochaline in the Sound of Mull Scotland

Financial statements 55

Consolidated Balance Sheet

For the year ended 31 December 2025

Notes Fixed Assets Tangible assets 7a Intangible assets 7b Investments 8 Total fxed assets Current Assets Debtors 9 Cash at bank and in hand Total current assets Creditors: amounts falling due within one year 10 Net Current Assets Provisions for liabilities 11 Net assets The funds of the charity Income Funds Unrestricted funds 12 Designated funds Restricted funds 12 Capital Funds Permanent endowment funds 12 Total Charity Funds	Group Group Charity Charity 2025 2024 2025 2024 £ £ £ £ 1,674,166 1,725,285 453,105 528,854 87,731 129,388 87,731 129,388 16,095,355 13,788,831 16,095,355 13,788,831
	17,857,252 15,643,504 16,636,191 14,447,073 4,047,261 4,858,722 3,614,543 5,897,545 6,661,181 6,533,474 5,912,130 5,214,775
	10,708,442 11,392,196 9,526,673 11,112,320 (2,741,214) (3,270,974) (2,738,795) (3,243,679) 7,967,228 8,121,222 6,787,878 7,868,641 (91,126) (238,656) (91,126) (238,656)
	25,733,354 23,526,070 23,332,943 22,077,058
	4,384,174 3,560,818 2,210,335 1,705,659 54,315 54,315 54,315 54,315
	4,438,489 3,615,133 2,264,650 1,759,974 20,581,229 19,236,733 20,354,657 19,642,880
	25,019,718 22,851,866 22,619,307 21,402,854 713,636 674,204 713,636 674,204
	25,733,354 23,526,070 23,332,943 22,077,058

Consolidated Cash Flow Statement

For the year ended 31 December 2025

Notes Cash fows from operating activities 16 Cash fows from investing activities 16 Cash fows from fnancing activities 16 Reconciliation of Net Cash Flow to Movements in Net Funds Increase/(decrease) in cash in the year Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the reporting period Analysis of cash and cash equivalents Cash at bank and in hand Deposit accounts	Group Group Charity Charity 2025 2024 2025 2024 £ £ £ £ 2,446,853 (6,347,758) 2,932,589 (6,692,019) 557,658 696,776 552,973 691,294 (120,292) (6,713) (88,574) (6,713)
	2,884,219 (5,657,695) 3,396,988 (6,007,438)
	2,884,219 (5,657,695) 3,396,988 (6,007,438) 18,845,623 24,019,077 17,526,924 23,048,964 (451,575) 484,241 (394,696) 485,398
	21,278,267 18,845,623 20,529,216 17,526,924
	6,661,181 6,533,474 5,912,130 5,214,775 14,617,086 12,312,149 14,617,086 12,312,149
	21,278,267 18,845,623 20,529,216 17,526,924

The attached notes form part of these financial statements.

The surplus in respect of the parent charity only was £1,255,885 (2024: Deficit £4,386,921) The attached notes form part of these financial statements

Approved by the board of Trustees and authorised for issue on 9 July 2026 and signed on its behalf by:

Chair: Stephen Fitzgerald AO

Treasurer: Martin Tyler

56 Fauna & Flora’s Annual Report & Accounts 2025

Financial statements 57

1. Accounting Policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charity’s financial statements. Fauna & Flora meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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 Standard applicable in the UK and Republic of Ireland effective 1 January 2015 (The FRS 102 Charities SORP) and the Companies Act 2006.

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 (Romania) S.R.L. and Fauna & Flora International Foundation (Romania), and its share of its jointly controlled operations (the Caribbean Alliance) with Re:Wild.

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 on-going 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.

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 prior year was successfully transferred to our local partner organisation in Belize as planned, making the intended exit from the project.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been

designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of Fauna & Flora’s designated funds is set out in the Reserves Policy within the Trustees’ Report. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Permanent endowments are funds which are permanently restricted, details of which are set out in note 12 of the financial statements. Investment income, gains and losses are allocated to the appropriate fund.

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 at the earlier of notification of impending distribution, receipt or final estate accounts.

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.

f) Legacies

The Charity has estimated the legacy pipeline on a basis which is consistent with past experience over a number of years. The amount at the year-end is disclosed in note 3a.

g) 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. Fund-raising 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.

h) 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.

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

j) 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.

k) 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 fittings 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

l) 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. Land included as programme related investments is stated at cost less any impairment.

m) 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.

n) 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.

o) 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.

p) 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.

q) 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.

r) 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 2025

Financial statements 59

2. Company Status

The company is limited by guarantee, not having share capital, and is also a registered charity and also a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly, the entity is exempt from taxation in respect of income or capital gains received within the categories covered by Sections 478 to 488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. 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

3a) Donations and legacies
Individuals Legacies	2025 2024 £ £ 4,624,120 7,469,222 655,551 1,144,756
	5,279,671 8,613,978

At 31 December 2025, in addition to legacy income that has been included in the accounts, Fauna & Flora is expected to benefit from a number of legacies from estates for which the administration had yet to be finalised. Fauna & Flora’s future income from these legacies is estimated at £1,590,731 (2024: £1,391,206)

3b) Income

3b) Income
Income Source Government & Multilateral Trusts & Foundations Corporate Individuals Membership Investment Other	Restricted Unrestricted Endowment Total 2025 Total 2024 £ £ £ £ £ 13,511,052 - - 13,511,052 15,631,498 18,762,910 2,400,470 - 21,163,380 17,736,246 3,600,990 58,127 - 3,659,117 1,255,481 299,474 4,980,197 - 5,279,671 8,613,978 - 477,443 - 477,443 425,850 211,540 345,725 276 557,541 696,776 140,839 6,326 - 147,165 257,649
	36,526,805 8,268,288 276 44,795,369 44,617,478

4a) Expenditure

4a) Expenditure
	2025	2024
Expenditure includes:	£	£
Auditors' remuneration – statutory audits	73,534	80,377
Auditors' remuneration – grant audits and other	101,958	132,995
Depreciation	235,636	253,203
Operating leases: land and buildings	228,982	237,977

5. Employee Information

5a) Staff costs:

5a) Staf costs:
Wages and salaries Social security costs Pension costs	2025 2024 £ £ 16,384,628 16,938,826 1,927,113 1,749,258 786,068 790,822
	19,097,809 19,478,906

Included in the above is £131,665 relating to termination payments for 39 (2024: 16) individuals in 2025, the majority of which relate to project closures and end of contracts (2024: £119,508).

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 £110,001 – £120,000 £130,001 – £140,000 £140,001 – £150,000 £150,001 – £160,000 £170,001 – £180,000 £180,001 – £190,000	2025 2024 563 577 23 24 40 41
	626 642
	2025 2024 12 10 12 13 5 5 5 3 1 3 3 0 0 1 1 2 0 1 0 1 1 0

The pension contributions to pension schemes for the higher paid staff were £192,768 (2024: £166,824)

The total value of salary and benefits received by key management personnel in 2025 was £937,140 (2024: £968,346)

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.

4b) Other gains/losses

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	2025 2024 £ £ (2,853) (169,470) (137,487) (444,087) 22,571 30,352
	(117,769) (583,205)

In 2025, £8,658 (2024: £7,013) 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 2025

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 2025 Total 2024 £ £ £ £ £ 3,500,770 6,333,565 506,165 10,340,500 10,945,507 4,907,838 4,554,190 85,042 9,547,070 10,160,865 1,169,390 1,951,397 163,337 3,284,124 7,790,890 1,901,698 1,511,485 134,566 3,547,749 4,181,423 4,513,042 2,180,775 208,751 6,902,568 6,696,718 - 541,256 - 541,256 (178,602)
	15,992,738 17,072,668 1,097,861 34,163,267 39,596,801 1,343,719 - 1,455,073 2,798,792 4,023,620 3,465,752 (20,326) 2,106,553 5,551,979 5,137,452
	20,802,209 17,052,342 4,659,487 42,514,038 48,757,873

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 £7.8m (2024: £9.4m) of funds sub-granted to third parties and £Nil (2024: £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 01 January 2025 Additions Disposals At 31 December 2025 Depreciation: At 01 January 2025 Charge for year On disposals At 31 December 2025 Net book value: At 31 December 2025 At 31 December 2024	Fixtures & Fittings IT Equipment Land & Buildings Vehicles Total £ £ £ £ £ 48,461 97,396 1,176,733 1,342,326 2,664,916 9,013 - - 133,850 142,863 - - - - -
	57,474 97,396 1,176,733 1,476,176 2,807,779
	33,056 36,629 - 869,946 939,631 10,289 9,467 - 174,226 193,982 - - - - -
	43,345 46,096 - 1,044,172 1,133,613
	14,129 51,300 1,176,733 432,004 1,674,166
	15,405 60,767 1,176,733 472,380 1,725,285

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 2025 Total 2024 £ £ £ £ £ 69,025 - 722,272 791,297 670,226 67,947 - 22,655 90,602 42,353 258,371 - - 258,371 763,591 14,966 37,262 13,121 65,349 130,963 3,032 322,383 159,095 484,510 866,829 28,696 180,377 11,079 220,152 255,182 13,346 15,717 25,660 54,723 56,580 102,359 251,962 390,520 744,841 852,268 152,554 32,799 124,883 310,236 415,645 269,849 574,152 511,940 1,355,941 1,682,176 91,126 - - 91,126 54,125 26,590 40,420 125,329 192,339 147,492

1,097,861 1,455,072 2,106,554 4,659,487 5,937,430

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

Cost: At 01 January 2025 Additions Disposals At 31 December 2025 Depreciation: At 01 January 2025 Charge for year On disposals At 31 December 2025 Net book value: At 31 December 2025 At 31 December 2024	Software Total £ £ 566,340 566,340 - - - -
	566,340 566,340
	436,952 436,952 41,657 41,657 - -
	478,609 478,609
	87,731 87,731
	129,388 129,388

62 Fauna & Flora’s Annual Report & Accounts 2025

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 01 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	2025 2024 £ £ 13,788,831 20,932,378 43,722 33,304 (87,995) (212,092) 2,350,797 (2,855,785) - (4,108,974)
	16,095,355 13,788,831
	747,694 703,971 14,617,086 12,312,149 730,575 772,711
	16,095,355 13,788,831

The historic cost of investments as at 31 December 2025 was £15,947,661 (2024: £13,684,859).

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 2025 2024 2025 2024 £ £ £ £ 755,215 1,183,502 765,352 1,180,188 967,815 993,470 958,518 972,720 1,009,819 1,090,200 1,006,560 1,086,969 8,365 3,802 8,365 3,802
	2,741,214 3,270,974 2,738,795 3,243,679
	Group Group Charity Charity 2025 2024 2025 2024 £ £ £ £ - 5,814,857 - 5,814,857 481,126 - 481,126 - - (5,814,857) - (5,814,857)
	481,126 - 481,126 -

Deferred income in 2025 related to the timing of receipts of grants received relating to future periods.

In 2024 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 2025 2024 2025 2024 £ £ £ £ 3,566,206 3,337,391 2,903,196 3,281,407 - - 207,425 1,094,807 481,055 1,521,331 503,922 1,521,331
	4,047,261 4,858,722 3,614,543 5,897,545

All the above amounts fall due within one year.

Project expenditure repayable Bad debts Tax payable Land taxes payable	At 01/01/2025 Provisions created / (released) Provisions utilised At 31/12/2025 £ £ £ £ 220,970 - (220,970) - - 91,126 - 91,126 - - - - 17,686 (17,686) - -
	238,656 73,440 (220,970) 91,126

Provision has been made in prior year for land tax in Ecuador that may be payable by Fauna & Flora. This is no longer deemed necessary and so has been released in the year.

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

Bad debts provision mainly relates to amounts owed on US Government funds of which recovery is still uncertain.

64 Fauna & Flora’s Annual Report & Accounts 2025

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	3,560,818	8,268,288	(7,476,369)	(66,992)	98,429	4,384,174
Designated funds	54,315	-	-	-	-	54,315
Total unrestricted funds	3,615,133	8,268,288	(7,476,369)	(66,992)	98,429	4,438,489
Endowment funds
Rothiemurchus Bequest Fund	35,839	276	-	2,390	-	38,505
Whitley Animal Protection Trust	638,365	-	-	36,766	-	675,131
Total endowment funds	674,204	276	-	39,156	-	713,636
Restricted funds
Africa	5,186,864	9,032,075	(9,885,316)	74,667	1,375,921	5,784,211
Americas & Caribbean	1,838,538	2,143,744	(3,177,160)	(2,382)	887,457	1,690,197
Asia-Pacifc	4,887,977	8,938,573	(11,021,656)	45,591	1,061,802	3,912,287
Business & Nature	147,711	755,640	(793,041)	-	-	110,310
Climate & Nature Linkages	959,429	502	(454,553)	-	26,291	531,669
Conservation Capacity and Leadership	1,335,616	1,973,332	(2,222,989)	(36,227)	(216,899)	832,833
Conservation Science and Design	1,431,904	9,250,193	(3,744,037)	(2,513)	(4,014,487)	2,921,060
Cross-cutting Programmes Development	420,793	9,351	(24,750)	-	(898)	404,496
Eurasia	1,736,808	4,147,716	(3,019,057)	12,704	782,384	3,660,555
Other (incl Foreign Exchange) Revaluation	1,177,011	147,336	(520,929)	(138,192)	-	665,226
People & Nature	64,369	68,723	(131,411)	141	-	1,822
Regional Programmes Development	49,713	59,620	(42,770)	-	-	66,563
Total restricted funds	19,236,733	36,526,805	(35,037,669)	(46,211)	(98,429)	20,581,229
Total Funds	23,526,070	44,795,369	(42,514,038)	(74,047)	-	25,733,354

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 International Gorilla Conservation Programme (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.

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 £ £ £ £ £ 65,429 - 1,608,737 - 1,674,166 87,731 - - - 87,731 1,137,956 - 14,243,763 713,636 16,095,355 3,184,183 54,315 4,728,728 - 7,967,226 (91,126) - - - (91,126)
	4,384,173 54,315 20,581,228 713,636 25,733,352
	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

14. Operating Lease Commitments

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	2025 2024 £ £ 228,421 210,558 18,307 120 - -
	246,728 210,678
	96,659 95,649 7,335 - - -
	103,994 95,649

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.

Included in the above are amounts for grants received from Fondation Segré (2025: £12,139, 2024: £47,796), the Endangered Landscapes Programme (2025: £31,629, 2024: £267,118), and Defra, UK Government: Darwin Initiative (2025: £6,727,170, 2024: £3,425,237), Darwin Plus (2025: £18,428, 2024: £81,907), Illegal Wildlife Trade Challenge Fund (2025: £390,122, 2024: £353,802), and income received of £3,095,457 (2024: £1,347,945) and expenditure of £3,203,966 (2024: £1,866,887) in relation to the Biodiverse Landscapes Fund (BLF). Also in relation to the BLF is match funding received of £nil (2024: £67,296) and related expenditure of £66,972 (2024: £324).

66 Fauna & Flora’s Annual Report & Accounts 2025

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. A member of Fauna & Flora’s SLT is a Trustee of the Trust.

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 20 for details of Fauna & Flora’s subsidiaries and jointly controlled operations. Fauna & Flora has paid and received reimbursement of expenditure from Principe Foundation. A member of Fauna & Flora’s SLT is also a director of this organisation.

	2025	2024
Grants received from related parties	£	£
The Marcela Trust	250,000	-
Grants made to related parties
Ol Pejeta Conservancy	-	307,412
Chuilexi Conservacio e Investimentos Limitada	1,056,010	987,781
Luambeze Investimentos Limitada	166,525	243,879
Principe Foundation	-	186,657
The Mount Kenya Trust	-	70,528
Donations received from
Trustees & Related parties	482,131	301,253
Expenditure paid on behalf of related parties
ProPark Foundation	6,673	1,652
Ol Pejeta Ranching Ltd	-	1,217
Reimbursement of expenditure from related parties
ProPark Foundation	-	511
Principe Foundation	29,646	-
Amounts owing (to)/from subsidiary undertakings
Fauna & Flora International Australia	127,427	15,246
Fauna & Flora International South Africa	37,534	36,041
Fauna & Flora International USA Inc	42,465	1,043,520

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 2025 2024 2025 2024 £ £ £ £ 2,207,284 (4,690,296) 1,255,885 (4,386,921) 235,639 253,203 228,548 246,118 (22,570) (30,353) (22,570) (30,353) (557,658) (696,776) (552,973) (691,294) 811,463 (425,441) 2,283,003 (1,067,435) (677,290) (4,602,819) (652,414) (4,605,697) (43,722) (33,304) (43,722) (33,304) - 4,108,974 - 4,108,974 42,132 253,294 42,136 253,301 451,575 (484,240) 394,696 (485,408)
	2,446,853 (6,347,758) 2,932,589 (6,692,019)
	557,658 696,776 552,973 691,294
	(142,863) (45,628) (111,145) (45,628) 22,571 38,915 22,571 38,915
	(120,292) (6,713) (88,574) (6,713)

17. Summary income and expenditure account for the year ending 31 December 2025

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 2025 2024 £ £ 44,237,829 43,920,702 557,264 696,569
	44,795,093 44,617,271
	42,391,605 49,084,109 - - 235,636 253,203
	42,627,241 49,337,312
	2,167,852 (4,720,041) - -
	2,167,852 (4,720,041)

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 2025

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 2025 Total 2024 £ £ £ £ £ 4,601,919 253,872 - 4,855,791 4,878,894 2,424,733 34,965,013 - 37,389,746 37,687,742 341,158 211,539 276 552,973 691,294 1,669 - - 1,669 2,907 4,657 134,209 - 138,866 252,575
	7,374,136 35,564,633 276 42,939,045 43,513,412
	2,405,749 - - 2,405,749 3,186,172 4,494,440 34,775,522 - 39,269,962 44,279,604
	6,900,189 34,775,522 - 41,675,711 47,465,776
	4,566 - 39,156 43,722 33,304
	478,513 789,111 39,432 1,307,056 (3,919,060) 98,429 (98,429) - - - (72,266) 21,095 - (51,171) (467,859) 504,676 711,777 39,432 1,255,885 (4,386,919) 1,759,974 19,642,880 674,204 22,077,058 26,463,977
	2,264,650 20,354,657 713,636 23,332,943 22,077,058

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	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	2,503,414	12,027,556	(10,479,661)	(121,961)	1,257,516	5,186,864
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
Business & Nature	171,081	802,944	(827,097)	783	-	147,711
Climate & Nature Linkages	53,517	1,184,944	(279,032)	-	-	959,429
Conservation Capacity and Leadership	1,814,366	1,467,515	(2,134,069)	196,870	(9,066)	1,335,616
Conservation Science and Design	1,693,424	6,215,206	(2,923,661)	(76,746)	(3,476,319)	1,431,904
Cross-cutting Programmes Development	454,775	110,613	(144,490)	(105)	-	420,793
Eurasia	2,979,346	2,225,274	(3,852,121)	3,508	380,801	1,736,808
People & Nature	28,155	169,155	(132,941)	-	-	64,369
Regional Programmes Development	120,365	-	-	-	(70,652)	49,713
Other (incl Foreign Exchange) Revaluation	1,127,419	306,640	178,602	(435,650)	-	1,177,011
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

70 Fauna & Flora’s Annual Report & Accounts 2025

Financial statements 71

20. 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.

Sam Firth with Bracken the Highland bull, whose herd of ‘untidy grazers’ plays a key role in improving ecosystem health on Scotland’s Morvern Peninsula, where Fauna & Flora is supporting the work of local partner CAOLAS.

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	Chuilexi	Luambeze
	International	International	International	International		International	Conservação e	Investimentos,
Entity	Australia (Ltd)	USA Inc.	(South Africa)	S.R.L		Foundation	Investimentos	Limitada
Country of	Australia	USA	South Africa	Romania		Romania	Mozambique	Mozambique
Registration
Registration	ABN: 75 132 715	81-3967095	2014/	33448761		1299/221/2024	100321041	100014343
Number	783		099386/08
	CAN: 132715783
Registered	c/o 139	c/o Corporation	43 Fish Eagle	STR. 1 Decembrie Nr. 14			c/o MozConsult Rua Beijo da
Address	Cradoc Hill	Trust Center,	Place, Fish	330025 Deva, Romania			Mulata nº 188, Sommerschield		II,
	Rd, Cradoc	1209 Orange	Eagle Place,				Maputo, Moçambique
	TAS 7109,	St, Wilmington,	Kommetjie,
	Australia	New Castle	7975, South
		Country,	Africa
		Delaware, USA
Percentage	100%	100%	100%	100%		100%	55%	75%
Ownership / Control
	£	£	£		£	£	£		£
Total Income	121,517	3,280,734	3,204	13,288		404,188	-		-
Costs	(118,794)	(2,256,323)	(2,224)	(30,355)		(347,182)	(981,836)	(121,030)
Net gains/(losses)	-	-	-		-	-	-		-
on investments
Other gains/	(225)	(66,708)	334		-	-	-		-
(losses)
Surplus / (defcit)	2,498	957,703	1,314	(17,067)		57,006	(981,836)	(121,030)
for the year
Retained surplus	170,084	1,223,221	8,052	1,221,519		(1,338)	(6,792,314)	(2,967,291)
brought forward
Retained surplus	172,582	2,180,924	9,366	1,204,452		55,668	(7,774,150)	(3,088,321)
carried forward
Gross assets at 31	302,426	2,225,318	47,693	1,214,565		72,738	841,516	332,629
December 2025
Gross liabilities at	(129,844)	(44,394)	(38,327)	(58,138)		(11,390)	(278,339)	(101,010)
31 December 2025
Reserves at 31	172,582	2,180,924	9,366	1,156,427		61,348	563,177	231,619
December 2025

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 £49,378 (2024: £56,723) shown in the Statement of Financial Activities represents Fauna & Flora’s share of the net expenditure of the jointly controlled operation for 2025.

72 Fauna & Flora’s Annual Report & Accounts 2025

Financial statements 73

Thank you

We wish to thank every one of our supporters. Your generosity and trust in our mission means that we can confidently commit to long-term conservation, and effective, sustainable solutions. From all of our staff and partners working around the world, thank you.

Together we can save nature.

A critically endangered Nguru spiny pygmy chameleon, Tanzania.

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: Spectacular new species of pit viper discovered during a karst survey in Cambodia.

www.fauna-flora.org

Fauna & Flora International The David Attenborough Building, Pembroke Street, Cambridge, CB2 3QZ, United Kingdom Tel: [phone] Email: [e-mail]

Registered Charity Number 1011102. A Company Limited by Guarantee in England & Wales, Number 2677068

Fauna & Flora International USA Inc. One Thomas Circle NW, Suite 700, Washington, DC 20005 USA [e-mail]

A registered 501(c) (3) non-profit organization; EIN #81-3967095

Fauna & Flora International Australia c/o 139 Cradoc Hill Rd Cradoc TAS 7109 Australia [e-mail]

Registered as a charity with the Australian Charities and Not-for-Profits Commission, Australian Business Number (ABN) 75 132 715 783