2023-03-31-accounts

Save the Rhino International

Report and financial statements Year ended: 31 March 2023 Registered Charity number: 1035072

Page 1 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023

Contents	Page
Report of the Trustees:	3
Objectives and activities for the public benefit	3
Financial review	27
Structure, governance, and management	28
Future plans	34
Statement of Trustees’ responsibilities	36
Independent auditor’s report	37
Statement of financial activities	40
Balance sheet	41
Statement of cash flows	42
Notes to the accounts	43
Comparative figures (2021-22):	51
SOFA	51
Analysis of expenditure	52
Movement in restricted funds	53

Page 2 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023

Report of the Trustees for the year ended 31 March 2023

The Trustees present their annual report and financial statements of the Charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

Objectives and activities for the public benefit

The purposes of Save the Rhino International (SRI) are the advancement of the conservation of species of wildlife that are in danger of extinction in the wild state particularly (but without prejudice to the generality of the foregoing) as this relates to the preservation of the black rhinoceros, white rhinoceros, the Greater one-horned rhinoceros, the Javan rhinoceros and the Sumatran rhinoceros, which species (hereinafter referred to as “the Rhinoceros species”) are in danger of extinction in the wild state.

The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit under Section 17 (5) of the 2011 Charities Act when reviewing the Trust’s aims and objectives, in planning future activities, and setting the grant-making policy for the year.

Vision: All five rhino species thriving in the wild for future generations

Mission: Collaborating with partners to support endangered rhinos in Africa and Asia

Strategic focus: SRI focuses on Key 1 and Key 2 populations of Critically Endangered rhinos (currently black, Sumatran and Javan), with the long-term aim of the species being down-listed to a lower category of threat in the IUCN Red List

Strategic activities: SRI maintains close relations with its field partners to maximise its technical knowledge and ability to ensure that resources are delivered to the points of greatest need; actively raises funds to disburse to field programmes; facilitates international collaboration and the dissemination of best practice; and actively communicates with key audiences to promote understanding of and support for rhino conservation.

Strategic KPI: All five species of rhino at a lesser category of threat than Critically Endangered

1. Protection, law enforcement, investigations, and intelligence. To protect rhinos through lawenforcement activities at site level, and support intelligence gathering and analysis to pre-empt and prosecute poaching and trafficking of rhino products

2. Biological management. To implement effective biological and ecological management and monitoring of rhino populations and their habitats to achieve optimum population growth rates

3. Stopping illegal markets. To reduce trade in illegal rhino products via better law enforcement in consumer countries and promoting behaviour change by consumers and the closure of markets encouraging poaching

4. Capacity building. To ensure that rhino conservation professionals are appropriately skilled and trained

5. Coordination. To improve coordination within and between rhino range state conservation agencies and professionals

6. Societal relevance. To engage with multiple stakeholders in rhino range states in accordance with the equity triangle of recognition, procedure, and distribution

7. Sustainable, adequate financing. To explore and develop sustainable financing mechanisms and structures to fund priority rhino conservation efforts

Page 3 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Grant-making policy

SRI’s funding priorities are clearly explained in the Charity’s updated Grant-making Policy (approved at the March 2020 Trustees’ meeting) and on the website, together with exclusions and those that are regarded as low priority by SRI.

Grant applicants must complete an application form, available on SRI’s website, which is first assessed by the CEO, or by the Managing Director (MD) for stopping illegal markets projects, to determine whether the programme or project meets with basic selection criteria. If the project does not match SRI’s funding priorities, the CEO / MD informs applicants that they have not been successful. If the application is accepted for consideration, the CEO / MD liaises with the programme or project regarding any additional information required. Proposals are then considered by our Trustees, who meet quarterly. SRI’s senior staff read proposals put forward to the Trustees, but ultimately the decision on whether to fund a programme or project is that of the Trustees. It is possible that the Trustees may not reach an immediate decision, but ask for further information or changes to be made, before considering the proposal again at their next quarterly meeting; alternatively, decisions may be made following email discussion.

Generally, grants are made to the named organisations, but occasionally they are made direct to employees, consultants or suppliers appointed by those organisations, to reduce commission charges or transaction fees, i.e., to achieve value for money.

Under each key component of our conservation strategy, we fund various activities as described on page 3.

A review of our achievements and performance

How our grant and research programmes deliver public benefit

In the long-term, the impacts that Save the Rhino hopes to make in 20+ years’ time and working in conjunction with other organizations, rather than solely due to SRI’s efforts, are that:

1. Protection, law enforcement, investigations, and intelligence: Rhino poaching and illegal wildlife trafficking decreased; convictions rate increased

2. Biological management: Rhino population growth rate, area of healthy rhino habitat and contiguity of rhino habitat increased

3. Stopping illegal markets: Demand for illegal rhino products decreased; convictions rate increased

4. Capacity building: Human-resource capacity increased

5. Coordination: Decision making and cooperating increased

6. Societal relevance: Stakeholder understanding of and support for rhino conservation increased 7. Sustainable, adequate financing: Amount of available and sustainable funding for rhino conservation and proportion of funds targeted to Key 1 and Key 2 populations increased

Beneficiaries of the Charity’s work include rhinos and other species of wildlife that share the same habitat; the protected areas; rangers and other staff members employed by NGOs, community conservancies, private sector or state agencies managing the associated national parks, reserves, conservancies or sanctuaries; scientists and researchers; communities able to participate in sitespecific rhino conservation activities; and the wider public worldwide, who value and are concerned about the rich biodiversity of the planet.

Details of grants

During the financial year 2022-23, SRI made grants totalling £4,327,991 to rhino (primarily) conservation programmes in the field. Please also see note 15 for an analysis of restricted funds received and allocated. 100% of restricted donations or grants are allocated to the specified beneficiary field programme or project.

Page 4 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Protecting viable populations of rhinos in Africa and Asia continues to be our focus, receiving 48.9% of our rhino programme grants: the high proportion is not surprising given the poaching crisis. We awarded 9.8% to biological management activities, 0.2% to stopping illegal markets, 19.8% to capacity building, particularly improving ranger welfare conditions, 1.3% to coordination efforts, 3.5% to community engagement and conservation education programmes; and 16.4% to developing sustainable financing for conservation (NB: All percentages have been rounded, hence the apparent total here of 99.9%).

Major grants are described below, but please note that the following account does not generally include reference to smaller donations or grants received (i.e., less than £1,000). For the GBP total awarded to each field programme, please see page 28. Subtotals have been rounded to the nearest pound.

Protection, law enforcement, investigations, and intelligence: Total £2,118,433

Way Kambas National Park, Indonesia £5,044

• We sent a total of £5,034.93 (including £4,500 from a donor who wishes to remain anonymous) to Way Kambas NP to help pay for the work of the Rhino Protection Units, who patrol the Park to look for Sumatran rhino spoor and to detect and deter illegal activity

• And £9 from core funds for transfer fees

Association of Private and community Land Rhino Sanctuaries, Kenya £125,996

• $1,819 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) paid for the salary for the Intelligence Assistant during March 2022 through Project UPTICK. Another $690 paid for cellphone contracts for two staff members during Q1, 2022

• $1,819 from INL paid the salary of the Intelligence Assistant during April 2022, funded through Project UPTICK

• $1,819 from INL for the salary for the Intelligence Assistant during May 2022, funded by INL through Project UPTICK

• $1,819 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) paid for the salary for the Intelligence Assistant during June 2022 through Project UPTICK. Another $690 paid for cellphone contracts for two staff members during Q2, 2022

• $1,819 for the salary for the Intelligence Assistant during July 2022, funded by INL through Project UPTICK

• $1,819 for the salary for the Intelligence Assistant during August 2022, funded by INL through Project UPTICK

• $1,819 from INL via Project UPTICK paid for the salary for the Intelligence Assistant during September 2022. $19,816 from INL funds covered the cost of setting up LoRA WAN at Ol Jogi, building the interface with EarthRanger, and two months' worth of support fees. A further $12,616 from INL funds covered three months' worth of LoRa WAN support fees for Borana Conservancy. And finally, $690 paid for cellphone contracts for two 51 Degrees’ staff members for Q3, 2022

• $71,500 from an anonymous donor via the ForRangers initiative enabled the launch of the new mounted patrol unit at Lolldaiga Hills Ranch in Laikipia, Kenya: $59,500 for the horses and tack, and $12,000 for a stables manager to oversee ranger-rider training and the procurement of new horses. Another $33,500 from the same donor was sent to pay for Y1 operating expenditure. Lolldaiga has applied to become a guardian for some of Kenya's rhinos; becoming 'rhino-ready' includes increasing its security patrols. With a large area and hilly terrain, vehicle and/or foot patrols would be difficult. Horseback patrols will be both cheaper and more effective, with the added bonus of generating income via horse-safari-based tourism

• And £25 from core funds for transfer fees

Page 5 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Borana Conservancy, Kenya £110,946

• $5,618 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) paid for aerial surveillance ($5,067 for fixed-wing; $551 for helicopter) over Borana and its neighbours during March 2022, through Project UPTICK. A further $2,675 paid for for intelligence gathering & analysis during March 2022

• £316 received in misc. donations via our website was transferred to help cover general Conservancy operating costs

• $2,361 from INL paid for fixed-wing aerial surveillance of Borana and its neighbours during April 2022 and another $2,675 covered the cost of intelligence gathering and analysis, funded through Project UPTICK

• $3,822 from INL paid for fixed-wing aerial surveillance of Borana and its neighbours during May 2022 and another $2,675 paid for intelligence gathering and analysis during May, and $385.20 for food for source handlers during a training course

• $4,123 for fixed-wing aerial surveillance of Borana and its neighbours during June 2022, and $2,675 for intelligence gathering and analysis during June, funded by the Bureau of International Narcotics and Law Enforcement Affairs

• $2,724 for fixed-wing aerial surveillance of Borana and its neighbours during July 2022, and $2,675 for intelligence gathering and analysis during July, thanks to the Bureau of International Narcotics and Law Enforcement Affairs

• $18,840.08 for fixed-wing aerial surveillance of Borana and its neighbours during Aug 2022, including flights for security and training purposes, and $4,280 for intelligence gathering and analysis support: $2,675 for intel gathering and analysis during August, and $1,605 for a site visit by 51 Degrees' Intelligence Trainer to brief security staff

• $5,293.00 from INL paid for fixed-wing aerial surveillance of Borana and its neighbours during September 2022, including flights for security and training purposes. $22,457.26 was sent to pay for the integration of LoRa WAN with EarthRanger[TM] : EarthRanger[TM] and Tableau ($12,760); monthly support costs for June 2022 ($4,408); and the cost of some devices to track ranger deployments ($5,289.26). Finally, $2,675 from INL paid for intelligence gathering and analysis during September 2022

• $7,959.62 from INL and $20 from core funds paid for helicopter hours from Ol Malo Choppers flown during September 2022

• £118 received in miscellaneous donations via our website was sent to help cover general Conservancy operating costs

• $2,675 x 3 payments for intelligence gathering and analysis during October, November, and December 2022, thanks to the 4-year grant from INL

• $4,408 x 3 payments for LoRa WAN and EarthRanger[TM] support costs during October, November, and December 2022, thanks to the grant from INL

• £21 received in misc. donations via our website was sent to help cover general Conservancy operating costs

• $4,408 for LoRa WAN and EarthRanger[TM] support costs and $2,675 for intelligence gathering and analysis during January 2023, thanks to the 4-year grant from the Bureau of International Narcotics and Law Enforcement Affairs

• $3,675 from INL paid for intelligence gathering and analysis during February 2023 and a site visit by the Intelligence Assistant; another $4,408 paid for LoRa WAN and EarthRanger[TM] support costs

• And £82 from core funds for transfer fees

Kenya Wildlife Service, Kenya £93,550

• $5,034.79 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) paid for IT support provided during March 2022 by 51 Degrees Ltd on the use of EarthRanger[TM] , a situational-analysis tool that allows live tracking and monitoring of all assets in the protected area

Page 6 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• $5,034.79 from INL paid for IT support provided during April 2022 by 51 Degrees Ltd for KWS regarding EarthRanger[TM]

• $5,034.79 from INL paid for IT support provided during May 2022 by 51 Degrees Ltd for KWS regarding EarthRanger[TM]

• $5,034.79 for IT support provided during June 2022 by 51 Degrees Ltd for KWS regarding EarthRanger[TM]

• $706.42 for IT support provided during July 2022 by 51 Degrees Ltd for KWS regarding EarthRanger[TM]

• $11,290.63 and another $3,107.22 paid for IT support provided during August and September 2022 by 51 Degrees Ltd for KWS regarding EarthRanger[TM]

• $14,387.10 from INL was sent to pay for ongoing IT support during October 2022 for KWS sites using EarthRanger[TM] : the KWS HQ in Nairobi, five national parks (Tsavo West, Lake Nakuru, Aberdare, Meru and Amboseli), and seven regional headquarters (Western, Mountain, Tsavo, Southern, Coastal, Central Rift (Lake Nakuru) and Eastern)

• $14,387.10 x 2 payments from INL were sent to pay for ongoing IT support during November and December 2022 for KWS sites using EarthRanger[TM] : the KWS HQ in Nairobi, five national parks (Tsavo West, Lake Nakuru, Aberdare, Meru & Amboseli), and seven regional headquarters (Western, Mountain, Tsavo, Southern, Coastal, Central Rift (Lake Nakuru) & Eastern).

• $14,387.10 from INL to pay for ongoing IT support during January 2023 for KWS sites using EarthRanger[TM]

• $14,387.10 from INL paid for ongoing IT support during February 2023 for KWS sites using EarthRanger[TM] : the KWS HQ in Nairobi, five national parks and seven regional headquarters. Another $5,540 paid 51 Degrees' staff to equip and install hardware and EarthRanger[TM] software in the Ops Room in Mt Kenya National Park

• And £128 from core funds for transfer fees

Lewa Wildlife Conservancy, Kenya £127,388

• $2,675 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) paid for intelligence gathering and analysis during March 2022. Another $8,271.10 paid for aerial surveillance ($2,236.30 for fixed-wing; $6,034.80 for chopper) over Lewa and its neighbours during March 2022, again through Project UPTICK

• We sent grants / donations from several donors to help cover the cost of Lewa’s canine unit (two dogs and five handlers): £325 received in miscellaneous donations via our website, €1,000 from Rotterdam Zoo, and £1,250 from the Betty Lawes Foundation. Lewa’s canine unit was involved in 14 live deployments during 2021, as well as training sessions six times a week

• $8,859.60 from INL paid for helicopter surveillance of Lewa and its neighbours during April 2022 and another $2,675 covered the cost of intelligence gathering and analysis

• $13,445.62 from INL paid for fixed-wing and chopper time during May 2022: $11,941.20 for helicopter flying time during shared-asset training and aerial surveillance over Lewa and its neighbours; and $1,504.42 for fixed-wing flying time. Another $2,675 covered the cost of intelligence gathering and analysis during May

• $10,462.46 from INL paid for fixed-wing and chopper time during June 2022: $10,015.20 for helicopter flying time for aerial surveillance over Lewa and its neighbours; and $447.26 for fixedwing flying time. Another $2,675 covered the cost of intelligence gathering and analysis during June

• $3,208.54 from INL paid for fixed-wing and chopper time during July: $2,436 for helicopter flying time during training and aerial surveillance over Lewa and its neighbours; and $772.54 for fixedwing flying time. Another $2,675 paid for intelligence gathering and analysis during July

• $4,280 for intelligence support: $2,675 for intel gathering and analysis during August, and $1,605 for a site visit by 51 Degrees' Intelligence Trainer to brief security staff. Another $8,448.82 from INL covered the cost of aerial surveillance of Lewa and its neighbours during August 2022: $5,724.60 for helicopter hours, and $2,724.22 for fixed-wing flying time

Page 7 of 53

Save the Rhino International

Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• $4,475 from INL via Project UPTICK paid for intelligence support: $2,675 for intel gathering and analysis during September, and $1,800 for expenses incurred during Source Handler Advanced and Refresher courses. $15,420.28 paid for fixed-wing and flying time during training and aerial surveillance over Lewa and its neighbours; and $6,012.28 for fixed-wing flying time during surveillance and training exercises. Finally, $22,896 helped pay for the integration of LoRa WAN with EarthRanger[TM] , specifically for purchasing LoRa devices to be deployed on rhinos, rangers, gates etc.

• $2,675 from INL paid for intelligence gathering and analysis during October 2022, and another $16,752.74 paid for helicopter hours from Ol Malo Choppers flown during September 2022

• $2,675 from INL paid for intelligence gathering and analysis during November and December 2022, thanks to the 4-year grant from INL

• $2,675 for intelligence gathering and analysis during January 2023, thanks to the Bureau of International Narcotics and Law Enforcement Affairs’ 4-year grant

• $3,675 from INL paid for for intelligence gathering and analysis during February 2023, and a site visit by the Intelligence Assistant

• And £160 from core funds for transfer fees

Ol Jogi Conservancy, Kenya £89,534

• We sent $3,045 for fixed-wing surveillance over Ol Jogi and its neighbours during March 2022, funded by the Bureau of International Narcotics and Law Enforcement Affairs (INL) through Project UPTICK. A further $2,675 paid for intelligence gathering and analysis during March 2022

• We sent grants / donations from several donors to help cover the cost of Ol Jogi’s canine unit: €150 euros and £642 received in misc. donations via our website; €1,000 euros from Rotterdam Zoo; and £1,250 from the Betty Lawes Foundation. There are currently five dogs in Ol Jogi’s canine unit: four working detector dogs (all Bloodhounds) and one retired attack dog (a Belgian Malinois). Two of the Bloodhounds are puppies that were bred at nearby Ol Pejeta Conservancy. They are now one year old and are progressing well with their training

• $2,033 from INL paid for fixed-wing aerial surveillance of Ol Jogi and its neighbours, and another $2,675 paid for intelligence gathering and analysis during April 2022, funded by INL through Project UPTICK

• $2,033 from INL paid for fixed-wing aerial surveillance over Ol Jogi and its neighbours during May 2022; $2,675 for intelligence gathering and analysis during May, and $385.20 for food for source handlers during a training course

• $2,675 from the Bureau of International Narcotics and Law Enforcement Affairs paid for intelligence gathering and analysis during June

• $2,390.80 from INL paid for fixed-wing aerial surveillance of Ol Jogi and its neighbours during July 2022, while another $2,675 covered the cost of intelligence gathering and analysis

• $4,347.20 for aerial surveillance of Ol Jogi and its neighbours during August 2022: $2,314.20 for helicopter hours, and $2,033 for fixed-wing flying time. And another $4,280 from INL paid for intelligence support: $2,675 for intel gathering and analysis during August, and $1,605 for a site visit by 51 Degrees' Intelligence Trainer to brief security staff

• $14,836.19 from INL via Project UPTICK paid for aerial surveillance of Ol Jogi and its neighbours during September 2022: $9,477.20 for helicopter hours, and $5,358.99 for fixedwing flying time. Another $2,675 supported intelligence gathering and analysis

• $49,000 (part of the Y2 (2023) grant of $80,453.56 from the US Fish and Wildlife Service) was sent to pay for a new Landcruiser for Ol Jogi’s general security team

• €2,908.95 (from a total grant of €5,000 from Erlebnis Zoo Hannover) was used to pay Smart Idea in South Africa for a new touch screen for Ol Jogi's Ops Room. The old one had died and the cost of repairing it was almost as high as buying a new screen from South Africa

• €2,091.05 from Erlebnis Zoo Hannover was transferred sent to pay for shipping the touch screen from South Africa to Nairobi and then up to Ol Jogi

• $3,675 from INL paid for for intelligence gathering and analysis during February 2023, and a site visit by the Intelligence Assistant

Page 8 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• And £79 from core funds for transfer fees

Ol Pejeta Conservancy, Kenya £11,894

• We were fortunate to receive a 2-year grant extension from the Bureau of International Narcotics and Law Enforcement, which now includes Ol Pejeta as well as Ol Jogi, Borana and Wildlife Conservancies, as well as additional Kenyan national parks. In November we sent $2,675 from the INL grant to reimburse OPC for intel gathering and analysis support costs incurred during October

• $2,675 x 2 payments for intelligence gathering and analysis during November and December 2022, thanks to the 4-year grant from INL

• $2,675 for intelligence gathering and analysis during January 2023, thanks to the grant from the Bureau of International Narcotics and Law Enforcement Affairs

• $3,675 from INL paid for for intelligence gathering and analysis during February 2023, and a site visit by the Intelligence Assistant

• And £44 from core funds for transfer fees

Ministry of Environment, Forestry and Tourism, Namibia £136,246

• The Woodtiger Fund’s grant paid for several invoices connected with rhino operations (dehorning for security purposes) on private and community custodian properties: $3,771.03 (N$ 57,300) paid Piet Beytell an advance for fuel for the Rhino Recovery Vehicle for rhino ops in June 2022, and for subsistence and travel allowances for 5 x MEFT personnel involved in the operations; $3,280.78 paid Etzold Auto Repairs CC for repairs (labour and parts) to the Rhino Recovery Vehicle; and $2,151.40 paid for new tyres for the Rhino Recovery Vehicle

• The grant from USFWS paid other invoices for upcoming rhino operations: $11,619.65 paid for 30 drums of fuel for the Ministry's helicopter; $18,600 paid for 10 x scavenger tracking devices to aid carcass detection; and $36,078.53 paid for 15 satellite bracelets for rhinos and five collars for predators to aid carcass detection, plus the annual satellite fees

• $2,283.72 from the Woodtiger Fund paid part of an invoice for repairs, spare parts, and labour for the Rhino Recovery Vehicle; the remaining $678.53 came from the Valerie G. Merrin 2006 Trust

• $1,200.16 from the Valerie G. Merrin 2006 Trust paid for a metal detector to be used for wildlifecrime-scene investigations, and another $252.33 paid for paint ball refills. Whenever a rhino has been darted for a veterinary intervention, it is marked with water-soluble colour paint so that it is not, inadvertently, darted a second time. The paint soon rubs or washes off in wallows and dust baths

• A legacy from the Valerie G Merrin 2006 Trust paid for several things: $803.34 for repairs to the K9 Unit vehicle: a new front wheel, brake rotor, stub axle and nut, side-shaft seal, brake pads and grease; $355.41 for an Iridium E-voucher for the satellite phone used for rhino emergencies; $311.68 for new tyres for the Rhino Recovery Vehicle; and $172.91 to reimburse Piet Beytell for fuel for the Rhino Recovery Vehicle used in annual rhino operations. The remaining $110.76 for this payment (total $283.67) came from USFWS

• We sent £1,583.65 from the Ania Wanda Wasilewski legacy to pay Piet Beytell for fuel, and subsistence and travel while on site visits in Nyae Nyae Conservancy and Khaudum National Park to check on the construction of anti-poaching unit camps for the planned Khaudum rhino introduction

• We sent a series of payments from the USFWS grant for law-enforcement and protection activities: $2,954.52 to pay for fuel needed for a site visit to Waterberg Plateau Park; $9,439.73 to pay for helicopter hire to retrieve rhinos that had broken out of protected areas; $6,000 for SMART consultant to work on the rhino-poaching-hotspot prediction model; $1,787.88 for vehicle repairs (spare parts and labour) for vehicles used in annual rhino operations; $2,973.89 for consumables used during rhino immobilisations (e.g. chainsaw blades, mutton cloth, ducttape, staps, nuts and bolts etc.); $15,498.64 for 30 sealed drums of AvGas, to be used for dehorning operations; $10,137.56 for fixed-wings’ 600 hours’ and 100 hours ‘airframe

Page 9 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

inspections, new clean air filters, paint touch-up and misc. spare parts; $6,767.88 for drugs, darts and other consumable supplies used in annual rhino operations; $671 for cryo-tubes, vials, pipettes and slides for storing biological samples taken opportunistically during annual rhino operations; $1,179.65 for drugs used to anaesthetize rhinos during annual rhino operations; $701.94 for three screens and a router, used to analyse rhino and security data; and $1,936.67 for a service for the truck used for rhino operations (labour, supplies and spare parts)

• We sent a series of payments from Year 2 of USFWS’s five-year grant for MEFT’s work: $1,683.14 as a fuel advance for the Rhino Recovery Vehicle, used in rhino operations throughout Namibia; $1,286.52 for the purchase of a new portable generator for dehorning operations; $2,102.48 to pay Novecy for drugs used during annual rhino operations; and $11,994.84 to pay SwaVet for drugs and consumables used during annual rhino ops

• We sent two payments from the Ania Wanda Wasilewski legacy: £465.47 from to pay Blue Telecoms for iridium airtime; and £110.04 to pay Radio Electronic for an iridium li-Ion battery

• $4,216.37 from USFWS was sent to pay for accommodation for the Ministry's team while carrying out dehorning operations, and another $139.88 from USFWS paid for new matting for the Rhino Recovery Vehicle, used during all rhino ops

• And £574 from core funds for transfer fees

Hluhluwe-iMfolozi Park, South Africa £125,554

• We sent $27,544 awarded by our sister organization, Save the Rhino International Inc., $1,000 from the Bernard F. and Alva B. Gimbel Foundation, €1,000 from Monde Sauvage Safari Parc, and $6 from our own core funds to help pay for a new Toyota Hilux, to be used by the antipoaching teams in Hluhluwe-iMfolozi Park. Providing a new vehicle will: allow consistent and reliable vehicle support for patrol teams operating on foot during reactions and medical emergencies; reduce maintenance costs; and allow vehicle access to a larger proportion of the Wilderness Area. Vehicles are the lifeline in HiP, and can often mean the difference between success and failure, or between life and death

• £5,000 from the Betty Lawes Foundation completed the fundraising campaign for the cost of a new Toyota Hilux 2.4GD-6 4x4 SR, plus summit bull bar (Toyota ARB) and cattle railings

• £7,796 raised by Lizzie Hide via the 'Art for Rhinos' fundraising initiative was sent for the Park’s K9 unit; another £204 from core funds rounded the total up to £8,000. The Park currently has two full-time dogs (Belgian Malinois) and handlers, and is currently in the process of expanding to include an additional Bloodhound scent dog, as well as an independent tracking dog. This grant will cover half the annual salary of a K9 Unit Coordinator, as well as training for the handlers at the South African Wildlife College, and assessment at the end of August 2023 as to the effectiveness of the Unit. The grant is being managed on SRI's behalf by Wildlife ACT

• €3,900 from Ales Weiner was allocated towards the repairs needed for Hluhluwe Game Reserve’s Anti-Poaching Unit’s Landcruiser; we also sent £783.84 from miscellaneous restricted donations received via our website and an anonymous donation of £1,000 to help cover the cost of the repairs

• An additional €2,864.33 (ZAR 50,000) from core funds was sent to cover for the additional cost in upgrading from a Toyota Hilux to a Toyota Raider, to be deployed in the Makhamisa Section of HiP; while €5,500 received from Safari de Peaugres in France was sent to the Hluhluwe Honorary Officers’ account to be used as needed for the Park

• We sent €10,000 received from Kiezebrink Focus on Food: this grant can be used flexibly to cover any needs that arise, and is very warmly welcomed by Dirk Swart, the Section Ranger in Manzibomvu Section

• We sent $5,848 (part of the 2023 grant of $18,318 from the Anna Merz Rhino Trust) to pay for the final phase of repairs needed for Hluhluwe's APU's Toyota Landcruiser (licence plate NCS 208)

• £10,000 from the Ernest Kleinwort Charitable Trust was forwarded to cover the costs of operating the Savannah light aircraft for aerial surveillance over HiP during 2023. The grant will pay for: fuel (based on average fuel use per month); Private Pilot License (PPL) renewal; 50hr

Page 10 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• oil replacement aircraft service; 100hr comprehensive aircraft service; Spidertracks; hangar maintenance and aircraft care; and aircraft administration

• $20,000 from the Woodtiger Fund (the Y1 instalment of 3-year grant totalling $97,000) was sent for the project entitled: "Increasing the effectiveness of Hluhluwe-iMfolozi Park’s K9 Unit". These funds will be used to pay for: recruiting K9 Unit Coordinator and helping to pay the salary; recruit an additional handler and paying their salary; provide ongoing training of dogs and handlers; maintaining the K9 unit vehicle; replace vehicle tyres as necessary; maintaining the K9 unit’s camp; purchasing veterinary supplies as needed; providing and replacing equipment; and administering and reporting on the project. Other donor funding from The Isibindi Foundation Trust is paying for the purchase of a cold-scent tracking dog and two independent tracking dogs, and for the evaluation of the success of the K9 Unit project, while Hill’s Pet Nutrition is supporting the recurring needs of dog food and care

• A series of grants from US Fish and Wildlife Service’s Rhino and Tiger Conservation Fund’s Y2 grant totalling $81,926.98 was sent to pay for law-enforcement activities as follows: $29,837.28 for new vehicle tyres; $4,159.98 for vehicle repairs; and $10,400.00 for repairs to / replacements for small / misc. items of equipment

• And £197 from core funds for transfer fees

uMkhuze Game Reserve, South Africa £34,366

• £1,098.12 from core funds and £312.56 from misc. restricted donations received via our website covered the cost of the renewal of annual insurance policy for uMkhuze's Foxbat light aircraft

• We sent several donations to pay for the purchase of three new laptops and two new screens: £100 received in miscellaneous donations via our website, €1,142.27 from Zoom Torino, and £2,100 from West Midland Safari Park. The laptops being used by the Section Ranger Mshopi, Section Ranger Matakisi, Rhino Monitor, Tech Support, and Eco Advice were ageing and needed replacing

• $15,426 from the Anna Merz Rhino Trust was sent to cover aerial surveillance costs during 2023, budgeted at: Annual insurance of Light Sports Aircraft ZU-ILA @ $1,834; Fuel x 6 hours/week @ 18 litres 95 octane/hour = 108 litres/week = $8,397; Minor service x 6/year = $917; Major service x 6/year = $1,834; Advanced Handling Course for Light Sports Aircraft for both pilots = $1,222; and a Bose A20 Headset x 1 @ $1,222

• $8,476.50 (part of the Y2 (2023) total grant of $81,804.34 from the US Fish and Wildlife Service) was sent to buy new vehicle tyres for uMkhuze’s patrol vehicles

• Our Christmas 2022 ‘KZN Rhinos appeal’ raised funds for uMkhuze Game Reserve and Hluhluwe-iMfolozi Park. Eduard Goosen, the Conservation Manager at MGR, has requested that he spend his share of the funds (£13,764.89 plus €8,750) as follows: R42,000 on communications network equipment requirements; R47,500 on improving field ranger accommodation (5 x Kwikot Kwiksol Direct 100-Litre Solar Geysers); R35,000 on re-thatching the roof for the Anti-Poaching Unit Officer's house; R53,500 on miscellaneous equipment items, including a label printer, DSLR camera and lens, and camera traps; R82,500 on solar geysers and roofing for Field Ranger staff accommodation; 3 x laptops @ R25,000 each plus 3 x Samsung F390 24 Inch Full HD Curved Screen @ R4,000 each, for three members of management staff (Section Ranger Matakisi; APU Officer; and Eco Advice); and R112,500 on reverse-osmosis water purification systems. The remaining funding is being added to other grants made via SRI to pay for e.g., replacement laptops and screens, licence plate recognition system for the CCTV at one of the Reserve’s gates. Our thanks to the following donors: Chessington World of Adventure (£400); Fondation Le Pal Nature (€5,000); SafariPark Beekse Bergen (€3,750); The Betty Lawes Foundation (£1,000); and West Midland Safari Park (£1,070.32), as well as other miscellaneous donations via our website restricted for uMkhuze

• And £57 from core funds for transfer fees

Page 11 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Follow-the-money investigation, South Africa £446,253

• We sent a series of transfers to pay for a follow-the-money investigation into a rhino-poaching and rhino-horn-trafficking syndicate operating in sub-Saharan Africa: ZAR 65,487.76 from core funds; ZAR 142,646.84 from MalaMala Game Reserve (PTY) Ltd; £52,257.02 funded by the UK Government through the Illegal Wildlife Trade Challenge Fund; and another ZAR 21,664.66 from MalaMala Game Reserve (PTY) Ltd

• £63,383.71 from the UK Government’s IWTCF paid for Y2Q1 work on the follow-the-money investigation

• £27,591.05 from the UK Government’s Illegal Wildlife Trade Challenge Fund paid for Y2Q2 work on the follow-the-money investigation

• £48,268.61 from the UK Government through the Illegal Wildlife Trade Challenge Fund paid for Y2Q3 work (October-December 2022) on the follow-the-money investigation

• $116,407.66 from an anonymous donor was sent to pay for the Y2Q3 (October-December 2022) work on the follow-the-money investigation

• Another $90,689.93 from the anonymous donor was sent to help pay for work during Y2Q3 (October-December 2022) on the follow-the-money investigation

• £28.60 from core funds to paid for the surveys used during a series of webinars in March to share lessons learned from the follow-the-money investigation

• We sent £23,131.62 from the UK government through the Illegal Wildlife Trade Challenge Fund for the FtM investigation, for work done during the period January-March 2023. This is the last payment from the grant, which totalled £316,594. We supplemented that with £5,000 from the Mark Leonard Trust; £10,000 from the Linbury Trust; and $40,899.17 (from the original donation of $250,000) from an anonymous donor

• And £188 from core funds for transfer fees

North Luangwa Conservation Programme, Zambia £805,978

• We sent $200,000 from the Wildcat Foundation towards law-enforcement activities in North Luangwa National Park: salaries for Village Game Scouts and the Strategic Law-Enforcement Technical Advisor; training; incentives for excellent performance; vehicle fuel maintenance; and aerial surveillance (Cessna fixed-wing aircraft and helicopter)

• Another $100,000 from the Wildcat Foundation went towards law-enforcement activities in North Luangwa National Park as above

• We sent a further $100,000 from the Wildcat Foundation’s total Y1 grant of $1,349,150 towards law-enforcement activities in North Luangwa National Park

• We sent another $200,000 from the Wildcat Foundation towards law-enforcement activities in North Luangwa National Park

• We forwarded $15,520.44 from INL funds to be used for K9 unit operations in the North Luangwa and Nsumbu ecosystems of northern Zambia

• We sent another $51,197.66 from the Wildcat Foundation’s Y1 grant towards the cost of lawenforcement activities in NLNP

• $300,000 from Wildcat Foundation’s Y1 grant for law-enforcement operations in North Luangwa National Park

• And £172 from core funds for transfer fees

Lowveld Rhino Trust, Zimbabwe £5,676

• $6,850 (part of a total grant of $25,000) from the Anna Merz Rhino Trust, for vehicle fuel and maintenance for the Lowveld Rhino Law Enforcement Task Force (LRLETF)

Page 12 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Biological management: Total £424,622

Indian Rhino Vision 2.0, India £8,214

• We sent €2,000 from Parc animalier et botanique de Branféré; to be used for habitat maintenance work in Manas National Park, which is home to a growing population of Greater one-horned rhinos, thanks to Indian Rhino Vision 2020’s reintroductions of the species

• We sent €2,500 from Rotterdam Zoo in August 2022; to help pay for habitat management (clearing invasive species so that more rhino foodstuffs can grow, thus supporting a larger Greater one-horned rhino population) in Manas NP in Assam

• We sent another €5,000 euros received from Parc animalier et botanique de Branféré to be used for habitat maintenance work in Manas NP

• And £18 from core funds for transfer fees

Ujung Kulon National Park, Indonesia £10,379

• We sent £565.51 received in miscellaneous donations via our website, and a $1,790.32 donation from Sanctuary, to help pay for Arenga palm eradication in Ujung Kulon National Park and the adjacent Gunung Honje area. The work took place in Q4 2022

• In October 2022 we sent further donations for the Arenga palm eradication project: $2,976.85 from Sanctuary; £324 from Sanjana Bryant; £460 received in misc. donations via our website; and £5,000 from the Simon Gibson Charitable Trust

• And £9 from core funds for transfer fees

Way Kambas National Park, Indonesia £1,168

• We transferred £1,167.50 received in misc. donations via our website for the reafforestation project around the boundary of Way Kambas National Park in Lampung Province in southern Sumatra. This project provides employment for local villages while improving habitat for wildlife and birds in the National Park

Sumatran Rhino Sanctuary, Indonesia £33,970

• We sent a series of grants to the Sumatran Rhino Sanctuary in Way Kambas National Park, where the third captive-bred Sumatran rhino calf was born on 24 March 2022, giving new hope for the survival of the species: €16,062.46 euros from Fondation Lutreola; £958.04 received in misc. donations via our website; £2,341.92 from Speake-Marin; £6,235.65 raised by the Cambridge dinner for the SRS (25% of total income), hosted by former Trustee Tim Holmes; £1,250 from West Midland Safari Park; and €1,454 euros from Zoo Hodonín. The funds will help pay for the SRS’s running costs: staff salaries, Sanctuary maintenance, and daily fresh browse for the growing population of rhinos

• We sent another series of grants to the SRS in October 2022: £4,845.74 from Speake-Marin in June 2022, £2,337.56 from West Midland Safari Park and £1,328.92 received in misc. donations via our website

• And £27 from core funds for transfer fees

Borana Conservancy, Kenya £44,380

• USFWS sent the Y2 funds (totalling $61,500) for its 5-year grant for Borana Conservancy, which covered: $39,000 for Phase 1 of the upgrade of the predator-proof fence bordering Ngare Ndare to mitigate Human-Wildlife Conflict (3,000 metres @ $13 / metre, including materials and labour); and $15,000 for the repair of Gaitano dam, the cost of which includes hire of bulldozer, diesel, delivery of bulldozer to site and back, and driver's subsistence allowance

• And £11 from core funds for transfer fees

Page 13 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Lewa Wildlife Conservancy, Kenya £48,044

• USFWS’s Y2 grant, totalling $89,483.92, was sent to pay for a number of things related to the biological management of Lewa’s black and white rhino populations: $2,100 for annual in-house refresher training for rhino monitors across the Lewa-Borana Landscape, and to update the Master ID rhino files across the LBL; $5,500.00 for 10 x SMART camera-traps @ $550 / unit; $25,200.00 pay for 16 x rhinos ear-notched @ $1,575 / animal, which includes drugs, helicopter and fixed-wing, personnel costs, coordination, laboratory tests and vehicle use; and $25,970.00 for elephant exclusion zones: 3,500 metres @ $7.42 per meter (includes materials, labour, rations and transport)

Ol Jogi Conservancy, Kenya £38,384

• We sent $28,861.19, funded by the Bureau of International Narcotics and Law Enforcement Affairs, to pay for helicopter and fixed-wing flying hours over Ol Jogi and its neighbours during June 2022. During the month, Ol Jogi carried out ear-notching operations so that sub-adults can be identified after they leave their mothers. The ability to ID individual animals is crucial not only for monitoring rhino population performance, but also to identify any 'missing' animals that might have been poached, when early detection is vital if rangers are to be able to follow up via intelligence, canine units etc.

• £215 from the APLRS Emergency Fund (thanks to donations from Ales Weiner and Steven Lucker) reimbursed Ol Jogi Conservancy for 50% of the costs of veterinary interventions needed during the period April 2021-March 2022. In December 2021, a male black rhino called Moyo required anaesthesia and treatment for an injury sustained to his front left leg, suspected to have been caused by another rhino. Moyo made a full recovery. Costs were incurred for the drugs and dart, the vet, the vet's vehicle fuel and other misc. costs; another funder paid for the helicopter and fixed-wing time involved in the operation

• $1,111.72 reimbursed Frankie Elsner-Gearing for travel costs from Manchester to Nairobi to collect data for the rhino-eye project funded by the National Geographic Society

• More funds from the National Geographic Society’s grants were used to pay invoices relating to the rhino-eye project: $10,169.01 to pay for 20 x DNA analyses (DNA sample QC, data quality control, Illumina Sequencing PE150, plant and animal whole genome library preparation (350bp)); and $400 to pay the National Commission for Science, Technology, and Innovation (NACOSTI) in Kenya for a research licence fee for Frankie Elsner-Gearing

• We sent $5,250 (part of the total award of $20,000 from the proceeds of the ForRangers Ultra 2023) to pay for rhino-monitoring equipment: 25 pairs of binoculars, 6 x GPS devices, and 1 x digital camera for the carnivore monitor. The new Carnivore Monitor requires a digital camera to take identification photographs whenever they make a sighting of one of the resident carnivores. These images are important for capturing accurate data and building distribution records of the carnivores on Ol Jogi. Binoculars and GPS devices are required by the Rhino Monitors and NPRs to correctly identify and collect accurate data on the rhinos sighted. These pieces of equipment are also important for the National Police Reservists (i.e., armed rangers) during stakeouts or while out on patrol

• And £42 from core funds for transfer fees

Ol Pejeta Conservancy, Kenya £293

• £286 from the APLRS Emergency Fund (thanks to donations from Ales Weiner and Steven Lucker) reimbursed Ol Pejeta Conservancy for 50% of the costs of veterinary interventions needed during the period April 2021-March 2022. In December 2021, an adult male black rhino called Maendeleo had an eye infection; he has since gone on to make a full recovery. The costs included antibiotics, analgesics, and eye ointment, as well as a sample collection kit and dressings, and vehicle fuel incurred in the operation

• And £7 from core funds for transfer fees

Page 14 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Sera Wildlife Conservancy, Kenya £292

• £285 from the APLRS Emergency Fund (thanks to donations from Ales Weiner and Steven Lucker) reimbursed Sera Wildlife Conservancy for 50% of the costs of veterinary interventions needed during the period April 2021-March 2022. In March 2022, a rhino called Lojipu sustained injuries during a territorial fight with a bigger male. Lojipu has made a full recovery. The costs were for the drugs and the fixed-wing flight needed to dart the rhino

• And £7 from core funds for transfer fees

Ministry of Environment, Forestry and Tourism, Namibia £70,718

• $1,127.30 from the Woodtiger Fund paid for maintenance and replacement parts for the Rhino Recovery Vehicle used in annual dehorning and translocation operations

• We sent a series of payments from the Woodtiger Fund grant to pay for items needed for the Ministry’s annual rhino operations: $2,350.69 to pay Pupkewitz for misc. consumable items (chisel set, tape measure, hacksaw steel frame, claw hammer etc.); $9,643.69 to pay TyrePro for new tyres for the trucks used in the operations; a total of $628.04 to Piet Beytell, Hans Swartbooi, Hermanus Benjamin Le Roux and De Wet Simasiku for travel and subsistence; $1,689.72 to pay Mast's Garage for repairs to the truck; $2,244.77 to pay Fo-Sho Auto Repairs for repairs to another truck; and $974.65 to Piet Beytell for fuel for the Rhino Recovery Vehicle

• The Woodtiger Fund also paid $83.32 for five magnetic stickers for the rhino crates used in rhino translocations, and $1,927.02 to Piet Beytell for fuel for the Rhino Recovery Vehicle used for rhino ops

• $1,756.44 from the Valerie G Merrin 2006 Trust paid for a new solar pump and installation at one of the waterholes used by rhino in Etosha NP

• $1,336.94 from the 5-year USFWS grant paid veterinarian Ortwin Aschenborn for his fees for leading rhino dehorning ops during May 2022

• $12,000 from the Scott and Jessica McClintock Foundation was sent to support rhino monitoring in Nyae Nyae Conservancy. Originally intended to be used to pay for rhino monitoring equipment in Nyae Nyae Conservancy, we agreed that it could be spent on rations, salaries and rhino / field-day bonuses for Nyae Nyae's trackers

• $719.12 from the Woodtiger Fund was advanced to the National Rhino Coordinator for subsistence and travel costs for Piet, Hans Swartbooi, Hermanus Benjamin Le Roux, Nicolas Hafeni, Festus Lihuhwa, Erik Kahare and Abiniel Nekandu during annual rhino operations in rhino custodian properties

• $628.86 from the Valerie G. Merrin 2006 Trust was advanced to the National Rhino Coordinator, Piet Beytell, for subsistence and travel costs when visiting Mangetti NP for rhino monitoring

• We made multiple payments to suppliers on behalf of the Ministry of Environment, Forestry and Tourism from the 5-year grant awarded by USFWS: $3,895 to purchase 2 x tyres for the truck used for rhino translocations; $1,059.73 to pay for a new fridge for the Rhino Recovery Vehicle, in which to store DNA samples taken from rhinos while anaesthetised; $1,054.28 to pay the Veterinary Genetics Laboratory at the University of Pretoria for 120 routine / forensic RhODIS kits; $1,525.92 for 25 x Backhome microchips, used to implant in rhinos' bodies and horns; $416.14 to pay for a new canopy and reflective windscreen protector for one of the single cab vehicles used in annual rhino operations; and $1,728.57 to pay for misc. equipment (batteries, plugs, clips, cables etc.) for the vehicles used in annual rhino ops

• A series of payments from the US Fish and Wildlife Service’s 5-year grant were made to suppliers direct as follows: $4,815.94 for drugs used for rhino immobilisations; $11,022.03 from USFWS to pay for annual inspection of the fixed-wing aircraft used for annual rhino ops, together with spare parts, repairs and labour; $2,699.32 to pay for repairs and spares to the K9 unit’s vehicle & to another Landcruiser used for annual rhino ops; $1,134.58 from USFWS for drugs used for rhino immobilisations; $1,024.17 to pay DMP Statistical Solutions for the Shiny app, used to analyse rhino data; $1,543.53 for 6 x SMART devices for rhino monitoring; and $251.30 for 20 x SanDisk memory cards for camera traps

Page 15 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• We sent £3,527.40 from the Ania Wanda Wasilewski legacy to pay for two new pumps for the water boreholes in Mangetti NP, to replace the ones that had broken

• And £441 from core funds for transfer fees

Save the Rhino Trust, Namibia £96,536

• We sent £1,500 received from Jim and Tammy Patton, and another £3,024.27 from them via matching funds from Apple, to be used to cover CEO Simson Uri-Khob's expenses while at the Africa’s Protected Area Congress in Kigali, with the surplus to be used for rations for SRT's trackers. Another £386.08 received in misc. restricted donations via our website was also sent to pay for rations for SRT's trackers while out on patrol

• We sent a £10,000 donation from Sue Ripley in memory of David Williamson, to be spent on completing the upgrades to the main camp at Maigoha; any surplus will be allocated to building a lion-proof fence for the Mounted Patrol Unit camp at Axab, and on vehicle fuel. David and Sue had visited the Kunene Region together several years ago, and had a memorable encounter with a feisty black rhino named Speedy. Speedy died of natural causes at a good old age, having fathered many calves. We also sent £2,346.27 received in misc. donations, to be spent on vehicle fuel; the energy crisis caused by the war in Ukraine has increased fuel costs worldwide

• We sent £478 received in misc. dons via our website (inc. Berry White’s fundraising efforts), to be used to help cover the Mounted Patrol Unit's costs, together with a £3,000 grant from the Marjorie Coote Animal Charity Trust to help pay for the Mounted Patrol Unit, specifically, for the MPU camp at Axab

• €5,250 from Bioparc de Doué-la-Fontaine was sent to help pay for fuel and rations

• The Y2 (2023) grant totalling $95,480.12 from USFWS was forwarded to help cover costs as follows: $46,960 for SRT's trackers' salaries; and $40,000 for vehicle fuel

• And £85 from core funds for transfer fees

Hluhluwe-iMfolozi Park, South Africa £18,075

• $2,081.30 from core funds and $4,005.47 from the Woodtiger Fund paid for chopper hours during annual ear-notching operations in April 2022; and another $692.24 from Woodtiger paid for the drugs and darts needed to anesthetise the rhino. It’s important to be able to individually identify 1-2 year-old calves before they separate from their mothers, for future monitoring and genetic analysis of the health of the population, and to identify suitable candidates for establishing new populations elsewhere

• We sent €11,941.93 from core funds, to pay for the salary of a Rhino Monitor for 14 months. The new recruit will have a handover period with Kelsey Leeming, the outgoing Rhino Monitor, so will start work in mid-Nov 2022. Another €2,731.03 from core funds will pay for the vehicle running costs of HiP's Rhino Monitor during calendar year 2023

• And £57 from core funds for transfer fees

uMkhuze Game Reserve, South Africa £13,657

• We sent $2,818 awarded by our sister organization, Save the Rhino International Inc. (part of a total $9,899 grant) to help cover the cost of the rhino monitor's (Joshua Rogers) salary for the last 2.5 months of 2022

• We awarded €13,064.93 from core funds to pay for the salary of uMkhuze's Rhino Monitor, Joshua Rogers, during calendar year 2023

• And £11 from core funds for transfer fees

Lowveld Rhino Trust, Zimbabwe £40,512

• We sent £300 from core funds to pay for rhino monitoring data entry into LRT's rhino database

• We awarded £35,750 from core funds, to help cover LRT's operating costs during 2023, including the staff salaries of the Director and Rhino Monitoring Coordinator

Page 16 of 53

Save the Rhino International

Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• We also sent €5,000 from Dublin Zoo in August 2022, to be used to help cover rhino monitoring costs during 2023

• And £28 from core funds for transfer fees

Stopping illegal markets: Total £10,215

Environmental Investigation Agency, UK £10,210

• We sent $12,000 from the Scott and Jessica McClintock Foundation for the ‘Changing China’ project. This aims to strengthen the legal regime in China pertaining to wildlife protection, through support of local actors, direct advocacy, and provision of expertise, with the eventual aim of stopping all trade in rhino and tiger parts in China. Its objectives are: to advocate for the adoption of a new State Council order and/or amendments to China’s wildlife laws; to encourage and amplify diverse voices calling for an end to trade in threatened wildlife; and to undertake research and produce analysis to support policy recommendations

• And £5 from core funds for transfer fees

Capacity building: Total £857,901

African Rhino Specialist Group, Africa £28,789

• Thanks to a grant from Save the Elephants, we sent $3,100 towards the production of Issue 63 of Pachyderm , the journal of the African Rhino and Elephant Specialist Groups and the Asian Rhino Specialist Group

• We sent further grants to help cover the costs of producing Issue 63 of Pachyderm : $112.71 from core funds; $3,892.40 from Save the Elephants; and $1,994.89 from the African Fund for Endangered Wildlife

• A grant of $4,000 from Oak Philanthropy UK Ltd helped cover the balance of the production costs of Issue 63; as did £3,589.21 from the Aspinall Foundation (specifically, for IT and design support); and $460 (from a total award of $1,494.62) from the University of KwaZulu-Natal

• We sent a series of grants to produce issue # 64 of Pachyderm , the Journal of the African Elephant, African Rhino, and Asian Rhino Specialist Groups: €1,500 from core funds; £1,125.59 from the Aspinall Foundation; and $1,034.62 from the University of KwaZulu-Natal

• Thanks to another total grant of $14,982 from Save the Elephants, we sent $13,000 towards the production costs of issue 64 of Pachyderm

• And £105 from core funds for transfer fees

Association of Private and community Land Rhino Sanctuaries, Kenya £216,931

• The donors and fundraisers supporting the ForRangers initiative have enabled the renewal and expansion of our insurance cover for rangers working in Africa. A grant of £57,881.58 to the Game Rangers Association of Africa paid for life insurance for 1,757 rangers at field programmes in East and Southern Africa, from 1 July 2022 to 30 June 2023. Another $78,209.66 paid for a life insurance policy from 13 June 2022 to 12 June 2023 via Viva-365 to cover rangers working for the following organizations: Borana Conservancy, El Karama, Il Mamusi, Il'Ngwesi, Loisaba, Lolldaiga, Mara Elephant Project, Mt Kenya Trust, Mugie, Ngorare, Ol Jogi Conservancy, Ol Maisor, Ole Naishu, Segera, Sosian and Suyian in Kenya; Gashaka Gumti National Park in Nigeria; Big Life Foundation and Grumeti Reserve in Tanzania; and the North Luangwa Conservation Programme in Zambia. ForRangers' fundraising efforts now protect a total of 3,263 rangers in 62 protected areas in 11 African countries: Angola, Botswana, Kenya, Malawi, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Zambia, and Zimbabwe

• $7,700 from INL paid for uniform items for rangers at Borana (121 T-shirts, 89 sweaters, 89 double lanyards and seven fly sheets); and at Ol Jogi (44 camouflage items, 35 green heavy jackets, 10 green shirts, 10 green pairs of trousers, nine camouflage hats and 10 green bush hats, 32 green shirts and eight fly sheets)

Page 17 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• $963 from INL via Project UPTICK for 51 Degrees' trainer to write up course reports for rangers from Ol Jogi, Borana and Lewa Wildlife Conservancies. These reports are tracked via EarthRanger[TM] , and show progress at unit and individual ranger levels, and help inform Conservancy Managers and HR departments of any issues that need addressing, or of individuals that merit promotion

• We sent another $3,852 from INL for 51 Degrees' trainer to write up course reports for rangers from Ol Jogi, Borana and Lewa Wildlife Conservancies

• $1,926 from INL paid for 51 Degrees' trainer to write up course reports for rangers from Ol Jogi, Borana and Lewa Wildlife Conservancies; and another $4,339.38 was used to buy further medical kit items for the patrol medics previously trained at Ol Jogi, Borana and Lewa Wildlife Conservancies

• $9,183 from the INL grant for Y3 was used to pay for patrol medic kit items for rangers from Ol Jogi, Borana, Lewa Wildlife and Ol Pejeta Conservancies: 30 individual first aid kits; 40 x combat application tourniquets; 70 x 6" emergency care bandages with pressure bars; and 4 x Patrol Medic packs

• £2,207.51 from ForRangers’ funds was sent to pay for the addition of rangers from Lolldaiga Hills in Kenya to the group life insurance policy, for the period 21 November 2022 to 12 June 2023; thereafter they will fit into the annual renewal timetable

• £8,130 raised by the 2022 ForRangers Ultra’s runners was awarded to the Mount Kenya Trust, towards the Joint Wildlife Protection Team's salaries, rations, and operational costs during 2023

• • £4,050 raised by the ForRangers Ultra’s 2023 runners was sent to the Ngare Ndare Forest Trust, to be allocated towards equipment: 28 x tracksuits, Tshirts and pairs of trainers; 10 x sleeping bags and bedrolls; 4 x portable solar panels; and 6 x solar-powered spotlights

• We sent $817 from the Bureau of International Narcotics and Law Enforcement Affairs for the cost of clearing the patrol medic kits into Nairobi

• We sent $12,000 from the Scott and Jessica McClintock Foundation, together with $1,120 from our own core funds, for the APLRS's Administrator, John Gitonga, to study for a 2-year part-time Master’s of Science in Data Science and Analytics (MSc DSA) at Strathmore University in Nairobi. This will not only be a critical step in sharpening John's skills to undertake his work but will also make a great contribution in the conservation and management of Kenyan rhino. The funds will cover tuition fees, various documents / licences, and data collection, analysis, and fieldwork expenses

• We sent £8,100 from the proceeds of the 2022 ForRangers Ultra to the Taylor Ashe Anti-Venom Trust to replace its current ‘Ranger Line’ of black mamba enclosures with a fibreglass option. These are easier to keep clean, safer and do not have the maintenance and wear and tear issues associated with the wooden or metal cages

• Another £4,275 raised by ForRangers Ultra 2023’s runners paid for the purchase of uniform and equipment items for Il Mamusi Mukogodo Forest Association's 12 rangers and one security coordinator: Trousers, shirts, branded t-shirts, pairs of boots and socks, jackets, capes, pullovers, belts, lanyards and badges, and bedrolls. The pastoralist communities surrounding the Forest depend on forest products such as honey, herbs, firewood, water, pasture, and building materials, but the Forest is threatened by vegetation loss, while the surrounding landscape is threatened by land degradation and resource extraction. Il Mamusi is scaling up afforestation, reforestation and landscape restoration by reseeding using semi-circular bunds; tree growing (both indigenous and fruit trees) in schools, offices, dispensaries, and open glades inside the Forest; and strengthening the capacity of its management committee, community-land management committees and forest user groups. Rangers are a critical part of this project as they help with daily monitoring and protection of this critical ecosystem and protection of the restoration projects

• We awarded £12,760.32, raised by the ForRangers Ultra 2023, to the Local Ocean Trust's Watamu Turtle Watch Project: $8,444 towards rangers' salaries; $4,880 for equipment (including uniforms, smartphones, GPSs, and a quadcopter drone; and $1,700 to enlarge the rangers'

Page 18 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• accommodation base. The turtle Nest Monitors play a particularly vital role in overall sea turtle conservation, data collection and LOC’s campaign for the protection of natural beaches

• $485 from INL paid for 51 Degrees' trainer to write up course reports for rangers from Borana Conservancy following the Rhino Tactical Refresher course. These reports are tracked via EarthRanger, and show progress at unit and individual ranger levels, and help inform Conservancy Managers and HR departments of any issues that need addressing, or of individuals that merit promotion

• $25,000 from Susan Johns was awarded to help pay the cost of a 2-year ranger training programme across Lolldaiga, Ole Naishu, Mugie, Sosian and Suyian conservancies. It is hoped that, eventually, some of these will become rhino guardians, to expand the rhino range across the Laikipia landscape

• And £162 from core funds for transfer fees

Borana Conservancy, Kenya £99,194

• $19,260 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) through Project UPTICK paid for Borana's rangers to undergo annual 'Rhino Tactical Refresher Training', delivered by 51 Degrees Ltd

• $1,299.20 from INL paid for shared-asset training for Borana's rangers during May 2022

• $2,085.22 from INL via Project UPTICK paid for three of Borana's senior National Police Reservists to undergo Commanders' training during June 2022

• $9,035.94 from INL via Project UPTICK paid for some of Borana's senior National Police Reservists to undergo Commanders' training during July 2022 and other rangers to do the Rhino Tactical Refresher course

• $19,490.78 from INL for Borana's rangers to undergo a rhino training exercise course in August 2022

• $10,007.32 from INL via Project UPTICK was used to pay for more ranger training during September 2022: $7,447.20 for tactical refresher training; $1,390.84 for shared-asset training; and $1,169.28 for Senior Commanders' training

• $17,600 awarded by the Anna Merz Rhino Trust was sent to pay for the construction of an additional six-person accommodation block with bathrooms down at Ngare Ndare. The Zulu 4 team based out of Ngare Ndare, located on Borana's boundary with Lewa and a haven for wildlife, currently has some extremely poor quality housing that is in the process of being dismantled and taken down. In a bid to improve on water and power provision, all staffing accommodation at Ngare Ndare is being consolidated in one location, which Borana hopes will make significant improvements. As well as housing the Zulu 4 team, two fence line monitors are also based at Ngare Ndare

• $7,500 (part of $61,500 USFWS grant for Y2) was sent to cover the rest of the costs at two ranger outposts (at Ngare Ndare and Arijiju)

• $21,000 from INL funds paid for 30 of Borana's rangers to undergo the 10-day Rhino Tactical Refresher course in February 2023

• $12,756, donated by Chris Richardson’s family and great friends, was sent to build a ranger outpost at Arijiju in Chris’s memory

• And £58 from core funds for transfer fees

Kenya Wildlife Service, Kenya £36,636

• We sent $4,698 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) via Project UPTICK for 3 refresher courses for KWS staff in national parks' Ops Rooms on the use of EarthRanger[TM] , together with another $802 for subsistence and travel costs incurred by 51 Degrees' staff while training KWS staff

• $4,831.40 from INL via Project UPTICK paid for user refresher training for KWS staff in national parks' Ops Rooms on the use of EarthRanger[TM] , and another $416 covered subsistence and travel costs incurred by 51 Degrees' staff while training KWS staff

Page 19 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• $2,482.40 from INL for Project UPTICK for user refresher training for KWS staff in Meru NP's Ops Rooms on the use of EarthRanger[TM]

• We sent $15,952.40 from INL for Project UPTICK: $14,894.40 for additional Tableau and user refresher training for KWS staff; and $1,058 for subsistence and travel costs incurred by 51 Degrees' staff while training KWS staff

• Another $3,480 from the INL grant paid for Management refresher training in the use of EarthRanger[TM] at three existing regional HQs (Coast, Northern and Western), while $1,209 covered subsistence and travel costs incurred by 51 Degrees' staff while training KWS staff in December 2022

• $3,480 from INL paid for Management refresher training in the use of EarthRanger[TM] at 3 x existing regional HQs (Mountain, Central and Southern Rift (Lake Nakuru), and $699 for subsistence and travel costs incurred by 51 Degrees' staff while training KWS staff in January 2023

• $5,338 from INL paid for KWS staff to be trained in the use of ER

• And £20 from core funds for transfer fees

Lewa Wildlife Conservancy, Kenya £86,721

• $15,536.40 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) paid for helicopter hours during ranger training courses (for staff from Ol Jogi, Borana and Lewa) held at Lewa during March 2022, through Project UPTICK

• $8,184.96 from INL funds for ranger training: Advanced course for some of Lewa's National Police Reservists (NPRs)

• $1,299.20 from INL funds paid for shared-asset training for Lewa's rangers during May 2022, via Project UPTICK

• $2,780.29 from INL via Project UPTICK paid for four of Lewa's senior National Police Reservists to undergo Commanders' training during June 2022

• $21,079.52 from INL via Project UPTICK paid for ranger training courses during July: Rhino Tactical Refresher and a Rhino Training Exercise

• We sent $8,872.24 from INL’s grant for training Lewa's rangers in September 2022: $6,702.48 for a rhino training exercise; $779.52 for Senior commanders' training; and $1,390.84 for shared-asset training. Another $3,289.51 from INL paid for the purchase of fleeces and socks for Lewa's rangers, with the remaining $479.92 coming from our core funds)

• $30,713.92 (part of the Y2 grant of $89,483.92 from USFWS) was sent to pay for uniforms. Each of the 82 rangers (general security & rhino monitors) will receive: 2 x green shirts @ $20.36; 2 x green trousers @ $17.14; 1 x pair boots @ $183.75; 2 x green hat @ 5.27; 1 x belt @ $5.64; 1 x green jumper @ $30.71; 1 x green heavy padded jacket @ $42.12; & 5 x pairs socks @ $5.36. Total cost of uniform per ranger = $374.56

• £13,104.33 raised by the participants in the 2023 editions of the ForRangers Ultra was sent to buy sports gear for Lewa's rangers: 150 x tracksuits and green T-shirts, and 150 pairs of sports shorts, trainers, and shorts. These items will improve the experience of the rangers during training activities, helping them to remain motivated to take part in the various training sessions. The evidence of the rangers’ morale improvement will be evident from their general happiness, feedback, and performance during physical exercises

• And £72 from core funds for transfer fees

Ol Jogi Conservancy, Kenya £115,281

• A grant of $25,000 from the ForRangers initiative was awarded to pay for a new canteen for Ol Jogi's rangers, and for 10 'rhino dinners', at which the rangers choose names for calves born during the previous 12 months. Any surplus will go towards buying a mobile water bowser that can be towed behind a 4WD to deliver water to ranger outposts

• $24,450.48 from the Bureau of International Narcotics and Law Enforcement Affairs (INL) paid for a Rhino tactical refresher course for Ol Jogi's NPRs, and one of the rangers was sent on an Advanced course held at Ol Pejeta Conservancy

Page 20 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• $1,299.20 from INL paid for shared-asset training for Ol Jogi's rangers during May 2022

• $2,085.22 from INL via Project UPTICK paid for three of Ol Jogi's senior National Police Reservists to undergo Commanders' training during June 2022

• $6,950.72 paid for some of Ol Jogi's rangers to undergo Rhino Tactical Refresher training during July 2022, funded by the Bureau of International Narcotics and Law Enforcement Affairs

• $33,093 from INL’s grant was sent to pay for Ol Jogi's rangers to participate in various training courses: $30,533.52 for the rhino training exercise; $1,169.28 for the Senior commanders' training; and $1,390.20 for shared asset training during September 2022

• $14,953.56 from the Y2 USFWS grant (totalling $80,453.56) was sent to pay for ration packs. 103 pax receive monthly rations of rice, sugar, red wairimu beans, tea leaves, cooking oil and wheat flour, and 64 security-focused rangers also receive monthly rations while deployed of army biscuits, corned beef, tinned pineapple and tinned githeri. Another $16,500 will pay for three rangers' accommodation to be rebuilt during 2023

• We made a grant of $20,000 in total from the proceeds of the ForRangers Ultra 2023: $11,497.97 pay for uniforms for Ol Jogi's rangers (64 x Camouflage shirts, 63 x camo trousers, 144 x jungle green shirts, 144 x jungle green trousers, 208 pairs of socks, 32 x sleeping bags, 32 x green tracksuits and 32 pairs of shoes); $2,845.53 to pay for 'Rhino Dinners' (events to celebrate the birth of a rhino on Ol Jogi, and act to incentivise and thank the rangers who protect and monitor the rhinos every day. The rangers propose names for the calves, which fosters a sense of pride and ownership); and $406.50 to pay for 10 x cross-fit training sessions with a coach. It is important for all the rangers to be physically fit and strong so that they can perform their duties well. They want to learn how to use the equipment properly to get the best out of what has been provided, as well as how to prevent injury. They would also like to be guided on what programmes are best for their optimal fitness and strength

• And £45 from core funds for transfer fees

Ol Pejeta Conservancy, Kenya £30,013

• $21,000 from INL funds was sent to reimburse Ol Pejeta for 30 of Ol Pejeta's rangers to undergo the 10-day Rhino tactical refresher course in November 2022

• We sent $15,000 to Ol Pejeta Conservancy from the proceeds of the ForRangers Ultra 2023: $3,000 for rations for Ol Pejeta's rangers, at $20 per month x 6 months x 25 rangers; and $12,000 for the construction of a three-room patrol base at the Ngobit River, to the west of Ewaso-Nyiro, an area of approximately 200km[2] . The completion of this housing will significantly improve Ol Pejeta’s monitoring capacity within that sector. The work will take approximately six months to complete. For all construction works, strict tender processes are followed to ensure best value is achieved. Ol Pejeta will seek external quotes for the construction of the three-room block, which will be compared against estimates prepared by Ol Pejeta’s own logistics department to carry out the work internally; the proposal deemed to offer the highest quality work at the best possible price will be selected

• And £25 from core funds for transfer fees

Save the Rhino Trust, Namibia £16,748

• We sent £65 worth of 100 pin badges and 50 wrist bands, delivered by Darion & Jimmy during field site visit, to distribute to SRT's own trackers and to the Rhino Rangers in the Kunene Region

• $8,520.12 (part of the Y2 total grant of $95,480.12 from USFWS) was sent to pay for rations

• €2,000 from Zoo Krefeld was sent to pay for uniforms for the rhino trackers working in Nyae Nyae Conservancy

• £5,000 donated by the Rhino Trek Namibia team was sent to SRT to pay for upgrades to the bases at Maigoha! and Axab (mule camp) to improve ranger welfare

• Another £2,926, received in miscellaneous donations for SRT, was sent to help cover the costs of SRT's 40th anniversary celebrations

• And £34 from core funds for transfer fees

Page 21 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Ministry of Environment, Forestry and Tourism, Namibia £1,675

• £1,657.54 from the Ania Wanda Wasilewski legacy paid for three Ministry staff to fly from Windhoek to Hoedspruit for a rhino security meeting at Skukuza in Kruger NP

• And £17 from core funds for transfer fees

Hluhluwe-iMfolozi Park, South Africa £48,042

• £7,125 from Colchester Zoo – Action for the Wild was sent to pay for Extended Patrol kit: camping equipment, patrol equipment and first aid kits, as well as power banks for charging phones, radios, and torches

• More funds from the total $81,926.98 Y2 grant from USFWS were sent to improve ranger welfare in HiP: $13,609.70 for uniforms: 130 x caps @ ZAR 140 & 130 camo overalls @ ZAR 1,370 = ZAR 1,510 / $104.69 per ranger; and $23,920.02 for refurbishment of ranger accommodation and ablutions blocks

• $12,469 (part of the $18,318 grant from the Anna Merz Rhino Trust) was sent to pay for 1,400 ration packs to be bought and distributed to HiP’s field rangers and two anti-poaching units

• And £43 from core funds for transfer fees

uMkhuze Game Reserve, South Africa £96,861

• We sent funds from a range of donors to pay for new lithium-ion batteries to replace the old deep-cycle ones used for solar-power systems in uMkhuze: £493.43 received in misc. donations via our website; €1,000 euros from Monde Sauvage Safari Parc; $1,850 raised by Shaini Hirawat via her “Aaryav Hirawat - Help me Save the Rhinos” campaign; $1,000 from The Bernard F. and Alva B. Gimbel Foundation; and £1,250 from West Midland Safari Park. The lithium-ion batteries are more expensive but are expected to last for c. 10 years

• We sent another $7,081 awarded by our sister organization, Save the Rhino International Inc. (part of a $9,899 grant) to help cover the cost of replacing deep-cycle batteries with lithium-ion batteries at ranger outposts

• And we sent £5,000 received from the Betty Lawes Foundation towards the cost of 5kVa lithiumion batteries for ranger camps @ ZAR 35,000 each plus ZAR 10,000 for installation. There is a critical need for the continued supply of power to remote field ranger camps, where the system was upgraded from an old, and now redundant, two-battery system to a state-of-the-art solar system that allows camps to run more efficiently on solar power and replace expensive LP gas systems. The initial system opted for the supply of 8 x 105 Ah deep-cycle batteries, since the lithium-ion batteries were too expensive for the funder at the time. However, these deep-cycle battery systems have a limited lifecycle of c. three years depending on the number of cycles, and they now need replacing. The proposed lithium-ion batteries are more expensive but have more capacity and a guarantee of 10 years, making them far more cost-effective

• $12,000 from the Scott and Jessica McClintock Foundation was sent to pay for: 60 tactical overalls for law-enforcement staff; 60 pairs of strong canvas boots for law-enforcement staff; one biting sleeve for K9 training; and 20 solar-power banks

• USFWS’s Y2 grant of $81,804.34 for uMkhuze Game Reserve helped pay to improve ranger welfare in the Reserve: $13,827.60 for rangers' uniforms: 60 rangers, each of whom receive: 2 x camo Tshirts @ ZAR 150 / Tshirt; 2 x green shirts @ ZAR 245 / shirt; 2 x green trousers @ ZAR 285 / pair; 1 x green padded jacket @ ZAR 610; 1 x green beret @ ZAR 95; 1 x green balaclava @ ZAR 59; and 1 pair boots @ ZAR 1,200; $566.85 will pay for uniforms for the APU, each of whom receive 1 x softshell jacket @ ZAR 545 / $37.79; and $58,933.39 will pay for the maintenance and refurbishment of three ranger accommodation and ablution blocks (Nsumo, Mkhumbe and Mahlabeni picket camps and Corporal South’s accommodation), and for the maintenance and refurbishment of the Conservation Manager’s kitchen @ ZAR 50,000

• And £129 from core funds for transfer fees

Page 22 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Rhino Resource Center, UK £1,000

• We sent our annual grant of £1,000 from core funds towards the cost of the RRC's website and uploading new rhino research publications. It is an excellent reference base, used by students, researches and rhino conservation professionals alike

North Luangwa Conservation Programme, Zambia £50,035

• We used $6,653.88 from a Wildcat Foundation grant to pay for hotel nights for North Luangwa’s London Marathon team who will be competing in October 2022. These overseas trips are an important part of NLCP’s ranger welfare and incentives programme, encouraging and supporting physical fitness and rewarding those who have performed exceptionally well

• We spent $2,232.95 from Wildcat Foundation funds to pay for further hotel nights for the NLCP London Marathon 2022 team in October 2022

• We spent another $4,254.66 from the Wildcat Foundation grant to pay for 2 x flights for NLCP staff to come to London to take part in LM22; their visas were only granted very late in the day. These costs were offset by a refund of $2,124.15 from the Residenz Marriott hotel for rooms not used by other members of the NLCP LM22 team after their visa applications were rejected

• A $50,000 grant from Conservation Nation was sent for the project entitled "Breaking barriers to create female participation in natural resource management", which will run from Dec 2022 to Nov 2023 inc. Specifically, this project seeks to increase female representation in the wildlife protection sector in North Luangwa by focusing on: Training for female staff and spouses ($20,000); Training for male staff and, where applicable, spouses ($20,000); Spousal visits to field program to increase understanding of spouses’ work ($2,000); and buy essential femalerelated equipment, kit and resources to cater to women’s needs in the field ($8,000)

• And £20 from core funds for transfer fees

Gonarezhou Conservation Trust, Zimbabwe £1,444

• We sent £1,430.46 raised by GCT’s London Marathon runners, to be allocated to capacity and team-building events in-country. A team of 4 rangers will compete in a 100km SkyRun in December 2022, with a supporting team that helps runners on the mountain during the event, and then they will stay on to do some leadership and skills training. GCT will use the funds for their subsistence and travel costs

• And £14 from core funds for transfer fees

Lowveld Rhino Trust, Zimbabwe £10,910

• We sent $4,900 from the total grant of $25,000 from the Anna Merz Rhino Trust to purchase new uniforms for the 12 members of LRT’s rhino monitoring unit (includes patrol boots, trousers, shirts, overalls, jackets etc so that the men have adequate clothing to cope with the variation in temperatures they operate in), and another $8,250 for the Lowveld Rhino Law Enforcement Task Force's accommodation and meals while away from the home station

• And £14 from core funds for transfer fees

Canine unit workshop, Africa £17,620

• We paid $733.47 from a grant from the Bureau of International Narcotics and Law Enforcement Affairs (INL) to pay for airport transfers & transport to/from the venue for the detection and tracking demonstrations in Lusaka, during the K9 workshop in May 2022

• We spent a total of $7,777,53 on international flights for 12 participants attending the K9 workshop in May 2022 in Lusaka, thanks to the INL grant

• £65.22 worth of Save the Rhino T-shirts and pin badges were given out at the workshop held in Lusaka in May 2022. $9,402.64 from INL paid the balance for the venue costs (accommodation, food, conference facilities) for the K9 workshop. $3,082.41 from INL was paid to Natasha van Zyl: $2,880 for her consultancy fees to plan and deliver the workshop, and the remaining $202.41 for associated incidental expenses (stationery etc.). And finally, we received a refund of

Page 23 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

$525.43 from a company that missed the pick-up for the transfer of participants back to Lusaka airport

• We received a refund of $653.20 from Key Travel for a flight we had booked that no longer made the right connections and had to be rebooked; this was credited back to the Bureau of International Narcotics and Law Enforcement Affairs, which had originally paid for the flight

• And £26 from core funds for transfer fees

Coordination: Total £58,283

African Rhino Specialist Group, Africa £32,106

• $4,470.26 (remaining funds from the Oak Philanthropy (UK) Limited grant for the 2019 meeting) was sent to help cover the consultancy fees of the AfRSG's Scientific Officer, Sam Ferreira

• We awarded €10,000 from core funds towards the work of the AfRSG Secretariat: €6,000 for the consultancy fees of Dr Sam Ferreira (Scientific Officer) and €4,000 for the consultancy fees of Keit Mosweu (Programme Officer)

• $24,000 from the Y2 USFWS grant was sent to help cover the consultancy fees ($14,000) of the Scientific Officer (Dr Sam Ferreira) and ($10,000) Programme Officer (Keit Mosweu)

• And £41 from core funds for transfer fees

Association of Private and community Land Rhino Sanctuaries, Kenya £9,384

• We awarded $1,300 from core funds to buy a replacement laptop for John Gitonga, the APLRS's Administrator, whose old laptop died

• $9,997.60 from USFWS’s Y2 (2023) grant was sent to pay the salary of the APLRS Administrator, John Gitonga

• And £22 from core funds for transfer fees

Ministry of Environment, Forestry and Tourism, Namibia £6,680

• We used $1,021.17 from the Valerie G. Merrin 2006 Trust to pay for the printing of Namibia's White Rhino and Black Rhino Species Management Plans

• We made a series of payments from the last remaining funds from the Valerie G. Merrin 2006 Trust: $498.86 to pay for office equipment including a printer and ink, for the National Rhino Coordinator; and $252.66 to pay for stationery supplies for the Rhino Office at MEFT; another $571.70 came from another legacy received for Namibian rhinos from Ania Wanda Wasilewski

• $5,453.48 from USFWS paid for a new Dell laptop, mouse, and software for the National Rhino Coordinator

• And £63 from core funds for transfer fees

Rhino Fund Uganda, Uganda £10,073

• We awarded $13,000 from core funds to cover two months' administrative costs for the RFU, while it rebrands, restructures, and develops a revised constitution and new Cooperation Agreement with Uganda Wildlife Authority, to enable RFU to create a new rhino sanctuary in Uganda

• And £33 from core funds for transfer fees

Lowveld Rhino Trust, Zimbabwe £40

• We paid £39.60 for the final tweaks to the layout and design of the Rhino Management Strategy for Zimbabwe 2020-2024 . 100 hard copies are being printed and shipped to Zimbabwe for onwards distribution

Page 24 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Societal relevance: Total £149,455

African Rhino Specialist Group, Africa £4,051

• We paid $300 from core funds for the registration fee for the AfRSG's Scientific Officer, Sam Ferreira, to attend and participate in the IUCN Africa Protected Areas Congress (APAC), being held in July 2022 in Kigali, Rwanda. The AfRSG will be presenting a panel discussion entitled "Thriving people, thriving rhinos: Protected areas leveraging human and nature well-being". Summary: Rhino conservation and benefits for people needs moving beyond sustainability as poaching degraded rhino status in the previous decade. Even so, rhinos under management other than pure-state performed best. It seems that devolving responsibility to local people may be a key requirement. At Laikipia in Kenya, planning aimed to foster a resilient socio-economicecological system conserved by an empowered civil society. Additional case studies elsewhere in Africa help set the context for reflection on the benefits of integrating conservation, and human rights and responsibilities. A panel discussion focuses on key enabling requirements to meet the objective of thriving local people and rhinos. Another £270.90 from core funds paid for a return flight for Sam from Johannesburg to Kigali

• Another $400 from core funds paid the registration fee for SRT's CEO, Simson Uri-Khob, to attend and participate in APAC, and £632.70 from core funds paid for his return flights from Windhoek to Kigali

• $812.30 from core funds to reimburse the AfRSG's Scientific Officer, Sam Ferreira, for expenses incurred in attending APAC (accommodation and food, Covid-19 tests, and transport)

• Finally, we sent $2,222.22 from Oak Philanthropy (UK) Limited to pay for catering costs associated with the AfRSG's panel event at APAC

• And £52 from core funds for transfer fees

Association of Private and community Land Rhino Sanctuaries, Kenya £7,034

• £7,023 raised by Charlie Dyer via his 736 km off-road bike ride from the Gundua Healthcentre near Kisima in the shadow of Mount Kenya to Vasco da Gama Point, Malindi, was sent to the Nanyuki Cottage Hospital. The funds, raised under the banner of the ForRangers initiative, will be used for capital and other expenditure in support of ’needy patients’ at the Cottage Hospital and Gundua health centre’

• And £11 from core funds for transfer fees

Borana Conservancy, Kenya £137,586

• We sent grants from Molly Stewart (£1,000) and Spooner/Nelson (£2,000) for work in Mukugodo Forest, an area of community-owned forest that lies between Borana Conservancy and Lewa Wildlife Conservancy, and acts as an important wildlife corridor as well as providing ecosystem services for the community

• We also sent £1,000 from Tara Ward in January 2022 for this year's Days for Girls campaign, which aims to buy menstrual kits for girls in the villages neighbouring Borana so that they can continue to attend school uninterrupted

• We sent $2,746.99 (from a larger grant awarded by our sister organization, Save the Rhino International Inc.) to reimburse consultant Richard Hennery for further costs relating to his visit to Borana in February: PCR test; internal transfers; and nine days’ consultancy fees for his input into the development of Borana's new conservation education programme

• £1,600 received from Tom and Alice Aubrey-Fletcher, and another £10 donated via our website, was sent to help pay for a teacher’s salary via the Borana Education Support Programme

• We sent a grant of £16,000 received from the Rothes Charitable Trust for Lokusero Primary School, a boarding and day government school located in the Mukogodo Forest. The School is home to 370 students and 10 teachers, and current enrolment is from PP1 to Grade 8. Borana Conservancy has been supporting the School with the construction of classrooms, teachers' salaries, and student scholarships. In recent years, these standards have fallen behind, with significant investment going to the adjacent secondary school. Borana will address this by

Page 25 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• providing support in the form of fencing (to keep out shoats and elephants), water-storage tanks, rainwater-harvesting systems, ablutions block and cooking stoves

• $20,000 from Untamed Planet via WildArk, and another $10,000 from Illuminarium in partnership with WildArk, was sent to help cover the Year 1 costs of Mazingira Yetu. This Conservation Education Programme (CEP) has made incredible progress since 1 January 2022: a CE Officer and CE Assistant have been recruited, an Education Centre built, a special bus (the Mazingira Express) bought and adapted, and a curriculum developed with the assistance of consultant Richard Hennery and in consultation with local Headteachers and the Ministry of Education. The first group, from a local primary school, visited Borana on 29 July 2022

• We sent £9,500 from the Golden Bottle Trust and another £3,000 from Venetia Leng to help cover the Y1 costs of Mazingira Yetu Y1 costs, specifically to help pay for the building of six ensuite twin rooms for visiting academics, researchers or students taking short, intensive environmental management courses

• We paid £577.50 from core funds to pay Alex Rhind for work on the logo for Mazingira Yetu

• $2,752.53 from SRI Inc.’s grant and another $1,155.31 from core funds was sent to reimburse consultant Richard Hennery the costs relating to his visit to Borana in November (international airfare and internal transfers, travel insurance, anti-malarial medicine and EVisa) and 12 days’ consultancy fees for his input into the development of Borana's new conservation education programme, Mazingira Yetu. Another £1,000 from an anonymous donor was also sent to help cover Mazingira Yetu’s Year 1 costs

• We received a couple of donations for Lokusero Primary School, one of the 10 primary schools neighbouring Borana Conservancy: £5,000 from Andrew Caldecott KC, and £2,500 from the Prism Charitable Trust specifically to help construct an elephant-proof fence around Lokusero Primary School

• A repeat, and very generous, grant of £10,000 from the CHK Foundation for the operating costs of Borana's Mobile Health Clinic was supplemented by a further £500 from Hugo Straker for Borana's Mobile Health Clinic. Finally, £22.37 received in misc. donations via a www.justgiving.com page was allocated to Borana’s ‘Days for Girls’ campaign , which provides sanitary products for girls so that they do not have to miss school

• $500 from core funds was awarded to pay Richard Hennery for two days' consultancy regarding Mazingira Yetu during November and December 2022

• £10,000 from Pam Collibee and Ian Wilson was sent to support Borana's Mobile Health Clinic and the Days for Girls initiative (£5,000), and via Borana to Ethi Primary School for IT equipment (£5,000)

• €15,381.82 from the Stichting Suzuki Rhino Club was donated to cover the remaining costs of Mazingira Yetu during Y1 (2022), i.e., the rest of the cost of the ensuite accommodation for academics and researchers visiting the education centre

• We sent $31,186 received from Wild Philanthropy to pay for the elephant fence round Lokusero Primary School. Given the location of the School within the forest, there is a pressing need for an electric fence to keep elephants and other wildlife out of the School compound, and thus keep the students and teachers safe. The beneficiary community around the School are Maasai pastoralists, with an average population of approximately 230 households. The fence length will be approximately 1.6km, and the total project will cost $33,836. The works will take place in the period January to May 2023. Once this fence has been built, Borana would like to establish a permaculture project at the School, providing fresh fruit and vegetables to the School kitchens: this will be phase 3 and is an extremely exciting project. However, for this to happen, the water storage systems and most importantly electric fence must be put in place first

• £3,000 from the Rothes Charitable Trust was sent to pay for food for the pupils at Lokusero and Ol Kinyei schools, adjacent to Borana Conservancy. The war in Ukraine has led to food poverty in Laikipia, which is heavily reliant on grain imports that are then fortified with nutrients to maintain basic health. The funds will pay for maize, beans, cooking oil and salt, and will be sufficient to feed the children until the end of term at Easter

Page 26 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• And finally, we sent £450 for Mazingira Yetu Y2 costs (2023): £200 from Zillah Jordan, and £250 received from Adam and Diana Wethered

• And £98 from core funds for transfer fees

Lowveld Rhino Trust, Zimbabwe £784

• £387.47 from core funds, together with another £372.53 from restricted donations via our website, was sent to help cover the cost of maintaining and updating LRT's website, from June 2021 to December 2022

• We sent £23.98 from core funds to pay for the renewal of the Lowveld Rhino Trust's website domain name for one year

Sustainable financing: Total £708,873

Association of Private and community Land Rhino Sanctuaries, Kenya £708,873

• We sent $800,000 towards the AgWild project in Laikipia, Kenya. AgWild was established in February 2021 as a company with the fundamental objective of preserving and enhancing the ecosystem integrity of the Laikipia landscape through enabling an economically, ecologically, and socially sustainable land use model. AgWild was created by four founder Members (Ol Maisor Ranch, Sosian Ranch, Suyian and Mugie Conservancy). Since incorporation, an additional four Members have joined (Borana Conservancy, Lolldaiga Conservancy, Mogwooni Ranch and Kifuku Ranch) bringing the total number of Members to eight. This grant, enabled by an anonymous donor via the ForRangers initiative, will be used to create: an efficient, direct route to market for livestock produced on AgWild Member properties with integrated logistics, high animal welfare standards and high standards of management, reporting and accountability throughout the chain; the ability to add value through processing and therefore offer better pricing to AgWild Members and community livestock owners engaged in the trading scheme; the development and launch of a new marketing and branding strategy for AgWild producers, with an emphasis on promoting Laikipia and the unique attributes of conservation, sustainability and quality to the marketplace; and, ultimately, increased employment and revenue generation linked to conservation land use, driving improvements in the economic sustainability of large scale private and community-led conservation efforts in the region.

• And £99 from core funds for transfer fees

As always, our thanks to all the donors who made these grants possible.

Monitoring achievements

Save the Rhino has developed a 5-year conservation strategy for each of its seven key components. Each key component has a strategic objective, key outcome / Key Performance Indicators, identifies how those KPIs will be verified, the activities to be funded, priority programmes for each component, and considers risks and assumptions.

• Means of verification: To verify that indicators have been achieved, it is important to identify how we will measure progress. In essence this is the ‘source’ material that supports our accounts of achievement. These could be public access documents such as annual reports, or could be materials that SRI collates and publishes itself. Examples of materials used include: publications, surveys, meeting minutes, newspaper articles, project notes, reports, tapes, videos etc.

• Risks and assumptions: Achievements are also dependent on external conditions which are outside SRI’s control. It’s therefore important to understand the risks that SRI has identified and assumptions made, to ensure that SRI’s target outcomes are still achievable, i.e., we must monitor the situation: if the situation or our knowledge changes, it will probably necessitate a change in our approach

Page 27 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Progress towards achieving the desired outcomes is monitored and measured, via quarterly short summaries to Save the Rhino’s Trustees and an annual Impact Report.

Fundraising and communications performance are measured against our internal fundraising and communications strategies, which comprise part of our rolling 3-year business plan. These reviews are led by the Managing Director and Communications Manager, and the results are shared with our Board of Trustees.

Financial review

Save the Rhino’s work is entirely dependent upon its fundraising. Income represents the revenue from Save the Rhino International’s fundraising and awareness-raising programme. Total income for the year amounted to £5,279,477 (2021-22: £3,329,480).

Expenditure on charitable activities, furthering the aims and objectives of the Charity totalled £4,432,906 (2021-22: £2,887,447). Donations to conservation and awareness projects totalled £4,327,991 (2021-22: £2,748,381) as detailed below:

Grants out					£
African Rhino Specialist Group,Africa					64,946
Canine unit workshop,Africa					17,620
Indian Rhino Vision 2.0,India					8,214
UjungKulon National Park,Indonesia					10,388
WayKambas National Park,Indonesia					6,211
Sumatran Rhino Sanctuary,Indonesia					33,970
Association of Private and communityLand Rhino Sanctuaries,Kenya					1,068,217
Borana Conservancy,Kenya					392,107
Kenya Wildlife Service,Kenya					130,186
Lewa Wildlife Conservancy,Kenya					262,154
Northern Rangelands Trust,Kenya					292
Ol Jogi Conservancy,Kenya					243,199
Ol Pejeta Conservancy,Kenya					42,200
Ministryof Environment,Forestryand Tourism,Namibia					215,318
Save the Rhino Trust,Namibia					113,284
Hluhluwe-iMfolozi Park,South Africa					191,672
uMkhuze Game Reserve,South Africa					144,884
Follow-the-moneyinvestigation,South Africa					446,462
Rhino Fund Uganda,Uganda					10,073
Environmental Investigation Agency,UK					10,215
Rhino Resource Center,UK					1,000
North Luangwa Conservation Programme,Zambia					856,013
Lowveld Rhino Trust,Zimbabwe					57,922
Gonarezhou Conservation Trust,Zimbabwe					1,444
Total					4,327,991

Net income for the year was £291,498 (2021-22: Net income £64,208). The net movement in funds before transfers was £165,848 on the unrestricted funds (2021-22: (£67,467)) and £125,650 on the restricted funds (2021-22: £131,675). The restricted funds carried forward of £1,086,066 are held for expenditure for the following programmes / projects as detailed overleaf:

Page 28 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

----- Start of picture text -----
Further restricted funds are held for expenditure for the following projects: £
African Rhino Specialist Group, Africa 2,313
Canine unit workshop, Africa 53,622
Ujung Kulon National Park, Indonesia 2,314
Way Kambas National Park, Indonesia 226
Sumatran Rhino Sanctuary, Indonesia 15,275
Association of Private and community Land Rhino Sanctuaries, Kenya 349,879
Big Life Foundation, Kenya 5
Borana Conservancy, Kenya 266
Lewa Wildlife Conservancy, Kenya -
Ol Jogi Conservancy, Kenya 8,891
Ministry of Environment, Forestry and Tourism, Namibia 258,392
Save the Rhino Trust, Namibia 5,111
Hluhluwe-iMfolozi Park, South Africa 37,109
uMkhuze Game Reserve, South Africa 1,949
Welgevonden Game Reserve, South Africa 4,791
Follow-the-money investigation, South Africa 1,724
Education for Nature, Viet Nam 7,113
TRAFFIC, Viet Nam 10
North Luangwa Conservation Programme, Zambia 329,725
Lowveld Rhino Trust, Zimbabwe 7,351
1,086,066
----- End of picture text -----

Investment policy and performance

Under its Declaration of Trust, Save the Rhino has the power to invest in any way the Trustees see fit. The Trustees, having regard to the liquidity requirements of the Charity, have kept available funds in bank accounts.

Risk management

SRI conducts a risk assessment exercise annually, identifying the main risks to which the Charity is exposed, assessing the likelihood and impact, and developing preventative measures and recovery and contingency plans. The assessment is then discussed and agreed with the Board of Trustees at one of its quarterly meetings. The risk assessment for 2022-23 was colour-coded with a yellow / amber / red system based on the risk likelihood and the impact it would have.

Four risks were identified as being high likelihood / medium impact, or medium likelihood / high impact, as follows:

• Global financial shocks: This was considered high likelihood, given the continuing impact of the COVID19 pandemic and Brexit, supplemented by the impact of the war in Ukraine. The Trustees had previously agreed that SRI needed to be cautious regarding expenditure from unrestricted funds and continue to maintain the reserves level at six months’ worth of operating costs, i.e., £225,000, with an additional £100,000 set aside as a temporary measure so long as COVID19 continued to affect business. (This latter provision was removed at the Trustees’ meeting in March 2023; see also below)

• The loss of the CEO: The recruitment process for a new CEO took place between October 2022 and January 2023, as Cathy Dean plans to step back into a part-time role after 22 years in charge. Her replacement, Dr Jo Shaw, begins in July 2023. A comprehensive handover process will be implemented. The CEO and Managing Director have introduced new systems etc. in the office, have delegated some responsibilities and continue to work to ensure that at least two people know how to do each aspect of SRI’s work

• Staff wellbeing: Staff wellbeing / mental health depends on staff having manageable workloads and a good work / life balance, as well as feeling valued, trusted, and respected. Productivity suffers if staff wellbeing is low. Control procedures include: regular 1:1s and good

Page 29 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

communication; regular training for all people managers and nominated Trustees; and mental health first aiders trained and recognised

• High staff turnover: Staff retention depends on both high levels of wellbeing and space for professional development within roles. Experience is lost and consequently productivity suffers when staff leave, and retention is costly in terms of time. Control procedures include: a good appraisal and review system to provide space for professional development; active staff training programme; and provision to take on more responsibility / grow roles as staff develop, with support from other team members

One safe-guarding incident occurred and was reported to the Trustees and Charity Commission via a Serious Incident Report. Save the Rhino had inadvertently used an image of one of its fundraisers with their child in its annual magazine. The supporter's request that the photo not be used for any publicity purposes was not communicated to the person who added the photograph to Save the Rhino's image library, and therefore the image was not redacted, cropped, or rejected as inappropriate before being added to the library.

In addition to sincerely apologising to the supporter concerned, Save the Rhino has moved quickly to minimise the risk to the supporter and their family from this incident. The Charity has liaised with the affected supporter to ensure that they are satisfied with any future communication that will be issued. All remaining hard copies have had the image concerned redacted, and the digital / online version of the magazine has been edited to remove the image.

To prevent a similar situation from happening again, Save the Rhino is adopting an additional layer of security. This is a new policy whereby, by default, the Charity will not use images of children at all, unless it has both very good reason and clear, recent, and specific permission to use that image. The Charity Commission has confirmed that it is satisfied that the Charity has dealt with the incident appropriately and responsibly.

Reserves policy

As discussed above, the Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately six months of unrestricted charitable expenditure on budgeted overheads, together with another £100,000 while the COVID19 pandemic continues to affect fundraising activities, i.e., £325,000 for 2022-23, to protect the Charity from any fluctuation in income levels. The Trustees considered that this level would provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. Traditionally, SRI has been very reliant on events, and it is important to ensure that the Charity’s cash flow and level of reserves are closely monitored throughout the year.

Note that the decision to add an additional £100,000 to the Charity’s reserves was rescinded at the March 2023 Trustees’ meeting. The reserves level for 2023-24 has been set at £315,000 to allow for increased staffing levels during the coming financial year, and resulting higher operating costs. As at 31 March 2023, SRI’s unrestricted funds totalled £349,054. The current level of reserves is therefore higher than is needed.

In deciding how Save the Rhino’s unrestricted funds are allocated, the Trustees consider several factors:

• The financial climate: The cost-of-living crisis is impacting public fundraising within the UK; donations, membership and merchandise sales are also likely to be affected, with consequent impacts on the amount of Gift Aid that can be reclaimed. (Merchandise sales are also being negatively affected by the impact of Brexit and the problems with sending international parcels after a cyberhack of the Post Office)

Page 30 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• Grants: The rhino poaching crisis continues, supplemented by rising costs due to the war in Ukraine (fuel and materials are seeing prices rise steeply in many countries), which is resulting in more requests for support. A shortage of unrestricted funds would limit how much additional funds SRI can leverage through trusts and foundations that require evidence of part-matching funds from the applicant (e.g., Darwin Initiative, Illegal Wildlife Trade Challenge Fund) and limit SRI’s ability to make emergency grants from core funds

• Fundraising costs: The way that people are accessing website information, interacting with social media and donating is changing, with increasing numbers using smartphones rather than laptops or pcs. It has proved necessary to invest in an updated form of Salesforce and redo the interface with our website; the cost is being depreciated over a period of years

• Staff salaries: SRI does not offer competitive salary packages; in fact, SRI offers some of the lowest wages when compared with similar organisations in London, with the lowest salary being £21,000 and the highest £46,200. With the economic pressures of being based in London, SRI risks losing staff (wages and the cost of living in or commuting to London have been cited by members of staff as one of their biggest concerns about working for SRI in the long term)

• Office space and equipment: SRI moved to new, larger premises in March 2018 to accommodate the increased number of permanent staff (10, due to increase to 12 in FY 202324) and assistance of occasional office-based volunteers. The office also allows us to store the rhino costumes in the same location. We also invested in a cloud-based IT system to better enable remote or flexible working. During the Covid-19 pandemic, most staff worked remotely; however, the aim has been to develop a hybrid model of working so that each staff member spends at least two weeks in the office per month, to enable the normal cross-fertilization of ideas and communications that has been sadly lacking. The office space is still very much needed

Reference and administrative details

Charity number 1035072

CEO

Cathy Dean

Registered office

Unit 3, Coach House Mews 217 Long Lane London SE1 4PR

Bankers

Barclays Bank 29 Borough High Street London SE1 1LY

Solicitors

Auditors

Bryan O’Connor and Co. Accountancy Management St Margaret’s House Services Limited 18/20 Southwark Street South Street House London 51 South Street SE1 1TS Isleworth, Middlesex TW7 7AA

Honorary President David Stirling

Founder Patrons Douglas Adams Michael Werikhe

Page 31 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Patrons

Polly Adams Mark Coreth Martina Navratilova Benedict Allen Dina de Angelo Viscount Petersham Clive Anderson Robert Devereux Alex Rhind Louise Aspinall Kenneth Donaldson Mark Sainsbury Nick Baker Jim Hearn Alec Seccombe Simon Barnes Tim Holmes Tira Shubart Paul Blackthorne Ben Hoskyns-Abrahall James Sunley Suzi Bullough Angus Innes William Todd-Jones Mark Carwardine Fergal Keane Friederike von Houwald Giles Coren Tom Kenyon-Slaney Jack Whitehall Francesco Nardelli

Trustees

Henry Chaplin Vice Chair and Treasurer Megan Greenwood Sianne Haldane (Appointed 16 June 2021) Jim Hearn (Retired 31 January 2023) Emma Lear (Resigned 6 April 2023) Joe Steidl George Stephenson Chair Alistair Weaver

Structure, governance, and management

Governing document

Save the Rhino International was established under a trust deed dated 28 February 1994, supplemented by a Resolution, dated 6 March 2018, under section 280 of the Charities Act 2011 for changes to the governing document. It is an unincorporated Charity registered with the Charity Commission for England and Wales.

Appointment of Trustees

Names of potential new Trustees are put forward at the Trustees’ quarterly meetings. Candidates are then interviewed by the Chair of Trustees and, whenever possible, by fellow Trustees; candidates may be invited to attend a Board meeting as an observer, prior to a formal invitation being made by the Chair of Trustees in writing. Acceptance is also made in writing. No other person or body is entitled to appoint a Trustee to SRI. See also note 16 in the Charity’s Declaration of Trust of 28 February 1994. Trustees are appointed for a term of four years, after which they may put themselves forward for a second term of four years. Each Trustee may serve for a maximum of two terms, except for the Chair and Treasurer, whose terms may be renewed indefinitely subject to the approval of the other two members of the Executive Committee, (i.e., the Chair, Treasurer and CEO).

The Resolution provides for a minimum of three Trustees.

Trustee induction and training

In addition to being sent Trustee induction packs, new Trustees have one-to-one inductions, including training with the Charity’s CEO / Managing Director, and the CEO / Managing Director circulates occasional Charity Commission newsletters and news from field programmes supported by the Charity, as well as the quarterly Board meeting papers and minutes.

Organisation

The Charity has a Board of Trustees, which determines grant-making policy and practice, is responsible for the appointment of the CEO, and monitors the financial and other activities of the

Page 32 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Charity. The Trustees have delegated the day-to-day running of the Charity to the CEO / Managing Director, as set out in the Board and Management Responsibilities Policy and in the Delegation of Authorities Policy (approved at the March 2017 Trustees’ meeting). The CEO reports to the Trustees. Quarterly Trustee meetings are held at which grants are made and income and expenditure are monitored and determined; monthly financial reports are provided by the Managing Director.

Finally, the Charity has several Patrons, who assist with fundraising events and act as ambassadors for SRI. The Charity’s staff is assisted by a small number of volunteers helping with office administrative tasks or at fundraising events.

Fundraising

SRI is registered with the Fundraising Regulator and abides by its code of practice; SRI also complies fully with GDPR requirements and does not make unreasonable or persistent requests for donations or support.

SRI’s Fraud Prevention Policy (reviewed annually by its Trustees) sets out the steps that the Charity takes to monitor activities carried out by any person fundraising on behalf of the Charity. During the financial year 2022-23, no complaints from a fundraiser or member of the public were received about the Charity’s fundraising activities. (Please see the section on Risk management for discussion of a complaint by a supporter about the use of an image.)

SRI has partnerships with a portfolio of Corporate Partners who act as Commercial Participators to fundraise for SRI. Each partnership is based on a Partnership Agreement that complies fully with the requirements of Section 7 of the UK Fundraising Guidelines issued by the Fundraising Regulator. All Commercial Participators are bound through the Partnership Agreement to abide by the UK Fundraising Guidelines.

During the financial year 2022-23, SRI revised the previous consultancy contract with a commercial company (Remarkable Partnerships) to work together on identifying, contacting, and negotiating with potential corporate partners for the Charity. The fee was reduced in comparison to the previous year’s contract, in the light of increased Charity staff expertise. The partnership involved mentoring the Charity’s Partnerships Manager on an as-needed basis.

Except for Remarkable Partnerships, SRI did not engage Professional Fundraisers as defined by the UK Fundraising Regulator.

Related parties

None of Save the Rhino’s Trustees receives remuneration or other benefit from their work with the Charity. Any connection between a Trustee or senior manager of the Charity with any supplier or beneficiary of the Charity must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party, and in keeping with the Charity’s Conflict of Interest Policy (approved at the March 2017 Trustees’ meeting). In the current year, no such related-party transactions were reported.

Staff remuneration

Save the Rhino has benchmarked employee remuneration at other similar-sized charities and has developed a pay scale for permanent employees as follows:

• Level 1 benefits package: Pay range £22,000-27,000 per annum, 25 days’ leave per annum and employer contributions to workplace pension scheme

• Level 2 benefits package: Pay range £26,001-32,500 per annum, 25 days’ leave per annum and employer contributions to workplace pension scheme, together with an overseas field

Page 33 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

• programme visit on promotion and thereafter every two years, at the CEO / Managing Director’s discretion

• Level 3 benefits package: Pay range £31,501-41,000 per annum, 25 days’ leave per annum and employer contributions to workplace pension scheme, together with an overseas field programme visit on promotion and thereafter every two years, at the CEO / Managing Director’s discretion, and the option to buy up to 3 days of extra annual leave

• Level 4 benefits package: Pay range £39,001-51,000 per annum, 25 days’ leave per annum and employer contributions to workplace pension scheme, together with an overseas field programme visit on promotion and thereafter every two years, at the CEO / Managing Director’s discretion, and the option to buy up to 5 days of extra annual leave

Staff at all levels accrue an extra day of paid annual every two years, up to a maximum of five extra days. Pay rises within each level are linked to assessment during the annual appraisal cycle. Promotion to the next level requires consistent high performance at the previous level for at least two years.

Related organisations

SRI has a sister organisation based in the USA, Save the Rhino International Inc., which is a 501 (c) 3 non-profit organization, EIN 31-1758236. SRI Inc. has its own Board of Directors and makes independent decisions concerning grant-making. SRI’s CEO Cathy Dean serves as President and Board Director of SRI Inc. SRI Inc. employs no staff and subcontracts fundraising, grant management and bookkeeping to SRI for an annual fee of $2,400.

In addition, SRI liaises closely with other like-minded rhino conservation organisations, in particular the International Rhino Foundation in the USA and WWF-South Africa. There are no formal partnership agreements between SRI and these other organisations, though there are occasional grant-specific agreements between them.

Finally, SRI’s CEO Cathy Dean is on the advisory board of a project called ‘ForRangers’, a fundraising initiative led by two individuals working primarily with members of the Association of Private and community Land Rhino Sanctuaries (APLRS) in Kenya. Funds raised in honour of ForRangers – via dinners, various marathons and ultramarathons, and other riding / kayaking etc. endurance challenges, are then granted out – with the approval of the advisory board – to a range of field programmes, whose scope is wider than SRI’s normal rhino conservation focus.

Future plans

After a strong year in 2022-23, when we raised £5,279,477, we have budgeted to raise c. £4.2 million in 2023-24, reflecting the expiration of a major grant.

Conservation

• Our new CEO, Dr Jo Shaw, who takes up the position in July 2023, will no doubt want to review all the Charity’s strategies and activities, including the field programmes that the Charity supports on a long-term basis

• Projects for 2023-24 include another canine unit workshop, to be held in September 2023 in South Africa, and potentially a habitat assessment workshop in Kenya, to develop a new protocol for assessing a site’s ecological carrying capacity

• The follow-the-money investigation, for which we obtained funding via the UK government’s Illegal Wildlife Trade Challenge Fund and then raised significant matching funds, is expected to result in convictions of suspects on a wide range of charges during the coming year. In Q1 2023, we shared key lessons learned with selected other agencies and individuals

Page 34 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Report of the Trustees for the year ended 31 March 2023 (continued)

Fundraising

• With the reduction in threat level from the COVID19 pandemic, events are expected to take place as normal. The three main events for 2023-24 are the London Marathon in April, ForRangers Ultra in September, and a fundraising dinner in November 2023. These events will raise valuable restricted and unrestricted funds

• We predict that income from grant-making trusts and foundations, from which Save the Rhino has a strong track record of applications and reporting, leading to repeat grants over a period of years, will remain strong. However, this income is almost all restricted for particular field programmes or projects

• Our aim for the coming year is to be able to make grants worth at least £3.3m, while staying solvent and not dipping into our reserves, though the Charity Commission allows this in such extreme situations

Communications

• Across Save the Rhino’s (SRI) conservation and fundraising efforts, communication is key: not only does it play an integral role in reputation, but it significantly (especially in an increasingly digital world) affects engagement with current and future donors. Improving our communication techniques, tools and abilities can increase both the number of people we reach and the number of people that decide to support our cause. Analysing current trends and the activities of similar organisations has identified four areas to focus on over the next three years: creating supporter journeys, embedding brand consistency, producing engaging content and asserting expertise

• Creating supporter journeys has been a major project during 2023 Q1 and will continue during 2023-24, first refining, then delivering and evaluating them

• The new position of Social Media Officer has been recruited (the successful candidate takes up the position in June 2023) to focus on embedding brand consistency and producing engaging content

• With the appointment of Dr Jo Shaw as CEO, the Charity will gain significant technical expertise and expects to maximise that through increased comment on rhino conservation issues

• Achieving our objectives and their associated tasks will drive Save the Rhino forward and enable more effective and efficient progress towards reaching fundraising goals and therefore, deliver more impact for rhino conservation

Improving effectiveness

• Our main objectives are: To ensure that SRI meets its obligations as a charity to the Charity Commission and other legal authorities and to its Board of Trustees; To maintain best possible value-for-money and keep costs to a reasonable minimum, ensuring that the greatest possible proportion of resources is channelled to achieving SRI’s vision and mission; To ensure that SRI’s team is safeguarded and its professional development is nurtured, in line with both SRI’s values and its legal obligations; and To ensure that SRI’s few irreplaceable possessions, particularly its iconic rhino costumes, are kept safely and maintained well

• Tasks for 2023-24 include:

• The new CEO will review and develop updated Conservation, Fundraising and Communications strategies for the next three years, translating them into annual calendars, budgets, and workplans, with delegated / timetabled tasks

• Maximising the usefulness of the latest version of Salesforce and related analytics

Page 35 of 53

Save the Rhino IntenFational Report and financial statements for the year ended 37 March 2023 Statement of Trustees, responsibilities Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard$ (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees lo prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity and of the incorning resources and application of resources of the Charity for that period. In preparing these financial stalemenls, the Trustees are required to.. Select suitable accounting policies and then app￿ them consistenlty., Observe the methods and principles in the Charities SORP 2019 IFRS 102}', Make judgments and accounting estimates that are reasonable and prudent,. Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and Prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Tnjstees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial slalemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulation$ 2008 and the provisions of the trust deed. They are also responsible for s8feguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregular(ries. The Trustees are responsible for the Maintenan￿ and integrity of the Charrty and financial information included on the Charity's websrte. Legislation in the United Kingdom governing the preparation and dissemination of financial statements rnay differ frorn legislation in other jurisdictions. ststement as to the legal forni of the Charity Save the Rhino International is an unincorporated charity, registered with the Chartty Commission for England and Wales, as a public benefit enlily. By order of the Board of Trustees George Stephenson Joe Steidl 5 September 2023 5 September 2023 Page 36 of53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Independent auditor’s report to the Trustees of Save the Rhino International (continued)

Independent auditor’s report to the Trustees of Save the Rhino International

Opinion

We have audited the financial statements of Save the Rhino International for the year ended 31 March 2023, which comprise the statement of financial activities, the balance sheet, the 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 Charity’s affairs as at 31 March 2023, and of 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 Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of financial statements section of our report. We are independent of the Charity 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 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 related 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 Charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 37 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Independent auditor’s report to the Trustees of Save the Rhino International (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• The information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

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

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

Responsibilities of the Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 36, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’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 Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 1443 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements 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 not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatement 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 decision of users taken on the basis of these financial statements.

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

• We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience with the client and the sector within which they operate and discussion with management;

• We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items;

• Our procedures included enquiry of management, review of correspondence with legal advisors, HMRC and Charity Commission, and completion of accounts disclosure checklist; and

• We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Page 38 of 53

Save the Rhino Intem8t￿n81 Report 8nd financial statements for the yearended 31 March 2023 Independent auditorfs report to the Tnjstees of Save the Rhino Int8mational (continued) We addfessed the risk of fraud through management override of controls by tesling whether journal entries and other adjustments are considered reasonable and appropriate., assessing whether the judgements made in making accounting estimates are indicative of potential bias." and evaluating the business rationale of any signrficant transactions that are unusual or outside the normal course of business. Because of the inherent limitations (rf an audrt. there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in Ihe financial slalemenls. as we will be less likely to become aware of instances of non-complianc£. The risk is also greater regarding irreguLarities occurring due lo fraud father than error, as fraud involves intentional concealment. forgery, ¢olluston. omission or misrepresentation. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Reporting Councils websrte at.. www.frc.or .uklauditorslaudit- assurancelaudilor-s-res nsibililies-for-the-audil-of-the-fildescri lion-of-Ihe- aUdrt0￿fiE2./080.lo99￿reS onsibilrtie&for This descfiplion forms part of our auditorfs report. U8e of our report This report is made solety lo the Charrty's Trustees, as a body, in accordance with Part 4 of the Char((ies IAccounls and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might state lo the Charity's Trustees those matters we are required to slate lo Ihem in an auditorfs 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 Charity and the Charity's Trustees as a body, for our audit work. for this report. or for the opinions we have formed. Signed.. Date.. ZI QG+G>Lv &Z3 Accountancy Management Services Limiled South Street House Statutory Auditor 51 South Street Accountancy Man8gement Services Limiled Isleworth is eligible lo act as an auditor in temis of Middlesex TW7 7AA section 1212 of the Companies Act 2006 Page 39 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Statement of financial activities, including income and expenditure account

Statement of financial activities, including income and expenditure account

----- Start of picture text -----
Unrestricted Restricted Total Total
Notes Funds Funds 2022-23 2021-22
£ £ £ £
Income from:
Donations and legacies 2 750,781 1,317,939 2,068,720 1,086,032
Charitable activities 3 - 3,195,010 3,195,010 2,225,346
Other trading activities 4 13,818 - 13,818 16,682
Investments 1,929 - 1,929 1,420
Total income 766,528 4,512,949 5,279,477 3,329,480
Expenditure on:
Raising funds 10 547,834 - 547,834 369,288
Charitable activities 5, 15 45,607 4,387,299 4,432,906 2,887,447
Other 4 7,239 - 7,239 8,537
Total expenditure 600,680 4,387,299 4,987,979 3,265,272
Net income/(expenditure) for the year 165,848 125,650 291,498 64,208
Transfers between funds 15 (141,284) 141,284 - -
Net movement in funds for the year 24,564 266,934 291,498 64,208
Reconciliation of Funds
Total funds brought forward 324,490 819,132 1,143,622 1,079,414
Total funds carried forward 349,054 1,086,066 1,435,120 1,143,622
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 43-50 form part of these financial statements.
----- End of picture text -----

Page 40 of 53

Save the Rhino Intemational Report and financial statements for the year ended 31 March 2023 Balance sheet Balance sheet 2022-23 2021_22 Notes FThTD ASSETS Tawible 6xedgssets 2.230.00 10,534.IN) ctIiRENT ASS Stoc Ckbtois Cash atbLkv3 iti tw l2 13 4204.00 5.262.00 1549 595.00 .553.799.00 1 189 185.00 1.194.447.00 PrerAyment5 2ndAceJwed In£omt 93.760.00 194.i28.00 CREDrroRS: APwlOLwfs F.4LLTr4G OINE YEAR 132181 fynd DEferred InCo￿t 14 1254.7791 cifRREYifASSETS I.432.85￿ 00 1.133.088 00 WET ASSETS i 120.00 1143.62Z.00 THE Fi￿Ds OFTHE CF￿Rrry Lkntrithd fiThts Restricted 349.054.00 1.086.066.00 324.490.00 819.132.00 TOTAL CILKRrrYFLTNDS 1435 120.00 l L4J 622.00 Approved by the Trustees on 5 September 2023 and signed on their behalf. George Stephenson Joe Sleidl Page 4f of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Statement of cash flows

Statement of cash flows

----- Start of picture text -----
1 . STATEMENT OF CASH FLOWS 2022-23 2021-22
For the year ended 31 March 2023 £ £
Reconciliation of net movement in funds to net cash flow from operating activities
Net movement in funds 291,498 64,208
Add back depreciation charge 8,304 8,304
(Increase) decrease in stock 1,058 (134)
Decrease (increase) in debtors and prepayments 100,768 22,983
(Decrease) increase in creditors (41,218) (11,286)
Cash used in operating activities 360,410 84,075
Purchase of tangible fixed assets - -
Cash provided by (used in) investing activities - -
Increase (decrease) in cash and cash equivalents in the year 360,410 84,075
Cash and cash equivalents at the beginning of the year 1,189,185 1,105,110
Total cash and cash equivalents at the end of the year 1,549,595 1,189,185
----- End of picture text -----

Page 42 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

Notes to the accounts

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation of uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

b) Preparation of the accounts on a going-concern basis

The financial statements have been prepared on a going-concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

c) Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably.

Grant income and legacies: Grant income from government and other grants, whether capital or revenue, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors that a distribution will be made or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

d) Donated goods and services

Donated goods are recognised as income when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the item by the Charity is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general time of volunteers is not recognised.

Page 43 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Charity. Restricted funds are donations which the donor has specified are to be solely used for specific projects. Designated funds represent amounts set aside by the Trustees for a particular purpose. They form part of the Charity’s unrestricted funds and may be re-allocated.

g) Creditors and provisions for liabilities and charges

A liability is recognised for the amount that the Charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide. A provision is recognised when:

• there is a present obligation at the reporting date as a result of a past event;

• it is probable that a transfer of economic benefit, usually in the form of cash, will be required in settlement; and

• the amount of the settlement can be estimated reliably.

Costs of raising funds comprise the costs of appeals, events, and their associated support costs.

Expenditure on charitable activities includes the costs of field programmes overseas, providing support to the programmes from the UK and educational activities undertaken in the UK to further the purposes of the Charity and their associated support costs.

h) Allocation of support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, and governance costs. These costs have been allocated between costs of raising funds and expenditure on charitable activities. Where costs cannot be directly attributed, they are allocated to activities on the basis of estimated time spent by staff in performing each activity.

i) Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

j) Tangible fixed assets

Individual fixed assets in the UK costing more than £500 are capitalised at cost. Other items are expensed to the Statement of Financial Activities as incurred.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset, less any estimated residual value, evenly over its expected useful life, as follows:

Office equipment and software 20% - 25% straight line per annum

k) Stock

Stock comprises goods for resale and is valued at the lower of cost and net realisable value.

l) Foreign exchange

Transactions denominated in foreign currencies are translated into sterling at the rates ruling at the dates of the transactions. Monetary assets and liabilities in foreign currencies at the balance sheet

Page 44 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

date are translated at the rates ruling at that date. All translation differences are dealt with in the Statement of Financial Activities.

m) Pension costs

Pension contributions are made to defined contribution pension schemes and the charge recorded in these accounts is the amount payable during the year.

n) Value added tax

The Charity is partially exempt for VAT purposes. Income and expenditure are shown net of VAT and the irrecoverable input tax is recognised as an additional cost in the Statement of Financial Activities.

o) Functional and presentation currency

The accounts are presented in pounds sterling and are rounded to the nearest whole number.

p) Key sources of estimation uncertainty and judgement

The preparation of financial statements in conformity with United Kingdom Generally Accepted Accounting Practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of income and expenditure during the reporting period.

----- Start of picture text -----
Unrestricted Restricted Total Total
2. INCOME FROM DONATIONS AND LEGACIES Funds Funds 2022-23 2021-22
£ £ £ £
Donations 418,306 1,073,884 1,492,190 908,006
Memberships 41,029 - 41,029 42,523
Donations from fundraising events 281,756 244,055 525,811 121,781
Gifts in kind (note 6) 9,690 - 9,690 13,722
750,781 1,317,939 2,068,720 1,086,032
Unrestricted Restricted Total Total
3. INCOME FROM CHARITABLE ACTIVITIES Funds Funds 2022-23 2021-22
£ £ £ £
Grants received 3,195,010 3,195,010 2,225,346
Unrestricted Restricted Total Total
4. INCOME AND EXPENDITURE FROM TRADING ACTIVITIES Funds Funds 2022-23 2021-22
£ £ £ £
Sales 13,818 13,818 16,682
Cost of sales (7,239) (7,239) (8,537)
Net profit from trading activities 6,579 - 6,579 8,145
Stock sold by Save the Rhino International includes T-shirts, stickers, badges, cuddly toys, necklaces and cards, usually displaying
Save the Rhino’s logo.
----- End of picture text -----

Page 45 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

----- Start of picture text -----
Unrestricted Restricted Total Total
5. EXPENDITURE ON CHARITABLE ACTIVITIES Funds Funds 2022-23 2021-22
£ £ £ £
Project expenditure - 4,327,991 4,327,991 2,748,381
Project support and education costs (note 10) 45,607 59,308 104,915 139,066
45,607 4,387,299 4,432,906 2,887,447
6 . GIFTS IN KIND 2022-23 2021-22
£ £
Income from donations and legacies includes the following in respect of gifts in kind:
Goods and services for fundraising activities 3,600 132
Services 6,090 13,590
9,690 13,722
The equivalent amounts, included as resources expended under the appropriate categories, are as follows:
Activities for generating funds 3,600 132
Support costs 6,090 13,590
9,690 13,722
7 . GOVERNANCE COSTS 2022-23 2021-22
(included in support costs - note 10) £ £
Auditor's remuneration 1,600 1,600
Legal and professional fees 9,880 18,306
11,480 19,906
8 . NET INCOME / (EXPENDITURE) FOR THE YEAR 2022-23 2021-22
£ £
Net income (expenditure) for the year is stated after charging:
Depreciation 8,304 8,304
Auditor's remuneration 1,600 1,600
Rent charge 43,800 43,800
Loss/(gain) on foreign exchange (55,436) (25,388)
9 . ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES 2022-23 2021-22
£ £
Staff costs incurred during the year:
Wages and salaries 312,638 259,243
Social security costs 27,238 21,096
Pension costs 23,558 22,207
363,434 302,546
The average number of persons employed by the charity during the year was 10.
No. No.
Fund-raising 6 4
Project support 3 2
Management and administration 1 3
10 9
There were no employees who received employee benefits (excluding employer pension costs) of more than £60,000.
The pension contributions were made to defined contribution pension schemes.
Pension costs are allocated to funds and expenditure in accordance with accounting policy 'h'.
Payments due to pension providers at the balance sheet date were £3,087 (2022: £2,506).
None of the Trustees has been paid any remuneration or received any other benefits from an employment with the charity or related entity.
No Trustees' expenses have been incurred.
----- End of picture text -----

Page 46 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

----- Start of picture text -----
10. ANALYSIS OF EXPENDITURE 2022-23 2022-23 2022-23 2022-23 2021-22
Fund- Project support Support costs Total Total
raising & education
£ £ £ £ £
Direct fundraising costs
Marathons 121,129 - - 121,129 27,957
Other events 40,222 - - 40,222 35,093
Newsletter, website development and PR 54,710 - - 54,710 43,440
216,061 - - 216,061 106,490
Personnel costs
Salaries, training and recruitment costs 201,973 102,446 63,597 368,016 308,964
Overseas travel - 7,335 - 7,335 11
Office costs
Rent & rates 31,084 15,767 9,788 56,639 54,853
Office services 2,503 1,270 788 4,561 2,845
Equipment 2,873 1,457 905 5,235 4,540
Telephone & fax [phone],081 1,067
Postage 1,772 899 558 3,229 7,481
Stationery 203 103 64 370 210
Support materials 439 223 138 800 800
Other costs
Travel 332 168 105 605 113
Entertaining 258 131 81 470 280
Legal & professional - - 11,480 11,480 18,306
Bank charges - - 1,358 1,358 1,273
Depreciation 4,557 2,312 1,435 8,304 8,304
Exchange differences - - (55,436) (55,436) (25,388)
Sundries 182 92 57 331 54
Irrecoverable VAT 12,244 6,211 3,855 22,310 18,151
259,013 138,715 38,960 436,688 401,864
Allocation of support costs 72,760 (33,800) (38,960) - -
Totals 547,834 104,915 - 652,749 508,354
----- End of picture text -----

**11. **	TANGIBLE FIXED ASSETS				Office Equipment and software
					£
	Cost
	At 1 April 2022				90,037
	Additions				-
	Disposals				-
	At 31 March 2023				90,037
	Depreciation
	At 1 April 2022				79,503
	Charge foryear				8,304
	Disposals				-
	At 31 March 2023				87,807
	Net Book Value
	At 31 March 2023				2,230
	At 31 March 2022				10,534

Page 47 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

----- Start of picture text -----
1 2. STOCKS 2022-23 2021-22
£ £
Merchandise 4,204 5,262
4,204 5,262
1 3. DEBTORS 2022-23 2021-22
£ £
Uncleared bank deposits 0 0
Other debtors 0 0
0 0
Prepayments and Accrued income
Other debtors -
Prepayments 52,099 44,254
Accrued income 41,661 150,274
93,760 194,528
1 4. CREDITORS : AMOUNTS FALLING DUE 2022-23 2021-22
WITHIN ONE YEAR £ £
Trade creditors -
Taxation and social security costs 3,218 1,108
3,218 1,108
Accruals and deferred income
Accruals for grants payable 71,225
Other accruals 7,365 6,079
Deferred income 132,861 248,700
211,451 254,779
Included in deferred income is deferred income of £132,861 (2021-22: £248,700), of which £131,711 is in relation to events due to take
place in the financial year 2023-24.
----- End of picture text -----

Page 48 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

----- Start of picture text -----
ANALYSIS OF MOVEMENTS IN RESTRICTED As at 1 April Incoming Transfer from Transfer Exchange rate Outgoing As at 31 March
15. FUNDS 2022 resources un-restricted between funds differences resources 2023
£ £ £ £ £ £ £
African Rhino Specialist Group, Africa 5,111 49,179 12,483 0 485 64,946 2,312
Canine unit workshop, Africa 36,500 46,091 91 (12,752) 1,312 17,620 53,622
Indian Rhino Vision 2.0, India 1,690 6,470 18 0 37 8,214 0
Ujung Kulon National Park, Indonesia 1,926 10,598 18 0 160 10,388 2,314
Way Kambas National Park, Indonesia 1,168 5,260 9 0 0 6,211 226
Sumatran Rhino Sanctuary, Indonesia 25,586 23,733 27 0 (101) 33,970 15,275
Association of Private and community Land Rhino Sanc 402,192 1,752,847 2,395 (761,228) 21,890 1,068,217 349,879
Big Life Foundation, Kenya 5 0 0 0 0 0 5
Borana Conservancy, Kenya 8,494 202,430 2,220 178,689 540 392,107 266
Kenya Wildlife Service, Kenya 0 0 148 130,038 0 130,186 0
Lewa Wildlife Conservancy, Kenya 0 73,525 657 188,344 (372) 262,154 0
Northern Rangelands Trust, Kenya 0 0 7 285 0 292 0
Ol Jogi Conservancy, Kenya 17,296 70,861 166 162,440 1,327 243,199 8,891
Ol Pejeta Conservancy, Kenya 0 0 76 42,124 0 42,200 0
Ministry of Environment, Forestry and Tourism, Namib 222,851 236,796 1,095 0 12,968 215,318 258,392
Save the Rhino Trust, Namibia 1,628 116,902 184 0 (319) 113,284 5,111
Hluhluwe-iMfolozi Park, South Africa 3,740 207,965 17,391 0 (315) 191,672 37,109
uMkhuze Game Reserve, South Africa 3,149 131,175 12,677 0 (168) 144,884 1,949
Welgevonden Game Reserve, South Africa 2,974 1,817 0 0 0 0 4,791
Follow-the-money investigation, South Africa 61,958 389,021 3,685 0 (6,478) 446,462 1,724
Rhino Fund Uganda, Uganda 0 0 10,073 0 0 10,073 0
Environmental Investigation Agency, UK 0 10,491 5 0 (281) 10,215 0
Rhino Resource Center, UK 0 0 1,000 0 0 1,000 0
Education for Nature Vietnam 3,460 3,547 0 0 106 0 7,113
TRAFFIC-Viet Nam 10 0 0 0 0 0 10
North Luangwa Conservation Programme, Zambia 17,806 1,146,054 192 12,752 8,934 856,013 329,725
Gonarezhou Conservation Trust, Zimbabwe 1,430 0 14 0 0 1,444 0
Lowveld Rhino Trust, Zimbabwe 158 28,187 36,543 - 385 57,922 7,351
Subtotal 819,132 4,512,949 101,174 - 59,308 40,110 4,327,991 1,086,066
Transfers to fundraising costs - - - 59,308 - 59,308 -
Total 819,132 4,512,949 101,174 - 40,110 4,387,299 1,086,066
The transfer from unrestricted to restricted funds of £141,284 include the exchange differences and the net transfer between these funds is £0.
100% of restricted donations / grants etc. are allocated to the specified beneficiary project or programme.
The transfers from unrestricted funds to restricted are due to the Trustees' having decided to award grants, and due to SRI covering transfer fees from core funds.
Refer to the Trustees' report for more details.
Grants received via the APLRS 'For Rangers' initiative are initially restricted to the APLRS, but are then granted out to a range of beneficiaries, many of which overlap with
SRI's priority programmes, but others of which work with different species or locations.
Similarly, the grant from INL was initially restricted to the APLRS, then granted out to APLRS-51 Degrees, Borana, KWS, Lewa, Ol Jogi & Ol Pejeta.
----- End of picture text -----

~~1~~ 6. DESIGNATED FUNDS

At 31 March 2023, the Trustees had designated £0 of the £349,079 unrestricted general funds to be used for specific field programmes.

~~1~~**7. **	ANALYSIS OF NET ASSETS BETWEEN FUNDS			Unrestricted	Restricted	Total
				£	£	£
	Fixed assets			2,230		2,230
	Current assets inc.prepayments and accrued income			490,268	1,157,291	1,647,559
	Current liabilities inc. accruals and deferred income			(143,444)	(71,225)	(214,669)
				349,054	1,086,066	1,435,120

~~1~~ 8. FINANCIAL COMMITMENTS

At the year-end, formal commitments agreed by the Trustees and subject to specific conditions before payment amounted to £nil.

~~1~~**9. **	COMMITMENTS UNDER OPERATING LEASES	COMMITMENTS UNDER OPERATING LEASES			2022-23	2021-22
					£	£
	As at 31 March 2023,the charityhad non-cancellable operatinglease commitments as follows:
	Due under 1 year				39,420	43,800
	Due in more than 1 year and not later than 5 years				163,691	-
					203,111	43,800

Page 49 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2022 Notes to the accounts (continued)

----- Start of picture text -----
2 0. RELATED PARTIES
The aggregate employee benefits received by CEO Cathy Dean in 2022-23 were £33,391 (2021-22: £33,391).
The CEO and Trustees made donations and merchandise / ticket purchases as follows:
2022-23 2021-22
£ £
Donations:
Cathy Dean (CEO) 13,047 104
Sianne Haldane 180 105
Jim Hearn 11,020 120
Joe Steidl 50 50
Merchandise / ticket purchases:
Cathy Dean (CEO) 320 59
Sianne Haldane 150 61
Jim Hearn - -
Megan Greenwood 440 -
George Stephenson 300 -
----- End of picture text -----

~~2~~ 1. GOVERNMENT GRANT INCOME

In FY 2022-23, Save the Rhino International received £162,374 (2022: £154,220) from the UK Government through the Illegal Wildlife Trade Challenge Fund. This was in support of the Project entitled: "Public-private-partnership investigation into a South African rhino-horntrafficking network’s finances". Post Project-end and FY end (31 March 2023), SRI submitted a final grant report together with independently examined Project accounts.

Page 50 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Comparative figures (2021-22)

Comparative figures (2021-22)

----- Start of picture text -----
Unrestricted Restricted Total Total
Notes Funds Funds 2021-22 2020-21
£ £ £ £
Income from:
Donations and legacies 2 403,266 682,766 1,086,032 562,393
Charitable activities 3 0 2,225,346 2,225,346 3,714,631
Other trading activities 4 16,682 - 16,682 14,819
Investments 1,420 - 1,420 1,709
Total income 421,368 2,908,112 3,329,480 4,293,552
Expenditure on:
Raising funds 10 341,232 28,056 369,288 395,642
Charitable activities 5, 15 139,066 2,748,381 2,887,447 4,503,488
Other 4 8,537 0 8,537 7,455
Total expenditure 488,835 2,776,437 3,265,272 4,906,585
Net income/(expenditure) for the year (67,467) 131,675 64,208 (613,033)
Transfers between funds 15 (56,744) 56,744 0 0
Net movement in funds for the year (124,211) 188,419 64,208 (613,033)
Reconciliation of Funds
Total funds brought forward 448,701 630,713 1,079,414 1,692,447
Total funds carried forward 324,490 819,132 1,143,622 1,079,414
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
----- End of picture text -----

Page 51 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Comparative figures (2021-22)

----- Start of picture text -----
10. ANALYSIS OF EXPENDITURE 2021-22 2021-22 2021-22 2021-22 2020-21
Fund- Project support Support costs Total Total
raising & education
£ £ £ £ £
Direct fundraising costs
Marathons 27,957 0 0 27,957 2,405
Other events 35,093 0 0 35,093 5,178
Newsletter, website development and PR 43,440 0 0 43,440 58,366
106,490 0 0 106,490 65,949
Personnel costs
Salaries, training and recruitment costs 143,798 76,086 89,080 308,964 287,460
Overseas travel 0 11 0 11 208
Office costs
Rent & rates 25,530 13,508 15,815 54,853 52,359
Office services 1,324 701 820 2,845 3,061
Equipment 2,113 1,118 1,309 4,540 584
Telephone & fax [phone],067 1,038
Postage 3,482 1,842 2,157 7,481 5,399
Stationery 98 52 60 210 159
Support materials 372 197 231 800 799
Other costs
Travel 52 28 33 113 0
Entertaining 130 69 81 280 47
Legal & professional 0 0 18,306 18,306 11,111
Bank charges 0 0 1,273 1,273 1,645
Depreciation 3,865 2,045 2,394 8,304 8,304
Exchange differences 0 0 (25,388) (25,388) 101,671
Sundries 26 12 16 54 147
Irrecoverable VAT 8,448 4,470 5,233 18,151 22,498
189,734 100,402 111,728 401,864 496,490
Allocation of support costs 73,064 38,664 (111,728) 0 0
Totals 369,288 139,066 0 508,354 562,439
----- End of picture text -----

Page 52 of 53

Save the Rhino International Report and financial statements for the year ended 31 March 2023 Comparative figures (2021-22)

15.	ANALYSIS OF MOVEMENTS IN RESTRICTED FUNDS	As at 1 April 2021	Incoming resources	Transfer from un-restricted	Transfer between funds	Exchange rate differences	Outgoing resources	As at 31 March 2022
		£	£	£	£	£	£	£
	African Rhino Specialist Group,Africa	28,161	50,956	17,711	0	1,382	93,099	5,111
	Follow-the-moneyinvestigation,Africa	85	170,004	101	0	505	108,737	61,958
	TRAFFIC,China	13	0	0	(13)	0	0	0
	Virunga Foundation,DR Congo	0	0	8	7,577	0	7,585	0
	Indian Rhino Vision 2020,India	0	3,396	0	0	(9)	1,697	1,690
	JRSCA,Indonesia	90	2,329	0	0	42	535	1,926
	Rhino Protection Unitprogramme,Indonesia	85	29,677	27	0	62	28,683	1,168
	Sumatran Rhino Sanctuary,Indonesia	58	37,399	18	0	0	11,889	25,586
	APLRS,Kenya	376,763	922,950	688	(654,324)	10,766	254,651	402,192
	BigLife Foundation,Kenya	5	0	10	1,487	0	1,497	5
	Borana Conservancy,Kenya	2,012	224,989	169	140,819	(308)	359,187	8,494
	Kenya Wildlife Service,Kenya	0	0	1,940	104,871	0	106,811	0
	Lewa Wildlife Conservancy,Kenya	0	83,314	167	184,057	200	267,738	0
	Northern Rangelands Trust,Kenya	0	0	24	7,799	0	7,823	0
	Ol Jogi,Kenya	1,038	150,878	190	143,780	413	279,003	17,296
	Ol Pejeta Conservancy,Kenya	0	0	20	21,259	0	21,279	0
	MEFT,Namibia	74,641	295,097	2,027	0	8,334	157,248	222,851
	Save the Rhino Trust,Namibia	4,268	232,198	8,274	7,309	25	250,446	1,628
	Hluhluwe-iMfolozi Park,South Africa	8,421	184,426	381	0	638	190,126	3,740
	Regional Canine Coordinator,South Africa	34,921	0	0	0	1,675	96	36,500
	uMkhuze Game Reserve,South Africa	21,719	128,892	414	0	(88)	147,788	3,149
	Welgevonden Game Reserve,South Africa	1,714	1,260	0	0	0	0	2,974
	Environmental Investigation Agency,UK	12,545	5,028	5	0	402	17,980	0
	Rhino Resource Center,UK	0	0	1,000	0	0	1,000	0
	Rhino Resource Center,UK	0	0	1,600	0	0	1,600	0
	Education for Nature Vietnam	60	3,374	0	0	26	0	3,460
	TRAFFIC,Vietnam	31,676	80	0	(31,746)	0	0	10
	North Luangwa Conservation Programme,Zambia	30,964	360,432	993	39,069	(3,549)	410,103	17,806
	Wildlife Crime Prevention,Zambia	0	19,571	5	0	0	19,576	0
	Gonarezhou Conservation Trust, Zimbabwe	1,430	0	0	0	0	0	1,430
	Lowveld Rhino Trust, Zimbabwe	44	1,862	471	0	(15)	2,204	158
	Subtotal	630,713	2,908,112	36,243	(28,056)	20,501	2,748,381	819,132
	Transfers to fundraising costs	0	0	0	28,056	0	28,056	0
	Total	630,713	2,908,112	36,243	0	20,501	2,776,437	819,132

Page 53 of 53