2022-03-31-accounts

David Shepherd Wildlife Foundation

Annual Report and Consolidated Financial Statements

31 March 2022

Company Limited by Guarantee Registration Number 04918382 (England and Wales)

Charity Registration Number 1106893

Contents

Reports Reports
Referenceandadministrativedetails Reference and administrative details
ofthecharity,itsTrusteesandadvisers of the charity, its Trustees and advisers	1 1
Trustees'report Trustees’ report	3 3
Independentauditor'sreport Independent auditor’s report	27 27
ConsolidatedFinancialStatements Consolidated Financial Statements
Groupstatementoffinancialactivities Group statement of financial activities	31 31
Balancesheets Balance sheets	33 33
Groupstatementofcashflows Group statement of cash flows	34 34
Principalaccountingpolicies Principal accounting policies	35 35
Notestothefinancialstatements Notes to the financial statements	40 40

Reference and administrative details of the charity, its Trustees and advisers 31 March 2022

Founder and President The late David Shepherd CBE FRSA FRGS Honorary Vice Presidents Mark Carwardine David Gower OBE Simon King OBE Gary Lineker OBE Mandy Shepherd Saba Douglas-Hamilton Trustees Melanie Shepherd (Chair) Nigel Colne CBE (resigned 29 September 2022) Christopher Cowdray Fiona Luck Andre Pienaar (resigned 18 June 2021) Rodney Birrell Andrew Brown Zoe Woods Conservation Advisor Mark Carwardine Senior Management Team Chief Executive - Georgina Lamb Chief Financial Officer – Mary Nugent Chief Operating Officer – Roddy Hamblin Principal address Saba House 7 Kings Road Shalford Surrey GU4 8JU Telephone [phone] Email [e-mail] Website www.davidshepherd.org Registered office One Bartholomew Close London EC1A 7BL Company registration number 04918382 (England and Wales) Charity registration number 1106893

The David Shepherd Wildlife Foundation 1

Reference and administrative details of the charity, its Trustees and advisers 31 March 2022

Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Bankers The Royal Bank of Scotland plc 1 Fleet Street London EC4Y 1BD Solicitors BDB Pitmans LLP One Bartholomew Close London EC1A 7BL Investment managers Evelyn Partners 45 Gresham Street London EC2V 7BG

The David Shepherd Wildlife Foundation 2

Trustees’ report 31 March 2022

The Trustees present their statutory report together with the consolidated financial statements of David Shepherd Wildlife Foundation (DSWF) and its subsidiary, DSWF Trading Company Limited, for the year ended 31 March 2022.

The report has been prepared in accordance with Part 8 of the Charities Act 2011 and equates to a directors’ report for the purpose of company legislation.

The financial statements have been prepared in accordance with the accounting policies on pages 35 to 39 of the attached financial statements and comply with the charitable company’s memorandum and articles of association, applicable laws and the requirements of Statement of Recommended Practice “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 United Kingdom and Republic of Ireland (FRS 102).

Objects, vision and mission

David Shepherd Wildlife Foundation (DSWF) is a highly effective wildlife conservation charity operating across Africa and Asia to end wildlife crime and protect endangered species in their natural habitat. Working from grassroots to the world stage, DSWF adopts a holistic approach to conservation. We put people at the heart of our work and take into consideration the vital importance of communities in the fight to protect the world’s most endangered wildlife.

 Objects

The advancement of the education of adults and children in the importance of the preservation and conservation of endangered species of mammals in the wild and of their habitats for the public benefit; and

The preservation and conservation for the public benefit of rare or endangered species or mammals in the wild and their habitats in any part or parts of the world

• Vision

The Art of Survival: to fight, protect and engage on behalf of endangered wildlife around the world

• Mission

To raise vital funds to support front line conservation projects which help secure a future for wildlife in their natural habitat

To fight wildlife crime through ranger empowerment, law enforcement programmes and influencing international policy

To protect endangered species in their natural habitat and key environmental landscapes

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Objects, vision and mission (continued)

• Mission (continued)

To engage with local communities and international audiences to educate and raise awareness to end wildlife crime.

Since 1984, we have invested over £11.7 million directly into wildlife conservation. Harnessing the power of art, in memory of our Founder, the celebrated wildlife artist and conservationist, David Shepherd, we continue to inform, inspire, and motivate people to join our fight to save wildlife.

By investing in economically and socially vulnerable communities at the heart of the conservation landscape we fund programmes that tackle the drivers of wildlife crime, thereby securing safe spaces for wildlife to thrive. By supporting law enforcement operations, undercover investigations, education, and strategies to alleviate poverty we have a real impact, on key people and places, as we fight to turn the tide on extinction.

DSWF also works in wildlife consumer countries to end the demand for, and trade in, wildlife products and engages in both the national and international policy arena to fight for the toughest possible protectionist policies.

As environmental instability increases, DSWF also aims to mitigate climate change through conservation-based solutions. Climate and ecosystem health is intrinsically linked and the impact of our work, and that which we fund, can have a hugely positive impact on reversing and stabilising negative climate trends.

Through dedication and hard work, we have influenced policy, shifted attitudes, and provided an unwavering voice for wildlife conservation from grassroots to the world stage for nearly four decades.

Governance, structure and management

 Governance

DSWF is a charitable company limited by guarantee. It was incorporated on 1 October 2003 and was registered as a charity on 22 November 2004. With effect from 1 April 2005 the activities, assets and liabilities of another charity (Registration No. 289646) also called David Shepherd Wildlife Foundation and registered under a trust deed on 8 April 1984 were transferred to DSWF.

DSWF understands that good governance is vital to the success of the organisation. The principals of the Charity Governance Code are applied throughout the organisation with the guidance of external advisors.

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Governance, structure and management (continued)

 Trustees

DSWF aims to attract Trustees from many different backgrounds and walks of life with relevant skills who have a genuine interest in conservation and education and who will bring diversity to the role. Trustees are appointed by recommendation and informal interview processing and approval by the full Board. A Trustee skills audit is undertaken regularly and forms the basis of Trustee recruitment.

All Trustees give up their time freely and no Trustee remuneration or reimbursements were paid in the year or in previous years. Trustees are required to disclose all relevant interests and register them with the Chief Executive Officer and, in accordance with DSWF policy, withdraw from decisions where a conflict of interest arises.

New and existing Trustees undertake continuous training in the form of presentations by project staff, regular detailed written reports and updates on statutory issues by legal advisors at least once a year.

The names of the Trustees who served during the financial year and to the date of this report are set out as part of the references and administrative details of this annual report and financial statements and brief biographical details of each current Trustee is given below.

Melanie Shepherd (Chairman) is the daughter of the late David Shepherd and became a Trustee on 1 December 2012 and Chairman on 23 September 2014 following 24 years as Chief Executive of DSWF. She continues her father’s legacy and brings her considerable conservation expertise and a clear insight into fundraising challenges faced by charities to the Board.

Nigel Colne has spent his working career in General Management, previously as an Executive Director of Marks and Spencer plc, a Non-Executive Director of Halifax plc, Chairman of Pizza Express plc and a Non-Executive Director of Woolworths Holdings in South Africa. He has worked and travelled in South Africa for over 30 years. He became a Trustee of the Foundation in 1999 and retired in 2022 after 23 years of valuable service.

Christopher Cowdray joined DSWF as a Trustee in 2007. Chris was appointed Chief Executive Officer of The Dorchester Collection in 2007, having been the General Manager of The Dorchester since 2004 and Managing Director of Claridge’s for the previous 6 years. He started his hotel career in his native Zimbabwe and has extensive international experience in managing luxury hotels.

Fiona Luck was appointed Trustee in September 2014. She is a Council Member of Lloyd's of London and has held various senior Executive positions within the global insurance and reinsurance business ~~.~~ She is a Non-Executive Director of Convex Group Ltd, and HSBC Bermuda Ltd. She is a Scottish chartered accountant.

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Governance, structure and management (continued)

 Trustees (continued)

Andrew Brown was appointed as a Trustee on 8 November 2018. He spent 22 years with a major London law firm, Herbert Smith Freehills, advising companies on employment law. After many trips to Africa on safari and a longstanding desire to help save endangered species, in 2016 he made the move into the conservation sector, supporting a number of NGOs in their campaigns for tougher legislation on the ivory trade in the UK and internationally.

Rodney Birrell was appointed as a Trustee on 8 November 2018. He is Chairman of Troubadour Theatres Limited, the Managing Director and President at Bristol Limited, Bermuda and also serves as the Co-Executive Director of The Wine Investment Fund Limited. He practiced corporate law with an emphasis on mergers and acquisitions at Appleby Spurling & Kempe in Bermuda from 1988 to 1993 where he was involved in the relocation of DHL World Courier’s head office from Hong Kong to Bermuda as Counsel to DHL and was subsequently appointed Chairman of the DHL Board of Directors.

Zoe Woods was appointed as a Trustee on 3 April 2019. She has spent the majority of her career working within the voluntary sector predominantly within fundraising. She has worked for causes including overseas development, ex-services, children’s mobility and medical research.

• Key management personnel

During the financial year the key management personnel in charge of directing, controlling and running the charity on a day-to-day basis comprised the Trustees together with the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer and, for part of the year, the Head of Policy and Programmes.

Pay and remuneration are reviewed as part of the annual budgeting process. The salary rates of key management personnel are approved by the Trustees. The Chief Executive Officer is appraised annually by representatives from the Trustee Board and the senior management team are appraised annually by the Chief Executive Officer and a Board member where appropriate.

• Statement of Trustees’ responsibilities

The Trustees (who are also directors of David Shepherd Wildlife Foundation for the purposes of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the income and expenditure of the group for that period.

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Governance, structure and management (continued)

• Statement of Trustees’ responsibilities (continued) In preparing these financial statements the Trustees are required to:

•  select suitable accounting policies and then apply them consistently;

•  observe the methods and principles in 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 (FRS 102);

•  make judgements and estimates that are reasonable and prudent;

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

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

•  so far as the Trustee is aware, there is no relevant audit information of which the charity’s auditor is unaware; and

•  the Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

 Structure and management reporting

• The day-to-day responsibility for managing DSWF is delegated to its officers under the direction of DSWF’s Chief Executive Officer.

The Trustees review DSWF’s present and forecast levels of cash resource prior to approving any request for funding. All applications for funding conservation projects are made annually by a formal application process and are submitted to Trustees for discussion and approval.

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Governance, structure and management (continued)

• Structure and management reporting (continued)

The senior management team report regularly to the Trustees, both individually and at the meetings of the Trustees which are held every three months. Trustees are provided with materials setting out the matters that are to be discussed at these meetings for consideration prior to the meeting. The Chief Executive Officer will contact Trustees in the interim on important matters should they arise outside of the scheduled meetings.

 Structure of the group

DSWF has one trading subsidiary - DSWF Trading Company Limited. The transactions, assets and liabilities of this company have been consolidated with those of David Shepherd Wildlife Foundation as they are ultimately controlled by the Trustees of the Foundation by virtue of its shareholding.

The principal activity of the trading company is that of trading in the work of David Shepherd and other wildlife artists. Trading is conducted through various events and exhibitions, online sales and the David Shepherd secondary market art sales programme. The trading company is also the vehicle for receiving corporate partnership revenue generated by the fundraising team and sublet income from sublet tenants.

 Risk management

The Trustees have taken all reasonable steps to minimise the foreseeable risks in DSWF’s operations, its investments, finances and reputation. A risk analysis review by the Trustees is carried out formally once a year.

In dealing with the Covid-19 pandemic DSWF took measures to reduce any risk and has now implemented new working guidance for all staff and guidance for project interaction and engagement. DSWF continues to recognise the potential impact and risk to its financial stability and charitable income from the aftermath of the pandemic, the significant increase in the cost of living and the war in Ukraine, and as a result has implemented a number of precautionary financial measures and checks, in consultation with Trustees, to ensure the situation was, and remains, closely monitored.

The systems of internal control that are in place are designed to manage rather than eliminate risk of failure to achieve DSWF’s objectives as well as safeguarding its assets. DSWF’s officers ensure that controls exist over key financial systems. Monthly management financial statements are produced against approved budgets and variances are explained and discussed at Trustee meetings.

Cash flow forecasting is used to ensure liquidity. The investment portfolio is scrutinised by an Investment sub-committee three times a year and an annual meeting is held between the sub-committee and the investment managers.

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Governance, structure and management (continued)

 Risk management (continued)

The risk of reputational loss is minimised by controls over the use of DSWF’s name and logo, management approval of all published materials and professional monitoring of legal and contractual arrangements as felt necessary by Trustees.

Presentations by project Directors are regularly delivered to staff in person or virtually and project Directors present at Trustee meetings when possible. These activities are for the purpose of evaluating all funded projects and activity and are used to determine project funding strategy and to reduce associated risks where they have been recognised.

Project evaluation is also undertaken by scrutiny of project reports which are delivered twice a year under a defined reporting structure, and a stringent scoring process to ensure project activities meet DSWF’s mission and that projects are well managed and sustainable. As part of the grant application process projects are required to confirm and report on their monitoring and control processes including external financial audit procedures, safeguarding policies and procedures and serious incident reporting. The results of the scoring and all annual grant applications are reviewed regularly by DSWF’s Conservation Advisor, Mark Carwardine, and recommendations are presented thereafter to the Trustees.

 Safeguarding

DSWF has safeguarding measures in place for any work with young people in the UK. A new safeguarding policy for all funded work has been introduced which all conservation partners have to acknowledge and must adhere to as a minimum requirement of any ongoing partnership. DSWF recognises that ongoing development and monitoring of safeguarding procedures is required to continue to comply with best practice.

 Public benefit

The Trustees can confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning future activities and grant giving.

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Activities and specific objectives

• Objectives

DSWF focusses on raising funds and awareness for initiatives and activities working to ensure the survival of tigers, elephants, rhinos, painted dogs, pangolins, snow leopards, lions, chimpanzees and other critically endangered mammals. It concentrates on groundbased conservation projects where even limited funding makes a very real impact and difference to the survival of wildlife, their habitat and for the benefit of the Indigenous Peoples and rural communities who share their environment. Emphasis is placed on long term support to allow the projects to become self-sustaining where possible but recognising the need for consistent support which is vital for continuity, impact and social and economic change. Objectives can be summarised as:

 Fighting Wildlife Crime

The illegal trade in wild species represents the third largest class of all illegal trade, with estimated annual values of up to US$19 billion according to recent scientific reports. Acknowledging the scale, professionalism and growth of organised crime and the devastating impact it wreaks on the environment, DSWF remains committed to combatting the illegal wildlife trade. We acknowledge the pivotal role that law enforcement efforts play in the fight to protect the world’s most endangered species and more recently the role wildlife trade plays in human and planetary health, as evidenced by Covid-19. We are committed to funding undercover investigations, from early-stage engagement in the preventative poaching cycle, through to prosecution and improving law enforcement efforts at the source of the illegal wildlife chain.

DSWF adopts a multi-pronged approach to wildlife conservation, focusing on enforcement projects, such as anti-poaching, investigations and ranger training programmes, education and community outreach projects and demand reduction campaigns around the consumptive use of wildlife parts. The Trustees believe this holistic approach, aimed at addressing all levels and aspects of the wildlife crime cycle, will save the endangered species that it focusses on. There are also many wider environmental benefits associated with our work including the protection of vast carbon sinks across Africa and Asia which play a vital role in climate change mitigation. DSWF recognise the growing threat that habitat destruction poses to biodiversity and are proud their activities directly contribute to the protection of wild spaces where our focus species reside.

Strengthening relationships with local stakeholders plays a vital role in species conservation and DSWF is committed to empowering governments, local authorities, and rangers in the fight against wildlife crime.

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Activities and specific objectives (continued)

• Education and Community Engagement DSWF firmly believe that people are at the heart of conservation and that community engagement is essential in ensuring a sustainable future for wildlife. As a result of close relationships with our ground-based conservation partners, significant progress has been made in identifying and reducing the factors that push community members into wildlife crime by addressing issues of poverty alleviation and single economy reliance which often act as the main driver. In an era of mass globalisation and rapid population growth, DSWF believes that human existence and wildlife cannot be separated. We therefore promote sustainable approaches that foster harmonious co-existence between humans and wildlife. By supporting alternative livelihood and financial stabilisation programmes, DSWF continues to mitigate human wildlife conflict and alleviate poaching pressures on socially and economically vulnerable communities.

DSWF firmly believes that the future health of our planet and of all living things rests with today’s youth. Recognising the intrinsic link between education and conservation, DSWF funds educational workshops and engagement initiatives across Africa and Asia bringing people closer to nature, alongside employing an Education Manager and Environmental Educator in the UK.

In 2022, DSWF are developing a new Education Strategy to support children and young people to become effective advocates for wildlife conservation and biodiversity. The strategy will build on the success of the school visit programme, built up over many years, and will continue to use the international children’s Global Canvas art Competition as a tool to educate and inspire young people.

• Influencing International Policy on Wildlife Trade

• Influencing international and national wildlife trade policy continues to be an essential and growing part of DSWF’s remit to fight wildlife crime and ensure the toughest legislative measures are enacted and protectionist policies are implemented.

In this year, DSWF has continued to actively campaign and work to support a total ban on the international trade in ivory, the closure of all domestic ivory markets, an improvement in the management of ivory stockpiles and the endorsement of their destruction, as well as ending the trade in live elephants from the wild. However, because of the Covid-19 pandemic some key meetings have either been cancelled, postponed or held in a virtual format. After successful advocacy efforts ensured that a ban on the export of live elephants taken from the wild was passed at CITES, DSWF now focuses on closing loopholes and ensuring these measures are effectively implemented. As an overall objective, DSWF continues to work to ensure no future discussions on any possible international ivory trade are entertained.

DSWF continues to be a partner to the African Elephant Coalition and has provided technical assistance to the 32 African elephant range state members, at meetings of the Convention for the International Trade in Endangered Species (CITES).

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Activities and specific objectives (continued)

• Influencing International Policy on Wildlife Trade (continued) DSWF also engaged in a number of meetings in and around the Convention on Biological Diversity (CBD). Our work has focused on influencing the wildlife trade targets under the post-2020 Global Biodiversity Framework which will guide the international response to the sustainable trade of wildlife up until 2030.

• Campaigns and Collaboration

DSWF works on various wildlife trade issues, sending expert representatives to international meetings to lobby on topics such as the illegal trade in ivory and compliance and enforcement.

DSWF funds and works with an expert team of environmental lawyers, biologists and economists, including the eminent Dr Roz Reeve, one of the most respected and experienced environmental lawyers in her field. Roz specialises in enforcement and compliance of international treaties and represents DSWF at the highest level of international engagement.

DSWF also co-ordinates a number of NGO collaborative groups aimed at enhancing the power of collective action in the conservation sector.

• Art of Survival

DSWF’s successful ‘Art of Survival’ programme encourages artists, both professional and amateur, from around the world to use their work to help raise funds and awareness for wildlife whilst at the same time offering them a unique platform to showcase their work. The internationally renowned annual Wildlife Artist of the Year competition and exhibition is now in its 15th year and remains a flagship event for DSWF. The 2021 prize giving and exhibition were held virtually for the second year due to pandemic restrictions and consequently new audiences from around the world were welcomed to this event. Entries to the 2021 and 2022 competitions have grown significantly.

The Global Canvas children’s art competition encourages collaboration and creativity to display thought and concern for our planet’s environment. Each year, the competition receives incredible and insightful creative displays from all over the world, with an amazing array of interpretations of the year’s theme.

Activities

To carry out its objectives for the benefit of the public DSWF undertakes the following activities:

•  DSWF raises funds through events, both in person and online, such as art exhibitions, auctions and formal dinners, donations, appeals, corporate sponsorship, trusts and foundations, legacies, adoptions, the annual Wildlife Artist of the Year competition and major donor support;

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Activities (continued)

•  DSWF focuses on donor development, stewardship and communication. The social media reach continues to grow at an encouraging rate with regular activity across all platforms achieving increased engagement success. DSWF is also increasing investment in the production of film as a powerful marketing and messaging tool;

•  DSWF employs specialist in-house and external resource to engage in and influence international policy on wildlife protection;

•  A bi-annual magazine ‘Wildlife Matters’ containing project information, expert opinion pieces, scientific reports and informative environmental reports is produced by DSWF to keep supporters up to date on its work and associated conservation issues. Online E- Newsletters are produced and distributed monthly;

•  DSWF continues to operate an active education programme through virtual and in person school visits, and an annual international children’s art competition and

•  DSWF also benefits from ownership of a trading subsidiary company, DSWF Trading Company, which offers a wide variety of David Shepherd and partner artists’ work.

Conservation

During the year, to fulfil its conservation objectives, DSWF made grants to its projects in Africa and Asia and engaged in the arena of international policy on wildlife protection.

Grants to DSWF’s ground-based conservation partners were as follows:

In Zambia, £201,820 (2021 - £163,616) was granted to Game Rangers International to fund park protection and ranger training programmes in Kafue National Park, a rescue, rehabilitation and release programme for the Elephant Orphanage Project and community outreach and education programmes in the project areas.

DSWF’s support for two Special Anti-Poaching Units continues to be integral in tackling poaching. Increased operational capabilities in the past year have led to an increase in intelligence led, effective and adaptive law enforcement, with a consequent rise in positive results. In total, 4,886 ranger patrol days were conducted in the last year, with a total of 38,575km covered. 69 suspects were apprehended and 12 firearms seized.

The Special Investigations Unit (SIU) has been fully set up in the past year and has been working with great effect and with great results.

The GRI Elephant Orphanage Project was established in response to human-elephant conflict and sees the rescue of orphaned elephants, their rehabilitation through the Nursery site outside Lusaka and their further rehabilitation and ultimate release back in to the wild at Camp Phoenix in Kafue National Park. Supported by DSWF funding, an Aerial Support Unit has been operationalised in the last year. Aerial surveillance over and around the Release Area has vastly increased the ability to provide a secure environment for the release elephants, the wild elephants and other key species.

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Conservation (continued)

The project continues to work to manage and mitigate human-elephant conflict in and around the release area. Progress has been made through a combination of increased law enforcement presence in the area, ongoing community engagement and through the provision of elephant deterrent tools to the communities.

In the past year GRI’s Community Outreach Team established two new Women’s Groups in the communities contiguous to Nkala Game Management Area, with twelve groups now being supported. DSWF support enabled the team to make monthly visits to each of the twelve groups, to provide Empowerment Training and to monitor the Groups’ book-keeping and administration.

DSWF funding helped to empower and equip 50 teachers to become Conservation Club Leaders, where weekly environmental education is provided in an extra-curricular setting. Funding enabled the GRI Education ranger to develop and provide all 50 Conservation Club Leaders with a printed Teacher’s Guide for the 2022 academic year.

DSWF also contributed an additional £20,520 (2021 - £70,000) towards the ongoing development of a new Wildlife Discovery Centre in the Lusaka National Park from funds raised in memory of David Shepherd. The centre is anticipated to become a hub for conservation awareness and engagement, with local schools being invited to conservation education learning experiences. Building work started in early 2021 and the centre was officially opened in August 2022.

Additional funding of £23,874 was provided in the year from the designated Conservation Fund to purchase a dedicated vehicle for transporting local schoolchildren and their teachers to the Wildlife Discovery Centre. There are no public transport links and the majority of schools invited to attend have no funds to hire transport.

In Zimbabwe, £30,000 (2021 - £30,000) was granted to the Painted Dog Conservation Project who work to save a leading population of one of Africa’s most endangered carnivores in and around Hwange National Park. Funding focuses on anti-poaching activities and on supporting the costs of the renowned Children’s Bush Camp programme. The Bush Camp is a well-established residential facility which offers conservation educational activities to local school children where some of the earliest attendees are now returning to the Painted Dog Conservation Project to train as anti-poaching rangers. The pandemic continued to affect the project with a delay to the planned re-opening of the Bush Camp, but the team managed to squeeze all of the targeted schools through the four-day residential programme in just over four months rather than the usual nine months.

As the pandemic caused a collapse in tourism, poaching threats have increased. Community anti-poaching patrols have been extremely successful in providing protection for painted dogs and other wildlife, and also the daily stipend provided to the individuals provided a muchneeded boost to the local economy.

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Conservation (continued)

The data coming from Hwange National Park indicates a stable, viable population of painted dogs in 2021 with 176 adult dogs in 26 packs with an average pack size of 6.6. Four breeding packs were recorded with a total of 31 pups. Populations of the dog’s target prey species - kudu and impala - also remain relatively robust.

In Namibia, £30,000 (2021 - £30,000) was granted to Save the Rhino Trust – funding a rhino monitoring and patrol team in the Kunene and Erongo regions where the largest and only free ranging population of desert adapted black rhino in Africa are being protected. The gradual easing of lock-down measures initiated a busy period for Save the Rhino Trust (SRT) as they began to implement project activities which were delayed because of the global pandemic.

The project had several major successes in the past year. No rhinos were poached in their area of operation and given a global population of black rhinos of only 5,600, this success is hugely significant. Although rainfall remained sparse and patchy, the resilient desert rhinos of Namibia still managed to successfully produce seven new calves and only a few natural mortalities of old rhinos occurred in this period. The best estimate on the population is that levels have stabilised after the decrease in 2020. In further good news, February and March of this year recorded higher than average rainfall across the landscape, seemingly ending the decade long drought cycle.

Seven rangers were directly supported by DSWF this year. The whole team covered an astounding 48,588km kilometres on foot – an all-time record.

In Uganda, £79,989 (2021 - £10,000) was granted to Uganda Conservation Foundation as a continuation of the funding of a joint recovery and protection programme in Murchison Falls National Park. Funding focused on the roll out of a new park communications system, involving the installation of five new radio towers and a digital radio network. 80% of the park is now covered by the communication system, compared to 5% previously, park staff have been trained in the new equipment and the system is linked with EarthRanger.

Funding was also used to equip rangers and scouts with essential field gear and boda boda bikes to enable them to patrol the park and collect the many illegally laid snares.

In Vietnam, China and Nigeria, £20,000 (2021 - £15,000) was granted to WildAid to support a demand reduction and consumer behaviour programme of public service announcements, billboards and printed materials to raise awareness of the consequences of the use of pangolin products in consumer demand countries

As pangolins continue to be connected to the pandemic, WildAid have taken the opportunity to overlap their campaign to end wildlife markets with a pangolin campaign to further educate the public about the pangolin trade, including its dangers to both the animals and people. Additionally, WildAid have continued their effort to recruit support among Traditional Chinese Medicine leaders to lead the charge to end the use of pangolin scales.

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Conservation (continued)

Funding has also supported work in Nigeria, where WildAid are working with state and federal government and other NGOs to address a lack of existing legislation and enforcement on threats to Nigeria’s wildlife, notably pangolin and other high value endangered species, and to further demonstrate the links between wildlife health and human health, which requires a great increase in public awareness.

In Russia, £30,000 (2021 - £30,000) was granted to the Phoenix Fund for the Amur Tiger Project to protect wild Amur tigers through anti-poaching operations, education programmes and community outreach work.

DSWF funding helps support 125 rangers who work in the project’s six protected areas. The introduction and use of SMART has made a positive difference to patrols in the past year.

Despite the pandemic, educational activities have returned to their former level. In the past year, several educational events were carried out in the project’s eco-centre on topics including Amur tiger conservation, and ecological problems, including poaching, illegal logging and forest fires in Amur tiger habitat.

Good progress is being made on the project’s long-term conservation target to retain a stable Amur tiger population in the Russian Far East. There is a stable number of Amur tigers and their prey base in the project area.

Sending grant funding to the project has proved challenging due to financial sanctions in place, but a safe, secure and allowable route has been found. DSWF fully supports the continuation of funding these vital project activities which have no connection with military operations elsewhere.

In India, £55,000 (2021 - £55,000) was granted to Aaranyak – working in key wildlife areas of Assam to protect one of the last strongholds of Indian rhinos, tigers and wild elephant populations. Funding focused on law enforcement activities, ranger equipment and education programmes for those living alongside the rhino and tiger habitats. Funds were also granted for wildlife crime monitoring work including undercover investigations, intelligence gathering and sharing, judicial training to improve conviction rates for wildlife crimes and for the training and running costs of three anti-poaching dogs.

In the year, 40 ‘Rhino and Tiger Goes to School' educational programmes were held around the national parks, engaging with 1,480 children and Frontline Village Defence Patrols were provided with raincoats, torches and boots.

Only one rhino was poached in the year, the lowest number in many decades, which is testament to the success of the project.

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Conservation (continued)

Also in India , through the Wildlife Trust of India, £19,983 (2021 - £20,000) was granted in support of Rapid Action projects to address wildlife crises across the country, Work funded in the year included support to communities living around Gir National Park to deal with the pandemic including covid hygiene kits and hand washing stations, the monitoring and protection of endangered fishing cats in West Bengal and the provision of high powered torchlights to villagers living near Bandhavgarh Tiger Reserve to prevent human/wildlife conflict. Bicycles and solar lights were provided to anti-poaching rangers in Sahyadri Tiger Reserve and brick sheds were provided to poultry farmers in West Bengal to prevent predation by jungle cats.

In Thailand, £39,500 (2021 - £15,000) was granted to Freeland Foundation in support of on-going work to provide sustainable skill development for the rangers in the Eastern Forest Complex area where there is a small but vital tiger population, and other wildlife including pangolins. The Indochinese tiger has been recorded as breeding in the area, highlighting the positive impact of law enforcement efforts and ongoing monitoring and protection. The funding also supports data analysis, tiger monitoring/surveys, the distribution of field equipment to rangers operating in the National Parks in the Dong Phayayen-Khao Yai Forest Complex and education outreach work.

The immense challenges created by the pandemic included strict travel bans which impeded ranger work as well as management activities, school closures which restricted educational activities and the closure of the project administration office in Bangkok. However, Freeland were able to implement almost all activities in the year.

Anti-poaching patrols and SMART monitoring did not record any tiger or pangolin poaching incidents in the year although a significant numbers of snares were removed. Illegal logging continues to cause immense ecological disturbance.

The recording of two new tiger litters, the monitoring of the dispersal of young tigers from previous litters and the recovery of prey species in the parks gives hope for the stability of these small, but vital populations.

Additional funding of £19,500 was allocated to this project in the year from the designated Conservation Fund to enable ranger patrols to continue to work by supporting training, patrol provisioning and ranger equipment at a time when tourism income into the parks had dried up due to the pandemic, and park budgets had been slashed.

In Mongolia, £15,000 (2021 - £15,000) was granted to the Snow Leopard Trust to fund research and population monitoring of snow leopards in the Tost mountains of Mongolia to enable local communities to seek protected area status for any relevant areas identified. Funding was also used for education and community programmes to reduce human-wildlife conflict and diversify incomes, insurance schemes to compensate livestock depredation, predator proof corrals for herders and community ranger support to protect key snow leopard habitats. Delayed by the pandemic, leopard collaring was resumed in April 2022 when researchers could return to the field.

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Trustees’ report 31 March 2022

Conservation (continued)

In Kyrgyzstan, £15,000 (2021 - £15,000) was granted to the Snow Leopard Trust to deliver a robust eco-education program for children in Kyrgyzstan that ties closely with immediate community-based conservation interventions. Funding was also allocated to build predatorproof corrals in key regions surrounding one of Kyrgyzstan’s most important national parks. Whilst the pandemic restricted overnight education stays at the eco camp, day excursions replaced these and much learning continues to be delivered remotely with the development of new downloadable Conservation Education Learning modules.

In Guinea, £19,928 (2021 - £14,658) was granted to the Chimpanzee Conservation Centre . DSWF funding focusses on education and community outreach in the areas around Upper Niger National Park. The project has had a challenging year with the pandemic closing schools and a military coup causing further instability and the cessation of funding and support from many international bodies. However, the education programme successfully restarted and impact monitoring has shown increased awareness in conservation issues and local wildlife.

Additional funding of £6,626 was granted from the designated Conservation Fund to expand community livelihood programmes in apiculture, sewing and gardening to help foster positive human-wildlife co-existence and understanding.

In Vietnam, £20,000 (2021 - £20,000) was granted to Save Vietnam’s Wildlife . DSWF funding focused on securing the Pu Mat National Park in Vietnam as a recovery site for the Critically Endangered Sunda pangolin. This year, DSWF funding supported camera surveillance in villages at the park entrance to apprehend poachers, advocacy programmes with the central government to support wildlife law and enforcement and the training and equipping of anti-poaching teams to disincentivise poaching in the park.

An increase in violations has been recorded, possibly due to the pandemic enforcing the return of local people to rural areas, but also due to an increase in patrol and monitoring activities. Joint patrols between Save Vietnam’s Wildlife rangers, the border army and local forestry and park rangers have apprehended 171 poachers, removed 1,900 traps and dismantled 176 poacher camps.

In Kenya, £20,000 (2021 - £10,000) was granted to The Pangolin Project to fund work with community and Kenyan Wildlife Service rangers across the greater Mara ecosystem to enhance pangolin protection. Funding continues to be allocated to the growing Community Based Pangolin Ambassador programme which trains communities to lead on the monitoring and protection of pangolin in their area.

As the project grows, recorded sightings from camera traps and observations have increased. Areas are being identified with the highest density of pangolin and protection measures are focussed accordingly.

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Trustees’ report 31 March 2022

Conservation (continued)

Funding for Global Investigations and Policy work was as follows:

£10,000 (2021 - £10,000) was granted to the Environmental Investigation Agency for undercover investigations into the trans-Himalayan trade in Asian big cats. Funds were deployed to establish and dismantle criminal networks involved in trafficking of Asian big cat parts and derivatives headed for the Asian consumer markets. Covid travel restrictions continued to delay field based activities until early 2022, but digital investigation and monitoring methods have allowed critical investigative and advocacy work to continue.

Also to the Environmental Investigation Agency , £40,590 (2021 - £10,000) was granted to support investigation work on the illegal transnational trade in pangolins in East, Central and West Africa. Effective intelligence gathering and dissemination to enforcement agencies is disrupting trafficking networks and supply chains. Training on the illegal wildlife trade for local government agencies has now resumed and awareness raising on pangolin trafficking has been undertaken via press releases, blogs and published reports.

£30,000 (2021 – £30,000) was granted to support wildlife trade policy and advocacy work undertaken by a team of experts. Work involves inputs into two key UN Frameworks – Convention on the International Trade in Endangered Species ( CITES) and Convention on Biological Diversity ( CBD) .

In the CITES arena DSWF are working to highlight the link between domestic ivory markets and the killing of elephants and on the banning of the live trade in elephants.

In the CBD arena, DSWF have initiated collaboration with other NGOs to express concern around wildlife trade targets push for stronger wording in the Post 2020 Global Diversity Framework around the links between wildlife trade, species loss and global health,

Education

Education remains at the heart of DSWF’s work, with an aspiration to take a greater responsibility to educate and inspire people of all ages and across the UK and funded conservation areas in the issues facing endangered wildlife.

In the UK, an education programme for young people works within schools to enable understanding of conservation issues. Species and project information for teachers and pupils is also available through the website and through an annual international children’s Global Canvas Art competition. This initiative in early 2022 was themed ‘Forests of Land and Sea’, attracting 111 group and 705 individual entrants from 54 different countries and culminating in a virtual prize giving ceremony and conservation presentations.

DSWF’s in person UK education work was seriously curtailed by school closures but the development of a virtual programme has proved popular with schools through its exciting and informative activities. In project areas, combining education programmes with dedicated antipoaching and community outreach programmes provides a vital holistic response to the issues facing endangered wildlife and the people who share their landscapes.

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Trustees’ report 31 March 2022

Education (continued)

A new education strategy is under development which is taking an innovative and bold approach to the challenge of equipping young people around the world with the tools to protect the natural environment. This is being launched in 2022.

A bi-annual magazine ‘Wildlife Matters’ is produced by DSWF to keep supporters up to date on project news and conservation issues.

Fundraising

DSWF’s strategic fundraising plan concentrates on donor cultivation and development whilst using its unique links to the art world for fundraising purposes.

Whilst the pandemic presented unprecedented challenges, particularly around in person fundraising activities, total income was maintained and lessons were learned on flexibility around redesigned activities. It is recognised that the cost of living crisis and squeeze on household budgets will impact fundraising.

In the year, for every £1 we received we spent 10p on direct fundraising plus another 12p on allocated support costs (covering a percentage of our staff time, premises expenses, governance costs and general overheads to allow us to ensure the maximum impact of our fundraising efforts). As we currently do not receive any government funding, we also need to invest in communicating the work of DSWF to existing and potential donors and putting on fundraising events, of which much of the costs are fully sponsored. This investment in fundraising is crucial to the long-term stability and resilience of DSWF and allows us to grow our vital conservation work.

DSWF does not employ external fundraising agencies to raise funds other than buying in auction technology at events and the use of selected online fundraising platforms. Fundraising activities carried out by DSWF staff and Ambassadors are monitored and must comply with DSWF’s fundraising policy, GDPR regulations and with the Code of Practice of the Fundraising Regulator, with which DSWF is registered.

No complaints have been received about its fundraising activities during the year or in previous years. If any such complaint was made it would be dealt with by a senior member of staff.

During the year DSWF undertook a variety of fundraising events and activities:

•  The Wildlife Ball returned to The Dorchester in March 2022 and raised £179,000 (2021 - £102,000 at a virtual event);

•  Participation in the postponed virtual Virgin London Marathon raised £15,000 (2021 - £8,000);

•  The Wildlife Artist of the Year competition raised income of £67,000 (2021 - £65,000) in entries, donations and sponsorship and £47,000 (2021 - £36,000) from the online exhibition and sales in June 2021;

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Trustees’ report 31 March 2022

Fundraising (continued)

•  Legacy income of £142,590 was recognised in the year (2021 - £557,400);

•  Fundraising from individual donors, including appeals and an active major donor programme, school and community fundraising, membership programme and animal adoptions raised £516,000 (2021 - £319,000), Trust and Foundation income was £404,000 (2021 - £242,000) and income raised from corporate donations totalled £28,000 (2021 - £64,000); and

•  DSWF received gifts in kind in the year of £40,000 (2021 – nil) relating to the costs of the Wildlife Ball event.

DSWF also undertakes fundraising activities where time and resource are given that directly benefits the projects DSWF supports ‘in country’ but that do not result in income arising within or through DSWF itself.

DSWF Trading Company continued to trade in David Shepherd and other wildlife artist original paintings, prints, sculpture and other merchandise. The company continues to also provide artist liaison and support for DSWF fundraising activities. The results of the company are consolidated into the financial statements of DSWF. The turnover in the year was £102,126 (2021 - £141,342) with a gross profit of £88,033 (2021 - £92,291).

Financial report for the year

Results for the year

A summary of the year’s results is given on page 31 of the financial statements.

Total income for 2022 was £1,608,497 (2021 - £1,550,576). After deducting the cost of raising funds of £356,939 (2021 - £353,558), the net income available for charitable application amounted to £1,251,558 (2021 - £1,197,018).

The net income, together with reserves brought forward, funded conservation activities of £891,518 (2021 - £699,767) and education activities of £221,395 (2021 - £163,691).

DSWF’s trading subsidiary, DSWF Trading Company Limited, continued to generate funds by the sale of prints, books, sculptures and other artefacts associated with the work of David Shepherd and other wildlife artists.

DSWF Trading Company made a net loss of £927 (2021 – £18,662) in the year after making a gift aid donation to DSWF of £33,942.

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Trustees’ report 31 March 2022

Financial report for the year (continued)

Reserves policy

Total reserves as at 31 March 2022 amounted to £1,499,452 (2021 - £1,336,137). Restricted funds as at 31 March 2022 were £93,944 (2021 - £116,199). Restricted funds represent unexpended balances of donations and grants to be applied for specific purposes. The endowment fund at 31 March 2022 totalled £712,867 (2021 - £682,979). In the year, £50,000 (2021 - £nil) was transferred out the designated Conservation Fund for the purpose of funding additional conservation grant spending to react to emergency and critical situations.

The trustees have examined the DSWF’s requirements for reserves in light of the main risks to DSWF. These considerations have been updated to take account of the impact of the pandemic on the charity’s ability to raise funds. The trustees have established a reserves policy to protect DSWF and its long-term charitable giving programme by providing time to adjust to changing financial circumstances. The Trustees are of the opinion that the operation of the reserves policy provides sufficient flexibility to cover temporary shortfalls in income due to timing differences in income flows, provide adequate working capital to cover core costs and will allow the charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented. It is the policy of the Trustees that reserves held by DSWF should at least total the sum of all restricted funds not yet distributed and certain unrestricted funds. Free reserves held should be sufficient to cover DSWF forecast core costs for a minimum of four to six months, plus an amount to cover all cessation expenses for a further maximum six-month period in the event of the charity being wound up. This is currently calculated as £350,000.

The Trustees consider that at 31 March 2022, the level of free reserves of £592,641, as represented by the unrestricted general fund and non-charitable trading fund, is in line with the reserves policy (2021 - £386,959).

The trustees have agreed that it would be in the best interests of the Foundation to continue to build up an expendable endowment fund to support its future grant making activities and provide the Foundation with an asset base to allow for its long term sustainability. Movements on the endowment fund are generated from donations of cash together with changes in the market value of the underlying investment portfolio and gains or losses realised on sale. The revaluation of the portfolio at 31 March 2022 resulted in a valuation gain of £20,552, and consequently an increase in the value of the endowment fund. No transfers were made to the investment fund in the year.

DSWF uses the expendable endowment fund to invest in listed investments. The principal purpose of this investment fund is to meet DSWF’s mission by protecting the cost of DSWF’s core conservation work into the future. The value of the Fund is aligned with the cost of core annual grant giving plus 10% to take account of fluctuations in the value of the investments representing the fund. It is hoped that ultimately the fund will become large enough to supply a stream of income to increase the sum available for grant giving.

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Trustees’ report 31 March 2022

Financial report for the year (continued)

Reserves policy (continued)

At 31 March 2022 the expendable endowment was £712,867 (2021 - £682,979). The trustees intend to continue to grow the fund further, however, in the event that the trustees find themselves unable to meet DSWF’s commitments from unrestricted funds, they will draw on the expendable endowment to meet those commitments as they see fit.

The reserves policy is reviewed annually to reassess the risks and reflect changes to the DSWF’s income, capital, financial obligations and long-term plans for charitable expenditure.

Investment performance

Evelyn Partners (previously Smith & Williamson Investment Managers LLP) manages DSWF’s investments. During the year the overall market value increased by £106,000 of which £77,000 was due to a reduction of cash held within the portfolio. Unrealised gains on the revaluation of the investments amounted to £20,522. At 31 March 2022, DSWF had listed investments with a market value of £659,670 and, at that date, a further £36,324 was held as cash.

Investment income on those listed investments was £10,317 (2021 - £8,520).

DSWF’s investment portfolio is monitored on a regular basis by the investment sub - committee which is made up of three Trustees, the Chief Executive, Chief Financial Officer and Chief Operating Officer to ensure that its value is appropriately aligned with the investment policy.

Plans for future periods

Plans for future periods

DSWF has embarked on a new strategic plan which is based on the three pillars of Conservation, Education and Art, all underpinned by a growth in fundraising activity. Healthy reserves due to successful fundraising and tight financial management have put DSWF in a position to embark on a growth strategy for the benefit of its charitable objectives.

With a growing focus on planetary health and increased awareness of environmental issues we feel we are well placed to see higher rates of engagement and interaction with our work to protect wildlife and the natural world.

With the worst of the pandemic behind us we have developed flexible working practices whilst ensuring in-person interaction between our staff team and external stakeholders. The Trustees and senior management team are fully committed to innovation and embracing changes in order to maximise new opportunities and to adapt to an increasingly virtual world.

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Trustees’ report 31 March 2022

Plans for future periods (continued)

Conservation

DSWF intends to continue to focus on the long-term support of vital and innovative conservation projects protecting key populations of endangered mammals across Africa and Asia. The world’s eyes have never been more focused on the future health of the planet and ecosystem stability and recovery, providing new opportunities to engage a greater number of individuals and sectors in conservation issues. Greater collaboration is still required and will be sought to tackle the illegal wildlife trade and to address wildlife crime.

Where funds are available DSWF will continue to react to specific conservation crises including new or increased threats to species survival, as well as requests for emergency funding from current projects. We are witnessing an increased strain on our ground-based partners who are operating in economically and socially vulnerable locations but valiantly continue their work in increasingly difficult conditions.

DSWF also intends to continue to build on its work in the international policy and legislation arena and will continue to advocate and fight for the greatest legal protection for endangered species.

All applications for funding must continue to meet DSWF’s stringent funding criteria as well as additional assurances of adequate safeguarding policies and protocols.

DSWF are also adapting to and closely monitoring the changing threats to wildlife and the impacts of climate change, and are working to support mitigation solutions through our ground-based partners. Whilst poaching continues to be a major threat to species survival, growing pressure from habitat loss and competition for land use due to human-based activities are swiftly becoming the major driver of biodiversity loss. This makes our work to protect wildlife in their natural habitats and landscapes more important than ever.

Education

The development of the education programme is a key strategy for 2022 and beyond. The strategy will build on the current successful primary school offering but will extend into a programme that builds capacity and empowerment in young people around the world to become effective advocates for wildlife conservation and biodiversity through improved oral literacy and engagement.

DSWF recognises and embraces the need for more interactive and virtual learning which has been embraced by many of our partners and collaborators.

An expansion in the reach, partnership and exposure of our children’s art competition, Global Canvas, and the new youth music competition, Breathing World, are also planned.

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Trustees’ report 31 March 2022

Plans for future periods (continued)

Art

As the third strategic pillar, art is at the heart of DSWF and our heritage, and is to be developed further to support fundraising, campaign and awareness activities. Sponsorship and partnership opportunities for our flagship event ‘Wildlife Artist of the Year’ are also to be extended to return the competition to an in-person exhibition and to provide support for artists who may struggle financially to gain access to the competition.

DSWF are also embarking on a series of exciting new art related events and partnerships including with wildlife photography.

Fundraising

All activities in the new strategy require fundraising support and, based on experience of where funds are most likely to be generated in the current climate, the growth is planned around a portfolio of fundraising activity and is focused on significant growth in grants from trusts and foundations and commercial partnerships. However, we recognise the need for flexibility in the current uncertain climate and know that while some opportunities may be temporarily or permanently closed off, others have and will arise.

A full calendar of events takes place each year, with a strategic focus on those cultivating new audiences in new locations for both individual and corporate support, which thanks to virtual technology is proving fruitful.

Volunteers

Being a small charity, DSWF relies heavily on the advice of wildlife experts around the world. DSWF is also extremely grateful for the willingness of volunteers to help with numerous tasks, such as office administration and help with the active events programme throughout the year.

We would like to take this opportunity to thank all of our volunteers who contribute so much to our success.

Employees

David Shepherd Wildlife Foundation is an equal opportunities employer and applies objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability.

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Independent auditor’s report 31 March 2022

Independent auditor’s report to the members of The David Shepherd Wildlife Foundation

Opinion

We have audited the financial statements of The David Shepherd Wildlife Foundation (the ‘charitable parent company’) and its subsidiary (the ‘group’) for the year ended 31 March 2022 which the comprise the group statement of financial activities, the group and charitable parent company balance sheets, the group statement of cash flows, the principal accounting policies and the notes to the financial statements. 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 group’s and of the charitable parent company’s affairs as at 31 March 2022 and of the group’s income and expenditure for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts 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 group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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.

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Independent auditor’s report 31 March 2022

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

•  the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•  the trustees’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

•  the charitable parent company financial statements are not in agreement with the accounting records and returns; or

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

•  we have not received all the information and explanations we require for our audit; or

•  the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

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Independent auditor’s report 31 March 2022

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, 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 group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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 obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are the Charities SORP FRS 102, the Charities Act 2011, employment legislation, Health & Safety regulations and Data Protection regulations.

•  We understood how the charity is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal, compliance and governance procedures. We corroborated our inquiries through our review of minutes from trustee meetings and papers provided to the trustees.

We assessed the susceptibility of the charity’s financial statements to material misstatements, including how fraud might occur. Audit procedures performed by the engagement team included:

•  Identifying and assessing the design and implementation of controls in place to prevent and detect fraud;

•  Challenging assumptions and judgments made by management and the trustees in its significant accounting estimates;

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Independent auditor’s report 31 March 2022

• Auditor’s responsibilities for the audit of the financial statements (continued)

•  Identifying and testing journal entries, in particular adjustments made at the year-end for financial statement preparation; and

•  Assessing the extent of compliance with relevant laws and regulations by reviewing correspondence with regulators and legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

31 October 2022

Hugh Swainson (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

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Group statement of financial activities Year to 31 March 2022 (Including income and expenditure account)

gincomeandexpenditureaccount) g income and expenditure account)
Notes Notes	Unrestricted fund -trading £ Unrestricted fund - trading £	Unrestricted fund charity £ Unrestricted fund charity £	Restricted funds £ Restricted funds £	Expendable endowment fund £ Expendable endowment fund £	2022 Total funds £ 2022 Total funds £
Incomefrom: Donationsandlegacies 1 Othertradingactivities 2 Investmentincome Otherincome Totalincome Expenditureonraisingfunds: 3 .Tradingcompanycosts .Other Netincomeavailableforcharitableapplication Charitableactivities .Conservation 4 .Education 5 Totalexpenditure Netincome(expenditure)fortheyearbefore gainsoninvestments 8 Netinvestmentgains 13 Netincome(expenditure) Transfersbetweenfunds 18/19 Netincome(expenditure)andnetmovementin fundsfortheyear Reconciliationoffunds: Balancesat1April2021 Balancesat31March2022 Income from: Donations and legacies 1 Other trading activities 2 Investment income Other income Total income Expenditure on raising funds: 3 . Trading company costs . Other Net income available for charitable application Charitable activities . Conservation 4 . Education 5 Total expenditure Net income (expenditure) for the year before gains on investments 8 Net investment gains 13 Net income (expenditure) Transfers between funds 18/19 Net income (expenditure) and net movement in funds for the year Reconciliation of funds: Balances at 1 April 2021 Balances at 31 March 2022	- 102,128 - - — 102,128 — —	488,592 331,481 67 2,925 488,592 331,481 67 2,925	643,632 29,625 - - 643,632 29,625 — —	- - 10,317 - — — 10,317 —	1,131,954 463,234 10,384 2,925 1,131,954 463,234 10,384 2,925
	102,128 102,128	823,065 823,065	672,987 672,987	10,317 10,317	1,608,497 1,608,497
	33,590 - 33,590 —	- 222,675 — 222,675	- 98,900 — 98,900	- 1,774 — 1,774	33,590 323,349 33,590 323,349
	33,590 33,590	222,675 222,675	98,900 98,900	1,774 1,774	356,939 356,939
	68,538 68,538	600,390 600,390	574,087 574,087	8,543 8,543	1,251,558 1,251,558
	11,050 18,467 11,050 18,467	300,286 191,079 300,286 191,079	578,938 9,768 578,938 9,768	1,244 2,081 1,244 2,081	891,518 221,395 891,518 221,395
	29,517 29,517	491,365 491,365	588,706 588,706	3,325 3,325	1,112,913 1,112,913
	63,107 63,107	714,040 714,040	687,606 687,606	5,099 5,099	1,469,852 1,469,852
	39,021 39,021 —	109,025 109,025 —	(14,619) (14,619) —	5,218 24,670 5,218 24,670	138,645 24,670 138,645 24,670
	39,021 (33,942) 39,021 (33,942)	109,025 41,578 109,025 41,578	(14,619) (7,636) (14,619) (7,636)	29,888 29,888 —	163,315 163,315 —
	5,079 116,457 5,079 116,457	150,603 420,502 150,603 420,502	(22,255) 116,199 (22,255) 116,199	29,888 682,979 29,888 682,979	163,315 1,336,137 163,315 1,336,137
	121,536 121,536	571,105 571,105	93,944 93,944	712,867 712,867	1,499,452 1,499,452

All activities are derived from continuing operations during the above two financial periods.

The David Shepherd Wildlife Foundation 31

Group statement of financial activities Year to 31 March 2021 (Including income and expenditure account)

gincomeandexpenditureaccount) g income and expenditure account)
Notes Notes	Unrestricted fund -trading £ Unrestricted fund - trading £	Unrestricted fund charity £ Unrestricted fund charity £	Restricted funds £ Restricted funds £	Expendable endowment fund £ Expendable endowment fund £	2021 Total funds £ 2021 Total funds £
Incomefrom: Donationsandlegacies 1 Othertradingactivities 2 Investmentincome Otherincome Totalincome Expenditureonraisingfunds: 3 .Tradingcompanycosts .Other Netincomeavailableforcharitableapplication Charitableactivities .Conservation 4 .Education 5 Totalexpenditure Netincome(expenditure)fortheyearbeforegains oninvestments 8 Netinvestmentgains 13 Netincome(expenditure) Transfersbetweenfunds 18/19 Netincome(expenditure)andnetmovementin fundsfortheyear Reconciliationoffunds: Balancesat1April2020 Balancesat31March2021 Income from: Donations and legacies 1 Other trading activities 2 Investment income Other income Total income Expenditure on raising funds: 3 . Trading company costs . Other Net income available for charitable application Charitable activities . Conservation 4 . Education 5 Total expenditure Net income (expenditure) for the year before gains on investments 8 Net investment gains 13 Net income (expenditure) Transfers between funds 18/19 Net income (expenditure) and net movement in funds for the year Reconciliation of funds: Balances at 1 April 2020 Balances at 31 March 2021	- 141,375 - - — 141,375 — —	861,729 196,215 96 409 861,729 196,215 96 409	320,658 21,844 - - 320,658 21,844 — —	- - 8,250 - — — 8,250 —	1,182,387 359,434 8,346 409 1,182,387 359,434 8,346 409
	141,375 141,375	1,058,449 1,058,449	342,502 342,502	8,250 8,250	1,550,576 1,550,576
	70,923 - 70,923 —	- 270,352 — 270,352	- 10,406 — 10,406	- 1,877 — 1,877	70,923 282,635 70,923 282,635
	70,923 70,923	270,352 270,352	10,406 10,406	1,877 1,877	353,558 353,558
	70,452 70,452	788,097 788,097	332,096 332,096	6,373 6,373	1,197,018 1,197,018
	9,746 12,044 9,746 12,044	276,004 128,747 276,004 128,747	413,030 21,900 413,030 21,900	987 1,000 987 1,000	699,767 163,691 699,767 163,691
	21,790 21,790	404,751 404,751	434,930 434,930	1,987 1,987	863,458 863,458
	92,713 92,713	675,103 675,103	445,336 445,336	3,864 3,864	1,217,016 1,217,016
	48,662 - 48,662 —	383,346 - 383,346 —	(102,834) - (102,834) —	4,386 103,568 4,386 103,568	333,560 103,568 333,560 103,568
	48,662 (30,000) 48,662 (30,000)	383,346 (70,000) 383,346 (70,000)	(102,834) - (102,834) —	107,954 100,000 107,954 100,000	437,128 - 437,128 —
	18,662 97,795 18,662 97,795	313,346 107,156 313,346 107,156	(102,834) 219,033 (102,834) 219,033	207,954 475,025 207,954 475,025	437,128 899,009 437,128 899,009
	116,457 116,457	420,502 420,502	116,199 116,199	682,979 682,979	1,336,137 1,336,137

The David Shepherd Wildlife Foundation 32

		Group	Group	Charity	Charity
		2022	2021	2022	2021
	Notes	£	£	£	£
Fixedassets
Tangiblefixedassets	11	11,288	9,906	8,363	5,739
Investmentingroupundertaking	12	-		100	100
Investments	13	695,994	666,910	695,994	666,910
		707,282	676,816	704,457	672,749
Currentassets
Stock	14	6,474	6,684
Debtors	15	71,826	146,526	82,518	173,852
Cashatbankandinhand		803,610	614,807	673,447	452,410
		881,910	768,017	755,965	626,262
Creditors:amountsfallingdue
withinoneyear	16	(89,740)	(108,696)	(71,218)	(74,050)
Netcurrentassets		792,170	659,321	684,747	552,212
Totalnetassets		1,499,452	1,336,137	1,389,204	1,224,961
Thefundsofthecharity
Restrictedfunds	18	93,944	116,199	93,944	116,199
Unrestrictedfunds
.Generalfund		437,163	270,502	482,393	275,783
.Designatedfund		100,000	150,000	100,000	150,000
.Non-charitabletradingfunds		155,478	116,457	-	-
Expendableendowmentfund	19	712,867	682,979	712,867	682,979
Totalfunds	20	1,499,452	1,336,137	1,389,204	1,224,961

Group statement of cash flows 31 March 2022

Notes Notes	2022 £ 2022 £	2021 £ 2021 £
Cashflowsfromoperatingactivities: Netcashprovidedby(usedin)operatingactivities A Cashflowsfrominvestingactivities: Investmentincome Purchaseoftangiblefixedassets Purchaseofinvestments Proceedsfromdisposalofinvestments Netcashusedininvestingactivities Changeincashandcashequivalentsintheyear Cashandcashequivalentsat1April2021 B Cashandcashequivalentsat31March2022 B Cash flows from operating activities: Net cash provided by (used in) operating activities A Cash flows from investing activities: Investment income Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investments Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 April 2021 B Cash and cash equivalents at 31 March 2022 B	192,186 192,186	353,009 353,009
	10,384 (9,353) (181,870) 100,775 10,384 (9,353) (181,870) 100,775	8,346 (5,199) (87,870) 90,354 8,346 (5,199) (87,870) 90,354
	(80,064) **(80,064) **	5,631 5,631
	112,122 727,812 112,122 727,812	358,640 369,172 358,640 369,172
	839,934 839,934	727,812 727,812

Notes to the statement of cash flows for the year to 31 March 2022. A Reconciliation of net movement in funds to net cash provided by (used in) operating activities

activities activities
	2022 £ 2022 £	2021 £ 2021 £
Netmovementinfunds(asperthestatementoffinancialactivities) Adjustmentsfor: Depreciationcharge Lossondisposaloffixedassets (Gains)lossesoninvestments Investmentincome Decreaseinstocks Decrease(increase)indebtors Increaseincreditors Netcashprovidedby (usedin) operating activities Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge Loss on disposal of fixed assets (Gains) losses on investments Investment income Decrease in stocks Decrease (increase) in debtors Increase in creditors Net cashprovided by (used in) operating activities	163,315 6,273 1,698 (24,670) (10,384) 210 74,700 (18,956) 163,315 6,273 1,698 (24,670) (10,384) 210 74,700 (18,956)	437,128 5,982 51 (103,568) (8,346) 2,304 (25,831) 45,289 437,128 5,982 51 (103,568) (8,346) 2,304 (25,831) 45,289
	192,186 192,186	353,009 353,009

B B	Analysisofcashandcashequivalents Analysis of cash and cash equivalents	2022 £ 2022 £	2021 £ 2021 £
	Cashatbankandinhand Cashheldbyinvestmentmanager Totalcashandcashequivalents Cash at bank and in hand Cash held by investment manager Total cash and cash equivalents	803,610 36,324 803,610 36,324	614,807 113,005 614,807 113,005
		839,934 839,934	727,812 727,812

David Shepherd Wildlife Foundation does not have any borrowings or lease obligations. Net debt consists therefore of the cash at bank and in hand.

The David Shepherd Wildlife Foundation 34

Principal accounting policies 31 March 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 March 2022.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of David Shepherd Wildlife Foundation (DSWF) and its trading subsidiary made up to the balance sheet date.

DSWF has taken advantage of Section 408 of the Companies Act 2006 and not included its own statement of financial activities in these financial statements. The parent’s net income for the year was £158,236 (2021 – £418,466).

Critical accounting estimates and areas of judgement

The preparation of financial statements requires the use of certain critical accounting estimates and judgements. It also requires the Trustees’ to exercise judgement in the process of applying accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including an expectation of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees’ best knowledge of the amount, event or actions, actual results may differ from those estimates.

The Trustees’ do not consider that there are any sources of estimation uncertainty or key judgements made in the preparation of the financial statements.

The David Shepherd Wildlife Foundation 35

Principal accounting policies 31 March 2022

Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. Forming part of that assessment was a consideration of the potential future challenges posed by Covid-19 and by the economic downturn and cost of living challenges, specifically the potential impact it may have on DSWF’s future income. In addition, the trustees recognised that the charity’s financial position at the 31 March 2022 was very healthy, with £1,500,000 of cash and liquid assets available to meet commitments and liabilities over the ensuing year and does not have any exposure to outstanding project commitments. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern and that the charity will have sufficient resources to meet its liabilities as they fall due.

Income

Income is recognised in the period in which the group or charity is entitled to receipt and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the group or charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises donations, legacies, income from trading activities (including events and exhibitions), interest receivable, other trading activities and miscellaneous income.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. 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 executor to the charity 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, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

The David Shepherd Wildlife Foundation 36

Principal accounting policies 31 March 2022

Income (continued)

In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity.

Income from trading activities is recognised to the extent that it is probable that the economic benefits will flow to the group or charity and the income can be reliably measured. They are measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Interest on funds held on deposit and interest on loans and investments are included when receivable and the amount can be measured reliably by the charity.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and is classified as follows:

•  Expenditure on raising funds include the salaries, direct costs and overheads associated with generating donated income as well as the costs of the trading activities.

•  Expenditure on charitable activities comprises expenditure on the charity’s primary charitable purposes as described in the Trustees’ report. The costs for each activity include grants payable, other direct costs and support costs, which are apportioned on the level of activity in each area.

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the grant and has satisfied all related conditions. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the notes to the financial statements.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs and governance costs are apportioned using percentages based on the time spent on the activities by the employees of the charity.

The David Shepherd Wildlife Foundation 37

Principal accounting policies 31 March 2022

Gifts in kind

Gifts of goods or services provided to the charity free of charge are measured at fair value using the estimated market value of the services received.

Tangible fixed assets

All assets costing more than £100 and with an expected useful life exceeding one year are capitalised.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

•  Leasehold improvements

• over the lease term

•  Fixtures and fittings, computer and office equipment 25% p.a. on cost

Investments

The charity’s investment in its subsidiary company is valued at cost.

Stock

Stock is carried at the lower of cost and net realisable value.

Financial instruments

The group only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the group and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 15. VAT recoverable and prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 16. VAT and other taxes and social security liabilities are not financial instruments. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

The David Shepherd Wildlife Foundation 38

Principal accounting policies 31 March 2022

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of DSWF at the discretion of the Trustees.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

The expendable endowment fund comprises monies held as long term investment and can be expended only in furtherance of the development of DSWF.

The non-charitable trading funds are those funds retained within the subsidiary of DSWF.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average rate of exchange during the year. Exchange differences are taken into account in arriving at the net movement in funds.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.

Pensions

Contributions in respect to defined contribution schemes are recognised in the statement of financial activities in the year in which they are payable to the relevant scheme.

The David Shepherd Wildlife Foundation 39

Notes to the financial statements 31 March 2022

1. Donations and legacies

	Unrestricted funds £ 142,590 - 257,297 13,422 63,435 10,634 673 541 488,592 Unrestricted funds £ 142,590 — 257,297 13,422 63,435 10,634 673 541 488,592	Restricted funds £ - 39,842 206,203 15,000 341,308 3,777 37,232 - 643,362 Restricted funds £ — 39,842 206,203 15,000 341,308 3,777 37,232 — 643,362	2022Total funds £ 142,590 39,842 463,500 28,422 404,743 14,411 37,905 541 1,131,954 2022 Total funds £ 142,590 39,842 463,500 28,422 404,743 14,411 37,905 541 1,131,954
Legacies GiftinKind Donations: .Individuals .Corporatedonors .Trustsandfoundations .Communityfundraising .Animaladoptionprogramme .Educationprogramme 2022Totalfunds Legacies Gift in Kind Donations: . Individuals . Corporate donors . Trusts and foundations . Community fundraising . Animal adoption programme . Education programme 2022 Total funds

During the year the Foundation received gifts in kind of £39,842 (2021 – nil) relating to the use of a venue, food and drink costs for the annual black-tie dinner.

Comparatives:

Legacies Donations: .Individuals .Corporatedonors .Trustsandfoundations .Communityfundraising .Animaladoptionprogramme .Educationprogramme 2021Totalfunds Legacies Donations: . Individuals . Corporate donors . Trusts and foundations . Community fundraising . Animal adoption programme . Education programme 2021 Total funds	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	2021Total funds £ 2021 Total funds £
	555,015 179,680 36,173 84,511 5,227 80 1,043 555,015 179,680 36,173 84,511 5,227 80 1,043	2,385 85,059 27,841 157,088 1,411 46,874 - 2,385 85,059 27,841 157,088 1,411 46,874 —	557,400 264,739 64,014 241,599 6,638 49,954 1,043 557,400 264,739 64,014 241,599 6,638 49,954 1,043
	861,729 861,729	320,658 320,658	1,182,387 1,182,387

The David Shepherd Wildlife Foundation 40

Notes to the financial statements 31 March 2022

2. Other trading activities

Othertradingactivities Other trading activities
	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	2022 Total funds £ 2022 Total funds £
Events: .WildlifeArtistoftheYear .WildlifeBall .Artexhibitions .Sundryevents Sponsoredevents: .LondonMarathon Total Tradingcompanyincome 2022Totalfunds Events: . Wildlife Artist of the Year . Wildlife Ball . Art exhibitions . Sundry events Sponsored events: . London Marathon Total Trading company income 2022 Total funds	84,238 179,198 49,352 3,308 15,385 84,238 179,198 49,352 3,308 15,385	29,625 - - - - 29,625 — — — —	113,863 179,198 49,352 3,308 15,385 113,863 179,198 49,352 3,308 15,385
	331,481 102,128 331,481 102,128	29,625 - 29,625 —	361,106 102,128 361,106 102,128
	433,609 433,609	29,625 29,625	463,234 463,234
Comparatives: Comparatives:	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	2021 Total funds £ 2021 Total funds £
Events: .GlobalCanvasChildren'sArtCompetition .WildlifeArtistoftheYear .VirtualWildlifeBall .Sundryevents Sponsoredevents: .LondonMarathon Total Tradingcompanyincome 2021Totalfunds Events: . Global Canvas Children’s Art Competition . Wildlife Artist of the Year . Virtual Wildlife Ball . Sundry events Sponsored events: . London Marathon Total Trading company income 2021 Total funds	- 86,497 101,760 1,166 6,792 — 86,497 101,760 1,166 6,792	6,000 15,000 - - 844 6,000 15,000 — — 844	6,000 101,497 101,760 1,166 7,636 6,000 101,497 101,760 1,166 7,636
	196,215 141,375 196,215 141,375	21,844 - 21,844 —	218,059 141,375 218,059 141,375
	337,590 337,590	21,844 21,844	359,434 359,434

The David Shepherd Wildlife Foundation 41

Notes to the financial statements 31 March 2022

3. Expenditure on raising funds

Expenditureonraisingfunds Expenditure on raising funds
	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2022 Total funds £ 2022 Total funds £
Staffcosts Eventcosts EventcostGiftinKind Appealandadoptioncosts PRandcommunications Fundraisingcosts WildlifeMatters Websiteanddatabase Donationsiteandpaymentprovidercharges Supportcosts Tradingcompanycostofsales 2022Totalfunds Staff costs Event costs Event cost Gift in Kind Appeal and adoption costs PR and communications Fundraising costs Wildlife Matters Website and database Donation site and payment provider charges Support costs Trading company cost of sales 2022 Total funds	100,813 38,162 - 154 583 8,427 4,117 9,399 10,167 100,813 38,162 — 154 583 8,427 4,117 9,399 10,167	25,000 27,639 39,842 6,419 - - - - - 25,000 27,639 39,842 6,419 — — — — —	- - - - - - - - - — — — — — — — — —	125,813 65,801 39,842 6,573 583 8,427 4,117 9,399 10,167 125,813 65,801 39,842 6,573 583 8,427 4,117 9,399 10,167
	171,822 171,822	98,900 98,900	- —	270,722 270,722
	66,596 66,596	- —	1,774 1,774	68,370 68,370
	238,418 238,418	98,900 98,900	1,774 1,774	339,092 339,092
	17,847 17,847	- —	- —	17,847 17,847
	256,265 256,265	98,900 98,900	1,774 1,774	356,939 356,939

Comparatives:

	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2021 Total funds £ 2021 Total funds £
Staffcosts Eventcosts Appealandadoptioncosts PRandcommunications Fundraisingcosts WildlifeMatters Websiteanddatabase Donationsiteandpaymentprovidercharges Supportcosts Tradingcompanycostofsales 2021Totalfunds Staff costs Event costs Appeal and adoption costs PR and communications Fundraising costs Wildlife Matters Website and database Donation site and payment provider charges Support costs Trading company cost of sales 2021 Total funds	111,639 52,594 418 1,847 1,502 2,660 8,801 9,769 111,639 52,594 418 1,847 1,502 2,660 8,801 9,769	- - 10,313 - - - - 93 — — 10,313 — — — — 93	- - - - - - - - — — — — — — — —	111,639 52,594 10,731 1,847 1,502 2,660 8,801 9,862 111,639 52,594 10,731 1,847 1,502 2,660 8,801 9,862
	189,230 189,230	10,406 10,406	- —	199,636 199,636
	99,668 99,668	- —	1,877 1,877	101,545 101,545
	288,898 288,898	10,406 10,406	1,877 1,877	301,181 301,181
	52,377 52,377	- —	- —	52,377 52,377
	341,275 341,275	10,406 10,406	1,877 1,877	353,558 353,558

The David Shepherd Wildlife Foundation 42

Notes to the financial statements 31 March 2022

4. Conservation

Group andcharity Group and charity	Unrestrictedfunds Unrestricted funds	Unrestrictedfunds Unrestricted funds	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2022 Total funds £ 222,340 30,000 30,000 79,989 30,000 55,000 19,983 39,500 15,000 15,000 20,000 19,928 20,000 20,000 3,900 10,000 40,590 20,000 30,000 721,230 87,569 18,689 15,457 583 122,298 47,990 891,518 2022 Total funds £ 222,340 30,000 30,000 79,989 30,000 55,000 19,983 39,500 15,000 15,000 20,000 19,928 20,000 20,000 3,900 10,000 40,590 20,000 30,000 721,230 87,569 18,689 15,457 583 122,298 47,990 891,518
	General funds £ General funds £	Designated funds £ Designated funds £
Grantspayabletofieldbasedprojects GameRangersInternational-Zambia PaintedDogConservation-Zimbabwe SavetheRhinoTrust- Namibia UgandaConservationFoundation-Uganda PhoenixFundAmurTiger-Russia Aaranyak-India WTIRapidActionProject-India FreelandTiger-Thailand SnowLeopardTrust-Mongolia SnowLeopardTrust-Kyrgyzstan WildAid-ChinaandVietnam ChimpConservationCentre-Guinea ThePangolinProject-Kenya SaveVietnam'sWildlife-Vietnam Sundrysmallgrants Fundingforglobalinvestigationsandpolicy EnvironmentalInvestigationAgency-tiger EnvironmentalInvestigationAgency-pangolin FreelandInvestigations FightingIllegalWildlifeTrade/CITES Otherdirectcosts Staffcosts Policyandcampaigncosts Otherprojectandgrantsupportcosts PRandcommunicationscosts Supportcosts 2022Totalfunds Grants payable to field based projects Game Rangers International - Zambia Painted Dog Conservation – Zimbabwe Save the Rhino Trust – Namibia Uganda Conservation Foundation – Uganda Phoenix Fund Amur Tiger – Russia Aaranyak – India WTI Rapid Action Project – India Freeland Tiger – Thailand Snow Leopard Trust – Mongolia Snow Leopard Trust - Kyrgyzstan WildAid – China and Vietnam Chimp Conservation Centre – Guinea The Pangolin Project - Kenya Save Vietnam’s Wildlife - Vietnam Sundry small grants Funding for global investigations and policy Environmental Investigation Agency - tiger Environmental Investigation Agency – pangolin Freeland Investigations Fighting Illegal Wildlife Trade/CITES Other direct costs Staff costs Policy and campaign costs Other project and grant support costs PR and communications costs Support costs 2022 Total funds	- 6,968 11,817 10,703 18,419 390 16,883 1,157 - 4,822 - 6,133 - 20,000 — 6,968 11,817 10,703 18,419 390 16,883 1,157 — 4,822 — 6,133 — — — — — 20,000 —	23,874 - - 19,500 - - 6,626 - 23,874 — — — — — — 19,500 — — — 6,626 — — — — — — —	198,466 23,032 18,183 69,286 11,581 54,610 3,100 18,843 15,000 10,178 20,000 7,169 20,000 20,000 3,900 10,000 40,590 - 30,000 198,466 23,032 18,183 69,286 11,581 54,610 3,100 18,843 15,000 10,178 20,000 7,169 20,000 20,000 3,900 10,000 40,590 — 30,000	— — — — — — — — — — — — — — — — — — —
	97,292 97,292	50,000 50,000	573,938 573,938	—
	87,569 13,689 15,457 583 87,569 13,689 15,457 583	— — — —	5,000 — 5,000 — —	— — — —
	117,298 117,298	—	5,000 5,000	—
	46,746 46,746	—	—	1,244 1,244
	261,336 261,336	50,000 50,000	578,938 578,938	1,244 1,244

The David Shepherd Wildlife Foundation 43

Notes to the financial statements 31 March 2022

4. Conservation (continued)

Comparatives:

Comparatives: Comparatives:
Group andcharity Group and charity	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2021 Total funds £ 233,616 30,000 30,000 10,000 30,000 55,000 20,000 15,000 15,000 15,000 15,000 14,659 10,000 20,000 5,557 10,000 10,000 30,000 558,832 58,627 7,805 9,290 1,847 77,569 53,366 699,767 2021 Total funds £ 233,616 30,000 30,000 10,000 30,000 55,000 20,000 15,000 15,000 15,000 15,000 14,659 10,000 20,000 5,557 10,000 10,000 30,000 558,832 58,627 7,805 9,290 1,847 77,569 53,366 699,767
Grantspayabletofieldbasedprojects GameRangersInternational-Zambia PaintedDogConservation-Zimbabwe SavetheRhinoTrust-Namibia UgandaConservationFoundation-Uganda PhoenixFundAmurTiger-Russia Aaranyak-India WTIRapidActionProject-India FreelandTiger-Thailand SnowLeopardTrust-Mongolia SnowLeopardTrust-Kyrgyzstan WildAid-ChinaandVietnam ChimpConservationCentre-Guinea ThePangolinProject-Kenya SaveVietnam'sWildlife-Vietnam Sundrysmallgrants Fundingforglobalinvestigationsandpolicy EnvironmentalInvestigationAgency-tiger EnvironmentalInvestigationAgency-pangolin FightingIllegalWildlifeTrade/CITES Otherdirectcosts Staffcosts Policyandcampaigncosts Otherprojectandgrantsupportcosts PRandcommunicationscosts Supportcosts 2021Totalfunds Grants payable to field based projects Game Rangers International - Zambia Painted Dog Conservation – Zimbabwe Save the Rhino Trust – Namibia Uganda Conservation Foundation – Uganda Phoenix Fund Amur Tiger – Russia Aaranyak – India WTI Rapid Action Project – India Freeland Tiger – Thailand Snow Leopard Trust – Mongolia Snow Leopard Trust - Kyrgyzstan WildAid – China and Vietnam Chimp Conservation Centre – Guinea The Pangolin Project - Kenya Save Vietnam’s Wildlife - Vietnam Sundry small grants Funding for global investigations and policy Environmental Investigation Agency - tiger Environmental Investigation Agency - pangolin Fighting Illegal Wildlife Trade/CITES Other direct costs Staff costs Policy and campaign costs Other project and grant support costs PR and communications costs Support costs 2021 Total funds	60,612 14,639 - 8,258 10,302 - 13,000 - 7,326 1,980 - 9,708 - - - - - 29,977 60,612 14,639 — 8,258 10,302 — 13,000 — 7,326 1,980 — 9,708 — — — — — 29,977	173,004 15,361 30,000 1,742 19,698 55,000 7,000 15,000 7,674 13,020 15,000 4,951 10,000 20,000 5,557 10,000 10,000 23 173,004 15,361 30,000 1,742 19,698 55,000 7,000 15,000 7,674 13,020 15,000 4,951 10,000 20,000 5,557 10,000 10,000 23	- - - - - - - - - - - - - - - - - - — — — — — — — — — — — — — — — — — —
	155,802 155,802	413,030 413,030	- —
	58,627 7,805 9,290 1,847 58,627 7,805 9,290 1,847	- - - — — —	- - - — — —
	77,569 77,569	- —	- —
	52,379 52,379	- —	987 987
	285,750 285,750	413,030 413,030	987 987

The David Shepherd Wildlife Foundation 44

Notes to the financial statements 31 March 2022

5. Education

Education Education
Groupandcharity Group and charity	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2022 Total funds £ 2022 Total funds £
Staffcosts WildlifeMatters Educationprogramme GlobalCanvasChildren'sArtCompetition Appealandadoptioncosts Website PRandcommunications Supportcosts 2022Totalfunds Staff costs Wildlife Matters Education programme Global Canvas Children’s Art Competition Appeal and adoption costs Website PR and communications Support costs 2022 Total funds	96,487 16,470 11,426 300 153 6,006 582 96,487 16,470 11,426 300 153 6,006 582	- - 3,349 - 6,419 - - — — 3,349 — 6,419 — —	- - - - - - - — — — — — — —	96,487 16,470 14,775 300 6,572 6,006 582 96,487 16,470 14,775 300 6,572 6,006 582
	131,424 78,122 131,424 78,122	9,768 - 9,768 —	- 2,081 — 2,081	141,192 80,203 141,192 80,203
	209,546 209,546	9,768 9,768	2,081 2,081	221,395 221,395
Comparatives: Groupandcharity Comparatives: Group and charity	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2021 Total funds £ 2021 Total funds £
Staffcosts WildlifeMatters Educationprogramme GlobalCanvasChildren'sArtCompetition Appealandadoptioncosts Website PRandcommunications Supportcosts 2021Totalfunds Staff costs Wildlife Matters Education programme Global Canvas Children’s Art Competition Appeal and adoption costs Website PR and communications Support costs 2021 Total funds	63,641 10,641 8,841 - 417 2,298 1,846 63,641 10,641 8,841 — 417 2,298 1,846	- - 5,587 6,000 10,313 - - — — 5,587 6,000 10,313 — —	- - - - - - - — — — — — — —	63,641 10,641 14,428 6,000 10,730 2,298 1,846 63,641 10,641 14,428 6,000 10,730 2,298 1,846
	87,684 53,107 87,684 53,107	21,900 - 21,900 —	- 1,000 — 1,000	109,584 54,107 109,584 54,107
	140,791 140,791	21,900 21,900	1,000 1,000	163,691 163,691

The David Shepherd Wildlife Foundation 45

Notes to the financial statements 31 March 2022

6. Support costs

Supportcosts Support costs
Charity Charity	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2022 Total funds £ 2022 Total funds £
Staffcosts Propertycosts Travelcosts Officeandcomputercosts Depreciation IrrecoverableVAT Legalandprofessional Bank,card,giftaidadministration Investmentmanagerfees TradingCompanyadministrationcosts Otheradministrationcosts 2022Totalfunds Staff costs Property costs Travel costs Office and computer costs Depreciation Irrecoverable VAT Legal and professional Bank, card, gift aid administration Investment manager fees Trading Company administration costs Other administration costs 2022 Total funds	70,547 9,749 384 30,952 3,981 12,401 17,163 897 - 45,260 130 70,547 9,749 384 30,952 3,981 12,401 17,163 897 — 45,260 130	- - - - - - - - - - - — — — — — — — — — — —	- - - - - - - - 5,099 - - — — — — — — — — 5,099 — —	70,547 9,749 384 30,952 3,981 12,401 17,163 897 5,099 45,260 130 70,547 9,749 384 30,952 3,981 12,401 17,163 897 5,099 45,260 130
	191,464 191,464	- —	5,099 5,099	196,563 196,563

Comparatives:

Comparatives: Comparatives:
Charity Charity	Unrestricted funds £ Unrestricted funds £	Restricted funds £ Restricted funds £	Endowment fund £ Endowment fund £	2021 Total funds £ 2021 Total funds £
Staffcosts Propertycosts Officeandcomputercosts Depreciation IrrecoverableVAT Legalandprofessional Bank,creditcard,giftaidadministration Investmentmanagerfees TradingCompanyadministrationcosts Otheradministrationcosts 2021Totalfunds Staff costs Property costs Office and computer costs Depreciation Irrecoverable VAT Legal and professional Bank, credit card, gift aid administration Investment manager fees Trading Company administration costs Other administration costs 2021 Total funds	88,665 12,587 22,468 4,149 4,076 27,235 1,710 - 38,174 6,090 88,665 12,587 22,468 4,149 4,076 27,235 1,710 — 38,174 6,090	- - - - - - - - - - — — — — — — — — — —	- - - - - - - 3,864 - - — — — — — — — 3,864 — —	88,665 12,587 22,468 4,149 4,076 27,235 1,710 3,864 38,174 6,090 88,665 12,587 22,468 4,149 4,076 27,235 1,710 3,864 38,174 6,090
	205,154 205,154	- —	3,864 3,864	209,018 209,018

The David Shepherd Wildlife Foundation 46

Notes to the financial statements 31 March 2022

6. Support costs (continued)

Support cost allocation for 2022 has been based on estimated time spent by staff on the charity’s primary activities of raising funds, conservation and education. In the year the allocations have been revisited and there has been a reclassification of staff costs across activities. Comparative figures have also been reclassified.

Charity Charity	Raisingfunds £ Raising funds £	Conservation grantgiving £ Conservation grant giving £	Education £ Education £	2022 Total funds £ 2022 Total funds £	Basisof allocation Basis of allocation
Staffcosts Propertycosts Travelcosts Officeandcomputercosts Depreciation IrrecoverableVAT Legalandprofessional Bank,card,giftaid administration Investmentmanagerfees TradingCompany administrationcosts Otheradministrationcosts Staff costs Property costs Travel costs Office and computer costs Depreciation Irrecoverable VAT Legal and professional Bank, card, gift aid administration Investment manager fees Trading Company administration costs Other administration costs	24,538 3,391 134 10,766 1,385 4,313 5,970 312 1,773 15,743 45 24,538 3,391 134 10,766 1,385 4,313 5,970 312 1,773 15,743 45	17,224 2,380 93 7,557 972 3,028 4,190 219 1,245 11,050 32 17,224 2,380 93 7,557 972 3,028 4,190 219 1,245 11,050 32	28,785 3,978 157 12,629 1,624 5,060 7,003 366 2,081 18,467 53 28,785 3,978 157 12,629 1,624 5,060 7,003 366 2,081 18,467 53	70,547 9,749 384 30,952 3,981 12,401 17,163 897 5,099 45,260 130 70,547 9,749 384 30,952 3,981 12,401 17,163 897 5,099 45,260 130	%stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime % staff time % staff time % staff time % staff time % staff time % staff time % staff time % staff time % staff time % staff time % staff time
	68,370 68,370	47,990 47,990	80,203 80,203	196,563 196,563

Comparatives:

Charity Charity	Raisingfunds Raising funds £	Conservation grantgiving Conservation grant giving £	Education Education £	2021 Total funds 2021 Total funds £	Basisof allocation Basis of allocation
Staffcosts Propertycosts Officeandcomputercosts Depreciation IrrecoverableVAT Legalandprofessional Bank,creditcard,giftaid administration Investmentmanagerfees TradingCompany administrationcosts Otheradministrationcosts Staff costs Property costs Office and computer costs Depreciation Irrecoverable VAT Legal and professional Bank, credit card, gift aid administration Investment manager fees Trading Company administration costs Other administration costs	43,075 6,115 10,915 2,016 1,980 13,231 831 1,877 18,546 2,959 43,075 6,115 10,915 2,016 1,980 13,231 831 1,877 18,546 2,959	22,638 3,214 5,737 1,059 1,041 6,954 436 987 9,746 1,554 22,638 3,214 5,737 1,059 1,041 6,954 436 987 9,746 1,554	22,952 3,258 5,816 1,074 1,055 7,050 443 1,000 9,882 1,577 22,952 3,258 5,816 1,074 1,055 7,050 443 1,000 9,882 1,577	88,665 12,587 22,468 4,149 4,076 27,235 1,710 3,864 38,174 6,090 88,665 12,587 22,468 4,149 4,076 27,235 1,710 3,864 38,174 6,090	%stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime %stafftime % staff time % staff time % staff time % staff time % staff time % staff time % staff time % staff time % staff time % staff time
	101,545 101,545	53,366 53,366	54,107 54,107	209,018 209,018

The David Shepherd Wildlife Foundation 47

Notes to the financial statements 31 March 2022

7. Governance

Included within support costs, as legal and professional expenses, are the following amounts all of which are charged against unrestricted funds:

	2022 2022	2021 2021
	Total Total	Total Total
	£ £	£ £
Auditor'sremuneration: Auditor’s remuneration:
.Auditofthegroupfinancialstatements . Audit of the group financial statements	9,286 9,286	9,504 9,504
Legal,professionalandaccountancy Legal, professional and accountancy	7,877 7,877	17,731 17,731
Totals Totals	17,163 17,163	27,325 27,325

8. Net income (expenditure)

This is stated after charging the following against unrestricted funds:

Group Group	2022 Total £ 2022 Total £	2021 Total £ 2021 Total £
Staffcosts(note9) Auditor'sremuneration .Auditofthegroupfinancialstatements Depreciation(note11) Operating leaserentals Staff costs (note 9) Auditor’s remuneration . Audit of the group financial statements Depreciation (note 11) Operatinglease rentals	423,750 9,286 6,273 18,000 423,750 9,286 6,273 18,000	364,238 9,504 5,982 16,250 364,238 9,504 5,982 16,250
StaffcostsandTrustees'remuneration Staff costs and Trustees’ remuneration	2022 £ 2022 £	2021 £ 2021 £
Staffcostsduringtheyearwereasfollows: .Wagesandsalaries .Socialsecuritycosts .Pensioncosts Staff costs during the year were as follows: . Wages and salaries . Social security costs . Pension costs	381,749 33,244 8,757 381,749 33,244 8,757	329,785 26,214 8,238 329,785 26,214 8,238
	423,750 423,750	364,238 364,238

9. Staff costs and Trustees’ remuneration

No employees earned £60,000 per annum or more during the year (2021 – £nil).

The average number of employees was 15 (2021: 15) all employed within the charity.

On a full time equivalent basis, staff numbers were as follows:

	2022 2022	2021 2021
Charity Tradingsubsidiary Charity Trading subsidiary	11 — 11 —	12 — 12 —
	11 11	12 12

As a small charity, all employees are involved in generation of income, administration of grants, support of charitable activities and management and administration of the charity.

The David Shepherd Wildlife Foundation 48

Notes to the financial statements 31 March 2022

9. Staff costs and Trustees’ remuneration (continued)

No Trustee received any remuneration in respect of their services during the year (2021 - £nil) and no expenses were reimbursed to the Trustees during the year (2021 - £nil).

The key management personnel of DSWF in charge of directing and controlling, running and operating the Foundation on a day-to-day basis comprise the Trustees together with the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer (from August 2021) and the Head of Programmes and Policy (to February 2022). The total remuneration (including taxable benefits and employer’s national insurance contributions) payable to key management personnel during the year was £176,356 (2021 – £121,074), the increase being due to the expansion of the senior team in the year.

10. Taxation

The David Shepherd Wildlife Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

The Foundation is unable to reclaim all VAT suffered on expenditure due to the partial exemption rules. Irrecoverable VAT suffered during the year amounted to £12,401 (2021 – £4,076).

11. Tangible fixed assets

Tangiblefixedassets Tangible fixed assets
Group andcharity Group and charity	Leasehold improvements £ Leasehold improvements £	Computer equipment £ Computer equipment £	Office equipmentand fixtures £ Office equipment and fixtures £	2022 Total £ 2022 Total £
Cost At1April2021 Additions Disposals At31March2022 Depreciation At1April2021 Chargeforyear Eliminatedondisposal At31March2022 Netbookvalues At31March2022 At31March2021 Cost At 1 April 2021 Additions Disposals At 31 March 2022 Depreciation At 1 April 2021 Charge for year Eliminated on disposal At 31 March 2022 Net book values At 31 March 2022 At 31 March 2021	49,539 — 49,539 — —	48,167 9,353 (6,776) 48,167 9,353 (6,776)	7,597 (960) 7,597 — (960)	105,303 9,353 (7,736) 105,303 9,353 (7,736)
	49,539 49,539	50,744 50,744	6,637 6,637	106,920 106,920
	49,539 — 49,539 — —	38,275 6,259 (5,078) 38,275 6,259 (5,078)	7,583 14 (960) 7,583 14 (960)	95,397 6,273 (6,038) 95,397 6,273 (6,038)
	49,539 49,539	39,456 39,456	6,637 6,637	95,632 95,632
	—	11,288 11,288	—	11,288 11,288
	—	9,892 9,892	14 14	9,906 9,906

The David Shepherd Wildlife Foundation 49

Notes to the financial statements 31 March 2022

11. Tangible fixed assets (continued)

Tangiblefixedassets(continued) Tangible fixed assets(continued)
Charity Cost At1April2021 Additions Disposals At31March2022 Depreciation At1April2021 Chargeforyear Eliminatedondisposal At31March2022 Netbookvalues At31March2022 At31March2021 Charity Cost At 1 April 2021 Additions Disposals At 31 March 2022 Depreciation At 1 April 2021 Charge for year Eliminated on disposal At 31 March 2022 Net book values At 31 March 2022 At 31 March 2021	Leasehold improvements £ Leasehold improvements £	Computer equipment £ Computer equipment £	Office equipmentand fixtures £ Office equipment and fixtures £	2022 Total £ 2022 Total £
	10,000 10,000 — —	41,118 8,303 (6,776) 41,118 8,303 (6,776)	3,895 - 3,895 — —	55,013 8,303 (6,776) 55,013 8,303 (6,776)
	10,000 10,000	42,645 42,645	3,895 3,895	56,540 56,540
	10,000 10,000 — —	35,393 3,967 (5,078) 35,393 3,967 (5,078)	3,881 14 - 3,881 14 —	49,274 3,981 (5,078) 49,274 3,981 (5,078)
	10,000 10,000	34,282 34,282	3,895 3,895	48,177 48,177
	—	8,363 8,363	—	8,363 8,363
	—	5,725 5,725	14 14	5,739 5,739

Disposals in the year represent assets that were no longer used by the group and charity.

12. Investment in group undertaking

The charity has one wholly owned trading subsidiary - DSWF Trading Company Limited - which is incorporated in the UK and markets and sells wildlife art and related merchandise.

The company, if appropriate, donates any taxable profits to David Shepherd Wildlife Foundation by way of gift aid whilst retaining sufficient working capital. A summary of the trading results is shown below.

tradingresultsisshownbelow. trading results is shown below.
	2022 £ 2022 £	2021 £ 2021 £
InvestmentinDSWFTradingCompanyLimitedatcost Profitandlossofsubsidiary Turnover Costofsales Grossprofit Staffcosts Otheradministrativeexpenses Profitfortheyear GiftAiddonationtoDavidShepherdWildlifeFoundation Retainedloss(profit)forthefinancialyear Aggregatedcapitalandreservesat31March2022 Investment in DSWF Trading Company Limited at cost Profit and loss of subsidiary Turnover Cost of sales Gross profit Staff costs Other administrative expenses Profit for the year Gift Aid donation to David Shepherd Wildlife Foundation Retained loss (profit) for the financial year Aggregated capital and reserves at 31 March 2022	100 100	100 100
	102,126 (14,093) 102,126 (14,093)	141,342 (49,051) 141,342 (49,051)
	88,033 - (55,018) 88,033 — (55,018)	92,291 - (43,629) 92,291 — (43,629)
	33,015 (33,942) 33,015 (33,942)	48,662 (30,000) 48,662 (30,000)
	(927) 110,245 (927) 110,245	18,662 111,272 18,662 111,272

.

The David Shepherd Wildlife Foundation 50

Notes to the financial statements 31 March 2022

13. Listed Investments

ListedInvestments Listed Investments
Group andcharity Group and charity	2022 £ 2022 £	2021 £ 2021 £
Listedinvestments Marketvalueat1April2021 Additionsatcost Disposalsatbookvalue(proceeds:£100,775;gains:£4,118) Unrealisedgains/(losses) Marketvalueat31March2022 Cashheldbyinvestmentmanagers Costoflistedinvestmentsat31March2022 Listed investments Market value at 1 April 2021 Additions at cost Disposals at book value (proceeds: £100,775; gains: £4,118) Unrealised gains/(losses) Market value at 31 March 2022 Cash held by investment managers Cost of listed investments at 31 March 2022	553,905 181,870 (96,657) 20,552 553,905 181,870 (96,657) 20,552	452,821 87,870 (81,761) 94,975 452,821 87,870 (81,761) 94,975
	659,670 36,324 659,670 36,324	553,905 113,005 553,905 113,005
	695,994 695,994	666,910 666,910
	566,352 566,352	476,913 476,913

Listed investments held at 31 March 2022 comprised the following:

	2022 £ 2022 £	2021 £ 2021 £
UKequities UKfixedinterest Overseasequities Overseasindexlinked Alternativeassets UK equities UK fixed interest Overseas equities Overseas index linked Alternative assets	161,236 65,080 235,786 14,998 182,570 161,236 65,080 235,786 14,998 182,570	136,779 62,004 187,802 13,514 153,806 136,779 62,004 187,802 13,514 153,806
	659,670 659,670	553,905 553,905

At 31 March 2022 listed investments included the following holdings, which represented material holdings relative to the market value of the total listed investments portfolio held at that date:

	2022 Market valueof holding £ 2022 Market value of holding £	2022 Percentage ofportfolio % 2022 Percentage of portfolio %
FindlayParkFundsPLCAmericanUSDDis ManFundManagementUKLtdGLG JPMorganAssetManagementUKLtdEquity Core Findlay Park Funds PLC American USD Dis Man Fund Management UK Ltd GLG JP Morgan Asset Management UK Ltd EquityCore	75,774 35,077 39,935 75,774 35,077 39,935	11.33% 5.24% 5.97% 11.33% 5.24% 5.97%
Comparative: Comparative:	2021 Market valueof holding £ 2021 Market value of holding £	2021 Percentage ofportfolio % 2021 Percentage of portfolio %
Findlay ParkFundsPLCAmericanUSDDis Findlay Park Funds PLC American USD Dis	67,057 67,057	12.11% 12.11%

All listed investments were dealt in on a recognised stock exchange.

The David Shepherd Wildlife Foundation 51

Notes to the financial statements 31 March 2022

13. Listed Investments (continued)

• Recognising the effect on stock valuations of the global economic downturn and the effect of the UK mini budget just prior to the signing of these accounts, the market value of the portfolio has fallen since 31 March 2022. The loss in valuation at the date of the approval of the accounts shows ~~a~~ fall of 6.5% to £650,684. The Trustees, along with DSWF’s Investment Advisors, adopt a conservative approach to the investment of our long-term portfolio. We aim to safeguard our assets whilst at the same time providing a return through volatile times for the purpose of providing long-term funding for the future development of DSWF remains intact.

14. Stock

Stock Stock
	Group Group		Charity Charity
	2022 £ 2022 £	2021 £ 2021 £	2022 £ 2022 £	2021 £ 2021 £
Printsandothermerchandiseforsale Prints and other merchandise for sale	6,474 6,474	6,684 6,684	—	—

15. Debtors

Debtors Debtors
	Group Group		Charity Charity
	2022 £ 2022 £	2021 £ 2021 £	2022 £ 2022 £	2021 £ 2021 £
Tradedebtors Prepaymentsandaccruedincome VATrecoverable Amountsduefromgroupundertaking Trade debtors Prepayments and accrued income VAT recoverable Amounts due from group undertaking	20,754 51,072 - - 20,754 51,072 — —	1,629 142,984 1,913 - 1,629 142,984 1,913 —	188 48,388 - 33,942 188 48,388 — 33,942	578 138,623 4,651 30,000 578 138,623 4,651 30,000
	71,826 71,826	146,526 146,526	82,518 82,518	173,852 173,852

16. Creditors: amounts falling due within one year

	Group Group	Group Group	Charity Charity	Charity Charity
	2022 £ 2022 £	2021 £ 2021 £	2022 £ 2022 £	2021 £ 2021 £
Tradecreditors Accruals Deferredincome Othercreditors Othertaxesandsocialsecurity Amountsduetogroupundertaking Trade creditors Accruals Deferred income Other creditors Other taxes and social security Amounts due to group undertaking	24,773 13,898 35,527 13,500 2,042 - 24,773 13,898 35,527 13,500 2,042 —	11,246 49,084 21,250 19,750 7,366 - 11,246 49,084 21,250 19,750 7,366 —	17,488 11,482 35,527 7,500 (2,598) 1,819 17,488 11,482 35,527 7,500 (2,598) 1,819	7,051 22,845 21,250 13,750 7,366 1,788 7,051 22,845 21,250 13,750 7,366 1,788
	89,740 89,740	108,696 108,696	71,218 71,218	74,050 74,050

Deferred income represents cash received in advance for events due to take place between 1 April 2022 and 31 March 2023.

17. Leasing commitments

Total minimum commitments under non-cancellable operating leases for land and buildings are as follows:

The David Shepherd Wildlife Foundation 52

Notes to the financial statements 31 March 2022

17. Leasing commitments (continued)

Leasingcommitments(continued) Leasing commitments(continued)
	2022 £ 2022 £	2021 £ 2021 £
Withinoneyear Betweenoneandtwoyears Betweentwoandfiveyears Within one year Between one and two years Between two and five years	30,000 22,500 - 30,000 22,500 —	30,000 30,000 22,500 30,000 30,000 22,500
	52,500 52,500	82,500 82,500

18. Restricted funds

The income funds of the Foundation include restricted funds comprising the following unexpended balances of donations and grants to be applied for specific purposes:

Charityandgroup Charity and group	At1April 2021 At 1 April 2021 £	Income Income £	Expenditure, gains, lossesand transfers Expenditure, gains, losses and transfers £	At31March 2022 At 31 March 2022 £
Speciesandprojectactivityfunds: PaintedDog Elephant Lion Pangolin Rhino SnowLeopard Tiger Chimpanzee Education WildlifeCrimePrevention-Rangers Projectfunds: GameRangersInternational-Zambia EducationCentre-Zambia PaintedDogConservationProject-Zimbabwe SavetheRhinoTrust-Namibia UgandaConservationFoundation-Uganda PhoenixFundAmurTigerProject-Russia Aaranyak-India WildlifeTrustofIndia-India FreelandTigerProject-Thailand SnowLeopardTrust-Mongolia SnowLeopardTrust-Kyrgyzstan WildAid-ChinaandVietnam CITES/Policy ChimpConservationCentre-Guinea EnvironmentalInvestigationAgency SavingVietnam'sWildlife-Vietnam ThepangolinProject-Kenya OperationFootprints Smallfunds Other: Eventsponsorship Operationalcostfunding Total Species and project activity funds: Painted Dog Elephant Lion Pangolin Rhino Snow Leopard Tiger Chimpanzee Education Wildlife Crime Prevention - Rangers Project funds: Game Rangers International – Zambia Education Centre - Zambia Painted Dog Conservation Project – Zimbabwe Save the Rhino Trust – Namibia Uganda Conservation Foundation – Uganda Phoenix Fund Amur Tiger Project – Russia Aaranyak – India Wildlife Trust of India - India Freeland Tiger Project – Thailand Snow Leopard Trust – Mongolia Snow Leopard Trust - Kyrgyzstan WildAid – China and Vietnam CITES/Policy Chimp Conservation Centre - Guinea Environmental Investigation Agency Saving Vietnam’s Wildlife - Vietnam The pangolin Project - Kenya Operation Footprints Small funds Other: Event sponsorship Operational cost funding Total	- 860 - 31,370 - - 1,622 - 3,300 - - 20,520 - 1,149 - - 93 9,000 - - 8,135 - — 860 — 31,370 — — 1,622 — 3,300 — — 20,520 — 1,149 — — — — 93 9,000 — — — — — — — 8,135 —	17,458 12,482 2,010 18,231 4,959 6,887 16,201 4,758 49 2,274 182,834 8,906 14,771 60,020 2,752 60,282 3,100 15,000 5,118 6,882 15,000 35,000 2,827 58,000 15,000 15,000 - 2,719 17,458 12,482 2,010 18,231 4,959 6,887 16,201 4,758 49 2,274 182,834 — 8,906 14,771 60,020 2,752 60,282 3,100 15,000 5,118 6,882 15,000 35,000 2,827 58,000 15,000 15,000 — 2,719	(16,156) (11,650) (1,852) (34,223) (4,155) (5,452) (16,693) (4,597) (3,349) (2,105) (167,789) (20,520) (8,906) (15,920) (60,020) (752) (46,157) (3,100) (15,093) (14,118) (6,882) (15,000) (35,000) (2,827) (40,590) (15,000) (15,000) - (2,719) (16,156) (11,650) (1,852) (34,223) (4,155) (5,452) (16,693) (4,597) (3,349) (2,105) (167,789) (20,520) (8,906) (15,920) (60,020) (752) (46,157) (3,100) (15,093) (14,118) (6,882) (15,000) (35,000) (2,827) (40,590) (15,000) (15,000) — (2,719)	1,302 1,692 158 15,378 804 1,435 1,130 161 - 169 15,045 - - - - 2,000 14,125 - - - - - - - 17,410 - - 8,135 - 1,302 1,692 158 15,378 804 1,435 1,130 161 — 169 15,045 — — — — 2,000 14,125 — — — — — — — 17,410 — — 8,135 —
	76,049 76,049	588,520 588,520	(585,625) (585,625)	78,944 78,944
	15,150 25,000 15,150 25,000	69,467 15,000 69,467 15,000	(84,617) (25,000) (84,617) (25,000)	15,000 — 15,000
	40,150 40,150	84,467 84,467	(109,617) (109,617)	15,000 15,000
	116,199 116,199	672,987 672,987	(695,242) (695,242)	93,944 93,944

The David Shepherd Wildlife Foundation 53

Notes to the financial statements 31 March 2022

18. Restricted funds (continued)

18. Restricted funds (continued)

The project funds consist of unexpended funds raised for specific projects as detailed in the Trustees’ report.

Trustees'report. Trustees’ report.
Comparative: Charityandgroup Comparative: Charity andgroup	At1April 2020 £ At 1 April 2020 £	Income £ Income £	Expenditure, gains, lossesand transfers £ Expenditure, gains, losses and transfers £	At31March 2021 £ At 31 March 2021 £
Speciesandprojectactivityfunds: PaintedDog Elephant Lion Pangolin Rhino SnowLeopard Tiger Chimpanzee Education WildlifeCrimePrevention-Rangers Projectfunds: GameRangersInternational-Zambia EducationCentre-Zambia PaintedDogConservationProject-Zimbabwe SavetheRhinoTrust-Namibia UgandaConservationFoundation-Uganda PhoenixFundAmurTigerProject-Russia Aaranyak-India WildlifeTrustofIndia-India FreelandTigerProject-Thailand SnowLeopardTrust-Mongolia SnowLeopardTrust-Kyrgyzstan WildAid-ChinaandVietnam CITES ChimpConservationCentre-Guinea EnvironmentalInvestigationAgency SavingVietnam'sWildlife OperationFootprints Smallfunds Other: Eventsponsorship Operationalcostfunding Total Species and project activity funds: Painted Dog Elephant Lion Pangolin Rhino Snow Leopard Tiger Chimpanzee Education Wildlife Crime Prevention - Rangers Project funds: Game Rangers International – Zambia Education Centre - Zambia Painted Dog Conservation Project – Zimbabwe Save the Rhino Trust – Namibia Uganda Conservation Foundation – Uganda Phoenix Fund Amur Tiger Project – Russia Aaranyak – India Wildlife Trust of India - India Freeland Tiger Project – Thailand Snow Leopard Trust – Mongolia Snow Leopard Trust - Kyrgyzstan WildAid – China and Vietnam CITES Chimp Conservation Centre - Guinea Environmental Investigation Agency Saving Vietnam’s Wildlife Operation Footprints Small funds Other: Event sponsorship Operational cost funding Total	2,469 227 149 66,516 11,317 120 4,388 81 5,555 - 153 90,520 5,100 10,754 - 147 74 - 93 - 12,232 - 13 - 8,135 990 2,469 227 149 66,516 11,317 120 4,388 81 5,555 — 153 90,520 5,100 10,754 — 147 74 — 93 — 12,232 — 13 — — — 8,135 990	10,178 26,780 264 31,731 7,915 7,105 29,113 268 3,332 3,102 39,755 300 20,395 1,515 882 31,045 1,000 15,000 12,000 - 15,000 10 5,001 20,000 10,000 - 4,661 10,178 26,780 264 31,731 7,915 7,105 29,113 268 3,332 3,102 39,755 — 300 20,395 1,515 882 31,045 1,000 15,000 12,000 — 15,000 10 5,001 20,000 10,000 — 4,661	(12,647) (26,147) (413) (66,877) (19,232) (7,225) (31,879) (349) (5,587) (3,102) (39,908) (70,000) (5,400) (30,000) (1,515) (1,029) (31,119) (1,000) (15,000) (3,000) (12,232) (15,000) (23) (5,001) (20,000) (10,000) - (5,651) (12,647) (26,147) (413) (66,877) (19,232) (7,225) (31,879) (349) (5,587) (3,102) (39,908) (70,000) (5,400) (30,000) (1,515) (1,029) (31,119) (1,000) (15,000) (3,000) (12,232) (15,000) (23) (5,001) (20,000) (10,000) — (5,651)	- 860 - 31,370 - - 1,622 - 3,300 - - 20,520 - 1,149 - - 93 9,000 - - 8,135 - — 860 — 31,370 — — 1,622 — 3,300 — — 20,520 — 1,149 — — — — 93 9,000 — — — — — — 8,135 —
	219,033 219,033	296,352 296,352	(439,336) (439,336)	76,049 76,049
	— —	21,150 25,000 21,150 25,000	(6,000) (6,000) —	15,150 25,000 15,150 25,000
	—	46,150 46,150	(6,000) (6,000)	40,150 40,150
	219,033 219,033	342,502 342,502	(445,336) (445,336)	116,199 116,199

The David Shepherd Wildlife Foundation 54

Notes to the financial statements 31 March 2022

19. Expendable endowment fund

Expendableendowmentfund Expendable endowment fund
	At1 April 2021 £ At 1 April 2021 £	Income £ Income £	Expenditure, gains, losses and transfers £ Expenditure, gains, losses and transfers £	At31 March 2022 £ At 31 March 2022 £
Expendableendowmentfund Expendable endowment fund	682,979 682,979	10,317 10,317	19,571 19,571	712,867 712,867

The purpose of the endowment fund is to build up a fund which is intended to be invested for the longer term and expended only in furtherance of the development of the Foundation. The income generated by the fund can be used for the Foundation’s general purposes.

Comparative: Comparative:	At1 April 2020 £ At 1 April 2020 £	Income £ Income £	Expenditure, gains, losses and transfers £ Expenditure, gains, losses and transfers £	At31 March 2021 £ At 31 March 2021 £
Expendableendowmentfund Expendable endowment fund	475,025 475,025	8,250 8,250	199,704 199,704	682,979 682,979

20. Designated fund

Designatedfund Designated fund
	At1 April 2021 £ At 1 April 2021 £	Income £ Income £	Expenditure, gains, losses and transfers £ Expenditure, gains, losses and transfers £	At31 March 2022 £ At 31 March 2022 £
Designatedconservationfund Designated conservation fund	150,000 150,000	— —	(50,000) (50,000)	100,000 100,000

£50,000 of the designated conservation fund was spent on additional conservation funding during the year where it was felt that the conservation need was high and funding was time critical.

The David Shepherd Wildlife Foundation 55

Notes to the financial statements 31 March 2022

21. Analysis of net assets between funds

Group Group	Restricted funds £ Restricted funds £	Unrestricted funds £ 8,363 - 428,800 437,163 Unrestricted funds £ 8,363 — 428,800 437,163	Non- charitable trading funds £ 2,925 - 152,553 155,478 Non- charitable trading funds £ 2,925 — 152,553 155,478	Designated fund £ - 100,000 100,000 Designated fund £ — — 100,000 100,000	Expendable endowment fund £ - 695,994 16,873 Expendable endowment fund £ — 695,994 16,873	31March 2022 £ 11,288 695,994 792,170 1,499,452 31 March 2022 £ 11,288 695,994 792,170 1,499,452
Fundbalancesat31March 2022arerepresentedby: Fixedassets Investments Netcurrentassets Totalnetassets Fund balances at 31 March 2022 are represented by: Fixed assets Investments Net current assets Total net assets	- 93,944 — — 93,944
	93,944 93,944				712,867 712,867

Charity Charity	Charity Charity	Restricted funds £ Restricted funds £	Unrestricted fund £ Unrestricted fund £	Designated fund £ Designated fund £	Expendable endowment fund £ Expendable endowment fund £	31March 2022 £ 8,463 695,994 684,747 1,389,204 31March 2021 £ 9,906 666,910 659,321 1,336,137 31 March 2022 £ 8,463 695,994 684,747 1,389,204 31 March 2021 £ 9,906 666,910 659,321 1,336,137
Fundbalancesat31March2022are representedby: Fixedassetsincludinginvestmentin subsidiary Investments Netcurrentassets Totalnetassets Fund balances at 31 March 2022 are represented by: Fixed assets including investment in subsidiary Investments Net current assets Total net assets		93,944 — — 93,944	8,463 473,930 8,463 — 473,930	- 100,000 — — 100,000	695,994 16,873 — 695,994 16,873
		93,944 93,944	482,393 482,393	100,000 100,000	712,867 712,867
Comparative: Group Comparative: Group	Restricted funds £ Restricted funds £	Unrestricted funds £ 5,739 - 264,763 270,502 Unrestricted funds £ 5,739 — 264,763 270,502	Non- charitable trading funds £ 4,167 - 112,290 116,457 Non- charitable trading funds £ 4,167 — 112,290 116,457	Designated fund £ - - 150,000 150,000 Designated fund £ — — 150,000 150,000	Expendable endowment fund £ - 666,910 16,069 Expendable endowment fund £ — 666,910 16,069
Fundbalancesat31March2021 arerepresentedby: Fixedassets Investments Netcurrentassets Totalnetassets Fund balances at 31 March 2021 are represented by: Fixed assets Investments Net current assets Total net assets	- - 116,199 — — 116,199
	116,199 116,199				682,979 682,979

Charity Charity	Restricted funds £ Restricted funds £	Unrestricted fund £ Unrestricted fund £	Designated fund £ Designated fund £	Expendable endowment fund £ Expendable endowment fund £	31March 2021 £ 5,839 666,910 552,212 1,224,961 31 March 2021 £ 5,839 666,910 552,212 1,224,961
Fundbalancesat31March2021are representedby: Fixedassetsincludinginvestmentin subsidiary Investments Netcurrentassets Totalnetassets Fund balances at 31 March 2021 are represented by: Fixed assets including investment in subsidiary Investments Net current assets Total net assets	- 116,199 — — 116,199	5,839 269,944 5,839 — 269,944	150,000 — — 150,000	666,910 16,069 — 666,910 16,069
	116,199 116,199	275,783 275,783	150,000 150,000	682,979 682,979

The David Shepherd Wildlife Foundation 56

Notes to the financial statements 31 March 2022

22. Related party transactions

• Melanie Shepherd is a Trustee of Game Rangers International, Zambia. This relationship is managed carefully and appropriately by the Trustee Board in consultation with legal advisors. In the financial year grants of £222,340 were paid to Games Rangers International. These grant payments underwent the same stringent approval process as applied to all grant payments made.

In the financial year DSWF employed the daughter of a trustee as the Chief Executive Officer on an annual salary of £55,000 (2021: Head of Programmes and Policy on an annual salary of £55,000).

The David Shepherd Wildlife Foundation 57