## 



|Reports||
|---|---|
|Referenceandadministrativedetails||
|ofthecharity,itsTrusteesandadvisers|1|
|Trustees'report|3|
|Independentauditor'sreport|27|
|ConsolidatedFinancialStatements||
|Groupstatementoffinancialactivities|31|
|Balancesheets|33|
|Groupstatementofcashflows|34|
|Principalaccountingpolicies|35|
|Notestothefinancialstatements|40|





|FounderandPresident|ThelateDavidShepherdCBEFRSAFRGS|
|---|---|
|HonoraryVicePresidents|MarkCarwardine|
||DavidGowerOBE|
||SimonKingOBE|
||GaryLinekerOBE|
||MandyShepherd|
||SabaDouglas-Hamilton|
|Trustees|MelanieShepherd(Chair)|
||NigelColneCBE(resigned29September2022)|
||ChristopherCowdray|
||FionaLuck|
||RodneyBirrell|
||AndrewBrown|
||ZoeWoods|
|ConservationAdvisor|MarkCarwardine|
|SeniorManagementTeam|ChiefExecutive-GeorginaLamb|
||ChiefFinancialOfficer—MaryNugent|
||ChiefOperatingOfficer—RoddyHamblin|
|Principaladdress|SabaHouse|
||7KingsRoad|
||Shalford|
||Surrey|
||GU48JU|
|Telephone|01483272323|
|Email|dswf@davidshepherd.org|
|Website|www.davidshepherd.orq|
|Registeredoffice|OneBartholomewClose|
||London|
||EC1A7BL|
|Companyregistrationnumber|04918382(EnglandandWales)|
|Charityregistrationnumber|1106893|





|Auditor|BuzzacottLLP|
|---|---|
||130WoodStreet|
||London|
||EC2V6DL|
|Bankers|TheRoyalBankofScotlandplc|
||1FleetStreet|
||London|
||EC4Y1BD|
|Solicitors|BDBPitmansLLP|
||OneBartholomewClose|
||London|
||EC1A7BL|
|Investmentmanagers|EvelynPartners|
||45GreshamStreet|
||London|
||EC2V7BG|





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26 September 2023 



|ngincomeandexpenditureacco|unt)|||||||
|---|---|---|---|---|---|---|---|
|||Unrestricted|Unrestricted||Expendable|2023|2022|
|||fund|fund|Restricted|endowment|Total|Total|
|||-trading|charity|funds|fund|funds|funds|
||Notes|£|£|£|£|£|£|
|Incomefrom:||||||||
|Donationsandlegacies|1|<br>-|546,143|778,099|-|1,324,242|1,131,954|
|Othertradingactivities|2|115,627|253,592|39,853|—|409,072|463,234|
|Investmentincome||—|5,020|-|12,428|17,448|10,384|
|Otherincome||—|4,538|—|—|4,538|2,925|
|Totalincome||115,627|809,293|817,952|12,428|1,755,300|1,608,497|
|Expenditureonraisingfunds:|3|||||||
|.Tradingcompanycosts||49,018||||49,018|33,590|
|.Other|||274,497|80,083|1,896|356,476|323,349|
|||49,018|274,497|80,083|1,896|405,494|356,939|
|Netincomeavailableforcharitable||||||||
|application||66,609|535,796|737,869|10,532|1,349,806|1,251,558|
|Charitableactivities||||||||
|.Conservation|4|12,083|347,497|654,020|1,202|1,014,802|891,518|
|.Education|5|24,515|312,993|32,346|2,050|371,904|221,395|
|||36,598|660,490|686,366|3,252|1,386,706|1,112,913|
|Totalexpenditure||85,616|934,987|766,449|5,148|1,792,200|1,469,852|
|Netincome(expenditure)fortheyear||||||||
|beforegainsoninvestments|8|30,011|(125,694)|51,503|7,280|(36,900)|138,645|
|Netinvestmentlosses|13||||(30,248)|(30,248)|24,670|
|Netincome(expenditure)beforetransfers||30,011|(125,694)|51,503|(22,968)|(67,148)|163,315|
|Transfersbetweenfunds|18/19|(37,742)|44,530|(6,788)||||
|Netincome(expenditure)andnet||||||||
|movementinfundsfortheyear||(7,731)|(81,164)|44,715|(22,968)|(67,148)|163,315|
|Reconciliationoffunds:||||||||
|Balancesat1April2022||121,536|571,105|93,944|712,867|1,499,452|1,336,137|
|Balancesat31March2023||113,805|489,941|138,659|689,899|1,432,304|1,499,452|





|||Unrestricted|Unrestricted||Expendable|2022|
|---|---|---|---|---|---|---|
|||fund|fund|Restricted|endowment|Total|
|||-trading|charity|funds|fund|funds|
||Notes|£|£|£|£|£|
|Incomefrom:|||||||
|Donationsandlegacies|1|<br>-|488,592|643,362|-|1,131,954|
|Othertradingactivities|2|102,128|331,481|29,625|—|463,234|
|Investmentincome||—|67|—|10,317|10,384|
|Otherincome||—|2,925||—|2,925|
|Totalincome||102,128|823,065|672,987|10,317|1,608,497|
|Expenditureonraisingfunds:|3||||||
|.Tradingcompanycosts||33,590|-|-|-|33,590|
|.Other||—|222,675|98,900|1,774|323,349|
|||33,590|222,675|98,900|1,774|356,939|
|Netincomeavailableforcharitableapplication||68,538|600,390|574,087|8,543|1,251,558|
|Charitableactivities|||||||
|.Conservation|4|11,050|300,286|578,938|1,244|891,518|
|.Education|5|18,467|191,079|9,768|2,081|221,395|
|||29,517|491,365|588,706|3,325|1,112,913|
|Totalexpenditure||63,107|714,040|687,606|5,099|1,469,852|
|Netincome(expenditure)fortheyearbeforegains|||||||
|oninvestments|8|39,021|109,025|(14,619)|5,218|138,645|
|Netinvestmentgains|13|-|-||24,670|24,670|
|Netincome(expenditure)||39,021|109,025|(14,619)|29,888|163,315|
|Transfersbetweenfunds|18/19|(33,942)|41,578|(7,636)|—|—|
|Netincome(expenditure)andnetmovementin|||||||
|fundsfortheyear||5,079|150,603|(22,255)|29,888|163,315|
|Reconciliationoffunds:|||||||
|Balancesat1April2021||116,457|420,502|116,199|682,979|1,336,137|
|Balancesat31March2022||121,536|571,105|93,944|712,867|1,499,452|





|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2023|2022|2023|2022|
||Notes|||||
|Fixedassets||||||
|Tangiblefixedassets|11|24,185|11,288|23,137|8,363|
|Investmentingroupundertaking|12|||100|100|
|Investments|13|672,212|695,994|672,212|695,994|
|||696,397|707,282|695,449|704,457|
|Currentassets||||||
|Stock|14|6,225|6,474|||
|Debtors|15|65,480|71,826|73,154|82,518|
|Cashatbankandinhand||739,078|803,610|613,023|673,447|
|||810,783|881,910|686,177|755,965|
|Creditors:amountsfallingdue||||||
|withinoneyear|16|(74,876)|(89,740)|(57,847)|(71,218)|
|Netcurrentassets||735,907|792,170|628,330|684,747|
|Totalnetassets||1,432,304|1,499,452|1,323,779|1,389,204|
|Thefundsofthecharity||||||
|Restrictedfunds|18|138,659|93,944|138,659|93,944|
|Unrestrictedfunds||||||
|.Generalfund||413,581|471,105|418,861|482,393|
|.Designatedfund||76,360|100,000|76,360|100,000|
|.Non-charitabletradingfunds||113,805|121,536|||
|Expendableendowmentfund|19|689,899|712,867|689,899|712,867|
|Totalfunds|20|1,432,304|1,499,452|1,323,779|1,389,204|






## 

|||2023|2022|
|---|---|---|---|
||Notes|£|£|
|Cashflowsfromoperatingactivities:||||
|Netcashusedin(providedby)operatingactivities|A|(52,981)|192,186|
|Cashflowsfrominvestingactivities:||||
|Investmentincome||17,448|10,384|
|Purchaseoftangiblefixedassets||(22,533)|(9,353)|
|Purchaseofinvestments||(291,007)|(181,870)|
|Proceedsfromdisposalofinvestments||266,052|100,775|
|Netcashusedininvestingactivities||(30,040)|(80,064)|
|Changeincashandcashequivalentsintheyear||(83,021)|112,122|
|Cashandcashequivalentsat1April2022|B|839,934|727,812|
|Cashandcashequivalentsat31March2023|B|756,913|839,934|



## 

|activities|||
|---|---|---|
||2023|2022|
||£|£|
|Netmovementinfunds(asperthestatementoffinancialactivities)|(67,148)|163,315|
|Adjustmentsfor:|||
|Depreciationcharge|9,636|6,273|
|Lossondisposaloffixedassets||1,698|
|Losses(gains)oninvestments|30,248|(24,670)|
|Investmentincome|(17,448)|(10,384)|
|Decreaseinstocks|249|210|
|Decreaseindebtors|6,346|74,700|
|Decreaseincreditors|(14,864)|(18,956)|
|Netcash(usedin)providedbyoperatingactivities|(52,981)|192,186|




|Analysisofcashandcashequivalents|||
|---|---|---|
||2023|2022|
||£|£|
|Cashatbankandinhand|739,078|803,610|
|Cashheldbyinvestmentmanager|17,835|36,324|
|Totalcashandcashequivalents|756,913|839,934|





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|Donationsandlegacies||||
|---|---|---|---|
||||2023|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||£|£|£|
|Legacies|143,660|-|143,660|
|GiftinKind|—|39,692|39,692|
|Donations:||||
|.Individuals|348,252|289,363|637,615|
|.Corporatedonors|15,497|34,563|50,060|
|.Trustsandfoundations|28,840|360,094|388,934|
|.Communityfundraising|11,714|1,175|12,889|
|.Animaladoptionprogramme|(1,820)|53,212|51,392|
|2023Totalfunds|546,143|778,099|1,324,242|



|Comparatives:||||
|---|---|---|---|
||||2022|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||£|£|£|
|Legacies|142,590|-|142,590|
|GiftinKind|—|39,842|39,842|
|Donations:||||
|.Individuals|257,297|206,203|463,500|
|.Corporatedonors|13,422|15,000|28,422|
|.Trustsandfoundations|63,435|341,308|404,743|
|.Communityfundraising|10,634|3,777|14,411|
|.Animaladoptionprogramme|673|37,232|37,905|
|.Educationprogramme|541|-|541|
|2022Totalfunds|488,592|643,362|1,131,954|





## 

|Othertradingactivities||||
|---|---|---|---|
||||2023|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||£|£|£|
|Events:||||
|.WildlifeArtistoftheYear|63,121|34,746|97,867|
|.WildlifeBall|159,724|-|159,724|
|.Artevents|5,916|-|5,916|
|.GlobalCanvasArtCompetition|—|4,000|4,000|
|.Sundryevents|505|427|932|
|Sponsoredevents:||||
|.LondonMarathon|24,326|680|25,006|
|Total|253,592|39,853|293,445|
|Tradingcompanyincome|115,627|-|115,627|
|2023Totalfunds|369,219|39,853|409,072|



|Comparatives:||||
|---|---|---|---|
||||2022|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||£|£|£|
|Events:||||
|.WildlifeArtistoftheYear|84,238|29,625|113,863|
|.WildlifeBall|179,198|-|179,198|
|.Artexhibitions|49,352||49,352|
|.Sundryevents|3,308|-|3,308|
|Sponsoredevents:||||
|.LondonMarathon|15,385|-|15,385|
|Total|331,481|29,625|361,106|
|Tradingcompanyincome|102,128||102,128|
|2022Totalfunds|433,609|29,625|463,234|





## 

|Expenditureonraisingfunds|||||
|---|---|---|---|---|
|||||2023|
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|fund|funds|
||£|£|£|£|
|Staffcosts|128,320|-||128,320|
|Eventcosts|52,912|23,300||76,212|
|EventcostGiftinKind|—|39,692||39,692|
|Appealandadoptioncosts|3,094|10,384||13,478|
|PRandcommunications|8,949|-||8,949|
|Fundraisingcosts|5,766|-|-|5,766|
|WildlifeMatters|3,570|—||3,570|
|Websiteanddatabase|11,783|5,940||17,723|
|Donationsiteandpaymentprovidercharges|<br>6,995|-|-|6,995|
||221,389|79,316||300,705|
|Supportcosts|72,164|767|1,896|74,827|
||293,553|80,083|1,896|375,532|
|Tradingcompanycostofsales|29,962|-||29,962|
|2023Totalfunds|323,515|80,083|1,896|405,494|
|Comparatives:|||||
|||||2022|
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|fund|funds|
||£|£|£|£|
|Staffcosts|100,813|25,000||125,813|
|Eventcosts|38,162|27,639||65,801|
|EventcostGiftinKind|—|39,842||39,842|
|Appealandadoptioncosts|154|6,419||6,573|
|PRandcommunications|583|—||583|
|Fundraisingcosts|8,427|-||8,427|
|WildlifeMatters|4,117|-||4,117|
|Websiteanddatabase|9,399|—|—|9,399|
|Donationsiteandpaymentprovidercharges|<br>10,167|-|-|10,167|
||171,822|98,900|-|270,722|
|Supportcosts|66,596|-|1,774|68,370|
||238,418|98,900|1,774|339,092|
|Tradingcompanycostofsales|17,847||-|17,847|
|2022Totalfunds|256,265|98,900|/,774|356,939|





## 

## 

|Conservation||||||
|---|---|---|---|---|---|
||Unrestrictedfunds|||||
||||||2023|
||General|Designated|Restricted|Endowment|Total|
||funds|funds|funds|fund|funds|
|Groupandcharity|£|£|£|£|£|
|Grantspayabletofieldbasedprojects||||||
|GameRangersInternational-Zambia|11,896|12,000|197,393|-|221,289|
|PaintedDogConservation—Zimbabwe|—|14,000|40,000||54,000|
|SavetheRhinoTrust—Namibia|7,509|12,000|32,491|-|52,000|
|UgandaConservationFoundation—Uganda|904|-|19,096||20,000|
|PhoenixFundAmurTiger—Russia|21,001||13,999||35,000|
|Aaranyak—India|—||60,000|—|60,000|
|WTIRapidActionProject—India|8,890||16,100|-|24,990|
|FreelandTiger—Thailand|6,295||33,705||40,000|
|SnowLeopardTrust—Mongolia|3,566|-|16,434|-|20,000|
|SnowLeopardTrust-Kyrgyzstan|5,000|-|15,000|—|20,000|
|WildAid—ChinaandVietnam|2,000||28,000|—|30,000|
|ChimpConservationCentre—Guinea|9,036||5,964||15,000|
|ThePangolinProject-Kenya|—||30,000|-|30,000|
|SaveVietnam'sWildlife-Vietnam|—|—|30,000|-|30,000|
|Sundrysmallgrants|—|2,000|5,442||7,442|
|Fundingforglobalinvestigationsandpolicy||||||
|EnvironmentalInvestigationAgency-tiger|—||20,000||20,000|
|EnvironmentalInvestigationAgency—pangolin|7,500||39,910|-|47,410|
|FreelandInvestigations|15,000|-|-|-|15,000|
|EagleInvestigations|10,000|-|10,000|-|20,000|
|CITESandpolicycosts|35,108|-|40,000|-|75,108|
||143,705|40,000|653,534||837,239|
|Otherdirectcosts||||||
|Staffcosts|92,488||||92,488|
|Otherprojectandgrantsupportcosts|28,677||||28,677|
|PRandcommunicationscosts|1,308|7,640|||8,948|
||122,473|7,640|||130,113|
|Supportcosts|45,762||486|1,202|47,450|
|2023Totalfunds|311,940|47,640|654,020|1,202|1,014,802|





|Conservation(continued)<br>Comparatives:||||||
|---|---|---|---|---|---|
||Unrestrictedfunds|||||
||||||2022|
||General|Designated|Restricted|Endowment|Total|
||funds|funds|funds|fund|funds|
|Groupandcharity|£|£|£|£|£|
|Grantspayabletofieldbasedprojects||||||
|GameRangersInternational-Zambia|—|23,874|198,466|-|222,340|
|PaintedDogConservation-Zimbabwe|6,968|—|23,032||30,000|
|SavetheRhinoTrust—Namibia|11,817||18,183||30,000|
|UgandaConservationFoundation—Uganda|10,703||69,286|—|79,989|
|PhoenixFundAmurTiger—Russia|18,419||11,581||30,000|
|Aaranyak-India|390||54,610||55,000|
|WTIRapidActionProject-India|16,883|-|3,100|-|19,983|
|FreelandTiger-Thailand|1,157|19,500|18,843||39,500|
|SnowLeopardTrust—Mongolia|—|—|15,000||15,000|
|SnowLeopardTrust-Kyrgyzstan|4,822||10,178|-|15,000|
|WildAid-ChinaandVietnam|—|—|20,000|-|20,000|
|ChimpConservationCentre—Guinea|6,133|6,626|7,169|—|19,928|
|ThePangolinProject-Kenya|—|—|20,000|-|20,000|
|SaveVietnam'sWildlife-Vietnam||—|20,000|-|20,000|
|Sundrysmallgrants||-|3,900|-|3,900|
|Fundingforglobalinvestigationsandpolicy||||||
|EnvironmentalInvestigationAgency-tiger||—|10,000|-|10,000|
|EnvironmentalInvestigationAgency-pangolin|—|—|40,590|-|40,590|
|FreelandInvestigations|20,000|-|-|-|20,000|
|FightingIllegalWildlifeTrade/CITES|-|-|30,000|-|30,000|
||97,292|50,000|573,938||721,230|
|Otherdirectcosts||||||
|Staffcosts|87,569|-|-|-|87,569|
|Policyandcampaigncosts|13,689|-|5,000|—|18,689|
|Otherprojectandgrantsupportcosts|15,457|-|-|-|15,457|
|PRandcommunicationscosts|583||-|-|583|
||117,298||5,000||122,298|
|Supportcosts|46,746|||1,244|47,990|
|2022Totalfunds|261,336|50,000|578,938|1,244|891,518|





## 

## 

|Education|||||
|---|---|---|---|---|
|||||2023|
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|fund|funds|
|Groupandcharity|£|£|£|£|
|Staffcosts|176,382|-||176,382|
|WildlifeMatters|14,280|-||14,280|
|Educationprogramme|51,660|7,000|-|58,660|
|GlobalCanvasChildren'sArtCompetition|755|272|-|1,027|
|Appealandadoptioncosts|3,094|10,384|-|13,478|
|Website|4,357|13,860||18,217|
|PRandcommunications|8,949|-||8,949|
||259,477|31,516||290,993|
|Supportcosts|78,031|830|2,050|80,911|
|2023Totalfunds|337,508|32,346|2,050|371,904|
|Comparatives:|||||



|Comparatives:|||||
|---|---|---|---|---|
|||||2022|
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|fund|funds|
|Groupandcharity|£|£|£|£|
|Staffcosts|96,487||—|96,487|
|WildlifeMatters|16,470|-|-|16,470|
|Educationprogramme|11,426|3,349|-|14,775|
|GlobalCanvasChildren'sArtCompetition|300|—||300|
|Appealandadoptioncosts|153|6,419||6,572|
|Website|6,006|—|—|6,006|
|PRandcommunications|582|-||582|
||131,424|9,768||141,192|
|Supportcosts|78,122||2,081|80,203|
|2022Totalfunds|209,546|9,768|2,081|221,395|





## 

## 

|Supportcosts|||||
|---|---|---|---|---|
|||||2023|
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|fund|funds|
|Group|£|£|£|£|
|Staffcosts|63,163||-|63,163|
|Propertycosts|13,565||-|13,565|
|Travelcosts|1,035||-|1,035|
|OfficeandITcosts|26,913|-|-|26,913|
|Depreciation|5,171|2,083|-|7,254|
|IrrecoverableVAT|15,539|-|-|15,539|
|Legalandprofessional|17,998||-|17,998|
|Bank,card,giftaidadministration|831||-|831|
|Investmentmanagerfees|-||5,148|5,148|
|TradingCompanyadministrationcosts|51,742||-|51,742|
|2023Totalfunds|195,957|2,083|5,148|203,188|
|Comparatives:|||||
|||||2022|
||Unrestricted|Restricted|Endowment|Total|
||funds|funds|fund|funds|
|Group|£|£|£|£|
|Staffcosts|70,547|||70,547|
|Propertycosts|9,749|||9,749|
|Travelcosts|384|—||384|
|OfficeandITcosts|30,952|||30,952|
|Depreciation|3,981|-||3,981|
|IrrecoverableVAT|12,401|||12,401|
|Legalandprofessional|17,163|||17,163|
|Bank,creditcard,giftaidadministration|897|-|-|897|
|Investmentmanagerfees|-||5,099|5,099|
|TradingCompanyadministrationcosts|45,260|-|-|45,260|
|Otheradministrationcosts|130||-|130|
|2022Totalfunds|191,464||5,099|196,563|



|||||2023||
|---|---|---|---|---|---|
|||Conservation||Total||
||Raisingfunds|grantgiving|Education|funds|Basisof|
|Group|£|£|£|£|allocation|
|Staffcosts|23,261|14,750|25,152|63,163|%stafftime|
|Propertycosts|4,995|3,168|5,402|13,565|%stafftime|
|Travelcosts|381|242|412|1,035|%stafftime|
|OfficeandITcosts|9,911|6,285|10,717|26,913|%stafftime|
|Depreciation|2,671|1,694|2,889|7,254|%stafftime|
|IrrecoverableVAT|5,722|3,629|6,188|15,539|%stafftime|
|Legalandprofessional|6,628|4,203|7,167|17,998|%stafftime|
|Bank,card,giftaid||||||
|administration|306|194|331|831|%stafftime|
|Investmentmanagerfees|1,896|1,202|2,050|5,148|%stafftime|
|TradingCompany||||||
|administrationcosts|19,056|12,083|20,603|51,742|%stafftime|
||74,827|47,450|80,911|203,188||





## 

## 

|||||2022||
|---|---|---|---|---|---|
|||Conservation||Total||
||Raisingfunds|grantgiving|Education|funds|Basisof|
|Group|£|£|£|£|allocation|
|Staffcosts|24,538|17,224|28,785|70,547|%stafftime|
|Propertycosts|3,391|2,380|3,978|9,749|%stafftime|
|Travelcosts|134|93|157|384|%stafftime|
|OfficeandITcosts|10,766|7,557|12,629|30,952|%stafftime|
|Depreciation|1,385|972|1,624|3,981|%stafftime|
|IrrecoverableVAT|4,313|3,028|5,060|12,401|%stafftime|
|Legalandprofessional|5,970|4,190|7,003|17,163|%stafftime|
|Bank,creditcard,giftaid||||||
|administration|312|219|366|897|%stafftime|
|Investmentmanagerfees|1,773|1,245|2,081|5,099|%stafftime|
|TradingCompany||||||
|administrationcosts|15,743|11,050|18,467|45,260|%stafftime|
|Otheradministrationcosts|45|32|53|130|%stafftime|
||68,370|47,990|80,203|196,563||



## 

||2023|2022|
|---|---|---|
||Total|Total|
||£|£|
|Auditor'sremuneration:|||
|.Auditofthegroupfinancialstatements|11,207|9,286|
|Legal,professionalandaccountancy|6,791|7,877|
|Totals|17,998|17,163|



## 

||2023|2022|
|---|---|---|
||Total|Total|
|Group|£|£|
|Staffcosts(note9)|550,585|423,750|
|Auditor'sremuneration|||
|.Auditofthegroupfinancialstatements|11,207|9,286|
|Depreciation(note11)|9,636|6,273|
|Operatingleaserentals|25,500|18,000|





## 

## 

|StaffcostsandTrustees'remuneration|||
|---|---|---|
||2023|2022|
||£|£|
|Staffcostsduringtheyearwereasfollows:|||
|.Wagesandsalaries|490,778|381,749|
|.Socialsecuritycosts|47,376|33,244|
|.Pensioncosts|12,431|8,757|
||550,585|423,750|



|||2023|2022|
|---|---|---|---|
|||number|number|
|£60,001|-£70,000|1||



||2023|2022|
|---|---|---|
|Charity|14|12|
|Tradingsubsidiary|-|-|
||14|12|



## 



## 

|Tangiblefixedassets|||||
|---|---|---|---|---|
||||Office||
||Leasehold|Computer|equipmentand|2023|
||improvements|equipment|fixtures|Total|
|Group|£|£|£|£|
|Cost|||||
|At1April2022|49,539|50,744|6,637|106,920|
|Additions|—|22,028|505|22,533|
|Disposals|—|(2,459)|(1,557)|(4,016)|
|At31March2023|49,539|70,313|5,585|125,437|
|Depreciation|||||
|At1April2022|49,539|39,456|6,637|95,632|
|Chargeforyear|—|9,604|32|9,636|
|Eliminatedondisposal|—|(2,459)|(1,557)|(4,016)|
|At31March2023|49,539|46,601|5,112|101,252|
|Netbookvalues|||||
|At31March2023||23,712|473|24,185|
|At31March2022||11,288|-|11,288|



||||Office||
|---|---|---|---|---|
||Leasehold|Computer|equipmentand|2023|
||improvements|equipment|fixtures|Total|
|Charity|£|£|£|£|
|Cost|||||
|At1April2022|10,000|42,645|3,895|56,540|
|Additions|—|22,028|-|22,028|
|Disposals|-|(2,459)|(1,557)|(4,016)|
|At31March2023|10,000|62,214|2,338|74,552|
|Depreciation|||||
|At1April2022|10,000|34,282|3,895|48,177|
|Chargeforyear|—|7,254|-|7,254|
|Eliminatedondisposal|—|(2,459)|(1,557)|(4,016)|
|At31March2023|10,000|39,077|2,338|51,415|
|Netbookvalues|||||
|At31March2023|-|23,137||23,137|
|At31March2022|-|8,363||8,363|





## 

## 

||Foundationbywayofgiftaidwhilstretainingsufficientworkingca<br>tradingresultsisshownbelow.|pital.Asum|maryofthe|
|---|---|---|---|
|||2023|2022|
|||£|£|
||InvestmentinDSWFTradingCompanyLimitedatcost|100|100|
||Profitandlossofsubsidiary|||
||Turnover|115,547|102,126|
||Costofsales|(26,814)|(14,093)|
||Grossprofit|88,733|88,033|
||Staffcosts|—|—|
||Otheradministrativeexpenses|(58,722)|(55,018)|
||Profitfortheyear|30,011|33,015|
||GiftAiddonationtoDavidShepherdWildlifeFoundation|(31,736)|(33,942)|
||Retainedprofit(loss)forthefinancialyear|(1,725)|(927)|
||Aggregatedcapitalandreservesat31March2023|108,520|110,245|
|13.|ListedInvestments|||
|||2023|2022|
||Groupandcharity|£|£|
||Listedinvestments|||
||Marketvalueat1April2022|659,670|553,905|
||Additionsatcost|291,007|181,870|
||Disposalsatbookvalue(proceeds:£266,052;losses:£15,478)|(281,530)|(96,657)|
||Unrealised(losses)/gains|(14,770)|20,552|
||Marketvalueat31March2023|654,377|659,670|
||Cashheldbyinvestmentmanagers|17,835|36,324|
|||672,212|695,994|
||Costoflistedinvestmentsat31March2023|604,962|566,352|
||Listedinvestmentsheldat31March2023comprisedthefollowing:|||
|||2023|2022|
|||£|£|
||UKequities|138,345|161,236|
||UKfixedinterest|100,576|65,080|
||Overseasequities|271,665|235,786|
||Overseasindexlinked|25,607|14,998|
||Alternativeassets|118,184|182,570|
|||654,377|659,670|





## 

## 

||2023||
|---|---|---|
||Market|2023|
||valueof|Percentage|
||holding<br>£|ofportfolio<br>%|
|FindlayParkFundsPLCAmericanUSDDis|75,774|8.42%|
|ManFund ManagementUKLtdGLG|35,077|5.48%|
|JPMorganAssetManagementUKLtdEquityCore|39,935|6.12%|
|Comparative:|||
||2022||
||Market|2022|
||valueof|Percentage|
||holding|ofportfolio|
||£|%|
|FindlayParkFundsPLCAmericanUSDDis|75,774|11.33%|
|ManFundManagementUKLtdGLG|35,077|5.24%|
|JPMorganAssetManagementUKLtdEquityCore|39,935|5.97%|



## 

|Stock|||||
|---|---|---|---|---|
||Group||Charity||
||2023|2022|2023|2022|
||£|£|£|£|
|Printsandothermerchandiseforsale|6,225|6,474|||
|Debtors|||||
||Group||Charity||
||2023|2022|2023|2022|
||£|£|£|£|
|Tradedebtors|26,497|20,754|5,982|188|
|Prepaymentsandaccruedincome|38,983|51,072|35,436|48,388|
|Amountsduefromgroupundertaking|—|—|31,736|33,942|
||65,480|71,826|73,154|82,518|



## 



## 

## 

||Group||Charity||
|---|---|---|---|---|
||2023|2022|2023|2022|
||£|£|£|£|
|Tradecreditors|27,750|24,773|23,872|17,488|
|Accruals|16,365|13,898|14,782|11,482|
|Deferredincome|14,197|35,527|14,197|35,527|
|Othercreditors|14,750|13,500|8,750|7,500|
|Othertaxesandsocialsecurity|1,814|2,042|(4,544)|(2,598)|
|Amountsduetogroupundertaking|—|—|790|1,819|
||74,876|89,740|57,847|71,218|



## 

|Totalminimumcommitmentsundernon-cancell<br>areasfollows:|ableoperatingleasesforlandan|dbuilding|
|---|---|---|
||2023|2022|
||£|£|
|Withinoneyear|25,000|30,000|
|Betweenoneandtwoyears||22,500|
|Betweentwoandfiveyears|||
||25,000|52,500|





## 

|||||Gains,||
|---|---|---|---|---|---|
||At1April<br>2022|Income|Expenditure|lossesand<br>transfers|At31March<br>2023|
|Charityandgroup|£|£|£|£|£|
|Speciesandprojectactivityfunds:||||||
|PaintedDog|1,302|52,381|(40,653)||13,030|
|Elephant|1,692|16,414|(17,698)|—|408|
|Lion|158|18,404|(7,836)|-|10,726|
|Pangolin|15,378|17,926|(32,403)|(273)|628|
|Rhino|804|5,916|(6,068)|1,000|1,652|
|SnowLeopard|1,435|29,646|(19,624)|-|11,457|
|Tiger|1,130|21,141|(24,008)|2,000|263|
|Chimpanzee|161|2,864|(2,698)|—|327|
|Education|—|15,004|(7,000)|1,500|9,504|
|WildlifeCrimePrevention-Rangers|169|50,557|(50,633)|—|93|
|Projectfunds:||||||
|GameRangersInternational—Zambia|15,045|211,168|(176,749)|(24,000)|25,464|
|PaintedDogConservationProject—||||||
|Zimbabwe||1,905|(1,905)|-||
|SavetheRhinoTrust—Namibia|—|27,906|(27,906)|—|—|
|UgandaConservationFoundation—Uganda|—|—|(5,000)|5,000|—|
|PhoenixFundAmurTigerProject—Russia|2,000|369|(2,369)|—|—|
|Aaranyak—India|14,125|44,563|(54,188)||4,500|
|FreelandTigerProject—Thailand|—|20,000|(20,000)|-||
|SnowLeopardTrust—Mongolia||—|(7,731)|7,731|-|
|SnowLeopardTrust-Kyrgyzstan|—|—|(7,731)|7,731|—|
|WildAid—ChinaandVietnam|—|30,000|(25,000)|-|5,000|
|CITES/Policy|—|40,000|(40,000)||—|
|ChimpConservationCentre-Guinea||15,000|(3,750)||11,250|
|EnvironmentalInvestigationAgency-Tiger||15,000|(15,000)|—|—|
|EnvironmentalInvestigationAgency-||||||
|Pangolin|17,410|35,000|(39,910)||12,500|
|SavingVietnam'sWildlife-Vietnam|—|15,000|(15,000)||—|
|ThePangolinProject-Kenya|—|15,000|(15,000)|—|—|
|EagleInvestigations|-|10,000|(10,000)|—|—|
|OperationFootprints|8,135|-|-|-|8,135|
|Smallfunds|—|1,350|(3,373)|2,023|—|
||78,944|712,514|(679,233)|2,712|114,937|
|Other:||||||
|Eventsponsorshipandgiftinkind||80,438|(65,333)|(9,500)|5,605|
|Operationalcostfunding|15,000|25,000|(21,883)||18,117|
||15,000|105,438|(87,216)|(9,500)|23,722|
|Total|93,944|817,952|(766,449)|(6,788)|138,659|





## 

## 

|Comparative:||||||
|---|---|---|---|---|---|
|||||Gains,||
||At1April|||lossesand|At31March|
||2021|Income|Expenditure|transfers|2022|
|Charityandgroup|£|£|£|£|£|
|Speciesandprojectactivityfunds:||||||
|PaintedDog|—|17,458|(16,156)|-|1,302|
|Elephant|860|12,482|(11,650)|-|1,692|
|Lion|—|2,010|(1,852)||158|
|Pangolin|31,370|18,231|(34,223)|-|15,378|
|Rhino|—|4,959|(4,155)|-|804|
|SnowLeopard|—|6,887|(5,452)|-|1,435|
|Tiger|1,622|16,201|(16,693)||1,130|
|Chimp|-|4,758|(4,597)|-|161|
|Education|3,300|49|(3,349)|—|—|
|WildlifeCrimePrevention-Rangers|-|2,274|(2,105)|—|169|
|Projectfunds:||||||
|GameRangersInternational-Zambia|20,520|182,834|(188,309)|-|15,045|
|PaintedDogConservationProject-||||||
|Zimbabwe|—|8,906|(8,906)|-|-|
|SavetheRhinoTrust-Namibia|1,149|14,771|(15,920)|—|—|
|UgandaConservationFoundation-Uganda|—|60,020|(60,020)|—|—|
|PhoenixFundAmurTigerProject-Russia||Z752|(2,752)|2,000|Z000|
|Aaranyak-India||60,282|(51,157)|5,000|14,125|
|WTI-India/RapidAction|—|3,100|(3,100)|—|—|
|FreelandTigerProject-Thailand|93|15,000|(15,093)|-||
|SnowLeopardTrust-Mongolia|9,000|5,118|(14,118)||-|
|SnowLeopardTrust-Kyrgyzstan|—|6,882|(6,882)||—|
|WildAid-ChinaandVietnam/Pangolin|—|15,000|(15,000)|-|-|
|CITESPolicywork|—|35,000|(35,000)|||
|ChimpanzeeConservationCentre-Guinea|—|Z827|(2,827)||—|
|EnvironmentalInvestigationAgency-Tiger|—|10,000|(10,000)||—|
|EnvironmentalInvestigationAgency-||||||
|Pangolin|—|48,000|(30,590)||17,410|
|SavingVietnam'sWildlife-Vietnam|—|15,000|(15,000)||—|
|ThePangolinProject-Kenya|—|15,000|(15,000)|—|—|
|OperationFootprints|8,135|-|-|-|8,135|
|Smallfunds|-|2,719|(2,719)||-|
||76,049|588,520|(592,625)|7,000|78,944|
|Eventandoperationalfunds:||||||
|SponsorshipandGiftinKind|15,150|69,467|(69,981)|(14,636)|—|
|Operationalcosts|25,000|15,000|(25,000)|-|15,000|
||40,150|84,467|(94,981)|(14,636)|15,000|
|Total|116,199|672,987|(687,606)|(7,636)|93,944|





## 

|||||Gains,||
|---|---|---|---|---|---|
||At1|||losses|At31|
||April|||and|March|
||2022|Income|Expenditure|transfers|2023|
||£|£|£|£|£|
|Expendableendowmentfund|712,867|12,428|(5,148)|(30,248)|689,899|



## 

|||||Gains,||
|---|---|---|---|---|---|
||At1|||losses|At31|
||April|||and|March|
||2021|Income|Expenditure|transfers|2022|
||£|£|£|£|£|
|Expendableendowmentfund|682,979|10,317|(5,099)|24,670|712,867|



## 

|||||Gains,||
|---|---|---|---|---|---|
||At1|||losses|At31|
||April|||and|March|
||2022|Income|Expenditure|transfers|2023|
||£|£|£|£|£|
|Designatedconservationfund|100,000||(47,640)|24,000|76,360|



## 

||||Non-||||
|---|---|---|---|---|---|---|
||||charitable||Expendable||
||Restricted|Unrestricted|trading|Designated|endowment|31March|
||funds|funds|funds|fund|fund|2023|
|Group|£|£|£|£|£|£|
|Fundbalancesat31March|||||||
|2023arerepresentedby:|||||||
|Fixedassets|-|23,137|1,048|-|-|24,185|
|Investments|-|-|-|-|672,212|672,212|
|Netcurrentassets|138,659|390,444|112,757|76,360|17,687|735,907|
|Totalnetassets|138,659|413,581|113,805|76,360|689,899|1,432,304|





## 

|||||Expendable||
|---|---|---|---|---|---|
||Restricted|Unrestricted|Designated|endowment|31March|
||funds|fund|fund|fund|2023|
|Charity|£|£|£|£|£|
|Fundbalancesat31March2023are||||||
|representedby:||||||
|Fixedassetsincludinginvestmentin||||||
|subsidiary|—|23,237||—|23,237|
|Investments|—|—|—|672,212|672,212|
|Netcurrentassets|138,659|395,624|76,360|17,687|628,330|
|Totalnetassets|138,659|418,861|76,360|689,899|1,323,779|



|Comparatives:|||||||
|---|---|---|---|---|---|---|
||||Non-||||
||||charitable||Expendable||
||Restricted|Unrestricted|trading|Designated|endowment|31March|
|Group|funds<br>£|funds<br>£|funds<br>£|fund<br>£|fund<br>£|2022<br>£|
|Fundbalancesat31March|||||||
|2022arerepresentedby:|||||||
|Fixedassets|-|8,363|2,925|-|-|11,288|
|Investments|—|—|—|—|695,994|695,994|
|Netcurrentassets|93,944|428,800|152,553|100,000|16,873|792,170|
|Totalnetassets|93,944|437,163|155,478|100,000|712,867|1,499,452|



|||||Expendable||
|---|---|---|---|---|---|
||Restricted|Unrestricted|Designated|endowment|31March|
||funds|fund|fund|fund|2022|
|Charity|£|£|£|£|£|
|Fundbalancesat31March2022are||||||
|representedby:||||||
|Fixedassetsincludinginvestmentin||||||
|subsidiary|-|8,463||-|8,463|
|Investments|-|-||695,994|695,994|
|Netcurrentassets|93,944|473,930|100,000|16,873|684,747|
|Totalnetassets|93,944|482,393|100,000|712,867|1,389,204|



##