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← The David Shepherd Wildlife Foundation

2024-03-31-accounts

David Shepherd Wildlife Foundation

Annual Report and Consolidated Financial Statements

31 March 2024

Company Limited by Guarantee Registration Number 04918382 (England and Wales) Charity Registration Number 1106893

1a on Ga DAVID SHEPHERD

Contents

Reports

Reference and administrative details
ofthe charity, its Trustees and advisers 1
Trustees’ report 3
Independent auditor's report 28
Consolidated Financial Statements
Group statement offinancial activities 32
Balance sheets 34
Group statement ofcash flows 35
Principal accounting policies 36
Notestothefinancialstatements 41

The David Shepherd Wildlife Foundation

Reference and administrative details of the charity, its Trustees and advisers 31 March 2024

Founderand President The late David Shepherd CBE FRSA FRGS
Honorary Vice Presidents Mark Carwardine
David Gower OBE
Mandy Shepherd
Trustees Melanie Shepherd (Chair)
Christopher Cowdray
Fiona Luck
Rodney Birrell
Andrew Brown
Zoe Woods
Conservation Advisor Mark Carwardine
Senior ManagementTeam 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 01483 272323
Email dswf@davidshepherd.org
Website www.davidshepherd.org
Registered office One Bartholomew Close
London
EC1A 7BL
Company registration number 04918382 (England and Wales)
Charity registration number 1106893
Auditor Buzzacott LLP
130 Wood Street
London
EC2V6DL

The David Shepherd Wildlife Foundation 1

Reference and administrative details of the charity, its Trustees and advisers 31 March 2024

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

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Trustees’ report 31 March 2024

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 2024.

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 36 to 40 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 and emphatic 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 indigenous 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

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Objects, vision and mission (continued)

@ Mission (continued)

Since 1984, we have invested over £13 million directly into wildlife conservation and have provided environmental education to hundreds of thousands of children and adults in the UK and at project locations. 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 warks 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 four decades.

Governance, structure and management

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)

DSWF aims to attract Trustees fram many different backgrounds and walks of life with relevant skills who have a genuine interest in conservation and environmental 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 (Chair) is the daughter of the late David Shepherd and became a Trustee on 1 December 2012 and Chair 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.

Christopher Cowdray joined DSWF as a Trustee in 2007. Chris was appointed Company President of The Dorchester Collection in June 2023 having been its Chief Executive Officer since 2007 and previously the Managing Director of Claridge's. 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.

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.

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Governance, structure and management (continued)

Pay and remuneration are reviewed as part of the annual budgeting process. The salary rates of key management personne! 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.

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.

In preparing these financial statements the Trustees are required to:

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Governance, structure and management (continued)

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:

This confirmation is given and should be interpreted in accordance with the provisions of $418 of the Companies Act 2006.

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.

The senior management team report regularly to the Trustees, both individually and at the meetings of the Trustees which are held every three to four 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.

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Governance, structure and management (continued)

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.

DSWF recognises the potential impact and risk to its financial stability and charitable income from the significant increase in the cost of living and the war in Ukraine and other world instabilities, 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.

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.

A rolling programme of audit visits to projects by staff have been resumed after the pandemic and trips were made to GRI in Zambia, Freeland in Thailand and Save Vietnam's Wildlife in Vietnam. Presentations by the Directors of funded projects 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 al! annual grant applications are reviewed by SMT and recommendations are presented thereafter to the Trustees.

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Governance, structure and management (continued)

¢ Safeguarding

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.

Activities and specific objectives

DSWF focuses 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 fourth largest class of all illegal trade, with estimated annual values in excess of US$23 billion according to 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. 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 both the source and end destinations 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 focuses 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 pratection of wild spaces where our focus species reside.

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Activities and specific objectives (continued)

DSWF recognises that the future health of our planet and of all living things rests with today's youth. Understanding the intrinsic link between education and conservation, DSWF funds educational workshops and engagement initiatives across Africa and Asia bringing people closer to nature.

DSWF are implementing a UK Education Strategy to support children and young people to become effective advocates for wildlife conservation and biodiversity, employing an Education Manager and Environmental Educators in the UK who use UK curriculum best practice and lived experiences at DSWF's funded projects to inspire and inform young people in UK schools, libraries and other educational settings. DSWF continues to use the international children’s Global Canvas art competition as a tool to educate and inspire young people.

Influencing international and national wildlife trade policy to end the trade in endangered wildlife products 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.

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Activities and specific objectives (continued)

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.

DSW also co-ordinates a number of NGO collaborative groups aimed at enhancing the power of collective action in the conservation sector, including the African Elephant Coalition.

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 art strategy has expanded interactions with artists and further developed the links between art, conservation and education. The strategy has also concentrated on the commercial opportunities afforded by art with a development of new art fundraising activities. The internationally renowned annual DSWF Wildlife Artist of the Year competition and exhibition is now in its 17th year and remains a flagship event for the organisation. Entries have grown significantly and the 2024 exhibition is being held at the Mall Galleries in London in July 2024 alongside a digital gallery on our website.

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, in 2024 being ‘The Barometer of Life’.

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Activities

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

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, £209,305 (2023 - £209,290) 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. Over the course of the year, DSWF-supported units undertook a total of 7,954 ranger patrol Days, resulting in 43 apprehensions, the seizure of 24 illegal firearms and the confiscation of 368kg of illegal bushmeat. During the grant period, the teams covered 30,773 km through a combination of 270 boat, vehicle, and foot patrols.

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Conservation (continued)

The GRI Elephant Orphanage Project was established in response to human-elephant conflict and undertakes 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. 25 elephants are currently in the process of being reintroduced to the wild in and around the Elephant Release Area at Camp Phoenix.

The project continues to work to manage and mitigate human-elephant conflict (HEC) in and around the Release Area. A total of 52 HEC-related patrols and mitigation efforts were conducted in the past year. HEC-trained scouts continued to respond to all conflict reports, performing their normal patrolling duties in the interim. Providing support to the local communities in this way is critical for securing the Release Area and protecting the wild elephant herds within it. DSWF funding has made a significant contribution to the project's efforts to prevent such conflicts. GR! have introduced innovative new deterrent technology to the Release Area and distributed 4,000 wildlife-safe repellents to subsistence farmers.

In the past year GRI’s Community Outreach Team provided 145 women from the Nkala GMA Women’s Groups with new skills, knowledge and access to alternative livelihoads.

In the past year, OSWF funding has also enabled GRI to continue to empower and equip fifty local primary school teachers to deliver weekly conservation education to a combined 1,000 children living alongside wildlife.

In the reporting period, 1,389 children from 56 local schools have participated in immersive Discovery Days at the Wildlife Discovery Centre in Lusaka National Park. A further 12,565 individuals have visited the facility to learn about wildlife conservation and observe the orphaned elephants during the first phase of their rehabilitation journey, and consequently, have become fervent ambassadors for wildlife themselves.

Additional funding of £5,000 was granted in the year from the designated Conservation Fund (2023 - £12,000) to provide increased support for rangers in recagnition of another year of their tireless dedication to protecting wildlife.

In Zimbabwe, £40,000 (2023 - £40,000) 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. 818 children attended Bush Camps in the past year.

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Conservation (continued)

DSWF funded Anti-Poaching Units have patrolled 27,649 km in the past year, collecting over 4,000 snares and arresting eight poachers.

An additional £5,000 was granted to the project in the year from the Designated Conservation Fund (2023 - £14,000) to provide increased support for ranger patrols in the face of a snaring crisis and rising fuel costs.

In Namibia, £40,000 (2023 - £40,000) 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.

Rhino sightings were at their second highest level ever this year, and January 2024 marked 41 months without a poaching incident in the project area. Sadly, a rhino was poached in February 2024.

Seven rangers were directly supported by DSWF this year. The whole team covered an astounding 51,355 km on foot.

An additional £5,000 was granted in the year from the designated Conservation Fund (2023 - £12,000) to support rangers on the ground and to ensure patrol levels can be maintained.

In Vietnam, China and Nigeria, £30,000 (2023 - £30,000) was granted to WildAid to support a demand reduction and consumer behaviour change prograrnme of public service announcements (PSAs), billboards and printed materials to raise awareness of the consequences of the use of pangolin products in consumer demand countries. Early this year, WildAid's China team finished filming a high-profile documentary set to be released in late June 2024. In partnership with superstar actor Wang Yibo, this documentary focuses on efforts to save the critically endangered Chinese pangolin, which has seen drastic declines in recent decades due to demand for its meat and scales for use in Traditional Chinese Medicine (TCM). PSAs, print media and billboards publicising the documentary have already received over 15 million views.

In Vietnam, DSWF have funded the production of four television shows on conservation themes, short adverts on the dangers of consuming pangolin products and a campaign to stop restaurants serving pangolin.

The project hosted the 2nd Conference on Wildlife Protection in TCM in April 2023 at the New York College of TCM, and the day before, they hosted the first Coalition for Wildlife Protection in TCM meetings.

WildAid produced and distributed a communications campaign called “Say No to Pangolin Meat’ with prominent traditional tribal leaders throughout Cameroon, including print media as well as 48 billboards placed across five cities for six months. The billboards garnered over 21 million views in Douala and over 23 million views in Yaoundé over the course of the campaign.

In Russia, £23,333 (2023 - £35,000) 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.

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Conservation (continued)

DSWF provided fuel for rangers in Bolshekhekhtsyrsky Nature Reserve. In this reserve, 28 violations were detected including two cases of hunting, and three weapons were seized. The fuel DSWF provided helped enable 16,432 km of patrols by motorised vehicles, 758 km by snowmobile, 711 km by quadbike, 367 km by cross-country vehicles and 28 km by boat, in addition to 368 km by foot.

51 eco-lessons were carried out in this reporting year, reaching 777 children and 63 adults.

Six Tiger Day Festivals were organized (in Vladivostok, Luchegorsk, Vanino, Kirovsky, Terney, Sovgavan), with 1,910 people participating in total. A further 1,346 children took part in an art contest devoted to Amur tigers.

DSWF fully supports the continuation of funding these vital project activities which have no connection with military operations elsewhere, but we continue to undertake regular reviews of the project work. Unfortunately, in May 2024 Phoenix Fund were forced to suspend their environmental work by the Russian government and we are monitoring the ongoing situation closely.

In India, £60,000 (2023 - £60,000) 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 was provided for 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 four anti-poaching dogs.

In the year, 40 ‘Rhino and Tiger Goes to School’ educational programmes were held around the national parks, engaging with 6,000 children, and a further 350 children attended Nature Camps.

233 members of frontline Village Defence Patrols were provided with raincoats, torches and boots. Solar light systems (solar, battery and lights) were provided to Biswanath Wildlife Division for their ranger camps, and fuel support for patrol vehicles was provided in Pobitora Wildlife Sanctuary.

DSWF funding enabled three workshops to be held in the past year to bring together police, judicial and forest officials to share information and techniques and increase collaboration on the fight against poaching.

Additional funding of £4,000 was granted in the year from the designated Conservation Fund to provide additional support for the project's anti-poaching dog K9 units.

Also in India, through the Wildlife Trust of India, £25,000 (2023 - £24,990) was granted in support of Rapid Action projects (RAPs) to address wildlife crises and emergencies across the country. DSWF funded nine RAPs last year with the goal of strengthening frontline staff, managing human-wildlife conflict and curbing the illegal wildlife trade. The projects focused on: reducing elephant mortality due to train collisions; preventing human-leopard conflict; providing grain to farmers who have lost crops to raiding elephants; providing bridges to stop roadkill of the slender loris; stopping unethical tourism practices and the poaching of leopards; The David Shepherd Wildlife Foundation 15

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two projects dealing with human-bear conflict; researching threats to striped hyenas; and managing human-elephant conflict.

Conservation (continued)

In Thailand, £40,000 (2023 - £40,000) was granted to Freeland Foundation in support of ranger patrols in the Dong Phayayen-Khao Yai (OPKY) Forest Complex. Ranger patrols covered over 44,000 km in the past year, leading to the apprehension of 74 poachers and the seizure of 24 weapons. Two refresher training activities were conducted during this period and 30 rangers received additional training.

12 wildlife surveys were carried out as planned in the reporting year. Eight rangers were given training in setting camera traps, improving the quality of data that is being received. Monthly tiger monitoring reports also continue to be produced, providing a guide to immediate changes and trends,

The project also visited eight high-risk poaching communities to engage villagers to understand why they poach and to discuss human-wildlife conflict. 500 community members were reached, mostly in village meetings.

Additional funding of £6,000 was granted in the year from the designated Conservation Fund for two activities. A snare workshop (£2,000), to tackle the documented increase in the use of snares within DPKY and to understand more about the scale of the issue, to use SMART to map snaring hotspots, discuss ranger and other stakeholder understanding of the situation, and to identify long term solutions. Secondly for the installation of a new VHF radio and communication system in the remote eastern area of DPKY (£4,000), which has already made a big difference in improving communications and coverage. Training has also been provided fo ensure rangers can make the best use of this new system.

In Mongolia, £20,000 (2023 - £20,000) was granted to the Snow Leopard Trust to fund research and population monitoring of snow leopards in the Tost mountains.

Three male snow leopards were fitted with GPS collars this year, bringing the total number of snow leopards collared under the long-term ecological study to 37 (22 males and 15 females). The project generated a Geographic information System (GIS) rnap based on the GPS collar data, which shows the movement patterns of the collared snow leopards, how they form territories, and where they stop for extended periods.

The project installed 180 camera traps across 7,559 km2 of snow leopard habitat in Tost Nature Reserve, Gobi Gurvansaikhan National Park, Sevrei, and Noyon. More than 8,400 images of snow leopards are now being analysed, with the process expected to be completed by the end of 2024.

The project continues to work to survey the population of numbers of snow leopard prey species, ibex and argali. Snow Leopard Trust organized training for Protected Area rangers and community rangers from Toast Nature Reserve on using sampling and survey methods. Twenty Protected Area rangers and community rangers collected data for the survey in October and November.

A total of 94 women from across 19 communities participated in the Snow Leopard Enterprises handicraft programme, increasing their annual income.

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Conservation (continued)

Additional funding of £9,000 was granted in the year from the designated Conservation Fund to test and evaluate the effectiveness of anti-wolf collars for preventing snow leopard and wolf depredation of horses in Mongolia, a critical step for the coexistence of snow leopards and people.

In Kyrgyzstan, £20,000 (2023 - £20,000) 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.

The project team has developed environmental education resources and shared them with 20 under-resourced schools. Materials include a lecture on snow leopards and their prey, a poster illustrating snow leopard's relationship with other carnivores, and a fact sheet detailing key information about snow leopards.

382 students took part in the project's eco-education program, in which they complete three conservation related assignments or competitions every month.

Eco-camps were conducted in June and July, involving students from 19 schools. 68 students visited Shamshy Nature Reserve, and eight visited Besh Aral Reserve.

In Guinea, £15,000 (2023 - £15,000) was granted to the Chimpanzee Conservation Centre where DSWF funding supporis education and community outreach in the areas around Upper Niger National Park.

Over 900 children were reached in the reporting period by the project's education programme, another big expansion, In addition to the main education programme, the project ran four Nature clubs, reaching 100 children, for children wha can't regularly attend school. As well as children, the project continues to raise awareness among adults by organising workshops in the communities on the impact of illegal activities in the National Park.

The project also continues to work on a number of community initiatives including on beekeeping, gardening, land rehabilitation, tree planting, and a football tournament.

In Vietnam, £30,000 (2023 - £30,000) was granted to Save Vietnam’s Wildlife. DSWF’s funding supported anti-poaching teams and provided essential training and equipment to rangers in three protected areas in southern Vietnam: Cat Tien National Park (CTNP), U Minh Thuong National Park (UMTNP), and U Minh Ha National Park (UMHNP). This support significantly enhanced their safety and efficiency during patrols, crucial for protecting strongholds essential to pangolin recovery efforts.

During the reporting period, patrols covered 112,100 km over 17,268 days. Throughout these patrols, the teams encountered 113 individuals engaged in illegal entry into the forests, leading to the apprehension of 64 offenders. Additionally, they confiscated 10 firearms, removed 5,265 traps, dismantled 23 poaching camps, and successfully rescued 13 live animals from snares. In addition, the project deployed 29 PoacherCams at key access points to the parks, generating 120 records of illegal entries. Subsequently, 36 individuals were apprehended.

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Conservation (continued)

Additional funding of £5,000 was granted in the year from the designated Conservation Fund to provide additional support for ranger patrols.

In Kenya, £30,000 (2023 - £30,000) was granted to The Pangolin Project. The project's operational focus has narrowed to the Nyakweri Ecosystem which is one of only two places where Giant Ground pangolin are known to remain in Kenya.

DSWF funding has enabled the following activities in the past year; two camera trap surveys and monitoring of area using 84 camera traps; tagging of three Giant pangolin; rapid response to sightings by the community of 18 live pangolin sightings and tragically four dead pangolin on electric fences.

The project has also worked with local landowners to encourage them to remove electricity from the bottom 65 cm of their fences, addressing a big threat to pangolins. 32 km of wire has been removed by a total of 25 landowners (75% of the total).

The project has carried out 17 events, reaching 522 community members, to raise awareness regarding the threats facing pangolins and on the importance of protecting habitats.

In Uganda, £5,752 (2023 - £20,000) was granted to Uganda Conservation Foundation (UCF) as a continuation of the funding of a joint recovery and protection programme in Murchison Falls National Park. Funding has been directed to the roll out of a new park communications system, involving the installation of five new radio towers and a digital radio network. Funding was also used to equip rangers and scouts with essential field gear to enable them to patrol the park and collect the many illegally jaid snares, and for lion collaring.

The smaller amount provided in this year was transferred to ensure the completion of existing projects, DSWF is proud of its long-term relationship with UCF and the work we have done together over more than twenty years to protect lions in Uganda, and to bring about the recovery of Murchison Falls National Park. We took the difficult decision to end the current funding relationship as we felt our lion funding could have even more impact elsewhere, and that projects dealing specifically with human-lion conflict, and with the ability to conduct lion research on a larger scale, would be a better fit with our objectives and mission to tackle the multiple threats faced by this species.

To choose a new lion project, we ran a rigorous selection process, including an application form, interviews, letters of recommendation, and financial scrutiny. Two new projects were selected - Musekese Conservation in Zambia and Kope Lion in Tanzania - and they will join the main grant funding process for DSWF'’s ground based conservation partners in 2024-25, Both of these new projects were recipients of funding from the Conservation Fund in 20232024.

£10,000 was granted to Musekese Conservation in Zambia from the designated Conservation Fund for six SMART devices for lion research, maintenance, upgrades and fuel for research vehicles, and rations for patrol teams.

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Trustees’ report 31 March 2024

Conservation (continued)

£5,000 was granted to Kope Lion in Tanzania from the designated Conservation Fund to provide training for lion scouts, including on the treatment of livestock that have been injured by lions, and equipment and field supplies.

Funding for Global Investigations and Policy work was as follows:

£32,000 (2023 - £20,000) was granted to the Environmental Investigation Agency (EIA) to support investigating, documenting and profiling the criminal networks involved in tiger and other wildlife trade across Southeast Asia, and their modus operandi. EIA and their partners have undertaken field investigations across the region, mapping tiger trafficking networks and identifying facilities of concern, including tiger farms.

Also, to the Environmental Investigation Agency, £30,000 (2023 - £47,410) was granted to support investigation work on the illegal transnational trade in pangolins in East, Central and West Africa.

In the past year, the project has disseminated a total of 93 intelligence products relating to pangolins including seizure data and confidential intelligence to support investigations.

The project has increased their focus on Malaysia in the past year as a major market, transit and source country for pangalins. In addition to Malaysia, the focus remains on Vietnam, and West and Central Africa.

In October 2023, EIA published a report ‘Investing in Extinction’, naming 62 major international firms who had invested in TCM companies who produce medicines stated to contain threatened species, including pangolin, leopard, rhino and tiger parts.

£8,147 (2023 - £15,000) was granted to Freeland Investigations to bring together a Southeast Asian Police chief network known as ASEANAPOL to combat wildlife trafficking within their region, and to add African law enforcement to this network in order to disrupt transcontinental wildlife trafficking supply chains.

£20,000 (2023 — £20,000) was granted to Eagle Network for investigations in Céte d'Ivoire, Congo, Gabon and Cameroon. 31 traffickers were arrested and 228 kg of ivory and 138 kg of pangolin scales were seized.

£20,000 was granted to new partner, Wild Africa Fund, from the designated Conservation Fund, for demand reduction work in Nigeria, focused on pangolin, bushmeat, and strengthening wildlife laws. Nigeria's wildlife is highly threatened by the illegal bushmeat trade and habitat loss, and it has became a primary export hub in Africa for ivory and pangolin scale. £67,534 (2023 — £75,108) was spent to support wildlife trade policy and advocacy work undertaken by DSWF staff and a team of external 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 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.

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Trustees’ report 31 March 2024

Conservation (continued)

In November 2023, three members of DSWF attended the crucial CITES Standing Committee meeting in Geneva where we advocated for greater protection for elephants, rhinos, pangolins, and big cats, in particular through our role within the African Elephant Coalition (AEC), a consortium of 32 member countries and elephant range states whose mission is to ensure there is a healthy and viable elephant population, free of threats from the international ivory trade. At this meeting our particular focus was on ensuring a moratorium on the live trade in elephants remained in place. We were successful, but we will need to continue to oppose this and attempts to re-open the ivary trade in the upcoming year and beyond, as powerful interests continue to push for bans to be overturned.

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 across the UK and at funded conservation areas in the issues facing endangered wildlife.

In the UK, an education programme for young people works within schools, libraries and other educational settings to enable understanding of environment and conservation issues and has reached over 10,000 young people in the year. Species and project information for teachers and pupils is also available through the DSWF website and through an annual international children’s Global Canvas art competition. The 2024 competition was themed ‘The Barometer of Life’ and attracted 103 group and 1,725 individual entrants from 71 different countries and culminated in a virtual prize giving ceremony and conservation presentations in April 2024.

A new education strategy was launched in 2022 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. The strategy concentrates on primary school delivery, conservation sessions in libraries, conservation research in schools and the development of secondary school resources.

In project areas, combining education programmes with anti-poaching and community outreach programmes provides a vital holistic response to the issues facing endangered wildlife and the people who share their landscapes.

A bi-annual magazine ‘Wildlife Matters’ is produced by DSWF to keep supporters up to date with 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.

It is recognised that various factors are currently impacting the ability to fundraise, not least the cost of living crisis and squeeze on household budgets. DSWF benefits from a broad fundraising portfolio that provides a certain amount of stability in these situations.

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Trustees’ report 31 March 2024

Fundraising (continued)

In the year, 100% of any £1 donated to DSWF that was for a specific purpose or species was spent in full (100%) on that restricted conservation or education activity. For the remaining income received, and excluding accrued legacy income not yet received, for every £1 donated to DSWF we spent 76p on conservation and education activities, 6p on direct fundraising (including event costs) 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 most 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:

DSWF aiso 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.

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Trustees’ report 31 March 2024

Fundraising (continued)

DSWF Trading Company continued to trade in David Shepherd and other wildlife artist original paintings, prints, sculptures 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 £70,767 (2023 — £115,547) with a gross profit of £59,426 (2023 — £88,733).

Financial report for the year

Results for the year

A summary of the year’s results is given on page 32 of the financial statements.

Total income for 2024 was £2,635,606 (2023 — £1 ,755,300). After deducting the cost of raising funds of £481,941 (2023 — £405,494), the net income available for charitable application amounted to £2,153,665 (2023 — £1,349,806).

Of this net income, £880,000 was receivable at the year end and so carried forward in reserves. The remaining net income, together with reserves brought forward, funded conservation activities of £997,994 (2023 — £1,014,803) and education activities of £328,138 (2023 — £371,904).

DSWF's trading subsidiary, OSWF 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 £12,557 (2023 — £1,725) in the year after making a gift aid donation to DSWF of Enil (2023 — £31,736).

Reserves and Reserves policy

Total reserves as at 31 March 2024 amounted to £2,305,107 (2023 — £1,432,304). Restricted funds as at 31 March 2024 were £248,121 (2023 — £138,659). Restricted funds represent unexpended balances of donations and grants to be applied for specific purposes. The endowment fund at 31 March 2024 totalled £1,106,554 (2023 ~ £689,898) with a transfer made to the fund of £363,200 at the year end from legacy income. During the year, £74,000 (2023 — £47,640) was transferred out the designated Conservation Fund for the purpose of funding additional conservation grant spending to react to emergency and critical situations.

At the end of the year, due to the high legacy income received and receivable, the Trustees have set up two new designated funds and made transfers to designated funds as follows:

£200,000 was transferred into the designated Conservation Fund (2023 — £24,000), to continue to provide additional urgent or emergency conservation funding over and above agreed annual allocations at £50,000 per annum for four years.

£200,000 was transferred to a new designated Education Fund which will allow the strategic growth of the DSWF Education programme to continue as planned even if the level of donor funding does not cover the budgeted costs. Expenditure from this fund will be capped at £50,000 per annum and the fund will not be used if sufficient donor funding is secured.

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Trustees’ report 31 March 2024

Financial report for the year (continued)

Reserves and Reserves policy (continued)

£100,000 was transferred to a new Development Fund which is set up to fund one-off activities, resources or assets that will benefit the charity into the future.

Any expenditure from the designated funds is subject to Trustee scrutiny and approval.

The Trustees have examined the DSWF's requirements for reserves in light of the main risks to DSWF. 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 ternporary 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 £434,000.

The Trustees consider that at 31 March 2024, the level of free reserves of £448,072, as represented by the unrestricted general fund and non-charitable trading fund, is in line with the reserves policy (2023 — £527,386).

The Trustees have agreed that it would be in the best interests of DSWF to continue to build up an expendable endowment fund to support its future grant making activities and provide DSWF 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 2024 resulted in a valuation gain of £45,270, and consequently a rise in the value of the endowment fund. No transfers were made to the investment portfolio in the year but £363,200 will be transferred when the accrued legacy is received.

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.

At 31 March 2024 the expendable endowment was £1,106,554 (2023 — £689,898). The trustees intend to continue to grow the fund further, however, in the event that the trustees determine that they need to meet DSWF’s commitments from unrestricted funds or respond to emergency or crisis funding needs, 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. The David Shepherd Wildlife Foundation 23

Trustees’ report 31 March 2024

Financial report for the year (continued)

Investment performance

Evelyn Partners manage DSWF’s investments. During the year the overall market value increased by £66,716 with cash held by investment managers falling by £14,068. Unrealised gains on the revaluation of the investments amounted to £46,342. At 31 March 2024, DSWF had listed investments with a market value of £721,094 and, at that date, a further £3,766 was held as cash.

Investment income on those listed investments was £13,304 (2023 — £12,428).

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

2024 marks the 40 anniversary of the charity and we are celebrating the history and achievements of DSWF, with very fond memories of our founder, David Shepherd.

At the start of 2022 DSWF 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. We are entering the third year of this strategic plan and our aims, and how we plan to achieve them, are discussed below.

Overall, we aim to increase our income and charitable spending, whilst stabilising the cost of generating these funds. We are committed to continued and increased funding of our current conservation portfolio subject to our ongoing scrutiny and measurement of impact, with no plans to expand into further species or areas in the short term. We are seeing great traction in our education output to a broader and more diverse audience, as well as reinforcing our art heritage and legacy to capitalise on financial opportunities across the charity sector through creative means. Our continuing investment in digital marketing is ensuring we successfully communicate new initiatives and campaigns and to ensure the team can execute new strategies. This is especially important as we move into a more digital and competitive fundraising climate to support the way we position, communicate, promote, and market our impact in a saturated conservation and environmental landscape.

We continue to embrace hybrid working practices whilst ensuring in-person interaction between our staff team and with 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.

A designated Development Fund of £100,000 has been set up to fund development opportunities that will benefit DSWF into the future.

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Trustees’ report 31 March 2024

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 and ODSWEF believes that one of the challenges facing conservation is in bringing together the varying environmental narratives of climate change, biodiversity and sustainability which are intrinsically linked and require greater connection to achieve results.

OSWF continues to closely monitor and adapt to the changing threats to wildlife and works closely with conservation experts and trusted partners across the globe to ensure funding and operational activities are directed to the areas where maximum impact can be achieved. While there are no plans to make significant changes to grant giving, two new partners working in lion conservation were added to the grant portfolio at the end of the year and funding will continue into 2024-25.

DSWF will also continue to fund work in the area of investigations into wildlife crime, rapid response law enforcement operations, demand reduction campaigns and legal analyses into wildlife trade, believing that flexibility to respond to wildlife trade emergencies or ‘hot spot’ criminal surges is needed to increase reactivity and effectiveness in tackling time sensitive wildlife crime emergencies.

The designated Conservation Fund allows DSWF 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 groundbased partners who are operating in economically and socially vulnerable locations but valiantly continue their work in increasingly difficult conditions. We have been able to designate a further £200,000 to this fund for an additional four years of emergency funding.

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. A deep dive review of all funded projects in early 2024 has led to some shifts in focus and new funding decisions for 2024-25 and ahead.

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Trustees’ report 31 March 2024

Plans for future periods (continued)

Education

The new education strategy launched in 2022 has built on the previously successful primary school offering but is extending into a programme that builds capacity and empowerment in young people from reception age to the end of secondary education to become effective advocates for wildlife conservation and biodiversity. Building stronger connections between the DSWF UK education programme and DSWF's long term conservation partners in Africa and Asia has given depth to the educational content and provides the vital link between the classroom and the lived experiences of those who share space with endangered species.

DSWF is also working with other stakeholders to make environmental content more mainstream in the national curriculum.

An expansion in the reach, partnership and exposure of our children’s art competition, Global Canvas, is underway as DSWF believes in the power of art as an educational tool and is consistently overwhelmed by the ability of young artists around the world to communicate the issues surrounding environmental challenges.

A designated Education fund of £200,000 has been set up to support the growth in Education work over the next four years.

Art

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

Fundraising

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

The David Shepherd Wildlife Foundation 26

Trustees. report 31 March 2024 Plans for future periods (continued) Fundraising (continu8d) A full calendar of events lakes place 68ch year, with a strategic focus on those cullivaling new audiences in new locations for both individual and corporate support, which thanks to virtual technology is proving fruilful. Volunteers Being a small charity, DSWF relies heavily on the advlce of wildlife experts around the world. DSWF is also extremely grateful for the willingness of volunteers lo help with numerous tasks. such as offic8 admlnislration and help wlth the a¢live events programme throughout the year. We would like to lake 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 orlgln, gender, marital status, sexual orientation or disability. Selectlon criteria and procedures are reviewed to ensure that indlviduals are selected, promoted and treated on the basis of their relevant merits and abilities. All employees are given equal opportunity and, where appropriate and possible, special training lo enable them to progress both within and outslde the organisalion. DSWF is commilted lo a programme of action lo make this policy effective. Signed on behalf of the Trustees: Melanie Shepherd 17 July 2024 The David Shepherd Wildlife Foundation 27

Independent auditor’s report 31 March 2024

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 2024 which the comprise the group stafernent 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable !aw. 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 2024

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 materia! misstatement in the financial statements or a material misstatement of the other information. lf, 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:

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:

The David Shepherd Wildlife Foundation 29

Independent auditor’s report 34 March 2024

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.

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 apinion. 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 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:

The David Shepherd Wildlife Foundation 30

Indepèndent auditor's report 31 March 2024 Auditor's responslbllities tor the audit of the financial statements Iconllnued) Challenging assumptions and judgments made by management and the trustees in its significant accountin9 estimates., Identlfying and testing joumal entrles, in particular adjustments rnade at the year-end for financial statement pr8paralion', 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 likaly it is that we would become aware of non-compliance. Audiling standards also limit the audil procedures requlred to Identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspedion of regulatory andlegal correspondence, if any. Material misstatements th81 arise due to fraud can be harder to detect than those that arise from error as they may involve dellb8rate concealment or colluslon. A further descrlptlon of our responslbillties for the audlt of the financial 5tat8m8nt8 Is located on the Financial Reporting Council's webslte at www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, 8S 8 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 Ihern in an auditorfs report and for no other purpose. To th8 fullest extent permitted by law, we do not accept or assume responsibllity to anyone other than the charitable company and the charitable company's member5 as a body, for our audlt work, for this report, or for the opinions we have fomied. Hugh Swainson (Senior Slatutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 09 August 2024 The David Shepherd Wildlife Foundation 31

Group statement of financial activities Year to 31 March 2024 (Including income and expenditure account)

Notes Unrestricted
fund
-trading
£		 Unrestricted
fund
charity
£		 Restricted
funds
£		 Expendable
endowment
fund
£		 2024
Total
funds
£		 2023
Tatal
funds
E
Income from:
Donations and legacies 1 — 1,504,103 821,986 — 2,326,089 1,324,242
Othertrading activities 2 71,868 458,471 44,408 — 274,748 409,072
Investment income _ 22,109 _ 13,304 35,413 17,448
Otherincome — (644) — = (644) «4,538
Total income 71,869 1,684,039 866,394 13,304 2,635,606 1,755,300
Expenditure on raising funds: 3
.Tradingcompany costs 42,512 =_ _ = 42,512 49,018
. Other _ 386,005 51,159 2,265 439,429 356,476
42,512 386,005 51,159 2,265 481,941 405,494
Netincome available for charitable
application 29,357 1,298,034 815,235 11,039 ;
2,153,665		 1,349,806
Charitable activities
. Conservation 4 12,860 312,133 671,887 1,114 997,994 1,014,802
, Education 5 29,054 263,458 33,886 1,740 328,138 371,904
41,914 $75,591 705,773 2,854 1,326,132 1,386,706
Total expenditure 84,426 961,596 756,932 5,119 1,808,072 1,792,200
Netincome (expenditure)fortheyear
before gains on investments 8 (12,557) 722,443 109,462 8,185 827,533 (36,900)
Net investment gains/(losses) 13 — _ _ 45,270 45,270 (30,248)
Net income (expenditure) before transfers (12,557) 722,443 109,462 §3,455 872,803 (67,148)
Transfers betweenfunds 18/19 — (363,200) — 363,200 _ _
Netincome (expenditure) and net
movement in funds fortheyear (12,557) 359,243 109,462 416,655 872,803 (67,148)
Reconciliation offunds:
Balances at 1 April 2023 113,805 489,941 148,659 689,899 1,432,304 1,499,452
Balancesat31March2024 101,248 849,184 248,121 41,106,554 2,305,107 1,432,304

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

The David Shepherd Wildlife Foundation 32

Group statement of financial activities Year to 31 March 2023 (Including income and expenditure account)

Unrestricted Unrestricted Expendable 2023
fund fund Restricted endowment Total
Notes -trading
£		 charity
£		 funds
£		 fund
£		 funds
£
Income from:
Donations andlegacies 1 = 546,143 778,099 — 1,324,242
Othertrading activities 2 115,627 253,592 39,853 — 409,072
Investmentincome = 5,020 _ 12,428 17,448
Otherincome = 4,538 _ a 4,538
Totalincome 115,627 809,293 817,952 12,428 1,755,300
Expenditure
on raising funds:		 3
. Tradingcompanycosts 49,018 — =_ _ 49,018
. Other as 274,497 80,083 1,896 356,476
49,018 274,497 60,083 1,896 405,494
Netincome available forcharitable application
66,609 535,796 737,869 10,532 1,349,806
Charitable activities
. Conservation 4 12.083 347,497 654,020 4,202 1,074,602
. Education § 24,515
____36,598		 312,993
660,490686.360		 32,346
686.3603,252		 2,050
3,252		 371,904
_7,986,706
Totalexpenditure 95,616 934,987 766,449 5,148 1,792,200
Netincome (expenditure) fortheyear before gains on
investments 8 30,011 (125,694) 51,503 7,280 (36,900)
Netinvestment losses 13 = = _ (30,248) (30,248)
Netincome (expenditure) before transfers 30,011 (125,694) 51,503 (22,968) (67,148)
Transfersbetween funds 18/19 (37,742) 44,530 (6,788) _ _—
Net incame (expenditure) and netmovement in funds for
theyear (7,731) (81,164) 44,715 (22,968) (67,148)
Reconciliation offunds:
Balances at 1 April2022 121,536 571,105 93,944 712,867 1,499,452
Balancesat31March2023 113,805 489,941 138,659 689,899 1,432,304

The David Shepherd Wildlife Foundation 33

Balance sheets 31 March 2024 Group 2024 Notes 2023 Charity 2024 2023 Flx•d a¥Bets Tangible fixed assets Investment In group undertaking Investments 11 12 25,729 24,185 25.184 100 724,860 750,144 23,137 100 672,212 695,H9 724,860 750,589 672,212 696,397 Currant assots Stock Debtors Cash at bank and in hand 14 15 5,366 955.235 692,669 1.653.270 6.225 65,480 739,078 810,783 949,723 597,409 1.547,132 73,154 613,023 686,177 Crodltors.- 8mounls falling due within one y68r Net current assets 16 (98,7521 1.554,518 174.8761 (88.140) 735,907 1,458,992 157,8471 628,330 Total net assets 2.305.107 1,432,304 2,209,136 1.323,779 Th• lunds of tho Charlty Reslricled funds Unrestrlcled funds General fund . De8ignat8d fund Non-charltable trading funds Expendable endowment fund Total funds 18 248,121 138,659 248,121 138.659 346,824 502.360 101,248 19 1,106,554 21 2,305,107 413.581 76,360 113,805 689,899 1,432,304 20 352,101 502,360 418,861 76.360 1.106,554 689,899 2.209.136 1,323,779 Approved by the Twstees of the David Shepherd Wildlife Foundation, Company Registratlon Number 04918382 (England and Wales) and signed on their behalf by.. Trustee Melanie Shepherd Approved by the Trustees on The David Shepherd Wildlife Foundation 34

Group statement of cash flows 31 March 2024

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2024|2023| |Notes|£|£| |Cash|flows|from|operating|activities:| |Net|cash|used|in|operating|activities|A|(61,940)|(52,981)| |Cash|flows|from|investing|activities:| |Investment|income|35,413|17,448| |Purchase|of tangible|fixed|assets|(12,505)|(22,533)| |Purchase|of|investments|(60,845)|(291,007)| |Proceeds|from|disposal|of investments|39,399|266,052| |Net|cash|provided|by|(used|in)|investing|activities|1,462|(30,040)| |Change|in|cash|and|cash|equivalents|in|the year|(60,478)|(83,021)| |Cash|and|cash|equivalents|at|1|April|2023|B|756,913|839,934| |Cash|and|cash|equivalents|at|31|March|2024|B|696,435|756,913|

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Notes to the statement of cash flows for the year to 31 March 2024.

==> picture [381 x 149] intentionally omitted <==

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |A_|Reconciliation|of|net|movement|in|funds|to|net|cash|used|in|operating|activities| |2024|2023| |eee| |Net movement|in|funds|(as|per the|statement|of financial|activities)|872,803|(67,148)| |Adjustments|for:| |Depreciation|charge|10,559|9,636| |Loss|on|disposal|of fixed|assets|401| |(Gains)/losses|on|investments|(45,270)|30,248| |Investment|income|(35,413)|(17,448)| |Decrease|in|stocks|859|249| |(Increase)/decrease|in|debtors|(889,755)|6,346| |Increase/(decrease)|in|creditors|23,876|(14,864)| |Net cash|used|in|operating|activities|(61,940)|(52,981)|

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B_ Analysis of cash and cash equivalents

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |en| |Cash|at|bank|and|in|hand|692,669|739,078| |Cash|held|by|investment|manager|3,766|17,835| |Total|cash|and|cash|equivalents|696,435|756,913|

----- End of picture text -----

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

The David Shepherd Wildlife Foundation 35

Principal accounting policies 31 March 2024

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 2024.

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 awn statement of financial activities in these financial statements. The parent's net income for the year was £885,359 (2023 — net expenditure £59,417).

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 thase estimates,

The Trustees consider that the most significant area of judgement and estimation that affect items in these accounts is estimating the amount receivable in respect to legacies where the charity has been notified of its entitlement.

The David Shepherd Wildlife Foundation 36

Principal accounting policies 31 March 2024

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 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 2024 was very healthy, with £1,400,000 of cash and liquid assets, plus accrued legacy income of £880,000, 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 37

Principal accounting policies 31 March 2024

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, recagnition 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 heid 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 Jegal 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:

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 38

Principal accounting policies 31 March 2024

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

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 39

Principal accounting policies 31 March 2024

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

40

Notes to the financial statements 31 March 2024

1. Donations and legacies

Donations and legacies
2024
Unrestricted Restricted Total
funds funds funds
iee
Legacies 1,289,340 400 1,289,740
Gift in Kind — _ —
Donations:
. Individuals 155,114 377,429 532,543
. Corporate donors 10,622 14,627 25,249
. Trusts and Foundations 42,350 371,909 414,259
. Communityfundraising 7,869 3,167 11,036
. Animal adoption programme (1,192) 54,454 53,262
2024Totalfunds 1,504,103 821,986 2,326,089

Comparatives:

Comparatives:
2023
Unrestricted Restricted Total
funds funds funds
espe
Legacies 143,660 — 143,660
Gift in Kind — 39,692 39,692
Donations:
. Individuals 348,252 289,363 637,615
. Corporate donors 15,497 34,563 50,060
. Trusts and foundations 28,840 360,094 388,934
. Community fundraising 11,714 1,175 12,889
. Animaladoptionprogramme (1,820) 53,212 51,392
2023Totalfunds 546,143 778,099 1,324,242

The David Shepherd Wildlife Foundation 41

Notes to the financial statements 31 March 2024

2. Othertrading activities
2024
Unrestricted Restricted Total
funds funds funds
eeee eeeee eeePe
Events:
. Wildlife Artist ofthe Year 95,012 40,400 135,412
. Christmas event 28,724 — 28,724
. Art events 18,853 — 18,853
. Global Canvas Art Competition — 4,000 4,000
. Sundry events 1,637 8 1,645
Sponsored events:
. London Marathon 14,245 — 14,245
Total 158,471 44,408 202,879
Trading companyincome 71,869 ce 71,869
2024 Total funds 230,340 44,408 274,748
Comparatives:
2023
Unrestricted _—_Restricted Total
funds funds funds
eeae ae
Events:
. Wildlife Artistofthe Year 63,121 34,746 97,867
. Wildlife Ball 159,724 — 159,724
. Art events 5,916 — 5,916
. Global CanvasArt Competition — 4,000 4,000
. Sundryevents 505 427 932
Sponsored events:
. London Marathon 24,326 680 25,006
Total 253,592 39,853 293,445
Trading companyincome 115,627 — 115,627
2023Totalfunds 369,219 39,853 409,072

The David Shepherd Wildlife Foundation 42

Notes to the financial statements 31 March 2024

3. Expenditure on raising funds

Expenditure on raising funds
2024
Unrestricted Restricted Endowment Total
funds funds fund funds
£ £ £ £
Staff costs 220,366 — — 220,366
Event costs 56,514 33,755 _ 90,269
Appeal and adoption costs 298 14,800 _ 15,098
PRand communications 11,681 _ =_ 11,681
Fundraising costs 3,512 — — 3,512
Wildlife Matters 3,623 —_ _ 3,623
Websiteand database 17,701 — — 17,701
Donation site and payment provider charges 8,272 _ _ 8,272
321,967 48,555 — 370,522
Support costs 90,203 2,604 2,265 95,072
412,170 51,159 2,265 465,594
Trading company cost ofsales 16,347 = _— 16,347
2024 Total funds 428,517 51,159 2,265 481,941
Comparatives:
2023
Unrestricted Restricted Endowment Total
funds funds fund funds
afEEE
Staffcosts 128,320 —_ _— 128,320
Event costs §2,912 23,300 _ 76,212
Event cost Gift in Kind _ 39,692 _ 39,692
Appealandadoption costs 3,094 10,384 _ 13,478
PR and communications 8,949 _ _ 8,949
Fundraising costs 5,766 _— _— 5,766
Wildlife Matters 3,570 _— _— 3,570
Website anddatabase 11,783 5,940 _— 17,723
Donation site andpaymentprovidercharges 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
Trading company cost ofsales 29,962 — = 29,962
2023Totalfunds 323,515 80,083 1,896 405,494

The David Shepherd Wildlife Foundation 43

Notes to the financial statements 31 March 2024

4. Conservation
Unrestricted funds
2024
General Designated Restricted Endowment Total
funds funds funds fund funds
Group and charity £ £ £ £ £
Grants payable to field based projects
Game Rangers International -Zambia _ 5,000 209,305 — 214,305
Painted Dog Conservation — Zimbabwe _ 5,000 40,000 — 45,000
Save the Rhino Trust—Namibia —_ 5,000 40,000 — 45,000
Uganda Conservation Foundation —Uganda — — 5,752 — 5,752
Phoenix Fund AmurTiger— Russia _— — 23,333 _ 23,333
Aaranyak— India — 4,000 60,000 — 64,000
WTI Rapid Action Project— India 11,130 —_ 13,870 —_— 25,000
Freeland Tiger—Thailand — 6,000 40,000 — 46,000
Snow Leopard Trust— Mongolia 1,650 9,000 18,350 — 29,000
Snow Leopard Trust - Kyrgyzstan 1,650 —_— 18,350 —_ 20,000
WildAid—China and Vietnam — — 30,000 _— 30,000
Chimp Conservation Centre— Guinea _ _— 15,000 — 15,000
The Pangolin Project -Kenya —_ _ 30,000 _ 30,000
SaveVietnam's Wildlife -Vietnam —_ 5,000 30,000 —_ 35,000
Musekese Conservation —Zambia — 10,000 = — 10,000
Kope Lion -Tanzania — 5,000 — _ 5,000
Operation Footprints _ — 1,054 _ 1,054
Funding for global investigations and policy
Environmental Investigation Agency- tiger 12,000 — 20,000 — 32,000
Environmental Investigation Agency—pangolin — —_ 30,000 _ 30,000
Freeland Investigations 8,147 — _ _— 8,147
Eagle Investigations 410,000 — 10,000 —_ 20,000
Wild Africa Fund investigations — 20,000 = _ 20,000
CITES and policy costs 31,941 — 35,593 _ 67,534
76,518 74,000 670,607 — 821,125
Other direct costs
Staffcosts 88,644 _ — _ 88,644
Other project and grant support costs 29,814 — _ _ 29,814
PRand communications costs 41,681 — =e — 11,681
130,139 — _ — 130,139
Support costs 44,336 — 1,280 1,114 46,730
2024Totalfunds 250,993 74,000 671,887 1,114 997,994

The David Shepherd Wildlife Foundation 44

Notes to the financial statements 31 March 2024

4. Conservation (continued) Comparatives:

==> picture [373 x 367] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|funds| |2023| |General|Designated|Restricted|Endowment|Total| |funds|funds|funds|fund|funds| |Group|and|charity|£|£|£|£|£| |Grants|payable|to|field based projects| |Game|Rangers|International|- Zambia|11,896|12,000|197,393||221,289| |Painted Dog|Conservation ~ Zimbabwe||14,000|40,000|=—|54,000| |Save|the|Rhino|Trust —|Namibia|7,509|12,000|32,491|—|52,000| |Uganda|Conservation|Foundation — Uganda|904|—|19,096|—|20,000| |Phoenix Fund Amur Tiger— Russia|21,001||13,999|—|35,000| |Aaranyak —|India||—|60,000||60,000| |WT! Rapid Action|Project —|India|8,890|al|16,100|—|24,990| |Freeland|Tiger—|Thailand|6,295|—|33,705|—|40,000| |Snow Leopard|Trust — Mongolia|3,566|—|16,434||20,000| |Snow Leopard|Trust|- Kyrgyzstan|5,000|-|15,000||20,000| |WildAid —|China|and|Vietnam|2,000||28,000|—|30,000| |Chimp|Conservation|Centre —|Guinea|9,036||5,964|—|15,000| |The|Pangolin|Project|- Kenya|||30,000||30,000| |Save|Vietnam’s|Wildlife|-|Vietnam|—||30,000|—|30,000| |Sundry small|grants||2,000|5,442|—|7,442| |Funding|for global investigations|and policy| |Environmental|Investigation Agency-|tiger|=|=|20,000||20,000| |Environmental|Investigation Agency — pangolin|7,500|—|39,970|—|47,410| |Freeland|Investigations|15,000||||15,000| |Eagle|Investigations|70,000|—|10,000||20,000| |CITES and policy costs|35,108|—|40,000|al|75,108| |143,708|40,000|653,534|—|837,239| |Other|direct|costs| |Staff costs|92,488|—|||92,488| |Other project and grant support costs|28,677||--|—|28,677| |PR and communications costs|1,508|7,640|_|—|8,948| |122,473|7,640|—|—|130,113| |Support costs|45,762|=|486|7,202|47,450| |2023|Total funds|377,940|47,640|654,020|1,202|4,014,802|

----- End of picture text -----

The David Shepherd Wildlife Foundation 45

Notes to the financial statements 31 March 2024

5. Education

Education
2024
Unrestricted Restricted Endowment Total
funds funds fund funds
Group and charity £ £ £ £
Staff costs 131,419 a — 131,419
Education programme 49,984 13,086 _ 63,070
Wildlife Matters 14,490 — -- 14,490
Global Canvas Children’s ArtCompetition — 4,000 _ 4,000
Appeal and adoption costs 299 14,799 — 15,098
Website 15,330 _ -- 15,330
PRand communications 11,681 — oe 11,681
223,203 31,885 oe 255,088
Support costs 69,309 2,001 1,740 73,050
2024 Total funds 292,512 33,886 1,740 328,138
Comparatives:
2023
Unrestricted Restricted Endowment Total
funds funds fund funds
Group and charity £ £ £ £
Staffcosts 176,382 —_ _ 176,382
Education programme 51,660 7,000 — 58,660
Wildlife Matters 14,280 — — 14,280
Global Canvas Children’s ArtCompetition 755 272 — 1,027
Appealandadoption costs 3,094 10,384 _— 13,478
Website 4,357 13,860 — 18,217
PR and communications 8,949 — — 8,949
259,477 31,516 oe 290,993
Support costs 78,031 830 2,050 80,911
2023Totalfunds 337,508 32,346 2,050 371,904

The David Shepherd Wildlife Foundation 46

Notes to the financial statements 31 March 2024

6. Support costs

Support costs
2024
Unrestricted Restricted Endowment Total
funds funds fund funds
Group £ £ £ £
Staffcosts 48,901 — —_ 48,901
Property costs 17,057 — — 17,057
Travel costs 298 — ae 298
Office and IT costs 29,384 ~~ — 29,384
Depreciation 3,954 5,885 _ 9,839
Irrecoverable VAT 23,297 _ 23,297
Legal and professional 21,064 — — 21,064
Bank charges 764 — _ 764
Investment managerfees _ — 5,119 5,119
Trading Company administration costs 59,129 — — 59,129
2024 Totalfunds 203,848 5,885 5,119 214,852
Comparatives:
2023
Unrestricted Restricted Endowment Total
funds funds fund funds
Group £ £ £ £
Staffcosts 63,163 — — 63,163
Propertycosts 13,565 — —_ 13,565
Travel costs 1,035 — — 1,035
Office andITcosts 26,913 -- — 26,913
Depreciation 5,171 2,083 — 7,254
Irrecoverable VAT 15,539 _ _ 15,539
Legalandprofessional 17,998 —_ — 17,998
Bank charges 831 — — 831
Investmentmanagerfees — — 5,148 5,148
Trading Company administration costs 51,742 — — 51,742
2023 Total funds 195,957 2,083 5,148 203,188
Support cost allocation for2024 2024 has been based on estimated time spent by staffon the charity's
primary activities ofraising funds, conservation and education.
2024
Group Conservation
Total
Raisingfunds —grantgiving
Education
funds
EEE_		 Basisof
_
allocation
Staffcosts 21,639 10,636 16,626 48,904 % stafftime
Property costs 7,548 3,710 5,799 17,057 %staff time
Travel costs 132 65 101 298 86% staff time
Office and IT costs 13,002 6,391 9,991 29,384 % staff time
Depreciation 4,354 2,140 3,345 9,839 % stafftime
Irrecoverable VAT 16,303 5,067 7,921 23,297 % staff time
Legal and professional 9,321 4,581 7,162 21,064 % stafftime
Bank charges 338 166 260 764 % staff time
Investment manager fees 2,265 1,114 4,740 5,119 % stafftime
Trading Campany
administration costs 26,164 12,860 20,105 59,129 % stafftime
95,072 46,730 73,050 214,852

Support cost allocation for 2024 has been based on estimated time spent by staff on the charity's primary activities of raising funds, conservation and education.

The David Shepherd Wildlife Foundation 47

Notes to the financial statements 31 March 2024

6. Support costs (continued)

Comparatives:

2023
Group Raisingfunds
£		 Conservation
—grantgiving
£		 Education
£		 Total
funds
£		 Basisof
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
Office andITcosts 9,911 6,285 10,717 26,913 % stafftime
Depreciation 2,671 1,694 2,889 7,254 % stafftime
Irrecoverable VAT 5,722 3,629 6,188 15,539 % stafftime
Legalandprofessional 6,628 4,203 7,167 17,998 % stafftime
Bank charges 306 194 331 831 % stafftime
Investmentmanagerfees 1,896 1,202 2,050 5,148 % stafftime
Trading Campany
administration costs 19,056 12,083 20,603 51,742 % stafftime
74,827 47,450 80,974 203,188
Governance
Included within support costs, as legal and professional expenses, arethe thefollowingamounts
all ofwhich are charged against unrestricted funds:
2024 2023
Total Total
a
Auditor's remuneration:
. Auditofthe group financial statements 11,203 11,207
Legal, professional and accountancy 9,861 6,791
Totals 21,064 17,998
Net income (expenditure)
This is stated after charging the following against unrestricted funds:
2024 2023
Total Total
Group £ £
Staffcosts (note 9) 580,467 550,585
Auditor's remuneration
. Audit ofthe group financial statements 11,203 11,207
Depreciation (note 11) 10,559 9,636
Operatingleaserentals 31,000 25,500

7. Governance

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

8. Net income (expenditure) This is stated after charging the following against unrestricted funds:

The David Shepherd Wildlife Foundation 48

Notes to the financial statements 31 March 2024

9. Staff costs and Trustees’ remuneration
2024 2023
Eee
Staff costs during the yearwere as follows:
. Wages and salaries 518,239 490,778
. Social security costs 48,105 47,376
. Pension costs 14,123 12,431
580,467 550,585

The number of employees who earned £60,000 or more in the year (including taxable benefits but excluding employers pension contributions) was as follows:

2024 2023
"8ber bernumber number
£60,001-£70,000 1 1

The average number of employees was 17 (2023 — 16) all employed within the charity.

Ona full time equivalent basis, staff numbers were as follows:

eS
pe
Charity		 a
15		 14
Trading subsidiary — =
15 14

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 key management personnel of DSWF in charge of directing, controlling, running and operating DSWF on a day-to-day basis comprise the Trustees together with the Chief Executive Officer, the Chief Financial Officer and the Chief Operating Officer. The total remuneration (including taxable benefits and employer's national insurance contributions) payable to key management personnel during the year was £162,776 (2023 — £182,140).

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 £23,297 (2023 — £15,539).

The David Shepherd Wildlife Foundation 49

Notes to the financial statements 31 March 2024

11. Tangible fixed assets

Tangible fixed assets
Office
Group Leasehold
improvements
£		 Computer —equipment and
equipment
fixtures
£
£		 2024
Total
£
Cost
At 1 April 2023 49,539 70,313 5,585 125,437
Additions — 11,980 525 12,505
Disposals — (10,138) — (10,138)
At 31 March 2024 49,539 72,155 6,110 127,804
Depreciation
At 1 April 2023 49,539 46,601 5,412 101,252
Charge for year — 10,404 155 10,559
Eliminated on disposal — (9,736) — (9,736)
At 31 March 2024 49,539 47,269 5,267 102,075
Net book values
At 31 March 2024 _> 24,886 843 25,729
At 31 March 2023 _ 23,712 473 24,185
Office
Charity Leasehold
improvements
£;		 Computer —equipment and
equipment
fixtures
£
£		 2024
Total
£
Cost
At 1 April 2023 10,000 62,214 2,338 74,552
Additions _ 11,980 307 12,287
Disposals _— (2,040) _ (2,040)
At 31 March 2024 10,000 72,154 2,645 84,799
Depreciation
At 1 April 2023 10,000 39,077 2,338 51,415
Charge foryear a 9,830 9 9,839
Eliminated on disposal = (1,639) _ (1,639)
At 31 March 2024 10,000 47,268 2,347 59,615
Net book values
At 31 March 2024 _ 24,886 298 25,184
At31March2023 _— 23,137 — 23,137

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

The David Shepherd Wildlife Foundation 50

Notes to the financial statements 31 March 2024

  1. 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.

2024 2023
esEE
Investment in DSWF Trading Company Limited at cost 100 100
Profit and loss ofsubsidiary
Turnover 70,767 415,547
Cost ofsales (11,341) (26,814)
Gross profit 59,426 88,733
Staff costs _ —
Other administrative expenses (71,983) (58,722)
(Loss)/profit forthe year (12,557) 30,011
GiftAid donation to David Shepherd Wildlife Foundation _— (31,736)
Retained loss forthe financial year (12,557) (1,725)
Aggregated capital and reserves at31 March 2024 96,063 108,520
13. Listed Investments
2024 2023
Group and charity £ £
Listed investments
Market value at 1 April 2023 654,378 659,670
Additions at cost 60,845 291,007
Disposals atbookvalue (proceeds: £39,399; losses:£1,072) (40,471) (281,530)
Unrealised gains/{losses) 46,342 (14,770)
Market value at 31 March 2024 721,094 654,377
Cash held by investment managers 3,766 17,835
724,860 672,212
Cost of listed investments at31 March 2024 628,097 604,962
Listed investments held at 31 March 2024 comprised the following:
2024 2023
eeeeeee eee
UK equities 149,405 138,345
UK fixed interest 121,715 100,576
Overseas equities 303,813 271,665
Overseas index linked 25,032 25,607
Alternative assets 121,129 118,184
721,094 654,377

The David Shepherd Wildlife Foundation 51

Notes to the financial statements 31 March 2024

13. Listed Investments (continued)

At 31 March 2024 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:

==> picture [366 x 190] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2024| |Market|2024| |value|of|Percentage| |holding|_|of portfolio| |a,| |Findlay|Park|Funds|PLC|American|USD|Dis|70,883|9.83%| |Man|Fund|Management UK|Ltd|GLG|41,248|5.72%| |JP|Morgan|Asset Management|UK|Ltd|Equity|Core|42,029|5.83%| |Comparative:| |2023| |Market|2023| |value|of|Percentage| |holding|of portfolio| |pe| |Findlay Park Funds PLC American|USD|Dis|75,774|8.42%| |Man|Fund Management|UK Ltd GLG|35,077|5.48%| |JP|Morgan|Asset Management UK Ltd|Equity|Core|39,935|6.12%|

----- End of picture text -----

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

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

==> picture [365 x 181] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Group|Charity| |2024|2023|2024|2023| |EEE| |Prints|and|other|merchandise|for|sale|5,366|6,225|—|—| |Debtors| |Group|Charity| |2024|2023|2024|2023| |£|£|£|£| |Trade|debtors|10,000|26,497|9,000|5,982| |Prepayments|and|accrued|income|943,029|38,983|939,864|35,436| |VAT|recoverable|2,206|-—|859|—| |Amounts|due|from|group|undertaking||=|_|31,736| |955,235|65,480|949,723|73,154|

----- End of picture text -----

15. Debtors

The David Shepherd Wildlife Foundation 52

Notes to the financial statements 31 March 2024

16. Creditors: amounts falling due within one year

Group Charity
2024 2023 2024 2023
gE CE £ £
Trade creditors 47,694 27,750 44,165 23,872
Accruals 17,239 16,365 15,320 14,782
Deferred income 20,319 14,197 20,319 14,197
Other creditors 13,500 14,750 7,500 8,750
Other taxes and social security — 1,814 _ (4,544)
Amounts due to group undertaking — _ 836 790
98,752 74,876 88,140 57,847

Deferred income represents cash received in advance for events due to take place between 1 April 2024 and 31 March 2025.

17. Leasing commitments

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

are as follows:
2024 2023
————ee
Within one year 36,000 25,000
Between one and two years 36,000 —_
Between two and five years 30,000 =
102,000 25,000

The David Shepherd Wildlife Foundation 53

Notes to the financial statements 31 March 2024

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:

Gains,
Charity and group At 1 April
2023
£		 Income
£		 Expenditure
£		 losses and
transfers
£		 At31 March
2024
£
Species and project activity funds:
PaintedDog 13,030 14,207 (28,980) 2,000 257
Elephant 408 18,073 (13,653) _ 4,828
Lion 10,726 1,408 (5,624) (6,000) 510
Pangolin 628 61,911 (6,971) _ 55,568
Rhino 1,652 6,273 (1,864) —_ 6,061
Snow Leopard 11,457 19,226 (27,765) — 2,918
Tiger 263 35,278 (32,462) 4,000 4,079
Chimpanzee 327 2,353 (808) _ 1,872
Education 9,504 38,358 (13,086) 1,500 36,276
Wildlife Crime Prevention - Rangers 93 56,223 (24,277) 6,000 38,039
Projectfunds:
Game Rangers International -Zambia 25,464 211,241 (209,435) _— 27,270
PaintedDog Conservation Project —
Zimbabwe
Savethe RhinoTrust— Namibia
Uganda Conservation Foundation-Uganda		 —
—
—		 11,336
42,968
375		 (9,623)
(40,000)
(375)		 —
—
—_		 1,713
2,968
_
Phoenix FundAmur Tiger Project —-Russia
Aaranyak—India		 —
4,500		 9,786
51,225		 (9,756)
(85,725)		 —
—		 30
~
Freeland Tiger Project—Thailand — 26,817 (24,730) — 2,087
Snow Leopard Trust—Mongolia — 6.000 (6,000) _ _
SnowLeopard Trust— Kyrgyzstan _ 6,000 (6,000) _ _
WildAid — Chinaand Vietnam 5,000 30,000 (30,000) _ 5,000
CITES/Policy _ 35,594 (35,594) _ _
Chimp Conservation Centre - Guinea 11,250 15,000 (15,000) — 11,250
Environmental Investigatian Agency -Tiger — 15,000 (15,000) _— -
Environmental Investigation Agency -
Pangolin
Save Vietnam's Wildlife -Vietnam
The Pangolin Project -Kenya
Eagle Investigations
Operation Footprints		 12,500
ao
—
_
8,135		 34,500
37,217
24,375
10,000
_		 (30,000)
(30,135)
(29,375)
(10,000)
(1,054)		 —
=
5,000
—
—_		 17,000
7,082


7,081
114,937 820,744 (713,292} 8,500 231,889
Other:
Event sponsorship and gift in kind 5,605 45,650 (37,755) (9,500) 4,000
Operational costfunding 18,117 — (5,885) _- 12,232
23,722 45,650 (43,640) (9,500) 16,232
Total 138,659 866,394 (756,932) _ 248,121

The David Shepherd Wildlife Foundation 54

Notes to the financial statements 31 March 2024

  1. Restricted funds (continued) The project funds consist of unexpended funds raised for specific projects as detailed in the Trustees’ report.

Comparative:

Gains,
Charityandgroup At 1 April
2022
£		 Income
£		 Expenditure
£		 losses and
transfers
£		 At31 March
2023
£
Species andproject activity funds:
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
Wildlife Crime Prevention - Rangers 169 50,557 (50,633) = 93
Project funds:
Game Rangers Intemational—Zambia 15,045 211,168 (176,749) (24,000) 25,464
PaintedDog Conservation Project—
Zimbabwe		 — 1,905 (1,905) _ —
Save the Rhino Trust—Namibia — 27,906 (27,906) — —
Uganda Conservation Foundation— Uganda — — (5,000) 5,000 _—
PhoenixFundAmurTigerProject—Russia 2,000 369 (2,369) — _
Aaranyak— india 14,125 44,563 (54,188) _ 4,500
Freeland TigerProject— Thailand — 20,000 (20,000) ~_— —
SnowLeopard Trust— Mongolia _ — (7,731) 7,731 _
SnowLeopard Trust—Kyrgyzstan _ =_ (7,731) 7,731 _—
WildAid— China and Vietnam — 30,000 (25,000) _ 5,000
CITES/Policy _ 40,000 (40,000) _ _
Chimp Conservation Centre - Guinea _— 15,000 (3,750) —_ 11,250
Environmental InvestigationAgency - Tiger —_ 15,000 (15,000) = _-
Environmental Investigation Agency -
Pangolin		 17,410 35,000 (39,910) — 12,500
Saving Vietnam’s Wildlife - Vietnam _ 15,000 (15,000) _ _
The Pangolin Project - Kenya _ 15,000 (15,000) _— _
Eagle Investigations —_ 10,000 (10,000) _ _
Operation Footprints 8,135 — _ — 8,135
Smail funds — 1,350 (3,373) 2,023 _
78,944 712,514 (679,233) 2,712 114,937
Other:
Event sponsorship andgift in kind — 80,438 (65,333) (9,500) 5,605
Operational costfunding 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

The David Shepherd Wildlife Foundation 55

Notes to the financial statements 31 March 2024

  1. Expendable endowment fund

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----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Gains,| |At1|losses|At|31| |April|;|and|March| |2023|Income|Expenditure|transfers|2024| |Ee| |pa|rn rene|eee| |Expendable endowment fund|689,899|13,304|(5,119)|408,470|1,106,554|

----- End of picture text -----

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:

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Gains,| |At?|losses|At|31| |April|;|and|March| |2022|Income|Expenditure|transfers|2023| |ee|a|ee ee| |Expendable|endowment fund|712,867|12,428|(5,148)|(30,248)|689,899|

----- End of picture text -----

20. Designated fund

==> picture [364 x 63] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Gains,| |At|1|losses|At|31| |April|;|and|March| |2023|Income|Expenditure|transfers|2024| |ey|ee ee:oeee eee| |Designated|conservation|fund|76,360|_|(74,000)|§00,000|502,360|

----- End of picture text -----

£74,000 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.

During the year the following transfers were made into the designated fund:

£200,000 was transferred into the designated Conservation Fund (2023 — £24,000), to continue to provide additional urgent or emergency conservation funding over and above agreed annual allocations at £50,000 per annum for four years.

£200,000 was transferred to a new designated Education Fund which will allow the strategic growth of the DSWF Education programme to continue as planned even if the level of donor funding does not cover the budgeted costs. Expenditure from this fund will be capped at £50,000 per annum and the fund will not be used if sufficient donor funding is secured.

And £100,000 was transferred to a new Development Fund which is set up to fund one-off activities, resources or assets that will benefit the charity into the future.

The David Shepherd Wildlife Foundation 56

Notes to the financial statements 31 March 2024

21. Analysis of net assets between funds

==> picture [365 x 526] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Non-| |Restricted|Unrestricted|charitabletrading|Designated|Expendableendowment|34|March| |funds|funds|funds|fund|fund|2024| |Group|£|£|£|£|£|£| |Fund|balances|at|31|March| |2024|are|represented|by:| |Fixed|assets||25,184|545||—|25,729| |Investments||—||724,860|724,860| |Net|current|assets|248,121|321,640|100,703|502,360|381,694|1,554,518| |Total|net assets|248,121|346,824|101,248|502,360|1,106,554|2,305,107| |Expendable| |Restricted|Unrestricted|Designated|endowment|31|March| |funds|fund|fund|fund|2024| |Charity|£|£|£|£|£| |Fund|balances|at|31|March|2024|are| |represented|by:| |Fixed|assets|including|investment|in| |subsidiary|—|25,284|—|—|25,284| |Investments|—|—|—|724,860|724,860| |Net current|assets|248,121|326,817|502,360|381,694|1,458,992| |Total|net assets|248,121|352,101|502,360|7,106,554|2,209,136| |Comparatives:|:| |Non-| |Restricted|charitable|Expendable| |funds|Unrestrictedfunds|tradingfunds|Designatedfund|endowmentfund|31 March2023| |Group|£|£|£|£|£|£| |Fund|balances|at|31|March|2023| |are|represented|by:| |Fixed assets|—|23,137|1,048|—|—|24,185| |Investments|—|—|||672,212|672,212| |Net|current assets|138,659|390,444|112,757|76,360|17,687|735,907| |Total net assets|138,659|413,581|173,805|76,360|689,899|1,432,304| |Expendable| |Resiricied|Unrestricted|Designated|endowment|31|March| |funds|fund|fund|fund|2023| |Charity|£|£|£|£|£| |Fund balances|at 31|March|2023|are| |represented|by:| |Fixed assets|including|investment|in| |subsidiary|—|23,237|—|—|23,237| |Investments|—||—|672,212|672,212| |Net|current assets|138,659|395,624|76,360|17,687|628,330| |Total net assets|138,659|418,861|76,360|689,899|1,323,779|

----- End of picture text -----

The David Shepherd Wildlife Foundation 57

Notes to the financial statements 31 March 2024

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 £214,305 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 £67,000 (2023: £65,300). For part of the financial year the Chief Executive Officer was on maternity leave and the salary paid in the year was therefore lower at £31,509.

The aggregate of donations, ticket purchases, auction purchases and other payments made to the charity by trustees in the year was £44,835.

The David Shepherd Wildlife Foundation

58