OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Registered Number: 06047638 Charity Number: 1119551

PANTHERA WILDLIFE TRUST LIMITED

(A charitable company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

For the Year Ended 31 December 2020

PANTHERA WILDLIFE TRUST LIMITED

Year Ended 31 December 2020

CONTENTS
 PAGE
Reference and Administrative Details
 2
Trustees’ Annual Report 3-8
Independent Auditor’s Report 9-12
Statement of Financial Activities 13-14
Balance Sheet 15
Statement of Cash Flow 16
Notes to Financial Statements
17-26

1

PANTHERA WILDLIFE TRUST LIMITED REFERENCE AND ADMINISTRATIVE DETAILS Year Ended 31 December 2020

___________

Registered Charity Name Panthera Wildlife Trust Limited Charity Registration Number 1119551 Company Registration Number 06047638 Principal Registered Office: Panthera Wildlife Trust Limited PO Box 4830 Henley-on-Thames RG9- 9HN

Key management personnel and trustees

The Trustees (who consisted of the key management personnel) that served during the period from 1 January 2020 to the date of approval of this report were Mr. Ali R Erfan, Dr. Frederic Launay and Mr. Gary Baldaeus.

Secretary Mr. Gary Baldaeus Treasurer Mr. Gary Baldaeus Legal Advisors Mr. Bharat Nahar Royds Solicitors 65 Carter Lane London EC4V 5HF Bankers NatWest 63 Piccadilly Street London Charing Cross W1J 0AJ Independent Auditor MHA MacIntyre Hudson 6th Floor 2 London Wall Place London, EC2Y 5AU

2

PANTHERA WILDLIFE TRUST LIMITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

_____________

REPORT OF THE TRUSTEES FOR YEAR ENDED 31 DECEMBER 2020

The Trustees have pleasure in presenting their report and the audited financial statements of Panthera Wildlife Trust Limited (the “Charity”) as of and for the year ended 31 December 2020. The financial statements comply with the Charities Act 2011, the Companies Act 2006, and in accordance with Accounting and Reporting by Charities: The Statement of Recommended Practice (“SORP”) applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

In the period under review, the main activities of the Charity were as outlined in the section below entitled Achievements and Performance. The Charity's objectives, in accordance with the Memorandum and Articles of Association dated 10 May 2007, are to promote the conservation, protection and improvement of the physical and natural environment of the world’s wild cats. The Charity also aims to advance the education of the public in the conservation, protection and improvement of the physical and natural environment and of the world’s most endangered wild animals.

CONTROLLING PARTY INTEREST

Panthera Corporation ("Panthera"), a not-for-profit wildlife conservation organisation incorporated in the State of Delaware, U.S.A., holds the controlling party interest of the Charity through financial support of the Charity and having the majority representation on the Board of Trustees. Of the three (3) total Trustees at 31 December 2020, Panthera executives comprise two (2) of the Trustee positions.

Panthera's mission is the conservation of the world's 38 wild cat species, many of which are endangered or threatened. Panthera develops, implements, and oversees wild cat conservation strategies on a global scale using large scale initiatives for tigers, lions, jaguars, snow leopards, leopards, cheetahs and pumas. Panthera conducts critical research, enacts effective conservation measures, works closely with the world's top cat biologists, various governments and related agencies, local and international nongovernment organisations ("NGO's"), assists and trains felid biologists, and educates the local and international populations as to felid conservation. Fieldwork is performed in North America, Central America, South America, Africa and Asia in approximately fifty individual countries. In addition to the Charity, Panthera holds the controlling party in interest and major sponsor of Panthera Wild Cat Conservation Belize (“Panthera Belize”), Panthera Brasil, Panthera Canada, Fundacion Panthera Colombia (“Panthera Colombia”), Corporacion Panthera Regional Office (“Panthera Costa Rica”), Panthera France, Panthera Fonds de Donation (“ Panthera French Bequest”), Panthera Corporation Regional Office in Honduras (“Panthera Honduras”), Panthera Wild Cat Conservation Malaysia Sn. Bhd. (“Panthera Malaysia”), Conservacion Panthera Mexico AC (“Panthera Mexico”), Sitchting Panthera (“Panthera Netherlands”), Panthera Wild Cat Conservation Senegal (“Panthera Senegal”), Panthera South and South East Asia Regional Office (Panthera Thailand), Panthera Wild Cat Conservation SA (“Panthera South Africa”), Panthera Wild Life Trust Limited (“Panthera Uk’”) and Panthera Wild Cat Conservation Zambia Lrd. (“Panthera Zambia”).The Charity is consolidated into Panthera’s consolidated financial statements under U.S.A. Generally Accepted Accounting Principles. Dr. Frederic Launay and Mr. Gary Baldaeus, two of the Charity’s three Trustees at 31 December 2020, serve as executive officers of Panthera and Dr. Launay is the Charity’s Chairman and Mr. Baldaeus is the Charity’s Secretary and Treasurer.

3

PANTHERA WILDLIFE TRUST LIMITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

_____________

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Trustees meet on a regular basis to monitor and control the strategic direction of the Charity. Ms. Camilla Fritze acts as an Administrative Manager and is responsible for, among other things, the day-today running of the Charity as well as conservation specific responsibilities.

Appointment of Trustees, induction and training

The appointment of Trustees is done by board resolution and Trustees serve until resignation or disqualification and removal in accordance with the Charity’s Articles of Association (the “Articles”). From time to time, the Charity may identify a need to replace Trustees or expand the number of Trustees. The Trustee candidate meets with the Trustees and the Trustees review the candidate’s qualifications to serve as a Trustee. All appointments of new Trustees require unanimous approval of existing Trustees. All new Trustees are educated as to the mission of the Charity, its programs and relationship with Panthera Corporation, the Charity’s major sponsor. Under the Charity’s Articles, Trustees are not paid any remuneration for their role as Trustees.

Pay policy for senior staff

The Charity is managed by the Trustees in conjunction with the Administrative Manager and program leadership. The Executive Officers of the Charity are comprised of: The Trustee Chairman who is deemed the highest-ranking executive officer of the Charity; the Secretary who is also a Trustee, and the Treasurer who is also a Trustee. The Trustees together with the Executive Officers and others, among other things, establish the overall strategy, evaluate and approve annual budgets including the salaries of all staff, monitor operations during the year, evaluate working capital needs, approve grants, and approve the Charity’s annual financial statements. All Trustees and Executive Officers give up their time freely and no Trustee or Executive Officer received remuneration from the Charity. Two Trustees (2019: 2) were executives of Panthera and their salary paid by Panthera is determined by Panthera’s Board of Directors Compensation Committee.

Risk management

The Trustees, on an ongoing basis, evaluate the major risks to which the Charity is exposed and a system has been established to mitigate those risks.

The Trustees have a risk management strategy which comprises:

The Trustees have identified that financial liquidity is the principal financial risk for the Charity. A key element in the management of financial risk is a regular review of funds on hand to assure the reserve requirement is met and that the Charity has the liquid funds available to settle debts as they fall due. The Charity will receive funding from Panthera if funds fall below the reserve requirement.

4

PANTHERA WILDLIFE TRUST LIMIITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

_____________

PUBLIC BENEFIT

In carrying out its activities the Charity has complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Activities for the public benefit are set out below.

GRANT MAKING POLICY

The Charity has established its grant making policy to achieve its public benefit objectives. Applications for grants received by the Charity are considered by the Trustees to be approved at the Trustees’ meetings, which are held on a regular basis, and all grants are documented in the Trustees’ minutes.

ACHIEVEMENTS AND PERFORMANCE

In 2020, the Charity continued its activities to foster an increasing network of UK based donors and institutional partners that serve to support the organisation’s global wild cat conservation mission.

The Charity’s UK-based personnel focus on cross-regional conservation program management, with a thematic emphasis on wildlife law enforcement. These operations are managed as part of a larger European Regional Program; one of eight such regions in the organisation’s Conservation Action Division. The Charity’s Counter Wildlife Poaching (CWP) and Counter Wildlife Trafficking (CWT) specialists based in the UK oversee our global law enforcement program and train individuals throughout the world to support this initiative. Our UK-based staff have developed cutting edge techniques relating to the prevention and monitoring of poaching and they will continue to develop this innovative program in the years to come. Ongoing efforts aim to build strategic alliances between NGOs, governments and the private sector serve to enhance the Charity’s overall conservation impact and leverage the particular expertise of our UKbased personnel.

FINANCIAL REVIEW

The Charity’s principal funding source for unrestricted resources is Panthera, and other donors provide both unrestricted and restricted resources. During 2020, the Charity had recognised income of £ 533,337 (2019: £751,830). Expenditure in 2020 totalled £ 524,159 (2019: £732,644). The 2020 figures include donated services of £30,306 (2019: £57,833) being the amount the Charity estimated it would pay for expenses should they have been paid by the Charity and not Panthera. Total funds carried forward for the Charity at 31 December 2020 were £64,327 (2019: £55,149).These include restricted funds carried forward in the amount of £ - (2019: £19,186). The results for the 2020 (2019) year and the Charity's financial position at the end of the year are shown in the attached financial statements.

5

PANTHERA WILDLIFE TRUST LIMIITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

_____________

INVESTMENT POWERS AND POLICY

The Trustees, having regard to the liquidity requirements of operating the organisation, have kept available funds in liquid checking and interest-bearing savings account.

RESERVES’ POLICY

The Trustees’ reserves’ policy is to have unrestricted cash reserves that approximate at least one month’s unrestricted future expenditures.

The Charity, at all times during 2020, had unrestricted cash reserves sufficient to cover at least one month’s operating expenses which amounts to approximately £40,000. At the end of the year, the Charity had a cash balance of £ 46,665 that was above the target range. Panthera provides funding prior to the beginning of each month in amounts sufficient for the Charity to meet all of its obligations. In the event that there are additional cash requirements, regardless of reason, Panthera will immediately provide additional funds as necessary to the Charity to assure all obligations are paid when due.

GOING CONCERN

In the first quarter of 2020, the outbreak of the coronavirus (COVID-19) pandemic began in numerous countries in which the Charity and Panthera Corporation operates. Various national and local governments have instituted a number of actions, including declaring a temporary suspension of operations of all non-essential businesses, restricted travel or other restrictions which resulted in a temporary suspension of operations of certain Charity and Panthera Corporation programs or projects. Certain of our projects are considered “critical need” in nature and continue; however, other work and projects have been stopped until such time as permission was granted by the various governmental organizations to resume operations.

The impact on the Charity’s 2021 donor donations cannot be determined at this time due to the uncertainties on the nation’s overall economy. Panthera Corporation has indicated to the Charity that sufficient funds will be provided, as necessary, to the Charity for its financial sustainability during 2021 and to provide adequate reserves for operations. The Charity and Panthera Corporation have in place various strategies to reduce staff, operations, and expenditures, if necessary, should adequate funding not be achieved. However, as of date of authorising these financial statements the actual extent to which COVID-19 may impact the Charity’s and Panthera’s financial condition or results of operations is uncertain.

The Charity’s financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from date of authorising these financial statements. Due to Covid-19 pandemic, the budgeted income and expenditure may be reduced.

6

PANTHERA WILDLIFE TRUST LIMIITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

_____________ PLANS FOR FUTURE PERIODS

In 2021, the Trustees of the Charity and Panthera anticipate expanding the reach of the Charity by increasing the emphasis placed on cross-regional programming. These larger-scale initiatives seek to disseminate conservation techniques across multiple regional programs, for example by sharing wildlife protection techniques between the Charity’s field programs in West Africa, Southeast Asia and Mesoamerica. The Charity’s UK-based anti-poaching specialists will continue to provide much of this technical support to colleagues and key institutional partners working around the globe. Also, the Charity will expand the fundraising efforts in the United Kingdom through a combination of trust/foundation grant applications, corporate fundraising, individual donations, and government agencies, the proceeds of which will be used to further the Charity’s mission of conservation of the various wild cat species.

Events such as lectures will be arranged with an objective of educating the public about the importance of wildlife conservation and land management and bringing awareness of the Charity’s work with wild cats. Educational and conservation goals will be achieved through continuing to work closely with Oxford University WildCRU.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also Directors of Panthera Wildlife Trust Limited for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

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

7

PANTHERA WILDLIFE TRUST LIMIITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

Insofar as the Trustees are aware at the time of approving our Trustees’ Annual Report:

In preparing this report, the Trustees have taken advantage of the small companies’ exemption provided by Section 415A of the Companies Act of 2006.

This Report was approved by the Trustees on October 27th 2021 signed on their behalf by:

Gary Baldaeus

Trustee and Treasurer

8

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PANTHERA WILDLIFE TRUST LIMITED Year Ended 31 December 2020

Opinion

We have audited the financial statements of Panthera Wildlife Trust Limited (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report.

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Trustees’ assessment of the entity’s ability to continue to adopt the going concern basis of accounting included critical reviews of budgets and forecasts provided.

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

9

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PANTHERA WILDLIFE TRUST LIMITED Year Ended 31 December 2020

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

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

10

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PANTHERA WILDLIFE TRUST LIMITED Year Ended 31 December 2020

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement included in the Trustees’ Annual Report, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

11

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PANTHERA WILDLIFE TRUST LIMITED Year Ended 31 December 2020

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of this report

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

Sudhir Singh FCA (Senior Statutory Auditor)

For and behalf of

MHA MacIntyre Hudson

Statutory Auditor

London, United Kingdom

Date: October 27, 2021 xxxxxxxxxxxxxxx[3 November 2021]

12

PANTHERA WILDLIFE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)

Charity Registration Number:1119551 Company Registration Number: 06047638

Year Ended Year Ended Year Ended Year Ended
Dec 31st Dec 31st Dec 31st Dec 31st
2020 2020 2020 2019
**Notes ** Unrestricted Restricted Total Total
£' £' £' £'
INCOME AND
ENDOWMENTS FROM:
Donations and grants 2 530,249 530,249 751,814
Interest received 1 - 1 16
Other income 3,087 - 3,087 -
Gifts in kind 6
TOTAL INCOME 533,337 - 533,337 751,830
EXPENDITURE ON:
Expenditure on
charitable activities 3 504,973 19,186 524,159 732,644
TOTAL EXPENDITURE 504,973 19,186 524,159 732,644
NET INCOME/ (EXPENDITURE)
AND NET MOVEMENT IN
FUNDS FOR THE YEAR 28,364 (19,186) 9,178 19,186
RECONCILIATION OF FUNDS
Funds brought forward 12 35,963 19,186 55,149 35,963
TOTAL FUNDS BROUGHT
FORWARD 64,327 - 64,327 55,149

All income and expenditure is derived from continuing activities. The statement of financial activities includes all gains and losses recognized during the year.

The annexed notes form part of the financial statements.

13

PANTHERA WILDLIFE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating an Income and Expenditure Account)

Charity Registration Number:1119551 Company Registration Number: 06047638

Year Ended Year Ended Year Ended Year Ended
Dec 31st Dec 31st Dec 31st Dec 31st
2019 2019 2019 2018
**Notes ** Unrestricted Restricted Total Total
£' £' £' £'
INCOME AND
ENDOWMENTS FROM:
Donations and grants 2 523,247 228,567 751,814 464,164
Interest received 16 - 16 62
Other income - - - -
Gifts in kind 6
TOTAL INCOME 523,263 228,567 751,830 464,226
EXPENDITURE ON:
Expenditure on
charitable activities 3 508,595 224,049 732,644 464,226
TOTAL EXPENDITURE 508,595 224,049 732,644 464,226
NET INCOME/ (EXPENDITURE)
AND NET MOVEMENT IN
FUNDS FOR THE YEAR 14,668 4,518 19,186 -
RECONCILIATION OF FUNDS
Funds brought forward 12 21,295 14,668 35,963 35,963
TOTAL FUNDS BROUGHT
FORWARD 35,963 19,186 55,149 35,963

All income and expenditure is derived from continuing activities. The statement of financial activities includes all gains and losses recognized during the year.

The annexed notes form part of the financial statements.

14

PANTHERA WILDLIFE TRUST LIMITED BALANCE SHEETS 31 December, 2020 and 2019

Charity Registration Number:1119551 Company Registration Number 06047638

Notes
CURRENT ASSETS
Cash and cash equivalents at bank
Debtors
9
Total Current Assets
TOTAL ASSETS
CURRENT LIABILITIES
Creditors falling due within one year
9,10
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
THE FUNDS OF THE CHARITY:
Unrestricted funds
Restricted funds
12,13
TOTAL CHARITY FUNDS		 2020
£'
46,665
60,669
107,334
107,334
43,007
64,327
64,327
64,327
-
64,327		 2019
£'
52,628
71,713
124,341
124,341
69,192
55,149
55,149
35,963
19,186
55,149

The notes on pages 16-25 form part of these accounts

Approved by the trustees on October 27, 2021 and signed on their behalf by:

Gary Baldaeus

Trustee and Treasurer

15

PANTHERA WILDLIFE TRUST LIMITED STATEMENT OF CASH FLOWS For the year ended 31 December 2020

Charity Registration Number:1119551 Company Registration Number 06047638

Reconcilliation of net income/(expenditure) to
net cash flow from operating activities
Adjustments for:
Interest received
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Cash flows from operating activities and
Net cash provided by operating activities
Cash flow from investing activities
Intrest received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of
the reporting period
Cash and cash equivalents at the end of
the reporting period		 2020
£		 2019
£
9,178
(1)
11,044
(26,185)
(5,964)
(5,964)
1
1
(5,963)
52,628
46,665		 19,186
(16)
(50,400)
34,027
2,796
2,796
16
16
2,813
49,815
52,628

As the charity does not have any debt an analysis of net debt has not been produced.

16

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Year Ended 31, December 2020

_____________

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General Information and Basis of Presentation

Panthera Wildlife Trust Limited (the “Charity”) is a charitable company limited by guarantee registered in England & Wales, United Kingdom. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to a maximum of £10 per member of the Charity. The address of the registered office is given in the Charity information on page 2 of these financial statements.

The Charity’s financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income Recognition

Donations and grants, including unconditional promises to give, are recognised as revenue when the Charity has entitlement to the funds, any performance conditions that are attached to the item(s) have been met, and it is probable that the income will be received and the amount can be measured reliably.

Income received in advance of its recognition is deferred and included in creditors. Income earned and not yet received is accrued as a receivable. Conditional promises to give are recognised when they become unconditional resulting from conditions being substantially met.

Contributions of property and equipment are recorded at fair market value.

Donated Services

In accordance with the Charities SORP (FRS 102), the Charity records donated services at their equivalent benefit market value when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the Charity of the item is probable and the economic benefit can be measured reliably.

An equivalent amount is recognised as an expenditure under the appropriate heading in the Statement of Financial Activities.

17

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Year Ended 31, December 2020

_____________

Restricted Funds

As restricted support is spent in accordance with terms agreed with the donors, related expenditures are shown as restricted. Unspent income at year end is carried forward for spending in future years. The Charity reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of donated assets.

Unrestricted Funds

Contributions received from Panthera Corporation (“Panthera”) and those without donor stipulations are recorded as unrestricted funds. Unspent income at year end is termed unrestricted funds and is included in net assets.

Expenditure Recognition

Expenditures are recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure for Charitable Activities

Costs of charitable activities comprise of all costs identified as wholly or mainly attributable to achieving the charitable objectives of the Charity, including the costs of disseminating information in support of charitable activities. These costs include administration costs, wholly or mainly attributable, to support costs and donations/grants paid out by the Charity. In 2019 and 2018. the charitable activity costs consist mainly of grant expenses, staff and general expenses for the purpose of supporting Panthera’s Conservation Program. Charitable activities cost have been identified to their related program or supporting services and are recorded accordingly as unrestricted or restricted expenditures.

Irrecoverable VAT

Irrecoverable VAT is treated as an expense in the period incurred.

Support Cost Allocation

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees.

Operating Leases

Rentals under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate. The difference between rent expense and payments made under the lease are reflected as deferred rent.

18

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS Year Ended 31, December 2020

_____________ Fixed Assets

Fixed assets are carried at cost or, if donated, at fair value on date of donation. Furniture and equipment in excess of £3,500 are capitalised and depreciated over their useful lives using the straight line method starting with the month in which they are put into service.

Debtors receivable and creditors payable within one year

Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Creditors are recognised when the Charity has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits.

Financial Instruments

The Charity holds basic financial instruments and in accordance with Section 11.35 of FRS102 SORP 2015 for basic financial instruments discloses the carrying amounts of its financial assets and financial liabilities at the reporting date.

Debtors

Amounts owed by group and associated undertaking and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not deemed financial instruments.

Cash at bank

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

Liabilities

Trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 9. Taxation and social security are not included in the financial instruments disclosure.

Foreign Currencies

Monetary 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 rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating results.

19

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIALS STATEMENTS Year Ended 31 December 2020

_____________

Defined Contribution Plan

Effective 1 July 2015 the Charity established a Defined Contribution Plan under which employees of the Charity are eligible to participate. The employee contribution rate is a minimum of 5% of basic salary to qualify for the employer’s contribution. The Charity’s contribution is 4% of basic salary. The Charity’s contribution is charged to expenditure during the period in which the employee is an active member of the scheme. The cost of administering the plan is met by the Charity.

Judgements and key sources of estimation uncertainty

A key judgement (apart from those involving estimates) that has been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements is for the recognition of gifts in kind.

Going Concern

The Trustees have assessed whether the use of a going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern including the impact of coronavirus (Covid-19). The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the Charity’s forecasts and projections and have taken account of pressures on income. After making inquiries, the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

2. Income from Donations and Grants

Panthera contributions
Panthera donated services (see Note 7)
Donations from individuals
Total Donations and Grants		 2020
2019
£
£
436,480
465,413
30,306
57,850
66,550
228,567
533,337
751,830

The Charity received restricted donations in the amount of £- (2019: £228,567)

20

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIALS STATEMENTS Year Ended 31 December 2020

_____________

3. Analysis of Expenditure on Charitable Activities

The charitable activities are explained in the Trustee's Annual Report and include grants in 2020 of - (2019: £209,381) to Panthera , a related party and the Charity’s controlling party interest, for the purposes of supporting program costs relating mainly to tigers and their conservation.

Direct Costs:
Staff costs
Grants to Panthera
Total direct costs
Support Costs
Travel
Governance costs (see note 4)
Professional services
Office rent
Staff costs
Sundry expense
Total support costs
Total charitable activities		 2020
2019
£
£
499,536
459,935
-
209,381
499,536
669,316
-
31,752
11,340
11,340
10,561
6,720
358
2,972
2,129
2,365
8,415
24,624
63,328
524,160
732,644

The charity had restricted expenses of £19,186 (2019: £224,049).

4. Governance Costs

This is stated after charging:

Auditor's remuneration- audit services 2020
2019
£
£
11,340
11,340

21

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIALS STATEMENTS Year Ended 31 December 2020

_____________

5. Analysis of Staff Costs and Remuneration of Key Management Personnel

The average headcount of employees during 2020 was nine (2018: nine).

The key management personnel of the Charity consists of the Trustees. The Trustees volunteer their time without pay from the Charity. Two of the three Trustees at 31 December 2020 (2019: two) are executive officers and paid employees of Panthera.

The time spent by the Administrative Manager was split 95% in Program and 5% on administrative duties (2019: 95% on program and 5% administrative duties). In 2020 and 2019 the time spent by all other employees was 99% on the Conservation Program and 1% Administrative.

The total amount paid to the Charity’s staff amounted to the following:

There is one employee (2019: one) whose employee benefits excluding pensions are more than £60,000. For 2020 the employee received between £140,001 - £150,000 (2019: £140,001 - £150,000).

The total amount paid to the Charity's staff amounted to the following:

Wages and salaries
Social security costs
Health insurance
Pension costs
Total		 2020
2019
£
£
415,208
389,854
40,543
34,784
28,678
16,659
15,107
20,767
499,536
462,064

6. Trustees and Key Management Personnel Remuneration and Expenses

During 2020 and 2019, the Trustees neither received nor waived any remuneration, and did not have any expenses reimbursed. Two of the three Trustees are employees of Panthera. Details of these individual’s remuneration can be found on Panthera’s website: https://www.panthera.org/annual-report-andfinancials.

22

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIALS STATEMENTS Year Ended 31 December 2020

_____________

7. Donated Services

Donated Services in 2020 amounted to £30,306 (2019: £57,833).

Donated Services being the amounts the Charity estimated it would pay for health insurance and other expenses should they have been paid by the Charity and not Panthera.

8. Net Income/Expenditure

This is stated after charging:

Auditor's remuneration - audit services
Auditor's remuneration- non-audit services
9. Debtors
Current:
Amounts owed by group and associated
Undertaking (Panthera Corporation)
Other debtors - Gift Aid
Total
10. Creditors
Panthera Corporation
Pension, taxation and social security
Accruals
Other creditors- Gift Aid
Total		 2020
2019
£
£
11,340
11,340
9,745
6,720
2020
2019
£
£
60,669
71,713
-
-
60,669
71,713
2020
2019
£
£
16,560
41,876
16,697
15,976
9,750
11,340
-
-
43,007
69,192

23

PANTHERA WILDLIFE TRUST LIMIITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

_____________

11. Pension and Other Post- Retirement Benefits

The Charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £15,107 (2019: £20,767). Contributions totaling £9,862 (2019: £4,613) were payable at the balance sheet date and are included within creditors.

12. Statement of Funds

The changes in unrestricted and restricted funds during 2020 follow:

Unrestricted Funds
Restricted Funds
Conservation projects
Big Cat Trafficking
Tiger projects
Technology
Total Restricted Funds
Total Funds		 Brought
Forward
£
35,963
19,186
-
-
-
19,186
55,149		 Income
£
533,337
-
-
-
-
-
533,337		 Carried
Expenditure
Forward
£
£
(504,973)
64,327
(19,186)
-
-
-
-
-
-
-
(19,186)
-
(524,159)
64,327

The funds restricted in 2019 were used to support conservation project work of Panthera Wildlife Trust Limited.

24

PANTHERA WILDLIFE TRUST LIMITED NOTES TO THE FINANCIALS STATEMENTS Year Ended 31 December 2020

_____________

The changes in unrestricted and restricted funds during 2019 follow:

Unrestricted Funds
Restricted Funds
Conservation projects
Big Cat Trafficking
Tiger projects
Technology
Total Restricted Funds
Total Funds		 Brought
Forward
£
21,295
-
-
6,260
8,408
19,186
55,149		 Income
£
523,263
19,186
209,381
-
-
228,567
751,830		 Expenditure
£
(508,595)
-
(209,381)
(6,260)
(8,408)
(224,049)
(732,644)		 Carried
Forward
£
35,963
19,186
-
-
-
19,186
55,149

13. Analysis of Net Assets between Funds

An analysis of net assets between funds at 31 December 2020 is as follows:

Total assets
Total liabilities
Total Net Funds		 Unresticted
Funds
£
107,334
(43,007)
64,327		 Restricted
Total Funds
Funds
£
£
-
107,334
-
(43,007)
-
64,327

25

PANTHERA WILDLIFE TRUST LIMIITED TRUSTEES’ ANNUAL REPORT Year Ended 31 December 2020

_____________

An analysis of net assets between funds at 31 December 2019 is as follows:

Total assets
Total liabilities
Total Net Funds		 Unresticted
Funds
£
105,155
(69,192)
35,963		 Restricted
Total Funds
Funds
£
£
19,186
124,341
-
(69,192)
19,186
55,149

14. Related Party Transactions

Panthera, a not-for-profit wildlife conservation organisation incorporated in the State of Delaware, U.S.A., holds the controlling party interest of the Charity and serves as the Charity’s major sponsor. The majority of the Charity’s Trustees are executive officers of Panthera. During 2020 the Charity provided Panthera grants of £0 (2019: £209,831) for conservation projects and received unrestricted contributions from Panthera of £436,480 (2019: £465,413). In addition, for 2020 Panthera provided donated services to the Charity in the form of direct payment of Charity expenses of £30,306 (2019: £57,833).

15. Controlling Party

Panthera holds the controlling party interest in the Charity. During 2020 the Charity was under the control of three Trustees (2019: three) with two of the Trustees serving as Executive Officers of Panthera (2019: three). One Charity Trustee in 2020 and 2019 is deemed independent and not affiliated with Panthera. The consolidated accounts can be found on the Panthera Corporation website: https://www.panthera.org/annual-report-and-financials

Panthera Corporation 8 West 40[th] Street, 18[th] Floor New York, New York 10018 EIN: 20-4668756

26