**Charity registration number 1158956 (England and Wales)**
## **MAHOUTS FOUNDATION**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025**
## **MAHOUTS FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|S Blaine|
|---|---|
||J Mullen|
||D Mullen|
||P Haidon|
||T Hodgetts|
||Dr F Blaine|
|**Charity number**|1158956|
|**Registered office**|Harran|
||Peopleton|
||Pershore|
||Worcestershire|
||United Kingdom|
||WR10 2EA|
|**Independent examiner**|Katherine Parkin|
||Azets Audit Services|
||Epsilon House|
||The Square|
||Gloucester Business Park|
||Brockworth|
||United Kingdom|
||GL3 4AD|
|**Bankers**|HSBC Bank plc|
||30 Market Street|
||Crewe|
||Chesire|
||CW1 2ES|
## **MAHOUTS FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the financial statements|7 - 13|
## **MAHOUTS FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
The trustees present their annual report and financial statements for the year ended 31 October 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
## **Charitable objects**
To promote humane behaviour towards elephants by providing appropriate care, protection, treatment and security for elephants which are in need of care and attention by reason of sickness, maltreatment, poor circumstances or ill usage and to educate the public in matters pertaining to elephant welfare in general and the prevention of cruelty and suffering among elephants.
## **Objectives and aims**
Mahouts Foundation is a family run foundation working to improve welfare with captive elephants working in the tourism industry. The Foundation works on the ground in Thailand with indigenous Karen communities to rescue and return captive working elephants to large areas of forest while supporting the community to preserve their traditions of protecting elephants and forests. The foundation also works raising awareness in the UK and Europe by collaborating with tour companies and educating tourists visiting Asia.
## **Social investments**
There are no restrictions as to where funds may be invested, but policy has to be agreed by the Trustees and the Management Committee.
## **Public benefit**
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities they should undertake.
## **Achievements and performance**
## **1. Continuing research and field course**
Our commitment to research continues working in partnership with Dr Liv Baker, and both Sarah Blaine and Liv Baker have presented at conferences. We are expanding our field data with the collection of GPS data, our mahouts are gathering this information every time they visit the girls at Koh Pah Doh. This will feed into our broader research into autonomy, leading to more detailed information on welfare.
## **2. Developing new project - Palatha**
Training continues at pace in Palatha, home stays are rising to the challenges and elephant owners/mahouts are doing incredibly well with the new model of tourism.
## **3. Continuing support for 6 more elephants**
We continue to support our 6 latest elephants at Palatha and one new baby, whilst supporting 5 elephants at Koh Pah Doh. We are aiming at improving elephant sponsorships on our website and working towards a working corporate sponsor offering.
## **4. Expanding our team**
We have taken on and been training new staff members to allow expansion of our projects in Thailand.
## **5. Building partnerships with tour companies**
We have been developing relationships to support our work in Koh Pah Doh and for our project in Umphang.
## **6. Part of a collaboration developing a network of elephant friendly venues**
This is a venture facilitated by World Animal Protection to develop a network of Elephant focused organisations within Thailand.
- 1 -
## **MAHOUTS FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **Financial review**
## **Principal funding sources**
Of the £81,993 (2024: £114,807) income for the period, 51% (2024: 54%) came from grants and donations and 49% (2024: 46%) came from the charity’s programmes and sales.
More details about income for the period and the Charity's financial position at the end of the period are shown in the Notes to the Financial Statements.
## **Principal expenditure items**
The valuable time given by unpaid volunteers, including trustees, is not quantified and not included in this figure.
## **Reserves policy**
The board has set a reserve equivalent to at least three month's operating costs. There were negative reserves of £2,037 (2024: positive reserves of £4,801) at the year ended 31 October 2025.
The charity currently has negative free reserves of £2,037. Post year end the charity has secured additional funding with an unrestricted surplus predicted to be made for the year ended 31 October 2026.
Mahouts Foundation has donors and trustees who will supply emergency funds should they be required.
## **Funds in deficit**
The charity received income totalling £81,993 (2024: £114,807). After payments of outgoing expenses totalling £88,831 (2024: £177,637), the charity was left with a deficit of £6,838 (2024: £62,830 deficit) for the year with an overall deficit in unrestricted funds.
## **Structure, governance and management**
## **Governing document**
Mahouts Foundation is registered as a charity with the Charity Commission and is a Charitable Incorporated Organisation (CIO). It is governed by its Constitution, a copy of which is available from the charity’s office.
The Trustees are required to act in the best interest of the Charity and its beneficiaries. Training and information provided includes advice about the role of Trustees and Charity law. The Trustees make no personal gain from the Charity.
## **Organisational structure**
The Trustees have overall control of the organisation's finances. The daily management of the organisation's activities is delegated to the Executive Committee.
The trustees who served during the year and up to the date of signature of the financial statements were: S Blaine
J Mullen
D Mullen P Haidon T Hodgetts Dr F Blaine
The Trustees are elected in accordance with the constitution.
- 2 -
## **MAHOUTS FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
The trustees' report was approved by the Board of Trustees.
Dr F Blaine **Trustee**
22 August 2026
- 3 -
## **MAHOUTS FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAHOUTS FOUNDATION**
I report to the trustees on my examination of the financial statements of Mahouts Foundation (the charity) for the year ended 31 October 2025.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
- I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Katherine Parkin FCA Azets Audit Services Epsilon House The Square Gloucester Business Park Brockworth Gloucestershire GL3 4AD United Kingdom
Dated: 24 August 2026
- 4 -
## **MAHOUTS FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
30,963
-
Charitable activities
**4**
40,945
600
Other trading activities
**5**
9,485
-
**Total income**
81,393
600
**Expenditure on:**
Raising funds
**6**
2,241
-
Charitable activities
**7**
85,990
600
**Total expenditure**
88,231
600
**Net expenditure and**
**movement in funds**
(6,838)
-
**Reconciliation of funds:**
Fund balances at 1 November
2024
4,801
-
**Fund balances at 31 October**
**2025**
(2,037)
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
30,963
10,664
-
41,545
68,976
18,000
9,485
17,167
-
81,993
96,807
18,000
2,241
764
-
86,590
158,873
18,000
88,831
159,637
18,000
(6,838)
(62,830)
-
4,801
67,631
-
(2,037)
4,801
-|**Total**
**2024**
**£**
10,664
86,976
17,167
114,807
764
176,873
177,637
(62,830)
67,631
4,801|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
## **MAHOUTS FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 OCTOBER 2025**_
|**Notes**
**Current assets**
Stocks
**13**
Debtors
**14**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**15**
**Net current (liabilities)/assets**
**The funds of the charity**
Unrestricted funds
**17**|**2025**
**£**
1,200
480
848
2,528
(4,565)|**£**
(2,037)
(2,037)
(2,037)|**2024**
**£**
1,500
480
11,529
13,509
(8,708)|**£**
4,801|
|---|---|---|---|---|
|||||4,801|
|||||4,801|
The financial statements were approved by the trustees on 22 August 2026
Dr F Blaine **Trustee**
- 6 -
## **MAHOUTS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **1 Accounting policies**
## **Charity information**
Mahouts Foundation is a charitable incorporated organisation incorporated in England and Wales. The registered office is Harran, Peopleton, Pershore, WR10 2EA.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
The charity currently has negative free reserves of £2,037. Post year end the charity has secured additional funding with an unrestricted surplus predicted to be made for the year ended 31 October 2026. The Trustees' report details the charity's current financial position. The Trustees have confirmed their intention to provide financial support to the charity if required in the future.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 7 -
## **MAHOUTS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **1 Accounting policies**
**(Continued)**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 8 -
## **MAHOUTS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **1 Accounting policies**
**(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|30,963|10,664|
||30,963|10,664|
- 9 -
## **MAHOUTS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **4 Income from charitable activities**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**Charitable activities**
Grants receivable
10,000
600
Visitors' fees
30,945
-
40,945
600|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
10,600
33,439
18,000
30,945
35,537
-
41,545
68,976
18,000|**Total**
**2024**
**£**
51,439
35,537|
|---|---|---|
|||86,976|
## **5 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Fundraising events|9,485|17,167|
## **6 Raising funds**
|||**Unrestricted **|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
|Fundraising|and publicity|||
|Advertising||2,241|764|
|||2,241|764|
- 10 -
## **MAHOUTS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **7 Charitable activities**
|Project Costs
Guest Trip and Labour
Insurance
Travel and Accomodation
Share of support costs (see note 8)
Share of governance costs (see note 8)
**Analysis by fund**
Unrestricted funds
Restricted funds|**2025**
**£**
74,548
442
1,500
474
76,964
4,942
4,684
86,590
85,990
600
86,590|**2024**
**£**
146,674
6,140
1,430
8,067|
|---|---|---|
|||162,311
8,976
5,586|
|||176,873|
|||158,873
18,000|
|||176,873|
## **8 Support costs**
|**Support costs**|||||
|---|---|---|---|---|
|Admin Expenses
Bank Charges
Computer and Website
Costs
Telephone Costs
Accountancy Fees
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
3,453
-
1,067
-
422
-
-
-
-
4,684
4,942
4,684
4,942
4,684|**2025**
**£**
3,453
1,067
422
-
4,684
9,626
9,626|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
1,224
-
3,036
-
4,456
-
260
-
-
5,586
8,976
5,586
8,976
5,586|**2024**
**£**
1,224
3,036
4,456
260
5,586|
|||||14,562|
|||||14,562|
Governance costs includes payments to the independent examiner of £3,840 (2024 - £3,540) for independent examination fees.
- 11 -
## **MAHOUTS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
|**9**|**Net movement in funds**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||The net movement in funds is stated after charging/(crediting):|||
||Fees payable for the independent examination of the charity's financial|||
||statements|3,840|3,540|
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2024 - £nil).
## **11 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
||**2025**|**2024**|
||**Number**|**Number**|
|Total|-|-|
|There were no employees whose annual remuneration was more than £60,000.|||
## **12 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **13 Stocks**
|Finished goods and goods for resale
**14**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**15**
**Creditors: amounts falling due within one year**
Accruals and deferred income|**2025**
**£**
1,200
**2025**
**£**
480
**2025**
**£**
4,565|**2024**
**£**
1,500|
|---|---|---|
|||**2024**
**£**
480|
|||**2024**
**£**
8,708|
Deferred income totals £725 (2024: £1,220) and relates to deposits paid during the year in respect of guest visits taking place in the following financial year.
- 12 -
## **MAHOUTS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **16 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At 1**
**November**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
Olsen Animal Trust
-
600
(600)
**Previous year:**
**At 1**
**November**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
Olsen Animal Trust
-
18,000
(18,000)|**October**
**2025**
**£**
-
**October**
**2024**
**£**
-|
|---|---|
**Olsen Animal Trust -** granted to provide seed funding to remove elephants from the tourism industry.
## **17 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1**
**November**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
4,801
81,393
(88,231)
**Previous year:**
**At 1**
**November**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**£**
**£**
**£**
General funds
67,631
96,807
(159,637)|**October**
**2025**
**£**
(2,037)
**October**
**2024**
**£**
4,801|
|---|---|
## **18 Related party transactions**
During the year, £nil was spent in respect of travel costs for 1 trustee (2024 - £6,786).
During the year, the charity received donations without conditions totalling £12,800 (2024: £nil) from trustees and other related parties.
- 13 -