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2022-12-31-accounts

Registered Charity No: 1159227 Registered Company No: 09243382

SPACE FOR GIANTS

(A COMPANY LIMITED BY GUARANTEE WITHOUT SHARE CAPITAL)

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

31 DECEMBER 2022

SPACE FOR GIANTS

REPORT AND ACCOUNTS 31 DECEMBER 2022

_________
INDEX

TRUSTEES’ REPORT
REPORT OF THE INDEPENDENT AUDITORS
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
CASH FLOW STATEMENT
NOTES TO THE ACCOUNTS		 ______
PAGE
1-15
16-19
20
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23-34

SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Foreword by the Current Chair of the Board of Trustees

On behalf of the Trustees of Space for Giants, its staff, and all our current stakeholders, I am delighted to share the following Trustees report with you. The following report provides an opportunity for Space for Giants to reflect on the achievements of the past year, as well as outline the proposed strategies for the remainder of our Vision 2025 initiative, which is the culmination of the organizations 5-year vision, which was first communicated in 2021.

Firstly, I would like to thank all our donors, institutional, as well as private donors. Without each one of your contributions, whether it be through a grant that has been awarded, or a personal conviction to support the work that Space fort Giants is doing, I am very aware that Space for Giants would not exist or be able to contribute to our chosen conservation initiatives without your support.

Secondly, as a Board, we would like to acknowledge each one of our permanent staff, contracted staff, and consulting partners for the monumental effort, and on-going commitment to the Space for Giants cause, values and vision. Emerging out of the COVID pandemic, the last two years have presented enormous challenges, and we would not be as ready as we are for the future of our conservation contribution if it were not for the amazing human beings that represent us. Under the leadership of our CEO, and Executive Leadership team, you continue to demonstrate the pursuit of our mission, to help protect Africa’s remaining natural ecosystems and the large wild animals they contain, while bringing major social and economic value to local communities and national governments. Thank you.

Thirdly, we would like to thank our previous Chair, Janice Hughes, for the guidance she provided to the Board, the Executive leadership team and the organization over the past two years. Amidst difficult and trying times, your ability to navigate Space for Giants through the turbulent waters of the last two years is deeply appreciative, and for which the organization is most grateful. Your presence and wisdom will be missed.

In conclusion, within the pages that lie ahead in this report, it is our hope that you would get a sense of the growth, development and learnings that we have made as an organization in challenging times. In a constantly changing world of conservation, we remain ever committed to innovative and suitable conservation solutions and conservation partnerships that will contribute to the global environmental agenda to preserve the planet for this generation and generations to come.

I do sincerely hope that you will find value in this report, and that you will continue to support our conservation journey.

Michael Count

Board Chair, Board of Trustees.

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Report

The Space for Giants Trustees present their annual report, including the requirements of a strategic report, together with the financial statements for the year ended 31 December 2022. The Trustee’s Report has been prepared in accordance with Part VIII of the Charities Act 2011 and constitutes a directors’ report for the purposes of company legislation.

The financial statement and notes have been prepared in accordance with the accounting policies and comply with the charitable companies Memorandum and Articles of Association, and applicable law, the Companies Act of 2006 and Accounting and Reporting by Charities: Statement of Recommended Practices, applicable to Charities preparing their accounts in accordance with the Finance Reporting Standard, applicable in the United Kingdom (FRS 102).

Our Mission and Purpose

Space for Giants helps protect Africa’s remaining natural ecosystems and the large wild animals they contain while bringing major social and economic value to local communities and national governments. We work across Africa’s iconic landscapes to unlock the full value of nature by protecting biodiversity and remaining populations of megafauna while expanding economic, cultural, and social opportunities for generations to come.

It is the strategic intent and purpose of SFG to ensure that we achieve the following:

Management: We bring natural ecosystems, where large wild animals live, under effective conservation management, in partnership with local people, national governments, civil society organisations, responsible businesses and private landowners.

Value: We unlock the value of natural ecosystems by developing conservation-compatible enterprises and work to ensure the associated benefits are equitably distributed among local people.

Leadership: We use original, innovative research and creative thinking to identify successful conservation interventions and lobby key decision makers, global influencers and the public to put these into practice.

Expertise: We deploy world-class conservation expertise to build local capacity for the effective protection of wildlife and the management of human-wildlife coexistence.

Scale: We deliver conservation at scale to tackle the global problems threatening the natural ecosystems and the large wild animals we aim to protect.

Community: We build communities of conservation supporters, mitigating the costs and maximising the benefit of nature conservation and work towards a genuinely inclusive conservation sector.

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Our Values

We are passionate and want our team members and stakeholders to be driven by belief in the cause and to dedication, commitment and hard work. (Passion)

We act with integrity to build trust and confidence with all stakeholders. We consider moral and ethical issues in everything we do. (Integrity)

We act with fairness, kindness and inclusivity. (Respect)

We aim for environmental & financial Sustainability to create enduring impact. (Sustainability)

We encourage creativity, bold ideas and pride ourselves on being adaptable and agile. (Innovative)

We promote a healthy work-life balance and Balance fulfilment in life. (Balance)

Priorities for the Reporting Period 2022 - 2023

In 2022, Space for Giants continued in the delivery it stated 2025 strategy to deliver on the following five strategic pillars, that have been the framework for Space for Giants efforts and engagements for 2022, namely:

1. Conservation

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

  1. Capacity Building, Diversity & Work Environment

  2. Space for Giants will be considered one of the best organisations working in Africa for building local conservation capacity, having provided formal and “on the job” training to at least 1,000 Africans and conservation leadership training to at least 20 (five per year), with at least 50 African journalists and 10 African conservation interns working with the organisation every year.

  3. The diversity of our Board and management team will be both representative and progressive, and there will be a clear career progression path for anyone working for the organisation.

  4. Over 90% of our employees will be either satisfied or extremely satisfied with their work and their work environment, recognising the value the organisation places on individual happiness and the work/life balance.

3. Leadership

4. Finance

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

5. Geographic & Strategic Focus

Public Benefit Statement

The Trustees confirm that they have had regard to the Charity Commission guidance on public benefit and the way in which Space for Giants delivers public benefit is explained in reporting on the Charity’s Achievements, Performance and Future Plans.

Achievements, Performance and the Future

Space for Giants works across nine African countries, and one of the greatest achievements of the last 12 months has been scaling our proven human-wildlife conflict mitigation program. In Kenya, we have used electric fences to help prevent conflict between farmers and elephants for a decade. This year, our team designed a completely mobile fence that can be deployed to address subsistence farmers’ needs in Gabon. These movable fences are quick to deploy, easy to maintain, and are over 90 percent effective. They are improving farmers’ yields and saving lives across Gabon, and Space for Giants’ fence deployment teams are on track to install 500 by 2024.

On 04[th] May 2021, Space for Giants signed a share purchase agreement to purchase the entire issued share capital of Suyian Ranch Limited for USD$10,000,000 and with a completion date of 31st March 2022. The purchase price was derived following a valuation dated 31st December 2019 done by Ryden International. This is a historic agreement, securing an exceptionally important wildlife landscape, Suyian Conservancy. This is a critical migration corridor for elephants, and it connects with neighbouring Loisaba Conservancy, which Space for Giants secured in partnership with The Nature Conservancy in 2014. Suyian, for which Space for Giants acts as Trust Protector, helps ensure connectivity within a vast 9,856,000-acre landscape. To illustrate the conservation value of the conservancy, leading global ecotourism company & beyond announced they would build a high-end lodge in Suyian, creating many more jobs and deepening its economic and social value for both the local community and government.

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Space for Giants purchased Suyian Conservancy for $10 000 000.00 and has set up the Suyian Conservancy Trust to manage the commercial entity, Suyian Ranch Limited. The Suyian Conservancy Trust reports directly into the Space for Giants UK Board and is government by the same policies and procedures as Space for Giants, UK, as well as being consolidated into the SFG UK financial statements.

The past year has seen major gains in the development of Space for Giants’ carbon-offset program. The rationale is that the restoration and optimal management of African parks and reserves results not only in spectacular increases in the diversity and abundance of wildlife but can also prevent carbon emissions from increasing and can remove carbon emissions from improved vegetation cover and associated sequestration. To this end, Space for Giants has built a pipeline of carbon projects within a large degraded natural area. An example is Pian Upe, Uganda’s largest game reserve. This spectacular 494,000-acre wilderness was once home to some of the largest populations of elephants in the region, but today is a landscape sadly degraded by overgrazing, destructive fires, and years of under-investment. Space for Giants signed a co-management agreement with the government to restore this incredible ecosystem. Our field assessments suggest that this process could generate enough carbon credits to cover the restoration and ongoing management costs, including supporting the livelihoods of neighbouring communities. Although it is likely to take time for this benefit to be delivered as we wait for Africa governments such as Uganda’s to finalize their carbon trading frameworks, such an outcome would signal the onset of a hugely exciting new phase of conservation finance, one that could see Africa’s parks and reserves thrive in the face of unprecedented pressure.

Key Highlights

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The Year in Numbers

9 countries where Space for Giants operates.

64 core Space for Giants staff, spanning the African continent.

20 pre-feasibility studies in the countries where our operations are active have been conducted.

95 mobile fences built to deter crop-raiding elephants in Gabon.

44,000 acres of private property converted to a permanently protected wildlife reserve, Suyian Conservancy.

350 prosecutors, trained at Uganda’s National Prosecution Symposium.

57 % of Ugandan farmers said that land values increased because of fences.

2 pre-feasibility studies for potential carbon projects carried out in Mozambique’s Marromeu National Reserve and the Environmental Protection Area of the Primeiras and Segundas Islands

Fundraising

Fundraising has been challenging this year, but the team has been laying the groundwork for a productive year-end and for next year. Events have resumed after Covid and major donors, one with multi-year commitment, and continuing governmental and institutional grants will help stabilize income.

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

In line with protection of personal information, legislation individual donors identify has not been disclosed. For Space for Giants Gifts and Donation Policies, please refer to our website.

Government Grants and Corporate

  1. New Grants received for 2022:

Children’s International Investment Foundation (CIIF)

  1. Continuing Active Grants (8):

  2. DEFRA IWT R7 EAAP

  3. UNEP-Big Life, Amboseli

  4. USAID VukaNow Journalism

  5. DEFRA DarwinR28 - Uganda

  6. US Fish and Wildlife Service - Gabon

  7. USAID via LCA/Ol Pejeta - Kenya

  8. JM Wildlife – Human Wildlife Conflict

  9. Leopardess Foundation - Human Wildlife Conflict

  10. Completed Grants:

  11. INL v/AWF

  12. Vaalco - Gabon

  13. Elephant Cooperation - Gabon

  14. Biopama - Mozambique

  15. Grants in Closeout Process:

  16. DEFRA IWT R5, Zimbabwe:

  17. US Dept. of Interior - Uganda

  18. Assala - Gabon

  19. Elephant Crisis Fund - Gabon

5. RCU:

Contract extended to end of 2022 with additional scope of services.

Events, Campaign and Initiatives

  1. Giants Club Dinner at Syon House, London, hosted by former Botswana President Ian Khama generated proceeds of $350,000

  2. COP27 in Egypt. Staff attended.

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

3. Future events:

Financial Review

Space for Giants realised an operational surplus £9.3m, including a surplus of £0.3m from the 2021 financial year, which was in line with our Operational Plan for the period. This means that Space for Giants held total funds of £10.6m (2021, £1.55m) at the Financial year end. These funds are made up of restricted funds of £2.56m (2021, £0.26m), and unrestricted general funds of £8.03m (2021, £1m).

Space for Giants received total income of £14.6m in 2022 (2021, £3.4m). This is due to receiving additional funding from grants. There was also an increase in general donations. Included in the total income, Space for Giants, USA INC provided a grant of £ 7.69m towards the acquisition of Suyian Ranch Limited . Additionally, Space for Giants also received funds amounting to £2.47m from Perenco Oil & Gas, GABON and Maurel and Prom.

Space for Giants spent £5.3m over the year (2021, £3.1m). The increase in expenditure was planned in line with our Operation Plan. Space for Giants UK utilised the grant received from Space for Giants USA, INC towards the transition of the 44,000-acre of Suyian Ranch a private property converted to a permanently protected wildlife reserve, Suyian Conservancy Trust.

The financial year has ended with a strong balance sheet. At the year end, Cash and cash equivalents were £2.8m compared with £1m in 2021).

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves Policy

Space for Giants programmes are funded through institutional, corporate and private channels with most of the expenditure being based on the contractually committed activities and outcomes, with careful alignment between scheduling of expenses and income. Some programmes, or elements of programmes are funded through general donations, with funds received on a discretionary basis to address the areas of greatest need. This form of unrestricted funding in not contractually aligned to committed activities and outcomes, and it projected based on goals set for the fundraising activities for that year.

In the management and alignment of income and expenditure, all commitments made by the organization are carefully managed based on a (maximum) three-month commitment timeline, so that all activities can be terminated , amended or expanded in response to funding availability within a short period of time.

The charities reserve policy is intended to address and mitigate two risks:

This set our reserve policy at an estimated £300 000.00 for the 2022 Financial Year.

Risks and Risk Mitigation

Space for Giants recognises that due to the nature, scope and location of our work, Risk and Risk Mitigation is critical to the ongoing success and vitality of the Organization. Space for Giants manages its risk throughout the organization through the Executive Leadership Team, the Finance Team, the Risk and Audit Subcommittee and the Board.

Central to this is the implementation of policies and procedures that ensure rigorous Financial and Accounting controls in line with the approved budget, as well as the implementation, training and awareness of relevant policies including Anti Money Laundering, Antibribery and Corruption Policy, Donations Policy, and Expenses claim policy. Monthly Financial summaries are presented and submitted to the Board, and the Risk and Audit subcommittee meets three time a year.

The major risks that have been identify for the 2023 Financial Year are as follows:

1. Funding:

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

2. Staff Recruitment and Retention

Structure, Governance and Management

Space for Giants was incorporated as a Company Limited on 1 October 2014 and was registered as a Charity governed by its Articles of Association with The Charities Commission on 17 November 2014. Our charity is constituted as a non-profit organization, legally incorporated and registered under the laws applicable to charitable organizations in the UK. We operate on the basis of a constitution that outlines our purpose, values, and operational framework, including the Suryian Conservancy Trust as outlined above. This governing document ensures that all activities align with our conservation mission.

Although Space for Giants, UK works jointly with Space for Giants, USA, these are two separate legal entities, each of whom is responsible for their own operating policies and corporate governance requirements.

Governance Structure

The governance of our charity is overseen by a Board of Trustees, responsible for the strategic direction and policymaking of the organization. The Board ensures that the charity remains true to its mission, is managed effectively, and complies with all legal and ethical standards. Members of the Board are selected for their diverse skills, experiences, and commitment to our cause.

The Board consists of 4 members and an independence secretary. The Board is made up of 4 nonexecutive trustees, and the Chief Executive Officer. The trustees are drawn from a diverse backgrounds,

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

sectors and skills. New Trustees are appointed in alignment with the strategic and representative goals of Space for Giants in alignment with the stated mission and strategic intent of the organisation.

An updated SFG UK Board Terms of Reference was approved by the UK Board in June 2022.

Three new sub-committees formed during 2022, namely Risk & Audit; Nominations; Remuneration.

Management Structure

Day-to-day operations are managed by a Chief Executive Officer. The CEO is supported by a management team consisting of department heads for finance, programs, fundraising, and administration. This team is responsible for implementing the strategies and policies set by the Board, overseeing staff, managing resources, and ensuring operational efficiency.

Training of Trustees

Our trustees undergo a comprehensive training program upon their induction. This program includes sessions on the legal and fiduciary responsibilities of trustees, strategic planning, financial management, and risk management. We also provide ongoing training on current best practices in charity governance and sector-specific challenges. This ensures that our trustees are well-equipped to provide sound governance and oversight.

SFG Policies and Procedures

The process was initiated in April 2022 with DLA Piper solicitors in the UK, reviewed & edited internally by SFG staff, reviewed and edited by the UK Board Risk and Audit Committee and finally approved by the full UK Board.

On 02 November 2022, the UK Board approved the following nine (9) key governance policies at an inperson meeting in London:

It is mandatory for all SFG Employees, and Board Members to be familiar with the policies and procedures of the organization. Yearly training takes place via Space for Giants Learner Management System, and progress and competence on all the policy documents is a mandatory requirement, which it tracked per Employee and Trustee.

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Remuneration

It is the policy of Space for Giants that all staff are remunerated fairly and within the current market related salary bands within the conservation sector. Space for Giants conducts its own benchmarking activity with 7 conservation organizations across Africa on a three-year cycle to determine fair market related remuneration. Each employee is banded accordingly, and their salary is reviewed on an annual basis and adjusted according to inflation.

The remuneration subcommittee is responsible for approving the banding methodology and final remuneration structure. The salary of the CEO, CFO, and Executive Director are all approved by the Board of Trustees. The Director of Conservation, and the Director of Fundraising” salaries are approved by the remuneration’s subcommittee.

Any bonuses are recommended by the Remuneration committee and approved by the Board of Trustees.

Trustee’s Responsibilities regarding the Financial Statement

The Trustees (who are also directors of Space for Giants for the purposes of company law) are responsible for preparing the Trustees’ 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 situation of the charitable company and of the incoming resources and application of resources, including the income or 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and the integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the Trustees are aware:

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SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 there is no relevant audit informalion of which the charitable company's auditor is unaware., and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Sioned on behalf of the Trustees. ichael Count Date 6 March 2024 14

SPACE FOR GIANTS TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

Reference and Administration Details
Charity Registration Number: 1159227
Company Registration Number: 09243382
Registered Address and Principal Office: 10 Queen Street Place
EC4R 1AG, London, United Kingdom
Trustees: Michael Count – Board Chair
Lord Tim Clement-Jones
Peter Bacchus
Tom Brunner
Janice Hughes
Chief Executive Officer: Dr. Max Graham
Key Management Personnel: Oliver Poole - Executive Director
Bilal Yusuf – Chief Financial Officer
Maurice Schutgens – Director of Conservation
Caroline Burkie – Director of Fundraising
Auditors: Haysmacintyre LLP
Bankers: Standard Chartered, Lloyds
Solicitors: Farrer & Co.

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SPACE FOR GIANTS INDEPENDENT AUDITORS’ REPORT FOR THE MEMBERS OF SPACE FOR GIANTS FOR THE YEAR ENDED 31 DECEMBER 2022

Qualified Opinion

We have audited the financial statements of Space for Giants for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cashflows 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

The charitable company acquired Suyian Ranch Limited (SRL), a registered company based in Kenya, on 31 March 2022 and we were appointed as auditors of Space for Giants on 1 September 2023. The Trustees consider that the fair value of the net assets of SRL at the date of acquisition as set out in note 16 was equal to the fair value of the consideration paid, such that there was no goodwill arising on consolidation. However, no specific valuations of the assets of SRL were carried out as at the date of acquisition. We have been able to obtain evidence to support the fair values of SRL’s assets on acquisition apart from the land and buildings, which have been recognised in the group financial statements at an estimated value of £6.91m (as disclosed in note 14). This estimated value has been derived by deducting the fair values of the other assets and liabilities of the company from the fair value of the consideration paid, which amounted to £7.69m. Because no specific valuation was carried out at the time and the passage of time between the date of acquisition and our appointment as auditors, we have been unable to obtain sufficient appropriate audit evidence in relation to the value of land and buildings as at the date of acquisition. Consequently, we have been unable to determine whether any adjustment to this value was necessary.

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

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SPACE FOR GIANTS INDEPENDENT AUDITORS’ REPORT FOR THE MEMBERS OF SPACE FOR GIANTS FOR THE YEAR ENDED 31 DECEMBER 2022

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'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.

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 Trustees’ Annual Report and the Chair’s statement. 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the valuation of assets acquired upon acquisition of the trading subsidiary. We have concluded that where the other information refers to the land or related balances such current assets and liabilities, it may be materially misstated for the same reason.

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

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the directors’ report).

Arising solely from the limitation on the scope of our work relating to the valuation of the assets acquired during the year, referred to above:

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SPACE FOR GIANTS INDEPENDENT AUDITORS’ REPORT FOR THE MEMBERS OF SPACE FOR GIANTS FOR THE YEAR ENDED 31 DECEMBER 2022

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:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on pages 13 and 14 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 group’s and the parent 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 group or the parent 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to company and charity law in England and Wales and compliance with overseas laws and regulations in the jurisdictions in which the Group operates. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, and consider other factors such as payroll and sales taxes.

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SPACE FOR GIANTS INDEPENDENT AUDITORS’ REPORT FOR THE MEMBERS OF SPACE FOR GIANTS FOR THE YEAR ENDED 31 DECEMBER 2022

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue, the cut-off of revenue at the year end and management bias in areas of accounting estimate. Audit procedures performed by the engagement team included:

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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Vikram Sandhu (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG

Date:

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SPACE FOR GIANTS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 31 DECEMBER 2022

_______________

INCOME FROM:
Grants and donations
Trading Income
Gain on sale of fixed assets
TOTAL INCOME
EXPENDITURE ON:
Cost of raising funds
Trading activities
Cost of charitable activities
TOTAL EXPENDITURE
NET (EXPENDITURE) INCOME
Fair value adjustment on biological assets
NET (EXPENDITURE) INCOME BEFORE
TRANSFERS
Transfers between funds
NET MOVEMENT IN FUNDS IN THE YEAR
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Note Unrestricted
Restricted
funds
funds
£
£
2,805,966
11,623,627
223,130
-
7,498
-		 2022
Total
funds
£
14,429,593
223,130
7,498		 2021
Total
funds
£
3,398,181
-
-
3,398,181		 2021
Total
funds
3
4
5
6
7
3,036,594
11,623,627		 14,660,221
179,547
283,770
4,854,086
5,317,403
9,342,818
3,875
9,346,693
-
9,346,693
1,247,674
10,594,367
179,547
-
283,770
-
2,983,644
1,870,442
3,446,961
1,870,442
(410,367)
9,753,185
3,875
-
(406,492)
9,753,185
7,445,034
(7,445,034)
7,038,542
2,308,151
991,958
255,716
8,030,500
2,563,867		 496,422
-
2,604,116
3,100,538
297,643
-
297,643
-
297,643
950,031
1,247,674

All income and expenditure derived from continuing activities.

All gains and losses recognised in the year are included above.

The notes on pages 23 to 34 form part of these accounts.

20

SPACE FOR GIANTS COMPANY REGISTRATION NUMBER: 09243382 CONSOLIDATED BALANCE SHEET 31 DECEMBER 2022

_______________

Note
Group
Charity
£
£
Fixed assets
Intangible assets
13
-
-
Tangible Fixed Assets
14
7,500,470
222,589
Biological Assets
15
769,400
-
Investment in Subsidiary
16
-
7,692,300
8,269,870
7,914,889
Current assets
Inventory
17
24,012
-
Debtors
18
536,173
456,820
Cash at bank and in hand
2,861,491
2,808,344
3,421,677
3,265,164
Creditors: amounts falling due within one year
19
(1,073,013)
(316,690)
Net current (liabilities)/assets
2,348,664
2,948,474
Total assets less current liabilities
10,618,534
10,863,363
Creditors: amounts falling due after more than one
year
20
(24,167)
(24,167)
Net assets
10,594,367
10,839,196
Capital and reserves
Funds
Restricted funds
21
2,563,867
2,563,867
Unrestricted funds
22
8,030,500
8,275,329
10,594,367
10,839,196
2022		 Group
Charity
£
£
151
151
92,320
92,320
-
-
-
-
92,471
92,471
-
-
446,892
446,892
1,068,568
1,068,568
2021
1,515,460
1,515,460
(327,128)
(327,128)
1,188,332
1,188,332
1,280,803
1,280,803
(33,129)
(33,129)
1,247,674
1,247,674
255,716
255,716
991,958
991,958
1,247,674
1,247,674

The trustees have prepared the financial statements in accordance with the Companies Act 2006 and the Charities Act 2011. These accounts are prepared in accordance with the special provision of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Approved and authorised for issue by the Board of Trustees on 6 March 2024 and signed on behalf by :

The notes on pages 23 to 34 form part of these accounts.

___________ 21

SPACE FOR GIANTS

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

______________ ______________ ______________
2022 2021
£ £
Cash provided by/(used in) operating activities 9,998,338 415,596
Cash flows from investing activities
Purchase of tangible fixed assets (533,534) (1,128)
Sales of tangible fixed assets 19,430 -
Acquisition of subsidary - Suyian Ranch Limited (7,692,300)
Cash aquired with Suyian Ranch Limited 9,952
(8,196,453) (1,128)
Cash flow from financing activities
Bank loan repayment (8,962) (5,833)
Interest payments (2,952)
Net cash used in financing activities (8,962) (8,785)
Net Increase (Decrease) in cash and cash equivalents in
the year 1,792,923 405,683
Cash and cash equivalents at the start of the year 1,068,568 662,885
Cash and cash equivalents at the end of the year 2,861,491 1,068,568
Reconciliation of net movement in net funds to net cash flow from operating activities
Net (expenditure) for the year 2022
£
9,342,818		 2021
£
301,310
Adjustments for:
Depreciation, amortisation and impariment for fixed assets 106,821 30,405
Fair value adjustment on biological assests 3,875
Foreign exchange difference - 3,666
Movement in working capital 9,453,514 335,381
Increase in trade and other debtors (80,229) (163,291)
Increase in trade and other creditors 637,845 243,506
Increase in stock (12,792)
Net cash provided by/ (used in) operating activities 9,998,338 415,596
Cash and cash equivalents
Cash and cash equivalents represent:
Cash at bank 2,861,491 1,068,568

The notes on pages 23 to 34 form part of these accounts.

22

SPACE FOR GIANTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

1 Company Information and accounting policies

The Charity is a Company Limited by guarantee (nr: 09243382 ) and a Registered Charity, incorporated in England and Wales (Charity Registration nr: 1159227). The registered office is 10 Queen Street Place, London, England, EC4R 1AG.

2 Accounting Policies

Summary of significant accounting policies and key accounting estimates

The principle 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

Statement of compliance

The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP)', the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (Second Edition, effective 1 January 2019).

The Charity meets the definition of a public benefit entity under FRS102.

The financial statements are prepared in sterling. Monetary amounts in these financial statements e rounded to the nearest £. The Functional currency for the UK branch is sterling and for branches in Kenya and Gabon the functional currency is kenyan shillings and US dollars.

Basis of preparation

These financial statements have been prepared using the historical cost convention, unless otherwise stated in the accounting policies.

Consolidation

The accounts consolidate the results, assets and liabilities of Space for Giants and its subsidiary, Suyian Ranch Limited (company registrated in Kenya with registration number C.3/2012) on a line-by-line basis. Intergroup transactions and balances are eliminated on consolidation.

On 31 March 2022, Space for Giants took control over Suyan Ranch Limited. Control exists by virtue of an investment into Suyian Ranch Limited.. The opening funds on acquisition are reflected in the Balance Sheet and the activities are consolidated from 31 March 2022 onwards.

Investment in subsidiary

The investment in Suyian Ranch Limited was initially recognised at cost, including any directly attributable costs of acquisition. Subsequently, is measured at cost less impairment, if any. Impairment is to be recognised when there is objective evidence of a decrease in the investment's value. The investment in Suyian Ranch Limited is subject to impairment testing whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment losses, if any, shall be recognised in the Statement of Financial Statement.

Basis of accounting of branch operation

The financial statements include the results of the charity and its branchs on a line-by-line basis. The branches have the same accounting reference date.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised where the revision affects only that period or in the period of the revision and the future periods where the revision affects both current and future periods.

Going concern

We have set out in the Trustees' report a review of financial performance and the charity reserve position. We have adequate financial resources and are well placed to manage the business risks. Our planning process, including financial projections, has taken into consideration the current economic climate and its potential impact on the various sources of income and planned expenditure. We have a reasonable expectation that we have adequate resources to continue in operational existence for the foreseeable future. Based on budgets and forecasts prepared, we believe that there are no material uncertainties that call into doubt the charity ability to continue. The accounts have therefore been prepared on the basis that the charity is a going concern.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met or are fully within the control of the charity, there is sufficient certainty that receipt of income is considered possible and the amount can be measured reliably.

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 deed of covenant is recognised at the time of the donation.

Legacies are recognised on receipts 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 contingent asset.

23

SPACE FOR GIANTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

Expenditure

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on a cash basis and has been classified under headings that aggregate all the costs related to the category.

Cost of raising funds relate to those specific costs incurred in organising and staging fundraising events and seeking voluntary contrutions together with attributable support costs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activates and services for its beneficiaries. It includes both costs that can be allocated directly to such activates and those costs of an indirect nature necessary to support them.

Support costs include central functions and have been llocated to activity costs categories on a basis consistent with the use of resources., for example, allocation property costs by floor areas, or per capita , staff costs by time spent and other costs by their usage.

Governance costs comprises those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to strategic management of the charity.

Charitable funds

Unrestricted income funds are general funds that are available for the use at the Trustee's discretion in furtherance of the objective of the charity.

Restricted funds are those donated for the use in particular area of specific purpose, the use of which is restricted to that area or purpose.

Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applied to charitable purpose only.

Recognition of foreign exchange gains and losses

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currency are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Depreciation

Depreciation Depreciation Depreciation
Depreciation is provided on tangible fixed assets so as to write off the costs or valuation, less any estimated residual value, over their expected
Motor vehicles 25% reducing balance
Furniture and fittings 12.50% reducing balance
Tools and equipment 12.50% reducing balance
Computer equipment 30% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and carrying value of the asset and is recognised in net income / (expenditure) for the year.

Impairment of fixed assets

At each reporting date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss (if any).

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually and whenever there is indication that the assets may have been impaired.

Biological assets

Biological assets for which fair value is determined without undue cost or effort are measured at fair value less costs to sell, with change in fair value recognised in the profit and loss. All other biological assets are measured at cost less accumulated depreciation and accumulated impariment losses.

Gains and losses arising on initial recognition of biological assets and from subsequent changes in fair value less costs to sell is included in profit or loss for the period in which it arises.

Biological assets at the end of the reporting period is measured at their sale value based on their average weight.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value

Financial instruments

The charitable company has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise bank loans and overdrafts, trade and other creditors.

24

3

SPACE FOR GIANTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

Employment benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income and expenses on a straight-line basis over the term of the relevant lease.

Critical accounting estimates and judgements

In the application of the charity’s accounting policies,Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. In the view of the Trustees, the following are the considered to be key source of estimation:

Fair value of the assets at aquisition

The assets acquired upon acquisition have been recorded at their fair value. The trustees estimate of the fair value of the acquired land and building has been derived by deducting the fair values of the other assets and liabilities of the company from the fair value of the consideration paid. Goodwill has not been recognised upon acquisition as the value of the acquired assets matches the amount paid.

Income:

Grants and donations;
Aasala
African Elephant Fund
AWF - INL Grant
Biopama
Chemonics International
Children's Investment Fund Foundation (CIFF)
Defra IWT R5
Defra IWT R7
Defra IWT R8
Elephant Cooperation
Elephant Crisis Fund
European Union (EU)
PERENCO OIL & GAS GABON and Maurel and Prom
INL Angola
James Knight Conservation Inv
JM Wildlife Foundation
Julie-Anne Uggla
Leopardess Foundation
Mohammad Bin Zayed Foundation
Space for Giants USA. Inc.
Olam
Space for Giants USA (1,2)
UNDP
UNEP_Sub-Award Big Life
USAID
USAID- LCA
USFWS
VAALCO
Total Restricted
Unrestricted grants and donations
Total Income		 Restricted
2022
£
-
2,430
17,001
6,550
82,311
495,712
-
199,608
92,790
67,543
1,136
3,242
2,474,994
-
35,332
-
39,258
-
7,692,300
31,876
-
-
33,348
-
9,972
229,948
108,276
11,623,627
11,623,627		 Unrestricted
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,805,966
2,805,966		 Total
2022
£
-
2,430
17,001
6,550
82,311
495,712
-
199,608
92,790
67,543
1,136
3,242
2,474,994
-
-
35,332
-
39,258
-
7,692,300
31,876
-
-
33,348
-
9,972
229,948
108,276
11,623,627
2,805,966
14,429,593

25

SPACE FOR GIANTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

Income:

4
5
6		 Donations and legacies:
Aasala
African Elephant Fund
Big Give
Biofund
Biopama
CAF
Chemonics International
Defra
Elephant Cooperation
Elephant Crisis Fund
Evgeny Lebedev
ICAP
INL Angola
James Knight Conservation Inv
JM Wildlife Foundation
Julie-Anne Uggla
Mohammad Bin Zayed Foundation
Olam
Space for giants USA
The African Wildlife Foundation
The Goldman Sachs
The Leopard Foundation
Uganda Wildlife Authority
UNDP
USAID
Total Restricted
Unrestricted Donations
Total Income
Trading Income
Cattle sales
Other Income
Expenditure: Cost of Raising Funds
Expenditure on raising funds:
Other fundraising costs
Staff Costs
Total expenditure on raising funds
Expenditure on raising funds:
Other fundraising costs
Staff Costs
Total expenditure on raising funds
Expenditure: Trading activities*
Cost of sales - direct cost
Operating expenses - administration
Staff costs
Other income comprises of house rental expenses, hay fuel and grazing fees		 Restricted
2021
£
285,719
35,876
-
-
10,046
-
2,346
229,169
-
45,614
-
-
112,585
100,000
32,507
200,035
-
28,236
-
-
-
21,860
-
-
-
1,103,993
-
1,103,993
Restricted
2022
£
-
-
-
Restricted
2021
£
-
-
-		 Unrestricted
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,294,188
2,294,188
Unrestricted
2022
£
129,645
93,485
223,130
Unrestricted
2022
£
110,029
69,518
179,547
Unrestricted
2021
£
347,115
149,307
496,422
Unrestricted
2022
£
189,888
230,740
83,184		 Total
2021
£
285,719
35,876
-
-
10,046
-
2,346
229,169
-
45,614
-
-
112,585
100,000
32,507
200,035
-
28,236
-
-
-
21,860
-
-
-
1,103,993
2,294,188
3,398,181
Total
2022
£
129,645
93,485
223,130
Total
2022
£
110,029
69,518
179,547
Total
2021
£
347,115
149,307
496,422
Total
2022
£
189,888
230,740
83,184

26

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

7. Expenditure: Cost of chairtable activites

----- Start of picture text -----
Law enforcement (frontline protection and judicial capacity) conflict (HEC) elephant Human Securing space Fellowship/CommunicationJournalism Conservation Science Conservation Investment Carbon Giants Club Total2022
mitigation
£ £ £ £ £ £ £ £ £
Cost of charitable activites 695,315 797,521 604,080 97,801 142,606 242,967 580,296 230,708 3,391,294
Depreciation and amortisation 3,317 3,317 3,317 3,317 3,317 3,317 3,317 3,317 26,532
Staff costs 195,503 297,022 100,579 52,654 91,544 99,563 76,007 72,484 985,356
894,135 1,097,860 707,976 153,772 237,467 345,847 659,620 306,509 4,403,182
Support cost 50,846 50,846 50,846 50,846 50,846 50,846 50,846 50,846 406,765
Governance cost 2,728 2,728 2,728 2,728 2,728 2,728 25,046 2,728 44,139
Total expenditure 2022 947,708 1,151,433 761,549 207,345 291,040 399,420 735,511 360,082 4,854,086
Cost of raising funds
Restricted funds 544,525 943,244 2,921 88,094 7,204 2,004 252,726 29,724 1,870,442
Cost of charitable activities 403,182 208,188 758,627 119,250 283,835 397,417 482,787 330,358 2,983,644
Total expenditure 2022 947,707 1,151,432 761,548 207,344 291,039 399,421 735,513 360,082 4,854,086
----- End of picture text -----

----- Start of picture text -----
Human
Law enforcement (frontline protection and judicial capacity) conflict (HEC) elephant Securing space Fellowship/CommunicationJournalism Conservation Science Conservation Investment Carbon Giants Club Total
mitigation
£ £ £ £ £ £ £ £ 2021
Year ended 31 December 2021: £
Cost of charitable activites 733,489 436,543 364,957 17,465 112,976 - - 53,054 1,718,484
Depreciation and amortisation 10,575 7,502 6,246 1,130 3,120 - - 1,661 30,234
Staff costs 107,687 143,022 107,711 19,634 93,524 - - 29,238 500,816
851,751 587,067 478,914 38,229 209,620 - - 83,953 2,249,534
Support cost 57,797 57,797 57,797 57,797 57,797 - - 57,797 346,782
Governance cost 1,300 1,300 1,300 1,300 1,300 - - 1,300 7,800
Total expenditure 2021 910,848 646,164 538,011 97,326 268,717 - - 143,050 2,604,116
Restricted funds 615,455 383,349 113,800 492 2,295 - - 581 1,115,972
Unrestricted funds 295,393 262,815 424,211 96,834 266,422 - - 142,470 1,488,144
Total expenditure 2021 831,192 566,508 458,355 17,670 189,061 - - 63,394 2,604,116
-
----- End of picture text -----

8. Support and Governace Costs

General admin
Legal and professional
Bank charges
Audit fee
General admin
Legal and professional
Bank charges
Audit fee		 Support costs
Governance
costs
Total 2022
£
£
£
287,178
20,139
307,317
100,232
-
100,232
19,355
-
19,355
24,000
24,000
406,765
44,139
450,904
Support costs
Governance
costs
Total 2021
£
£
£
191,930
-
191,930
151,185
-
151,185
3,666
-
3,666
-
7,800
7,800
346,781
7,800
354,581

___________27

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

9 Staff costs and emoluments

The employees costs were as follows
Salaries and wages
Social securities
Pension scheme contribution
The average number of employees during the year was 128 (2021: 35)
The number of employees whose annual remuneration was £60,000 or more were:
£60,000 - £70,000
£70,001 - £80,000
£80,001- £90,000
£90,001 - £100,000		 2022
£
1,129,304
7,936
818
1,138,058
2022
No
1
1
1
2
5		 2021
£
650,254
123
-
650,377
2021
No
1
1
-
2
4

The total employment costs of the key management personal of the charity were £604,808 (£574,647)

10 Net movement in funds 2022
2021
This is stated after charging the following: £
£
Depreciation and amortisation 106,670
30,405
Auditors' remuneration 24,000
7,800

11 Branch operation in Kenya

From 1st September 2016, the charity, Space for Giants also started its operations from a branch office in Kenya - Space for Giants Limited Branch Operation. The branch has been issued with a certificate of compliance dated 18th June 2015, reference number CF/2015/195025, from the Registrar of Companies in Kenya. Space for Giants Limited also receives direct donations.

The summary of the branch's aggregate result for the year to 31st December 2022 is as follows:

Total Income
Total Expenditure
Net income / (expenditure)
Assets
Liabilities
Net assets / (liabilities)		 2022
£
471,854
(541,037)		 2021
£
1,502,550
(1,548,397)
(69,183)
220,613
(48,178)
172,435		 (45,847)
270,551
(33,961)
236,590

12 Branch operation in Gabon

Space for Giants also started its operations from a branch office in Gabon - Space for Giants Gabon . An Accord between Space for Giants and The Government of The Gabonese Republic was signed on the 10th May 2022, The branch has been issued with a certificate of Tax dated 11th July 2022, reference number 202205009932 G, from the Tax department in Gabon. Space for Giants Gabon also receives direct donations.

The summary of the branch's aggregate result for the year to 31st December 2022 is as follows:

Total Income
Total Expenditure
Net income / (expenditure)
Fixed assets
Current assets - cash
Current assets - other debtors
Liabilities
Net assets / (liabilities)		 2022
£
2,916,202
(583,244)
2,332,958
145,515
2,143,287
134,400
(28,468)
2,394,734		 2021
£
-
-
-
-
-
-

___________28

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

13 Intangible assets

Group

Cost

At 1 January 2022 Additions At 31 December 2022

Depreciation At 1 January 2022 Charge for the year At 31 December 2022

Net book value

At 31 December 2022

At 31 December 2021

Charity

Cost At 1 January 2022 Additions At 31 December 2022

Depreciation At 1 January 2022 Charge for the year At 31 December 2022

Net book value At 31 December 2022 At 31 December 2021

----- Start of picture text -----
Software Total
£ £
615 615
- -
615 615
464 464
151 151
615 615
- -
151 151
Software Total
£ £
615 615
- -
615 615
464 464
151 151
615 615
- -
151 151
----- End of picture text -----

14 Tangible fixed assets

Group
Cost
At 1 January 2022
Acquired due to business combination
Additions
Disposal
Exchange adjustment
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Disposal
Exchange adjustment
At 31 December 2022
Net Book Value
At 31 December 2022
At 31 December 2021		 Land and
Buildings
£
-
6,908,848
51,481
-
1,623
6,961,953
-
3,437
-
312
3,749
6,958,204
-		 Motor
Vehicles
£
185,287
43,495
206,983
19,430
-
2,388
-
413,946
100,117
49,707
14,888
-
418
135,355
278,591
85,170		 Computer
equipment
£
18,767
16,507
18,275
-
3,521		 Fixtures and
fittings, tools
and
equipment
£
6,181
66,018
209,218
-
792
-
280,625
4,068
44,013
-
1,621
49,702
230,922
2,113		 Total
£
210,235
7,034,868
485,957
19,430
-
1,964
7,713,594
117,913
106,670
14,888
-
3,428
213,124
7,500,470
92,322
57,071
13,728
9,513
-
1,077
24,318
32,753
5,039

___________29

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

Charity
Cost
At 1 January 2022
Additions
Disposal
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
Disposal
At 31 December 2022
Net Book Value
At 31 December 2022
At 31 December 2021		 Motor
Vehicles
Computer
equipment
Fixtures and
fittings, tools
and
equipment
£
£
£
185,287
18,767
6,181
131,745
27,917
1,526
(19,430)
-
-
297,602
46,684
7,707
100,117
13,728
4,068
19,355
6,737
287
(14,888)
-
-
104,584
20,465
4,355
193,018
26,219
3,352
85,169
5,038
2,113		 Total
£
210,235
161,188
(19,430)
351,993
117,913
26,379
(14,888)
129,404
222,589
92,320
15
Biological Assets
Acquired due to business combination
Additions
Disposals
Gains or losses arising from changes in fair value
Exchange rate adjustment
At 31 December 2022		 2022
£
Group
741,566
-
-
3,875
23,959
769,400		 2022
£
Charity
-
-
-
-
-

16 Acquisition of Suyian Ranch Limited

On 31 March 2022, Spaces for Giants gained control over Suyian Ranch Limited. On this basis, this entity is consolidated into the group accounts from this date. The cost of acquisition was £7,692m ($10m) and it was settled in cash. The Balance Sheet reflects the net assets consolidated into the group accounts at the point of acquisition and are summarised as follows:

Tangible assets
Current assets
Current liabilities
Total net assets transferred		 £
7,735,963
55,415
(99,078)
7,692,300
17
Inventory
Inventory
18
Debtors
Group
Trade debtors
Other debtors
Current tax receivable
Amount due to related party
Prepayment and accrued income		 2022
Group
£
24,012
2022
Group
£
409,439
76,167
14,774
22,951
12,843
536,173		 2022
Charity
£
-
2022
Charity
£
401,058
3,877
-
39,581
12,304		 2021
Group
£
-
2021
Group
£
266,788
72,729
-
29,253
78,122
446,892		 2021
Charity
£
-
2021
Charity
£
266,788
72,729

-
29,253
78,122
446,892
456,820

___________30

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

19 Creditors: Amounts falling due within one year

ditors: Amounts falling due within one year
Group
Trade creditors
Other creditors
Accruals and deferred income
Loan and borrowings
Other Taxation and Social Security
ditors: Amounts falling after one year:
Group
Loans and borrowings
tricted funds
AWF - INL Grant
Assala (2)
Biopama
Chemonics International
Children's Investment Fund Foundation (CIFF)
DEFRA IWT R5
DEFRA IWT R7
DEFRA IWT R8
Elephant Cooperation
Elephant Crisis Fund
European Union (EU)
Gabon Oil Funds_Parenco + Maurel & Prom + Total
INL Angola
JM Wildlife Foundation
Julie Anne Uggla Family
Leopardess Foundation
Mohammad Bin Zayed Foundation
SPACE FOR GIANTS USA, INC
Olam Gabon
Space for Giants USA_Thlokomela Trust
UNDP
UNEP_Sub-Award Big Life
USAID - ODPP
USAID - LCA (Ol Pejeta)
USFWS
Vaalco
Total restricted funds
Assala (2)
African Elephant Fund
Big Give 2020
Biopama
Chemonics International
Defra IWT R5 (1)
Defra IWT R7 (1)
Elephant Cooperation
Elephant Crisis Fund
European Union (EU)
INL Angola (1)*
ICAP
JM Wildlife Foundation
Julie-Anne Uggla
James Knight Conservation
Mohammad Bin Zayed Foundation
Olam
Space for Giants USA (1,2)
The African Wildlife Foundation (3)
The Leopardess Foundation
UNDP
USAID
Total restricted funds		 At 31
December
2021
£
-
85,279
(2,125)
2,346
-
(24,878)
109,106
-
(85,856)
39,835
(3,242)
-
2,755
1,094
60,340
-
10,287
-
22,519
10,702
12,021
-
15,534
0
-
-
255,716
At 31
December
2020
£
5,032
(28,278)
9,756
-
-
(3,081)
-
-
-
(82,709)
91,372
124,274
(155)
(7,500)
-
10,287
-
10,702
(13,723)
-
16,454
15,534
147,965		 2022
Group
£
352,555
619,829
60,287
10,000
30,342		 2022
Charity
£
246,149
10,504
24,000
10,000
26,037		 2021
Group
£
72,421
15,203
228,466
11,038
-
327,128
2021
Group
£
33,129
33,129
Transfer
£
12,461
27,231
4,083
52,877
63,825
34,924
8,294
6,929
5,794
12,421
17,054
482
-
(7,692,300)
-
-
892
-
-
-
-
-
(7,445,034)
Transfers
£
-
12,756
2,148
-
-
15,376
-
-
-
84,010
-
7,909
-
-
-
-
-
-
813
966
-
-
123,979		 2021
Charity
£
72,421
15,203
228,466
11,038
-
327,128
2021
Charity
£
33,129
33,129
At 31
December
2022
£
-
-
1,363
-
203,770
-
-
-
-
40,152
-
1,981,746
-
-
-
-
10,287
-
35,360
10,702
-
3,928
15,534
2,712
165,503
92,809
2,563,867
At 31
December
2021
£
85,279
-
-
(2,125)
2,346
(24,878)
109,106
(85,856)
39,835
(3,242)
2,755
-
1,094
60,340
-
10,287
22,519
10,702
-
-
12,021
15,534
255,716
1,073,013
2022
Group
£
24,167
24,167
Income
£
17,001
2,430
6,550
82,311
495,712
0
199,608
92,790
67,543
1,136
3,242
2,474,994
-
35,332
-
39,258
-
7,692,300
31,876
-
-
33,348
-
9,972
229,948
108,276
11,623,627
Income
£
285,719
35,877
-
10,046
2,346
119,692
109,477
-
45,614
-
-
-
32,507
200,034
100,000
-
28,236
-
112,585
21,860
-
-
1,103,993		 316,690
2022
Charity
£
24,167
24,167
Expenditure
£
(29,462)
(114,939)
(3,062)
(88,740)
(291,941)
(28,000)
(372,540)
(127,714)
10,019
(819)
(6,929)
(493,248)
(8,548)
(48,847)
(77,393)
(39,740)
-
-
(19,035)
-
(12,913)
(29,420)
-
(7,260)
(64,445)
(15,466)
(1,870,442)
Expenditure
£
(205,473)
(20,355)
(11,903)
(12,171)
-
(156,865)
(370)
(85,856)
(5,779)
(4,543)
(88,619)
(132,183)
(31,258)
(132,195)
(100,000)
-
(5,717)
-
(99,675)
(22,826)
(4,433)
-
(1,120,221)

20 Creditors: Amounts falling after one year:

21 Restricted funds

___________31

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

Restricted funds (continued)

AWF - INL (Wildlife Trafficking Evidence Security and Destruction in Kenya and Uganda) - the purpose of this fund is for prosecutorial capacity building to comabt wildlife crime in Kenya and Uganda.

Assala (2) (Human Elephant Conflict Fence Mitigation) - the purpose of this fund is for Human Elephant Conflict (HEC) mitigation strategies in Gabon 2019 - 2022.

Biopama (Protected Areas Management Effectiveness (PAME) Analysis- Niassa Special Reserve (NSR), northern Mozambique) - this is an partnership with ANAC in Mozambique for Niassa special reserve.

Chemonics International (Combating Wildlife Crime in Southern Africa Activity CWC -72067418C00005) - the purpose of this fund is for combating wildlife crime in Southern Africa Activity CWC in Botswana - journalism programme Zimbabwe Mozambique Angola.

DEFRA IWT (Strengthening implementation of Zimbabwe's wildlife crime legal system) - the purpose of these funds are for strengthening implementation of Zimbabwe's Wildlife crime legal system.

Elephant Cooperation - the purpose of this fund is for low specification electric fence trials in Gabon.

Elephant Crisis Fund (Gabon’s Electric Fencing Strategy - Low Specification Electric Fencing) - the purpose of this fund is for fence construction in Gabon. European Union (EU) (Southern African IWT regional training facility for Angola, Botswana, Namibia, Zambia and Zimbabwe) - the purpose of this fund is for combating transnational organised crime in KAZA through antipoaching units and prosecutorial capacity building.

PERENCO OIL & GAS GABON and MAUREL & PROM GABON (National Low Specification Electric Fencing Programme) - the purpose of this fund is for low specification electric fencing trials in Gabon.

INL Angola ( SfG wildlife crime law enforcement project in Angola) - the purpose of this fund is for establishment of 4x Mobile Antipoaching rapid response units.

JM Wildlife Foundation (West Laikipia Elephant Fence Project) - the purpose of this fund is for West Laikipia Electric Fence(Kenya) maintenance project.

Julie Anne Uggla Family (Wildlife law and justice capacity building in KAZA to stop the illegal wildlife trade, 2021-2024) - the purpose of this fund is for prosecutorial capacity building to comabt wildlife crime in Kaza.

Mohammad Bin Zayed Foundation (Support SMART monitoring of endangered African Wild Dog populations in Laikipia, Kenya) - the fund was set for supporting SMART monitoring of endangered African Wild Dog populations in Laikipia, Kenya Project number: 202524222.

SPACE FOR GIANTS USA - the purpose of this fund was to provided a grant towards the acquisition of Suyian Ranch Limited.

Olam Gabon (Low Specification Electric Fencing Trials) - the purpose of this fund is for fence trials in Gabon in partnership with OLAM.

SPG Thlokomela Trust (Southern African IWT regional training facility for Angola, Botswana, Namibia, Zambia and Zimbabwe) - the purpose of the fund is for delivery partner of EU grant referenced above.

UNDP (Reducing Maritime Trafficking of Wildlife between Africa and Asia- Development and Introduction of Know Your Customer (KYC) Regulation Framework to Import/Export Actors in) - the purpose of this fund is for Implementing and drafting KYC frameworks for Kenya. UNEP Big Life (Securing the elephant population within the Greater Amboseli Ecosystem HEC and poaching) - the purpose of this fund is for tackling HEC in the Amboseli region. USAID (Ugandan RRG and Symposium) - the purpose of this fund is for combating wildlife crime as an economic and organized crime in Uganda through prosecutorial capacity building.

USFWS ( Decreasing Human-Wildlife Conflict in Gabon) - the purpose of this fund is for supporting an elephant conservation effort in Gabon by reducing human-elephant conflict (HEC) and improving local livelihoods.

Vaalco (Gabon HEC Fencing 2022) - the purpose of this fund is for trials of low specification electric fencing in Gabon.

___________32

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

22 Unrestricted funds

Group general funds
Charity general funds
Group general funds
Charity general funds		 At 31
December
2021
991,958		 Income
3,029,096		 Expenditure
(3,446,961)		 Other gains
and losses
11,373
11,373
7,498
7,498
Other gains
and losses
586
586
586
586		 Transfers
At 31
December
2022
7,445,034
8,030,500
7,445,034
8,030,500
7,445,034
8,275,329
7,445,034
8,275,329
Transfers
At 31
December
2021
(123,979)
991,958
(123,979)
991,958
(123,979)
991,958
(123,979)
991,958
991,958
991,958
991,958
At 31
December
2020
802,066
802,066
802,066
802,066		 3,029,096
2,805,966
2,805,966
Income
2,294,188
2,294,188
2,294,188
2,294,188		 (3,446,961)
(2,975,127)
(2,975,127)
Expenditure
(1,980,903)
(1,980,903)
(1,980,903)
(1,980,903)

Unrestricted funds are transferred to earmarked restricted funds to cover excess expenditure. Where funds are not transferred from unrestricted represents ongoing projects where charity is due to receive further funding during 2023.

23 Analysis of net assets between funds

Fund balance represented by:
Intangible assets
Tangible assets
Current assets / (liabilities)
Non-current assets / (liabilities)
At end of year		 Restricted
2022
£
-
-
2,563,867
-		 Unrestricted
2022
£
-
8,269,870
(215,203)
(24,167)
8,030,500		 Total
2022
£
-
8,269,870
2,348,664
(24,167)
10,594,367
2,563,867
Prior year
Fund balance represented by:
Intangible assets
Tangible assets
Current assets / (liabilities)
Non-current assets / (liabilities)
At end of year		 Restricted
Unrestricted
Total
2021
2021
2021
£
£
£
-
151
151
-
92,320
92,320
255,716
932,616
1,188,332
-
(33,129)
(33,129)
255,716
991,958
1,247,674

___________33

SPACE FOR GIANTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

______________

24 Individual financial statements

The financial statements of Suyan Ranch Limited (company registrated in Kenya with registration number C.3/2012) summarised below have been included in the group consolidated financial statements at 31 December 2022:

Statement of Profit and Loss
Income
Expenditure
(Loss) Profit before taxation
Taxation
(Loss) Profit after tax
Statement of Financial Position
Non-current assets
Current assets
Current liabilities
Net assets
Reserves		 PE 31/12/22
£
(223,130)
453,685
(230,555)
14,270
(244,826)
£
1,296,317
88,357
(741,699)
642,975
642,975

25 Related party transactions

Space for Giants works jointly with Space for Giants USA, Inc., a non for profit organisation incorporated in USA. During the year, the charity received £7,937,177 (2021: £179,235) donations from Space for Giants USA, Inc.,

Trustees who for the purposes of the companies Act are directors, received no remuneration during the year (2021: £Nil). During the year £Nil (2021: £Nil) expenses were reimbursed to the Trustees

There were no other related parties transactions in the current and prior year

___________34