## 



## 

## 

|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Statement of Trustees' Responsibilities|5|
|Independent Examiner's Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Cash Flow Statement|9|
|Notes to the Financial Statements|10 to 20|
|Cash flow values|20|





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## **The African Natural History Research Trust** 

## **Trustees' Report (continued)** 

## **Achievements and performance** 

There have been no significant developments or changes to the underlying nature of the charity's activities during the last year. 

Our researchers have continued to collaborate with the international scientific community, our laboratories providing ample bench space for staff and visiting researchers, when permitted, together with a wide range of specialist scientific equipment and literature. 

Many specimens have been mounted during the year both by the charity's staff and by external organisations in order to preserve the collections. 

A number of specimens have been donated to institutions such as the Natural History Museum in order to further the objectives of the charity to promote collections-based faunistic and taxonomic research whilst safeguarding these important collections and scientific resources for future generations. 

## **Financial review** 

At the balance sheet date reserves totalled £1,497,695 (2024: £1,427,487). The charity's "free" reserves, being unrestricted funds other than fixed assets, amounted to £806,763 (2024: £882,502). 

Cash reserves at the year end (including amounts held on short term deposit) were £823,783 (2024: £776,637). 

## Reserves policy 

The charity aims to retain free reserves sufficient to provide adequate working capital to fund its charitable activities. 

## Principal funding sources 

The charity is funded primarily through donations from related parties. 

## Significant events 

There were no events that had a significant financial impact on the charity during the year. 

## Risk management 

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. 

## **Plans for future periods** 

It is expected that the charity will receive further donations at a similar level during the coming financial year. 

It is the Trustees' intention to continue collaborating with specialists from around the world, making the collections available to the international research community. 

There are plans in place for expeditions to continue in the future and work continues in the laboratories and the museum to safeguard the collections and to provide scientific resources for future generations. 

Page 3 



26/01/2026 



# 26/01/2026 




# 26/01/2026 



## 

## 

|||Unrestricted|Unrestricted|Unrestricted|
|---|---|---|---|---|
||||funds|funds|
||||2025|2024|
||Note||||
|Income and Endowments from:|||||
|Donations|2||743,681|770,019|
|Expenditure on:|||||
|Charitable activities|3||673,473|616,499|
|Net income for the year/Net movement infunds|||70,208|153,520|
|Fund balances at 1 April||I|,427 ,487||
|Fund balances at 31 March||1|,497 ,695||





26/01/2026 



## 

## 

|||2025|2024|
|---|---|---|---|
||Note|||
|Cash flows from operating activities||||
|Net cash income|16|127,487|177,076|
|Cash flows from investing activities||||
|Acquisitions of tangible assets||(73,715)|(98,985)|
|Acquisition of heritage assets||(6,626)|(3,931)|
|Netcash flows from investing activities||(80,341)|(102,916)|
|Net increase in cash and cash equivalents||47,146|74,160|
|Cash and cash equivalents at beginning of year||776,637|702,477|
|Cash and cash equivalents at end of year||823,783|776,637|





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## 

|2<br>Income from donations and legacies|||
|---|---|---|
||Unrestricted|Unrestricted|
||funds|funds|
||2025|2024|
|Donations and gifts|742,581|768,396|
|Donated goods and services|1,100|1 ,623|
||743,681|770,019|



## 

|3<br>Expenditureon c|haritablea|ctivities||||
|---|---|---|---|---|---|
||||Expedition|Total|Total|
|||Other costs|costs|2025|2024|
||Note|||||
|Staffcosts||428,682||428,682|385,804|
|Postage&||||||
|stationery||13||13|341|
|Consultancy fees||45,370||45,370|50,265|
|Travel expenses|||64,470|64,470|45,959|
|Project||||||
|managementfees|||10,227|10,227|27,645|
|Expedition||||||
|equipment|||2,555|2,555|888|
|Currency||||||
|losses/(gains)||(3,066)||(3,066)|757|
|Capitalised costs||(24,246)||(24,246)|(30,848)|
|Consumables||10,032||10,032|17,876|
|Other|||||527|
|||456,785|77,252|534,037|499,214|





## 

|3<br>Expenditureon|c|haritabl|eactivities (continue|d)|||
|---|---|---|---|---|---|---|
|||||Expedition|Total|Total|
||||Othercosts|costs|2025|2024|
|||Note|||||
|Grant funding of<br>activities||4|12,278||12,278|33,374|
|Share of support||5|||||
|costs|||120,692||120,692|81 ,391|
|Share of||5|||||
|governance costs|||6,466||6,466|2,520|
||||596,221|77,252|673,473|616,499|
|4<br>Grants payable|||||||
|||||Other|costs|Othercosts|
||||||2025|2024|
|Grants to institutions:|||||||
|University of Oxford|-|ANHRT|Scholarship||12,278|33,374|
|5<br>Support costs|||||||



|5<br>Support costs|||||
|---|---|---|---|---|
||Support|Governance|2025|2024|
||costs|costs|||
|Insurance|4,446||4,446|4,251|
|Carriage|25,756||25,756|13,761|
|Sundries|24,451||24,451|6,714|
|Depreciation|58,761||58,761|51 ,391|
|Telephone|368||368|104|
|Rent and rates|5,874||5,874|4,260|
|Bank charges|1 ,036||1,036|910|
|Accountancy and legal fees||6,466|6,466|2,520|
|Analysed between<br>Charitable activities|120,692|6,466|127,158|83,911|





## **The African Natural History Research Trust** 

## **Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)** 

## **7 Employees** 

The average monthly number of employees was: 

|Research<br>**Employments costs**<br>Wages and salaries<br>Social security costs<br>Other pension costs|**2025**<br>**Number**<br>14<br>**2025**<br>**£**<br>389,540<br>31,680<br>7,462<br>428,682|**2024**<br>**Number**<br>13|
|---|---|---|
|||**2024**<br>**£**<br>351,291<br>27,618<br>6,895|
|||385,804|



There were no employees whose annual remuneration was more than £60,000. 

## **8 Tangible fixed assets** 

|**Cost**<br>At 1 April 2024<br>Additions<br>At 31 March 2025<br>**Depreciation and impairment**<br>At 1 April 2024<br>Charge for the year<br>At 31 March 2025<br>**Net book value**<br>At 31 March 2025<br>At 31 March 2024|**Fixtures and**<br>**fittings**<br>**£**<br>468,283<br>73,348<br>541,631<br>158,915<br>54,163<br>213,078<br>328,553<br>309,368|**Books**<br>**£**<br>45,617<br>367<br>45,984<br>28,580<br>4,598<br>33,178<br>12,806<br>17,037|**Total**<br>**£**<br>513,900<br>73,715|
|---|---|---|---|
||||587,615|
||||187,495<br>58,761|
||||246,256|
||||341,359|
||||326,405|



Page 16 



## 

## 

|9<br>Heritage assets||
|---|---|
||Total|
||Deemed|
||Cost|
|Cost||
|At 1 April 2024|218,580|
|Additions|7,726|
|Reclassification|123,267|
|At 31 March 2025|349,573|
|Net bookvalue||
|At31 March 2025|349,573|



## 

|Summary<br>of transactions|||
|---|---|---|
||2025|2024|
|Purchases and additions|6,626|3,931|
|Donations|1,100|1 ,623|
|Total additions|7,726|5,554|
|Charge forimpairment|||
|Totalcharge for impairment|||
|Totaldisposals|||
|Proceeds from disposals|||
|Total sale proceeds|||





## 

||Books|
|---|---|
|Cost orValuation||
|At 1 April 2023 and 1 April 2024|123,267|
|Reclassification|(123,267)|
|Net bookvalue||
|At 31 March 2025||
|At 31 March 2024|123,267|



## 

|11 Debtors||||
|---|---|---|---|
|||2025|2024|
|Other debtors||3,080||
|12 Creditors:amountsfalling duewithin one year||||
|||2025|2024|
|Trade creditors||5,835|6,203|
|Other taxation and social security||10,631|9,279|
|Accruals||3,634|1 ,920|
|||20,100|17,402|
|13 Funds||||
|Balance at 1|Incoming|Resources|Balance at 31|
|April 2024|resources|expended|March 2025|
|Unrestricted funds||||
|General|743,681||1 ,497 ,695|





## 

## 

|13 Funds (co|ntinued)|||||
|---|---|---|---|---|---|
|||Balance at I|Incoming|Resources|Balance at 31|
|||April 2023|resources|expended|March 2024|
|Unrestricted|funds|||||
|General|||770,019|(616,499)|1 ,427,487|



## 

## 

|payments under non-cancellable operating leases,|which fall due as follows:|||
|---|---|---|---|
||2025|2024||
|Other||||
|Within one year|||115|
|Between one and five years||||
||||115|



## 

|||||||Rent|Rent|
|---|---|---|---|---|---|---|---|
|||||||payments/|payments/|
|||||Donations|Donations|recharge|recharge|
|||||received|received|of costs|of costs|
|||||2025|2024|2025|2024|
|HR<br>Smith<br>Limited||(Technical|Developments)|21 ,638|18,396|(4,912)|(5,482)|
|Techtest Limited||||||(22,402)|(24,050)|
|HR|Smith Group Limited|||520,943|700,000|||
|||||542,581|718,396|||





|16 Cash generatedfrom operations||||
|---|---|---|---|
|||2025|2024|
||Note|||
|Cash flows from operating activities||||
|Surplus for the year||70,208|153,520|
|Adjustments for:||||
|Depreciation||58,761|51 ,391|
|Donated heritage assets at valuation||(7,726)|(1 ,623)|
|Movementsin working capital:||||
|Increase in debtors|11|(3,080)||
|Increase/(decrease) in creditors|12|2,698|(26,212)|
|Cash generated from operations||120,861|177,076|
|17 Analysis of netfunds||||
|The charity had no debt during the year.||||