## **Victoria Falls Wildlife Trust** **Charity No. 1166614** **Trustees' Report and Unaudited Accounts** **31 December 2025** **Victoria Falls Wildlife Trust Contents** ||Pages| |---|---| |Trustees' Annual Report|2 to 6| |Independent Examiner's Report|7| |Statement of Financial Activities|8| |Balance Sheet|9| |Notes to the Accounts|10 to 15| |Detailed Statement of Financial Activities|16 to 17| Page 1 **Victoria Falls Wildlife Trust Trustees Annual Report** The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2025. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Charity No. 1166614** ## **Principal Office** 9 The Clock Tower Redlers Waterside, Dudbridge Road Stroud Gloucestershire GL5 3LH ## **Trustees** The following trustees served during the year: Helen Buckworth Rodney Dacomb Barry Hemans (Resigned 17 September 2025) Richard Hollington (Appointed 14 March 2025) James Murray Valerie Swanson Andrew Weir ## **Accountants** Ian Katte & Co 8 Wexfenne Gardens Pyrford Woking Surrey GU22 8TX ## **OBJECTIVES AND ACTIVITIES** To promote, for the benefit of the public, the conservation and protection of the natural environment in Southern Africa by providing grants and undertaking research in connection with animal welfare and the environment. To advance the education of the public in the conservation, protection and improvement of the natural environment of Southern Africa The main activities undertaken in relation to those purposes are described below: In carrying out its main activities to further the charity's purposes for the public benefit the Trustees confirm that they have given due consideration to the Charity Commission's guidance on the public benefit requirement. Page 2 ## **Victoria Falls Wildlife Trust** ## **Trustees Annual Report** VFWT UK was fortunate to receive donor funding to support the efforts to Secure Zambezi National Park. This National Park is open to the public, hosts a wide range of biodiversity and is adjacent to the iconic Victoria Falls. The public and significant tourism sector depend on this park for economic benefit. Through our sister charity VFWT Zimbabwe, we supported the Zimbabwe Parks and Wildlife Management Authority (ZimParks) on the start of a multi-year, multi-phase project. Our support is through the transfer of funds to VFWT Zimbabwe as and when they are required for specific parts of the project. In 2025 the project kicked off with basic ranger training for 20 rangers over the course of one month. VFWT then began to build an operations room (in progress),and we have paid for the set-up of a digital radio communications network that will be installed in 2026. These activities are the beginning of a project to help ZimParks utilize technology, resources and capacity building to better protect the park, and its biodiversity that drives the tourism sector. Public benefit comes from the many households, people, and the thousands of international tourists that visit the area annually. VFWT UK works together with VFWT Zimbabwe to secure wildlife populations and the habitats they reside in. We secured funding to help protect the White backed vulture population and assess the habitat. VFWT Zimbabwe did an assessment of the breeding colony and based on damage to the trees in the breeding colony, purchased wire mesh which was then deployed to try and protect the trees from further elephant damage. Annual surveys were conducted to determine breeding pairs in the colony and chick survivability. Sadly, the colony had declined and the total population showed an overall decline in breeding numbers. VFWT UK were fortunate to secure funding from Oak Foundation which we transfer to VFWT Zimbabwe as and when required. This has enabled the Victoria Falls Wildlife Trust, Wildlife Disease and Forensics Laboratory to expand its technical and diagnostic capacity. This funding has been used by VFWT Zimbabwe to: • Secure an agreement with the state in Zimbabwe to complete species identification on seized evidence for wildlife crime cases on behalf of the wildlife crime investigators • Enhance disease surveillance, especially of emerging disease such as Bisgaard Taxon 45, identified in elephant by VFWT • Build capacity of wildlife crime investigators with their counterparts in Botswana and Zambia through shared knowledge and information on wildlife crime casework, geographic areas of concerns, hot-spots for illegal wildlife crime • Assist forensics laboratory technicians in travelling to Angola to process and analyse a large scale ivory seizure using DNA analysis to provide results to the government of Angola on the origin of the ivory, as well as other wildlife products (rhino horn, pangolin scales, and carnivore teeth) • Facilitate the KAZA TFCA Animal Health Sub-Working Group Epidemiologist in conducting an assessment on livestock within KAZA and their distribution. The public benefits from this project in the conservation of a wide range of species and helping to put protective measures in place to prevent the biodiversity loss of these species. Public Benefit is also derived from VFWT Zimbabwe being an active member of the Kavango Zambezi (KAZA) Animal Health Sub-working Group. This organisation works with the partners in the five member states to improve wildlife and animal health. VFWT Zimbabwe is also a member of the KAZA Elephant Conservation Sub Working Group and Carnivore Conservation Sub Working Group. These groups help guide strategy and develop objectives and workplans for partners to achieve larger conservation goals and connectivity of wild areas. Page 3 ## **Victoria Falls Wildlife Trust** ## **Trustees Annual Report** VFWT Zimbabwe continues to work with UK partner TRACE to foster innovative techniques in wildlife forensics and conservation genetics. This includes the recent publicly noted development of the lion genetics panel that has been used to match wildlife products to a lion at a crime scene and help with the evidence necessary to secure a conviction. This was heralded on the BBC in February 2026. https://www.bbc.co.uk/news/articles/c4grxvdyy00o Funds donated to VFWT UK were also used to help improve the facilities of VFWT Zimbabwe with the establishment of improved office facilities for their team, as well as a renovation of the laboratory to be developed in line with international standards necessary to apply for accreditation. ## **ACHIEVEMENTS AND PERFORMANCE** During 2025, the Victoria Falls Wildlife Trust continued to advance its charitable mission to promote environmental conservation and the sustainable use of natural resources across Southern Africa. Using our donations, VFWT Zimbabwe’s work integrates wildlife rescue and veterinary care, scientific research, wildlife crime prevention, and community-based conservation programmes. These activities are designed to protect biodiversity while supporting the communities that live alongside wildlife and are explained more fully below. ## **Wildlife Rescue and Rehabilitation** VWFT Zimbabwe responded to a wide range of wildlife emergencies across Victoria Falls, Zambezi National Park, Hwange National Park, and surrounding conservation areas. During the year, the rehabilitation centre managed 21 wildlife cases, including birds, mammals, and reptiles. Of these animals, 13 were successfully treated and released back into the wild, while several others continued rehabilitation at the end of the reporting period. A significant part of the Trust’s work involves responding to wildlife injured by illegal snaring and other human-related threats. During the year, the team conducted 32 snare removal operations, helping animals such as elephants, buffalo, giraffe, and antelope avoid severe injury or death. The team also responded to more than 30 human–wildlife conflict incidents in urban and high-risk areas, assisting wildlife that had entered residential or tourism zones and helping prevent risks to both people and animals. In addition, the Trust managed seven orphaned or dependent animals, including elephant calves and lion cubs, working closely with conservation partners to ensure safe rescue and appropriate long-term care or relocation. ## **Wildlife Disease Surveillance and Forensic Science** VFWT Zimbabwe's Wildlife Disease and Forensics Laboratory continued to provide essential diagnostic and investigative services for wildlife health monitoring and law enforcement. During 2025, the laboratory processed 282 case submissions involving 1,839 biological specimens. In total, the laboratory conducted 6,476 diagnostic and forensic procedures, including pathology, genetics, toxicology, and disease surveillance testing. The laboratory also supported wildlife crime investigations through 103 species identification cases and more than 900 forensic genetic analyses, providing scientific evidence used by authorities to investigate wildlife trafficking and illegal hunting. International collaboration was strengthened through participation in a multi-agency wildlife trafficking investigation, where laboratory scientists helped analyse seized wildlife products including 29 pieces of elephant ivory, rhino horns, pangolin scales, and large cat teeth, supporting enforcement authorities in building evidence for prosecutions. Page 4 **Victoria Falls Wildlife Trust Trustees Annual Report** ## **Countering Wildlife Crime** In 2025 VFWT Zimbabwe launched a new Countering Wildlife Crime initiative aimed at strengthening investigative capacity and improving case monitoring across north-west Zimbabwe. During the year, 35 illegal wildlife trade cases were digitised and recorded in a centralised intelligence database, improving the ability of authorities to identify trafficking patterns and link cases. The programme also strengthened investigator capacity through targeted training. Twenty-three investigators from Zimbabwe Parks and Wildlife Management Authority and the Zimbabwe Republic Police were trained in digital data capture, evidence management, and wildlife crime scene investigation. At the end of the year, 19 wildlife crime cases were being monitored from investigation through prosecution to support stronger case preparation and legal outcomes. ## **Securing Zambezi National Park** During the year, VFWT Zimbabwe worked with government partners to begin implementation of the Securing Zambezi National Park initiative. The programme aims to strengthen wildlife protection through ranger training, improved coordination, and enhanced monitoring systems. In the first phase of the programme, 20 rangers were trained in conservation law enforcement and protected area security. Training included fieldcraft, navigation, first aid, operational safety, and professional conduct, equipping rangers with the skills needed to operate effectively in challenging conservation landscapes. ## **Wildlife Research and Species Protection** VFWT Zimbabwe continued to support national wildlife conservation programmes through veterinary care, research, and monitoring. ## **Rhino Conservation** Veterinary teams supported four major rhino conservation operations across Zimbabwe, including immobilisation, health monitoring, and population management. During the year, 30 white rhino were translocated to Gonarezhou National Park, contributing to the establishment of a new population within a protected Intensive Protection Zone. In addition, 100 black rhino DNA samples were sequenced, providing important genetic data that supports population management and anti-poaching investigations. ## **Lion Conservation** VFWT Zimbabwe continued to monitor lion populations in key conservation areas. During the year five GPS collars were deployed, allowing researchers to monitor movements and identify potential human–wildlife conflict risks. In total, eight lion prides were monitored, and partnerships with tourism operators helped improve reporting of lion sightings across the landscape. ## **Vulture Conservation** VFWT Zimbabwe also continued its work protecting endangered vultures, which play a critical ecological role as scavengers. During the reporting period, 92 vulture nests were monitored, and 147 nesting trees were assessed and protected from habitat damage. The project also deployed GPS tracking devices, bringing the total number of monitored vultures to 17 individuals, which helped the team investigate 119 carcass cluster alerts and detect potential threats such as poisoning or disease outbreaks. Page 5 Vl¢torlo Falls Wlldllfe Trust Trustees Annual Report Humatrwlldllfe Confllrt Mltliatlon Human-wildlife conflict remains onè of the most significant challen8e5 facing Cornmunities living alongside Idllfe. During 2025, VFwf Zlmbabwe responded to 260 reported human-wildlife conflitt incidents and implemented a ran8e of miti8at5on strdte8ies to protect both livelihoods and wlldlife. A network of cornmunlty guardlans and volunteers was expanded, wlth 49 Indlvlduals tralned tQ 5UPPOrt conflirt mitlgation efforts. The programme also issved 56 early-warning alerts to communltles regarding wlldllle movements and conducted 2.788 patrols coverin8 more than 22,OW kllometres acTos5 the landscape. Moblle predator-proof1Svestock enclosures contSnued to prove effectlve, wlth no Ilvestock losses recorded Inslde moblle bomas durln8 the reportlng pèrlod. Communlty D•v•lopm•nt 4nd Uvellhoods Reco8nlslng that tonservatlon success depends on reslllent tommunSties, VFWT Zlmbabwe contlnued to 5UPPOrt 5UStainable livelihoods and land management initiatives. Through the Herdln8 for Health programme, 2,196 cattle were managed acr0$5 13 communlty Ilvestock enclosures Ibomas) vsln8 Improved grazing ard herd management systems. In addition, 1,629 cattle re¢Èived veterlnary treatments and vacclnatlons. helplng Improve Ilve5tock health and productlvltv. The programme also supportèd skills devèlopment and enterprlse opportunlties. During the year. 86 farmers were trained In fodder produrtlon and livestock nutrltlon, and 20 women rtcelved tralnlng in enterprise skllls and flnanclal Ilteracv. Infrastructure Improvements also supported communlty reslllence. Three bortholes were construrted or rehabilitated, Improving access to water for households and Ilve5tock, whlle a new borehole project provlded reliable water access for 52 households In Mu5enyika Villzge. FINANCIAL REVIEW The charfs prlnclpol Sources of funds have continued to be mBlnly 8rant drlven, wlth the bulk of fundlng for grants comlng from the Oak Foundatlon. Fundlng has gone prlnclpally to project5 SUPPOrtin8 the objectlvès of thè charlty. The bulk of the funding has gone to tho budget Ilne5 allocated in the respective 8ranis for projects In Zimbabwe, ansj restricted donatlon requlrements for Ilon collars, for laboratory support arbd an epidemiologlst under the Oak grant. The charrty only has a bank account and makes no Investments. The charlty policy on reserve5 at thls tlme 15 to hold a rnlnimum of £50,0￿ a5 ￿serVeS. stal•m•nt of trust•¢s' r•sponslbllltl•s In rel*tlon to th• flnancl•l st4temÈnts The Charlty trustees are respDn51ble for preparlng a trUStee5' annual report and flnanclal statements In accordance wlth applirable law ond Unlted Kln8dom AccountSng stsndard5 (Unbted Kingdom Generally Accepted Accounting Practlcel. The trustees are responsible for keeplng pioper accounting records that dlsclose wSth reasonable accuracy at any tlme the financlal p051tlon of the charity and to enable them to ensure that the flnancial statements comply wlth the cha￿tIeS Act 2011, the appllcable Charltles (Accounts and Report51 Regulations, and the provi51ons of the Trust deed. The Trustees are also responslble for safe8uardlng the assets of the charlty and hence tskin8 reasonable steps for the prevention and detectlon of fraud and other irre8ularlties. n behalf of the charity's tru5teÈs Rodney Dacom Trustee 26 May 2026 Pa8e 6 Virtoria Falls Wildlife Trust Independent Examiners Report Independent Emamlner's Report to the trustees of Victoria Falls Wildlife Trust I report to the trustees on my examination of the financial statements of Victoria Falls Wildlrfe Trust for the vear ended 31 December 2025. Re$ponsibilitie5 and basls ol report As the charity's trustees you are responsible for the preparation of the financlal statements In accordance with the requirements of the Charities Act 20111.the Act'l. I report in respect of my examination of the charity's financial statement5 carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlner's statement As the charity's gross Income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examinatlon by being a qualified member of FCA. I have completed my examinatlon. I can conflrm that no material matters have come to my attention in connection wlth the examinatlon giving me cause to belleve that in any material respect.. the accounting records were not kept in respect of the charily as required by section 130 of the Act,. or the financlal statements do not accord wlth those records,. or the financial statements do not comply with the appllcable requirements concernlng the form and content of financi•l statements set out in the Charltles (Accounts and Reports) Regulations 2008 other than any requlrement that the flnaneial statements give a 'true 8nd falr, vlew whlch Is not a matter consldered as part of an Independent examination. I have no concerns and have come across no other matters In connection with the examination to which attentlon should be drawn In th55 report In order to enable a proper under5tandlng of the flnanclal statements to be reached. lan Katte FCA lan Kalte & Co 8 Wexfenne Gardens Pyrford Woklng Surrey GU22 8TX 26 May 2026 Page 7 **Victoria Falls Wildlife Trust Statement of Financial Activities** ## **for the year ended 31 December 2025** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
3
Investments
4
Other
5
**Total**
**Expenditure on:**
Charitable activities
6
Other
8
**Total**
Net gains on investments
**Net income/(expenditure)**
Transfers between funds
**Net income/(expenditure)**
**before other gains/(losses)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**|**Restricted**
**funds**|**Total funds**|**Total**
**funds**| |---|---|---|---|---| ||**2025**|**2025**|**2025**|**2024**| ||**£**|**£**|**£**|**£**| |||||| ||225,757|191,800|417,557|170,563| ||3,742|-|3,742|462| ||23,000|-|23,000|2,965| ||252,499|191,800|444,299|173,990| |||||| ||206,711|120,988|327,699|217,738| ||8,317|-|8,317|3,893| ||215,028|120,988|336,016|221,631| ||-|-|-|-| ||37,471|70,812|108,283|(47,641)| ||-|-|-|-| ||37,471|70,812|108,283|(47,641)| |||||| ||37,471|70,812|108,283|(47,641)| |||||| ||141,922|81,984|223,906|271,547| ||179,393|152,796|332,189|223,906| |||||| |||||| |||||| Page 8 Vktorl• Fall$ Wlldllfv Tn￿t Bal•n¢• Sh•rt at 311)•c•m￿r 2025 ChArlty NG. 1166614 2025 2024 Current a55ets Cash at bank and In hand 332,189 332,189 332,189 223,906 223.906 223,906 Net tufvent assets Total 4s*ets le55 ¢urrent Il•bllltles 332,189 223,906 223,906 Net assets ex¢ludlnq penslon 05$0t or Ilablllty 332,189 Totil n•t *55•ts 332,189 223,906 The funds ol the c￿rffy R•strkted fund5 Restrirted income funds io IS2,796 152,796 81,984 81,984 Unr•strl¢t•d furKIi General funds Desi8nated funds io 168,355 11,038 141,922 179,393 141,922 Total funds 332,189 223,906 Appreved by the trustees on 26 May 2026 And si8n8d on thelr behalf by.. Rodney D8￿Mb Trustee 26 May 2026 Page 9 **Victoria Falls Wildlife Trust Notes to the Accounts** ## **for the year ended 31 December 2025** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. - Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Page 10 **Victoria Falls Wildlife Trust Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 11 **Victoria Falls Wildlife Trust** ## **Notes to the Accounts** ## 2 **Statement of Financial Activities - prior year** |**Income and endowments from:**
Donations and legacies
Investments
Other
**Total**
**Expenditure on:**
Charitable activities
Other
**Total**
**Net income**
**Net income before other gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
3
**Income from donations and legacies**
General
Donation from VFWT US
Donation for Zambezi
National Parks - Operations
Room
Donation for borehole
drilling - Rotary
Donation for mobile boma -
Rotary
Donation for Lion
Collars/Drone
Oak Foundation KAZA 3/4
Ernest Kleinwort Trust|**Unrestricted**
**£**
33,407
109,850
80,000
2,500
-
-
-
-
225,757|**Unrestricted**
**funds**
**2024**
**£**
40,966
462
2,965
44,393
60,682
3,893
64,575
(20,182)
(20,182)
(20,182)
162,104
141,922
**Restricted**
**£**
-
-
-
-
-
-
187,800
4,000
191,800|**Restricted**
**funds**
**2024**
**£**
129,597
-
-
129,597
157,056
-
157,056
(27,459)
(27,459)
(27,459)
109,443
81,984
**Total**
**2025**
**£**
33,407
109,850
80,000
2,500
-
-
187,800
4,000
417,557|**Total funds**
**2024**
**£**
170,563
462
2,965| |---|---|---|---|---| |||||173,990
217,738
3,893| |||||221,631| |||||(47,641)| |||||(47,641)| |||||(47,641)
271,547| |||||223,906| |||||**Total**
**2024**
**£**
33,207
-
-
-
3,000
4,759
129,597
-| |||||170,563| Page 12 **Victoria Falls Wildlife Trust Notes to the Accounts** ## 4 **Income from investments** |4
**Income from investments**||||| |---|---|---|---|---| |Bank interest
5
**Other income**
Tax reclaimed - Gift Aid
6
**Expenditure on charitable activities**
_Expenditure on charitable_
_activities_
Grants and donations made|**Unrestricted**
**£**
206,711
206,711|**Unrestricted**
**£**
3,742
3,742
**Unrestricted**
**£**
23,000
23,000|**Total**
**2025**
**£**
3,742
3,742
**Total**
**2025**
**£**
23,000
23,000|**Total**
**2024**
**£**
462| |||||462| |||||**Total**
**2024**
**£**
2,965| |||||2,965| |||||| |||**Restricted**
**£**
120,988
120,988|**Total**
**2025**
**£**
327,699
327,699|**Total**
**2024**
**£**
217,738| |||||217,738| Page 13 **Victoria Falls Wildlife Trust Notes to the Accounts** - 7 **Analysis of grants** |7
**Analysis of grants**|||| |---|---|---|---| |**Activity or programme**
**Unrestricted**
_General/Undesignated_
Transfers to VFWT Zimbabwe
for use in Rescue &
Rhabilitation
Purchase of mobile boma
Transfer to Malilangwe iro
TRACE
Construction of Admin Block
at VFWT Rehabilitation
Centre
Refurbishment of Laboratory
_Designated_
Cost of borehole
Zambezi National Parks
-Operations Room
**Restricted**
OAK Foundation Grant
Transfer
OAK Foundation KAZA Grant
Transfers
Ernest Kleinwort Trust -
Vulture Conservation
8
**Other expenditure**
Media Spend
Newsletters/brochures
General administrative costs|**Grants and**
**donations**
**funding of**
**activities**
**£**
46,598
-
-
58,315
30,336
2,500
68,962
-
119,988
1,000
327,699
**Unrestricted**
**£**
3,814
4,070
433
8,317|**Total**
**2025**
**£**
46,598
-
-
58,315
30,336
2,500
68,962
-
119,988
1,000
327,699
**Total**
**2025**
**£**
3,814
4,070
433
8,317|**Total**
**2024**
**£**| ||||-| ||||2,980| ||||17,183| ||||40,519| ||||-| ||||-| ||||-| ||||| ||||3,950| ||||143,106| ||||10,000| ||||| ||||217,738| ||||**Total**
**2024**
**£**
-
3,515
378| ||||3,893| Page 14 **Victoria Falls Wildlife Trust Notes to the Accounts** - 9 **Trustee remuneration and expenses** No trustees were paid expenses or remunerated during the period. ## 10 **Movement in funds** |**Restricted funds:**
**Restricted income funds:**
Oak Foundation KAZA
Ernest Kleinwort Trust
_Total_
**Unrestricted funds:**
**General funds**
**Designated funds:**
Donation for Zambezi
National Park Operations
Room
Drilling of Water Borehole
_Total_
**Total funds**|**At 1 January**
**2025**
81,984
-
81,984
141,922
-
-
-
223,906|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
187,800
4,000
191,800
169,999
80,000
2,500
82,500
444,299|**Resources**
**expended**
**£**
(119,988)
(1,000)
(120,988)
(143,566)
(68,962)
(2,500)
(71,462)
(336,016)|**At 31**
**December**
**2025**
**£**
149,796
3,000| |---|---|---|---|---| |||||152,796| |||||| |||||168,355| |||||11,038
-| |||||11,038| |||||| |||||332,189| Purposes and restrictions in relation to the funds: |Restricted funds:|| |---|---| |Oak Foundation KAZA|Funding projects in Zimbabwe| |Ernest Kleinwort Trust|Vulture conservation| |Designated funds:|| |Donation for Zambezi|| |National Park Operations|For construction of Zambezi National Parks Operations Room| |Room|| |Drilling of Water Borehole|For Drilling Water Bore Hole| - 11 **Analysis of net assets between funds** |Net current assets|**Unrestricted**
**funds**
**£**
179,393
179,393|**Restricted**
**funds**
**£**
152,796
152,796|**Total**
**£**
332,189| |---|---|---|---| ||||332,189| Page 15 **Victoria Falls Wildlife Trust Detailed Statement of Financial Activities** ## **for the year ended 31 December 2025** |**Income and endowments from:**
Donations and legacies
General
Donation from VFWT US
Donation for Zambezi National
Parks - Operations Room
Donation for borehole drilling -
Rotary
Donation for mobile boma -
Rotary
Donation for Lion Collars/Drone
Oak Foundation KAZA 3/4
Ernest Kleinwort Trust
Investments
Bank interest
Other
Tax reclaimed - Gift Aid
**Total income and endowments**
**Expenditure on:**
Charitable activities
Grants and donations made
**Total of expenditure on charitable**
**activities**
Other expenditure
Media Spend
Newsletters/brochures
General administrative costs
Bank charges
**Total of expenditure on other**
**costs**
**Total expenditure**
Net gains on investments
**Net income/(expenditure)**|**Unrestricted**
**funds**
**2025**
**£**
33,407
109,850
80,000
2,500
-
-
-
-
225,757
3,742
3,742
23,000
23,000
252,499
206,711
206,711
206,711
3,814
4,070
7,884
433
433
8,317
215,028
-
37,471|**Restricted**
**funds**
**2025**
**£**
-
-
-
-
-
-
187,800
4,000
191,800
-
-
-
-
191,800
120,988
120,988
120,988
-
-
-
-
-
-
120,988
-
70,812|**Total funds**
**2025**
**£**
33,407
109,850
80,000
2,500
-
-
187,800
4,000
417,557
3,742
3,742
23,000
23,000
444,299
327,699
327,699
327,699
3,814
4,070
7,884
433
433
8,317
336,016
-
108,283|**Total funds**
**2024**
**£**
33,207
-
-
-
3,000
4,759
129,597
-| |---|---|---|---|---| |||||170,563| |||||462| |||||462| |||||2,965| |||||2,965| |||||173,990
217,738| |||||217,738| |||||217,738
-
3,515| |||||3,515| |||||378| |||||378| |||||3,893| |||||221,631
-| |||||(47,641)| Page 16 **Victoria Falls Wildlife Trust Detailed Statement of Financial Activities** |**Victoria Falls Wildlife Trust**
**Detailed Statement of Financial Activities**||||| |---|---|---|---|---| |Transfers between funds
**Net income/(expenditure) before**
**other gains/(losses)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|-
37,471
37,471
141,922
179,393|-
70,812|-
108,283|-| |||||(47,641)| |||70,812
81,984
152,796|108,283
223,906
332,189|(47,641)
271,547| |||||223,906| Page 17