COMPANY NUMBER: CE012928 CHARITY NUMBER: 1176674
PAINTED WOLF FOUNDATION REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
PAINTED WOLF FOUNDATION
INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
| Page | |
|---|---|
| 1 | Legal and Administrative Information |
| 2 - 5 | Report of the Trustees |
| 6 | Independent Examiner’s Report |
| 7 | Statement of Financial Activities |
| 8 | Balance Sheet |
| 9 – 14 | Notes to the Financial Statements |
PAINTED WOLF FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Michael Cuthbert Peter Blinston Ravida Clay Irene Amoke Harriet Davies-Mostert Claudio Sillero Chief Executive Officer Nicholas Dyer Company number: CE012928 Charity number: 1176674 Registered Office 2 St Andrews Place Lewes East Sussex BN7 1UP
Independent Examiner
VMR Anderson BA (Hons) FCA DChA Clark Brownscombe 2 St Andrews Place Lewes East Sussex BN7 1UP
Bankers
Barclays Bank 28 Hampstead High Street Hampstead London NW3 1QB
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PAINTED WOLF FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
The Trustees have pleasure in presenting their annual report and financial statements for the year ended 31st December 2023.
Structure, Governance and Management Governing Document
Painted Wolf Foundation is a charitable incorporated organisation (Company registration number CE012928) and is registered as a charity (Charity registration number 1176674). It is governed by its constitution dated 1 January 2022. The financial statements comply with current statutory requirements, the constitution and “Accounting and Reporting by Charities: Statement of Recommended Practice” applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019).
Organisation
Painted Wolf Foundation is governed by a Trustee Board which is responsible for setting policies and ensuring legality and good practice in accordance with the constitution of the Trust and Charities Act 2011.
Objectives
The objects of the Trust are the advancement of the conservation of the species of wildlife which are in danger of extinction in the wild state particularly as this relates to the preservation of the Painted Wolf (Lyacon Pictus).
Summary of the main activities in relation to these objectives
Following the tragic passing of Diane Skinner in 2022, Nicholas Dyer resigned as Chairman and Trustee and took over Di’s role of Chief Executive Officer at the beginning of 2023. Having launched Di’s strategy report in 2022, Nick was tasked by the Trustees to build the Painted Wolf Foundation into an organisation capable of implementing it and the credibility to attract significant funding.
This made 2023 a momentous year for the Painted Wolf Foundation and we would summarize our achievements in two ways.
First, 2023 was the year that we started to put our strategy into action, initiating painted wolf projects in areas where they have no protection and starting initiatives that will benefit the species as a whole.
Second, we have built the foundations of a strong organization. One that gives donors the confidence to invest, knowing that we have the strategy, the structure and the expertise to deliver. And one that is driven by an unwavering passion and a determination to succeed.
A summary of these activities and achievements is listed below.
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Supported the kick-starting of painted wolf conservation projects in Senegal and the Southern Rangelands of Kenya.
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Investigated new opportunities for potential future funding in Zambia and Botswana.
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Investigated potential relocation areas in Central and Southern Africa.
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Developed collaborations between leading conservationists to cross channel ideas.
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Instigated innovative GPS tracking collar trials.
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Strengthened the experience and expertise of the Board of Trustees.
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Created new awareness channels including our website and videos.
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Held a number of fund raising and awareness raising events across the United Kingdom.
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Partnered with the African Leadership University to create the inaugural Diane Skinner Award for the Unsung Conservationist.
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PAINTED WOLF FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
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Strengthened our governance structure and procedures.
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Appointed Clark Brownscombe as our accountants and governance advisors.
Full details of our activities and achievements can be found in our 2023 Activity Report which can be found on our website. Please follow the link below to access this report.
- - https://paintedwolf.org/publications/2023 activity report/
Further financial review details
The Painted Wolf Foundation raised £135,139 in unrestricted funding which was used to fund its charitable operations and raise awareness.
The Foundation raised £48,158 in restricted funding which was used or reserved to fund projects and initiatives that are directly related to the conservation painted wolf.
Unrestricted funds were used to kickstart conservation projects in Senegal and the Southern Rangelands of Kenya. They also facilitated a conservation exchange between Kenyan and Zimbabwean conservationists.
Conservation funds were also used to fund the investigation of potential relocation rangelands. It was originally envisaged that further grants would be made in 2023, but delays carried these over to early 2024.
The Painted Wolf Foundation held a number of events in the UK in early 2023 aimed at raising awareness and successfully raised over £30,000.
Plans for future periods
The Painted Wolf Foundation continues to be highly ambitious and determined to pursue activities to meet its objectives. Looking ahead to 2024, our plans include the following:
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Develop a five year strategic business plan to identify the infrastructure and funding needed to deliver on the stated strategy.
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Secure sufficient long-term unrestricted funding to build and support this infrastructure and expand our team.
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Recruit an experienced team to support the strategy.
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Secure a mechanism to raise significant long-term funding to support painted wolf projects and initiatives and develop our relationship with Wildlife Conservation Network.
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Improve our understanding of unprotected and neglected painted wolf rangelands and develop a range-wide investment plan for the future.
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Continue to investigate potential painted wolf investment sites and initiate partnerships with leading conservationists and help prepare them to kickstart specific painted wolf conservation projects.
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Help build capacity by developing our relationship with the African Leadership University and funding a candidate for the inaugural Diane Skinner Conservation MBA Scholarship for an African Woman Conservationist.
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Create a PWF Advisory Group comprised of leading painted wolf conservationists.
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Kickstart an initiative to create “Best Practice Painted Wolf Conservation Guidelines” working with our experienced Advisory Group.
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PAINTED WOLF FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
Recruitment and appointment of trustees
During 2023 the following changes were made to the Board of Trustees.
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Nicholas Dyer resigned as Trustee.
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Ravida Clay was appointed Trustee.
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Dr Harriet Davies-Mostert was appointed Trustee.
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Dr Irene Amoke was appointed Trustee.
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Professor Claudio Sillero was appointed a Trustee.
Public Benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives.
Financial review
Total incoming resources for the year amounted to £183,297 (2022: £257,323). Total resources expended amounted to £154,060 (2022: £126,792). Net surplus for the year amounted to £29,237 (2022: £130,531).
Risk management
The Trustees acknowledge their responsibility to manage risk and have a risk strategy in place which comprises:-
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The maintenance of a risk register;
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An annual review of the risks the charity may face;
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The establishment of systems and procedures to mitigate against those risks identified in each review; and
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The implementation of procedures designed to prevent and potential impact on the charity should those risks materialise.
Trustees’ responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable laws and regulations.
Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure of the charity for the period. In preparing those financial statements, the Trustees are required to:-
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select suitable accounting policies and then apply them consistently;
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state whether applicable accounting standards have been followed, subject to any material departures and explained in the financial statements;
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make judgements and estimates that are reasonable and prudent; and
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PAINTED WOLF FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees must, in determining how amounts are presented within items in the income and expenditure account and balance sheet have regard to the substance of the reported transaction or arrangement in accordance with generally accepted accountancy principles or practice.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the Board:
Michael Cuthbert - Trustee
Date: 24 September 2024
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
PAINTED WOLF FOUNDATION
I report on the financial statements of the charity for the year ended 31st December 2023, which are set out on pages 7 to 14.
Responsibilities and basis of report
The charity’s Trustees are responsible for the preparation of the accounts. The charity’s Trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the Trustee’s accounts 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 145(5)(b) of the 2011 Act.
Independent examiner’s report
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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(1) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Victoria Anderson BA (Hons) FCA DChA Chartered Accountant Clark Brownscombe 2 St Andrews Place Lewes, East Sussex, BN7 1UP
Date: 25 September 2024
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PAINTED WOLF FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST DECEMBER 2023
| Note Unrestricted Funds 2023 Restricted Funds 2023 £ £ INCOME FROM Donations and legacies 121,801 48,158 Charitable activities 3 5,061 - Other trading activities 7,979 - Investment income 298 - TOTAL 135,139 48,158 EXPENDITURE ON Charitable activities 4 105,486 45,964 Other trading activities 2,610 - TOTAL 108,096 45,964 Net movement in funds 27,043 2,194 Fund balances at 1st January 2023 31,029 161,119 Fund balances at 31st December 2023 58,072 163,313 |
2023 Total £ 169,959 5,061 7,979 298 183,297 151,450 2,610 154,060 29,237 192,148 221,385 |
2022 Total £ 256,995 328 - - 257,323 126,792 - 126,792 130,531 61,617 192,148 |
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All of the above amounts relate to continuing activities.
The detailed 2022 comparative statement of financial activities is reported in note 2.
The notes form part of these financial statements
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PAINTED WOLF FOUNDATION
BALANCE SHEET AS AT 31ST DECEMBER 2023 COMPANY NUMBER CE012928
| Note CURRENT ASSETS Debtors 8 Cash at bank CREDITORS:Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS Restricted Funds Unrestricted Funds 10 |
2023 £ 87,846 179,016 266,862 (45,477) 221,385 221,385 163,313 58,072 221,385 |
2022 £ 48,791 206,621 255,412 (63,264) 192,148 192,148 161,119 31,029 192,148 |
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Approved on behalf of the Board of Trustees on 24 September 2024
Michael Cuthbert - Trustee
The notes form part of these financial statements
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PAINTED WOLF FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
1. Accounting policies
a. Basis of Accounting
These financial statements have been prepared under the historical cost convention, and in accordance with applicable accounting standards. In addition, they have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102. The charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The accounts are prepared in sterling which is the functional currency of the Charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
b. Funds Held
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
c. Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
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PAINTED WOLF FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
d. Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure is categorised under the following headings:
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Expenditure on charitable activities includes all costs incurred on furthering the objects of the Charity; and
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Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Charitable activities and Governance costs are costs incurred on the Charity’s operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
e.
Support cost allocation
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters.
f. Debtors and creditors
Debtors are recognised when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Creditors are recognised when the Charity has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic benefits.
g.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
h. Taxation
The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. It therefore does not suffer tax on income or gains applied for charitable purposes. Theatre tax credits have been recognised when received by the charity and going forward will be recognised on submission of the claim to HM Revenue & Customs.
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PAINTED WOLF FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
i. Financial instruments
- The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows: Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 11. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost. Taxation and social security are not included in the financial instruments’ disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
2. Comparative Statement of Financial Activities
| Note Unrestricted Funds 2022 Restricted Funds 2022 £ £ INCOME FROM Donations and legacies 34,158 222,837 Charitable activities 328 - TOTAL 34,486 222,837 EXPENDITURE ON Charitable activities 65,074 61,718 Net movement in funds (30,588) 161,119 Fund balances at 1st January 2022 61,617 - Fund balances at 31st December 2022 31,029 161,119 |
2022 Total £ 256,995 328 257,323 126,792 130,531 61,617 192,148 |
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PAINTED WOLF FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
3. Charitable activities
| Unrestricted Funds 2023 £ Awareness activities 5,061 Book sales - 5,061 Expenditure – charitable activities Unrestricted Funds 2023 £ Charitable activities Grants payable - Awareness activities 17,536 Consultancy fees 60,033 Publications - Marketing 1,932 Software and subscriptions 1,853 Bank charges 187 General overheads 9,705 Office equipment 2,783 Travel 3,103 Printing, postage and stationery 690 Legal fees 183 Exchange losses 1,493 Governance costs Secretarial fees 1,800 Accountancy fees 3,063 Independent examination fee 1,125 Total 105,486 |
Restricted Funds 2023 £ - - - Restricted Funds 2023 £ 38,825 - - - - - - - - - - - 7,139 - - - 45,964 |
Total 2023 £ 5,061 - 5,061 Total 2023 £ 38,825 17,536 60,033 - 1,932 1,853 187 9,705 2,783 3,103 690 183 8,632 1,800 3,063 1,125 151,450 |
2022 £ - 328 328 2022 £ 59,568 375 40,805 8,233 3,112 874 45 - - 866 346 4,692 4,210 444 2,142 1,080 126,792 |
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4. Expenditure – charitable activities
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PAINTED WOLF FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
5. Grants payable
| Unrestricted Funds 2023 Restricted Funds 2023 £ £ Painted Dog Conservation - 1,608 Conservation Lower Zambezi - 37,217 Zoological Society of London - - SORALO and KWT - - Wild Dogs United - - - 38,825 6. Staff costs and trustees remuneration No remuneration was paid to any of the Trustees during the year. During the were reimbursed to any Trustee. |
Total 2023 2022 £ £ 1,608 - 37,217 - - 20,237 - 37,341 - 1,990 38,825 59,568 year no expenses |
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| 7. Net income Net income is stated after charging: Independent examiners remuneration 8. Debtors Debtors 9. Creditors: Amounts falling due within one year Accruals 10. Analysis of Net Assets between Funds |
2023 £ 1,125 2023 £ 87,846 2023 £ 45,477 |
2022 £ 1,080 2022 £ 48,791 2022 £ 63,264 |
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| Unrestricted Funds £ Current assets 66,332 Creditors: amounts falling due within one year (8,260) 58,072 |
Restricted Funds £ 200,530 (37,217) 163,313 |
Total Funds 2023 £ 266,862 (45,477) 221,385 |
Total Funds 2022 £ 255,412 (63,264) 192,148 |
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PAINTED WOLF FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023
Analysis of Net Assets between Funds (Prior year)
| Unrestricted Funds Restricted Funds £ £ Current assets 36,715 218,697 Creditors: amounts falling due within one year (5,686) (57,578) 31,029 161,119 11. Unrestricted funds At 1st January 2023 Income Expenditure £ £ £ General 31,029 135,139 (108,096) Unrestricted funds (Prior year) At 1st January 2022 Income Expenditure £ £ £ General 61,617 34,486 (65,074) 12. Restricted funds At 1st January 2023 Income Expenditure £ £ £ Painted Dog Fund 161,119 48,158 (45,964) Restricted funds (Prior year) At 1st January 2022 Income Expenditure £ £ £ Painted Dog Fund - 222,837 (61,718) |
Total Funds 2022 Total Funds 2021 £ £ 255,412 69,620 (63,264) (8,003) 192,148 61,617 At 31st December 2023 £ 58,072 At 31st December 2022 £ 31,029 At 31st December 2023 £ 163,313 At 31st December 2022 £ 161,119 |
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The Painted Wolf Foundation offers a 100% funding model to potential large donors where they are secure in the knowledge that the funds that are donated will go to projects and initiatives focused on the painted wolf. These funds are kept in a segregated bank account and are used for these purposes only.
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