REGISTERED COMPANY NUMBER: CE14721 (England and Wal•s1 REGISTERED CHARITY NUMBER.. 1179318 REPORT OF THE TRUSTEESAND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 FOR IleI)hant(i/ Africa Conservatlon through research and educatlon LDP Luckman8 1110 Elliott Court Coventry Businesy Park Herald Avenue Coventry Wesl Midland¥ CV5 6UB CONTENTS OF THE FINANCIAL STATEMENTS for the y•4r •ndod 31 D•cembor 2024 Page Report ol the Twslees 1to15 Independent Examinerfs Report 16 statement of Financial Activities 171018 Balance Sheet 191020 Notes lo the Fln8nci81 Statements 211026 Elephic Iltsfv Afi-iccl Con5ervaiion Ihrough reseaichande¢Yucai REPORT OF THE TRUSTEES for th• y￿r tndgd 31 Dbc•mbgr 2024 INTRODUCTION The Iruslees, who are also d1￿CtOrS of the Gharity for the purposes of the Companies Act 2006, present thelr report with the fin8nclal ststements of the charty for the year ended 31 December 2024. The tnJstee$ have adopted the provisions of Accounting and Reporting by Charities.. Statement of Racommended Practice applicable to charities preparing IheSr accounts in accordance wrth the Financial Reporting Slandard applicable In the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20191. Oryanisation El•phants for Africa is a small chanty registered as a CIO. The tru81ees delegate the day-to.day mana9emenl to Dr Kate Evans. 08JECTIVES AND ACTIVITIE8 ObJoctlY•8 and Alm8 The aims and objectives of Elephants for Afri (EfAI. as sel out in (($ Con3ts1ulion, are the advancement of educatlon and research for the benefit of the publlc In the consèrvatlon. protection, and monitoring of elephants (Photo 11. This Is achbeved in particular, though not exclusively, through the study of African Savanna glephanls (Loxodonta afrAGana), focuslng on Ihelr demographics, ecology, behavlour, dSse$8es, and movemènts. Our 8pproach 81ms lo go beyond cons•rvallon, adopting a holi$li¢ strategy th81 considgrs tho needs of both elephants and local communllies. 8y partnering ￿￿th Iwal 818keholder8, we work towards foslerlng coex181ence be￿ten pgople and elephants. .'14., '.ItJiiii41 Park duLinh* th¢ zlbtfi numvrauijn. EfA promotes the conservation of African elephants through research in Bolswana, advising research in South Africa. and delivering education PTogramme8 in schools and communllies across Botswana. We 8180 share our knowledge and Insights globally through talks in schools and to inleresled audiences worldw'de. SlgnlflG•nt Actlvltles Rosearch The aim is lo increase tsur knO￿edge of the social and ecologlcal ￿qUIreMent8 of male African savanna elephants for the benefft of human-elephanl conflict resolutson. Thi5 aim is achieved through maint8ining our bng-term monitoring of the Makgadikgadi Pans National Park IMPNPI elephants through.. il identification study, Ihebr physical condition and group (tynamics-, ii) exploring the longevity and characlerislic$ of male elephant groupings, and delemining what attributes determine social associations, includiThJ factors such as age composition, relatedness, habitat, season andlor physical condition.. and iiil investigating the sp8tlal and temporal resource usè by elephants in the MPNP and the surrounding communty land and what mitigation tools can work to communicate to them where they are not welcome. Page 1 Elepliclllts/. Afi-ic,a Conservatlon thr¢ugh researul the year. construction commenced in October, svilh the bulldlng 18am working lo improve the kjng-lerm function8lity and livability of the r88earch camp (Photo 121. The first major task a(klressed was the replacement of tent decks, which had deteriorated significantly due lo lermlte damage and the challenging climall¢ condllions olthe Mak98dikgadi environment. The d8m8ged decks were removed and replaced wlh durable, weather-r8SiStanl malerials designed lo ensure stability and longtvily. By end of 2024, much of the project was completed including the congtruclion of the ablution block, the r•palr of rotted woeden decking in the main are8, in8lallalion of a monkey-proof refuse cage, securing of sewage and electrical systems. and the installation and stabilization of the modified shipping containeis UBed for kitchen and storage The projecl continue into 2025. Photo 12:.%iiiff ..IciiimtniKlnti¢)n helibre Oettl Ind iFrer Irimlirl. Page 12 Elepli¢ints/ Ati-ica Conservaiior%ihrou9h re5eèrthand edvcaiion REPORT OF THE TRUSTEES for the year •ndod 31 Do¢•mb•r 2024 FINANCIAL REVIEW Financial Position The charity held reserves of £105,167 as of 318t December of 2024 {È46.345 as of 31￿ of December 20231, of which £2,000 is reslricted1£35,498 as of 3131 December 20231. ReBeNe¥ policy Funds held al the year-end covers roughly nlne months of runnlng costs for the charity which is deemed lo be gufficY&nl and is in line ¥￿th the charity policy. PLANS FOR THE FUTURE Continue to follow the movement of the ¢ollareeJ elephants and sample the vegetslion, soil and water in their range. Continue lo monitor the impact of the fence on elephant movemènt and human-elephant confllct Re-apply for Research Permrts Uncollar all seven elephants Rebuild the Elephants lor Afrlca Roseareh Camp Gel additional help lor our ¢ommunicatKJns through 8oclal media and markellng $pe¢lallsl8 On-board the Adminbslralor Recruit new tru8le88 Welcome and accommodate more 8ludent8, intem8 and vlsilors lo our camp Build additional cluster fences in area$ of need Expand our 8du¢alional outreach wllh our Education Officer Superv18e and BUPPOrt students through their undergraduate and po8tgradugle degrees. We wlll contlnue to work with and advise other NGO gcienlisls and interested p*rties and contribute actively lo the Elephant Speciali81 Advisory Group of South Afric8, the proposed KAZA Elephant Working Group and the Botywana Human-wildlife Conflict Working Group STRUCTURE. GOVERNANCE ANO hlANAGEMENT Governing documènl The charity is a company limited by guarantee governed in accordance Its Memorandum and A￿¢183 of Association, The ch8rity ig a company governed by Ils govemlng document, a trust deed. R•cruitment and appointment of new trustees The charity is constaled by a board of trustees, All new appolntmenl8 are elected by the board. Induction and training of new trustees All new trustees are yiven a copy of Ihiy conslitulion, any amendments made to rt and a copy of the CIO'S latest truslee3' annual report and statement of account5, last annual reports, budget, strategic plan and recent newsletters. Where possible board members meel new Iruslees in person to welcome them and address any questions they may have.. where not possible due to the board members location, they meet virtually. L•adership Transitlon In 2024, we were pleased to begin the transitlon of Stephanie (Stephl Kong from her role as Project Manager to Managin9 Director of Elephants for Africa. During her time as Project Manager, Steph played a key role in strengthening our ￿Search, educatson, and community coexistence programmes, while also advanclng partnerships and organizational growth. Her experience and commf(menl to con8eNation and proven leadership makes her eXcept￿nallY well-suited to guide Elephants for Africa into rts next phase, ensuring the continued impact and $ustainability of our mission. Page 13 Elepliclllt.s/ Atl-IC'cl Conseivarion ihrough reseaichandeducori REPORT OF THE TRUSTEES for th& year onded 31 Decombgr 2024 Fundral$lng ond partnershlps Elephants lor Africa iy funded via a range of source8, including Trusts and Foundations, zoological soryelies, corporate sponsorship, individual donors, online initiatives, and fundraising event5. Our CEO has reduced her working hours whlch has decreased our lundraising efforts. In re8pon8e, we are exploring atternats've fundraising $tralegie8 and cOns￿ering the employment of an adminislralor lo alleviate the 8dminislralive workload. This should allt)w tha CEO lo dedicate her available hours more effectively lo donor stewardship, fundraising and research. The trustees would like lo thank all who generously support our work. A huge thanks lo all our staff and volunteers in Botswana and the UK who continue supporting and contributing to our work. Elephants for Africa works in close partnèryJhip Trmth the Botswana registered NGO, Elephants for Afrlca. Rlsk manag•mant We ackn¢)wledge that Is thé responsibility of the trusteès Its identfy, gssess and manage th• rl8k8 to the charity'$ work. The d8ks we have identified are al receiving less funding bl staff turnover c) lrnpad ol Iht global aconomic climate gnd the ongoing restrictions dl damage to its reputation. al Staff changes has meant that our online budget, including incom8 and potential income, which the Irusle¢8 have access lo, have not been updated as regularly as the planned monthly updates. Moving lo￿ard we wlll gèl back to the monthly updgle¥. bl We have monthly metrics we measure ourselves agalnsl lo hl9hllghl any area8 we need lo focu8 on and address. c) W)Il¥t oui direclor h88 remained constant throughout the charlty's hlslory. we have hlgh turnover of our senior staff in Botswana, which have been historically ￿¢rUIted from outside of 8otswana due lo the lack of skilled personnel in Bolswana. Since 2014 we have focused on capacity building lo ènable the staff lo be predorninantly Balswana (al th• end of 2020 all field per8onn81 were Balswanal and are increasing looking for fundlng lo offer more trainlng and development opportuni1Ses. In 2021 recrullmenl of a new Project Manager within Botswana and in 2022 wa rocruiled an international Project Manager to fill Ihls role, joined the team in August after pgrmil$ were secured. dl Satellite internet in camp as well a8 good mobile phone Connections enable8 ourdlreclorto have weekly meetings wllh Senlor staff in the field and be accessible lo all staff members. •) We carry out dillgence wlh any Interested partner8 that may wish lo highlight our work andlorcorporat• sponsors. We acknowledge that is the responsibility ofthe trustees lo Identify, assess and manage the risks lo the charity'$ work. The risk$ we have identified are al receiving 1059 funding bl staff luinover c) damage lo it5 reputallon. Use of Volunteers Elephants for Africa would not have been able to develop lo where we are today wllhout the dedication of many volunteers who offer thgir lime and expertise. This year, we have been grateful to those supporters who have given their 1Sme lo work on our elephant ID datsset. Continue to develop our online presence and technlcal support. Without our volunteers, we simply could not have achieved all that we have. They are vital lo the running of the CIO. We ensure Ihal each volunteer feels valued by tsking the lime lo regularty Ihank them in person, when possible, or via personal emails and letters. Page 14 EleI)Iiclllts/ Afi-ica Conservaiion thiough research ènd edUCat￿n REPORT OF THE TRUSTEES for the year •nded 310•cemb•r 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number Reglstered Charity number CE14721 (England and Wales) 1179318 Prlnclpal addr9SS 5 Balfour Road London N5 2HB Tru8t••• J GrahAm B Courtenay D Matthias M Henley Independant examlner LDP Luckmans 1110 Elliott Court Coventry 8usines8 Park Herald Avenue Coventry CV5 6U8 Approved by order of the board of Irusteeg on 301h October 2025 and signed on Ils behalf by- ..Oavld Matthi8s{KCI, Trusteg & Chair The financial statements were approved by the Board of Tru81è6g and authorfsed for issue on 30th October 2025 and were signed on it$ behall by.. -David Matthlas {KC}, Trustee & Ch Page 15 l~, lei)Iiclllts/ Afi-iccl Conservatlon ihrou9h iesear£hand edu¢411QTh INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ELEPHANTS FORAFRICA Independent examinarfs report to tho trustoes of Elgphants for Africa I'tho Company,) I report lo the charity Iru51ees on my examination of the accounts of the Elephants for Africa {Ihe Trusl) for the year ended 31 December 2024. R￿ponSIbIlItIeS and ba818 of report As the Charity's trustees of the Company {and also its directors for th& purposes of company lawl you are resr)onsible for the preparation of the accounts in ￿Ordan￿ wllh the requirements of the Companies Act 20061'lhe 2008 Act,). avlng satisfied myself that the accounts of the Company are riot requlred to be audited under Part 16 of the 2006 Act and are eligible for independent examinallon, I report Sn respect of my examination of your charity's ?￿OuntS as carried out under section 145 of the Charilies Act 2011 {Yhe 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 A¢1. Indepondent exarnlnor's Statement I have completed my ex8minallon. l confirm that no mallers have come lo my attention in connection with the examlnalK*n giving me cause lo believe.. a¢¢ountlng records were not kept In resp8cI of the Company as requlred by sacllon 386 of the 2006 Act.. or the acGounls do not accord wllh those re¢ord$', or the accounts do not com with th& a¢counllng r8qulremenl8 of 88cllon 398 01 th8 2008 Act other than any requirement that the accounts glve a true and falr view whl¢h Is not a maller consldered as part of an independent examination., or the accounts have not been prepared in aGGordan¢e with the meth¢)ds and principle5 of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparlng their a¢counls In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102)). I have no concerns and have Come across no other mallers in connection with the examination lo which allenlion should be drawn in this report in order to enabl& a proper understanding of the accounts lo be reached. M D Spafford LDP Luckmans 1110 Ellioll Court Coventry Business Park Herald Avenue Coventry West Midlands CVS 6U8 Dale.. 30th October 2025 Page 18 Eleplilc Ilt.s/ Afi-iccl Conservat￿n ¢hrou9h ￿Searchandeducal1tsn REPORT OF THE TRUSTEES for thg ygar ondod 310gGombor 2024 Charity Name.. Elephants for Africa Charity No 1118nyl eriod 1179318 Annual accounts for the CC17a Period Start dale To Period end date 0110112024 3111212024 Section A Statement of financial activities Dotsll• of own analysll R88trlcted Income fundg R•comm•nd9d •t•gorl•• by activlty Unr•strl¢tod fvnd8 Endo*inont Total th1* Total last funds y•ar y•ar Incomlng resource8 from generated funds (Note 3 F01 F02 F03 F05 D￿8￿pn? & legpcies Voluntary Inc4)me A(afviiits forgèn8r•tlNd fu￿J• S01 134.889 69.102 203.991 66,968 S02 1rNeBl￿nl Income S04 426 428 368 Ineomlng r•Bourcg• from chadtable aetlvltl Oth•r In¢omlng re•ource• S05 225 225 821 so8 Total Incomlnq resources Costs of Generollng Fund• (Note8 4-6) 135,540 69.102 204,642 68,155 Costs of generating voluntsry income S07 172 S08 FuTrJralBlng Ir4dlrvJ co S09 Sepwale malBrfil118m of exp8rAe S10 Charltablfr a¢tlvlti S11 140,745 102 635 Govom•nc• costs S12 1,476 1.476 1.314 Other rg•ourc•s expended S13 Total resources expendod Netln¢omlngl(outyoingJ resource¥ before transfets s14 46,733 99,087 145 820 88,807 29,985 58,822 40,392 Gross transfers between funds Net Incomlng/foutyolng)resources beforn other re¢ognlsed gain5 lossesj s16 S15 3.513 92.320 33.498 58,822 40,392 Page 17 "lephclllts/ Afi"ica Conser¥•iionihrou9h research and education REPORT OF THE TRUSTEES for th• yoar •nd•d 31 D•cember 2024 Other recognised galnsl{lossés) Galns and losses on ￿valUation of fixed assets for the charty's OWTI UBe S17 Pensions S18 Not movement In funds s19 92.320 33,498 40,392 Total funds brought for•4ard S20 10,847 35,498 86,737 Total funds c•nled ft)nvard s21 103 167 105 167 The notes form part of these financial ststements Page 18 Section B Balance sheet Rgstrictod incom& funds Total this year Unrestricted funds Endowment lunds Total last year Fixed assets F01 F02 F03 F04 F05 Tangible assets BOI 2,181 8.009 10.190 14.711 Investments Total Ilxed assets Current assets stock and work in progress Debtorn (Note 61 Other Debtors Ca8h at bank and In hand Total current assets 04 2.181 8,009 10.190 14,711 05 1,420 1.420 1,450 B07 100.856 102 276 -1,356 99.500 100.920 32,417 33,867 Credltor8: amounts falllng due thln one year (Note 7) B10 2233 Net eurrent asSet￿{lIabIlIt1es) B11 100,986 -6,009 94.977 31,634 Total assets less current Ilabilitles 612 103 167 105 167 Credltorn: amounts falllng duè after one year (Note 7) Provisions for Ilabllltles and Charges B13 B14 Net assets Funds ofthe Charity Unrestricted funds 815 103,187 105,167 46,345 B16 103 167 103,167 Surplusl {Deficit) Restrfcted income funds (Note 81 Opening Balance Equity (Noto 81 B17 838 B19 Total funds 820 103,167 2,000 105,167 46,345 Page 19 Ele[)Iicint%/ Afi"ic'cl Con5ervaiiDn Ihiov9h ￿SearCh education NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the y••r •ndod 31 Decembfrr 2024 The finanoal stslement8 were approved by the Board of Trustees and authorised for issue on 30th October 2025 and were signed on its behalf by.. D Matthla8- Tru$lge The notes form p8rt of these financi81 statement$ P8ge 20 Ele[)hclllt.¢i/ Af-rictl Conservaiion fhrough research Andeducation NOTES TO THE FINANCIAL STATEMENTS-CONTINUED for tho yfrar ondod 31 Dacgmbgr 2024 LIABILITY OF MEMBERS The Charity is a company limited by guarantee. It does not have share capit81 and the li8bility of each member 18 limited lo the guarantee given by that member which shall not exceed £1. ACCOUNTING POLICIES Bas1• of proparlng tho flnanclal ¥tatsm•nts The financial slalements of the charltable company, whlch 1$ a publiG benerrt entty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities,. Statement of Recommènded Practice appllcable to ch8rlties preparing Ihelr a¢Gount¥ in accord8nce with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland {FRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102'The Flnancial Reporting Standard applicable In the UK and Republic of Ireland, and the Companie8 Act 2006. The financial ¥tstements have been prepared under the historical cost convents'on. At the lime ol approving the èccounls, th6 tm8tseJ have a reasonable expectslion that the trust ha8 adequate resources to continue in operation81 exi81ence for the foreseeable future. The trustees therefore continue to adopt the going concern basis of accountlng Sn prep8rlng the financi81 $lalemenls. In making this assessment. the trustees are required lo consider a pertod of al lèast 12 month8 from th• dale of 8pproval of the flnanclal stalemenl8. Fln*nclal ropordng ¥tsnd•rd 102 - rodu¢•d dls¢lo•ur• gxgmptlonB The charitable Company ha$ taken advantage oflhè followng disclosure exemp￿On$ In preparing these financial stslements, a8 permitted by FRS 102'The Financial Reportlng Standard applicable in the UK and Republic of Ireland,: The requirements of Section 7 Stal6m8nt of Cash Flowi. Incorn• All income IB recognis•d in the Statement of Financial Activthes once the charity has enlillement to the fund3. il i¥ probable that the income wll ￿ re￿1Ved, and the amount can be measured reliably. Investrnenl inGom? 8nd other Income are Included when receNable. Expgndlturg Resources expended are included in the Slatemenl of Financial Activities on an accruals basis, Lwbilities are T￿ognISed as ￿$Ou￿CeS expended as Soon as there is a legal or conslruclive obligation Committing the charity to the gxpendilure. Charrtable expendllure compri8e8 those costs incurred by the charity In the dellvery of ftg acllvilles and services for r(s beneficiaries. It includes both ccsls that can be allocated directly to such activitiès and those Gosls of an indirect nature necessary lo support them. Expenditure Y4hich is directly attributable 10 specific activrties ha$ been included in these cost categorie5. Vvhere costs are attributable lo more than one activity they have been apportioned 8crog8 the cost categories on a basis ￿nsIstenI ￿￿th the use of these resources. Govemance costs include those costs associated wlh meeting the conslilutional and $tstutory requirements of the charity and include the audit fees and costs linked lo the strategic management of the company. Page 21 Elei)Iiclllt,li/ Afi-iccl Conserv3tiOnthrOugh ro5earchand @duc￿10￿ NOTES TO THE FINANCIAL STATEMENTS- CONTINUED for th• y•ar •nd•d 31 Docambgr 2024 Tanglblo flxed assets Depreciation is provided at the followng 8nnual rate8 in orderto write off each asset over ts e¥limated useful life. Plant and machinery - Computar equipment- 20% on ￿$1 33% on cost Stocks Stocks are valued al the lowerof cost and net reali8able value, after making due allo%rdnce for obsolets and slow moving it•ms. Taxatlon The charity 1$ exempl from tax on tts charitablè activities. Fund accountlng Unreslricled fund8 can be used In accordance wlth thg charitsble objectives at the dl$Gr81ion of Ihe Iruslee8. Re8lricled funds can only be used for particular re$lri¢lèd purpo8è5 Withln the obje¢l8 of the charity. Restrictlon¥ arise when $p¢cffied by the donor or when fund8 are ra￿ed for particular re¥tri¢led purposes. Further explanatlon of the naturo and purpose ol each lund 18 included in the notes to the financial 8tal&ments. P•n•lon cos1• and other P￿t￿OI1￿Ment ben•fit• The charitablg company p?nslon scheme wa8 Curtalled in 2020 to Curtail c05t¥. due to the pandomi¢ Is yel lo be r•in$laled. ContribLrtOons In re$poGt of eaming8 paid by the charlty to define