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2022-12-31-accounts

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Charity registration number 1182805

Company registration number 11594608 (England and Wales)

THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

PAGES FOR FILING WITH REGISTRAR

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees I Craig
S Muttulingam
A Rhodes
Charity number 1182805
Company number 11594608
Registered office Bank House
Southwick Square
Southwick
Brighton
BN42 4FN
Auditor Richard Place Dobson Services Limited
Ground Floor
1 - 7 Station Road
Crawley
West Sussex
RH10 1HT
Bankers Hampden & Co Plc
9 Charlotte Square
Edinburgh
EH2 3DR

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 9
Statement of trustees' responsibilities 10
Independent auditor's report 11 - 13
Statement of financial activities 14 - 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 26

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second-Edition) effective 1 January 2019.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Purpose:

The Elephant Protection lnitiative Foundation's (EPIF) objectives, as set out in its governing documents, are to promote for the benefit of the public the conservation and protection of elephants through the implementation of the Elephant Protection lnitiative (EPI).

The Elephant Protection Initiative is an African-led initiative established at the London Illegal Wildlife Trade (IWT) Conference in 2014 by the leaders of five African countries: Botswana, Gabon, Chad, Tanzania, and Ethiopia. It has since grown to a unique alliance of 23 African member states dedicated to conserving their elephants.

The EPIF is mandated as the Secretariat to support the implementation of the EPI. This includes committing to implementing the African Elephant Action Plan (AEAP), a blueprint to save the species agreed by all elephant range states in 2010; putting ivory stockpiles beyond economic use; closing domestic ivory markets; and maintaining the 1989 international ban on the ivory trade. Additionally, the EPI Foundation Vision 2030 focuses on the mitigation and prevention of human-elephant conflict (HEC), in recognition of the changing threats to Africa's elephants.

Summary of main activities:

Recognising that it is essential to accrue expertise across a broad base to achieve the EPl's objectives, the. EPIF brings member states, non-member states, NGOs, IGOs, and the private sector together in the pursuit of the aims of the EPI and the long-term protection of elephants. This includes the provision of technical and financial support, in accordance with the governance processes of the EPI.

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

State engagement & collaboration:

The EPIF maintains a continuous dialogue and a working relationship with the governments of EPI member states, from Heads of State, through to Ministers and technical practitioners. This work is facilitated through an appointed National Focal Point (NFP) in each EPI member state. Engagement involves country-specific objectives, aims to leverage, and strengthen, support for the EPI, follow up on progress to meet EPI commitments, and develop a work plan for future activities. The EPIF also engages with non-EPI member states that have expressed interest to join the EPI.

The EPIF believes there is a critical need for an open, frank, and honest conversation amongst African elephant range states on shared challenges, along with an enhanced exchange of experience, and mutual technical and political support. To this end, the EPIF convenes countries and key stakeholders, sharing knowledge, experience, and techniques in addressing common challenges and facilitating the adoption of agreed policy positions.

The EPIF benefits from the advice and experience of its Leadership Council - a group of eminent African politicians and conservationists which includes the Former President of Botswana, the Former Prime Minister of Ethiopia, the Former First Lady of Kenya, the First Lady of Sierra Leone, Gabon's Minister of Water, Forests, the Sea and Environment, and the Former Minister of the Environment of Nigeria.

The EPI in international fora:

The EPI, with its continent-wide membership, Leadership Council, and supportive Foundation (acting as its Secretariat), is uniquely placed to be the platform through which Africa can articulate its needs and meet its goals with respect to elephant conservation. To help achieve this, the EPIF attends and ensures the representation of EPI member states at key international conservation fora, as deemed necessary to the advancement of the EPI.

The EPIF is a proactive voice in the international media on elephant conservation issues and delivers high impact communications campaigns to raise further awareness of the EPI and the challenges facing Africa's elephants.

The international ban on ivory trade & closure of domestic markets:

The continued legal trade in ivory, whether domestic or international, threatens the future of Africa's elephants by perpetuating demand and serving as a cover for illegal trade, which would lead to an upsurge in poaching. The EPIF has continued to campaign for the closure of remaining domestic ivory markets, assist governments in this process when requested, and advocate for maintaining the international ban on trade in elephant ivory.

Securing ivory:

Stockpiles of ivory and other wildlife products accrue from carcasses found in the wild or seized from traffickers. The storage and management of these objects are often woefully inadequate - enabling theft, or the neglect of evidence that is essential to securing wildlife crime persecutions. The leakage of ivory back into the illegal market, and the weak enforcement of wildlife protection laws, perpetuate the ivory trade and the continued slaughter of elephants. To address this and meet the EPI commitment of placing ivory beyond economic use, the EPIF provides support in stockpile management for ivory and other wildlife products, including:

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Developing National Elephant Action Plans:

National Elephant Action Plans (NEAPs) are 10-year elephant conservation strategies, developed by national governments with technical and financial assistance from the EPIF, to support the implementation of the African Elephant Action Plan at the national level. NEAPs are practical tools for countries to identify and prioritize actions to protect their elephants that require implementation. Importantly, NEAPs provide a framework through which financial and technical support can be-applied for.

Increasing awareness of conservation issues, strengthening regional and national knowledge and cooperation, and improving local communities' collaboration in the conservation of African elephants are integral to NEAPs, which are aligned with the United Nation's (UN) Sustainable Development Goals (SDGs).

Addressing Human-Elephant-Conflict:

Looking across the horizon to 2030 and 2050, it is Africa's rapidly growing human population and economic growth, with new and expanding human settlements, related infrastructure, and conversion of land to agriculture, that loom as the largest threats to elephants. As a result, we have witnessed a dramatic growth in HEC across Africa, as people and elephants compete for land and dwindling natural resources. If existing conflicts are not resolved, and future conflicts avoided, the prospects of Africa’s elephants thriving across their range in 2030 are bleak.

In November 2020, the EPIF announced a new focus on the mitigation and prevention of human-elephant conflict, in recognition of the changing threats to Africa's elephants. This involves raising the level of public and political awareness of HEC; advocating for building elephant habitat considerations into decision making processes for policy, spatial and development planning; building a network of experts, partners, and donors; identification of the underlying drivers of the conflict; and deployment of locally relevant HEC mitigation and prevention efforts.

Public benefit:

The trustees have considered the Charity Commission's guidance on public benefit under Charities Act 2011 and this report sets out the work performed by the charity in furtherance of the public benefit.

Fundraising:

The EPIF has an ad-hoc approach to fundraising and spent £16,908 (2021: £18,846) directly on fundraising during the year. Of this, £nil, (2021: £nil) was spent consulting a professional fundraiser. The EPIF does not have dedicated fundraising support and relies on the Trustees and CEO to liaise with high-level donors. As a result of this 15% of the CEO's salary has been apported to fundraising.

There have been no complaints during the current or previous year in relation to fundraising.

Grant-making policy:

To ensure the· appropriate use of EPIF sub-grant funds and compliance with applicable national and international laws and considerations, the EPIF operates a grant selection and monitoring process. The EPIF will evaluate each sub-grantee's risk of non-compliance with regulations, including Federal statutes, and the terms and conditions of the sub-grant before Sub-award Agreements are issued.

This includes the following steps:

  1. Registration form to apply for funding (with supporting documentation).

  2. Risk assessment process for the selection of sub-recipients. The risk assessment addresses several topics that include prior grant management experience, financial management, and personnel. Based on the conclusions of the risk assessment, the EPIF will determine whether special conditions are needed because of increased risk.

  3. Grant agreement and grant terms and conditions, which establish the grant conditions, must be signed by both parties.

  4. Regular due diligence and adherence to the grant agreement monitoring throughout the life of the grant. The frequency of monitoring will depend upon the level of risk determined in the Due Diligence form. The EPIF will monitor the activities of the sub-grantee as necessary to ensure that the sub award is used for authorized purposes, in compliance with regulations, and the terms and conditions of the sub-award; and that sub-award objectives are being achieved. Details of the reporting requirements and monitoring are outlined in the Grant Agreement and Terms and Conditions, and the project Monitoring & Evaluation plan.

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

Growth of the EPI:

• Since its launch at the London Conference on IWT in February 2014, the EPI has grown from 5 to 23 Member states, determined to end the killing of elephants. The majority of Africa's surviving elephants live in EPI member states, which span the continent, from east to west, from savannah to dense forests.

• The EPI has brought together more than 40 of the world's leading NGOs and IGOs who have publicly declared their support for the EPl's aims

• The EPI Foundation has been established as the sole Secretariat, whose expertise has grown to a dedicated team of 9, with a presence in the UK, West Africa, the Horn of Africa, East Africa, Southern Africa, and Europe, maximising capacity within a cost-efficient framework to deliver direct support to member states

• A Leadership Council to the EPI Foundation has been established, comprising a group of eminent African politicians and conservationists.

• Creation of a suite of resources through the EPI website, providing partners and governments free access to effective tools and best practice guidance, available in multiple languages.

• Through its growth in size and status; the EPI has brought African voices to the fore, creating an African-led solution to the elephant crisis and a partnership-based approach. African countries are responsible for managing their elephant populations, in line with international obligations, and solutions to these challenges must be African led if they are to succeed.

- High level Advocacy:

• The EPI is uniquely placed, through its high-level support, extensive connections with donors, conservation organisations and the international media, and has acted as a conduit between Africa and the rest of the world, to seek solutions to the challenges facing Africa's elephant populations. The EPI Foundation has many times convened member states at international conferences and meetings, ranging from high-level Presidential meetings to technical workshops for wildlife departments. Additionally, the EPIF has facilitated the appearance of key stakeholders in the international media, raising global awareness of the EPI and its goals.

• This has enabled greater regional cooperation, South-South knowledge exchange, adoption of common policy positions, raised public and political awareness, and supported wider biodiversity protection.

Maintaining the international moratorium and closing domestic ivory markets:

• The EPI member states and partners, acting together to bring about a shared desired outcome, have led with a strong and vocal stance for the maintenance of the international ivory ban and had a major impact on closing the legal ivory trade and domestic ivory market. Consequently, this has reduced the price of ivory and incentives for elephant poaching and ivory smuggling: an organised crime that destroys elephant populations and foments instability. Huge strides have been made, and it is difficult to envisage the return of the international ivory trade. Despite this we know we cannot be complacent, and there are troubling signs of an increase in elephant poaching for ivory, particularly in West and Central Africa.

• Successful advocacy has been undertaken for resolutions on domestic ivory market closure to governments and at key international conservation conferences including CITES and International Union for Conservation of Nature (IUCN) summits.

• The EPIF provides domestic closing protocols, enabling member states to plan and implement the closure of their domestic ivory markets.

• Crucial breakthroughs were achieved for the closure of major consumer markets with the bans of ivory sales, by the United States (US), China, Australia, Singapore, and the European Union (EU) instigating a consultation process (ongoing).

• The EPIF played a significant role in the introduction of the United Kingdom (UK) Ivory Act 2018, including an online campaign helping to generate one of the largest responses to a DEFRA consultation, which came into effect earlier last year.

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Developing National Elephant Action Plans (NEAP):

• Creation of Standards & Guidelines for the development of comprehensive, budgeted and time scaled NEAPs, freely available in multiple languages.

• 8 EPI member states have finalized NEAPs with Implementation Plans and budgets developed through inclusive stakeholder workshops, for Ethiopia, Kenya, Uganda, Chad, Angola, Gabon, Nigeria and Malawi. Each NEAP identifies what the respective country requires to protect its elephants, the priority projects, and the resource gaps - which await the support of the international community. Currently in development are the NEAPs of Congo Brazzaville, Liberia, and Cote d'Ivoire. · • Key to this support is the alignment of NEAPs with the UN's SDGs, supporting sustainable livelihoods for local communities and the harmonious coexistence of elephants and people with herds able to ·travel across their range. Thereby protecting a diverse range of wild animals and plants, combating climate change, and supporting local livelihoods.

• The EPIF also provides an advisory role to facilitate short and long-term resource mobilisation of NEAPs, including through advancing successful conservation governance models.

Placing ivory beyond economic use through the effective management of stockpiles:

• The EPIF has developed, and widely disseminated across the continent, Ivory Inventory, Protocol and Management Technology Guidelines, for conducting a CITES-approved inventory of wildlife products, freely available in multiple languages.

• The design and implementation of a digital Stockpile Management System, to support the real-time management of ivory and other wildlife products, with acknowledgement from the CITES Standing Committee meeting in November 2017, and information documents available on the CITES website.

• 856 people participated in training sessions on the use of the SMS to date - on inventory techniques, SMS use and the Administration of the SMS, administrator, and user training courses.

• 120 smart tablets have been provided to government and NGO partners for the SMS.

• 14 African countries have utilised the SMS, and 11 have up-to-date inventories and are able to report to CITES in time for the annual 28th February deadline.

• The Best Practices & Gold Standards for the Management of Wildlife Products toolkit has been developed and disseminated across Africa. This outlines the minimum baseline standards and the best practice 'Gold Standards' for the management of ivory and other wildlife products. The toolkit includes a Gold Standard Assessment App - a digital app for assessing storeroom security and management to inform improvements needed.

• 8 countries are currently receiving support from the EPIF to implement the Gold Standards for stockpile management.

• The benefits of a robust stockpile management system include:

Reduces risk of corruption and leakage of wildlife products back into illegal trade Leads to more successful prosecutorial capabilities.

Fosters inter-agency collaboration and improves confidence in government institutions and law enforcement and therefore relationships between the authorities and civil society.

Supports countries in reporting at a national and global commitment level.

Financial review

Total income for the year was £1,232,327 (2021: £1,007,045). The vast majority of this income was donations and grants received. The EPI Foundation worked with nineteen restricted grants in the year, and these grants support our government partners to implement the aims of the EPI Foundation (outlined above). The EPI Foundation has had continued success in 2022 in applying for and receiving further restricted funding.

The EPI Foundation's expenditure on charitable activities for the Financial Year was £1,251,211 (2021: £939,797), including support costs of £16,050 (2021: £81,864). During the year the EPI Foundation maintained close control of operational costs. Examples of cost-saving measures were restricting international travel, reducing fixed costs, and otherwise ensuring that value for money is achieved in all areas.

The Charity's reserves at the year-end were £214,327 (2021: £250,119), comprising £53,745 (2021: £111,802) restricted funds and £160,582 (2021: £138,317) unrestricted funds. The unrestricted reserves represent the Charity's free reserves.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Reserves policy:

The Trustees recognise the need to have sufficient unrestricted funds held as a reserve to ensure underlying stability should the Charity face an unexpected decline in income streams, unexpected cost increases or the need to respond to a change in its environment (such as COVID). Accordingly, the level of unrestricted reserves that the Trustees believe to be appropriate stands at £150,000 (circa 3 months funding). The Trustees believe this to be appropriate as it is sufficient to protect the charity against a fall in income, but not too much that it would impact on the Charity's ability to perform its activities. The current level of unrestricted reserves at year-end stands at £160,582 (2021: £138,317). This is above the target level of reserves.

Principal risks and uncertainties:

The EPIF, with the considerable and diverse experience and networks of its Board of Trustees, Leadership Council, staff, consultants, and other supporters, is well placed to deliver this project work - and although no steps can be taken to secure against all risks in their entirety, they are aware of the various risks inherent in the field and risks are raised at board meetings where relevant plans are reviewed.

Despite numerous challenges, the EPI Foundation has managed to adapt to new ways of working and maintain strong relationships with EPI member states and partners. It has placed the EPI in a strong position to support the prevention and mitigation of HEC and be the platform through which Africa can articulate its needs and meet its goals in elephant conservation.

The EPIF's work does rely on the will of our government partners to maintain conservation efforts as a priority and to deal with illegal wildlife trade within and across its borders, and on the interest of private and bilateral donors in the cause. Our ongoing thought leadership on the wider humanitarian, economic and governance issues mitigates the risk of this commitment subsiding and is a key aspect of our overall aim.

At each meeting, the Board approves and monitors the budget and income forecast, as well as reviewing an update on the income and expenditure in the interim since the previous meeting.

There are security risks that exist in many countries in which the EPIF operates and to which staff and consultants travel for work. The EPIF team and Board members that are requested to travel are selected for their roles based on their familiarity with these risks - but will also be briefed on situations specific to their destination.

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Plans for future periods

Thanks to the activities and collaborative efforts of member states and the EPI partners to achieve the EPI goals, dramatic progress has been achieved. Eight years on, the prices of ivory have dropped substantially, an international ban on the ivory trade remains in force, significant domestic ivory markets have closed, and a capability to monitor evidentially government ivory stockpiles has been developed and deployed. Crucially, poaching for ivory has reduced in some key areas, and some populations are beginning slowly to recover. The EPI Foundation has been established as the legal entity mandated to be the formal secretariat of the EPI.

The EPI Foundation will continue to provide its core support for stockpile management and achieving gold standards in the management of ivory and other wildlife products, and the development of NEAPs. These are fundamental pillars of the EPI. But if we want to secure the future of Africa's elephants, we must do much more.

In 2020, a consultation process was undertaken by the new CEO, John Scanlon AO, working with the EPI Foundation team, the Leadership Council and the Foundation's Board of Trustees, to examine how the Foundation can best support EPI member states and partners with elephant conservation in a post COVID-19 world.

Analysing the work of the EPIF to date, its strengths, and weaknesses, and how the challenges facing EPI member states and their elephant populations have adapted. The result is a renewed Vision and narrative for the EPI Foundation, titled 'Looking Beyond Ivory - the EPI Foundation to 2030' ('the Vision'). In October 2020 the EPIF team set about an engagement process with the EPI Council of Ministers and National Focal Points in the new Vision 2030, met with widespread approval, and personal letters of support from EPI Ministers.

Going forward, the EPI Foundation will galvanise support for all EPI member states, to help them manage and avoid humanwildlife conflict (HWC) and ensure the harmonious coexistence of elephants and people to 2030 and beyond. The resolution of HWC is an integral part of the AEAP and the related NEAPs.

The EPI Foundation will further develop its capacity in this area, establishing a Human-Elephant-Conflict Evaluation and Support Team ('the HEC Team'), a small interdisciplinary team created to support EPI member states mitigate and prevent (HEC).

There are already HEC mitigation projects in many parts of Africa, but the continent needs a more coordinated and mutually supportive approach. The EPI offers this opportunity. It will encourage the deployment of existing and new technologies and techniques across the continent to address HEC, and to support spatial planning.

Structure, governance and management

Type of governing document: Memorandum and Articles of Association

How’s the charity constituted : Private Limited company

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

I Craig S Muttulingam A Rhodes

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Names of the charity trustees who manage the charity:

Alexander Rhodes, Ian Craig OBE, Sanjayan Muttulingam.

Day-to-day operational control of the charity is given to the CEO - John Scanlon. John Scanlon is responsible for the direction and long-term strategy, though any such decisions are ultimately made by the trustees.

Trustee selection methods:

Election process:

  1. The Charity may by ordinary resolution:

  2. 1.1 appoint a person who is willing Jo act to be a director; and

  3. 1.2 determine the rotation in which any additional directors are to retire.

  4. No person other than a director retiring by rotation may be appointed a director at any general meeting unless:

  5. 2.1 he or she is recommended for re-election by the directors; or

  6. 2.2 not less than fourteen nor more than thirty-five clear days before the date of the meeting, the Charity is given a notice that; a) is signed by a member entitled to vote at the meeting;

  7. b) states the members' intention to propose the appointment of a person as a director.

  8. c) contains the details that, if the person were to be appointed, the Charity would have to file at Companies House; and

  9. d) is signed by the person who is to be proposed to show his or her willingness to be appointed.

  10. All members who are entitled to receive notice of a general meeting must be given not less than seven nor more than twentyeight clear days' notice of any resolution to be put to-the meeting to appoint a director other than a director who is to retire by rotation.

  11. The directors may appoint a person who is willing to act to be a director.

  12. A director appointed by a resolution of the other directors must retire at the next annual general meeting and must not be taken into account in determining the directors who are to retire by rotation.

  13. The appointment of a director, whether by the Charity in a general meeting or by the other directors, must not cause the number of directors to exceed any number fixed as the maximum number of directors.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Arrangements for setting the pay and remuneration of the charity's key management personnel

Remuneration of key management personnel is set via benchmarking with other similar organisations.

Auditor

In accordance with the company's articles, a resolution proposing that Richard Place Dobson Services Limited be reappointed as auditor of the company will be put at a General Meeting.

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Reference and Administrative Details

Charity name Elephant Protection Initiative Foundation Other name the charity uses EPI Foundation (EPIF) Registered charity number 1182805

Charity's principal address Bank House Southwick Square, Southwick, Brighton BN42 4FN

Trustees' responsibilities in relation to the financial statements

The charity trustees (who are, also the directors of the charity for the purposes of company law) are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year. In preparing the financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently.

• make judgments and estimates that are reasonable and prudent.

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the 'financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and 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.

Statement as to disclosure to our auditor

In so far as the trustees are aware at the time of approving our trustees' annual report:

• there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the charity's auditor is unaware, and

• the trustees, having made enquiries of fellow directors and the charity's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The trustees' report was approved by the Board of Trustees.

.............................. A Rhodes

Trustee

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors of The Elephant Protection Initiative Foundation for the purpose 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 state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

Opinion

We have audited the financial statements of The Elephant Protection Initiative Foundation (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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, the financial statements:

Basis for opinion

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 charity 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 the provisions available for small entities, in the circumstances set out in note 19 to the financial statements, 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 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.

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 charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

page 11

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Fraud and error in revenue recognition

For majority of the income during the year we obtained and reviewed the supporting documentation. We reviewed income recognition by vouching a sample of bank receipts to grant documentation. We reviewed transactions throughout the trial balance for any evidence of manipulation by management.

Management override of the accounting control system

In addition to discussion with management and amongst the engagement team, review of the financial policies in place were undertaken to gain an understanding of the foundations current activities, authorisation procedures and effectiveness of the control environment. Our understanding was tested during the audit work and the systems controls in place were found to be operating effectively. In addition we reviewed all material transactions and journal adjustments during the year for evidence of manipulation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

page 12

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

Darren Harding ACA FCCA DChA (Senior Statutory Auditor) for and on behalf of Richard Place Dobson Services Limited

08 September 2023.........................

Chartered Accountants Statutory Auditor

Ground Floor 1 - 7 Station Road Crawley West Sussex RH10 1HT

Richard Place Dobson Services Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

page 13

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Current financial year

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
263,948
968,379
Expenditure on:
Raising funds
4
-
16,908
Charitable activities
5
241,683
1,009,528
Total expenditure
241,683
1,026,436
Net income/(expenditure) for the year/
Net movement in funds
22,265
(58,057)
Fund balances at 1 January 2022
138,317
111,802
Fund balances at 31 December 2022
160,582
53,745		 Total
2022
£
1,232,327
16,908
1,251,211
1,268,119
(35,792)
250,119
214,327		 Total
2021
£
1,007,045
18,846
939,797
958,643
48,402
201,717
250,119

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

page 14

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Prior financial year

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
3
322,968
684,077
Expenditure on:
Raising funds
4
18,846
-
Charitable activities
5
270,747
669,050
Total expenditure
289,593
669,050
Net income/(expenditure) for the year/
Net movement in funds
33,375
15,027
Fund balances at 1 January 2021
104,942
96,775
Fund balances at 31 December 2021
138,317
111,802		 Total
2021
£
1,007,045
18,846
939,797
958,643
48,402
201,717
250,119

page 15

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Income funds
Restricted funds
14
Unrestricted funds - general		 2022
£
2,894
248,884
251,778
(37,451)		 2021
£
£
39,087
498,632
537,719
(287,600)
214,327
53,745
160,582
214,327		 £
250,119
111,802
138,317
250,119

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2022, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

�����������������

The financial statements were approved by the Trustees on .........................

.............................. A Rhodes Trustee

Company registration number 11594608

page 16

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Notes
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
17
(249,748)
Net cash used in investing activities
-
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash equivalents
(249,748)
Cash and cash equivalents at beginning of year
498,632
Cash and cash equivalents at end of year
248,884		 £
23,188
-
-
23,188
475,444
498,632

page 17

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

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

1 Accounting policies

Charity information

The Elephant Protection Initiative Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Bank House, Southwick Square, Southwick, Brighton, BN42 4FN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

Legacies are recognised on receipt 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 a contingent asset.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

page 18

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

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

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

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.

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

page 19

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2022
2022
£
£
Donations and gifts
263,948
968,379
Donations and gifts
Doantions and grants
263,948
968,379
Coronavirus job
rentention scheme
grants
-
-
263,948
968,379		 Total
Unrestricted
Restricted
funds
funds
general
2022
2021
2021
£
£
£
1,232,327
322,968
684,077
1,232,327
318,709
684,077
-
4,259
-
1,232,327
322,968
684,077		 Total
2021
£
1,007,045
1,002,786
4,259
1,007,045

4 Raising funds

Restricted Unrestricted
funds funds
general
2022 2021
£ £
Fundraising and publicity
Seeking donations, grants and legacies 16,908 18,846
16,908 18,846

page 20

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Charitable activities

Program
implementation costs
HEC
development
Ivory EPIF
work
NEAP
development
Publicity and
communications
2022
2022
2022
2022
2022
£
£
£
£
£
Staff costs
45,550
-
76,582
-
72,141
Travelling costs
60,054
5,720
13,272
-
-
Telephone and
internet
58
189
353
1,077
-
Consultancy fees
139,281
62,460
132,416
42,042
-
Partner meetings
3,299
-
-
-
-
Professional fees
778
-
24,983
75,036
-
Purchased services
-
6,480
461,177
-
5,555
Equipment
-
-
5,941
-
-
Miscellaneous
698
-
19
-
-
249,718
74,849
714,743
118,155
77,696
Share of support
costs (see note 6)
3,210
3,210
3,210
3,210
3,210
252,928
78,059
717,953
121,365
80,906
Analysis by
fund
Unrestricted funds
- general
149,701
28,989
2,602
20,638
39,753
Restricted funds
103,227
49,070
715,351
100,727
41,153
252,928
78,059
717,953
121,365
80,906		 Total
2022
£
194,273
79,046
1,677
376,199
3,299
100,797
473,212
5,941
717
1,235,161
16,050
1,251,211
241,683
1,009,528
1,251,211

page 21

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Charitable activities (Continued)

For the year ended 31 December 2021

Program
implementation costs
HEC
development
Ivory EPIF
work
NEAP
development
Publicity and
communications
£
£
£
£
£
Staff costs
31,048
-
69,403
-
65,419
Materials
-
-
-
-
870
Travelling costs
3,549
1,827
7,249
-
-
Telephone and internet
-
432
282
-
-
Consultancy fees
177,850
41,421
84,857
36,223
-
Partner meetings
47
-
-
-
-
Professional fees
-
-
15,452
-
-
Purchased services
997
5,326
309,536
-
3,832
Equipment
-
-
928
-
-
Miscellaneous
-
1,182
203
-
-
213,491
50,188
487,910
36,223
70,121
Share of support costs (see
note 6)
16,372
16,373
16,373
16,373
16,373
229,863
66,561
504,283
52,596
86,494
Analysis by fund
Unrestricted funds - general
235,467
9,144
8,712
8,712
8,712
Restricted funds
(5,604)
57,417
495,571
43,884
77,782
229,863
66,561
504,283
52,596
86,494		 Total
2021
£
165,870
870
12,625
714
340,351
47
15,452
319,691
928
1,385
857,933
81,864
939,797
270,747
669,050
939,797

page 22

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

6
Support costs
Support
costs
Governance
costs
2022
Support
costs
Governance
costs
£
£
£
£
£
Auditors remuneration - audit
fees
20,160
-
20,160
10,800
-
Auditors remuneration - non-
audit services
-
-
-
1,860
-
Staff costs
-
-
-
20,060
-
Office costs
7,526
-
7,526
5,828
-
Payroll and other professional
fees
915
-
915
2,573
-
Insurance
2,667
-
2,667
2,924
-
Other operational costs
9,841
-
9,841
2,857
-
Bank fees and foreign exchange
variances
(25,059)
-
(25,059)
34,962
-
16,050
-
16,050
81,864
-
Analysed between
Charitable activities
16,050
-
16,050
81,864
-		 2021
£
10,800
1,860
20,060
5,828
2,573
2,924
2,857
34,962
81,864
81,864

Governance costs includes payments to the auditors of £11,880 (2021- £10,800) for audit fees.

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2022 2021
Number Number
5 5
Key management personnel are considered to be the trustees and John Scanlon (CEO).
The number of employees whose annual remuneration was more than £60,000 is as
follows:
2022 2021
Number Number
£60,000 to £70,000 1 1

page 23

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10 Debtors

Amounts falling due within one year:
Prepayments and accrued income
11
Creditors: amounts falling due within one year
Notes
Deferred income
12
Trade creditors
Accruals and deferred income
12
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 January 2022
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2022		 2022
2021
£
£
2,894
39,087
2022
2021
£
£
2,067
269,499
23,548
50
11,836
18,051
37,451
287,600
2022
2021
£
£
2,067
269,499
2022
2021
£
£
2,067
269,499
269,499
336,576
(269,499)
(336,576)
2,067
269,499
2,067
269,499

13 Retirement benefit schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

page 24

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 January 2021 resources expended 1 January 2022 resources expended 31 December
2022
£ £ £ £ £ £ £
Tusk SMS 19,995 - (19,995) - - - -
Tusk 2021 - 19,232 (10,517) 8,715 - (8,715) -
CMS - 31,473 (17,221) 14,252 (14,968) 716 -
INL - 392,159 (392,159) - 690,156 (690,156) -
CI - 153,853 (153,853) - 194,562 (194,562) -
DEFRA 047 3,989 13,044 (3,143) 13,890 (8,680) (5,210) -
DEFRA 058 8,923 58,851 (67,774) - 13,337 (13,337) -
Friedman
French 8,588 - - 8,588 - - 8,588
National
Geographic 43,793 16,000 - 59,793 - (59,793) -
Rumi 4,496 - - 4,496 - (4,496) -
WCS 2,068 - - 2,068 - (2,068) -
SFG 4,923 (535) (4,388) - - - -
Tusk 2022 - - - - 26,530 (8,255) 18,275
USFWS Ivory
Coast - - - - 38,722 (25,019) 13,703
USFWS
Stockpile
Mgmt - - - - 20,683 (11,487) 9,196
Bityarn AWF - - - - 4,055 (4,055) -
Wild
Philanthropy - - - - 3,981 - 3,981
96,775 684,077 (669,050) 111,802 968,378 (1,026,437) 53,745
15 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
December 2022 are
represented by:
Current assets/(liabilities) 160,582 53,745 214,327 138,317 111,802 250,119
160,582 53,745 214,327 138,317 111,802 250,119

page 25

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THE ELEPHANT PROTECTION INITIATIVE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 112,722 108,997

During the year, the Charity received £26,530 (2021 - £19,231) from Tusk. The Chairman of Tusk is a trustee of EPIF. The Charity also received £194,562 (2021 - £153,853) from Conservation International (CI). The Chief Executive Office of CI is a trustee of EPIF.

There were no further related party transactions in the year that require disclosure (2021 - £Nil).

17 Cash generated from operations
Cash generated from operations
2022
£
(35,792)
36,193
17,283
(267,432)
(Deficit)/surplus for the year
Movements in working capital:
Decrease in debtors
Increase/(decrease) in creditors
(Decrease) in deferred income
Cash (absorbed by)/generated from operations
(249,748)		 2021
£
48,402
44,702
(2,839)
(67,077)
23,188

18 Analysis of changes in net funds

The charity had no debt during the year.

19 Non-audit services provided by auditor

In common with many organisations of our size and nature we use our auditor to assist with the preparation of the financial statements.

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