Charity rtgbtrdtioD number 1182805 (England xttd Wale5) Cothpapy reEistr¥tioD ttumb¢r 11594608 THE ELEPHANT PROTECTION INITIATIVE FOUNDATION ANNUAL REPORT AIYD FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 *AEBH7AGB* 20109J2025 COMPANIES HOUSE THE ELEPHANT PROTECTION INITIATIVE FOUNDATION LEGALAND ADMif41STRATIVE INFORMATION Thisttes I Craig S MUtt￿in8am Lwhi S Ikeazor (Appotnted 16April 2025) IAppoint¢d 16April 2025) Charity nymb¥rlEffjglaThd #nd W*l¢s) 1182805 Company ttumber 11594608 Registsred Bank How¢ Souihwick Squ Southwick Brighio BN42 4FN AMdit•r Rithard Place Dob50n S¢rviG¢5 Limited Ground Floor 1- 7 Si&iion Road Crawley W¢st Suss¢x RHIO IHT B%Dk¢T5 Hampd¢n & Co PIC 9 Ch3rlotte Square Edinburgh EH2 3DR THE ELEPHANT PROTECTION INITIATIVE FOUNDATION cO￿rENTs P#ge Ttust¢¢s' report Statemmt of rustets, reS￿nSibIlItIeS io Indep¢nd¢Tht auditoes report sts(￿n¢ftttsf finan¢i81 activiti¥s 14 Balance sh¢¢¢ 15 Stst¢mM( of c&8h rtows 16 Not¢s to the fwwieial 8taiemerits L7-27 THE ELEPIL4NT PROTECTION INrrIATIVE FOUNDATION TRUSTEES, REPORT GNCLUDING DIRECTORS, REPORT) FOR THE YEAR EIVDED 31 DECEJUBER 2024 Ih¢ Trustets, who are also Directors of the charity for the purposes of the CompAni¢s 2006* Present their rew>rt with the fin￿¢]&1 staterrt¢Thts of the dwity for the year ended 31 DeceJnb¥ 2024. The fin4rKial statements ¢orAply with the Chatities Aet 2011, the Compwues Act 2006. the Memorandum and Arti¢le8 of A550¢iation, atTrdAccountin8 and Reporting by Chariiie5'. *w¢meni of Rccomtnendtd Prdctice applicable to tharities pr¢paring their accounts in ac¢ordtrt¢¢ with the FinanGial R¢porting Stsndard appli¢abk in thc UK and Republi¢ of Ireland IFRS 102) (Seeond-Edition} effective l Janu&ry 2019. The finan¢ial $[a[￿ents havt been prepartd in actordarjtt w>th the attounting policies put in note J to th¢ fin￿￿14[ statern¢n¥s and wmply with the charity's memorattdllm and artTrclrx of associatio[4 th¢ Cotllpanics Act 2006 and "Accounting and Rep[>rt￿g by Charities= Stytement of Recommended Prnctic¢ applic&ble io thar¥titS PTeparing their tccounts in w)rd2nce with the Firtancl31 ReportiDÈ Standard applicable in th¢ UK and Rcpublio of Inland (FRS 1021. (effective l Januw 2019). Objediv¢s and *ctivi¢i¢5 PuTPtsSt: The Elephant Protection Iniiiative Foundation's (EPIF) obj¢aiv¢s, a5 set our in ils EoverwDg documertts, art to PTQrnQte foi tl benefit of the public the conservation and prot%tion of ¢lephatsts through tht implern¢ntation of the Elephanl PKJthCtion Lniti¥tiv¢ (EPI}. The El¢ph9n¢ ￿0￿ctiOn Initiative is ￿ AfricEn&l¢d iniiiaiive established at the London Ille￿1 Wildlife TTade {IWD . Conference in 2014 by the lekn of fiv¢ AfriGan countrt¢s.' BoLnvan3. Gabon, Chad, Ttn2ania, and Ethiop?a. It ha5 Sinct grown to a uniqus allian¢t of 26 AfriG7n member states dedicated to ¢onscrving their ¢l¢phaRt5. Th¢ EPIF is m8nd#ted & the Secretarial to support thr irnplemenlation of the EPI. This includes ¢ornmitting to implemeniing the Afric•n Elephant Action Plan IAEAPI. a blu¢print lo save the speEies 3greEd by all elephant range Slates in 2010 {gthd updated in 20231.. putting ivory stOGlyi1¢5 beyond economic use., Glosixg domestic ivory markas- and mainwning the 1989 in1cmation￿ bth on the ivory trade. Additionally. the EPI FoutsdèriDn Wjsion 2030 focuses OTr the mit1￿￿On and prtvention of human-el¢phani conflict (HECI, in reGO￿lI￿Ort of the dJansingthru5 to Africa's elephants. Summary ofmain a¢tiviti¢s Reco￿lsIng that li is ￿SentiAl to a¢¢n￿ ￿P￿rtIse ll￿$$ a broad bast to achievt the EPI'S objecitV￿ the EPIF bring5 m¢mber ststes, tK)n-mernber state5, NGOS. IGOS, and the PTivat¢ ￿tOr together in the purswt of the aims of thr EPI and the 10Th8-ierm proiection of elcphants. T1￿$ inrludts the provision of tschnical and finthCi￿ 511PPOQ in a¢wrdatKe with the governance prote5s￿ ofthE EPI. iale e eMe4t Iltt ral£o The EPIF maintains a Continuo￿ di8JoBue ¥Jd 4 working Telaiionship wlth the governments of EPI rnernber 51ate4 from Heads f Stal4 through to Minist¢ts aTid ted1￿Cal prAGlitiontTS. This woik is faeilitsted through appointed Natianaj Focal Point INFP) in each EPI Tnunbct stak. Engagernent involvts ¢ountry-specifi¢ objxtive5, auns 10 leveragc, and strtntsd)en, support ror lh¢ EPI, follow up on progrcss to ni¢¢i EPI commitsnents. and develop a work plan for Jctivitie5_ Th¢ EPIF also eDga2es wilh nen.EPI [ne￿ber ststes th&t havt txpressed intUC5t to join the EPI. Th¢ EPIF bcli¢ves IheR is A criucal need for an open. fraoL and hon¢st ￿tIve¥satiOtt atnongsl African elcphant ran8t St￿e$ on shored challcnges. along with an ¢nhtnca ¢K¢h￿)8¢ of exp#itn¢e. and mutyal iechTri¢&l and political supwn. To this end, the EPIF ¢onvene5 Countries and key st*ebolders, Sharing knowledge. exp¢rience. 4nd teckniquts ¢tt addre2sio8 common haIlMgcs and fxilitatin8 fhe *Joption of agreed PDli¢y positions. Tr EPIF benefits from the advice 8nd experience of its L¢•dership Council - a Eroup of eminent Athean poliu¢ian5 tonscrvaiionists which include$ the FoTm¢r Presid¢ni of Botsw￿ the FoTFfier Prime Minister of Ethiopti the former First Lady of K¢ny4 and Gabon'$ F0T￿ET Minist¢r of WaÉ¢r, Forests, the Se4 and Environm¢n4 and thc Former Minister of the Environm¢ni ofNis¢ir4 whD appointed as Chair in 2024. p8g¢ I THE ELEPHANT PROTECTION INITIATIVE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORD (CONTINUED) FOR THE YEAR ENDED 311)ECEMBER 2024 rna ora." Thc EPI, with its toDtin¢nt-wide membership. Le&duship Council, and supportive Foundatton (acting &s iis Se¢retsriat). unlquely pl8ced to be th¢ platfoTM through which Africa cao ¥triculat¢ its needs and rnett its goals with r¢spcct to cleph2nt conservatien. To help 8chicvt this. The EPIF attends and •tsur¢s the reprcsentation of EPI tnernber 5tatcs ai kty international ¢on$crvarion for4 as themed ne(￿5￿ry to theadV￿C￿Cntoe the EPI. The EPIF is R proactive voic¢ in the international 7Dtdia en ¢ltyl￿at con5e¥vation issues and d¢livers high impart ¢ommufti¢atiOn5 ￿Mpaign$ to rais¢ fither awareness of the EPI and the cknllenges fa¢ingAfri¢a's elephants. py i frttde & elo$ure o ITC mar&E . Th¢ Cominued leEal tyadc in SYQrytr whether dom¢siic or internation￿. threatCf3 th¢ fulljre of Africa's tlqjhants by p¢rpewating d2m*)d and serving a cover for illegal trad4 which would le4d ta 3n upsurge in poathiDg. The EPIF continued to camp8kgn for the Clos￿rt of remaining domestic ivory markets, assisi gtrvernm¢nts ill thi$ proxss when Tequ¢sted. and advoeaie formaintainin8 th¢ international ban on trade in d¢ph*J]t ivory. iv Stockpiles of ivory and ¢)thtt wildlife products acuue from C￿e¥S$t$ found sn the wild or seiztd from traffickers. Thr 5Eorage #nd manigernent ofthtse obj¢¢ts arc often woefully in&Jequatt- etrabling theiL er the n¢glect of eviden¢c that is essential io se¢urin8 wildlife crtm¢ prosr¢ution$. The le*88t of ivory back into the ill¢gal tnarktu and the weak enfor¢em¢nt of wildlife prDtrclion law4 pewat¢ the ivory Irade and thc continuRd ￿aughter of eIcphants. To address this and meet th¢ EPJ mmitmtnt of pla¢in8 ivory b¢yond econtsmi¢ u54 the EPIF providc5 315PPQrt in stockpil¢ mana&wi¢nt for ivory •nd oth wilthife pr¢du¢rs. I￿l￿dEn￿. Implcrllentation of o b¢5wk¢ S￿Ckpi1c M*AgemtDt System {SMS)- a digital ts)ol for srcvre stot*gc of inveThtory daia of gDvemment-held ivory stocks. The EPIF condu￿$ trdining on the app andt¢rhnolo8y> di55emtnates resources, and on8oing troubleshooiing ID Ell3blc continued indcpcndent use. The SMS help5 to str¢ngthert llw ettforttzncni tffotts and facilitate the annual invtntory of siockpi1¢5 to mmply with the req￿]rements of the Coovctttion on Iorcmational Trade itt Endangeted Spettses (CITES}. The SMS proiocols. roo15, train￿% and techrtical $upp)ff have been accredited by CITES and hav¢ b¢en used wid¢Jy a¢ross EPI manbcr statw. Achieving Gold Stsndards irj the managsrn¢nt of ivory oth¢T wildlife products. Thi5 includes a toolksr outlining requirements for physical 5tortroom sccttrity, Storeroom mana8emen( re￿ra keeping and niovemenr of iVOryJ as well technical and financial suppt>rt to make siorerootn i￿provements provide ¢8p8¢ity buildittg. Additionally. the implementation of Stronger Stsr¢dard Qperating Procedures (SOPS) Iv ¢Dable tr￿sp￿rent. secur* and effe¢tiv¢ a¥thgern￿l The EPIF has d¢veloptd a suit¢ ef T￿o￿te5 3nd training tools to supwrt sto¢kpile mana8ern¢nt, fretly av4ilabl¢ attd in multiple 13nguag¢s. IEle hartlAction Plu Nation￿ EltphantActiort Plans (NEAPS) 1O-ycar¢l￿b8ft¢Q)EIs¢rV8ti0ft s¢rat¢£lts. dev¢loped by nauon81 goverom¢nts tcthnical and financial a%$isÈance from the EPIF, to support the itnplementatiOD of the African Eleptwnt Action Plgm at the national l¢v¢l. NEAPS practical tools for countries to idcntify ond prioritize a¢tions Éo pretect th¢ir dephants that reqwT¢ impleTtL¢ntation. Itnp)rfantly. NEAPS PT(Ivide a fram¢workthrough wlt(ch financial and reclmical suppJrtGan bc applied for. In¢rca5ing awareness of conservation issue5, 5tr¢Dgrh¢nins regiond and naiitsnal knowledge and wctp¢ratiot4 impro￿n8 wtnmuniues. ￿llabOration in the Cor￿ation of Afriw eleph￿¢$ arc to NEAPS, which arc all￿ed with the UryitedNation's IUNI Sust8ittable Dcvdopment Go￿S (SDGS). ss Looking acr0$5 the hDrv￿tt to 2030 or to 2050, it is Afri¢a's rapidly growinghuttwj popula¢ion r¢onomic groM¢h, with new ak)d expgndittg hurnan settlemenL%, relatc(t infr&%tructure, and conversion of knd tv agri¢ulrure. that loom &% the largest threats to tlephgts)ts. As a rtsul4 we have witnessed a dramatic grort in HEC across Africa. 8$ peoplt and elephartts comp¢t¢ for lat and dwindling rtatunl re50ur¢¢s_ If ¢xisting confiitrs ar¢ not r￿olved. and ￿tUre c4nflicts avoided. the wospecis of Africa's elephants thriving a¢rosS their Tangc in 2030 &c bleak Th¢refor4 the EPIF is focustd on miligating and ￿¢venTIng human- elrph8ni ¢oDtIic(. in Tccognition of the chaJ]ging fhreats to Africa's el¢phants. ThÈs iavolvu Tai5ing the level o( public and polirical awa￿neSS of HEC,- advocaEsng foF buildin8 clephant habitat coNiderdtions into dtcisiomaksng PToces$25 for policy. spaii&l athd developmcnt planning., building a nettvork of experts. partner5, and donors,. identification of th¢ underlying drivers of th¢ wnflicr,. gnd d¢ployment ofiocally relemt HEC tniti8ation and prev¢ntion effotts. pagt 2 THE ELEPHANT PROTECTION INITIATIVE FOUNDATION TRUSTEES, REPORT aNCLUDING DLRECTORS, RIPORT) (CONTYNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Poblit b¢nefit Th¢ irwtrts have conside￿d tht Charity Comrnission's kuidancc on public benefit under Ch*iti¢sAct20118nd ihis r¢pon 5¢ts out Lhe workp¢rfortn¢d by the chatiry in fvrtheT8￿e of the public b¢nefit. The EPIF has aTh ad-ho¢ 4yoa¢h to kndrdising and spent £16,578 12023-. £16,757) direthly on fvn¢lraisittE during the year. or thi& £Nil, {2023.. £Nill was spent consuliillg a PFofes$itsnal fi]ndraiser. The EPIF does not h4v¢ dedIca￿d fundraising support ond relies on the TTU$t¢es and CEO to li3i5¢ With high-l¢vtl donors and $¢nsor stsff tt> li4is¢ with institymonal dO￿ts. As r¢5uIt of this 15•10 ofth¢ ￿0.$ salary has b¢en apponioncd to fundTaisinE. T1￿￿ hay¢ been N> complaints during they¢as in relatitsn to fundrai$in4. CTant-rnakin8 polity TD ensure the appTopriai¢ use of EPIF funds and compliBnce with appli¢able nationaj and internarional lèws and Èonsiderations. the EPIF operates a ￿ant $¢l¢¢tion WLd monitoring proces$. The EPIF wiu evaIyaic ca¢h sub-8rasJtce's ri>k of compli&j￿¥ with reEuiations, includu]g F¢dEral statute4 8TJd the ie]]ns and condition5 of th¢ sUtr*wt before gub-8w&id Agreernents issued. This includes the following steps.. Re8i5tration form to apply for )fJndinK (with supporting documentation). 2. Risk a5SC55mtnt process for the $eleaion of Su￿reCiP1¢Dts. The risk as5e5sment *ldress¢s Several topic artts thar include prior grsnt rnanagement experience. financiaj mafiag¢men4 and personnel. Based on the CODcluston5 of the risk isse5sment. the EPJF will detemiine whether&p￿18] ¢onditions are netdtd bt¢&Use of tncrwed risk. 3. Gr8nt aweement and grdnt terms and conditions. which establish thegrsnt conditions. must be by both parties. 4. R¢gulardue diligence and adh¢renrcto the grant agreement mo>rritoring throughout the life of the grniL The frequth¢y of rnoTritoring will depend UPDn th¢ level of r&5k d￿¢￿ined in the Dlle Dili82we FDrIn. The EPJF will monitor the activities of thc $ub-gr*)tce 3s necess2ry to ensure that the $u&awaTd is u5¢d for auihorized putPOses. in compli￿ce with regtJlation4 and the tern)s and ¢ondition$ of the sU￿ward,. and that sU￿aWard obJe￿IveS dr¢ being achieved. Detsil$ of the repoftin8 requirements and monitoring are oudined in iht Gzant A8fEwnent atKi Temis and CoThdiiions, and the projcL% Monitoring & Evdvation plart. Athltvcmtnts and performance Growth o Ihe EPI.. Since its launch at the London ConfercJ]ce on IWT in Febtuary 2Q14, the EPI h8S Ertswn fronj 5 to 26 Mernber st*l¢s, d¢itTmincd lo end the killing of elephants. Thtt nlajority of Africa's surviving ¢leph￿l$ live in EPI memb¢r ststcs. which span the conuncot. from eastto wesL from savannpth to dense forests. The EPI has brellghl togBth¢r more thath 40 of th¢ world's leadingNG05 and IGOS who htve publicly declarcd their support forth¢ EPI'S wms. Tht EPI Foundaiion has b¢en ￿tablished as the sole Secretariat, whos¢ exr*rtise has to 8 dedicated tt4m of 8 stsff. with a presettce in the UK, WestAfrica. Fa51Afri¢a. SothhernAfriL*, and Ewope. maxirnisinB ¢apa¢ity within a C05t-efficient framcwo&* to deliver direct supptsFr 10 m¢mber$tates A Le&der5htrp Coun¢iJ to the EPI Foundation h#5 beejj established comprising a gTOUP of emincntAfrican politi¢ian5 and ¢DnsBrvationists. Crcation of a suite of restsur¢￿ througb th¢ Epf ivebsit¢ l¢ompreherasiwely updated in 2024125), providins p3rtntrs and govettun¢nts fr¢¢ access to effective tools and best practice guidance. aV￿iabte in multiple languages. Through its 8rowrh in size and Stst￿. the EPI has brought African voi¢e5 tD the for4 Creating an African-led solution to th¢ elephant trisis aAd a partnershiFbased appr￿￿. Afric8n courttries are r&%ponsibl¢ for managing th¢ir elephant poP￿atiOns. in line with in1Thtion￿ obligatiotax, and solution5 10 these ¢hailenges must bcAfrican led if thty ar¢ to SU￿eed. pag¢ 3 THE ELEPHANT PROTECTION INITIATIVE FOUNDATION TRUSTEES, REPORT (INCLUDING DIBECTORS, REPORT) (COIVTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 klÈvelA The BPI is uniquely placed, through its high-IEYel supwrt, ext￿1Ve eortnection5 with IlonoT5. conservatio organisalTons and the int¢rnational mtdia. 2nd has a¢ted as a b¢tw¢¢n Africa 2nd thc rcst of the world. to 5e¢k solutions to the ¢halleng¢s fgciTrg Afrita's elephant populations. The EPI Foundation has m8ny tim&% eonvened membcr st*ts at intemational conferenr¢s and mc¢tings. ranKing from high-l¢vJ Presid￿tIal m¢ctinES to tcthnical workshops for wildlifr departmenls. Additionally. the EPEF ha5 hciliwcd the &ppe2rance of k¢y sthk¢holder5 in th inte¥naitonal mdia. rnising glob￿ awareness ofthtrEPI and its gthijs. This has enabl¢d gre8ter regional cooperation. SO￿h-S0uth knowled£t exchange, athption of Common policy position4 raised public a￿d political awarcncss. attd supponed wider bitsjiversity protcctitrn. ty18rntzéionGlm The EPI member stst¢s and partner5, acting together to bring ab)ut a shKed d¢sir¢d outcotne, have led with a strong and voc81 stan¢¢ for the maint¢nance of the intctnational ivory ban and had a major impaa on e105ing th¢ leg#1 ivory trnde and dom¢sti¢ ivory Market. Consequ¢trtJy. this has reduced the pric¢s of ivory and in¢thtives for ¢Jephant poa¢hin8 and ivory smugKling'. an organistd FTitne that destroys elephant populations and foments instability. Hu8¢ stri4cs have b¢¢n made. and it 15 diffi¢ult 10 envisage the rcturtt of the intcrnaiionaj ivi>ry trad¢. D￿pile rhis we know wc cannot be Gomplaccnt. and there are troubling 5iga5 of an ij]¢rwe in elePh￿l poaching for ivory. pBrticul¥ly irt Wesr and Ceorrnl Afrita. Su¢cessfvl advow h&$ bcen undertaken for Ta8olution5 on domestic ivory In￿k¢1 ¢los%Jrc to governmenLS and at kcy iniunallot￿ conservation wnfEr¢nc¢s iftcluding CITES CDP& 2nd InternAtional Union for Conservation of Nature UUCN) Congresses. The EPIF provid¢s dom#iiG closing Prowls. ¢nabling member states to pl¥n •nd itnpl¢mcnt the closw¢ of their domestic ivory tnarkets. Crucial br¢akthroughs were achieved for th¢ closur¢ of mgior cortsurn¢r rn￿kets with the b8ns of ivory saiu. by the United States (US). Chin4 Austr￿14 Singapore. 8nd the Buyo￿lln Union IEUI ittMi8atin8 4 ronsultation pro￿$ (ongoing). The EPIF played a signifjcant role in th¢ intrOdU￿10n of the United Kingdom {iJX) Ivory Act 2(118, including an onlinc campaign helping to generate one of the l¥gesi r¢s￿nSeS t(> a DEFELI c0Tr5ulratiott, whicb ¢4m¢ into ¢ffcct in 2022. Devel in MaritrnulEle kanlAcfion Plortf CreaEion of Standards & Guid¢lin&s for th¢ dcv¢]opmeni of tompreh￿sIv￿ bud8¢È¢d and time•sckJtd NEAPS, fr¢dy availablE in tnuliiple languag¢s. 8 EPI member 51ates hav¢ finalized NFAPS with Implefft¢ntation Plans and budget$ developed through inclu5)V¢ stakeholder workshop5, for Eihtopi4 K¢nya, UgAnd4 CW Angol4 Cabon. Nigeria and Malawi. Each NEAP identifics what the r¢5Ptctivt County requires io pratcci irs el¢phants, the priority prL*ject4 and ihe resource gaps- which alvait Ihe support of th¢ international community. Currently in dev¢lopmtrtt art th¢ N£ATrs of Congo BrAzzavill¢, Libcria. ¥thd co.te d'lvoir Key to this support is thc alignrnent of NEAPS with the Ws SDGS. supporting sttstasnablt liv¢lihooO for loczl ¢ommuniti¢s and th¢ Iwrnonious coexistentt ef eleph3nts and p¢ople wtth herds able (o travel across Iheir rang¢. Thereby protecting a diverse rdTrge of wild animals and plants, ¢ombaiin$ Qlimaic thang4 and sUPPtsrting loc liv¢lihoods. The EPIF alsts provide5 an advisory mle 10 facilitate 5I%)rt long-t¢nn T￿ourCe mobilisation of NEAP5. inGluding thTOU8h advanGiTrg surwsful consttvation governanc¢ mothts. THE ELEPHANT PROTECTION INITIATIVE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (COTrITNUED) FOR THE YEAR ENJ)ED 31 DECEJUBER 2024 deeoFiomi ihpoy hih88 eclive The EPIF has d¢velopEd, and widely disseminated auoss the continent, Ivory IDv¢niory. Prot•ry)l and MgnagemeNt Te¢hnology Guidtlines, for ￿ndUCting a CITES4pprov¢d inventory ¢f wildlift products, freely available in multipl langL*ges. Tht desi￿ implementation of a diwra] Stockpile M3nag¢m¢nt Syst¢m, to support th¢ resl-lime manag¢mertt of ivory 2nd Cithcr wildlife products. with a¢knowledE¢ment frojn th¢ CJIFS STJnding Cotnrnittee meeting in NL>vemb 2017, and infannation documents availablcon th¢ aTES websi￿. Betw¢¢n 2014_2023, 1,400 people participated in I￿an1ng sessions on tht Use of the SMS to date- on inveniory techniques. and u$e of the SMS. 120 smart tablet5 havc been pmvidcd EO government and NGO partntts for the SMS. 16 Africall countries have utili5ed ihe SMS with up-to-date inventories and art able tD le￿*rt to CIIES in tis*e for the annu￿ 28thFebrll3ry deadline. The Besi Pmclices & GDld Stsndards for rhe Management of Wildlife Products tt)o>lkit ha5 been dev¢lop¢d di%scminated 2CTO$$ AfFi¢a. This Lu￿1￿e$ the tninimum baseline srandards and the best practice 'Gold Standards. for the managv]nent of ivory artd other wildlife praducts. The toolkil includes a Gold StandardA$sessm¢ntApp- a digital app for asse55ing sknreroom seGufiiy and rnanagement to inform impTovernents nEedcd 11 rountrie5 are currently r*Fiving xupport from the EPIF to implcment the Gold Standards for sro¢kpii¢ txwiagemertt. with 46 wildlife prOd￿t sii>rerooms having been reinforced. The benefLts Of arobust stockpile tnaAagetnent System includ¥. Rtduces risk of Corniption and leakage of wÉldlif¢ products back into illegal trade Lead5 to tTrore su¢¢essfill proseCUt￿I31 Cdpabilities. FosteTS inieT-•Eency wllaborntion and improves conftdttnrt in goverzthienr i￿litU¢10nS ￿ld law enforcem¢ni and therefore relationships between th¢ authortlies wxi c2vil 50¢1¢ty. Support5 ¢ountries in reportins ai a naiiorjal and global ¢Drnmitrrtent level. Finallt?&l review Toral income for th¢ year was £1,637,037 12023= £900,009). The vast majority tsf this incotThe was donatlons and granis. teceiyed.. The EPI FotJnéation worked wilh elev¢n (2023.. tw¢Ive) r¢stricted gT2nts in thc yw. and these ￿)ts support our 8oven]mtnt PW1n¢rs to implement thc aims of the EPI Ftsundation (outlined abcsve). The EPI Foundation ha5 had cofttsnutd sucttss ift2025 uj applyin8 and Feceiving fiJrtherTestr)ct￿ fi￿￿1￿8. The EPI Foundation's exwdiwre on charir2bl¢ a¢tivitie5 for the FinaJ)cial Year was £1.611,197 (2023.. £900,192). including $uppor( costs of £86.328 2023-. £31,044). During the year th¢ EPI Foundation matn¥8ined c105e ￿ntrol of gperational eosts. Examples of ￿$1-SaYing measurcs wcre Testri¢ting international (tavel. r¢du¢inB fixed costs, and othetwi$c ¢nsurinx thlt value for money 1$ athieved in all ar¢as. Th¢ CThwity's res¢rves ai the y¢u-¢nd were £186.947 12023.. £188.847). ¢omprisin8 £53,526 (2023: £71.014) restrictsd fi￿d5 and £133.421 (2023.. £117.833) ￿￿￿$￿yC[ed fimd& The unrestricred rtserves represertt the Charity's freere5¢rv¢& Reseryts Th¢ T￿￿te¢S recogtsist the nted ¢0 have suffici￿1 unTEstriet¢d funds hdd as 8 reserve to ensure wjderlying stability should the Charity f¥e an unexpected declitte in income stre2ms. utjttxptcted c05t increases 01 the need to TespDnd to a ¢h3nge irt its ¢nvironmtrtt {suth as COVJD). Accordingly, the level of unre5thCted res¢rves that tht Trustees bclieve to be appropriate stands 31 £120.000 Icir¢a 3 rnonihs funthng). The TrusL¢¢S believe this to be appropriate as it is suffi¢i¥nt to proteet the ch￿Lty agwnst a fall in income. but not too tnuth that it would irnpact on the Charitys ability to perform its acttvities. The current level of UIItrC5tri¢ttd reserves atyear4nd $tonds ar £133,42112023= £117,833). This 1$ $li8hdy bBlow th¢ tarK¢t iev¢l of re52rves, but Jwt materially. P4B5 THE ELEPHANT PROTECTION INITIATIVE FOIJM)ATION TRUSTEES, REfoRT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YE4R EJVDED 31 DECEMBER 2024 Princip￿1 risks 2nd ￿￿¢¢rt￿lntle5 The EPIF. with the wThsiderabl¢ and diver5¢ eX￿en¢t and [L￿OrkS of its Board of TnJstee4 Advisory Panel. sts consultants and otheT SUPPOrters, is wtll placed 10 dcliver thi$ rxoj¢ct work- and although no steps be taken to secure 8gainst all rÉsks in their entirw. they are aware of the vatit>u$ r55k5 inhutrtt in the field and risks #re r4is¢d 8t Ipjard meetiD85 where relevant plans arc reviewed. Despit¢ numeTOU5 d￿llenge$. the BPI F¢)undation has matjaged to adapt to ways Df working and maintsin strong r¢lationships with EPI member stai¢s and partners. It has plac¢d rhe EPI in a strong position to support th¢ pKvention and mitigation of HEC and be the platforni thTou2h whith Africa Can aniculatc need% and rn¢et its goals in el¢phant COAqttrvatiOD. EPIF'5 work docs rely on the will of our gavernrneni pmers to maintsin whservation efforts a5 a pritsrity and to d¢£1 with illegal wildlife trade withiB and a¢tVgS its knrders, Znd on the interest cf privatr and bilateAI donors In thc cause. Our ongoing thought l¢adership on th¢ wid¢r humaniwiatt. economiG and 8ovenJ2nrK 5s5U¢S mltigates the risk of this commitment subsiding and is a kry aspccEofouroverall aim. At e8ch meeting, th¢ Board approve5 and monitor5 the budg¢t and income forecAsL as well &$ rcwewing an update oll the income artd ¢xp¢nditur¢ in the interim since the previous tnecun& There are security risks ihar ¢xisi in Inarty countries in which the EPIF opBrnt¢s and to which $raff and consultants travel for work The EPIF team and Board tnemb¢rs that Are requested to travel s¢l¢ct¢d for thtit roles bas¢d on their faTniliarity with th¢s¢ risks- but will 8150 be briefeé on sitvatt¢w Sp￿1[1¢ to th¢ir d￿ti[￿lE0tt. The rapid growth ofAI could exposc EPIF to Tisks such as itwcUr￿¢ or bi&scd outpur% znisusc or los$ of tonfidtntial dat4 and rhe spread of misinfornation or itnpersonation that rnay hgm our op¢rdtions. rtplltatioD. Slakdjold￿ tWSL We wll ¢ontinue to mtsnitOT dev¢lopm¢nts and apply safrEuard% to miri￿1¢1hc5e Tjsks. ForEign exchange movements cart affeot ihe valut of EPIF'S fund4 particularly when g¥anrs ¥e held or repoTEed in difftr¢nt eurrtncits. This ut) lead to gains or losses whett balanc¢5 ￿ wnvcrttsl especially at yant d¢)sure. W¢ monitor currency i[np￿ts Énd plAntsansfcr3 to minirniseadvcrse effects. pa8¢ 6 THE ELEPHANT PROTECTION JNITIATIVE FOUNDATION TRUSTEES, REPORT (JNCLUDING DIRECTORS, REPORT) (COTr4TINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans ftsT periods Th¥kn to the activiti¢3 and collaborative effons of member 5rat¢s and the EPI partners to a¢hieve the EPI 8oa]$. drwnaric progress has been achieved. E2ght years on, the prices of ivory have dTopped subtstantially. ￿ ini¢rnaiional b#￿ on rhe ivory trade rernains in force, SI￿lfIel￿t dosnestic ivory msrkets h&ve closed. snd a cBpability to monitor evid¢niially governmeni ivory ￿￿CkpI]eS ha5 bt¢n develop¢d and dtrployed. cruci￿]y. poathing for ivory h&$ r¢duced it) some k¢y areas. artd som¢ ptspuiations ￿ begim]ing slowly io reeover. Th¢ EPI Foundation has been wtab125h￿ the legal enrity rnandated to b¢ the futtnaj Secretarial ofthe EPI. Thtr EPI FouThd*ion will ￿nt￿lUE to provide its cor¢ support for stockpile man4KetRcnt and achieving gold standards in the mwMgem¢ni of ivory and other wildlife products, ond the development of NEAPL These are fijndajn￿tsl pillars of tkn EPI. Bui if we want To set4Jre th¢ futurc ofAfrica's eltphan4 w¢ must do myth nSQFL In 202D. a consultation pro¢ess w&$ uftd¢rraken by the new CEO, John S¢thottAO. woikink with the EPI Foundation tvam, the LeaderS￿"P Council and the FouDdaiiotL'S Board of Tru51ees. to ¢x¥Jnine how the Foundation can brst support EPI member stareg and parkner5 with ¢l¢phaHt conservarion in aposi COVID-19 world. At￿lYSIng the WOTk of the EPIF to dat4 Its Strcngths. ¥nd we4kness¢s. and how the chaIleng¢s facirJE EPI merjber $taics and thetr eleph*Tri poPL￿8b0ns have adttpted. The result is a renewed Vision and narrative for th¢ EPI Found&tion, titled 'Looking Beyond Ivory- the EPI Foundttiort to 2030. {'the Vlsion'l. Irt OuobBr 2020 the EPIF team set about ao ¢J)ga8Ement process with the EPI Council of Minisiws and Naiional Focal Points on new Vision 203CI. met with widespre4d approv￿, End rsonal letters ofsupport from EPI Minisiers. Going forwar￿ th¢ EPI Fotsndation will Ealvanise 5UPPOrt for EPI mernbcr srate4 to help Ihcm manage and avoid hurnan wildlife conflict (HWC) a￿j ensure tht hanJ)oDious coBxistence of elephants and people to 2030 as]d beyond. The resolution of HWC i5 an inieEr& pgrtof th6AEAP and the rclat¢d NEAPS. The EPI Fouijdation will further d¢vtlop its capacity in thi$ ar¢4 establishing a HU[rJa￿ElePhant-c0￿fl1c1 Evaluatioty and Support Ttam I'the HEC feam'l. a Sm￿[ intÈTdisctplinary creaiEd to $upp¢)rt EPI Tnunb¢r ststcs mitigaie and PT¢vent ThE￿ are already HEC rniltgation proj¢¢ts in Many pzrts of Afri¢4 but thc conttnent needs a mott coordin8t¢d and mu1￿11Y supportive approach. The EPI offets this opportunity. li will encovrng¢ the deplgymcrLt of existin8 and Dew teGhnalo8ies and te¢hTUqUBS across the ￿ntinentfO address HEC. 2nd to support $p&tial plarming. SfTUttur4 governaD¢e tsaDagement Type tsf EoYerniD¥ d•tvmenL. M¢mordndL*m andArtide5 ofA5S0¢t*?on How's tht Charity tobstituted-. Private Lirllited Wmp￿Y The trustees. who gJ¢ ￿50 the directors for the puTrvse of compw law, and who served during the y¢4r and ￿ to the date of Si8natur¢ofthe financial sÉateJnents were: I Craig S Mullulifjgam ABhodes LWhil¢ S Ikeazor (Resigntd 29Au8uy 20251 IAppDiai¢d 16April 2025) {Apwinted 16 April 202S) pagtr 7 THE ELEPHANT PROTECTION llYITIATIVE FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPOIU) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 of tht ¢h4rity trnstees who m%n#ge the Charity.. SharDn IkcazorCON, Ltt Whit¢ Ean Craig OBe. Sartjayan MuthLlingam. Day-to-day opcrdtional ¢orytrol of the th8rity is &iv¢n io the CEO- Johtt S¢2nl¢)n. John S￿l0n is responsiTrl¢ for the dLrection and leng-term mte8y. though any such d¢ci$LDll5 are ultim4t¢ly Made by the trustc Trn$t¢e 5ele¢iion metlLods: Election proces5'. l. The Charity may by ordinw resolution= I. l appoin( a person who ts willingjo act tn be a director and 1.2 determine the rotation in which any additional dircaors ar¢ to ￿(1￿ 2. No person otherthwn ? directorretiring by retation may be &pw)inttd a dlre¢tor at arty g¢n¢ral meetin8 urtlts5- 2.1 he orshc is recommended for rt-tlection by the dtreaors.. or 2.2 not Its$ than fourteen nor tnort than thirry-five Cltsr days before th¢ date of the mettin& the Charity i$ giv￿ # notice al is $iBned by a tnctnber ¢ntitled to vot¢ at th¢ meeti b} th¢ members, inreniion to pmpose rhe appointmentof * ansisteDtIyi + observe the methods and win¢iple5 in the Chariries SORTr.. make judgTnents and egtLmates IhHt ar¢ reasonable and prudent- st£* whether applttqble TJK 8CGounttng startd8rds hav¢ been followed. subject to atry materiil departurcs disclosed and explained in the firJ¥n¢ial statements- and prepar¢ th¢ fiJ]auGi31 aai¢ments on th¢ going con¢Em basis urtless li is inappropriate tts pre5urn¢ that the dJ2rity will ¢ontinu¢ in bw%in¢s& The trutsiees are r¢sponsible for k¢o>ing prnp2r actotsniiDg rwd$ that disclose with rea50nable a¢￿t8¢Y at any ttme the financial tx)sition of the charity and to enable them to tnsuT¢ thai the f5n8ncial statcrnents comply With thB Companies A¢t 2006. They are also Tesp)n$ibl¢ for safegu2Tding the t%sets of the charity gnd the ￿uP and henG¢ tsking reason&bl¢ steps for tht prcveniion and dttC¢tion of fraud aEJd other irregularities. Tbe trustees aT¢ respo]tsible for the [n￿ntenance and intwity of the corporate and financial infomiatioTh included on th¢ ¢haritsble comp2ny'& website. Legislation in the Uruled Kingdom ￿ve￿Ing the prepsFation Ond d¢ssemiDauon of finanoial sta(¢ment5 may differ from legislatiotj inother jurE$didions. In preparing this Ttport, the director5 hav¢ taken adyantsge of th¢ sTnall ¢ompani¢5 ¢xemptien provided by s¢¢rion 415A of the CompaniesAct 2006. DistlLVSUTe ofinform#tion to a¥ditsT In 50 as the trugtees are aware at thetime C>f approving ow Irust¢cs' ￿Th￿al rEport'. there is no reJevaJ)i inforniaiion, being infgnDation needed by the auditor in conTrection with preparing thetr reporL of which the Lharity's auditor is unaware. and Ihe InLtte#. having Made enquiries of fcllow directots and the ¢hariV5 a¥ditor that they ought to have individU￿[y taken, have each tthn all steps that hpjshe is Oblig￿ kn iakt a5 a director in order to make thcms¢lves aware of any relevant au¢bt infomiation and to establish th&t th¢ auditor ts awareof infonnatiott. The ,.re￿I wgs apwoved by the Board of TnW¢es. Trustee Dale.. 9 Sep.tembor 2025 THE ELEPHANT PROTECTION INITIATIVE FOUIYDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YE4R ENDEI) 31 DECEMBER 2024 Comp8))y law r¢quires tht trusr¢¢5 to pr6pare fjnancial statements for cach firwi¢iat year whidi give 2 t￿t and fp¢r view of the state of affairs of the tharity ond of the iTwJming rcsourccs and appli￿tIOn of resources. tnBJuding the iftcomc and cxptsditu of the charitsble eofftpany for thatyew. In preparsng LlJe5e finan¢ial statern￿ts. the trustees ar¢ r¢quired to.. - select suirable accounting poli¢i¢s tnd then apply them wThststentlyJ - observc th¢ m¢thod$ and principles in the Charitics SORP,. - make judg¢m¢nLS and esiimatcs Ih3t are re2sonabl¢ and prud￿¢ 51atE whether applirabl¢ UK Accovnring Standar(ts have bccn followed. subjea to any maitrial distlosed and txplaintd in the fin#nGial sratements,. and - prtptre the financial ststements on tht going conr*n ba¥is unle3s it 1$ inappropriate to presum¢ that the charity will continue in opeAtits Thc tritstees Ire re$p)wiblt for keeping adequat¢ atcourtting rccord5 that d￿¢105¢ With reasonable accur4¢y at any time th financial posiiton Df the charity and enable theni lo ensure thai th¢ firL4ncial Etstements Comply with the Compani¢s Act 2006. Thty are also respDnsible for 5af¢gyardin£ the assets of the and hent¢ for taking re4$0nable sttps for the prcv¢ntioft 8nd d¢te¢tion of fraud Afid othcr irre8ul8rities. page 10 THE ELEPIIANT PROTECTION INITIATtVE FOUNDATION INDEPEI4DENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ELEPHANT PROTECTION llqrrIATIVE FOUNDATJON Opioioji We have adited thc stttemenrs of Tbe Elephani Protectlon ltiiti&tive Foundation (the '¢h8Jity') for the year ended 31 December 2024 which con)prise the state1n￿t of fin￿181 actiytties. the ba12n¢e shest. the statement of ¢a5h ftows and to the finwoi3J sratements, including signifiL￿t accounting poli¢ie& The rIn￿rial repDrting fnmework that h85 beert applied ITh their preparation is 4>pliGablt l*w ¥JJd United KingdomA¢couttting Srandar(Is. irttluding Finan¢1￿ Reportill8 Standard 102 The Inapjcial R¢porl￿SSIÉWda￿d￿￿pl1etsb[e tke UK a￿dRePUb￿C ollielaod(Umited Kingdom GenerdllyAcceptedAc¢ounting Pra￿lte>. In Opinio￿ th¢ fingm¢ial #akmenrs.. give a true and fair vi¢w of the ttttie of the chaTitablt company's affaiT$ 15 at 31 December 2024 and of i¥5 inwminE resour￿ and application of t¥0￿ceS. forthe ytaT thtn ende4. have been properly PTeparcd in accordan￿ ivith Utjited Kingdom GenerallyA¢¢eptcdAcwuMin8 Prattice. aThd have b¢¢n prepared #ccordancewith thB requ1￿meftts of the Companies Act 2006. B*si5 foropinio We £onduGt¢d atsdit in 2CCOTdance with Intwyjational s￿d￿rds on Authtin8 (VK) (ISA$ CUK)) applieable law. OUT tespon5ibilities under those srandaFds arc fi2Tther described irt the Auditors respowibililies for tht of the fEnonciul' Slalemenis section of our repon. We at¢ independent of the ¢harity in a¢wrdanc¢ with thc ethical r4uiremenis that are relevant to OUT audit of the financiaj sthi¢ments in the i)K, includis)g th¢FRC's Ethical Stand¥d, aT¥J we have fvifilled OUT other ethicsl T¢SPOttsibilities in a¢¢ordanc8 with these Tequir¢ments. Wt b¢lieve thai th¢ audit ¢vid¢nce we have obtained 15 sufficient and 8pproprk2te to provide a￿15 forour opinion. Couclusrons r¢latillg to %OlllE conv¢d &ll info]mation w)d ¢xplanations we require forour audsL pa8¢11 THE ELEPHANT PROTECTION INITIATIVE FoufiDATION INDEPENDETrrr AUDITOR'S REPORT {COF4TINUED) TO THE TRUSTEES OF THE ELEPHANT PROTECTION I￿￿IATIVE FOUNDATION Re5pDnsibilities of trustee As txplained tno>r¢ fjjlly in th¢ st3temt*t of trusttts, resp¢nsibilitÈ¢s, the truste#, who are the direc￿r5 of the charity eor the purytsse ofcDrnPany law. 4r¢ r¢5ponsiblt for th¢ preparatiOZ2 ofthe fJnarJci21 Statem￿t5 and for being satisfico that they give truc and fair vieiv, athd foT 5uth intemal conirol as the Erustees dct¢rmi]Je 1$ n¢¢esS￿ to enable the prepardiior* of finBn¢ial siaiements that art frcc fro￿ material misskt¢mcnL whethtr due to fraud or ¢ryor. Ln pr*wing the finan¢ial statem¢nts. the Irusiees arc responsible for assessing th¢ Ghgfjtty's abiltty to ia)rtlinuc as a gosng ¢0[￿e￿, d¢s¢105irJ& as applicable, matters ¢laied io going cohc¢rn and using Ihc going ￿nCern basis of artounting unless thB trv5te¢s either intcnd to liquidate rhe haritable comp8tty or to Me operdtions, or have no r¢alistiG aitemative bui to do so. Ar(ditor's r¢sponsibilities for the A￿di¢ of th¢ 1Sn*aii21 statem¢hts W¢ have beei& Èppoimed as auditor uodtr section 144 of the Charities Act 2011 and report in accord￿￿ with the Act and Telev￿r regulatiCn5 made or having effecttherwnder. Our objcctive$ are ro obtsin rtr4¥9nable &%surance about wh¢thcr the fill￿¢181 stat¢m¢nts a whole fre¢ from m8ieTi rntsmattmeni whether due (o fraud or error. its i$5u¢ an auditorfs report that in¢ludcs our opinion. Reaso[￿ble aSsUr￿Ce is # high level of a5surancr but t5 not a guarantec that an audit conducted ￿ a¢¢ordanee with ISAS IUKI will ajways dthtct M￿trial misststemeni wh¢n li exjsts. Ntisstatemcrts can arise from fraud or Evror and ￿ ¢ollsider¢d mai¢rial if, individually or in the aggregate. they could reastsnably b¢ exp#trd to irtfluertcB th¢ ￿0￿0M1¢ decisiDDS of user5 tJk¢n on the b¥is of these financial Smernthts. ThB ¢xtent to which our procedures are Eapable trfdet*ring irKgularities. in¢ludin$ fraul i5 detail￿ b¢low. Fr4HdiwderroTin revettug reeogni¢io For majority of th¢ incotne during th¢ ycw we obtaitted and reviewed the supwjrting docwnentation. We rcviewed income recognition by vouchin8 a s%mple of bank receipis trt 8rani dDttUTJentslion. We Teviewcd transactions throughoyr th¢ trral b41all￿ hr aThy tvid¢nc¢ of rnaniptslation by managtmthL In addition to dis¢us5ion with rnanagemcnt and amtsn8St the enga&¢m¢nt ream. r¢vi¢w of the fLnanCI￿ poli¢iey in place were undertaken to gain an underst3ndin8 of the ftsundatiotL8 curr¢nt activxti¢4 authDTi5Jlion procedure5 and effe¢tivene5s of the control ertvirosJnen¢. Our underst3nding was tesicd 4uring th¢ audit work and the systems controls in plrtc were fouttd to be oper8ting eff¢rtiv¢ly. In addition we reviewed 311 mat¢Tiai trans¥tion$ •nd journaI adju5th)ents thLriryg th¢ year for evidence of m8nipulatioo. A fijrther de&ttipti(>rt of our respan$ibiliiT2S is available on thc Financia] Rep)rring Council's website at= httP5Jhvww.fr&org.ukl audiEorSrtspor￿iblIIcIts. This d¢5CTiPtion torn￿ part¢f our audito1$ rtport. page 12 THE ELEPHANT PROTECTION INITIATIVE FOUNDATION INDEPENDENT AiJDITOR'S REPORT (CONfINUED) TO THE TRUSTEES OF THE ELEPHANT PROTECTION INITIATIVE FOiINDATION Use of our report This repor¢ is made solely to tht eharity's trustee4 a5 a body. in ￿COrdanCe with Part 4 of the ChariiiEs (Accounts and Reports) Regulations 2008. Our audit work has been undenakBn so that we miEht 51aie to the Ch￿Ity'S tru31ees those matters we are rtquizth to slate to them in an auditor's report and for no other purpose. To the full¢sr ¢xt¢n¥ permitted by law. wc do not accepi or t%$ume r¢5POn5ibility w anyont other thart the charity and the charity's trustees 35 a bodyb for OUT wdit WO￿ forthis repo¢ or for thc opinions we have fo￿¢ D•rrtn Hardi4gACA, FCCA, DChA(seniorstatstoryA￿O1l0r) fDrsJJd Ojth bth#lf of Rithard Pl¥tEDobson Serviees Limittd 16 Septem￿￿ 2025 Chart¢rtd AcrDuntants StstlltoryA￿dIt0r Ground Floor 1 7 Station Ro Crawl¢y Wesr Sussex RHIQ IHT dJ3Fd Place Dtsbson Services LIMI￿ is trligible for appointrnent ￿ audsror ef the charity by Virth￿ of its eligibility for appointmenta3 auditor of a Cornpany under8eciEon 1212 of the CDrnpanie5Act 2006. page 13 THE ELEPHANT PROTEcfioN INITIATIVE FOUNDATION STATEMF.NT OF FINAJ4CIALACTIIryTIES INCLUDING INCOME AND EXPENDLTURE ACCOUNT FOR THE YEAR EIVDED 31 DECEMBER 2024 Vnr¢striet¢d runds 2024 Re5tri¢t¢d fund5 Total Unwtri¢ted futyds 2023 Res*riekd fund5 Tot21 2024 2024 2023 2023 Notes Income from.. DonAtlOll5 ItEa¢ies 56233 1.580.840 ,637,073 80,973 819.036 900,(K19 56.233 1,580.840 1,637.073 80.973 819.036 900.Q09 Exptnditur¢ oh: Raising fund. itable 8CI1VLties 16,578 1381,750 16.578 16.757 785,010 16,757 900,192 29,447 115,182 Total tspenditrlrc 29,447 1.598 J28 1,627,775 115,182 801.767 916.949 Nei In¢omeJ{¢xpethdltutel 26,786 .117.488) 9.298 134,209) 17,269 116.940) Other recognised galns and loss￿.. For¢i8n cx¢harige10sses on grnnt Completion io (8,5401 (8.5401 Net movement in fund$ 15.588 117.488) 11,9001 142,749) 17269 (25.480) R¢concÈli2tioTh of fuDd$: Fund balthcts ar l January 2024 117,833 71.014 188.847 160.582 53,745 214,327 Fttnd balan¢¢s xt31 D*¢¢mb¢r 2024 133,421 S3,526 186.947 117.833 71,014 188,847 The 5tattment of fitwGial activities includes ajl gains a]sd loss¢s recognised in th¢ yegr. All income #nd CXFts. The register￿ okfice is ￿￿k Hws4 Southwick SquaT4 Southwick. Brighion, BN42 4FN. 1.1 AccollAtlthg tothventio The fjnancial stsitmtnts have been prepaTed in a¢corth¢e wilh the charity's Mejnordndum and Article$ of Associatio] the Compawe5 Act 2006, FRS 102 "Tht Financial Reporting Stsrjdard 4ppli¢abl¢ in the UK 8nd kepubliG of Inlarttr. C'FRS I02"1 and the Charitie5 SOiI2 'Accounting and Reponitjg by Charities". Staterncnt of Recommended Practice applicable to charities preparin% th¢ir accounts in &¢¢ordaAte with the Financial Rewrting Sla[￿ard applicable sn the UK and Republi¢ of JTEl*id IFRS 102). (tffective l Januw 2019}. The ch￿lty i$ a PubliG Bencfit Entity as dcfintd by FRS 102. The finart￿lat statem•)ts pr¢pared in stulin& which is the fiu)ctiono1 ¢urrency of the chaTity. Mon¢tary amounts in these financial ststements as¢ round¢d to the nearest £. Th¢ financial sittt¢m¢nts have been prepared under the hi510rs¢al c05t conventiQll. lrnodified to include thc revaluation of frc¢hold properEi¢5 amd to iftelude investsrtent propeni¥ cctsin fmanrial ￿nStrumentS at farr walu¢]. The princip31 accounting Frf)li¢ies adopted are se¢oui below. 12 Golng concern At the lim¢ of approvinÈ the financial stat¢m¢>ts. the tnLStecs have • i¢&sonable expethtion thètthe ¢JwiEy hÈs adequatB resources to continue in opE¥aiional txistence for the fore5ee361¢ fvDJre. Thu5 the tru&teB5 continue to ad¢p¢ th¢ going Eontttrn basis of ac¢ountins irj prwing the fin3nciél statemEDIs. 1.3 Chxritable fuDds UnTe5trtrcted fi7nOs are available for at the di5¢rvlioD of rhe trttstees rn furtherantretsf th¢ir charitsbkObj￿1ive Re3triCted fun￿ we Subje￿ to 5p¢cifi¢ ¢ottditiOnS by dohots or wnfors as to how they may be used. The puTpos¢s amd uy¢s ofth¢ restricr¢d fvnds are w OUE in the notes to the financial 5tztements. 1.4 ltst•m¢ Income is reco8nised whEn the charity i$ legally entitl￿ to it afttr performance conditions have been m¢¢ the amounts b¢ me&sured reliably* 8J)d it 15 probable that income will be t#eived. Cash donatiQll$ 2T¢ recognised on receipi. Other dDThations are recogni5ed onc¢ the charity b¢¢n noiified of the doDHtion, ￿e$S perforrn8nce condiiions requirE deferrnl of the amouni. lTrcome tsx recoverable in T¢lation to donatien$ r¢KivEd under GÈftAid or derds o*¢Dvenant is r￿o￿lS¢d at the tsm¢ of the don*iotL Leyie$ &e recognised on rece2Pt or othtFW15B if the charity h*5 bcen notified of an impending distribution, the amourtl is known. and receipt is ¢xpe¢td. If th¢ ameunt is not knowffj the legacy 15 treÈted ¥ acontingent a$5el. 1.5 Expendithr¢ Expcnditurc 15 reco8nised once there is a legal or COn$buctive obliz81i(>n io ¢Fansfer economi¢ benefit to a third parry, it is probable thai a tr2nyfeT of ewnomiG b¢nefits wtll b¢ required in settlemenu and the amount of the obligation cary b¢ M￿ured reliably. EXP￿difU[C is Glassified by wivity. Th¢ costs of gach activity aTe madc up of the tot21 of direct Costs and shared eosrs includin8 5UPWrt ¢05ts involv¢d in und¢rttkI￿g each activity. DiT¢a Costs attributable to a single acllvity are ￿loCat¢d directly io rhat activity. Shared wst£ which contribulc ro Jnore than otte aclivity and supp)rt cosu which afe ttributable to a singIe activity are appottioncd bthveen those activilE￿ QD a basis consistent wEih the u$¢ of resources. Central stsff costs are allo¢atcd on th¢ basis of lime sp¢nL atsj (kpreciauon charke$ 3r¢ allocaÉed on the portTon of the pagè l? THE ELEPHANT PROTECTION INITIATIVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢oun¢lA2 pflli (Continued) 1.6 Cash 2nd cquivalents C￿h and cth equivalents include wh in hanl dwsits hcld at call wirb b¥mks, othcT short-tentt liquid inyestmcnts with original rnaturities of thre2 month5 Ot less. ond b¥Ak overdAfts. Bank overdrafts shown within borrowin8s in cu￿¢llt 1.7 Finantixl ittstruments The charity has elected to apply rh¢ provisions of Section 11 'Basi¢ Financial Ittstwm¢nts' and tsion 12 .0th Fiftoncial Instttsments Issuts, of FRS 102 to all of its fiDan¢tal insrruments. Finan¢ial instmmrnis are recO￿liSed in ihe charitys balance shed when the charity beeomes parry ro thc tontracNal provisio￿ of thc instyumenL Financial a$5ers and liabiliti¢s arc offtet, with th¢ net *noutsts pr#sBnted in the financial statements. when thert is a l¢gally 2nforc¢ablt right to set off th¢ rxoÈDiscd arnounts 2nd th¢re 2$ an intention to stttle on a net basis or to realise the asset s¢ttlcthc liability simultaJKously. Basic .Inan¢ial &ssers. which Trteludc dcbtor5 and eash artd bank balanc¢5. art initially mc&%urtd at transaction priG¢ including transaction costs and ore subs4u¢nily tÈTri￿ at I￿ortised cost usiJ]g the eff¢¢tivc intcrest method un1¢55 the arrangement constiW¢eS a fit)ancing Ir8nsaction. wh￿$ tht transaction is me35ur¢d at the present value of the fvture receipts di$￿Unicd at a ￿arket rate of intetC$L FioaD¢ial assets clwified as receivgblt within on¢ yw are ￿t amortis¢d. Basic finan¢iat liabilitics, inLludin8 crelitors and baTrk 100Th5 are Initialty recegnised at iransactton PTi££ unless ih 2Trang¢mMt constitutG% a fin￿¢lts8 tran5ZLtion. ¥thert the debt instturncnt is mctsttred 41 th¢ ptrscnt valu¢ of the future paymenrs discounied at a market rate of interest. Fin¥mcial liabililie5 classified as payable within on¢ year arc not 8mDrtised. Debt instrumBnrs ar¢ subsequertily carricd al aThortised t03L using the¢ff¢¢tiv¢ Imerest rdre method. Trade CredI￿r$ ort obligations to pay for goods or S¢TVTces that hav¢ b¢tn acquired in ihe Ordinary coursc Df operations from suppliers. Amounts payablt are ¢[￿lfI¢d &$ current liabililie5 if payment is due within one year or Iw. If noi. they are presenred as non-cur￿￿t liabilitics. Trade tteditors ar¢ rccognised initially at traM￿lI0n priee and Subsequently ea5ured atamortis¢d Cost ￿l￿g the effc¢tyve interest meiho FIn￿5¢i￿1 liabiliti¢s arc d¢recDgnistd wh¢n th¢ charity's ¢ontractuaJ obli8atiorJs ¢xpire orare discharged or ¢anc¢ll¢ -8 Employee bemtfits Thc costof 8ny unused holiday tntitl¢rncnt 15 Tecognised in the pcThod itl whrch the employ¢¢'s scrviccs are received. Temiination benefits ar¢ r¢cognised immediately as an #mp¢n5ation IID,519 pag¢ 22 THE ELEPHANT PROTEcfIoN INITIATIVE FOUNDATION NOTES TO THE FINAJYCIAL STATEMENTS {CONfINUED) FOR THE YE4R ENDED 31 DECEAIBER 2024 T*x*tio The ¢harity is exempi from orj income and gains ￿lir0 within semion 5D5 of the Taxe$ Aci 1988 or Section 252 of theT&xatlOP Df Owgeable Gains Act 1992 kn the extent th3t thes¢ are applied to Its charitable objects. 10 Othtre4in$ and losses Vllrestri¢ted Unrnstri¢ted fumds funds 2024 2013 Gain￿[10$￿tEl upon: For¢ign exdjange 8,540 Dgbtfyrj 2024 2023 falliDg d¥t whhin otheytar. Prepayments Hnd actrued income 69,338 35.410 12 Creditort fAlkng dutwithiJJ one ytsr 2024 2013 Tr&de creditors A¢enJ&is and dBf¢ry¢d inwmg 17.419 11,880 13 J23 11.880 29,299 25.203 P￿23 THE ELEPHAwf PROTECTION INITIATIVE FOUNDATION NOTES TO THE FINATrICL4L STATEMENTS (CODITINUED) FOR THE IEAR ENDED 31 DECEMBER 2024 ij Rtstricted fund$ The restricted funds of the charity Comprise th¢ un¢xpendcd ba18ntts of donation5 And grants held on trust subject ro specific conditions by donors ès io hDW they rnay be usd. At l Ja￿￿ary 2024 IDcomiug ftsour¢¥ Rtsourct$At31 DectThber expended 2024 Nigeria Dispos Damn Capabillty and Capacity INL2 6.428 26.622 {6.428) (48,378) 1947.744) 1292.134) 21,756 947,744 274,019 1,180 Friedth￿ French Tusk USFWS Sioekpile M8rn1 Gardaworld Defra 6.8?4 8,813 4,162 16.874} (61.7821 (4.162) 129,945) 52.969 83.471 53.526 Darwin 88-,285 {88,2851 11,014 1.580,840 11.598.328) 53,526 Previous year: At l jan￿￿ry 2023 Rttourt¥At31 Dtt¢mber expe￿￿td 2023 Nigeria DtstA)sal Darwiv Capability 8t>d Capacity 14.410 72,635 427.741 220.113 (7.982} {46,013) (427.7411 (201,998) (8.5881 6,428 26,622 ci Friedrn4D Fren T￿sk USFWS Ivory C025t USFWS StLKkpilt M8mi Wild Phi13nthropy GwdaWoFld ECF x £PIF_ CCNP HEC Congo Btsin 8,588 18.275 13,703 9,198 3.981 6.874 (13,7031 (44,6461 (4.182) (11.848) (20.4821 13.1831 44,261 201 16,010 20,492 3,183 8.813 4,162 53,745 819,036 (801.7671 71,014 PaEe 24 THE ELEPHANT PROTECTION INITIATIVE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 14 Unrestricted funds The uniestri¢t¢d fvnd8 of the Charity Compriye the unexpended balances of donations and grdnts which are not subject to specifi¢ Conditions by donors and grantors as to bow they may be used. These inGlude desEgnattd funds which havc b6en Set aside out of wjrestticted funds by the trustees for specific PUEpose8. At l January 2024 Incoming r¢sour¢¢$ Re50urees ¢xpended Gain5 andAt 31 Deeember 105ses 2024 Gerter￿ fimds 117.833 56.233 129.4471 (11,198) 133.421 Prevlous year: At l January 2023 Incoming resource5 Resources expended Gains andAt 31 Decembèr 1035e5 2023 G¢n¢ral fi￿d$ 160.582 80,973 11 15,182) (8,540) 117,833 15 Analysis of net a$$ets behv¢erJ fund5 Unrestricted funds 2024 RestrA¢ted funds 2024 Totaj 2024 At 31 DeceJDber 2024: Current 2s$etsl(liabibties) 133,421 53,526 186,947 133,421 53,526 186.947 Unrestricted fund5 2023 Restricted fuDd5 2023 Total 2023 At 31 December 2023: CU￿er￿1 assetsl{liabiliti¢s) 117,833 71,014 188,847 117.833 71.014 188.847 pagc 25 THE ELEPHANT PROTECTION INITIATIVE FOUNDATION NOTES TO THE FINANCIAL STATE￿ENTs (coiYfILWED) FOR THE YEAR ENDED 31 DECEMBER 2024 Retontlll*tion of cha￿g¢S in eqiity Th¢ prior pcriod adjustments do not give rise to any ¢ffect upon equity. l J2uuAry 31 Decenber 2023 2023 Arfjustments to prioryeir Support ¢osts.' Bank fe¢s and foreign eKthartge variances RF- Program and impl¢n¢nt81ion costs RF_ HEC devtlopmcnt PF- Ivery EPIF work RF- NLAP dcvelopment RP- Publi¢ity cornmutti¢ations 8,541 1.708 1,708 1,708 1.708 UF Forcigp eX¢haThgC8ait￿l0SS¢S Qoveman¢e apporcioned to activiti¢S etc UPTran5ftr to OT form unrcslricted fvn(ts RF Transftr to or form unr¢stri¢ted fuftds 18,5411 {8.5411 8.541 (S.541) Tetal adjustm¢nt5 Funds balanc¢a5 prcviously repgrt¢d 1188.8471 Il88,8461 Funds b413n¢c ss adjusted 1188,847) (188,846} Agree5 to funds b4laMce as ttported ATh&ly$is of rk ¢ffe¢t upon fjJnd5 Funds restrwe hlance RtcoutiliatiDfE of tlLanges to surplus fortlte previous fin*utial Period 2023 Adjustments to prirtr year Stspport costs". Bank fee5 and foreign ¢xGhang¢ wlan￿5 PS- Pro8r8m and implem¢ntatiOll Costs RP. Tr￿C d￿elOP¥nelli RF- Ivory EPIF work RF- NEAP d¢vdopmMt 11S- Publicity and ctsrnmunic4tivn5 8,541 1,708 t,708 1.708 1,708 1.708 UF Forei￿ txckn8e 8ainsl losses Governancc appE>rtioned to activiti¢s et UFTr8rt5fcT to or form unrcskn¢ted funds RF TTansfcr 10 or fom) uttTestricttd funds Total adju5tmcnts tnss as pr¢viously r¢pL¥rttd 18.541) 18,5411 8.541 18.541) 25,480 Lknss &8 adiusied 25.480 page 26 THE ELEPHANT PROTECTION INITIATIVE FoU￿TDATIoN NOTES TO THE FINANCIAL STATE￿￿rs (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Recotteiliation of th#llg¢s i* equity {Conti￿￿ed) Agr￿5 to profit reported 25.480 During the current fI[￿CIal y¢ar, thB ch2Tity ulldenook a rE¥i¢w of its arwunting ty¢a￿¢n¢ for foreign exchange differenc￿. It identified that ITh the prior year. foreign exthange losses had been included within other expenditure r4thtr b¢ing stptrately (bsclosed. This has bxn cO￿¢Cted with a prior ycar adjusttneni for the comparauve figwes hav¢ bten r¢stst¢d to r¢fiect the reclassification of forei￿ exchange losses as a 5epardte lin¢ iteD) wiltyn the Staitment of FitJ3n¢ial Activities. 17 Rolaied party trall$3diotts Durin8 the YAT, the Charity receivtd £Ns112023: £Nil) from Tusk. The Choirman of Tusk 1$ a mistee of EPIF. Th¢ Charity also rectived £251,166 (2023- £220.113) from Conservation International ICII. The Chi¢f Executivt Office of Cl is a tro$tee of EPIF. There w¢r¢ no fuyther ielated p8rty tr¥nsactiDns in the year that pequire di￿10SUre (2023 . ￿1)}. 18 Cash absorbed by optratLOII$ 2024 2023 surplu￿[derIC1t) forthe year 9.298 116.940) Adj¥sthitTrts for.. Forei￿ exchangt differenctt5 {11,l98) (8,5401 MoweDyÈtyts Èn working r3Pit%l: {Incrwtt) in debto In¢rtasel(decrt&%e) in creditors IDecrc8sc) In deftt]ed income 133928} 1315161 12,0671 Cash #bsorbtd by operalions (31.7321 0244) 19 Allalysi4 of db￿geS in oet tsnds The tharity had no rnateriaj debtdurinB theyevs. N¢rpauditseryi¢¢s provided by auditgr In ¢ommon with ]nany organi￿10￿% of OUT $iZt and natUT¢ W¢ U5¢ our auditor to a$5lSt with the preparation of ihe fjnanrial siaietnenls. page 27