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2023-12-31-accounts

DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255

OL PEJETA CONSERVANCY UK

Trustees’ report......................................................8-13 Independent Examiner’s Report...........................14 Statement of Financial Activities.........................16-17 Balance Sheet........................................................18 Statement of Cash Flows......................................19 Notes to the Financial Statements......................22-33

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TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255

Trustees Joanna Elliot (Chair) Charles Graham (Secretary) Annette Lanjouw Dougal Freeman (Treasurer) Justin Heath (CEO of Ol Pejeta Kenya) Joseph Palombo (Appointed 23 June 2023)

Senior Hetal Ganatra (Chief Fundraising Officer and CEO of Ol Pejeta management UK, resigned 30 November 2023) Philippa Beach (Acting Chief Fundraising Officer, appointed 30 November 2023)

Charity number 1185926

Registered Unit 12 Ladycross Business Park office Hollow Lane

Dormansland Lingfield RH7 6PB

Independent Demsey Slater BSc FCCA examiner Ellacotts LLP Countrywide House 23 West Bar

Banbury Oxfordshire OX16 9SA

Bankers The Co-operative Bank PLC Business Banking

Delf House Southway Skelmersdale WN8 6GH

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255

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Endana Secondary
& Primary School
Mt Kenya
JAMBO MUTARA TENTED CAMP NANYUKI
KAMOK
GATE HQ GATE OL PEJETA
MUTARA CONSERVATION AREA Muturu Plain CONSERVANCY
WILDLIFE SERAT GATE
CORRIDOR 1 TO NANYUKI
& NAIROBI NAIROBI
Loirugurugu Plain
WILDLIFE
TO RUMURUTI, CORRIDOR 2 MOUNT KENYA
NAKURU & NAVAISHA Serat Plain WILDLIFE ESTATE (MKWE)
Oryx Plain
WILDLIFE 2 7 MOMBASA
CORRIDOR 3 OL PEJETA 5
KAMOK BUSH CAMP MURERA
Ol Pejeta Dam
PORINI Airstrip DONGA MURERA
RHINO CAMP Ewaso Ngiro River 3 DONGA CAMPSITE
Rhino PELICAN HOUSE
Lodru Plain Zebra Plain 6 Cemetery
OL LERAI Pelican Dam
CAMPSITE 8
Lodru Dam 1 CAMPSITEEWASO HIPPO HIDEHippo Hide KONGONI DONGA AcaciaDam
Ngerenyi Plain
CAMPSITE Marura
4 9 Dam
OL PEJETA 11 Baraka the MORANI
Sirima Dam 2 HOUSE Elephant Bridge Black Rhino INFORMATION
Tangi Nyeusi Plain KICHECHE Airstrip Marsh Viewpoint CENTRE
MARBE LAIKIPIA CAMP 12 Grant’s Plain 10 MORANI’S RESTAURANT
EQUATOR SIRIMA CHIMPANZEESANCTUARY Spoonbill Dam Elephant Dam
Equator
RIFT VALLEY Sign
Gatune Plain ADVENTURES 13 1
SWEETWATERS
RONGAI GATE
Sirima Dam Scott’s Plain SERENA CAMP TO NANYUKI
Sidai Plain Marura Medical Sweetwaters
Dispensary Secondary School
Withare
Medical Ngobit River
Dispensary
LOIDIEN
OL PEJETA
SAFARI
COTTAGES
DISCOVERING
OL PEJETA CONSERVANCY AND WHEAT AREA
MUTARA CONSERVATION AREA
A ROLE MODEL FOR CONSERVATION
ROADS ENDANGERED SPECIES ENCLOSURE Ol Pejeta Conservancy works to conserve wildlife,
ADC FIREBREAKS ANIMAL ‘DAMS’ provide a sanctuary for great apes and to generate
income through wildlife tourism and complimentary
MAIN ROAD JUNCTION NUMBERS enterprises for re-investment in conservation and
ALL WEATHER ROADS SWEETWATERS CHIMPANZEE SANCTUARY community development.
Visiting hours 10.00am to 4.00pm
BUSH TRACKS
SELFCAMPING SITES/PICNIC SITES/COTTAGES
RIVERS
RHINO GRAVEYARD
PLAINS For all the rhinos poached on Ol Pejeta
Kilometres
MAIN CONSERVATION AREA MAJOR CAMPS AND LODGES
Page 6 WILDLIFE CORRIDORS MOUNT KENYA WILDLIFE ESTATE (MKWE) 0 1 2 3 4 5 Page 7
Keeping curiosity wild
©
2015
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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are pleased to present their annual report together with financial statements for the year ended 31 December 2023.

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 governing document, the Charities Act 2011 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

The charitable objects of Ol Pejeta Conservancy UK are:

Ol Pejeta Conservancy UK (Ol Pejeta UK) fulfils its charitable objects through direct technical support, global fundraising activities in support of wildlife and community development initiatives of the Conservancy in Kenya.

Our efforts support Ol Pejeta Conservancy to achieve its mission to conserve biodiversity, security for wildlife and improve community livelihoods in and around Ol Pejeta Conservancy, particularly to:

Fundraising is a vital source of income for the Conservancy that enables funds to be used where the need is greatest and support infrastructure projects, expansion, connectivity, that would otherwise be difficult to fund. A small fundraising team raises funds globally to support Ol Pejeta’s work.

2023 was a year of remembrance for Ol Pejeta as we remembered Sudan, the last known male northern white rhino, five years after his death.

It was also a year of extremes, testing our wildlife’s resilience. We began 2023 by navigating the deadly grip of the worst drought for 40 years . Absence of rain affects the availability of food, resulting in malnutrition and increased competition for space and resources. These stressors have profound impacts on reproduction rates and could hinder the growth of rhino populations.

Towards the end of the year, the Conservancy found itself managing a landscape littered with destroyed roads, broken dams and flooding. Although grateful for the green transformation, excessive rainfall had a debilitating impact on our infrastructure. These conditions are

dangerous for wildlife and make it much harder for our rangers to monitor them and our veterinary team to respond to any incidents.

There are over a hundred species that call Ol Pejeta home and each and every one of them is continually fighting for survival whether against poachers, predators, or the natural elements. We thank each and every one of our rangers, national police reservists, K9 and rhino patrol units who work tirelessly on the frontline of conservation everyday dedicating their lives to the protection of wildlife and supporting the communities around the Conservancy.

We highlight below some of our impactful work in Kenya:

Public benefit

The trustees confirm that they have complied with the Charities Act to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Grant making policy

Ol Pejeta UK meets its charitable objectives by directly supporting the work of Ol Pejeta Conservancy, generating income directly into the Conservancy in Kenya and by awarding grants to the Conservancy. The Conservancy in Kenya is a leader in the conservation of endangered species holding the world’s largest population of critically endangered eastern black rhino and sustaining growth rates above the national target. Its work to save the northern white rhino from extinction is playing a vital role in raising awareness globally about the plight of the world’s biodiversity. Sweetwaters Chimpanzee Sanctuary, as well as caring for rescued chimps, is an important tool for education and raising awareness about the illegal wildlife trade. Ol Pejeta’s work with its surrounding communities helps to improve livelihoods, especially through education and sustainable agriculture. By supporting Ol Pejeta Conservancy Kenya, we are helping to conserve some of the worlds most endangered species, raise awareness of biodiversity loss whilst supporting those communities that live closest to it.

Ol Pejeta UK has developed a grant making policy as well as application, grant management processes and sub grant agreements with detailed terms and conditions to enable grants to be awarded and monitored in support of its objects.

Before deciding to make a grant to any organisation the trustees will:

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

established overseas the trustees will request documentary confirmation of the status of the organization, including any relevant registration with the appropriate authority/regulator (e.g. for a charity, the equivalent of the Charity Commission of England and Wales).

During 2023, we streamlined and strengthened our grant making processes to ensure a robust and efficient system as we increase our grant making in support of our charitable objects.

ACHIEVEMENTS AND PERFORMANCE

Ol Pejeta UK was established in 2019 to provide support for the work of the Conservancy in Kenya. We provide direct support working closely with the team on the ground in Kenya as well as fundraising support, generating income both into Kenya and the UK and by awarding grants to Kenya. The Conservancy‘s sustainability model includes generating commercial revenues to support its conservation and community work. Fundraising, now a key pillar of income generation for the Conservancy, provides a level of security and resilience, representing 30% of total income in 2023.

FINANCIAL REVIEW

Reserves policy

The Board of Trustees has reviewed its policy for maintaining Reserves. In recognition of the close relationship with Ol Pejeta in Kenya and a commitment for each organisation to support the other, Ol Pejeta UK aims to keep six months core operational costs as reserves and requiring a minimum of three months core operational costs to be held in unrestricted funds. Total charity funds as of 31 December, 2023, are £200,963 (2022: £359,790) consisting of £nil restricted funds (2022: £29,020) and £200,963 unrestricted funds (2022: £330,770). Our Unrestricted Reserves total of £200,963 meets our reserves requirements.

The Policy will be regularly reviewed, supported by regular monitoring of performance against budget and

cashflow forecasts.

Principal funding sources and expenditure

Income decreased from £971,903 in 2022 to £942,953 in 2023 and is broken down as follows:

KEY RESULTS 2023

FUTURE PLANS FOR 2024

The business review resulted in a new structure and some staff changes so 2024 will be a year of transition and investment in new areas of fundraising.

Specific objectives for 2024 are to:

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Income Type Unrestricted Restricted Total Income
Corporates £1,327 £3,997 £5,324
Individuals £98,804 £12,374 £111,178
Trusts & Foundations £409,123 £293,495 £702,618
Other income £123,833 - £123,833
Total £633,087 £309,866 £942,953
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Donations from Charitable Trusts & Foundations make up the majority of our income. Donations from Individuals also form an important component of our overall income comprising of donations made direct to the UK charity and via our partner foundations in the US and Canada. Other income includes £120,979 from Sixty Six Media Inc. in relation to filming rights on the Conservancy in support of the northern white rhino recovery programme.

Expenditure to deliver charitable objectives increased significantly from £741,074 in 2022 to £1,101,780 in 2023 broken down as follows:

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Expenditure Type Amount
Cost of Raising Funds 139,631
-
Trading Expenses
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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Charitable activities 962,149
Total £1,101,780

Principal costs to the charity to enable it to deliver its charitable objectives are staff salaries and consultancy fees.

Cost of Raising Funds represents the cost of generating income into Ol Pejeta UK. Charitable activities include costs for direct support to Ol Pejeta in Kenya, communications and marketing, generating income to the Conservancy, grants awarded and support costs.

We were able to invest just under £1m in charitable activities including by the provision of grants to Ol Pejeta Kenya of over £450,000.

role. Prospective trustees undergo full due diligence and vetting procedures before being considered for appointment. All new Trustees undergo orientation with existing Trustees and induction with the Chief Fundraising Officer of Ol Pejeta UK.

All trustees give their time freely and no trustee remuneration or expenses was paid in the year. In addition, no out of pocket expenses were reimbursed to the trustees and no trustee had any beneficial interest in any contract with the charity during the year.

Chief Executive Officer

Hetal Ganatra, the CEO of Ol Pejeta UK and the Global Head of Fundraising and Communications since July 2019, left at the end of November 2023. The charity will recruit a replacement in 2024 to ensure we continue to drive forwards excellence in fundraising and support the conservation and community work in Kenya.

Policies and procedures

Risk management

The trustees have examined the major strategic, business, and operational risks which the charity faces. The main risk relates to having sufficient funding available to support operations in the UK as the main cost centre for Ol Pejeta’s fundraising activities. The charity has established commitment from Ol Pejeta Kenya to support the UK if needed, and established robust systems, processes, and policies to reduce and mitigate these risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Ol Pejeta Conservancy UK is a Charitable Incorporated Organisation (“CIO”) established on 19 October 2019. As amended on 13 June 2022 and 08 August 2022. Ol Pejeta UK’s governing document is its Constitution and its only voting members are its Board of Trustees. The charity was established with four founding Trustees, and as of 31 December 2023 has six Trustees. The Trustees meet three to four times per annum and intermittently as required to deal with the routine business of the charity.

The fundraising department consists of development funding (focusing on individuals) and program funding (focusing on organisations). This department is led by Hetal Ganatra up to 30 November 2023, and Philippa Beach, Development Director, then stepped in as interim Chief Fundraising Officer. The UK teams works closely with the Board of Trustees, and staff in Kenya to ensure the smooth running of UK operations and fundraising activities.

Ol Pejeta UK furthers its objectives by the provision of grants to organisations. As a result, we have developed a policy and process for grant making. In following this, each grant request is evaluated thoroughly and presented with recommendations to the Board of Trustees for final decision-making and approval before being awarded.

The charity works with Human Resource specialist, Edelweiss HR Limited which provides advice in all matters relating to Human Resources including recruitment, benchmarking salaries, contracts, and staff remuneration.

Ol Pejeta UK has established a suite of policies and procedures to guide and ensure its operation follows models of best practice. These include conflict of interest, grant making, anti-money laundering, safeguarding, anti-bribery, reserves, financial controls, data protection, privacy, and human resources. Our policies will be reviewed and updated early in 2024. Training will be undertaken with staff to ensure policies are understood and implemented. We work closely with Board members and Senior Management in Kenya to ensure alignment of values and best practice across the two organisations.

Relationship with wider network.

During 2023, Ol Pejeta UK partnered with a variety of organisations to help fulfil its charitable objects, including:

Through Ol Pejeta Conservancy Kenya, we also work with a wider network of partners and funders to achieve our mission.

Relationship with related parties

The following Trustees are also Trustees of Ol Pejeta Conservancy in Kenya: Joanna Elliott, Annette Lanjouw. Justin Heath, UK Trustee is Chief Executive Officer of Ol Pejeta Conservancy, Kenya.

The charity works closely with and supports Ol Pejeta Conservancy Kenya in fulfilment of its charitable objectives.

The trustees who served during the year and up to the date of signature of the financial statements were:

Joanna Elliot (Chair) Charles Graham (Secretary) Annette Lanjouw Dougal Freeman (Treasurer) Justin Heath (CEO of Ol Pejeta Kenya) Joseph Palombo (Appointed 23 June 2023)

Recruitment and appointment of trustees

The report was approved by the Board of Trustees.

Dougal Freeman (Treasurer) Date 28/6/2024 | 17:24 BST Trustee

Every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees have regard to the skills, knowledge and experience needed for the effective administration of the CIO. Two Trustees are nominated by Ol Pejeta Kenya and Ol Pejeta Kenya’s CEO is an ex-officio trustee whilst employed in that

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

I report to the trustees on my examination of the financial statements of Ol Pejeta Conservancy UK (the charity) for the year ended 31 December 2023.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Demsey Slater BSC FCCA

Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England

Dated : 1/7/2024 | 09:48 BST

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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Unestricted Restricted Total Total
CURRENT FINANCIAL YEAR
funds 2023 funds 2023 2023 2022
Notes £ £ £ £
Income from:
Donations and legacies 2 512,108 309,866 821,974 828,498
Charitable activities 3 120,979 - 120,979 -
Other trading activities 4 - - - 143,405
Total income 633,087 309,866 942,953 971,903
Expenditure on:
Raising funds:
Costs of raising funds 5 139,631 - 139,631 149,872
Trading costs 5 - - - 77,333
-
139,631 139,631 227,205
Charitable activities 6 623,263 338,886 962,149 513,869
Total expenditure 762,894 338,886 1,101,780 741,074
Net income/(expenditure) and
(129,807) (29,020) (158,827) 230,829
movement in funds
Reconciliation of funds:
Fund balances at 1 January
330,770 29,020 359,790 128,961
2023
Fund balances at 31
-
200,963 200,963 359,790
December 2023
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Unrestricted Restricted Total
PRIOR FINANCIAL YEAR
funds 2022 funds 2022 2022
Notes £ £ £
Income from:
Donations and legacies 2 799,478 29,020 828,498
Other trading activities 4 143,405 - 143,405
Total income 942,883 29,020 971,903
Expenditure on:
Raising funds:
Costs of raising funds 5 149,872 - 149,872
Trading costs 5 77,333 - 77,333
227,205 227,205
Charitable activities 6 511,869 2,000 513,869
Total expenditure 739,074 2,000 741,074
Net income/(expenditure) and movement in funds 203,809 27,020 230,829
Reconciliation of funds:
Fund balances at 1 January 2023 126,961 2,000 128,961
Fund balances at 31
330,770 29,020 359,790
December 2022
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 22 form part of these financial statements.

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 13 1,401 2,944
Current assets
Debtors 14 47,860 70,419
Cash at bank and in hand 187,433 312,824
235,293 383,243
Creditors: amounts falling
15 (35,731) (26,397)
due within one year
Net current assets 199,562 356,846
Total assets less current
200,963 359,790
liabilities
Net assets excluding
200,963 359,790
pension liability
The funds of the charity
Restricted income funds 17 - 29,020
Unrestricted funds 200,963 330,770
200,963 359,790
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2023 2022
Notes £ £ £ £
Cash flows from operating
activities
Cash (absorbed by)/
generated from 21 (125,391) 160,158
operations
Investing activities
Purchase of tangible fixed -
(2,200)
assets
Net cash used in investing -
(2,200)
activities
Net cash used in financing - -
activities
Net (decrease)/increase in
(125,391) 157,958
cash and cash equivalents
Cash and cash
equivalents at the 312,824 154,866
beginning of the year
Cash and cash equivalents at
187,433 312,824
end of year
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The financial statements were approved by the trustees on 10th May 2024.

Dougal Freeman (Treasurer) Trustee

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Docusign Envelope ID." 417873F94E0145DA-A9DC427986E3C255

DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Charity information

Ol Pejeta Conservancy UK is a charitable incorporated organisation registered with the Charity Commission number 1185926.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity’s governing document, the Charities Act 2011, 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 £.

Ol Pejeta Conservancy UK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

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.

Staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities incurred on directly undertaking the activities which further the charity’s

objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination and other accountancy fees.

All expenditure is inclusive of irrecoverable VAT.

1.6 Tangible fixed assets

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially measured at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

1.3 Charitable funds

Office equipment 36 months straight-line basis

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.4 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash at bank and in hand includes cash and short-term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.9 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Basic financial assets

Trade and other debtors are recognised at the settlement amount after any trade discount offered at the amount prepaid net of any trade discounts due.

Basic financial liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.10 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.

1.11 Retirement benefits

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

1.12 Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

2. INCOME FROM DONATIONS AND LEGACIES

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Unrestricted Restricted Total Unrestricted Restricted Total
funds 2023 funds 2023 2023 funds 2022 funds 2022 2022
£ £ £ £ £ £
Donations and
512,108 309,866 821,974 799,478 29,020 828,498
gifts
3. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Unrestricted
funds 2023 funds 2022
£ £
Conservation
-
120,979
Services provided under contract
----- End of picture text -----

4. INCOME FROM OTHER TRADING ACTIVITIES

----- Start of picture text -----
Unrestricted Unrestricted
funds 2023 funds 2022
£ £
-
Non-charitable trading activities 143,405
5. EXPENDITURE ON RAISING FUNDS
Unrestricted Unrestricted
funds 2023 funds 2022
£ £
Fundraising and publicity
Bank fees 1,923 1,174
Consultancy and professional fees 37,846 30,055
Other fundraising costs 38,560 64,919
Staff costs 61,302 53,724
Total 139,631 149,872
Trading costs
-
Other trading expenses 77,333
Total costs 139,631 227,205
----- End of picture text -----

6. EXPENDITURE ON CHARITABLE ACTIVITIES

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Grant Grant
Conservation funding Total Conservation funding Total
2023 activities 2023 2022 activities 2022
2023 2022
£ £ £ £ £ £
Direct costs
Staff costs 323,766 - 323,766 345,875 - 345,875
Depreciation and - -
1,543 1,543 2,051 2,051
impairment
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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
Training and - -
17,788 17,788 14,600 14,600
recruitment
Travel and
- -
21,211 21,211 15,592 15,592
entertainment
Exchange gain 9,731 - 9,731 675 - 675
or loss
Other direct costs 1,262 - 1,262 242 - 242
Consultancy and - - - -
9,803 9,803
professional fees
- -
385,104 385,104 379,035 379,035
Grant funding of
activities - 451,102 451,102 - 21,448 21,448
(see note 7)
Share of support and governance costs (see note 8)
- -
Support 120,853 120,853 103,926 103,926
Governance 5,090 - 5,090 9,460 9,460
511,047 451,102 962,149 492,421 21,448 513,869
Analysis by fund
Unrestricted funds 490,918 132,345 623,263 492,421 19,448 511,869
Restricted funds 20,129 318,757 338,886 - 2,000 2,000
511,047 451,102 962,149 492,421 21,448 513,869
----- End of picture text -----

7. GRANTS PAYABLE

7. GRANTS PAYABLE
Grant funding
activities 2023		 Grant funding
activities 2022
£ £
Grants to institutions:
Grants, Conservation		 451,102 21,448

8. SUPPORT COSTS ALLOCATED TO ACTIVITIES

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2023 2022
£ £
Staff costs 79,610 71,944
Consultancy and professional fees 30,209 23,760
Computer overheads and consumables 5,163 4,172
Telephone, stationery and postage 244 673
Sundry expense 3,109 2,780
Bank charges 116 350
Insurances 2,354 247
Interest payable 48 -
Governance costs 5,090 9,460
125,943 113,386
Analysed between:
125,943 113,386
Conservation
2023 2022
Governance costs comprise: £ £
Accountancy 5,090 9,460
5,090 9,460
----- End of picture text -----

Within governance costs, the independent examiner’s remuneration amounts to an independent examiner fee of £3,000 (2022 - £3,840).

Grants to institutions consisted of grants paid to Ol Pejeta Conservancy Kenya totalling £451,102 (2022 - £21,448). Included within grants to institutions is expenditure from restricted funds of £318,757 (2022 - £2,000).

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. NET MOVEMENT IN FUNDS

9. NET MOVEMENT IN FUNDS
2023 2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fxed assets		 1,543
2,051

Remuneration of key management personnel

The total employee benefits of the key management personnel of the charity were £156,518 (2022 - £156,518) and employer pension contributions were £11,625 (2022 - £11,625).

12. TAXATION

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13. TANGIBLE FIXED ASSETS

10. TRUSTEES

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2022 - £Nil).

During the year, no trustees expenses have been incurred (2022 - £Nil).

11. EMPLOYEES

The average monthly number of employees during the year was:

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2023 2022
Number Number
Average monthly number of employees 7 7
Employment costs 2023 2022
£ £
Wages and salaries 393,762 399,350
Social security costs 41,315 43,751
Other pension costs 29,601 28,442
464,678 471,543
The number of employees whose annual remuneration was
2023 2022
more than £60,000 is as follows:
Number Number
£60,001 - £70,000 2 2
£100,001 - £110,000 1 1
----- End of picture text -----

13. TANGIBLE FIXED ASSETS
Office
equipment
£
Cost
At 1 January 2023 6,917
At 31 December 2023 6,917
Depreciation and impairment
At 1 January 2023 3,973
Depreciation charged in the year 1,543
At 31 December 2023 5,516
Carrying amount
At 31 December 2023 1,401
At 31 December 2022 2,944

14. DEBTORS

----- Start of picture text -----
Amounts falling due within one year: 2023 2022
£ £
Trade debtors 42,025 62,677
Other debtors 1,744 -
Prepayments and accrued income 4,091 7,742
47,860 70,419
----- End of picture text -----

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
2023 2022
£ £
Other taxation and social security 13,503 19,392
Trade creditors 9,862 3,805
-
Grants payable 8,216
Accruals and deferred income 4,150 3,200
35,731 26,397
16. RETIREMENT BENEFIT SCHEMES
Defined contribution schemes 2023 2022
£ £
Charge to profit or loss in respect of defined contribution schemes 29,601 28,442
----- End of picture text -----

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.

Contributions of £Nil were payable to the fund at the balance sheet date (2022 - £Nil).

17. RESTRICTED FUNDS

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January
2023
Incoming
resources
Resources
expended
At 31
December
2023
£
£
£
£		 At 1 January
2023		 Incoming
resources		 Resources
expended		 At 31
December
2023
Conservation - Species
9,066
16,370
(25,436)
-
Resilience Fund
19,954
-
(19,954)
-
Community - Education
-
63,284
(63,284)
-
Operations and Infrastructure
-
230,212
(230,212)
-
29,020
309,866
(338,886)
-

----- Start of picture text -----
At 31
At 1 January Incoming Resources
Previous year December
2022 resources expended
2022
£ £ £ £
Communications 2,000 - (2,000) -
- -
Conservation - Species 9,066 9,066
Resilience Fund - 19,954 - 19,954
2,000 29,020 (2,000) 29,020
----- End of picture text -----

The Communication Fund represents grants received for the purpose of supporting communications.

The Conservation Fund represents grants received for the purpose of upgrading ranger accommodation.

The Resilience Fund represents funds received for organisational strengthening.

The Community Education Fund represents funds received for student scholarships.

The Operations and Infrastructure Fund represents funds for housing and water infrastructure improvements.

18. UNRESTRICTED FUNDS

----- Start of picture text -----
At 31
At 1 January Incoming Resources
December
2023 resources expended
2023
£ £ £ £
General funds 330,770 633,087 (762,894) 200,963
At 31
At 1 January Incoming Resources
Previous year December
2022 resources expended
2022
£ £ £ £
General funds 126,961 942,883 (739,074) 330,770
----- End of picture text -----

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
Unrestricted Restricted
Total
At 31 December 2023: funds funds
2023
2023 2023
£ £ £
-
Tangible assets 1,401 1,401
-
Current assets/(liabilities) 199,562 199,562
-
Total 200,963 200,963
Unrestricted Restricted Total
At 31 December 2022:
funds 2022 funds 2022 2022
£ £ £
-
Tangible assets 2,944 2,944
Current assets/(liabilities) 327,826 29,020 356,846
Total 330,770 29,020 359,790
----- End of picture text -----

21. CASH GENERATED FROM OPERATIONS

----- Start of picture text -----
2023 2022
£ £
(Deficit)/surpus for the year (158,827) 230,829
Adjustments for:
Depreciation and impairment of tangible fixed assets 1,543 2,051
Movements in working capital:
Decrease/(increase) in debtors 22,559 (13,531)
Increase/(decrease) in creditors 9,334 (59,191)
Cash (absorbed by)/generated from operations (125,391) 160,158
----- End of picture text -----

22. ANALYSIS OF CHANGES IN NET FUNDS

The charity had no material debt during the year.

20. RELATED PARTY TRANSACTIONS

Ol Pejeta Conservancy UK (OPC UK) is related to Ol Pejeta Conservancy in Kenya (OPC Kenya) due to the two entities sharing a number of the same trustees. OPC Kenya, in close liaison with the Government of Kenya and the Kenya Wildlife Service, manages and conserves the wildlife resources in Ol Pejeta Conservancy. During the year OPC UK awarded funding of £451,102 (2022 - £21,448), for specific projects and other charitable initiatives within Ol Pejeta Conservancy as described in the annual report of the trustees.

At the year end OPC UK owed £8,216 to OPC Kenya (2022 - £Nil) and were owed £958 (2022: nil).

During the year the charity received donations without conditions from trustees totalling £nil (2022 - £15,500).

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DocuSign Envelope ID: 417873F9-4E01-45DA-A9DC-427986E3C255

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