2025-12-31-accounts - Ol Pejeta Conservancy UK

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D

CHARITY NUMBER: 1185926

Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

OL PEJETA CONSERVANCY UK

Trustees’ Report ..................................................08–15 Statement of Trustees’ Responsibilities.............16 Independent Auditor’s Report .............................20–22 Statement of Financial Activities ........................24–25 Balance Sheet .......................................................26 Statement of Cash Flows .....................................27 Notes to the Financial Statements .....................30–42

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Full name of charity Ol Pejeta Conservancy UK

Alternative names Ol Pejeta UK, OPC UK

Trustees Charles Graham (Chair) Annette Lanjouw Dougal Freeman (Treasurer) Justin Heath (CEO of Ol Pejeta Kenya) Joseph Palombo Alison Mollon (Appointed 12 September 2025) Christophe de Taurines (Appointed 19 February 2025)

Senior management Philippa Beach (Chief Fundraising Officer from July 2025) Kirstin Johnson (Interim Chief Fundraising Officer to July 2025) Charity number 1185926 (England and Wales)

Auditor Ellacotts Audit Services Limited Countrywide House 23 West Bar Banbury Oxfordshire England OX16 9SA

The Co-operative Bank PLC Business Banking

Bankers

Delf House

Southway Skelmersdale WN8 6GH

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TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D
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
EWASO Hippo Hide KONGONI DONGA AcaciaDam
Lodru Dam 1 CAMPSITE HIPPO HIDE
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
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ROADS ENDANGERED SPECIES ENCLOSURE ADC FIREBREAKS ANIMAL ‘DAMS’ MAIN ROAD JUNCTION NUMBERS ALL WEATHER ROADS SWEETWATERS CHIMPANZEE SANCTUARY 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 Page 6 MAIN CONSERVATION AREA MAJOR CAMPS AND LODGES WILDLIFE CORRIDORS MOUNT KENYA WILDLIFE ESTATE (MKWE)

Ol Pejeta Conservancy works to conserve wildlife, provide a sanctuary for great apes and to generate income through wildlife tourism and complimentary enterprises for re-investment in conservation and community development.

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Kilometres 0 1 2 3 4 5

Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees are pleased to present their annual report together with financial statements for the year ended 31 December 2025.

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).

We highlight below some of the impact of our support in 2025:

Eight Years Without Poaching: This year proudly marked eight consecutive years without a single rhino poaching incident — a milestone that reflects sustained innovation, intelligence-led security, strong community partnerships, and the tireless dedication of our ranger and conservation teams.
Record Rhino Numbers and Another Translocation Success: During the year, we successfully translocated nine Critically Endangered eastern black rhinos to Segera Conservancy — a historic first for the region and one of the largest black rhino translocations ever undertaken. By December, we welcomed 25 new rhino calves, bringing our total rhino population to a record 240 individuals. Our conservancy remains home to one of the largest populations of eastern black rhinos in East Africa, alongside a healthy and growing population of southern white rhinos.

OBJECTIVES AND ACTIVITIES

The charitable objects of Ol Pejeta Conservancy UK are:

To promote, for the benefit of the public, the preservation, conservation and protection of Africa’s wildlife and natural heritage at Ol Pejeta Conservancy, and in Laikipia county, Kenya including by undertaking related local development activities.
To advance, for the benefit of the public, the education of the public in the preservation, conservation and protection of Africa’s wildlife and natural heritage at Ol Pejeta Conservancy, and in Laikipia county, Kenya including by undertaking related local development activities.

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

Our work supports the Conservancy to achieve its mission to conserve biodiversity, provide security for wildlife and improve community livelihoods in and around Ol Pejeta Conservancy, particularly to:

Maintain security operations throughout the Conservancy to keep wildlife and people safe.
Lead the recovery of the Eastern black rhino through supporting our key 1 population.
• Monitor habitat and wildlife to inform conservation management.
Save the northern white rhino from extinction through support to the BioRescue initiative.
Improve sustainability through improving infrastructure including water security and energy efficiency with solar.
Improve landscape connectivity and secure additional habitat for rhino on the Mutara Conservation Area.
Build a better life for communities around the Conservancy by improving access to education, water, and agricultural extension services.

Fundraising provides a vital additional source of income for the Conservancy supporting our operations and enabling investment to be directed where the need is greatest. Our small fundraising team raises funds globally to support Ol Pejeta’s work.

Saving the Northern White Rhino: With only two individuals remaining, Najin and her daughter Fatu, both living at Ol Pejeta, the international BioRescue consortium is working tirelessly to secure their future. Three new northern white rhino embryos were created using advanced reproductive and stem cell technologies, bringing the total to 38 since the first oocyte collection six years ago. This year also marked a major milestone with the first embryo transfers into southern white rhino surrogates, bringing us closer to the possibility of northern white rhino calves being born on Ol Pejeta within the next five years.
Caring for Wildlife Across the Region: Our vet and ranger teams responded to over 120 wildlife incidents, supporting interventions beyond our fence line and throughout Laikipia. Our team treated more than 20 injured rhinos, rescued a zebra foal, removed spears from two elephants, recollared lions, relocated leopards, and provided ongoing care for our 29 resident chimpanzees. Through these efforts, our expertise and conservation impact continue to grow, benefiting wildlife across the wider region.
Education remained a cornerstone of our community work: Five new classrooms were built in remote areas of northern Kenya, providing hundreds of children with better learning spaces. Through our scholarship programme, 325 secondary school students received financial support, while four schools were equipped with digital learning tools, giving 1,608 students access to online resources.
Supporting Livelihoods: 6,904 farmers gained new skills through our agricultural extension programme, improving productivity and climate resilience. We distributed 524 energy-saving stoves, reducing household energy costs, carbon emissions, and pressure on local forests. Support for pastoralists included vaccinating 2,000 community cattle, providing 917 artificial insemination services, and purchasing 366 Boran cattle from local farmers, creating reliable income opportunities for households in the region.
Building Climate Resilience and Improving Infrastructure: In March, a wildfire burned for two days in the Mutara conservation area, damaging over 4,000 acres of important wildlife habitat. Our rangers, vet staff, and tourism partners worked around the clock to contain the fire, protect wildlife, and support local communities. Thankfully, no human lives were lost, and vegetation is now recovering well. In response to shorter rainfall cycles and increasingly severe dry spells, we are rolling out a series of interventions to improve climate resilience and water security. These include drilling boreholes, rehabilitating dams and water pans, and developing the chimp weir.

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.

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE

Ol Pejeta UK was established in 2019 to support the work of the Conservancy in Kenya. We provide direct support by working closely with the team on the ground in Kenya as well as providing fundraising support, generating income both into Kenya and the UK and by awarding grants to Kenya. Fundraising is now a key pillar of income generation for the Conservancy alongside commercial revenues from tourism and agriculture, providing a level of security and resilience, representing around one fifth of total income in 2025.

FUTURE PLANS FOR 2026

We enter 2026 with a new fundraising strategy, a supportive board, and several exciting operational projects on the horizon. It could be a defining year for us as we look to open a US entity; continue to build out our donor-led events programme; and build the team back up to full-strength with a new Head of Trusts & Foundations and MidLevel Giving Manager; and as we seek to expand our UK board alongside a new global Ambassador programme, adding key support and building our fundraising networks further.

Specific objectives for 2026 include:

KEY RESULTS 2025

Delivered global revenue totalling c £1.47m of which c 30 % went directly into Ol Pejeta Kenya and did not flow through OPC UK.
Secured Income into Ol Pejeta UK of c £1.03m (2024: £760,094)
Increased Grants awarded to Kenya to £469k
Developed a new Fundraising Strategy and started implementation of a suite of projects (see below)
Invested in fundraising in the USA through the appointment of a consultant based in California who has built a solid foundation for future growth in this key economic area
Appointed a new Trustee to the Board to crucially support fundraising in Europe and the USA
Established and implemented a cost recovery process backed by a Transfer Pricing Policy
Continue to support the work of the Conservancy especially in the key areas of need:
◦Conservation (especially rhinos, chimpanzees, endangered species, connectivity with the wider landscape and new technology for monitoring and security),
◦Community (sustainable livelihoods and access to education including scholarships and a new school build), and
◦Capability (including infrastructure, staff welfare, improved water management and fundraising capacity).
Raise £1.8m globally to support OPC Kenya’s strategic priorities and fund UK operations.
Raise c £914k directly into Kenya and award at least £330k in grants from OPC UK to OPC Kenya.
Implement a suite of projects identified by the new Fundraising Strategy to deliver income in support of Ol Pejeta’s strategic objectives to 2030 (see below).
Establish an Endowment Fund to underwrite our future sustainability.
Invest in fundraising from Trusts and Foundations through the appointment of a new member of staff starting in March.

A NEW FUNDRAISING STRATEGY TO DRIVE FUTURE GROWTH

In early 2025, Kirstin Johnson (Chief Fundraising Officer – maternity cover) led the development of a new 5-year Fundraising Strategy for Ol Pejeta to support the delivery of Ol Pejeta’s organisational strategy to 2030. This highly consultative exercise gathered data from both internal and external sources, including more than thirty interviews, group discussions, and multiple digital resources. It gathered content on Ol Pejeta’s performance to date, trends in critical fundraising markets, income streams and peer organisations, as well as the necessary set up and priority focus areas important for success going forward, identifying the USA as our priority market, followed by the UK, Kenya, and selected opportunities in Europe. It builds on successes to date as well as identifies new areas to develop.

The Fundraising Strategy (2030) is organised around four pillars and four priorities:

Four Pillars – Focus, Strategic Communications, Organisational Resilience and Integrated Teamworking – critical in providing the necessary foundations and working context for success. Four Priorities – High Value Philanthropy (gifts > $10K/yr), Individual Giving (gifts < $1K/yr), Trusts and Foundations (grants > $50K/yr), and selected funding streams in Kenya – are where we consider the best opportunities are to capitalise on our comparative advantage.

Newer areas that require further scoping are strategic communications for fundraising, fundraising from (Ultra) high net worth individuals, planned/legacy giving, relationships with intermediary organisations, investment in a digital agency for Individual Giving, and fundraising in the Kenya market. Important shifts to our existing areas of focus include a pivot away from directly pursuing Official Development Assistance (ODA) towards a more targeted approach to Trusts and Foundations across our markets, a more refined donor engagement framework designed to promote donor loyalty, upgrades and engagement in unrestricted giving, and a more proactive ‘relationship first, market second’ approach to building donor networks where we have identified a comparative advantage.

Invest in fully embedding Ol Pejeta fundraising in the USA through establishing a US entity, to further support our US Consultant and US donor outreach.
Invest in developing fundraising in Europe, exploring board member networks particularly in corporate foundations, philanthropists and investors.
Implement a new Philanthropy plan, to expand and embed our individual supporter base including development and upgrade of unrestricted giving products, strategic events in key geographies, donor advised fund relationship building, and tourist engagement on the conservancy.
Focus delivering on restricted grants in a timely manner and providing best-in-class stewardship to all our donors to ensure retention and growth.

FUNDRAISING STRATEGY PROJECTS

31 projects were identified in mid-2025 to support the delivery of the strategy. By the end of Q1 2026, 13 projects will have been completed, with 12 in progress and 6 pending. Most of the projects aimed at improving systems required to support fundraising and developing plans for launching new areas either have or will be completed in 2026 Q1. It is therefore anticipated that the remainder of 2026 will see the launch of a new legacy fundraising programme, the implementation of a new framework for fundraising in Kenya, and a number of philanthropy and individual giving projects which are designed to capitalise better on philanthropy opportunities, including establishing a global Ambassador Group and expanding the UK Board. Finally, with the onboarding of a new Head of Trusts and Foundations, this important component of the overall picture can start and with the completion of the organisation’s 2050, the team can work closely with our CEO and Chief Programmes Officer to explore a more diversified funding model overall.

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Principal funding sources and expenditure

Income in 2025 totalled £1,285,840 (2024: £943,801) broken down as follows:

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Income Type Unrestricted Restricted Total Income
Corporates 71,475 15,000 86,475
Individuals 393,330 20,843 414,173
Trusts & Foundations 212,721 389,094 601,815
Other Income 18,959 18,959
-
Ol Pejeta Kenya - recharge 163,707 163,707
Interest earned 711 - 711
Total 860,903 424,937 1,285,840
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Donations from Charitable Trusts & Foundations and individuals 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 £18,959 from Sixty Six Media Inc. in relation to filming rights on the Conservancy in support of the northern white rhino recovery programme.

The Ol Pejeta Kenya Recharge of £163,707 represents the net fundraising costs incurred by Ol Pejeta UK which are associated with funds directly received into Ol Pejeta Kenya.

Expenditure to deliver charitable objectives increased from £784,993 in 2024 to £1,277,588 broken down as follows:

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Expenditure Type Amount
Cost of Raising Funds 403,865
Charitable activities 873,723
Total 1,277,588
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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 £873,723 in charitable activities including the provision of grants to Ol Pejeta Kenya of £469,534.

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, 2025, are £368,023 (2024: £359,771) consisting of £2,014 restricted funds (2024: £11,896) and £366,009 unrestricted funds (2024: £347,875). Our Unrestricted Reserves total of £366,009 meets our reserves requirements.

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

Risk management

The trustees have examined the major strategic, business, and operational risks which the charity faces. A key 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 a commitment from Ol Pejeta Kenya to support the UK if needed, and established robust systems, processes, and policies to reduce and mitigate these risks, as well as a cost recovery process backed by a Transfer Pricing Policy.

External factors especially in the US leading to market uncertainty will be mitigated by diversifying our income streams establishing stronger relationships with existing donors and building new relationships with Conservancy visitors.

A new risk register has been developed to be reviewed bi-annually looking in detail at the risks, causes and impact, their likelihood and impact and identifying mitigation strategies.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Ol Pejeta Conservancy UK is a Charitable Incorporated Organisation 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 2025 has seven 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 was led by Dr. Kirstin Johnson in the first half of 2025 (during Philippa’s maternity leave) and Philippa Beach in the latter half of the year. The UK team works closely with the Board of Trustees, and staff in Kenya to ensure the smooth running of UK operations and fundraising activities.

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.

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: Charles Graham (Chair)

Annette Lanjouw

Dougal Freeman (Treasurer)

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Justin Heath (CEO of Ol Pejeta Kenya) Joseph Palombo Alison Mollon (Appointed 12 September 2025) Joanna Elliott (Resigned 12 September 2025) Christophe de Taurines (Appointed 19 February 2025)

Joanna Elliott, founding Trustee and Chair and a passionate advocate for Ol Pejeta, stepped down from the Board in September 2025. We are extremely grateful for her commitment and support during this formative period of the organisation and would like to thank her for her steady guidance since we established in 2019. We warmly welcome Charles Graham, also a founding Trustee, into the role of Chair.

As well as providing technical support and raising money directly into Kenya Ol Pejeta UK furthers its objectives by the provision of grants. As a result, we have developed a policy and process for grant making. The Board of trustees is responsible for ensuring all grant making decisions are in line with Ol Pejeta UK‘s charitable purposes and any restrictions agreed with donors and funding partners. Each grant request is evaluated and presented with recommendations to the Board of Trustees which consider what is in the best interests of OPC UK in seeking to achieve its charitable objectives and decide whether to make grants or support projects accordingly. Each grant application is considered on its own merits. Ahead of any formal voting and in line with the Conflict-of-Interest policy, the trustees declare any interests in each application and abstain from the voting process as appropriate. It is a condition of any awarded grant that the Trustees will receive written evaluation reports outlining the progress and achievements for the agreed period.

Recruitment and appointment of trustees

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 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.

A new Terms of Reference for Trustees was developed during 2025, and one new Trustee was recruited. We plan to recruit one further Trustee in 2026.

All trustees give their time freely and no trustee remuneration or expenses was paid in the period. 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 period.

Relationship with wider network

During 2025, Ol Pejeta UK partnered with a variety of organisations to help fulfil its charitable objects, including:

Chapel and York US & Canada Foundations, which supported donors to give tax efficiently from the United States of America and Canada.
Helping Rhinos, which supported us with fundraising events and wildlife adoptions.
Fauna & Flora, which provided technical advice and support.
Vital Impacts, which supported us to raise funds.

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 (resigned 12 September 2025), Annette Lanjouw and Alison Mollon. Justin Heath, UK Trustee is Chief Executive Officer of Ol Pejeta Conservancy, Kenya.

Chief Executive Officer

Justin Heath was appointed Ol Pejeta Conservancy’s Global CEO in April 2022, and since joining Ol Pejeta has led a comprehensive restructuring process, boosted commercial revenues, and strengthened the conservancy’s asset management. He sits on the National Board for the Kenya Rhino Range Expansion initiative where he will collaborate with the Director General of Kenya Wildlife Service and the Head of the Kenya Wildlife Research and Training Institute aiming to expand protected habitats for rhinos across Kenya, with Ol Pejeta’s home range, Laikipia, playing a pivotal role. Justin also serves on the Board of Trustees of Ol Pejeta UK.

The trustees’ report was approved by the Board of Trustees and signed on their behalf by:

Policies and procedures

Ol Pejeta UK has established a suite of policies and processes to guide and ensure its operation follows models of best practice. Polices include Conflict of Interest, Anti-money laundering, Safeguarding, Anti-fraud, Corruption & Bribery, Financial Controls (including grant making), Reserves, Data Protection, Trustee Delegation of Duties, Know your Donor, Privacy, and Human Resources. Key policies will be reviewed and updated in 2026. Training is undertaken periodically 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.

Policy on Grant Making

Dougal Freeman Board Trustee and Treasurer

Dated: 4/6/2026 | 11:11 BST

By supporting Ol Pejeta Conservancy Kenya, we are helping to conserve some of the world’s most endangered species, raise awareness of biodiversity loss whilst supporting those communities that live closest to it.

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Docusign Envelope ID." E3ESED2EEAA-8lEo7F-B0AEC6SBB3D

Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

QUALIFIED OPINION

We have audited the financial statements of Ol Pejeta Conservancy UK (the ‘charity’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the financial statements:

give a true and fair view of the state of the charity’s affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the Charities Act 2011.

other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In respect solely of the limitation on our work relating to opening balances described above in the basis for qualified opinion paragraph:

we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether sufficient accounting records had been kept.

BASIS FOR QUALIFIED OPINION

As a result of being appointed as auditors towards the end of the accounting period, the evidence available to us was limited in relation to the comparatives in the current period’s financial statements which are derived from the unaudited financial statements for the year ended 31 December 2024. As the comparatives were not audited and we were appointed as auditor in December 2025, it was not possible for us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence concerning the comparative figures.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

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

the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
the financial statements are not in agreement with the accounting records.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

----- Start of picture text -----
TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also perform the following procedures:

Enquiry of management, those charged with governance around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Charlotte McIntyre BSc FCA (Senior Statutory Auditor)

For and on behalf of Ellacotts Audit Services Limited, Statutory Auditor Chartered Accountants Countrywide House 23 West Bar Banbury Oxfordshire OX16 9SA England

Date: 4/6/2026 | 11:42 BST

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

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

----- Start of picture text -----
Unrestricted Restricted Total Total
CURRENT FINANCIAL YEAR
funds 2025 funds 2025 2025 2024
Notes £ £ £ £
Income from:
Donations and legacies 2 677,436 424,937 1,102,373 904,561
Charitable activities 3 182,756 - 182,756 38,799
Investments 4 711 - 711 411
Total income 860,903 424,937 1,285,840 943,801
Expenditure on:
Raising funds:
Costs of raising funds 5 389,238 14,627 403,865 103,359
Charitable activities 6 453,531 420,192 873,723 681,634
Total expenditure 842,769 434,819 1,277,588 784,993
Net income/(expenditure) and
18,134 (9,882) 8,252 158,808
movement in funds
Reconciliation of funds:
Fund balances at 1 January
347,875 11,896 359,771 200,963
2025
Fund balances at 31
366,009 2,014 368,023 359,771
December 2025
----- End of picture text -----

----- Start of picture text -----
Unrestricted Restricted Total
PRIOR FINANCIAL YEAR
funds 2024 funds 2024 2024
Notes £ £ £
Income from:
Donations and legacies 2 626,769 277,792 904,561
Charitable activities 3 38,799 - 38,799
Investments 4 441 - 441
Total income 666,009 277,792 943,801
Expenditure on:
Raising funds:
Costs of raising funds 5 103,359 - 103,359
Charitable activities 6 415,738 265,896 681,634
Total expenditure 519,097 265,896 784,993
Net income/(expenditure) and movement in funds 146,912 11,896 158,808
Reconciliation of funds:
-
Fund balances at 1 January 2024 200,963 200,963
Fund balances at 31
347,875 11,896 359,771
December 2024
----- End of picture text -----

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 30 to 42 form part of these financial statements.

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

----- Start of picture text -----
2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 13 760 82
Current assets
Debtors 14 219,502 267,958
Cash at bank and in hand 211,116 129,014
430,618 396,972
Creditors: amounts falling
15 (63,355) (37,283)
due within one year
Net current assets 367,263 359,689
Total assets less current
368,023 359,771
liabilities
The funds of the charity
Restricted income funds 17 2,014 11,896
Unrestricted funds 18 366,009 347,875
368,023 359,771
----- End of picture text -----

----- Start of picture text -----
2025 2024
Notes £ £ £ £
Cash flows from operating
activities
Cash generated from/
21 82,012 (58,312)
(absorbed by) operations
Investing activities
Purchase of tangible
(621) (548)
fixed assets
Investment income received 711 441
Net cash generated from/
90 (107)
(used in) investing activities
Net cash used in financing - -
activities
Net increase/(decrease) in
82,102 (58,419)
cash and cash equivalents
Cash and cash
equivalents at the 129,014 187,433
beginning of the year
Cash and cash equivalents at
211,116 129,014
end of year
----- End of picture text -----

The financial statements were approved by the trustees on 4/6/2026 | 11:11 BST

Dougal Freeman Board Trustee and Treasurer

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Docusign Envelope ID." E3E5ED2EAA-8lEO7F-B0AECSS8B3D li,

Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

Charity information

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

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from fundraising activities is recognised when the charity is entitled to the income, receipt is probable and the amount can be measured reliably. Fundraising income is included in the Statement of Financial Activities in the period in which it is earned.

1.1 Basis of preparation

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.

1.3 Charitable funds

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.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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. 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:

Office equipment 36 months straight-line basis

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

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).

1.12 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.

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. Prepayments are valued 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 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

1.13 Significant estimate - Accrued income

Accrued income represents income that has been earned in the period but not yet received at the reporting date. Accruals are recognised where the charity has an entitlement to the income, receipt is probable, and the amount can be measured reliably. Accrued income is included within debtors and recognised in income in the period to which it relates.

2. INCOME FROM DONATIONS AND LEGACIES

----- Start of picture text -----
Unrestricted Restricted Total Unrestricted Restricted Total
funds 2025 funds 2025 2025 funds 2024 funds 2024 2024
£ £ £ £ £ £
Donations
677,436 424,937 1,102,373 443,062 277,792 720,854
and gifts
Ol Pejeta Kenya - - - - -
183,707 183,707
Recharge
677,436 424,937 1,102,373 626,769 277,792 904,561
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Unrestricted
funds 2025 funds 2024
£ £
Conservation:
Other income 18,959 38,799
-
Ol Pejeta Kenya - Recharge 163,797
182,756 38,799
----- End of picture text -----

3. INCOME FROM CHARITABLE ACTIVITIES

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.

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

4. INCOME FROM INVESTMENTS

----- Start of picture text -----
Unrestricted Unrestricted
funds 2025 funds 2024
£ £
Interest receivable 711 441
EXPENDITURE ON RAISING FUNDS
Unrestricted Restricted Total Unrestricted Restricted Total
funds 2025 funds 2025 2025 funds 2024 funds 2024 2024
£ £ £ £ £ £
Cost of raising funds
Expenses paid directly - - - -
88,599 88,599
by OPRL (Kenya)
Bank fees 1,899 - 1,899 494 - 494
Consultancy and -
105,238 14,627 119,865 46,214 46,214
professional fees
Other fundraising - -
42,474 42,474 6,903 6,903
costs
Staff costs 151,028 - 151,028 49,748 - 49,748
-
389,238 14,627 403,865 103,359 103,359
----- End of picture text -----

5. EXPENDITURE ON RAISING FUNDS

6. EXPENDITURE ON CHARITABLE ACTIVITIES

----- Start of picture text -----
Grant Grant
Conservation funding Total Conservation funding Total
2025 activities 2025 2024 activities 2024
2025 2024
£ £ £ £ £ £
Direct costs
Staff costs 133,321 - 133,321 215,693 - 215,693
Depreciation and 300 - 300 1,867 - 1,867
impairment
Training and - -
8,228 8,228 10,926 10,926
recruitment
Travel and
- -
37,150 37,150 23,587 23,587
entertainment
Exchange gain - -
29,024 29,024 21,026 21,026
or loss
Other direct costs - 1,984 1,984 577 - 577
Consultancy and - - - -
11,077 11,077
professional fees
-
208,023 1,984 210,007 284,753 284,753
Grant funding of
activities - 469,534 469,534 - 271,829 271,829
(see note 7)
Share of support and governance costs (see note 8)
- -
Support 161,333 161,333 107,092 107,092
Governance 32,849 - 32,849 17,960 - 17,960
402,205 471,518 873,723 409,805 271,829 681,634
Analysis by fund
Unrestricted funds 402,205 51,326 453,531 398,728 17,010 415,738
Restricted funds - 420,192 420,192 11,077 254,819 265,896
402,205 471,518 873,723 409,805 271,829 681,634
----- End of picture text -----

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

32,849 17,960

Governance costs includes payments to the auditors of £11,000 (2024- £2,700) for audit fees (2024: independent examination fees).

7. GRANTS PAYABLE

----- Start of picture text -----
Grant funding Grant funding
activities 2025 activities 2024
£ £
Grants to institutions: Grants to Ol Pejeta Conservancy Limited 469,534 271,829
8. SUPPORT COSTS ALLOCATED TO ACTIVITIES
2025 2024
£ £
Staff costs 87,876 96,143
Consultancy and professional fees - 461
Computer overheads and consumables 5,969 4,383
Telephone, stationery and postage 3,743 1,144
Sundry expense 90 1,296
Bank charges 1,176 296
Insurances 3,022 3,369
-
Withholding tax 59,457
Governance costs 32,849 17,960
194,182 125,052
Analysed between:
194,182 125,052
Conservation
2025 2024
Governance costs comprise: £ £
Accountancy 32,709 17,960
Legal Fees 140 -
----- End of picture text -----

8. SUPPORT COSTS ALLOCATED TO ACTIVITIES

9. NET MOVEMENT IN FUNDS

----- Start of picture text -----
2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
-
Fees payable for the audit of the charity’s financial statements 11,000
Depreciation of owned tangible fixed assets 300 1,867
----- End of picture text -----

10. TRUSTEES

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2024 - £Nil).

During the year, no trustees expenses have been incurred (2024 - £Nil).

11. EMPLOYEES

----- Start of picture text -----
The average monthly number of employees during the year was:
2025 2024
Number Number
Average monthly number of employees 6 6
Employment costs 2025 2024
£ £
Wages and salaries 317,935 318,971
Social security costs 28,210 21,351
Other pension costs 26,080 21,262
372,225 361,584
The number of employees whose annual remuneration was
2025 2024
more than £60,000 is as follows:
Number Number
£70,001 - £80,000 1 1
Page 37
----- End of picture text -----

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Remuneration of key management personnel

The total remuneration of the key management personnel of the charity were £186,441 (2024 - £133,368), employer pension contributions were £15,708 (2024 - £9,625) and employer national insurance contributions were £24,708 (2024 - £8,445),

12. TAXATION

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

13. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
	Office equipment
	£
Cost
At 1 January 2025	7,464
Additions	621
At 31 December 2025	8,085
Depreciation and impairment
At 1 January 2025	7,382
Depreciation charged in the year	300
Depreciation Adjustment	(357)
At 31 December 2025	7,325
Carrying amount
At 31 December 2025	760
At 31 December 2024	82

14. DEBTORS

Amounts falling due within one year:	2025	2024
	£	£
Trade debtors	49,523	253,760

----- Start of picture text -----
Other debtors - 1,810
Prepayments and accrued income 169,979 12,388
219,502 267,958
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Other taxation and social security 20,356 24,951
Trade creditors - 9,632
Accruals and deferred income 42,999 2,700
63,355 37,283
16. RETIREMENT BENEFIT SCHEMES
Defined contribution schemes 2025 2024
£ £
Charge to profit or loss in respect of defined contribution schemes 26,080 21,262
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 (2024 - £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 31
At 1 January Incoming Resources
December
2025 resources expended
2025
£ £ £ £
Conservation - 179,809 (179,809) -
Community - Education 1,201 65,407 (64,594) 2,014
----- End of picture text -----

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

16. RETIREMENT BENEFIT SCHEMES

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

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.

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

	Operations and Infrastructure 10,695 179,721 (190,416) - RESTRICTED FUNDS(CONTINUED)
	11,896 424,937 (434,819) 2,014

17. RESTRICTED FUNDS(CONTINUED)

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
At 31
At 1 January Incoming Resources
Previous year December
2024 resources expended
2024
£ £ £ £
Conservation - 9,057 (9,057) -
-
Community - Education 68,350 (67,149) 1,201
-
Operations and Infrastructure 200,385 (189,690) 10,695
-
277,792 (265,896) 11,896
----- End of picture text -----

The Conservation Fund represents grants received for the purpose of wildlife conservation.

The Community Education Fund represents funds received for student scholarships.

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

18. UNRESTRICTED FUNDS

----- Start of picture text -----
At 31
At 1 January Incoming Resources
December
2025 resources expended
2025
£ £ £ £
General funds 347,875 860,903 (842,769) 366,009
At 31
At 1 January Incoming Resources
Previous year December
2024 resources expended
2024
£ £ £ £
General funds 200,963 666,009 (519,097) 347,875
----- End of picture text -----

----- Start of picture text -----
Unrestricted funds Restricted funds Total
At 31 December 2025:
2025 2025 2025
£ £ £
Tangible assets 760 - 760
Current assets/(liabilities) 365,249 2,014 367,263
Total 366,009 2,014 368,023
Unrestricted funds Restricted funds Total
At 31 December 2024:
2024 2024 2024
£ £ £
Tangible assets 82 - 82
Current assets/(liabilities) 347,793 11,896 359,689
Total 347,875 11,896 359,771
----- End of picture text -----

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 £469,534 (2024 - £271,829), 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 held balances in relation to OPC Kenya of

amounts payable £nil (2024 - £94),
amounts receivable £163,797 (2024: £183,707).

During the year the charity received donations without conditions from trustees totalling £nil (2024 - £ nil).

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TRUSTEES’ REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

21. CASH GENERATED FROM/(ABSORBED BY) OPERATIONS

----- Start of picture text -----
2025 2024
£ £
Surplus for the year 8,252 158,808
Adjustments for:
Investment income recognised in statement of financial activities (711) (441)
Depreciation and impairment of tangible fixed assets (57) 1,867
Movements in working capital:
Decrease/(increase) in debtors 48,456 (220,098)
Increase in creditors 26,072 1,552
Cash generated from/(absorbed by) operations 82,012 (58,312)
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22. ANALYSIS OF CHANGES IN NET FUNDS

The charity had no material debt during the year.

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Docusign Envelope ID: E3E5ED26-6EAA-81E9-807F-B0AECB65BB3D

UK

www.olpejetaconservancy.org

For more information please contact Gail Thacker, UK Operations and Fundraising Manager

gail.thacker@olpejetaconservancy.org +44(0) 7747 115287

Photo credits: Mital Patel, Dylan Habil & Kevin Kipruto