Charity registr4tion number- 1190168
LION LANDSCAPES
ANNUAL REPORT AND ACCOUNTS
FOR THE PERIOD ENDED 31 DECEMBER 2025

Llon Landscap&6
Pgrfod EThJ8d 31 Decemb8r 2025
Referentx and Athntstrthe Dèta18
Truste&s' ReFKYi
4t013
IndeperKlent Examiner5 RpFN)rt
14
Statement of FIr￿l￿al Athbes
15
Balance Sheet
16
Statsmnl ofcash ￿QwS
17
Notes to the A(tounts
18É026

Licfi Landscapes
PeriTrJ EThJèd 31 Dec8mtw 2025
Rofar8neo and Admlnl$tr4tlve Detalls
Tru$l•es
PositK)n
hpwnted
Reswjned
Dr. D W Macdonald
B A C Mayhew
Prof. A G Hart
TNsle8
Twsleo
Tmsleo
14 4YTI 2020
3 October 2024
3 Odober 2024
¢har5ty Raglstratlon N￿l￿r
1190168
Prlnclpal address
Hlghdiffg
New Road
Teignrnouth
Devon
TQ14 8UL
Independert Exèmlner
Gary Randall
Prydis Accounts Llmited
Clysl House
Manor Drivo
Clysl St. Mary
Exeter
EX5 1GB

TnMt•￿. Annual R•portfor th• perfod
from l May 2025 to 31 Decenknr 2025
Charity namg.. Uon LandscaFQS Charity
RwJistration Thjmbtsr. 1190168
The Trust￿ of Lion Landscapes presentthdrannual rekKJrtttsJetherwth the ffin8nclal stat8ments of the
grlty for thè period ¢nded 31 December 2025 and r>rfimi thcy ￿)mplY th8 rèqthremgnts of the
ChaTities Act 2Q11, the Con8btyJtson for a chaii18bk In¢￿pOrat9￿ organ158ti￿ the ChaTitlas SORP
IFRS 102}.
The tx)3rd oftsust8es are satlsfied the perfmn(% of th8 d￿rity durfng th8 ￿rtod, and the pt>siUc
ol the tharfty M 31 Decembei 2025. arKI cx)nsidgrs that th• Charity is In a 51roThJ position lo conlnue ts
adi%Alles durf￿￿ ￿mIng year and th8t lh8 tharitys as*ts are adequats to fu￿1 its ONlgab'￿1S.
1. Chang• of Flnanclal Yw and Compafdblllty
Duriny the peri(Kl. the Twstees resolved to changè the charfty's financial ye8r end from 30 April to 31
DècSmb￿. Thlg ehary has be8n made to bettw with don(x reporfng and grant Thanagement
perhjds.
A￿rd￿gty, these ffinancial ststements cover Ihg ¢NJht-month pgfKKI from 1 May to 31 Decembèr 2025.
The comparative figures relats to the tw81V￿m)n1h period ended 30 April 2025, and usars ofthg actounts
should n(Ae that the results we therèfore not dlrecty ccThpaw3ble.
I Structure and Relatlonshlp$
Llon Lantscapes 15 a UK-regbSter&J Charitable IrKoTF¥XOted O￿anISat￿)n ICIOI whlch undortakes hs
advities both éiTecty and rdalonshlFtswHh affll8ted oyganlsations oYeT8&9S.
In Kenya the ¢harityoperate8 throW alocalty regiSteredbranL*. Thls bran¢hfornis part oflhe UKcharfty
leg81 and firian¢ial reporb"w puryxxses, and Its adivities. assets and li8billties ar8 incbjded within these
fin8n¢i81 sialem¢nts.
Following the charitys tran$Mon to 8 CIO slrucbjre in Ihe UK. tha histOTK brar￿h reglstration in K￿y8 no
longer fully aligns with the UK leg81 structure. The Trustees a￿ in the proc888 of wularislng Ihi8 positiort
through the $staNishment ol a now. IcThily ￿Ste￿ irn18pendent entity in Kenya, fio ￿lch programme
actl*ilie8 ar8 experA¥d to tr8nsitlon.
In Tan￿[$, Li￿ LarKiscape8 in ParIne￿ip an lThJependendy roglstered non%ovemmental
organisation INGO). This organisation has its own logal Njenuty. 9Jvemance 8trucbJre and Boaryj of
Tru8ieg5. and 1$ notcontrolled by Lion Landscapes.
The UK Char￿ provldes grdnl aTrJ trth￿Cal 8utport to th8 Tanzanla organisauon in fijrtherance
of align￿ charitabl8 0￿￿tiveS. Fundlng is g0vem￿j by granl awments, and Ihe UK charlty does not
ex8T(xse ￿ntrol over the day-t04tsy opwakns of Ihe Tanz8nl8 entity.
The Twstees o)nsKJer Ihal this stru¢ture SUkH￿ts eff8¢bv8 Iwal del￿ry vthile malntaining opproprlate
oversight of the us& of charftable funds.
3. Oblecllv8s and Activltl¢s
Llon Landscapgs ￿rat$S K￿rding lo the Con8b'bJth￿ for a CIO. In setting ourobjectives and planning
r acti￿￿eS our Tws¢8es havo carefvl C(mside￿th)n to th8 Charity Commission's public benefflt
gUIda￿￿.

This Trusts&s' Report provths a summary ofthe tharity's acllvtties and perf￿)d￿￿ for th8 In Ilnè
wlth statutory reporting requiremènts. A nN)re detalled revivw ofprTrJramme delivary and impact Is set out
in Ihe charity's sèparate 2025 Impact Repcrt
Thè Objectives of Lion Landscap&s are to proTh)te for the b￿8￿1 of tha put4tc thè ￿lservath)n and
[Kot8CU(￿ of wnd ¢amivores, their prèy, and their natur￿ habitaL in particular by protecting and Improvlng
Ihe 1lveliho1￿S of people shadng the larKl8cape th ￿k1 ￿m￿Ore$ 8rHI thelr prey and buiPJlng th8
capacity of lll-county organlsauons. woA&cts and pewe wtK) do, or may, infJuen¢e the eA)nservation of
wlld camivor8s, lh￿r pr9y and thelrnalural habitat. to b￿tt￿￿￿Ule the achl&vement ofthis purposo.
proach and Progran¥nes
We believe that posilfve value lor ￿kIllfe is dov8bped thr(MJgh thr88 interrelatsd areas of actEr)n, whl¢h
doflne ou.. pillars of woth-
St¢y the I￿$. Preventfurthwwikjlrfe and habitat Joss, Securing the foundalK)n of
I￿Od1ve￿Ity.
2. Reducg the cost. Reduce the burden of livir4J vAth tamlvores, eS[￿eja1ty whgre il throalens
lives or livelihoods.
3. Increas8 the ben•flts'. Incygaso Ihe beneffts ofcc6xistsng wlh wldllfè in ways that
communities themsefves pri￿tse.
Our progrdmmes are all designed to ￿pEAVE one or more oflhase pillars. The maln programmos and
activities in operatton (Juring thè perfcrfl are des¢xlt*d bekw.
Fortffied Livgslock knlosures - aims to improve protecllon of lfvesiock through of fortiflad
en(Josures. In Kenya we do demonstratk)ns how to build vire-mesh enclosur&s and then
Supp￿ the IranstMNt ol materials and ¢X)nstruc1K￿. In Tanzania, all the materials aw purchased
In bulk by Lion Landscapes and mawe Ihe Ix>nstructlon of the gncbsure$. a wlrv
enclosufe is not ad¢quale. we also suppty'knon Lights- as a dèterrent to predatc*&
Collaring for Cwstenca-*tj￿S Io glv8 livesto(* own8ts acc8SSto rgal4m8 lon movem￿1 data
from lkns that have killed INeslock In the pa< alk￿n9 livestock owners to make In1￿ed
declsions r8g8rding wh9re Ihey graze Ihetr Iwesiock that reducè th8 loss of livesiock to Ilor￿.
Communlty Liaisons
our o)mmunity-b8¥ed LI￿ Extensk)n Officer3 (LEOS) support Ihelr
communities to irnplement PTedat(ypry￿f livestock husbandry praCtI￿s, and also rèspond qulckly
to rap(¥ts of livèstock Fwe(latvJn. mltigatiro retslvatory ￿lI[[￿J. Wh&n poisonlng events do occur,
LEOS am Irained lo respo￿1 aThJ rninimisè negativg irnpacts on wlldlrfe, w)ple and livestock. LTron
Defendws have a 8lmlLv ro￿ lo the LEOS bul aL80 hKYk to prevent lion hunts for cultur81 reasons.
Community Camerd Trapping ICCTI - CCT+ is our flagship pr(*Jrarn￿ for unlocklng benefits
a&￿CIat￿l with co0￿sting wlh wildlifè. This pwramm& a¢Aively links verified wildlife pres¢nce
{from communily-b8s8d Gamera traps and cdlar dalal and vtrrffied [￿si￿ve conservat￿n actions
to tangib￿ benefits such as healthcarè, veterinary car8, educati(￿ and infrastructure
developwnertL These exchanges of benafils for cons8rvation wlcomgs are gtsvem&d by
conservation agreements. (XF devebped by Landscapes and the communrtieswework wlth.
Scholarshlp3 - the Simba SdKlarship progtamme SUPFrfs the TrNghestwaltyng pagtorallsl
chlldren In thè Ruaha landscape in Tanztha through four years ofseo)ndary educatton. covering
lullon fee. accommodation, t(n)ks. unifoTh. 8nd transport. Each yéar. eightsludentsaTP se16Cted
through a scholarship exam, wlh places ￿tuallY btrtween glts and boys, and a deliberate
fo¢us on the Barabalg, Maasai and Sukurna. hi$tori¢xNy uNleTrer¥ted Y￿upS In the region.
School Fe&dlng - provides fortlfied wxrKlg8 lo [￿Mary sch(KJl child￿￿ in cc¥nmunibes living
alwsiile wildlrfe, maknng a reliable daily meal a direct ben8fJt of CC￿$￿[VatIon. In the three
sthools wher8 11 operal88. att&￿ar￿. nulribon, and national exam p8rfomiance hav& all
improved as a r&su
Llon Friendly ￿vestr￿k - this programme B) Kenya L% a ¢xAlaboratk)n between Llon Lan(L%capBs
and livestock producers lo develop a Lh)n Friendty cerlffKatMin, verify that Standards are belng

reathed, and a150 help supwrt ￿ti¥l￿e$ in th& land￿pe Ihot improve rangeknd w8nerallon.
• Bh)divétsity Credrts-we are w(W￿ng th partners al Oxford unfver￿t￿S WildCRU, Natural State,
and the Trans Kalahari Prgdator Pr(4ect to develop blodivorsily creilli mechanisms that generate
revenue Wed d1￿Ctty to Vèrif￿ conservation impacL usirKJ IMS as a flagship speaes. The goal
is lo rnakèln￿. biodN8rse e(x)systsms ffinanci8lly valuable tothè u)mmunili8s and govèmments
res[K)n￿ble far protscting Ihw. 8hiftiThJ (Thseryatim from a cost to be bome into an asset to bg
invgsted in.
Rangoland Regeneration -
we have Bornna and Lo198ba Cons8rvancles.
Ilalyanat commuruty. True Rar¥Je and muknple olher pknTS in iAikipia (Kenyax to 9Stabli5h
three rangeland reggneration demcffistrat￿ plots that illustrate the potentlal of regenera￿e
agri￿lture. 'Mob' livostod(gMzng, ￿fjre largbcomblned hgrdsarn moved across th9 landscape
in a way that mimScs a nAIuTal mlgrab¢J), M￿niseS grass growth. incr&Bses paslorallst herd
resllience lo drought and predaoon, whllst aL80 Supporti￿ mre wld p￿y.
Wildlife Clubs and School WIsTts - eThJ￿ str¥l8ntS in secondary schools in C￿ronMental
onservation actlvibes in Iheir ncffflal sch)(A ￿J￿￿k￿. Th? p￿ramme works through a
traInI￿the-traln￿s model targeting the lethrs.
wi1J￿re Film S1KN￿ngs - fikn nKJhts held al cthmnunity rEntw or remote householdg help to
engage communth&s through the wcyection of wikllife doujmentsries and givg infonmalion on
pr￿atOr-prOOf Iiv95toc* husbandry aNI thè human aNI 1vest￿k h8dth risks of migjsing PEy5sonB
to kill ￿kIllf8.
• Pastoralist Dance Events- In Tanzania. c￿mUnIty darK85 are an knportant part of I￿al Iradltion,
marking key celebrations and CereM￿Es. In tha Ruaha and Selous-NyererÈ Landscapes, we
have developed pastor￿￿1 dance events that these gatheriThJs as piatForTns for
cOnse￿ation dialoguewith 0)n￿unt￿es.
Park Trips - gfve community rnernbers OPFOrturyty to wisil thg protecaod areas nèarby and
enloy wsldlife in a non4hreatening way.
Selous Carnivore Cup- thiy foobJl t￿rnament in Tanzan18 was L¥yanistsd by Lion Land5c4pes
In collaboration with Rufijl Town Councll. aimedto raise avrdrentsss ofwildfrfe ￿nSarVatiOn among
villag95 surrouThJlng Nyarwè Nabonal Park.
Boma Domonstralions- ourteams njn ￿tified li￿tOCk&ncl0￿UTÈ Ibomal demonstrations at local
market days. These dem(￿ a￿ an effective way to reach large numbers of community memt*rs
in a single visit. The generate strong Inte￿t, 3tt8ndees asknng pract￿7 que8tk)ns
about Who￿ to source w￿re. costs, and S￿lfi￿tions.
Poison Awareness TrainiTVJ
our POIS(￿ Awaren&ss Training programme is de1[ve￿I by
commur*ty-based fiaisons wh) raise ￿nesS ol the human and envIrOn￿rntaI dangers of
polson use, bulld rapid response iapwity, and wactk21 altèmatives for managing
11veslc￿k predation. Our liaisons also work d￿￿llY wlth INestock ownèrs to Yetrieve and safety
dispose of polson&l farcasses to ensure we Ixeak th8 c*aln of ham) and Ilmit eXF￿ure.
Llon Ranger Pr(NJramme - Thè L￿￿ Ranger Projramme works lo tsin ￿ngerS across th8
landscape lo p￿vent or reSp￿d qulckty and effeth8ly to in(adents of human￿r￿re confllcL
lollowlng agreed besl practi￿ for Ilon CAMseNatitsn.
coe￿Stence and ProteL*on ICoPro) Trakning- broadens tke reach of c￿1 LSon Rangertralning lo
offerthe sam8 comwehengi¥e. adaptable trainlrrfJ. d8￿g￿d to reducg human wldlif8 wnflid and
effecbvdy pr8venl or mrbg8te vildllf8 pwgning, to nonarangers. Wg beli8v8 that empowéring
I communfaes and C(wThat1￿ parts)ers lh8 right kr￿vI&￿se and skilL8 is essential for
effe¢twe conservatlon arnl the w811 being of both rwie aThJ wildlife.
E￿I￿J￿al Survey and Mon1￿￿j TrainiTrJ- our[es￿Ch teams workwhh goY8mm6ntand NGO
partners to provKJe training C￿ various sdentifie meth￿k43b8$, and shBre rewlts 1￿M our
rese&ch to infom) 1x)nserVat￿ athon.

Mentorship- take8 the fomi of suptM)rting olher projects to d8velop. implem8nl andlor evaluato
fiold progrdrnmes, or guidance arNJ training on sperific thhnical or wolect manwJomenl
ex￿rtIse. By helping othor3 lo leam from mistskès, bjild their (ap8city lo addws Ihreats to
larg8 carnivores and stretW)en their camNore conservation impacts, or ￿mplY dw8lop as a
projpct, we hope to make a drfference beyond ourdirect cwrational areas.
oro8ide these progr8mmos Lion Land5cap88 akn anyages in Resoarch, both Intemalty and through
partnershlps wilh M8sler8 and Doctorate sludents. Ecobgkal Monitoring act4vilies. incI￿ling the use of
large-scale camgra trap surveys to gafher kgy Informatbon c￿ cami¥or8 KK)pulation stalijs and trends.
A More detailed account of thw pri¥Jrammes and athitles, and Iheir impac( 1$ promded in th8 charfty'8
2025 Impad Ropx)rt.
32.
Areas of Opgratlon
on Landscapes ￿rren(ty operates in thraè landsCB￿3 awss Kenya and Tanzaftia. The majority of our
prograrnmes run In each of ￿ landscapgs. somè ￿Al v8rtations ¥there n8C88sary.
32.1.Kgnya IL4iklpla Lands¢apel
Lalknpia is a crfiical cOnSe￿all(￿ area. ￿rne to Kenya's third-largest Ilon popuLalion as well as
endangered sped88 like Afrfcan wld dogs a￿1 ¢ritically endangered vumures. However. tha area's
blOd￿0r6lfy and ecosystèm health are under Ihreat due to high levels of humanJ*Aldlrfe confllct and
unsustatnable land pwactlc8s, parti(>Jlarly Ur￿￿S1&nab18 liveslock F¥oducknn and grazing In
tradit￿n81 p88loral areas. wlM(* leads to rdngdand dggradation. Thg primary sourcè of hum8n-
wikllife confTict in Laiknpia is livèslrtk predabon by lar￿ cam1v0￿$. whith 18 exaeert)ated by
r4ngetand d8gradatlon and loss of ￿k1 prey. For pastoralist communities that depgnd on Iivostock
for I￿1r livelihwds. the eciHN)mic impact of Irveslctk wedation losses Ix severe. In respon$e,
retaliatory actions. such as wsoning or snaring. are somelimes 8mplDyed, whlch can hav
devastating ecokjgical consequ&n¢%s bey¢J*J targeted predators. Poisoniry incldents. for
instBnc8, also affed scavenger specbès Ske wlturos, whose popul*ions are almdy ￿tiCallY h)w.
The projectW8$ established as Lan&s￿￿S in 2015, based on We￿oUS workcarrièd oul slnc8
2003 und8r the name Livlng Wth LK)ns. Laylscapes has approximatety 30 employeos
workillg in Kenya. dl ofbyhom are African. and moslofwhom are frorn local communilies in Larki￿a.
Durfng thè period w8 have continugj addressirwj tlw tssues thrwgh a 8eri8s of knots'ab￿&S that
8rrfJag8d 14 communiues as well #5 15 prlvale C￿￿$•rvaTW.
Lalklpla Athlevements..
Key achlevements in Laikjpk? during th& peric*J inckjded..
1.045 (*)mmunity memlM3 gained fi￿*hand knO￿er* of Ilvesto(* wolection thTough Ilve
fortified wire boma d&monstralS0Th9
68 wlre bomas instg11gd
Ovor USD 18.000 benefits dktrlbubj thrvugh CCT+ prcyjrnmmes
20 lions collar6d, slrengthenlng tfacking and data collertion effcv
3 rangeland reggneration deTr￿StratiOn ￿Ots of 200 acres contlnued to be
managed by ¢x)rnrnunlty p8thers
CoPro Icoexi8tence and P￿tect￿l trdinirrfJ delvered lo 238 peoplè, equipplng rangers,
herdtrrs, liYestoc* sup8Msors, and olher r¥)n-ranger personnel with the practl¢al skills 8nd
knowknlge needed to reduce conflkt and prowK)te Coexiste￿ across landscapes
Key Individuals in 10 ¢onsetvancb8s PToviW onthiob instruckn on survey ￿mera
management andlw lion colL4rfng
Further deto11 on those and other ach￿&M￿nts is wovlded in the 2025 Impa(1 Report.

32.2.Tanz4nla 1Rungw￿u#ha •NI se10￿41YerO1￿ Landscap•s)
on LandSCa￿S Is k￿lS￿l M IwY> critic8ty impK￿￿ll( vast ￿ndsCapeS in southem Tanzanla:
Runw-Ruaha and SeicyJs-Nyerere. Thèse landwpes i[KI￿e the Iwo large51 National Parks in
EaslAfrica. aswell as Gam Reserves and hurnan4ominat8d larKJ. They suppx)rtt%vo ofthe LArge5t
rèmaining IK)n populations and are stroryholds for mary other SpeC￿s. Daspi18 1
knternalional signTrlwice of thèse landscw, Ilw have r￿￿ed very Ilthe (x)nservation or
resew¢h attenl'on.
There Is Int8nse humamamth corfflirt in these landsc48s. leading to very high rates Of￿1d11[e
killlng. Key threats are r8tdiatory arHI preverrtative killing to proteGI stocK and cultural Ilon killing
for prestige and unrAanned larKI C￿Y￿SK)n. whi(* Increases pre5surp on wildlrfe and re8ult8nl
corfflicL The Project was estsblished in Ruaha In 2Crt)9 arNJ expand8d lo Sekws In 2020. In both
cases, the first dedicated ￿m1VOr8 researth & conservauon wojget in these key landscapes. Llon
Landsca￿ has approximately 60 employw% workirvJ Sn Tarbzania. all butone ofvknom are Afr4cAn.
along with 8 furlher approximatdy 20 1rnI￿1duaLs enga￿d fr￿ knal communittes to support our
programmes.
In Ru8ha. LI￿ LAndscape3 has continugj lowt)rk wilh 13vlllaJes IKJnlernvJ Ru8ha Nat¥)nal Park.
iTnplementI￿ a variety ol e£￿￿tiOn. mitpjatlon aThJ benefits progrdmmes.
Seths, the team h8$ txntinued OFeTrtiry pr￿JraMme$ acrrkss 11 villag8s and gxpanded the
CCT+ prouramme to 4 villages lup from 3 in Ihe pmTr)us period).
Ruaha and Selous A¢hlevem8nls:
Key athlévèments In Ruaha 8nd Sekws during tho peflod indL*Jed:
23 wrg bomas inslAled
78 t￿MaS protacted by Ilon Lights"
Over USD 48.000 In benefits distri1￿ta￿ through CCT+ prngramms
13 lions and 4 *ild dogs c(Alared, strengtt￿ng trackirvj and (¥)fflectK￿ efforts
5 bon hunts prevented by tion Defenders ￿ Ruaha
Over 46,QOOkm patrolled by Llon Ext￿￿ Officers aThJ Lb)n Defgnders
39 students 8UPPOrt8d thr(￿gh Ihg Sirnba Srtrw)lars txtyJrBmme
SÈk)us Camivore Cup foolball twmamenl engag&J 36.218 acr059 12 ￿lIages. enabllr
th8 Opportunity for me8nlngful conversatby)S aboul cxwistence wlth Lryrge camlvor88 and
tsntial fu￿re ￿la￿ratIC
Poi80n awar￿asS trainSThJ delivered to 455 people In Sabjs
FUrtI￿r detall on these and other #chievements Is provid￿ In Ihe 2025 lrnpa(a Re[￿rt.
Innovallv• approache8 to cons¢mkn.
The Twslees and Ihe CEOS have the g)al of diversi￿r0 INxsme 51rogms for LI￿ Land8capas aml
seeknng innovative approaches to conservation. As an ￿ganisal￿)n, one of our goals is to improve our
finanoal resilien¢8 through dversrfyng our inccme. We sometimes make investments and partngr wilh
enleryNi$e acti￿118s. We may also d8velop entery￿se aotiviuès of our v•m in Iho futse, within the bound5
of our charitable stats. Durlng thè 2025 finandal year tion LarKlscapes (¥nllnued &xlsling work thr￿jgh
Lion Carbon, Lion Fiiondty Lbvestod( and InveStrn￿t In BaoTre8.
Uon Carbon
LI[￿ Carb)n is a premium REDDtr offset d8veloped in ￿th &Ocart￿ Partners ￿cp>. Lio
LarKlscape8 partneTed *ith BCP from ts in¢aal pknt pha8e to develop their Bi(Klfversity monltoring
programme and the Lltsn Carbon prc*Jurt has an ongoing agreern8nt with BCP that any ¢r&dts we
8ell wll result in ￿ r8e8t¥ing tho I5%18genfs f98 as urwestslcted fi￿￿lIng for our camivorts conservallon
advitigs. Whlle In￿me from Lion cart￿ Is smal. it Is unrtstrlet•d and therefore ¥duable to our
operatk>ns. Inectsma received from 8CP durfng Ih8 peth)d was £23.510. We I￿11 contirNJo to work to grow
thesè sales moving forwards.

Llon Frlgndfy Llvestock
Rangeland degrddation and pooragri(xJllural Practi￿ threatsn kAodNerslty. 8mplfy povety by reduclng
r8tums on Invesbnenl. and can increase C￿mate (*ange VLdnerabllKy for local paslorallsl p8opl8.
Rangoland dtsgenernlon aso r&Juc8s th8 landscaFe'S alxltty to SUPFrt)rt wld prey, In¢rea$lng Ilvtsslod(
predallon and tssultant confll¢t wlth tr&Jilional pastoralists. The L wjn Friendly Livestock ILFLI programm8
woths lo improve the resllience of pasloralist livetihoods 1th￿Igh enaNlrKJ and In￿n1VIsIng moro
sustainable Ilvesto¢k product￿. Whllsl still in its eady stages and ￿)1 yel resulllng In any diwl incom&
for LL adlthlies. thLs programme is helpSng lo embed lion (￿nServation activit￿S Into sustalnable IIvg8lock
production In Laiknpia. and has th8 polenial io generate additional revenue for IlvesloL* Pr￿uCers. Initially
thrcdJgh increased competitfve advantage and In ￿ fulure potential for promium priced products,
Ilnked lo the presen￿ of healthy Ilon PDpuLItic¥L8. Uon Friendly pr8ctic8s such as h￿h intenslty {mob}
grazlng ha8 a180 demonstrably improved ￿ruela￿l heath over Ihis period In ar8as Whe￿ It is pr2Ctlsed.
Blodlverslty Credlts
W8 are Wc￿ng wllh partners at Oxford Universltvs ￿kACRu. Nabjral Stale, and thè Trans Kalahari
Prodator Project to dev81ry) bh)divwsity ¢xedil mgthgnisms that gon8rats revenue liod directly to verified
nservation imp8cL udng lions as a llagship sp8d8s. The goal is to rnake intacl, Ilodiverse &cosystems
flnancially valuaEAe to Ihe communltlos aTKI govemtwts responslble for protecting them, Sh￿￿9
rkservalion fr(Mn a lo be bomo into an a5Setto bg investsd in.
In 2025 we developgd the Lton Co0￿st￿n(* Bond ma¢*￿15M to a CO￿ptUal stage whore it Is ready to
lest vAth investors. This rnechanism has been devdopÉd specificatly for landscapes where people are
coexlslng vAlh wildllfe IK)rdertng and lin￿ng proteCt￿j w￿life areas. Lion Coexist￿￿ Bond will help
Investors lo pay for pre4elemilned conservation OLrtcom&s, gfve conservation actors on Ihg
lands¢xpe fincludlng the local C￿lMUnIties) the ItKxxne Ihey ￿ lo prepare f(x other na￿rO-baSed
income streams such Bs trA0dIve￿ty uedits or￿e a markèt is e5tat1lsh￿.
4.
Investmont
We continued wilh our investmGnl in Baolree but Ihere were no conthbutlons. The valuaOon of
Baotree al the etyl of this book year. based on an intemal valuallon. was £3.689.779. knon LaN18capes
owns 7,389 shares. or 0.52% ofthe company. whth equated lo £19.187.
Re8¢>urclng
Manag•m•nt Tgam Changg
During the p6rtod a number of changes were made to strenytheri aThl grow the rnanagemènl team lo
Support planned future oxpansbn of the charity. Thi% ind￿led 8 (xjmptetaty new fundmising and
communicats'ons team lo help drive fuiure irKcYrE growth, aswell as key hires to lead consgrvalion slr81egy
and Operati(￿8.
Volunte•rs
Uon Landscapes has twi forbjnale to r&￿ on a few key volunteers In the past year8. This year Jonl
Ove￿0￿ch has again been inwdluable in her ro￿ ￿Jp￿ting Senlor le￿ershIp by leadlng a serfe$ of
imwrtanl 5trategK projects, In¢knling suprK>rtity ￿on IAndwp8s' Admlnlstration, Fundrdlsing and
Cornmunlcalion efforts. She ha$ increased I￿r (k)nated time to J) hwrs perw8ék, which has a valu8 of
£40,000 this period.

Plans f¢r Future Perlods
We are WrrfkI￿ on a new 5 year slratwc pkn Fwlod from 2027 10 2032 and as part of Ihis
process are undertaklng a comprehensi¥è review of all of our pmgrnmmes vAth re8pecl to how effèctivety
we have achieved the intenilèd ￿jIC0￿9S or whethèr any choTr￿S arg r8quired. The 8xpan8ion 4)f the
Sen1￿ management team, In 8ddil.on to pl￿ned inves1m￿t in training for local tsams, was planned to
supportfubjre expansion wthin existing18ntscapEs into new lands¢8p&s as part of the new strBtegie
plan. In the shorter tem, we Ix)ntinue to devebp and expand our wogrammes wthin the e￿sting
landscapes indUd1￿ addition of new villages for CCT+ Iplanniw an add1t10n￿ 2 in Lalk5pla arKI 3 in Sal(K
thjrfng 20261. addition ofnew $th0￿S to our%￿k￿lI& club wogamme, and expansion of our fortffied boma
programmes through investment In LKin Ughts and WI￿ mateiials. In Laikipia we are plannlng for
Implomentation of 8 new FNogramme tg adthes5 tha grobvng challeng6 of sxedali>n of camgl herfs and
rollout ol a previous￿ pih)ted p￿graMM8 to support Ilnanryal Uieracy trdinlng fcKwomen in local
L¥Jmwnunhies. Ac￿sIde ihis we ￿tinue to work on innovatNe financial models which coukl help gwerale
addtknonal fundirKJ tr conservation and twty uplift l(K21 communities.
Flnanelal R•vlew
Llon Landscapes remalns ￿ e4dy-stage tharity In a grovlth tthase. The Truslaes u)nslder that th8
finandal performancè of the ¢harity durfw Ihe re[￿ng permxl has been Sa￿Sfactory.
Rèported income and eX￿nditurn for the pgrNxl are both than lh& prèwous year due to the
shortenod è￿ht-MOnth reFMYting pèrlr¥J fdkFMng the d)aroe in ffinanc4al year end and thèrèfore are nol
directly comparab￿ to prioryearffigures. Mdttlonally, S(mr￿ knndsthalwoukl normaty h•v8 been recelved
In thls wiod were ddayed to 2026.
During th8 peiic*Y. Lion Landscapes. total in¢x)mthig resources were £618,939 and total expanditure was
£1,003,788. re8ufting In a deficit of £384,849. kn additim lo tt18 Impact of the short8r)8d financiaj pèriod.
Ihls deflcit reflects. in parL tho timing of incorr* and 0Xp￿il￿re. with funds receNed In the prior period
belng applied lo programme dalvery during the current p￿.
Th8 period also Includ*1 a ￿ase of Cor￿kdatiOn arKI refocus *ithln Ihe fundraising furKtlon. Idlowl
aroes lo the fundralsing team. whpth conlrmed to a sh￿t40M7 reduction in donauon Income. The
increase In capxdty In this team, however. result in inL¥V8sed income durirrfJ th& next periLKI.
Eyp¢nditure has Increas￿ due to ￿ntin￿d invèstrfflent in the management leam and th8 expansion of
prrMJramma acttvities. Th8 Truslegs ￿￿￿der investsnents necessary trj support the charity's long-
lem growth aThJ impacL
Tn8 Trustees reM￿n o)nfid8nt in the offJanisa1N￿'s strategy8nd in the aNfty of Ihe Strength￿$d t8am to
securn fijnding allgned wllh th¢ chaWs fuiure p￿ns.
Tolal funds at the end of the p￿70￿ total £1.802,7PA. cl￿p￿￿r@ £839,002 of rethct8d fiJNJing for
progrdmm&s a￿1 ￿8.782 of unr8Str￿ted funthng. There aro SO￿ restricted funds showing nggallv8
balanc8s as al the year end. Thase will be Investig*ed and thè deficits acth)ned in thé fitsl half of 2026.
Thg charity maintained a heafthy finandal posidon
despite th8 d8ficat for the reporting p&rlod. Dlr8Ct
cx)mp8rison wth pre¥Aous txriods Ss r￿t PK)sslble
du8 to the change In the financial reportlng period.
Tho (*Arity intends to maintain the balance of
Lwng ablo to r￿enish and add to Its reserves
wIMlst it ¢OnlInL￿ lo grow to ensur8 that fijnding Is
avallatAe to suptort e*sdng opgratknns as wo11 as
the exparkskjn of programnws. The investsnenl
in the h1nd￿l￿g and communicabon8 tsam
during itrus p8riod reflo¢ts this.
Rwew of lh8 charity
finandd tKtsltion at the end
ol the period
Para 121
10

Lion Landscapes is a growinu organisation and
r ￿J￿CY is lo hold 12 months of opèrational
8xp8rn1iture in reserves lif uwestricted funding
alk)wsl to b8 able to expand whgn the
¢Jpportunity ￿19&S or remain in 0￿ration if
funding sudd8nty falLg short.
Statement explai￿n0 the
pdicy lor holding reseNes
stB¥ng why they are held
Para 1.22
Al the end ofthg period the charity hèld as
eryes the unrestrictsd ftjrvts of £963,782
￿Uate8 to approximately 8 wnonths ol
operatw)nal &xp8ndilure. In light of investment
rnade in gxpansion of the managemenl tsam
durong the ￿riod. as wèll as other changes.
the chartiy expects to rewew Its rg$8Nes poll
during the next p&ri￿j, a5 well as malntainirvj
the focus on fundral$ing to ¢>)v8r future
8xpanslon.
Amount of reseNes held
Para 1.22
Reasons for holding zero
r83erve8
Pard 1.22
Sev•r81 rèstJicted fijnds wprv in deficit al th8 #nd of
peiic*J (see Noto 171. in total amounting lo
approximately £52,000. These defi¢¥ts will be
addr8ss8d by rr￿S of Imn$f￿5 from unr8stsl¢led
funds in the )Irst haw of 20￿.
Details of fund malÈrlally in
(Joficil
Para 1.24
Several restri¢ted funds wer& in dèflcll al the end of
th8 p8rKbJ (see Noto 171, in total amounlng to
8pproximatety £52,000. These deficlts will be
addressed by means of Iransfers from unrestrlcted
funds In thè fir51 hall of 2026.
The tnjstegs do not have any Issues regarding
the abillty ofthe charity ￿ntinuiN as a going
Expknallon of any
uncerEainties atrK)ut tl
d)arfty ¢ondnuing as a gdng
con¢om
Para 123
Funds held as custodlan frustees behalf of ¢thers
Description of thé assets held in
this capa¢lty
Lion Lan(Jscapes sometlmes hokls funds as a
custodian on behaifol others, such as Drganlsations
th whom we have a Mant￿hip agreement or partner
organIsat￿n$ that (k) not have a UK tharity to re￿1ve
funds. lunds arrive in our h￿QuAts and we
dlstribute them to IheTn as a lump sum as as
requested. The receivtng organlsations do thelr
a¢o)unti
ainsl these lum
This year fuNds have been raised for
IUCN HWC sp8cialist group.
h Carofina Z
The Perggrine Fund
IUCN used wr accounts to reeeNe funds for Ihe
devebprnenl of a rhew HWC strategy and for other genaral
pr¢￿raM￿S imp￿Ment￿d by the HWC speclallst group.
N(rth C8rr)lina Zw used our accounts to pay tho salary of
an èmptyee that is legally e￿n￿Ye￿ by knon I2n(L9￿pe$.
bul wthing on behall of Pèregrine Fund who tk) not
have a kgal gntity in Tanzania. The funding source was
tnoved from North Car￿l￿a Zoo to the Porvgrfne Fund
durin
the
N&rn8 and objects of Ihe chatTty
on whose beha￿ thè assets are
held and how Ih18 18118 within the
custodlan objects

Details of arrdngements for
safe Custody and segwal'on
of such assets from the
tharit￿s own assèts
All bjnding goes into fv oryanisation's ar￿Unts as
Custodian Funds receNed Idonation>. During funding
meetings, these funds are allocaled to diffèrent projects.
During this alkution prO￿$s. all lun(ts ralsed as
cust(KJlarts V+ill be earn￿rked as donations and $￿t stralghl
to them or be kept in acLounts on r¢quest of Ihg
rece￿1￿ organi8ation untl n8eLled. Sèparate account trots.
have re￿nt￿ been sgt LJP n th8 organisalion's bank
account to tsLyI(otè ea5ierWWatic￿ arvj management of
Cust(Kli4n Funds.
72.
Rlsk managemenl and lthnlilleatlon of rlsk
The Irusts8s have not deem￿1 tl nec85W to set up separ818 Finance arvj Audil Risk Commiit8es but
compreh&nslvts rfsk registsr L8 maintslned by the organIsation￿le9delEhIp. and trust8es wew the risk
as8o¢i8t8d with fu￿jS held at the Ch8riVs Board Meetings. The Charitys tJust$ès and execut4vès monltor
th8 speafic risks induding O￿TatiOnal risks on an oru(xng basi5 and the board 15 ¢x)nfldenl that the
necessary steps are being t&ken to prevent them awKI mibjats thelr impacts slK)uid thèy occur.
The Trustoes reoJgnis8 the imrthance of ensurfTrJ Ihat all overseas operations are SUPFM)rted by
appropriate and conslstent legal strudures. Progress during the Per1￿ has included investigallon into
requiremgnts for a indèpendent eDlity In K￿lY9. Wort will conynue in Ihe nexi p8rf¢xl to put In place
formal 8gwments g)vemlng relationshi￿ wilh overseas partner4 InckndirvJ grdntfundlng arrnngements
and the use of the ¢h8rltys inlelledual propèty.
structuro, Gov•rnancg and Ma￿9•Ment
Description of d)arity's
trusts..
Type of goveming
tk)cumenl
How is the ¢harity
Constitut￿17
Trustee Selecti￿ mèthtsjs
induding details of any
con8tilutiona1 provisions 8.g.
ele¢lbn to post OT name of any
person or body entlued to
appoint one or mre irusl
Para 1.25
Constitubon
Para 125
Chaiitatlè IncorFofdted Organisalion (CIO)
Para 125
Acc￿￿1ThJ to Art.34 of the Constitution. the
trustees may appoint by ordlnay re8olubon a
pers£￿ wllllng to act as a truslee. Candldates
are put forward in a quarterfy board meatlng
and upon approv81 ol a majonty of the
Trustses, they wll be askèd to b6come a
Refvrnn¢o and Adrninistratlve drtalls
Charity name
other name the thority u8e$
Reglst8r8d charity number
Charltys principal address
1190168
Highcliffe, N8w Road.
Telwmouth, TQ14 8UL Devon,
Uniled Kl
om

10.
Tru8te6S
There were no charvJes to tho Board of Trustee8 durirvJ the pEr1￿￿. Wè Ihank Prol. Dr. David Whyte
M8eDonald, Brian Arthur Charles Mayhew and Adam GeoryJe Hart fortheir eontinu8d servico a8 Trust888
and caroli￿ Chepkwono. T(Kn Leid￿. K6rryHa￿ry* and Maureen Meengfor Ih6irsut¥)ort and guidance
as meMb￿S of the Adwsory Board. Changès were madg to the Board of Trustees durlng the last period
as a fesult of the rsqulrementto have only UK thJml(xled Trustegs for th8 purposes of setting up a savlngs
dèwsit a(X￿nI lor thè chadty. Th1$ restriction no longer applies so the composition of thè Board is
expected lo be reviewed ag￿n in the next wiod.
Nam•
Na￿OnalIty
t)ate appolnted
rlod
14-04-202015 yearsl
Date of
retlrèment
Prof. Dr. Da￿d Whyte
Macdonald
Brian Athur Charles
hewOBE
Prof. Adam C*orge Hart
Brllish
British
0&11>2024 {1 yearl
Brttish
03-10-2024 (1 ￿rI
Dèelaratlon8
The trustees daclaro that they h8vo opproved the 1wstees' above. Slgnad on b8hg11 of the tharlty's
tsusl8
SlgnatrJro{Jl
Full nam•ls}
ytè KlaCd￿ald
POSI￿0￿ le.g. Soerètsry,
Chalr, Ète.)
Datè
Chair
Trusto
1310812026
1310812026
13

Indepondent Examinerfs Reportto the TTUStees of Lion Landscapa$
I report to th@ trustees on rny examination of the financial statements of Lion Landscape5 for the period ended 31
Decernber 2025.
Rosponsibllities and basis of report
As the trustees, you are responsible for the preparation of the financial statements in accordance wtth the
requirements ofthe Chartties Art 2011.
I report in respect of my examination of the diaritrfs financial ststements carried out under section 145 of the
CharitiesAct 2011. In carrying out my examination I have followed the directions gwen by the Charity Commission
under section 1451511bl of the Charities Act 2011.
Independent examiner's 5tatsment
Your attention is drawn to the fact that the charty has prepared the financial ststements in accordance with the
relevant version of the Statement of Recommended practi￿ applicable to charities preparing their financial
statements in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS
102) in preference to the Accounting and Reporting by Charrties= Ststement of Recommended Practice issued on I
April 2005 which is referred to in the extant regulations but has now been withdrawn. l understsnd that this has
been done in order for the financial Statements to provide a true and fair view in accordance with UK Generally
Accepted Accounting P￿CtICe.
I have completed my examination. I confirm that no matters have come to my attention in connettion with the
examination giving me cause to believe that in any material respect
accounting records were not kept in respect ofthe trust as required by section 130 of the Charities Art 2011.
the financial statements do not accord with those records- or
the financial statements do not comply with the applicable requirements concerning the form and content
of financial statements set OLrt in the Chartyes (Accounts and Reports) Regulations 2008 other than any
requirement that the financial ststements give a true and fair wew, which is not a matter cor)sidered 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 orderto enable a proper understsnding of the financial ststements to be reached.
Gary Randall ACA
Prydis Accounts ￿rnited
Clyst House
Manor Drive
Clyst St. Mary
Exeter
EX5 1GB
Date:
18
26
14

Llon Land8￿p&S
Pe￿(￿1 Endad 31 De￿nts 2025
stat•ment of ftnanelal aetlvEtlos for the perlod ended 31 Daeèmber 202S
Ilncludlng summary Ineome and •xpendltur• ac¢ount)
Unrestrlct•d
Restrl¢tsd
Inrome funds
Total funds
31.12.2025
30.IM.25
Income (Nptg 31
Incomo and endowmants from:
Donatlons, legacles and grants
Othar
Total
82.793
24.8D7
107.600
511.339
594,132
24,807
618,939
1,454.414
3.669
1458.083
511 339
Expenditure {Nots 4)
Expéndlture on:
Charflable acovfties
246.381
757.408
1,003,78g
1.184.083
Total
246.381
1,003.789
1.184 083
Ngt Incomellexpondltsjrnl
Il•tmovementln funds
-138,781
-138,781
-246.OS9
-248.069
484,850
-384.850
274,000
274,000
Rsconcllla(lon of funds."
Tolal fund8 brought forvrdrd
Trar￿fer of fund8
1.089.736
12.827
1.c￿,898
-12.827
2.187.634
1.913,634
Total lunds canléd forward
963.782
839.002
1,802.784
2,187,634
15

Llon Landscapes
Poiiod Ended 31 De¢8rnb8r 2025
Balance sheet as at 31 t>acendMr 2025
Total
31.122025
Totsl
30.04.2025
In¢ome fvnd5
Fixed a8¥¢ts
Tangiblè 8ssets
(Note 91
13,811
204.711
218,522
253.171
Current a#sols
D8btors
Invaslrnenls
Cash al bank and in ha
Tot•1 cuYrentasse(s
INot8 10)
Note 11)
(Note 121
18.059
19.187
938,078
18.059
19.187
1622,133
1 659 379
26,172
19,050
1.906 837
1954,059
redltors: aThounts falllng due wlthln one
yoar
(Note 131
19.596
25.353
49,764
75.117
Not cuffentassgts
949,971
634.291
1584 262
1934.463
rotal assets 18s5 Current 114bllftl8s
963.782
839.002
1 802,784
2 187,634
Totsl not assets
Fund¥ ¢fthe Charfty
R•strlcted Incom? funds
Unr•strlctsd funds
Total funds
963,782
839.CK)2
1,802,784
2,187,834
(Note 17)
839.002
839.IX)2
963.782
1.802.784
1.097,898
1089,738
2.187,634
,782
963,782
839,002
Slgn•d by twa trust•gs on behalf of all
tho trustses
Signad
Print Na
D8te
on
Id
12026
Print Name
Brian
131
ur Kfa
hew
2026
18

Lion Landscapes
Pedod Ended 31 De¢￿ber 2025
statèmént of Cash Flows
IFRS 102 1 Charit588 SORP)
PTepared in acixJrdane8 wlth Section 7 of FRS 102 and 14 of fhe Chariues SORP IFRS 1021
Cash flows from op6rating acllvttl8S
Nel cash wowd8d by opèratlng 8dwti8s (see Note A)
Cash flows from invasting aclwiliÈ
Purchases of taNJiblè flxèd assets
Proceeds from disposal of tangible Ilxed assets
Nel cash usèd In Investing athities
Cash flows from financing admlies
Nat C88h from financing aclivllles
Nat Increase in cash and cash equfvalents
Cash and cash equlvalents at beginning of year
Cash and cash equlvalonts al ol year
-267,063
-20,079
2,438
-17,641
-284,704
1,906,837
1.622,133
Note A.. Recondlkglon of nèt nK)vemenl In funds to nèt ¢ash [￿￿ded by operalJrvJ araivitiès
Nel movemonl In funds
Adjustments for non-cash items..
Depreciation of tangible fixed assets
Lossllwofit} on the sale ot fixed assets
(Gainlnoss on revaluation of investmants
INorking caplial movemants:
{InCreasgVde￿aso in dèbtors
Increas91{dec￿8S￿l in ttèditors within one year
Nel cash provided by operating actlv1ti8S
-384,849
54.729
-2.438
10,113
55,520
-267,063
Cash and (ash equivalents comprise cash at bank and in hand. Bank overdrafts rèpayablè on demand (non9 in the yèar) would be
indudèd as a ¢omw)nent of cash and cash gquivalènls.
17

Uon Land9¢8pes
Pthod ￿dEd 31 Dewb£rSJ25
Notss to Iht aecounts lorth• ￿lIDd ￿ded 31 D££*￿b￿r202s
l. Charlty Statu$
The Ghgr6ty became a CIO (charft8b￿ OryM5alk)nl on 20 kn&2￿21. Lts¢knity rèJ*trakn rnjM￿r 18 1190168 and li k5 ￿vern￿d by tts
cOnBttt￿tiOn.
2. Accountlnq ptblelo&
Basls of ptsp¥ation
T￿$8 arLounts have been prepar￿1 urKIw hL4orKa rxJSttx￿ve￿t￿￿ revakthn trj far¥￿e li ac£udance *ith FRS 102, iths re(￿g￿sed
I costor IrdrWti[￿ unbss {￿he￿58 Stated in Ihè rdevarl Tthls) ks these a(*(tht
arwJnts have t￿en prep£red in aLwrd*ce vith ts Slatemenl¢f Re(a)mm8th Pucunting eTh1 Reportinu by Charities pr8parfng th8lr
actx>unts kn attord&nce th8 FlnaThxl Rat￿ty Slondwd appkxbk in th8 UK Re￿￿￿¢ of trebtxl IFRS 1021 IS￿*￿ on 16 July 2014 and with
the Charitt8s Acl 2011.
The chsrftyixtslltutes a wilic t*n8fit enbmy 85 by FRS 102.
Pre8tnt8tlon currentty
The finandal 8tat8menL% are pr658Tht*J ￿ P(KThts SiwlrvJ {£1. Slerty Ih&ChariVs lunctiord currenry. bèlng t* ￿rrOT￿Y ofthe prlmary
8conomk @nvironmenl in the Charfty (¥￿les. The Ch￿ty carrns (xrt ovThBs8rnd $0 8180 transarI8 Sn other (JJrr8TrSg9.
pr￿CA￿llY th8 Kenyan Shill￿￿ (KES}. Tanzanian str.ilng (TZSI 8ThJ US IU5DI
Fordgn gXGhv4
Monetsry assets and IL9b1￿9& kn fO￿9n ￿rrend£S are atthe rale5 ofèx(thw Nllny at the balan￿ sh8Ot date. Transactions in
foreign cwronck>s are tran&gled Into stedir¥J 01 r8te8 of ex¢hry rukng at l￿date01￿ transxtN￿. Exeh8ty dlffweDtts are taken Into ar￿UntIn
8rrfvlng * th8 nat kncomB l expEr￿N￿*.
Golng conBorn
Th8 tru8tEes wnsider th￿ Ihwe am nts materbl LwrwWnll85 abo￿thts dwws a5 a gc4rvJ L¥)Thxm.
Recognltion of In¢omo
l ly rwnlsed or￿th• ¢harity ho$ 8ntlknwt to th8 inojm. rn￿8 4kgtylJw Milhqt r8the ts resour￿6 and tho
ny￿etary value can be me•sur8d *ith sUffi￿￿t ￿la￿lity.
Of18•1tlng
There hds been no Offset￿ ofassats and 18bkn&. ¢￿￿er￿. unl8s8 rwred or FRS 102 SORP ￿FRs 102.
Grwt& 8nd donatlon
Grants and thnaltns are only indUd￿ kn thaSoFA V*then thggenw81 knc¢>me rptwlthjn criterf8 are mt15.10 to 5.12 FRS102 SORPI. In Ihg e8S8 of
performance relatthj grants, these aro IrKluded kn th8 SoFAorts Ihe thwity has tKowded Ihe r81at&J servk¥5 orft*t the pthan￿ rth
conditbns.
Donated Se￿¢8$ and f#ellltk8
Donated servlcé8 and laolitie5 aw¥ In the 5CFA*thern atthe v4u8 ofthe gblb) th6ch¥ty provid¥d tha Va￿ ofthè ghl can b&
tll88sur8d reliabty. Donated service5 and facilitie5 that ¥e ImTh%dvtdy are #s IrKorne slith an Ow￿alent grmunl reLY)gni$8d 88 an
èXP8n8e un¢JaT tho appro￿at9 he3dingkn the SOFA. The v￿ue of any ￿￿Thtary r￿8fved is rwt Includ•J In Ihe aL¥￿[ts t￿1 1$ d88cthed In tho
Iru8te88' report.
Expendliurn and Ilab115tlo•
Liabilitt8s ar6 re￿gnISed 4ttere il lik8ty than notthatthere ￿ a bgal cf oblykn the tharty to pay out r8swf(￿ and the
omounl ofthe ￿l93t￿M ¢on ba measuredwkn r8aBL¥th c*tsnty.
and su
ort costs
SApporl costs havE been alloc*d go¥erna￿ ojsts ￿ Dtt*rswJpryL GO¥￿nanCe i¥)5ts alu>st8 Involylnll wtdlc accourrt3bifity
the charfty and rtSc(xnpl￿nc8 and pr8¢*8.
18

Lbn Land￿
￿ed 91 Own￿[2025
Baslc fnandal Irb8lruments
The charity accounts for b8skllnan¢>al hk%truments r8wgnf&*) as pw parawh 10.7 FRS102 SORP. ￿easL￿eM￿l IB a& P
paragraphy 11.17 to 11.19, FRS102 8ORP.
A858ts
r u88 b charf
Thg$e are ¢8pilalls*J ar* ￿uad at cost KtW(an b8 than cth cost at ba81 £10D.
Dgpie¢iaUon 1$ w0￿ded on tarbglb￿fv8d aÈ88ts 80 as lo￿1*[6 off tha ¥alualkn. ￿s$ any è8timat8d r88thal ¥￿u￿. over thdr gxp8cted u88fu5
8con(¥ni¢ lifo 46 folk)ws'.
Asset ¢la$s
D•pl￿}I￿on n*thod and rala
25%Str￿jhl b&si8
% strapjht Ino
25% strdght kn8 b
20% swht basts
P&nt Hnd machlwry
MolorvÉhkb8
Fixture6 fitllngs
v¢itm•nts
Unllst8d Inv88tmetts 8re Y¥Jued al Initiatyat cogt and subsewlty atfqtrvBbJe W markgtvaluolatthe ￿less￿rvalu￿ ¢ennol
mea$urod relably In rAse ft Is M6￿rth at cr￿1 *ss
3. An8ty818 of Incom•
Income funds
Total funds
La81Y8ar
Donat10￿8, legacla8 and qrants..
Donalon5 gifts
Gene￿ graTrls wovided bygovarnrr￿￿II0tsrag8I
82.793
511.339
594,132
91.334
1,363 080
1454 414
81793
511.339
O¢h¥i:
Inte￿st Incom8
oth8f R8vonu6
Gain (*) revalualkn ol knv8sfment8
1,357
2.326
-14
24.664
138
24,eoT
24,864
138
24.807
TOTAL INCOME
107,6
511.339
618,939
1.458.083
4. Exp•ndltur•
atyBls DI expèndltum
Unre¥trktod Rostrfctvd
funds
Income funds
Total funds
Last Ygar
Expondllw• on ¢horftoblts actMflÈ8
Generdl acOv1ti08
Depredallon
Govelnanw ¢o*.$- noie 6
705270
52.138
938,536
.729
1.106,258
87,025
2,591
10.524
246.381
TOTAL EXPENOITURE
757.408
1.003,789
1.184.083
19

n iAndscap
od eTKled 31 De¢emter2025
5. Funds a8 agent
BaL*ts¢è held al
stsrt Dlyear
m￿nI
rece￿d in
ye¥
Baknntu hekl
aty6ar8nd
ntpald out
8rlod ended 31 D￿ember2025
DeÉcrfplMtnam ofparty
IUCN- HWC Speualist PffjjeGt (not a p8ty1
42.492
82.442
-114,255
10.679
Year
J￿j 30 A rf12025
IUQN- HWG Spec4alist Pr¢4ect IrNA O relth party)
143,081
-101,233
42,492
YeareThJ•J 30 A ri12024
IUCN- t4WC Spo(*allst Pn4gGt (not a pBrfy)
83.385
41.698
-124 439
644
6. 8￿POrt Costs
31.1225
30.04.25
Fee¥ paid for Ind0p￿denteXarTl￿ re￿￿￿eral
Total
10,524
10,600
Dqtalls ol certaln typo5 of •xpondltur•
31.12.25
30.04.25
Support cost
Indo￿ndent oyamknafjon fee
Oiherfees paid to oxarnkner
Totaf
5,015
1,2LNTr
31.1125
30JM25
7. Pgld employee
7.1 Staff Costs
Sa18rig8 wages
Soc4al security ws16
P8n8lrm costs IdefinE(J pL8nl
Totsl 81aff tA)sts
319,288
28,006
3.362
350.￿6
S15,813
30,654
5,649
552.116
No ompkny¢68 recalv￿ ery)byee bweft51oxthSrMJ ernpw (xtstslkylha reF•NbrvJ ofnxrn than £60.0fy).
72 Awrage head count In the )pai
31.1225
20.04.25
N￿mber
N￿r￿er
Management
F￿ld staff
C8mp Stall
AdTnlnlstratk
Research
Project dlrector8
Fundrai8ing & comrnunk2tton *aff
Total
54
13
13
89
87
8. P8nslon contrlbutlon$
P•Mlon ¢￿¢•
c￿l￿bu￿On$lo th6 8rnpby88 whemgs torthe F*rK#J to £3.362 IYJ.0425.. £5.6491.
The charity opw*88 a defined 8chema. Th& pensY)n forth8 pwkwj rnpre88ntscoTrtrf￿rt￿￿ thJe by thB tharfty to the
$th8m8.

Lk*n Lond8ca
Perbd ended 3f D￿￿nber2￿25
9. Tangl)1g flxod assèts
FIX￿re%,
MotorVohlcl88 flttlngs and
•quIpM￿rt
31.1225
30.0425
Total
Cost
A* ¥lartof year
Adtitit￿5
DIskK>5a
At end of the yèar
137.399
7￿￿3
271.725
12,680
409,124
20,079
335,689
152,840
.79,403
144.798
284,405
429,203
Doproclallon
At starlof ypar
Charge forthe year
Ellmlnaled dlsF#)sa18
At end oflho yegr
78,867
16.950
77.088
37,779
155.955
54,729
112.338
66,892
-23,2T5
114 867
Net boOkVa￿•
Npt bookvaluts atlh8 end ofthe5*or
48.981
169.$38
218.519
253 171
Th8r8 8r8 dlÉpo$ql tAoce8d$ ￿£1436 recogn￿ In th6y8afBY a v8N¢bwas scld ￿trans￿￿d lo Lbn LarKIBCaP88 durfng tho mergèr %
RCP. This v8lN'cb was Introdur￿￿ to th6 ffK&Y &5Eet r8gl&ter4*th M val￿.
10. DobtOf8 and pr¢paymontB
31.1225
31J.0425
Prapayments 4nd accrued kn[￿￿8
Trad8 DgbttVS
Olhw d8bto
Tot
1D,407
16,579
11. Investmanl•
Convarllbkn Loan- Sa0t￿(td- 7M t)rditWyshares
31.12.25
19,187
30N25
19.050
In 20121 Lkjn landscapes boLtht a in B*kn&Lld Icf £4.264. tt was¢Xx)by￿ knto shBr8s in Octobar 2021. Thè Shares are Stat￿ alfalr
value as at 31 D8¢%rnb8r 2025 (UnrBall8*J gdTh£14.9231.
12. Cash at bankand In hand
31.1225
30.0425
Cgsh at bank and kn hand
Total
1622 133
1 906.837
13. erEdltor8 and )¢¢T￿lS
Amourts falllng duè wllhln on8swr
31.12.25
3CI.04.25
Trad0 lxodltors
othér credltor8
Taxes and 80cial $8curfty
L¢rualB arxl deloiY8d Inco
Total
6,113
328
8,051
528
2.890
5,721
75,1
19.595
14. TrusteD remunoratlon ond lJon8ffts
Non8 ofthe trust888 have p&Y any remuneraoon orrwM*8d anyother frcdn an ￿p￿￿￿1¥Ath the th8rityor a relaw entity.
15. Twst••8' 8XP8nso5
There ￿re ￿ transacbons b8Wn ￿ <*arftyarNJ trustees kn lTr*CUry8ntT8F￿ P￿￿.
21

Lhn Larnl8caws
Perbd ended 31 DE￿nber2￿25
16. Grants and donatkpn8 modè
AnglyBls ofgrant8 and {*yoU￿$ p￿d Onc4u(kd kncostofcharlth athltsesl
Grants to
Insututlons
31.12.25
Total
30.04.25
Totql
Analysls
Donalknns to wn8ervqDG195 thal partsdp*& in ts WIWIID R
ClwllÈng8
Dmations 01 th)gi FoundalK)n th8ri1able Inkql
Donation8 lo Loisaba CDmmunty Trust
Donaknon8 towarfs th8 Cost of Rangor&w>rk
Donati￿ lo Naibung3 Co￿ervanCY
Donatiw to Ilmsfflusl Conserwanty
Donation b QI Mgi30r
Donakn'on$ to kntrKodB for the Pur&￿
Misceitsnèou8 DonalKY
1.360
9,259
9.999
4.000
2.000
iooo
4,605
2,271
3.059
2.387
2.L¥JO
4,fA)5
4,55g

P8DadEnW31 DI￿￿￿￿2￿25
17. Chirlty fvnds
17.1 Detsllty tyf fuDdg h•Jd and mosw•rtadwkvJ tswr4nt r•p•rfh¥ pev
Fund
Fund nom
Typ•
Expendllu
forward
1.Iw.736
11827
Aza c￿￿rValiDTr QM; FuThl CCT 8rwJ park lrfpA Twia. R￿*
BAND Found¥bn 2024
O hTz
9272
-11.807
.2,535
35.864
Cknlantt Metropart Zoo
and largo tsrnfvore5 around Ruaha
52,Ot5
-10m1
76,142
DEFRA
epacLyNllJI￿ InTan
58.931
15.Q58
-6,815
67,174
Dwtthcurry F
40,375
Dlsnty CLYrner¥thn Fund
TJgUPPtytaii pr4ec4*th ￿ Ruoha
East Co￿tz￿)18r￿8r&Z￿ ￿￿arShip$fws￿ sd
s1wJ￿I￿ n Ruaha
-9,012
24021
5,165
.165
4.179
21.753
FourthUw88grn Grart
CornTrwr*gqnglts In
-24242
6,013
Ctyfflitl ￿g￿liOn b)Sgh￿￿￿j
Lar￿p1a. S818rf0¥. ccfbBmfits. fi
Iucm
9.134
21,518
4.559
25,￿3
Leldw CDn¥eNaUr
Tofund sa￿¢$&¢¢￿￿
4.e83
Lyra InArtr
Awwlfa
4,015
1,585
F￿￿ kngwrtofthe
tArrt In
MllwÈukefjCr¥JityZoo
4032
NaFl&6Z
To LEO 9thrf85 &c4J5ts
35.438
-13,287
22.151
4WI
CCTand ¢on58rvabmw4ran.
1185ewch r. RuthllaThl SBbJs
21746
74
-108,695
-11.103
OryxLlmll8J
Oxford I Indu4vlty
accelerelt*
LFL.Oevd(wgntofL
FrfwdlyLfvBstod¢ in Ke
Zalrabu blp to Lwr
18.3fj4
-2.269
14,D
AMBHn FoLmdali
Colatrjkn L8l*A
4374
4.782
408
SaNna knon CoTwfvBlkA)-
Saflra UDn Corw
)rnM￿￿¢aMet& Ttap
SC￿mé
47
Thg CCGTru8tr
Funds tyWla t(Ywath thèL
Defèndqr5WOrt In 14u•ha
7th)
Urm rdlthu. wJpw¥trf
Th9 Mahffe Cons*Yaw Lkn Kansets & tyalthg siwxlo
C￿nThU4￿yROTh￿ers
51716
Y2M04
49,582
46.536
Thè N&bJreCOn5eN￿
Hcbhu$-PP8 den
7.741
7.741
Th8 NatweCon8erva
Wlhjlile Protetaon &Anrf4o%hin8
A£Ov.'ties
sM21-s¥￿￿. OVD ￿￿5
OF4rnkn1 costs kn
.1￿,452
45,770
TUskTrt￿1
Y15
-180
Ewrfffton Grarrt-o￿1th￿ kn Rutha
iLD. c0ntlcloffl¢ws￿
CCT benefi18 & otherop*alvxwl cost*
Tu5kYrwl
31.588
)25f
1,332

Llon LÈnd8c
PaTbJd Frthd 31 D£certh2025
Fund
nc4$
carThwl
fvrwwd
Fund nambs
Pryiq aThl Rèstrktlrf
WRC 23-SurvAI forthB ￿ R8wqr&
Q7,D30
4,82Q
.144N8
Tuth Ywgt
skTru8t Utthla
Univ@r81ty of Oxfotd
Wudhte C•nSery8UC￿ IL
LRF.REja￿-C￿fl￿*
R￿￿ryFwlld1
Ruaho (sa￿tieS, CCT benerkn.
QP¥AVonal fA15ts1
WIILlifeCon8er¥&tkxi Iuon Re￿e￿Ch end ￿￿￿¥21￿￿
ftocov￿ Fu￿>
SVA0￿￿OsyStQrn
Wlhthlf8 Ci•$wYthn I￿￿ PhD t(x$e￿¢￿VabC1￿k
R¥eOveryF￿￿j
Wlldlwe CDn6wvAUon (LK
Rg¢Dvery FL￿}
NPS
11,250
43,W23
58,740
15f.*165
103MJ
37J71
97
135.654
114.491
3.022
61,469
1S17
3,547
81.471
-11.186
64,285
To hiw1w).vAol￿ t¢￿rI
NIU￿On prffjmmas Ruaha
13TrJxapDand
WooOL*nd Parkzoo
rJ.128
*S91
49,415
14J6S
3,591
Zoo Mlaft
LDraryrarng In Ruaha
Z(*) NèwEryl&nd
TaTrzanb'¥ SobJs4q5gtere I￿(apO
The North Carollna Zoo
AddrE551ng ConserYdilonThrtsts in
TaNani3'5Sdous Land5Trr
Increasing c￿￿ervatIon Knowkd8e
and Awaren￿ thrOuth￿kllMe aths
In SouthemTanz3nia.
In Wjpportof￿mb3 Schdar5hlp
Progrnrnyne which dlrecty *re55ES
the edvuiiLy￿lthaI￿gÈ$f1Ced by
YulrnÉrablefamifie5.
42&)
4610
Phoen￿100
7,431
4.420
Rotterdarn Zou
823
451
451
Abigall Rose WhKtsker
M Pu12e Foundatlo
Steve TaylOrCon5￿athn
Award
Tusk Trnst
19,070
15.070
7,605
1S),975
150,975
T0181 wtrktsd Inc￿ knds
-11827
511339
.757408
TOW FL￿d$•S perba19rtr shè
618939
resirlttÈd IrK0mefU￿, URI Unrfrsts￿
FundS￿1h bal8nrth85 attherM￿ be wd•Jth*2edthth tsftsth8ff cl2￿28.

Lbn L￿r￿¥pea
Perw Enthd 31 DQC4n*Èr￿25
17.2 0913ts +)fJhth￿aIrURd1 hqhland dwingtho perlod
Fwnd
ceb
Fwthd
Pwrpowe ond
Typ•
Exp•n¢Nlure
lo￿1￿[d
117.179
43,61S
Aza ContseNaUon ts￿1 Fund CCT and pwk bip8TBnz* PJJihA
BAND F￿ndalK￿2O24
tIr￿ ID Tz
21,510
-12,23B
9,272
115.&SD
47.854
79,099
Re50fvlngth￿fl1ct betretn hL'mans
and large carnl¥ore5 around Ruaha
Na'JDnal Pari TanLanl?
eveldnd Moirowk Zoo
81521
4T,813
34.20B
DEFRADw*tn
C&C.
capscttybu1bJ￿ InT*za￿a
119.591
17,663
-78.328
58.9SI
DennhCurryFL
75241
40.672
LXBn&y¢onserthw Fund To support d pr0hLl¥￿rt kn RL&
Ea$ico*lZty) l8r6v8rdz￿ ScM¥￿￿8bpSa(>)￿tyS￿I
slud￿ h Ruaha
CCT CCT+ K￿8 Tanzan
271
34,033
3.978
4,502
5,f6S
15,743
-19,922
4.179
Fwndabon So￿* fJr8nt
In¢rgasirvJ Conknufflity 8enth
50,243
-17,988
32255
conftktml1￿kn.
LafiElplw. Sa￿98. CCT I1￿.
19.891
-10,7S7
.134
To
412
Lwa InAfik¥
Schoolw1￿1￿￿Jb8
Cewefvat'on Fund ￿ 8UPwrt￿lh•
4.600
Mllwaukeocountyzu
LaThJscaw.
To ft￿d LE0￿￿￿eS & (x*ts
CT*KI pfDW..
ècolcgk21 tB8earth In R￿Sha orbj SB&x
DHr%th LFL.[￿vdOF￿l ofL
F￿￿￿etyL￿tOck In
4.037
95Zoo
20.135
44.093
48.7
NAWI
31,Jl6
S9,079
-70.64
22,746
Cw( LknK8d
Oxfurd I lThlusl¥
awd£ralo¢
14￿1
42,180
40,17T
16,364
4269
4,7
.7,Of7
8,374
Saflna LltsnC4)nserVo11￿.
Safins L￿ncon961
corTwnunltyCarnera frap
schen
For CCT
-1
763
Th6 CCG Trt￿l
C*fen¢l¥s *KYkln Ru
7LK
Th¥Naturfj Con*Than
cc*arfng, traning
n Rawors & tralnlr6
240.416
7.366
The NabJe Qon8&varw HolllhuB-PPBthmoB
4205
63,716
Thg NaurfyCon8er¥£ncy
Wlldlrfe Protect￿Tr &An￿P0athf
Activi￿eS
SM21-Sal*es. (
rall￿781 ¢ostskn Ker
10.4
4.728
7,741
Tusk TN61
11.
-10.354
715

LIOnL￿dICapP
Pertrrtd EndEd31 Dewknr2025
Tud¢Tru81
(LD. CA>n￿o[(1c￿s and Btaif8knh
24.013
-37.425
31,5e8
RC23.￿0rtftfth*￿R•
progrm
-27,ST3
21.7e
Tu8kTnrnt
FUNI
bolan
EXp•nd￿Uro
Fwd n*ws
foM#rd
-7.112
-169.4D8
6.703
157.465
Tusk Trust UMW
VnlYw￿ty￿Oxfo
Wildwe con5wrtlv￿￿i(ffi
R9￿VPry Fund)
Wllthife Cons¢N8tyon Iuon Re8oarr*
R9rovwyFundl
W1￿111è (LK*)
Re¢ov8ry FU￿j)
Ylld5rf¢ C0n89Nau￿ (L
Recov8ryFundl
IPAPS
13,815
2W,114
.7
LRF4l￿h*- kn
Ru8h& IS*rfea. CCT Wiy.
46.717
-9W3
11￿.880
1n737
114,491
9.547
3,547
79.238
-37,051
81A71
Lak1￿4
TD 9UStain hwan. ￿dAfe ojn
rn￿¥￿0n In lh8 RuthA
3.630
Woodllgnd PAIKZ(
15,926
-122
13ndscap8
,128
3￿￿1
WWF
31A26
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