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2024-12-31-accounts

Registered number: 12705139 Charity number: 1195017

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CONSERVE GLOBAL

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 18
Independent Auditors' Report on the Financial Statements 19 - 22
Consolidated Statement of Financial Activities 23
Consolidated Income and Expenditure Account 24
Consolidated Balance Sheet 25 - 26
Company Balance Sheet 27 - 28
Consolidated Statement of Cash Flows 29
Notes to the Financial Statements 30 - 45

(A Company Limited by Guarantee)

CONSERVE GLOBAL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees N Birnie (resigned 26 August 2024)
J Brown (appointed 4 September 2024)
T Fajingbesi (appointed 4 September 2024)
A Kerr
A Parker
M Rice
K Roberts (resigned 21 August 2024)
M Sibanda (appointed 4 September 2024)
A Skailes
Company registered
number
12705139
Charity registered
number
1195017
Registered office
101 New Cavendish Street
1st Floor South
London
W1W 6XH
Independent auditors
Harris & Trotter LLP
Chartered Accountants
101 New Cavendish Street
1st Floor South
London
W1W 6XH

Page 1

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

LETTER FROM THE CHAIR AND CO-FOUNDER S

2024 reminded us that, even in a time of growing uncertainty, collaboration can chart a more hopeful path. Around the globe, and especially across Africa, people are coming together to protect the landscapes that sustain us all. At Conserve Global, we've had the privilege of working alongside communities who are leading this change, and we're proud to share some of those stories with you in this year's report.

In the past year, our footprint has expanded dramatically: from just under 168,000 hectares in 2023 to more than 1.1 million hectares under improved conservation management. These gains are not ours alone, they reflect the energy and leadership of the communities we support, whose stewardship makes conservation real and rooted in place.

We see ourselves as service providers to those who call these wildscapes home. Our work is to support, not overshadow, their vision. That principle was affirmed in 2024, as two Namibian community conservancies near Orupupa invited us to extend our support. These invitations speak to the power of trust and shared purpose, and to the urgency of our next challenge: securing the funding needed to keep pace with demand and deepen our impact.

Across Kenya, Namibia, Mozambique, Cameroon, and Zambia, we've seen how conservation becomes a tool for community prosperity. Our approach, walking alongside communities, bridging technical gaps, and matching local wisdom with global innovation, is proving effective. We move at the speed of trust, and that speed is increasing.

Our team also grew this year. Conserve Global now includes 41 full-time team members, the majority of whom are nationals working within the landscapes we support. We welcomed new colleagues in Zambia and Mozambique, where over 150 temporary jobs were created for local villagers through infrastructure projects like fencing.

We also welcomed three new trustees, Tope Fajingbesi, Mxolisi Sibanda, and Jon Brown to our Charity Board. As we said goodbye to Keith Roberts and Neil Birnie, we offer our deep thanks for their role in shaping Conserve Global's early journey. We are equally grateful for the insights of our Technical Advisory Board, whose perspectives helped guide us through another year of growth and learning.

Looking ahead to 2025, we do so with conviction. The feedback from our partners on the ground and the evidence from our projects tell us we are on the right path. To everyone who has supported our mission, donors, partners, advisors, and friends, thank you. Your belief in our work fuels our momentum.

Adam Kerr – Chair of the Board of Trustees Andrew Parker – Co-founder and Trustee Matthew Rice – Co-founder and Trustee

Page 2

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRATEGIC REPORT

Our purpose and mission

The Charity’s purpose is specifically to:

• Promote for benefit of the public, especially local stakeholders, the conservation, protection, sustainability and improvement of the world's (and in particular Africa’s) wildlife, its natural habitats and marine environment by such charitable means as the directors shall from time to time in their discretion think fit.

To this end, our mission is to conserve large wildscapes by forging solutions with local communities.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Our approach and how we work

At Conserve Global, we focus on the landscapes that often go unnoticed, distressed, underfunded, and overlooked areas beyond Africa's national parks. These wildscapes are vital links in the continent's conservation network, home to rich biodiversity and, just as importantly, to people. Our work began with a clear need: to close the gap between ambitious community-based conservation goals and the practical, on-the-ground capacity needed to achieve them.

Across sub-Saharan Africa, national parks span over 850,000 km2. Yet beyond these formal boundaries lies another 1.7 million km2 of conservancies and concessions, vast, inhabited landscapes that hold the potential to connect ecosystems, safeguard biodiversity, and improve livelihoods. Around 60% of sub-Saharan Africans live in rural areas, and most depend entirely on the land for food, water, and fuel. As pressures on these wild and working landscapes grow, so too does the opportunity and the responsibility to protect them. But there is hope. These landscapes are uniquely positioned to drive a new wave of conservation solutions co-created with communities. We believe communities must have greater agency over natural resources, a fair share of the value that ecosystems generate, and improved lives as a result of conservation, not in spite of it.

Africa's rural people are on the frontlines of climate change, despite contributing the least to the crisis. For them, nature-based solutions aren't just a theory, they are the most viable defence against climate shocks. Conserve works to keep ecosystems intact and productive, helping communities adapt and thrive through nature-led approaches to resilience and development.

This focuses on conservation areas outside of national parks through supporting the provision of conservation management services to: (i) wildlife concession areas; and (ii) community conservation areas or conservancies. Through this approach, the Charity aims not only to enhance conservation management of areas that form the connective tissue between national parks and are the fundamental components that form and bind the large wildscapes that remain in Africa, but also to promote the expansion of these landscapes through community-led conservation and the establishment of community conservancies. We recognise that local communities within these landscapes are the ultimate stewards of their land, habitat, wildlife and other natural resources and must be the primary beneficiaries. In this regard, the Charity seeks to strengthen the agency and capacity of communities for long term effective management of these natural landscapes. It also aims to drive the diversification and optimisation of compatible business and revenue opportunities in these areas for the benefit of local stakeholders, especially local communities, and for the long-term financial sustainability of these areas.

We bring skilled teams, long-term resources, and partnership mindsets to places where conservation is not abstract, but urgent and personal. In doing so, we act as service providers to the communities who live in and depend on these landscapes. Together, we build locally led governance and deliver conservation services that work for people and for nature.

Page 3

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Our objectives and aims

Conserve Global has developed a Theory of Change strongly aligned with its core Mission, Vision, and values to articulate its goals and strategies to achieve these. Conserve Global has three overarching goals, and multiple ensuing impacts, to be achieved, tracked, and reported across the project portfolio:

GOAL 1. By 2030, 30,000 km2 of key conservation landscapes are on the pathway towards ecosystem integrity, payments for ecosystem services, and buffering of national parks.

GOAL 2. By the end of 10 years in each landscape, well-managed, self-governed, community-led institutions result in safe, fair and transparent governance and protection of natural resources and resilient rural communities.

GOAL 3. By the end of 10 years in each landscape, most community members value landscapes and choose conservation as a preferred land use as a result of vibrant conservation-led economies

To achieve these goals, we focus on five core strategies that are further enhanced by three complimentary cross-cutting strategies as represented in our Theory of Change.

These strategies are:

  1. Secure land rights and tenure;

  2. Build strong local governance;

  3. Drive effective ecosystem management;

  4. Unlock sustainable financing; and

  5. Co-create sustainable livelihoods.

Page 4

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Where we work

Our focus is Africa's savanna biome, the continent's food basket and biodiversity heartland. The collision between fertile land and savannah ecosystems is striking, and with population pressures and poverty driving agricultural expansion, these landscapes are at real risk of degradation. Yet degraded land cannot nourish people. Long-term food security, like biodiversity, depends on healthy, functioning ecosystems. That's why our mission is to reconcile the persistence of nature with the legitimate needs of people. We support community-led solutions that protect biodiversity, promote equity and secure the future of Africa's wildscapes as spaces for both nature and people to flourish.

Within this broad parameter, we seek out and are receptive to project opportunities that meet our criteria. We look for projects embedded in connected conservation landscapes with intact landscape integrity and low human density (i.e. not transformed or settled to the point of no return) so that the ratio of natural capital to human density is sufficiently high so as to restore ecosystem health and develop nature-based economies.

Our project portfolio currently spans 5 countries across 5 ecoregions, with a sixth project within Niassa Special Reserve in northern Mozambique shortly to become operational.

Page 5

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2024 highlights

With the foundations laid since our registration as a charity in 2021, 2024 represented a year of real measurable impact with:

Conserve Global is also constantly striving to strengthen its monitoring systems to track impact at a project level. In this vein, we have developed a maturity tracker to measure progress of landscape projects against our five core strategies. The diagram below highlights our progress over 2024.

Page 6

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CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for the future

The Board will continue to support projects and organisations in line with the Charity’s object. In this regard, emphasis for the coming financial year shall include:

Page 8

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Our structure

Conserve Global is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association. Conserve Global was incorporated as a company limited by guarantee on 30 June 2020, and on 30 June 2021 was registered with the Charity Commission for England and Wales. Its governing document is its Memorandum and Articles of Association. The Board, who are also the Trustees and directors for the purpose of company law, who served during the period were: Neil Birnie (Director & Trustee), Jonathan Brown (Director & Trustee), Temitope Fajingbesi (Director & Trustee), Adam Kerr (Director & Trustee), Andrew Parker (Director & Trustee), Matthew Rice (Director & Trustee), Mxolisi Sibanda (Director & Trustee), Alexandra Skailes (Director & Trustee) and Keith Roberts (Director & Trustee). None of the Trustees had any beneficial interest in any contract with the Charity during the period. Andrew Parker and Matthew Rice are members of the company and guarantee to contribute a maximum of £10 in the event of a winding up.

The organisational structure of the Charity is augmented by a Technical Advisory Board, made up of seasoned professionals in the conservation sector in Africa, which provides technical guidance to the executive team.

How we are governed

The Trustees review the strategic activities and financial position of the Charity at its regular board meetings, which are held 3 – 4 times a year. They consider potential risks to which the Charity is exposed. As part of this process, the Trustees are developing a risk management strategy, including a comprehensive risk register, which comprises an annual review of the risks which the Charity may face and the establishment of systems and procedures to mitigate those risks identified in the risk register and the implementation of procedures designed to minimise any potential impact on the Charity should those risks materialise. The Trustees at its final meeting of 2024 also approved the establishment of a Finance, Audit & Risk Committee as a subcommittee of the Board and elected three Trustees to this Committee. Terms of reference for the Finance, Audit & Risk Committee will be developed by the Committee and will be presented to the Board for approval at the first Board of Trustees’ meeting in 2025. The Finance, Audit & Risk Committee shall meet 4 times a year, each shortly prior to a Board of Trustees’ meeting. The Board of Trustees, the Technical Advisory Board and executive team also all meet in person once a year to review charitable progress and strategic plans and direction. This is complemented at the same time with an annual staff retreat, involving all Charity staff and senior management staff of projects that the Charity supports, to review and align business plans, annual work plans and budgets, which are subsequently reviewed by the Executive Committee before submission to the Board for approval.

Trustee recruitment, induction and training

The management of the Charity is the responsibility of the Trustees, who are elected and coopted under the terms of the Articles of Association. Trustees serve a term of 3 years, which may be renewed in accordance with the Articles of Association.

All newcoming Trustees receive a comprehensive briefing and induction of the Charity’s goals, strategies, activities and project portfolio as well as to the financial status of the Charity (budgets, cash flow projections, fundraising activities etc.). This is complemented by the in-person annual retreat, which brings together the Board of Trustees, the Technical Advisory Board and staff, which offers a deep dive into project progress and plans across the portfolio, and related finances.

Through the use of SharePoint, Trustees have access to all Charity governance documents, policies and Board minutes and resolutions. The Charity’s comprehensive policy framework is regularly reviewed with training provided as required to those Trustees, who have a designated responsibility concerning specific policies, for example, Safeguarding and Whistleblowing.

Page 9

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

How we are managed

The Board of Trustees is responsible for establishing the strategy, policy and control framework of the organisation. This will now be augmented by the Board’s Finance, Audit & Risk Committee.

At an operational level, the Charity is overseen by the Executive Committee, comprising the senior management staff of the Charity, which meets weekly to discuss plans and priorities in line with the Charity’s mission. Members of the Executive Committee meet the Board Chair once a month, to which other Trustees are open to attend.

Charity Governance Code

The Board of Trustees is committed to applying the seven principles of the Charity Governance Code to ensure high standards of leadership, accountability, and transparency. This commitment underpins our ability to provide effective strategic oversight and to support the delivery of Conserve Global’s charitable objectives.

Principle 4 of the Code emphasises the need for informed, rigorous, and timely decision-making, supported by clear delegation, robust internal controls, and effective systems for risk assessment and management. To achieve this, Trustees receive comprehensive and relevant information ahead of meetings, with sufficient time for discussion, challenge, and clarification before decisions are made.

While certain matters are reserved to the Board, powers of delegation are exercised through its committees, appointed Officers, and the Executive Committee. A formal Delegation Scheme is currently being developed to set out approval processes, financial authority levels, and authorised signatories, ensuring consistent and accountable decision-making across Conserve Global and its subsidiary entities.

The Finance, Audit & Risk Committee has been delegated responsibility for reviewing internal controls and risk management systems. However, the Board retains ultimate responsibility for risk oversight. This includes scheduled reviews of the organisational risk register and project-specific or subsidiary-level risk assessments. These processes enable the Board to determine the level of risk it is prepared to accept, balancing potential risks with opportunities to advance the organisation’s mission, while ensuring appropriate mitigation measures are in place.

Page 10

CONSERVE GLOBAL (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Trustee duties in relation to Section 172 of the Companies Act

The Board of Trustees recognises its duty under Section 172 of the Companies Act to act in a way that, in good faith, it considers most likely to promote the successful achievement of Conserve Global’s charitable objectives. In fulfilling this duty, the Trustees have regard to: the likely long-term consequences of their decisions; the interests and wellbeing of Conserve Global’s employees, associates, and volunteers worldwide; the need to foster strong and constructive relationships with partners, suppliers, donors, supporters, and other stakeholders; the impact of Conserve Global’s operations on communities and the environment; the importance of maintaining a reputation for high standards of conduct, integrity, and transparency and the need to act fairly and equitably between members of the company.

Page 11

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

KEY POLICIES AND STATEMENTS

Public benefit

Conserve Global advances conservation across Africa’s most critical wildscapes by working in partnership with people and communities who safeguard these landscapes, as well as the broader public who depend on the health of the natural environment.

We conserve wildscapes because we know that healthy ecosystems and biodiversity are deeply linked to human wellbeing both now and in the future. By protecting nature, we help communities adapt to environmental pressures and climate change, mitigating risks such as water scarcity, land degradation, and the loss of livelihoods. Our work supports locally led governance, invests in African talent, and unlocks sustainable financing to ensure conservation is embraced as a preferred land use.

We promote and support research, training, and demonstration projects that strengthen conservation outcomes and community resilience. Through education, skills-building, and collaborative planning, we raise awareness of environmental issues and equip local leaders with the tools to address them.

In reviewing our charitable objectives and planning our future programmes, Conserve Global’s Trustees have considered the Charity Commission’s guidance on Public Benefit under the Charities Act 2011. We are confident that our strategy and work plans directly contribute to our mission to restore and safeguard large wildscapes while delivering lasting benefits to people and nature alike.

Grant-making policy

Conserve Global makes grants to strategic and implementing partners. All our grant funds are disbursed with clear criteria and processes, including conducting due diligence, and using formal review and clearly defined decision-making. All grants are made based on written grant agreements that incorporate requirements on reporting and financial oversight. Donor conditions are passed on to the recipient in a sub-grant agreement, as required.

Reserves policy

The Trustees have not yet adopted a formal written reserves policy. At present, the charity’s reserves are held primarily in unrestricted funds to ensure flexibility in responding to operational needs and emerging priorities. Funds are maintained in interest-bearing accounts where possible, to protect their value and generate additional income for charitable purposes without compromising liquidity. The Trustees recognise the importance of having a clearly defined reserves policy that sets out the target level of reserves, the rationale for holding them, and the approach to maintaining and reviewing them. Work to develop this policy is planned for the next financial year.

In the meantime, the Trustees monitor the level of reserves as part of regular financial oversight to ensure the charity remains financially resilient and able to meet its obligations. All decisions regarding the use and management of reserves are made in accordance with the charity’s governing document, relevant legislation, and the Trustees’ duty to act in the best interests of Conserve Global and its beneficiaries.

Page 12

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Investment policy

The Trustees have not yet adopted a formal written investment policy. At present, surplus funds are held in bank deposit accounts to preserve capital and maintain liquidity for operational needs. No funds are currently placed in long-term investments.

The Trustees recognise the importance of establishing an investment policy that sets out the charity’s objectives, risk appetite, ethical considerations, and oversight arrangements. Work to develop this policy is planned for the next financial year.

In the meantime, all decisions regarding the holding or placement of funds are made in accordance with the charity’s governing document, relevant legislation, and the Trustees’ duty to act in the best interests of Conserve Global and its beneficiaries.

Remuneration policy

Conserve Global is committed to using its resources responsibly and transparently, in line with its charitable status and the trust placed in us by the public and our supporters. We also recognise the importance of attracting and retaining talented individuals with the skills and experience needed to deliver our mission effectively.

To achieve this, we ensure that remuneration across the organisation is fair, proportionate to the responsibilities of each role, and reflective of the expertise required. We regularly review pay levels against relevant benchmarks within the charitable sector to maintain competitiveness while ensuring that all decisions remain within the bounds of our financial sustainability

Safeguarding policy

Conserve Global is committed to ensuring that all people who come into contact with our organisation, including children and adults at risk, are protected from harm. We recognise that safeguarding is an essential responsibility that extends to our staff, consultants, volunteers, and all those engaged in delivering or supporting our programmes. This duty also applies to the way our projects are designed and implemented, ensuring they do not cause, contribute to, or fail to prevent harm.

Our safeguarding approach is built around three key pillars: prevention, reporting, and response. We take proactive measures to create safe environments, provide clear and accessible channels for raising concerns, and act swiftly and appropriately should any safeguarding issue arise.

Conserve Global operates a zero-tolerance approach to safeguarding violations. We are committed to taking all proportionate steps to prevent incidents and to respond decisively and transparently when concerns are raised. Every safeguarding allegation will be addressed in line with our Safeguarding Policy and Procedures, and we expect our partners and collaborators to uphold the same high standards in their work.

In 2024, no safeguarding reports were received. While this is a positive indicator, we continue to prioritise vigilance, awareness, and proactive prevention measures to ensure that all those who engage with Conserve Global and our programmes remain safe.

Page 13

(A Company Limited by Guarantee)

CONSERVE GLOBAL

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Human Rights and Modern Slavery

Conserve Global is committed to upholding internationally recognised human rights and ensuring that our work protects and promotes the dignity, safety, and wellbeing of all people. We recognise that environmental protection and human rights are closely connected, and that conservation must be delivered in ways that respect the rights, voices, and agency of the communities we work with.

We have a zero-tolerance approach to modern slavery, human trafficking, forced labour, and any form of exploitation. This commitment applies to our own operations as well as those of our partners, suppliers, and contractors. We undertake due diligence, require compliance with relevant laws and international standards, and work to ensure that workers are employed freely, receive fair pay, have safe working conditions, and can leave employment without coercion.

Our current policies integrate human rights and anti-slavery measures into project design, procurement, risk assessment, and monitoring. We also require our partners and suppliers to uphold these standards. Should any violation be identified, we will take immediate and proportionate action, working with the relevant authorities and stakeholders to protect affected individuals and hold perpetrators to account.

Looking ahead, Conserve Global intends to expand this framework into a comprehensive Environmental and Social Safeguards Policy. This will provide a stronger and more integrated approach to protecting people and nature, ensuring that all our activities meet the highest ethical, social, and environmental standards.

Going concern

Trustees have considered the potential impact of risks, including economic pressures, cost-of-living increases, and geopolitical instability, on Conserve Global’s ability to operate. After making appropriate enquiries, the Trustees have a reasonable expectation that Conserve Global has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

FUNDRAISING

The Trustees have reviewed Conserve Global’s fundraising activities in line with the Charities (Protection and Social Investment) Act 2016, guidance from the Charity Commission, and the standards set by the Fundraising Regulator. Conserve Global registered with the Fundraising Regulator in 2025 and is committed to complying with its Code of Fundraising Practice, ensuring that all fundraising is legal, open, honest, and respectful.

All fundraising is managed directly by Conserve Global staff, with robust internal processes in place to ensure activities meet legal, ethical, and regulatory standards. All campaigns and donor communications are reviewed for accuracy, transparency, and alignment with Conserve Global’s values and reputation. The organisation has paid the applicable levy to the Fundraising Regulator and displays its badge on appropriate fundraising materials.

Fundraising practices are supported by clear privacy and data protection measures. Conserve Global’s Privacy Notice explains what personal data is collected, how it is used, and how individuals can update preferences or opt out.

The Trustees are satisfied that Conserve Global’s fundraising activities meet regulatory requirements and sector best practice, with systems in place to monitor and continuously improve performance.

Page 14

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Complaints

For the purposes of reporting, we define a complaint as any expression of concern from the public about our fundraising, a suspected breach of fundraising standards, an initiated investigation, or dissatisfaction with a specific fundraising method.

For the year ending 31 December 2024, Conserve Global did not receive any complaints about its fundraising activities and there were no instances of confirmed failures or breaches referred to, or upheld by, the Information Commissioner’s Office during the year.

Trustees consider this a reflection of the organisation’s emphasis on transparency, donor care, and safeguarding the trust placed in us by supporters.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustees recognise that Conserve Global and its subsidiary entities operate in complex and often unpredictable environments where inherent risks are high. The organisation does not seek to remove all risk but aims to ensure that governance and management systems are in place so that significant risks and uncertainties can be identified, assessed, mitigated, and monitored effectively at organisational, project, and subsidiary levels.

The Board of Trustees has ultimate responsibility for risk management, including ensuring that funds and resources are used appropriately and in line with Conserve’s charitable objectives. Trustees are satisfied that appropriate internal control systems are in place to manage risks across all areas of our work.

Oversight of risk is embedded in Conserve Global’s governance framework:

Page 15

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Risk Management Framework

Conserve Global’s risk management system is designed to be preventative, responsive, and adaptable.

The Trustees have identified the key risks to Conserve Global and its subsidiary entities, along with the mitigation measures in place to reduce their potential impact, as follows:

Page 16

CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The income for the Charity for the period under review was £3,342,236 (2023: £2,982,679) and the expenditure in the furtherance of the Charity's objectives were £3,476,420 (2023: £2,241,477).

The Charity's restricted reserve at the year end was £834,865 (2023: £828,897) and the unrestricted reservewas £2,324,937 (2023: £2,458,549).The Charity's cash reserves at the year end were £2,338,321 (2023: £2,749,564).

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CONSERVE GLOBAL

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Harris & Trotter LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 30 October 2025 and signed on their behalf by:

Trustee

M Rice

Page 18

CONSERVE GLOBAL

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVE GLOBAL

Opinion

We have audited the financial statements of Conserve Global (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Income and Expenditure Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company'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.

Page 19

(A Company Limited by Guarantee)

CONSERVE GLOBAL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVE GLOBAL (CONTINUED)

Other information

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

We have nothing to report in this regard.

Matters on which we are required to report by exception

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

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 20

(A Company Limited by Guarantee)

CONSERVE GLOBAL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVE GLOBAL (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Charity and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

• We obtained an understanding of how the Charity is complying with those legal and regulatory frameworks by making enquiries of management.

• We challenged assumptions and judgements made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 21

CONSERVE GLOBAL

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVE GLOBAL (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Harris & Trotter LLP

Chartered Accountants 101 New Cavendish Street 1st Floor South London W1W 6XH

30 October 2025

Harris & Trotter LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 22

CONSERVE GLOBAL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
2
Other trading activities
3
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income/(expenditure) before
taxation
Taxation
8
Net income/(expenditure) after
taxation
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
2,814,671
179,067
2,993,738
128,272
1,408,282
1,536,554
1,457,184
(2,103)
1,455,081
(1,588,693)
(133,612)
2,458,549
(133,612)
2,324,937		 Restricted
funds
2024
£
348,498
-
348,498
-
1,939,866
1,939,866
(1,591,368)
-
(1,591,368)
1,597,336
5,968
828,897
5,968
834,865		 Total
funds
2024
£
3,163,169
179,067
3,342,236
128,272
3,348,148
3,476,420
(134,184)
(2,103)
(136,287)
8,643
(127,644)
3,287,446
(127,644)
3,159,802		 Total
funds
2023
£
2,968,379
14,300
2,982,679
24,862
2,216,615
2,241,477
741,202
(373)
740,829
8,164
748,993
2,538,453
748,993
3,287,446

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 30 to 45 form part of these financial statements.

Page 23

(A Company Limited by Guarantee)

CONSERVE GLOBAL

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Gross income in the reporting period
Less: Total expenditure
Net income/(expenditure) before taxation for the reporting period
Tax payable
Net income/(expenditure) for the reporting period		 Total funds
2024
£
3,342,236
(3,476,420)
(134,184)
(2,103)
(136,287)		 Total funds
2023
£
2,982,679
(2,241,477)
741,202
(373)
740,829

The notes on pages 30 to 45 form part of these financial statements.

Page 24

CONSERVE GLOBAL (A Company Limited by Guarantee) REGISTERED NUMBER: 12705139

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
9
Current assets
Stocks
10
Debtors
11
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 405,291
113,927
2,338,321
2,857,539
(345,026)		 2024
£
647,289
647,289
2,512,513
3,159,802
3,159,802
3,159,802
834,865
2,324,937
3,159,802		 15,214
222,741
2,749,564
2,987,519
(61,905)		 2023
£
361,832
361,832
2,925,614
3,287,446
3,287,446
3,287,446
828,897
2,458,549
3,287,446

Page 25

CONSERVE GLOBAL

(A Company Limited by Guarantee) REGISTERED NUMBER: 12705139

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 30 October 2025 and signed on their behalf by:

M Rice

Trustee

The notes on pages 30 to 45 form part of these financial statements.

Page 26

CONSERVE GLOBAL (A Company Limited by Guarantee) REGISTERED NUMBER: 12705139

COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
9
Current assets
Debtors
11
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 54,765
2,196,281
2,251,046
(82,905)		 2024
£
10,455
10,455
2,168,141
2,178,596
2,178,596
2,178,596
-
2,178,596
2,178,596		 224,698
2,630,077
2,854,775
(17,355)		 2023
£
9,398
9,398
2,837,420
2,846,818
2,846,818
2,846,818
-
2,846,818
2,846,818

Page 27

CONSERVE GLOBAL (A Company Limited by Guarantee) REGISTERED NUMBER: 12705139

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Company's net movement in funds for the year was £ (668,222) (2023 - £453,335) .

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

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

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 30 October 2025 and signed on their behalf by:

M Rice

Director

The notes on pages 30 to 45 form part of these financial statements.

Page 28

CONSERVE GLOBAL

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 30 to 45 form part of these financial statements		 2024
£
(47,161)
(364,082)
(364,082)
-
(411,243)
2,749,564
2,338,321

Page 29

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Conserve Global 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.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

1.2 Income

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

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Page 30

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group'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.

All expenditure is inclusive of irrecoverable VAT.

1.4 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more 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 recognised 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 basis:

Freehold property - 10%
Plant and machinery - 25%
Motor vehicles - 20%
Computer equipment - 25%

Page 31

CONSERVE GLOBAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. Accounting policies (continued)

1.6 Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.7 Debtors

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.

1.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly 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 Liabilities and provisions

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 Company 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 Consolidated Statement of Financial Activities as a finance cost.

1.10 Financial instruments

The Group 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.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group 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 Group 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.

Page 32

CONSERVE GLOBAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Income from donations and legacies

Unrestricted
funds
2024
Restricted
funds
2024
£
£
Donations
26,523
-
Grants
2,788,148
348,498
2,814,671
348,498
3.
Income from other trading activities
Income from non charitable trading activities
Unrestricted
funds
2024
£
Consultancy fees (generated through Conserve Management Limited)
179,067		 Total
funds
2024
£
26,523
3,136,646
3,163,169
Total
funds
2024
£
179,067

Page 33

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4 Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Conserve Global expense
1,053,102
Faro-Benoue Project, Cameroon
-
Suguta Valley Project, Kenya
92,819
Futi Corridor Project, Mozambique
262,361
Kunene Highlands Project, Namibia
-
Rovuma Project, Mozambique
-
Ugulla-Katavi-Ruaha Project, Tanzania
-
Nsumbu-Mweru Project, Zambia
-
Rovuma Project, Mozambique
-
1,408,282		 Restricted
funds
2024
£
294,970
105,689
15,606
4,029
398,940
31,407
22,551
897,962
168,712
1,939,866		 Total
2024
£
1,348,072
105,689
108,425
266,390
398,940
31,407
22,551
897,962
168,712
3,348,148

4. Analysis of expenditure by activities

Conserve Global expense
Faro-Benoue Project, Cameroon
Suguta Valley Project, Kenya
Futi Corridor Project, Mozambique
Kunene Highlands Project, Namibia
Rovuma Project, Mozambique
Ugulla-Katavi-Ruaha Project, Tanzania
Nsumbu-Mweru Project, Zambia
Rovuma Project, Mozambique		 Activities
undertaken
directly
2024
£
1,005,114
19,658
105,862
266,389
398,940
-
-
599,471
168,712
2,564,146		 Grant
funding of
activities
2024
£
342,959
86,031
2,562
-
-
31,407
22,551
298,491
-
784,001		 Total
funds
2024
£
1,348,073
105,689
108,424
266,389
398,940
31,407
22,551
897,962
168,712
3,348,148

Page 34

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Trustees Fees
Motor Running Costs
Consultancy Fees
Uniforms and other field
expenses
Travel costs
Repairs and maintenance
Membership and subscriptions
Legal and professional fees
Communication consultants
Bank charges
Office occupancy
Insurance
Depreciation
Foreign Exchange
Rations and allowances (field)
Business Development
Training
Direct Community Expenses
Computer, telephone and
stationery expense
Advertising costs		 Conserve
Global
expense
2024
£
82,976
-
267,257
-
244,762
-
128,791
-
15,005
123,922
47,135
17,088
-
29,033
3,706
19,344
-
-
-
-
15,533
10,562
1,005,114		 Faro-
Benoue
Project,
Cameroon
2024
£
(2,185)
-
-
-
-
-
12,391
-
-
-
-
238
78
-
-
(3,658)
-
-
187
12,482
125
-
19,658		 Suguta
Valley
Project,
Kenya
2024
£
-
-
92,782
143
-
-
-
36
-
731
-
232
-
-
-
10,575
-
-
1,363
-
-
-
105,862		 Futi
Corridor
Project,
Mozambiqu
e
2024
£
98,491
9,241
929
5,486
-
18,483
14,787
64,691
-
34,856
-
1,260
6,777
8,319
-
2,770
-
-
-
-
299
-
266,389		 Kunene
Highlands
Project,
Namibia
2024
£
119,489
-
-
26,969
27,023
6,304
13,122
15,950
-
8,220
-
1,401
5,784
2,619
33,986
(1,023)
12
209
209
138,666
-
-
398,940

Page 35

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Trustees Fees
Motor Running Costs
Consultancy Fees
Uniforms and other field expenses
Travel costs
Repairs and maintenance
Membership and subscriptions
Legal and professional fees
Communication consultants
Bank charges
Office occupancy
Insurance
Depreciation
Foreign Exchange
Rations and allowances (field)
Business Development
Training
Direct Community Expenses
Computer, telephone and stationery expense
Advertising costs		 Ugulla-
Katavi-
Ruaha
Project,
Tanzania
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Nsumbu-
Mweru
Project,
Zambia
2024
£
165,258
-
-
64,914
29,029
31,964
25,559
19,341
-
29,380
-
3,118
2,994
9,161
31,421
7,089
96,226
31,346
2,889
49,782
-
-
599,471		 Rovuma
Project,
Mozambiqu
e
2024
£
27,542
-
-
-
-
139,887
249
-
-
-
-
-
-
-
-
-
-
-
-
-
1,034
-
168,712		 Total
funds
2024
£
491,571
9,241
360,968
97,512
300,814
196,638
194,899
100,018
15,005
197,109
47,135
23,337
15,633
49,132
69,113
35,097
96,238
31,555
4,648
200,930
16,991
10,562
2,564,146

5. Auditors' remuneration

The auditors' remuneration provisionally amounts to an auditor fee of £49,500 and non-audit services of £32,240.

Page 36

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 Group
2024
£
485,846
4,405
1,321
491,572		 Company
2024
£
77,250
4,405
1,321
82,976

The average number of persons employed by the Company during the year was as follows:

Group Company
2024 2024
No. No.
Employee 29 1

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group
2024
No.
In the band £70,001 - £80,000 1

7. Trustees' remuneration and expenses

During the year ended 31 December 2024, 2 Trustees have received consultancy fees for their work carried out as per article 6.2.7 of the articles of association . The value of Trustees' consultancy fee are £277,088 (2023: £236,064).

During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .

Page 37

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Taxation

Corporation tax
Current tax on net income/(expenditure) for the year
Total current tax
Deferred tax
Origination and reversal of timing differences
Total deferred tax
Taxation on net income/(expenditure)
The tax assessed for the year is lower than (2023-lower than) the standard
UK of19% (2023- 19%). The differences are explained below:
Net income/(expenditure) before tax
Effects of:
Short-term timing difference leading to an increase/(decrease) in taxation
Other differences leading to an increase/(decrease) in the tax charge
Total tax charge for the year
There were no factors that may affect future tax charges.		 2024
2023
£
£
2,103
-
2,103
-
-
373
-
373
2,103
373
rate of corporation tax in the
2024
2023
£
£
(134,184)
741,202
-
373
2,103
-
2,103
373

Page 38

CONSERVE GLOBAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Tangible fixed assets

Group

Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Land. building
and
accomodation
£
125,816
36,746
162,562
15,670
2,761
18,431
144,131
110,146		 Plant and
machinery
£
-
26,016
26,016
-
434
434
25,582
-		 Motor
vehicles
£
291,608
287,472
579,080
67,777
65,036
132,813
446,267
223,831		 Computer
and office
equipment
£
40,275
13,849
54,124
12,421
10,395
22,816
31,308
27,854		 Total
£
457,699
364,083
821,782
95,868
78,626
174,494
647,288
361,831

Page 39

CONSERVE GLOBAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9.
Tangible fixed assets (continued)
Company
Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
10.
Stocks
Work in progress
Goods and materials held for use in ongoing projects		 Computer
equipment
£
12,963
4,763
17,726
3,565
3,706
7,271
10,455
9,398
Group
2024
£
29,618
375,673
405,291

Page 40

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
69,887
-
34,616
9,424
113,927		 Company
2024
£
-
42,346
12,419
-
54,765

12. Creditors: Amounts falling due within one year

Bank overdrafts
Other loans
Trade creditors
Corporation tax
Pension fund loan payable
Other creditors
Accruals and deferred income
13.
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure		 Group
2024
£
19
586
192,659
124
1,064
62,695
87,879
345,026
Group
2024
£
2,338,321		 Company
2024
£
-
-
-
-
1,064
-
81,841
82,905
Company
2024
£
2,196,281

Page 41

CONSERVE GLOBAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds -
all funds
Restricted
funds
Conserve Global
Faro-Benoue
Project,
Cameroon
Suguta Valley
Project, Kenya
Futi Corridor
Project,
Mozambique
Kunene
Highlands
Project, Namibia
Rovuma Project,
Mozambique
Nsumbu-Mweru
Project, Zambia
Lisima Project,
Angola
Total of funds		 Balance at 1
January
2024
£
2,458,549
-
86,218
-
-
28,781
664,679
49,219
-
828,897
3,287,446		 Income
£
2,993,738
-
-
-
30,963
232,014
-
46,033
39,488
348,498
3,342,236		 Expenditure
£
(1,536,554)
(733,481)
(19,658)
(11,662)
(4,029)
(398,940)
(168,712)
(599,471)
(3,913)
(1,939,866)
(3,476,420)		 Taxation
£
(2,103)
-
-
-
-
-
-
-
-
-
(2,103)		 Transfers
in/out
£
(1,588,693)
733,481
(20,693)
11,662
-
360,741
(50,190)
562,335
-
1,597,336
8,643		 Balance at
31
December
2024
£
2,324,937
-
45,867
-
26,934
222,596
445,777
58,116
35,575
834,865
3,159,802

There has been a transfer of £1,597,336 from unrestricted to restricted funds to cover the expenses for the various projects.

Page 42

(A Company Limited by Guarantee)

CONSERVE GLOBAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
January
2024
£
2,458,549
828,897
3,287,446		 Income
£
2,993,738
348,498
3,342,236		 Expenditure
£
(1,536,554)
(1,939,866)
(3,476,420)		 Taxation
£
(2,103)
-
(2,103)		 Transfers
in/out
£
(1,588,693)
1,597,336
8,643		 Balance at
31
December
2024
£
2,324,937
834,865
3,159,802

16. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
647,289
Current assets
2,022,675
Creditors due within one year
(345,026)
Total
2,324,938		 Restricted
funds
2024
£
-
834,865
-
834,865		 Total
funds
2024
£
647,289
2,857,540
(345,026)
3,159,803

Page 43

CONSERVE GLOBAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Increase in stocks
Increase in debtors
Decrease in creditors
Other movements
Net cash provided by operating activities		 Group
2024
£
(136,287)
74,413
(14,404)
195,491
1,052
(2,380)
117,885
18.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
19.
Analysis of changes in net debt
Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year		 At 1
January
2024
£
2,749,564
-
(4,201)
2,745,363		 Group
2024
£
2,338,321
2,338,321
Cash flows
£
(411,243)
(19)
(3,845)
(415,107)		 Group
2023
£
2,749,564
2,749,564
At 31
December
2024
£
2,338,321
(19)
(8,046)
2,330,256

Page 44

CONSERVE GLOBAL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Related party transactions

During the year ended 31 December 2024, 2 Trustees have received consultancy fees for their work carried out as per article 6.2.7 of the articles of association . The value of Trustees' consultancy fee are £277,088.

21. Prior period reclassification of funds

During the year, it was identified that amounts previously presented as restricted funds in the prior year's company financial statements did not, in fact, meet the criteria for restriction. Accordingly, these have been reclassified as unrestricted funds. The total amount reclassified is £815,584, as shown in the prior period company comparative figures. There is no impact on the total funds, only on the classification between restricted and unrestricted funds.

Comparative figures have been restated accordingly. The effect of this reclassification is as follows:

Company restricted funds at 31/12/2023: decrease by £815,584

Company unrestricted funds at 31/12/2023: increase by £815,584

No other line items in the financial statements are affected by this reclassification

Page 45