harlty roglstratlon numbor 1206208 (England 8nd W*es) THE CIVET PROJECT FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 THE CIVET PROJECT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustg0s Z Showel IAppoi¢fftd 14 Oèc8mber 2023} IAppolnt8d 14 December 2023) (Appointed 14 December 20231 (Appointed 16 April 20241 IApwint8d 3 July 2025} (Appoinied 3 July 2025) (Appointed 3 July 20251 L Newton M Trinh O E Boobyer LHa H Quine J Williams Charlty numb•r IEngland and Wal•s) 1206208 Accountants Holland Harper LLP 26 High Street Batde East Sussex TN33 OEA THE CIVET PROJECT FOUNDATION CONTENTS Page TNstees' report Aco)untants' report Stalement of financial acbvibes Balance sheet Not8S to th8 fknancSal StstsrY￿tS 7-12 THE CIVET PROJECT FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 31 DECEMBER 2024 The truste6s present their annual report and financlal ststements forthe poriod ¢nd¢d 31 December 2024. The finandal statements have been prepared in ac£ordancè wlth the accounting policles strl out In note 1 to the ftnancial ststèments and contty wth the charltls governing document. the Charities Acl 2011, FRS 102 'The Financial Reportlng Stand8rd applieable in the UK and Republlc of Ireland. and th8 Charit18s SORP "Accounting And Reporbng by Charit188'. Statemènt ol RecomTll8ndéd Practice applicable to charities pr8parin9 theFr accounts in ac￿r￿jan¢? with the FiTranci81 Reporting Standard appli¢able in the UK and Republi¢ of Irel8rKI IFRS 1021.. ObJectIv￿ and aetlvltl•s The ¢harilable oblectives are to advanc8 thè 8ducatlon of the publlc In the cons8NatSon and prot8ction in ¢ivels and related species within Ihe VNerridae family, by: Providing tsutreach progrnmmes on eonservation and welfare oflhe 8￿cleS 2. Raising awarèness aboLrt zoonotic risks of hum8nwavel relalionships and civ8t trade as wéll as thè threat that trading p￿Sents to the specAes. Promting r&warch for tho public benefit in 811 aspecls of that subject and to publish the usthl resutts. AclvlUes.' 1. DeveEopmenl of research outyjuts induding.. I l Docum8ntary film about zwnouc at)d conservat¢on risks of CIV￿ coffee trad 21 Publlc report to bensfft consumgrs and Industry actors abciul thè risks of cSvèt colfaa tourfsm Launch of public day of awareness- wor￿ Civet Day and development of educ8tiC*nal resources for distribution lo comrnunltigs wa zoos, other non-profit organisalions, schools, colleges and universilie5. 3. Hosted educauonal ¢Artr8ach &vents Includlng thal fairs, and in18rnational documentary sueanlngs. Public beneffl The Iruslees have pa￿rI due regard to guidance i88ued by the Charlty Commks8ion in decfding what aclfvmes th& chaty shoukl undertake. Actwities Education.. Documentary screening ev¢nts tn schools, colleges, universtlws. and zoos to infom tha wblic about the health and c¢rEserv81ion risks associated with civet ¢olfee tourism Development of educalional r8souT£XS Isttial media crJntsnL school programing resourc8s} atrtht cive the threats they face, aAd how public behavioural thang8 can support biodwersily. loc81 communities. Bnd the enviTc*nmenL Pollcy change: PublicatKJn of thg Industy Lèadgrs r•port which detailed Ihe h8aHh risks of eivet coff88 tourism Gaining agreemont from worfd leadSng travel providers IBooking.ctyn, AirBnB. Tui. latx)k. Vi*or} to stop marketing and selling civet coffae attractions on their platrorrn8 owing to thg risk Ihg89 8ttra¢lton$ present to Ihe pub￿c, kxBI Gotnmunit￿s and wildlif&. THE CIVET PROJECT FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE PERIOD ENDED 31 DECEMBER 2024 Aehlgvgmgnts and performan SlgnifiGaTrt aGtiw1l￿ and achievements a￿￿nst objeGtives The inaugural Vvorkl CNet Day and releasè of our documenlary film successfully raised the proffle of civets and the th￿atS they face. Worfd Civet Day reached approximately 100,(M)O people around the world. The doDJmentary film reached more than 100.000 people, induding 3.400 people who attended our five (hosted) events. Our films benefft to society was recognised via three film industry awards including"Best Wildlrfe Short" and "Film of Impact.. The fihn ￿en led to the publication of an industry report. which gained global media traction le.g. a the Washington Post. BBC Wildlrfe Magazine) and resLtlted in industry policy chang8. World leading travgl providers have now, for trte fir8t time, agreed to stop marketing and selling civet coffee tours owng to the risks posed lo wildlrf• and public healtr. Our work further led to mor8 than 200 animal welfartr organisatk)n$ Signing our open letter to the UK GoverTrmenl asking for inclusion of civet coffee in the Anlmals (Ltsw W8lf8r$l Acbvttiqs Abroad Grè8tsr publi¢ 8war8n8ss of cwets and the uvet coffee industry has helped educate prospedive Eourists befo￿ they visit coffee attractions that risk animal. enwronmental and public health. Our engagement with zoos and other NGOS around the wodd hès also inspired greater effort8 to curb the cjvet Coffee tourism industry Ihrovgh collective and collaboratlV6 conseNalion and public h¢alth actions such as enhanced 6ducational actiwties. Worfd Cwet Day has been particularty effediv8 for 8nhancing the conserv8lion capauty of viv8rrid holding zoos, a8sis1.no zoos to better meet their conservats.on Bnd educats.on obSigations under th8 Zoo Llcanslng Act 1981. Significant positive factors Induded: Ready eng8g8ment from global audi8nc8s la public industry inleTe81 in our work and support of our mgS88ging surroundlng avel coffèè). Donations and grant successes including unrestricted funds that we were able lo allocate lo project costs on a priority needs bas4$. No othèr t)rg8nisalv)n in £he worfd is dedlcated to protecting civets and hum8n haallh Irom cNel coflee. We therefore fill a niche not y9t o¢Gupied by other NGOS. Our track reo)rd for dat&driven and Inclu51ve campaigns ha5 demnstrated our sdentffic rigtsr, Othtal values, and helped bulld trusting relationships with sUpp￿terS includlng the publlc and Industry partnérs. Signif￿ant negallve factors.. ReJectK￿ from larger grant orgenis8ti(x)s. However, feedb8cJc confirmed thal we will be in a better position nsxi year as we continu8 to grow our reput8bon an¢J can better evidence our budget handling capacity. Flnanelal rgvlgw As out first year operating as a CIO, we have successfulty acquired enough funds to financially support our programs and develop our r¢putstion as the worfd5 leading voice for Viverr￿s. Our SUC￿s(￿l ddivery ol projects has 8trengthened our relatlonshlps wlth fvnders whl¢h has se¢ure(l incwsed firtancA81 commitmem from these fvndgrs going forward. R&s8Nes pollcy It is the policy of the charity that unwtricted funds which have r*)t been designated for a specific use should be m8intain8d at 8 kvel equivalent to beiw8gn three and six month's expendittjre. The trustees consider Ihat reserves at Mis lovel wll ensure that, in the event of 8 signlfie&nt dTOP in funding. they w711 be able to continue ihe chantWs currant activities while (xjnsideration is givan to W8ys in whlch sddrtlonal funds may be raised. This level of reserves has been malntalnéd throughout the period. A £200 reserve in our P8yP81 account wa$ always resetved to ensure we could cover donor refunds il requiied. A fijrther 21,000.00 reservè was hebj in our bank account to cover emergency projecl costs suth as repla￿ment of damaged or sloten trap equrpmgnt. THE CIVET PROJECT FOUNDATION TRUSTEES. REPORT (CONTINUED FOR THE PERIOD ENDED 31 DECEMBER 2024 Stru¢turei govarnance and m8no9gment Th9 charity Ss an Charitable Incorporated Organtsatlon ICIOI reglstered on 14th December 2023. Thg goveming docvmÈnt Is Issued to all Irustsas on appolnlmenl and Is reviewed annually. The trustees who 8erye(I during thB peri(kY and up to the date ol si9naturè ol the financial statemsnts were.. Dr J M H¢wer (Appoinled 14 December 2023 and r85ignad 3 July 2025) Z Showéll (Appoinled 14 December 20231 L NgvAon (Appointed 14 Decèmber 2023) M Trinh (Appointed 14 December 2023) D E Boobyer (Appolntad 18ApTiI 20241 LHa (Appoinled 3 July 20251 H Quine (Appointed 3 July 20251 J Wlliams (Appolnled 3 July 2025 ReCMitn￿rf 8ftd 8ppointment of Iruslee$ Trustees are r8cruitadlappoinled 8$ ftAIows.' Trustee re¢Nitmont advert posted on our website, and sharèd en g00iMI media wth parlicular emphasi8 on Linkedln. Informal enquiries ar• offered by telerknn8 but only candidates who submlt a tom)al appllcatton (cover letter and CVI aré consideied. CandIda￿S are 8horUi8t8d by tho board. In the event of pre-exlsting affilialions with a Irustge, lh$ trustee affected declares a collllict of Intèrèst whlch wtt)draws Iheir rlght to comment and vole on the candldates application and Is withdrawn from thè Interview of the candld81e. Int&rvi8ws are held onllng Mth a minimum of thrge Irustgas prosenl on the interview panel. Candidates are 8cored using 8 Irusteè interview template to assess their suitsblllty for the rdg. The tTU8tees' rsport WBS approved by thè Bo8rd of Tfustees. Z Showdl Trust 4 August 2025 THE CIVET PROJECT FOUNDATION CHARTEREDACCOUNTANTS. REPORTTO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE CIVET PROJECT FOUNDATION FOR THE PERIOD ENDED 31 DECEMBER 2024 In order lo assist you lo fij￿1 yi)ur duties und8r Ihe Charttses Act 2011, we have prepared for your approval the finandal statements of Th& Civet Projecl FL7undatlon for th& peTlod 8nded 31 December 2024, whlth comprise the statémént offinancl81 athvilps and the related notes from the charity's accountlng records and from Infomiauon and explanations y(R) have given us. As a pi8¢tisiftg member fimi of the Institute of Chartered Accountants in Engl8nd and Wales. we are subject to Its ethical and othw prtsfessi¢Trnal requiremenis which are detailed at https.'Ilwww.l¢aew.¢omlregulation. This ￿port is made to the tharfty's trustee5, as a body. in ac￿rdanCe wrth the terms ol our engagement letter dal8d 23 July 2025. Our work has be8n undertaken solely to prepare lor your approval the financial statements ol The Civet Project Foundatson and sEate those matters that we have agreed to state to the charity's trustees, as 8 body, in this rèport in 8c¢ord8nce wth ICAEW Teehnical Relebse 07116 AAF. To thts fullest èxiént pèrmitted by law, we do not accept or assume responsibility to anyone olh&r than Th¢ Civel Project Foundation arKI th$ ¢haritVs trustse8 88 a body, for (xjr work or ftsr Ihis report. It is your to ensure Ihat The Clvet ProIect FoLtndabon has kept adaquata aceoundng records arKI to prèpare sl8lutory financlal stetements that give a true and fair v4ew of the assets, liabilities, finèncial pwt#)n and surplus of The Civet Project Foundation. You Consider that The Civet Project Foundation is exèmpt from th6 $tstulory audit qu1￿Ment for the peri(xl. and is not required to obtsin an indeperKlent 8xaminer's report. Wg have not bggn instwcted to carry out an audlt or a revlew of the financtal statemènts of The Cfv8t Prolact Found8tion. For this reason. we have not ver4fied the accuracy or completeness of the accounlng racords or inlormalion and explanations you have given tts us and we do not, therefor8. èxpr8ss any opinion on the statutory ffnancial statements. JIM Thryf Holland Harp•r LLP Chartered Accountants 26 High Street Battle East Sus$8X Th33 OEA 4 ALtgust 2025 THE CIVET PROJECT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2024 Unre8trScted fvnds 2024 RgStTicted funds 2024 Total 2024 Note8 In¢omo from: DonaUons and legadgs 11,196 2.231 13.427 Totsl Income 11,196 2.231 13.427 EX￿ndIture on: Charitable activit 1,558 5,362 6.920 Total expendlture 1,558 5.362 6.920 Net incomelloxpendlturel 9,638 (3.1311 6,507 Transfers between fttnds 13.131} 3.131 Net movemont in funds 6.507 6,507 R•conclllatlon of funds: Fund balan¢e8 8t 14 Dgcgmber 2023 Fund balances at 31 Oecembw 2024 6.507 8.507 Th8 st8t$m6nt of finanual aclivitl8s includes all gains and losses recognis8(l in the poriod. All incom8 and 8xpenditure dertve from conllnulng act￿1188. THE CIVET PROJECT FOUNDATION BALANCE SHEET ASAT31 DECEMBER 2024 2024 Notes Fixed a550ts Tangible assets 371 Current assets Cash al bank and in hand 6.736 Creditors: amounts falllng due within on• y•ar io {600) curr•nt assets 6.136 Total ass•ts less current Ilabllltlès 6,507 The funds of the clwity Unr6strktèd funds 11 6.507 6,507 The fTrnarri81 st8temonls wer8 approved by the trustegs on 4 August 2025 Z Showdl Trustoe THE CIVET PROJECT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024 Accounting pollcl•$ Charlty Informa￿0￿ The CNet Project FOUr￿￿tIon is a CIO (charitab￿ Incorporated Organwtionl . 1.1 Roporting p&rlod The accoundng period Nns from the date of incorpDration114th D8eémber 2023) to 31st December 2024. 1.2 Basis of pr•porallon The financial statements have been prepared in accordanc8 With th& c4)ar5ty's o¥)vomlng document, tha Charities Act 2011. FRS 102"The Flnancial Reporting Standard applicable in th8 UK and Republic of Ireland" and the Charities SORP "Accounting and Report5'ng by Charttles: Statement of Recommanded Pradce applicable to ¢harftles preparing thelr accounts in a¢cordanc& with the FinancHI Reportlng Standard applicable in thè UK and RepukAic ol Ireland IFRS 1021" The charity is a Publ¢ Benefft Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charib'es not lo prep8re a statement of Cosh flows. The finanaal statements have departed from the Charitles IAccounts and Rèports) Regulallons 2008 only to the extent requlred to provide a true and faiT view. This depa￿re has Invotv•d followlng the Statement tsf Recommended Practic8 for charities applying FRS 102 rather than the version of the Statsment of Re¢ommended Practice which is referred to in the Rggulations but whith has sin¢¥ bggn withdrawn. Th& financial stat8m8nts are prepared In stet1ing, which Is thb functlonol rJJrr8ncy of the chaFtty. Monglary 8mounts in these flnanclel statem8nts are rounded to the nearest £. The finanri81 statements have been p￿pa￿d under the hKstorical cost convention. The PTincipal accoLtnting policies adopteij are set out btrlow. IJ Golng concrfn At the time of approving the financial slatements, th$ trustees have a reason8b18 expectation that the tharity has adequate resources ￿ conliftu¢ in ope¥atsonal existèncè for the foreseeable f(rture. Thug tha trustees continue to adopt thg going concern bayis of accountiro in prèparing the financial ststemen 1A Charftablg funds Unresth¢ted funds are ovallatle for u¥8 at tho discretion of the trustees in furthgrance of thwr ¢harit8ble objectives. Rèstricted fvnds are subject to Specff￿ condillons by donors or grdntors as to how they may be used. The PUiF4)ses and uses of the restricted funds a￿ set OLrt in the notes to th8 flnanclal sktements. Endowmgnt funds are subject to specific condit11￿s by donors that the capital rnust be malntsined by charity. IA Incom• Inc￿Me Is re¢ogni89d wh8n the chadty is legally 8ntiU8d to It after any perfomancg wndllions have been rnet, the amounts can be measured reliabty, and It 18 probable that Income wll be rtrc8lvod. Ca$h donations are recognised on ￿Ceipt. Other donatlons are Te(x)gnised once the charity has been nolified of the donation, unle58 perfomiancè Condit￿nS require deferral of the amounL Income tax recoverable in rglation lo donations r8c8tv8d under GfftAid or deeds af (x)v8nant is recognised al the lime of the donotion. THE CIVET PROJECT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Accountlng pollcles Icontlnued) L8gaciès ar& recognlsèd on rèceipt or othenwise if th8 charity has been notsfied of an impendlng dislrfbutlon, the 8mount Is known, and receipt 1$ Èxpected. If the amounl is not known. the legacy is treated as a nllngent assoL 1th Expendlturo Expendlture is recognised once there is a legal or constrL¢Ctive obl￿atIon to transfer 8conornic b8nefit to a ihird party, it is probabl¢ that a transfvr of economic benefits wll be required in 8ettlement, and the amount of the obligatton Can be measured reliabty- Expenditure is cla55ified by acts'vity. The costs of each activity are made up of th8 total of dirèct costs and shared costs, induding suppcffi costs imiolved in undertaking gach actiwty. Direct costs attributable to a single activity are allocated dlrecuy to that aclNty. Share¢J wsls whlch wwttributtr to moro than one activlly and support C08ts whlch are not attllbLrt8b￿ to a singl& actfvty are apportloned between those activities on a basis consistent wlth Ihe use ol resources. Central staff costs 8r8 allocat8d on the basis of time spent, and deprecialion charges are allocated on the portion of the asset's US8. 1.7 Tanglble flxed as8•t8 Tanglble fixeil assets are inffoally me8sured at cost and subsequently measured at cost or valuallon. net of deprecialDn and arhy impairrnenl losses. Depredation is recognSsed so as to wrft• ofl the cost or valuallon of &8s8ts less their residual vdua$ ovor Ihalr us$ful Ilves on th8 following bas•s.' Plant and equipment 20°/D reducing balance The gain or loss arising on the disky)sal of an asset is deterrnined as tho difterence between the sale pr￿edS 8nd the carying value of the asset. and ts recognised in the ststem&ni of financial 8ctivitEg. lJ Impairrnent of Ilxèd a¥$8ts At each reporting ené date, the charity reviews the carrying 8moEEnts of its tangible asset5 to detsrniine whether there is any indication that those assets have suffored an impaiment loss. 11 any such indication exists. the recoveraue amount of th& assel is estimated in order to detemine the extent of ihe impairment loss lif any). 1J Cash and cash 4qul¥al•nts Cash and cash equivalents indude cash in hand. dgP05its hetd at call Mth banks, olher short48r￿ IKiuid investments w¢th original maluribes of three months or les$. and bank overdrafts. Bank oveTdrafts ar& shown thin borrowngs in current liabilities. Bask Iln8nclal assets Ba$1¢ financial assels, which include deblors 8nd ¢8sh and bank balances, are initialty measur¢d at tr8nsaction price indudlng transaction costs and are subs6quently carried at amortised Cost using the effective intar4st method unless the arrangement consbtutes a financing transaction. where the transacion is measured at the present v81ue ot the ftrtur8 r8coipts discounted al a rnarket rat8 01 interost. Financial as8et8 dassrfied as rec81vab18 onè y6ar ale not arnorti5ed. THE CIVEf PROJECT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2024 Accounting polici•s IContlnu•d) Baslc financialliabllldes Basic finsneial lièbilities. including creditors and bank 108n$ a￿ Inki81ty ￿ognISed at trans8¢tlon unless th& arrangemenl constiiules a financing tr8nsa¢tion, where the ¢Jabt in$trument is measurod at the P￿sent v8Iu8 01 th8 futur& payments discounted at 8 market rat8 of intar•st. Finanaal Iiabilsb8s classifièd as payable wtthin one year are not amortised. Debt instrurnents are subsaquènljy corrfed at amortised cost using the effective Interest rate methDJ. Trad8 creditors are obligations to pey ft)r goods or s6Nices that have been acq4Jired in the ordinary course of oper8tions from suppliers. Amounts payable 8re el8ssified as current Ilabllities if payment is due within one yeai or IBSS. If not, they are presente(1 88 non-¢urrenl ligbilitlgs. Tiode ¢reditors aro iocognised initially at transaction price and subsequenlly measurtsd at amorti8ed cost using the effective interest method. Dwo¢ognftlon olflnanclal Ilabllltl•s nanciBI liabilities are derecognised whon Ihg Charity's contractual obbgations explro or are dlscharged or C8ncelle