The World Parrot Trust Annual Report and Financial Statements Year Ended 31 March 2024 Charity registration number= 800944
The World Parrot Trust Contents (continued) Reference and Adminislrative Details Trustees, Report 2109 Statement of Trustees, Responsibililies 10 Independent Auditors. Report 11 to14 Slatement of Financial Activities 15to16 Balance Sheet 17 Cash Flow Stalement 18 Notes to the Financial Statements 19to34
The World Parrot Trust Reference and Administrative Details Trustees Mr D Woolcock Mrs A Hales Mr N Reynolds Ms C Senni Mr R Vonk Mr S Martin Mr J Davenpori 800944 Charity Registration Number Prin¢lpal Office Glanmor House Hae Cornwall TR27 4HB Independent Examiner PKF Francis Clark Lowin House Tregolls Road Truro TR1 2NA Bankers HSBC plc 250 High Street Exeter Devon EX4 3PZ Page 1
The World Parrot Trust Trustees, Report The trustees present the annual report together wÈth the financial statements of the charity for the year ended 31 March 2024. Trustees Mr D Woolcock Mrs A Hales Mr N Reynolds Ms C Senni Mr R Vonk Mr S Martin Mr J Davenport Overview Across the wortd, parrot species face significant risks, with nearly half of them experiencing declines in their wild populations. Over a quarter are now globally threatened with extinclion, slruggling againsl many threats including wildlife trafficking and deforestalion. Since 1989, the Wodd Parrot Trust {WPT) has been at the forefront of global efforts to protecl and preserve parrots, some of the most threatened species on the planet. Partnering with experts, communities. and conseNationists in over 45 countries. we combine cutting-edge science with actionable strategies to address the complex challenges paOtS fa. Our mission is to safeguard these remarkable birds through targeted conseNation initiatives, advocacy, and education. By prolecting vital habitats, combating wildlife trafficking, and promoting best practices in parrot care, we give parrots the Chan not only to survive but to thrive. The WPT focusses its worf( across ftve key areas: Saving Endangered Species Implementing recovery programmes for the world's most at-risk parrots. Fighting the Wildlife Trade - Disrupting illegal trafficking and ensuring stronger protections for wild populations. Protecting Wild Spaces - PreseNing the habitats parrots depend on for survival. Improving Parrot Care - Sharing knowledge to enhance the welfare of parrots in captivity. Inspiring Communities- Engaging and empowering people to be stewards of parrot conseNation. Over three decades, we've contributed to saving more than 80 paffot species, ensurÉng their pla in the wild for future generalions. Together, we can continue to make a profoLAnd difference, creating a world where parrots soar freely and harmoniously alongside us. Governance mana ement and structure Nature of governing document The World Parrot Trust (WPT) is constituted under a Trust Deed dated 23rd January 1989 and is a Registered Charity. Organisational structure An independent Board of Trustees governs the World Parrot Trust. The WPT collaborates with two sister organisations, World Parrot Trusl USA, Inc., and the Canadian World Parrot Trust. each incorporated as a separate, independent charity within their country of origin. Each of these other charities has its own goveming board, and decisions are made independently of each other. Page 2
The World Parrot Trust Trustees, Report (continued) Recruitment and appointment of trustees A new trustee may be appointed by a resolution at a trustees meeting (wth a quorum of 3 or more trustees). At the end of the Term a trustee can be nominated for reappointment by the other trustees. Induction and training of trustees The Trust enjoys the participation of a stable board of trustees, all serving extended terms. The need to train new Irustees remains low. When new truslees are invited to the board, they are provided with a historical background, operating procedures, key performance indicators and communication from the Trust's management team. Management and Staffing The World pa0t Trusl (WPT) Trustees are responsible for overseeing ihe charitys govemance and employ Dr. Jamie Gilardi as Executive Director to manage all staff and operations. Based in the USA, Dr. Gilardi is supported by Mr. Steve Milpacher. Direclor of Operations, who is localed in Canada. Both leaders bring decades of expertise to their roles. ensuring the Trust operates effectively and transparently. The Trustees retain final approval on remuneration for senior staff, guided by detailed recommendations. WPT'S dedicated team comprises conservation practitioners. research scientists, communicalors, and administrators, supported by a global network of expert volunteers. This international group provides vital technical expertise, financial supporl, and capacily-building lo local partners worldwide. Additionally, WPT champions public advocacy, raising awareness and support for parrot conseNalion initiatives. To learn more about our govemance. staffing, and partnerships. visit www.parrols.orglpeople-and-partners. Arrangements for setting key management personnel remuneration All Trustees give their time freely. Except for remuneralion of Ms C. Senni. no Trustee received remuneration in the year (Note 10). Staff pay is reviewed based on a structured matrix that evaluates multiple criteria. including job complexity, regional living costs, work history, and individual skills and expertise. While pay reviews are not tied lo annual performance evaluations or conlract renewals, they may occur as needed to ensure alignment with market conditions and organisational priorities. Compensation benchmarking involves analysing similar roles in the same region, considering factors such as required education. responsibilities, and living expenses. All staff are compensated at or above national minimum wage requirements. Discretionary pay adjustments may be made when market rate analysis indicates that current compensation levels are insufficient to attract or retain talent in critical roles, posing a potential risk to the organisation's success. The organisation emphasises equity and inclusion in pay practices and provides additional benefits. such as flexible working arrangements. professional development support, and olher slipends, to enhance employee satisfaction and retention. Page 3
The World Parrot Trust Trustees, Report (continLfed) Major risks and management of those risks Tho Trustees work dosely with the wpfs management team to assess and address significant risks, ensuring any potential impact on the charity is effectively miligated. The key risks and mitigation stralegies include: Proleclion of the Trust's assets, including reserves.. This is managed through robust governance practices and regular reviews to safeguard resources and maintain financial stability. Stability of income.. To ensure funding for our charitable goals and operating costs, the Trust focusses on diversifying income streams. closely monitoring inGome and expendFture, and maintaining financial reserves equivalent to at least six months of operations. • Reputational risks.. The Trustees actively identify potential sources of reputational damage and task the management team with developing and implementing proactive strategies to mitigale any negative impact. These measures reflect the Trustees, commitment to ensuring Ihe long-term sustainability and effectiveness of the Wodd Parrot Trust. Fundraising WPT has undertaken 3 fundraising campaigns in 2023-24, all donations which have been received have been made on a voluntary basis. We have publicised that we are a charity and that we accept donations. This has been promoted through email campaigns. social media feeds and our website. WPT has not used any professional fund-raiser or commercial participator nor engaged any volunteers bound by any voluntary scheme or regulated fund-raising activities. Our Director of Operations has been put in charge of fundraising and is responsible for determining the direction and oversight of future fundraising campaigns. We have not received any complaints in 2023-24 regarding our fundraising practices. As an animal charity, we recognise the deep emotional connection our supporters have with the birds we advocate for and understand the emotive nature of asking for donations on behalf of animals. Our staff are trained to acknowledge that some of our donors may be vulnerable, and we take care not to deliberately target elderfy individuals or other vulnerable groups. We strive to engage meaningfully with our supporters to better understand their interests. Additionally. we are in the process of inlroducing a new fundraising database that will help us identify and appropriately support vulnerable donors while ensuring we work ethically with all groups. Page 4
The World Parrot Trust Trustees, Report (continued) Objectives and activittes Objects and aims The objects of the Trust are the education of the public in aviculture, ornithology. zoology and related sciences and in particular but withoul prejudice to the generality of the foregoing in the order Psittaciformes (the parrot). The World Parrot Trust (WPT), established in 1989, is an intemational charity dedicated to the conseNation and welfare of parrots worldwide. Its primary objectives indude promoting the survival of all parrot species and ensuring the well-being of individual birds, both in the wild and in captivity. To achieve these goals. WPT conducts and funds conservation projects for rare parrot species globally, encourages high standards in pet parrot care, campaigns to halt the trade in wild-caught parrots, and educates the public through publications like their quarterfy magazine 'PsittaScene' and monthly eNewsletter 'Flock Talk,. Over the years. WPT has supported conservalion and welfare projects in numerous countries, benefiting over 80 parrot species. Their comprehensive approach combines scientific research, hands-on conservation efforts, habitat protection, and public education to protect parrots from threats SUGh as habitat loss, illegal trade. and other human-induced challenges. Achievements and Performance The Wortd Parrot Trust has made remarkable strides in its mission to protect parrots worldwide. It's always a challenge to select projects to highlight the different focus areas of our work, as inevilably. we can only mention a small subset of our ongoing programmes in a summary like this. This reGap takes in the key components of our efforts across all the regions where we work lo save parrols. A full lisling of WPT'S active and completed projects can be found at: https:Ilwww.parrots.orglprojects Our full 2023-24 Impacl Report can be found here: hltps:l/www.parrots.orglpublications-and-facl-sheetslwpt-impacl-report-2023-24. Africa The World Parrot Trust (WPT) has made significant strides in Africa by combating parrot trafficking. In southeastern Liberia. the Timneh Parrot symbolizes resilience, with a local community demonstrating decades-long dedication to its protection. Field studies have uncovered critical roosting sites for Timneh and Grey Parrots. enabling innovative conservation strategies. Collaborative efforts in Nigeria have led to multiple seizures of trafficked Grey Parrots, while the Dingi Parrot Rescue Centre in the Democratic Republic of Congo has rehabilitated and released over 200 parrots. Provincial authorities have further supported these efforts by banning the capture and trade of Grey Parrots. wprs genetic research has also identified Psittacine Beak and Feather Disease Virus (PBFD) in wild Black-cheeked Lovebirds, though no symptoms were obsewed. Ongoing studies are exploring the virus's impact and interactions with other diseases to mitigate risks for vulnerable populations. Page 5
The World Parrot Trust Trustees, Report (continued) Asia & Southeast Asia WPT'S efforts in Asia have addressed critical threats to parrot populations, including illegal trapping and parrot-human conflict. In 2024. the joint WPT-Nalural Encounters Parrot Conservation Grants {PCG) programme supported the Earth Crusaders Organisation {ECO} in India. With this funding support, ECO conducted local interventions that have saved dozens of parakeets from deadly crop netting. The ECO provided training iniliatives that have empowered forestry staff and community responders lo effectively redLtce parrot trapping while providing essential care to hundreds of rescued Alexandrine parakeets to be rehabilitated and released. Elsewhere in Asia, WPT worked with several other entities to conduct investigations into Bangladesh's illegal bird trade, which led to a nationwide ban on CITES-listed bird imports. Indonesia Indonesia's paOIs, heavily impacted by deforestation and wildlife trade, have benefited from wpfs conseNation initiatives. The rescue and repatriation of 60 parrots to their native islands marked a milestone in combating illegal trade. A dedicated survey on the Red-and-Blue Lory population in North Sulawesi has informed the installation of nest boxes to aid recovery efforts. Establishing Yayasan KonseNasi Paruh Bengkok as a WPT affiliate has strengthened in-country consetvation, rehabilitation. and education programmes. Neotropics In Central and South America, WPT has spearheaded habitat resloration and species recovery. The reintroduction of Yellow-shouldered Amazons to Anjba after 76 years symbolizes a successful effort to establish sustainable wild populations. In Bolivia. Blue-throated Macaw numbers are being bolstered through nest box inslallalions and a repatriation programme in partnership with Fundacion CLB. In El Salvador, initiatives like poaching deterrence and nest monitoring have improved conservation oulcomes for the Yellow-naped Amazon. Oceania In New Zealand and the South PacifiG, WPT has advanced parrot consetvation by addressing invasive predators and habitat loss. In Nelson Lakes National Park, efforts fof the Kea have boosted sightings by 50°/o over three years. Collaboration with the NZ Department of Conservation and New Zealand Parrot Trust has strengthened Kakapo recovery through innovative monitoring and trial releases to secure habitats. On Ua Huka Island, biosecurily measures are protecting the Ultramarine Lorikeet by preventir)g rat inlroductions to its last remaining stronghold. These regional achievements highlight wpfs comprehensive approach to parrot consetvation, blending community engagement, habitat restoration. anti-trafficking measures. and scientific research and boosting results through the power of collaboration. Page 6
The World Parrot Trust Trustees, Report (continued) Publications The World Parrot Trust (WPT) actively engages global audiences through diverse educational materials and Gommunication platforms to raise awareness and foster conservation efforts. Psittascene Magazine Launched in 1989, Psitlascene is WPTS flagship quartet1y magazine. delivering updates on Ihe organisation's initiatives alongside in-depth articles about field conservation efforts. The publication also features insights into parrot behaviour and care, equipping caregivers wilh valuable knowledge to enhance parrot welfare. Available in both print and digital formats, Psittascene is accessible to WPT rnembers and serves as a vital resource for parrot enthusiasts woddwide. Flock Talk Newsletter Flock Talk is WPT'S free monthly email newsletter. offering a lively mix of parrot-related news, conservation updales. pet care tips, and engaging links. Presented in a friendly and accessible tone, it appeals to a broad audience while educating readers about critical issues facing parrots loday. Parrots.org The WPT'S official website, W.parrOtS.Org, is a comprehensive hub for parrot-related resources. It features a wealth of content, including podcasts, blogs by field researchers and avian experts. an encyclopedia profiling every parrot species, and a referen library covering various aspects of parrot care. Visitors can also access digital editions of WPT'S print publications. explore an extensive photo gallery, and leam about the Trust's ongoing projects and achievements. Social Media Outreach WPT'S presen on major social media platfomis like Facebook, X (fka Twitter), YouTube, and Flickr plays a crucial role in amplifying ils message. The WPT leverages these platfoms by engaging hundreds of thousands of users annually to share stories. raise awareness, and rnobilize support for parrot conservation. These efforts ensure that WPT'S mission reaches a diverse and global audience. Through these outreach and communication channels. WPT continues to inspire. educate, and connect people to the critical work of protecting parrots and their habitats. Public benefit The trustees confirm that they have complied with the requirements of section 4 of the Char¢ties Act 2011 to have due regard to the public benefil guidance published by the Charity Commission for England and Wales. Page 7
The World Parrot Trust Trustees, Report (continued) Financial review & roserrfes policy The financial results reflect the activities of the Worfd Parrot Trust operation based in and run from Ihe United Kingdom Head Office. Non-profiucharities in the USA and Canada are registered in their own counlries under the Worfd Pa0t Trust name but operate independendy, while others such as Benelux and Sweden remit funds to the UK. Thè results of these foreign operations are not reflected in these financial statements other Ihan in the form of contributions towards UK activities such as donations, purchases of goods and purchases of Psittascene magazine. The chariws total reserves stand at £1.606,171 {2023 (as restaled).. £940,379) comprising restricted funds of £36,38612023= £19,768) and unrestricted fijnds of £1,569.785 (2023.. £920.6111 {of which £1,506,885 are free reserves). The Trustees have set a reserves policy to maintain fLsnds of at least £450,000 to cover short-term staff and contracted costs. The Trustees may invest money in securities or other irlvestmenls {inGluding land), whether producing income or not. on the advice of their financial advisors. Monthly Reports and Trustee Meetings are held to ensure the Trust continues to be a going concern. In the forthcoming year, the Trustees will use its additional reserves to exlend and expand their haritable activities. This will be done by investing in its capacity to support administrative and fundraising efforts within the United Kingdom. The Trust will also support increased conseNation and habitat prolection efforts in Cenlral and South America, Africa, the South Pacific, New Zealand and Indonesia by providing support to local in-country partners and hiring independent contractors. WPT will invest in efforts to further research the impacl of wildlife trade in parrots and publish the results. General education and awareness about parrot conservation and welfare will be enhanced through additional publications (digital and print), the launch of a podcast, and by increasing its publishing of materials on social media. Further, WPT will continue its small grants programme (Parrot Conservation Grants) to support independent organisations and researchers seeking to conserve parrots. Principal funding sources The principal funding sources for this operating year are identified as a donation from Mr. Joe Davenport which has been used towards general support and matched funding during our year-end fundraising and froTn bequests from Margaret E Hunter. Beryl Richards. Valerie Collman. and Derek Head. Other major sources of income included grants and donations from Natural Encounters Conservation Fund INECFI, Ernest Kleinwort Charitable Trust, Wildlife Conseryalion Society," Folke H Peterson Foundation, Blackpool Zoo, Wobum Safari Park. William Haddon Charitable Trust. Zoomarine (Mundo Aquatico, Portugal), Paradise Park. and The Walker 597 Trust. Generous financial support was also received from numerous individual private donors. C. K Cemal, J Worley, P. Molesworth, C. Hart. S. Buchin. F. Vogel. and via online fundraisers (Just Giving, Facebook, Easy Fundraising and Charity Aid Foundation) as well as from WPT'S branch in Benelux. 'Funds received from a grant through World Parrot Trust U.S.A.. Page 8
The World Parrot Trust Trustees, Report (continued) Plans for future periods The World Parrot Trusl IWPT) is steadfast in ils long-temi conservation and welfare initiatives across various regions. In 2024 and 2025, WPT will continue its dedicated efforts in countries including the United Kingdom, Bonaire, Brazil, Bolivia, Costa Rica, the European Union, Honduras. Indonesia, French Polynesia, New Zealand, and Nigeria. These projects focus on preserving critical habitats, protecting endangered parrot species. and enhancing the welfare of captive parrots. Additionally, WPT supports targeted. shorter-term conservation and anti-wildlife trade activities in other countries, including Aruba. Colombia, the Democratic Republic of Congo, Guinea-Bissau, India. Malawi, Mexico. Rwanda, Sierra Leone, South Africa, Tanzania, Uganda, and Zambia. By collaborating wrth local partners and communities, WPT aims to address immediate threats lo parrot populations and their environments. Through these sustained and expanding efforts, WPT is committed to advancing global parrot conservation and promoting the well-being of these remarkable birds in both wild and captive settings. Building on our continued growth and development over the past year. Ihe Board of Trustees has Garefully reviewed our current structure and concluded that transitioning to a Charitable Incorporated Organisalion {CIO) is the most appropriate next step. This change will enable us to strengthen our governance framèwork, ensure clearer accountability, and offer enhanced protection for the charitls trustees. We believe that acquiring CIO status will not only safeguard our long-term viability but also help us better serve our beneficiaries by providing a more robust and sustainable platfonn for our ongoing projecls. We anlicipate completing this transition during the forlhcoming year and remain committed to maintaining Ihe highest standards of transparency and compliance throughout the process. The annual report was approved by the Trustees of the charity on behalf by: and signed on its Mrs A Hales Trustee Page 9
The World Parrot Trust Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustees. report and the financial slatemenls in accordance with Ihe United Kingdom Accounling Standards (United Kingdom Generally A¢¢epted Accounting PraGtice) and applicable law and regulations. The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a tnje and fair view of Ihe state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial stalements, the Trustees are required to: select suitable accounting policies and then apply them consistently, observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial stalements., and prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose wwth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance 2nd integrity of the charitable and financial information included on the charitys website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees of the charity on .................... and signed on its behalf by= Mrs A Hales Trustee Page 10
The World Parrot Trust Independent Auditor's Report to the Trustees ofThe World Parrot Trust Opinion We have audited the financial statements of The Worfd Parrot Trust (the 'charity') for the year ended 31 March 2024, which comprise the Stalement of Financial Activities, Balance Sheet. Cash Flow Statement, and Notes to the Financial Statements, including a summary of signifiGant accounting policies. The financial reporting framework thal has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in Ihe auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing Ihe 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 lo events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a perii)d of at least twelve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other information comprises the information included in the Trustees report. other than the fjnancial statements and our auditor's report thereon. Our opinion on Ihe financial statements does not cover the other informalion and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. Page 11
The World Parrot Trust Independent Auditor's Report to the Trustees of The World Parrot Trust (continued) In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is malerially inconsistenl with the rinancial statements or our knowledge obtained in the audit or otheNise appears to be materially misstated. If we identify such material inconsislencies or apparent material misslatements, we are required to determine whether there is a material misstatemenl in Ihe financial statements or a material misstalemenl of the other infonnation. If, based on the wotk we have performed, we Gonclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. 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: the information given in the financial slatements is inwnsistent in any material respect with the trustees, report. sufficient accounting records have not been kept- the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit. ResponsTbilities of Trustees As explained more fully in the Slatement of Trustees. Responsibilities (set out on page 10), the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor Responsibilities for the audit of the financial statements We have been appointed as auditor under the Charities Act 2011, s144 and reporl in aGGordance with regulations made under the Acl and relevant regulations made or havin9 effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a malerial misstatement when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expeded to Influen the economic decisions of users taken on the basis of these financial statements. Page 12
The World Parrot Trust Independent Auditor's Report to the Trustees ofThe World Parrot Trust (continued) Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, to delecl material misstatements in respect of irregularities. including fraud. The extenl lo which our prOdureS are capable of detecting irregularities. including fraud is detailed below= As part of our audit planning, we obtained an understanding of the legal and regulatory framework thal is applicable to the charity and the sector in which it operates to identify the key laws and regulations affecting Ihe entity. The key laws and regulations we identified were fundraising regulations, health and safely. employment law and data protection. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily the Charities Act 2011 and compliance with the Charsties Statement of Recommended Practice. We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also idenkn'fied the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures. we assessed the risk of any non-Gompliance with laws and regulations on Ihe enlity's ability to continue trading and the risk of material misstatement to the accounts. We assessed the susceptibility to the charitys financial statements to material misstatement, induding how fraud might occur as part of the audit planning process. We determined that these risks are medium as the charity operates on a not for profit basis reducing any personal incentive. however it also receives and uses public funds which may be subject to reslrictions. We audited the risk of management overrsde of controls through tesling journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions oulside the nomal course of business. Based on this understanding we designed our audit procedures to identify nonvcomplianGe wilh such laws and regulations. Our procedures involved the following: We reviewed legal and professional costs to identify any non-compliance or legal costs in relation to non-compliance We reviewed the board minutes for anything unusual. We made enquires to management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. We reviewed a sample of expenditure to confinn it has been incurred and allocated correctly. We reviewed the risk register for anything unusual. As part of our enquiries, we discussed with management whether there have been any known instances. allegations or suspicions of fraud of which there were none. Becausè of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations. or the override of intemal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely relaled to events and transactions reflected in the financial statements. A further desGription of our responsibilities is available on the Financial Reporbng Council's website al- www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. PKF FranGiS Clark is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 13
The World Parrot Trust Independent Auditor's Report to the Trustees of The World Parrot Trust (continued) Comparative period In the previous accounting period the charity was subjecl only to an Independent Examination. Therefore the comparative figures for the period ended 31 March 2023 are unaudited. Use of our report This report is made solely to the charity Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit wod( has been undertaken so that we might state to the Trustees those matters we are required to state to Trustees in an auditors. report . and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustees as a body, for our audit work, for this report. or for the opinions we have formed. Qtf a(rL PKF Francis Clark. Statutory Auditor Lowin House Tregolls Road Truro TR12NA Date:...31 January 2025 Page 14
The World Parrot Trust Statement of Financial Activities Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Other trading activities Inveslmenl income 1,095.614 26,302 12,183 37,754 500 1,133,368 26,802 12,183 Total Income 1.134,099 38,254 1,172,353 Expenditure on: Raising funds Charitable aclivities (21,241) {453.642) (21,2411 (485,320 (31,678) Tolal Expenditure {474,883) 131.678) 506,561) Net income Gross transfers between funds 659,216 (10,042) 6,576 10,042 665.792 Net movement in funds 649.174 16.618 665,792 Reconciliation of funds Total funds brought foTward (as restated) Total funds carried fOard 920,611 19,768 940,379 22 1.569,785 36,386 1,606,171 The notes on pages 19 to 34 form an integral part of these financia5 statements. Page 15
The World Parrot Trust Statement of Financial Activities Year Ended 31 March 2024 (continued) (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds £{As restated) Total 2023 £(As restated} Restricted funds Note Income and Endowments from: Donations and legacies Other trading activities Investment income 364,390 22,541 3.061 30,895 395,285 22,541 3,061 Total income 389,992 30,895 420,887 Expenditure on: Raising funds Charitable activities (37,353) 436,833) (37,353) (532,598) 95,765) Total expenditure {474.186) 95,765} 569,951) Net expenditure Gross transfers beeen funds (84.194) (72,628) (64.870) 72,628 {149,064) Net movement in funds (156,822) 7,758 {149,064} Reconciliation of funds Total funds brought forward 1.077,433 12.010 1.089,443 Total funds carried forward 22 920,611 19,768 940,379 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 19 to 34 fomi an integral part of these financial slatemenls. Page 16
The World Parrot Trust Balance Sheet 31 March 2024 2023 £(As restated) 2024 Note Fixed assets Intangible assets Tangible assets 14 15 4,350 54,567 6.525 39,855 46,380 58,917 Current assets Stocks Debtors Cash at bank and in hand 16 17 18 10,840 6,523 1,544,221 12,459 3,228 895.749 1,561,584 911,436 Creditors: Amounts falling due within one year 19 (14.330) {17,437) Net current assets 1,547,254 893,999 Net assets 1,606,171 940,379 Funds of the charity: Restricted income funds Restricted funds 36,386 19,768 Unrestricted income funds Unrestricted funds 1,569,785 920,611 Total funds 22 1,606,171 940,379 The financial statements on pages 15 to 34 were approved by the Trustees, and authorised for issue on ..3ts.:i.:.fand signed on their behalf by. Mrs A Hales Trustee The notes on pages 19 to 34 fomi an integral part of these financial statements. Page 17
The World Parrot Trust Cash Flow Statement Year Ended 31 March 2024 2023 £{As restated) 2024 Note Cash flows from operating activities Net cash incomel{expenditure) Adjustments to cash flows from non-cash items Depreciation Amortisation Investment income 665,792 1149,064) 16,435 2,175 {12.183) 672.219 3,030 2,175 3,061} {146.9201 Working capital adjustments Decrease stocks Ilncreaselldecrease in debtors Decrease in creditors 16 17 19 1,619 (3,295) (3.107 3,771 2,180 (3,969 Net cash flows from operating activilies 667,436 (144,938 Cash flows from investing activities Interest receivable and similar income Purchase of intangible fixed assets Purchase of tangible fixed assets 12,183 3,061 {8,700) 39,128) 14 15 (31,147) Net cash flows from investing activities 18,964) (44,767) Net increasel(decrease) in cash and Gash equivalents Cash and cash equivalents al 1 April 648,472 (189.705} 1,085,454 895,749 Cash and cash equivalents al 31 March 1,544,221 895,749 All of the cash flows are derived from continuing operations during the above periods. The notes on pages 19 to 34 fom) an integral part of these financial statements. Page 18
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 1 Accountsng policies Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparÈng Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Basis of preparation The World Parrot Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy notes. These accounts relate solely lo the World Parrot Trust operation based in and run from the UK head office. Not for profit charities in the USA and Canada are registered in their own countries, with their own goveming document, under the Worfd Parrot Trust name. Whilst these charities work with the UK World Parrot Trust and the USA charity has trustees in common, these charities are considered to operate independently and are not under the control of the UK World Parrol Trust. Therefore the financial results of these foreign operations are not consolidated or reflected in these financial stalemenls, other than in the form of contributions towards UK activities such as donations, purchases of goods and purchases of Psittascene magazine. Going concern The Trustees consider that there are no material uncertainties about the charivs ability to continue as a going concern. In making their assessment, the Trustees have considered their intentions to transfer the activities of the charity to a Charitable Incorporated Organisation. The Trustees have submitted an application to form the new CIO but this has yet lo be approved by the Charity Commission and hence no formal agreement is yet in place. Therefore the accounts have been prepared on a going concern basis. Reclassification of comparative amounts The way in whiGh expenses are allocated between charitable activity categories has been amended to more accurately represent the nature of the activities undertaken. Both periods have been adjusled and so they remain comparable. Page 19
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) Prior period errors A restatement has been made in relation to a prior period error where items of a capital nature were expensed. As a result of the restatement. total conservation project expenditure at 31 March 2023 has decreased by £34.320 and fixed assets increased by £34,320. As a result brought forward reserves have inGreased accordingly from £906.058 as previously reported to £940,349. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficienl reliability. Donations and legacies Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured. Where these are granted in relation to a specific purpose the amount is transferred to restricted funds and released accordingly. Grants receivable Grants are recognised when the tharity has an entitlement to the funds and any condilions linked to the granls have been met. Where perfomiance conditions are attached to the grant and are yet lo be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Gift aid Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift lo which they relate. Investment income Income from investments are included in the year in vthich it is receivable. Other income Membership fees, including lrfe members, are credited to the Statement of Financial Activities on a cash basis as and when received. No provision is made for any amount carried forward to future periods on the grounds that On paid the membership fee is not refundable. Expenditure All expenditure is reGognised once there is a legal or constwctive obligalion to Ihat expenditure, tt is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consislenl with the use of resources. Raising funds These are costs incurred in atlracting voluntary income and those incurred in trading aclivities that raise funds. Page 20
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly to such adivities and those costs of an indirect nature necessary to support them. Taxation The charity 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 charily 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 Ihe Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Intangible assets Intangible assets are stated in the Balance Sheet al cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives. Tangible fixed assets Individual fixed assets costing £50 or more are initially recorded al cost. less any subsequent accumulated depreciation and subsequent accumulated impairmenl losses. Amortisation Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value. over their expected useful economic life as follows: Asset class Computer software Amortisation method and rate 25°A per annum straight line Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cosl or valuation, less any estimated residual value. over their expected useful economic life as follows= Asset class Furniture and Equipment Land and Buildings Motor Vehicles Depreciation method and rate 25 /0 per annum straight line 25 10 per annum straight line 25°k per annum straight line Stock Stock is valued at the lower of cost and estimated selling price less costs lo complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the firsl-in. firsl-oul {FIFO} basis. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed. Page 21
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) Fund structure Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Financial Instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the inslrument. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Recognition and measurement Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the eiffective interest method. 2 Income from donations and legacies Designated Unrestricted funds funds Restricted funds Total 2024 Total 2023 Donations and legacies. Donations from individuals Legacies and bequests Grants, including capital 133.145 948,731 133,145 948,731 242,579 142.718 Grants & project income Membership fees 5,482 37.754 43,236 8.256 8.256 9.988 5,482 1,090,132 37,754 1,133,368 395,285 Page 22
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 3 Income from other trading activities Designated Unrestricted funds funds Restricted funds Total 2024 Total 2023 Trading income. Merchandise sales Events income. Events income 1.900 20.307 500 22,707 22,541 100 3.995 4,095 Total trading income 2,000 24,302 500 26,802 22.541 4 Investment income Unrestricted funds Total 2024 Total 2023 Interest receivable and similar income- Inlerest receivable on bank deFK)Sits 12,183 12.183 3,061 5 Education and Literature The WPT'S education efforts are multifaceted and crucial in achieving our mission. The Trust focuses on raising awareness about the plight of wild parrots, many of which are threatened by habitat loss, the pet trade. and other human-related activities. One of the key educational strategies is developing and disseminating informative resources. These include publications. articles, and online materials covering parrot conseNation. biology. and ecology. The Trusl ensures these resources are accessible to a broad audience. from scientists and onservationists to educators and the general public. Another significant aspect of WPTS educational work involves Gommunity outreach and engagement. The World Parrot Trust conducts workshops, seminars. and presentations in communities around the globe, particularly in regions where parrots are native. These initialives aim to foster a deeper understanding and appreciation of parrots, encouraging local communities to participate actively in their conservation. Furthermore, the Trust collaborates with schools and educational institutions to inlegrate parrol conservation into curricula. Through these collaborations, they aim to inspire the next ger)eration of conservalionists and instill a lifelong respect for these remarkable birds and their habitats. Overall, the World Parrot Trust's educational efforts are integral to ils mission, combining research, outreach, and community involvement to promote the conservalion of parrots worldwide. Page 23
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 6 Expenditure on raising funds Unrestricted funds Total 2024 Total 2023 Fundraising trading costs- Fundraising Cosls of goods sold 7,062 14.179 7,062 14.179 3,501 33,852 21,241 21,241 37,353 7 Expenditure on charitable activities Activity undertaken directly Total 2023 (As restated) Activity support costs Total 2024 Consetvation Projects Welfare Projecls (including Kiwa cenlro) Wildlife Trade Projects Education and Literalure Wages and Salaries Insurance Printing, postage and lelephone SLAndry Expenses Conferences and Iravel Advertising and promotion Accountancy fees Bank interest and charges Depreciation Consullancy & legal fees 118,276 118,276 206,948 156,249 35,703 57,218 14,198 156.249 35,703 57.218 56.935 1.490 204,188 45,067 47,387 42.737 1,490 3.947 748 1,981 14.331 12,863 1,017 18,610 5,952 3,947 748 1,981 14,331 12,863 1,017 18,610 5,952 1,762 6,693 1,431 6,036 5,526 1,687 5,205 668 381.644 103,676 485,320 532,598 A restatement has been made in relation to a prior period eor when items of a capital nature were expensed. As a result of Ihe restatement, lotal conservalion projects at 31 March 2023 has decreased by £34.320. In addition to the restatement of a prior period error, the way in which expenses are allocaled between charitable activity categories has been amendèd to more accurately represent the nature of the activities undertaken. Both periods have been adjusted and so they remain comparable. Page 24
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 8 Conservation projects Restricted Designated General Total funds fund Fund Fund 2024 Total funds 2023 (As restated) ACPR 51,135 558 CIN-WT EKCT 10,000 10,000 7,500 4,960 7,040 24.002 1.396 (4,823> 3.258 51 FHP-AP IFF-L WBFF BZ-HY HYMA IFAW KAKA 7,788 7.788 TBPA 125 NECF-AG 4,099 238 4.099 238 LOVE DZKW 750 750 DNER 3,946 500 3,946 500 TSWB USFS 3,259 549 3,259 549 WAG wycc 549 549 Designated project General consetvation projects 2,797 86.598 86.598 108.949 31,678 86,598 118,276 206.948 Page 25
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 9 Net incomingloutgoing resources Net incomingl{outgoing) resources for the year indude= 2024 2023 Depreciation of fixed assets Amortisation of software 16.435 2.175 3,030 2,175 10 Trustees remuneration and expenses During the year the charity made the following transactions with Trustees: Ms C Senni Ms C Senni reiVed consultancy remuneration of £12.998 (2023- £14,287) during the year as pem)ilted by the goveming document. This was in relation to consultancy work on bird trade. The Trust receives management and staff assistance along with free promotion without charge from Paradise Park where the Trust is based. Mr N Reynolds and Mrs A Hales are partners in Paradise Park. No Trustee expenses have been incurred. 11 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs 124,292 9,590 2,014 114,275 3,686 1,918 135,896 119,879 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed by average headcount was as follows: 2024 2023 Administration No employee received emoluments of more that £60,000 during the year The key management personnel of the Charity are considered to be the trustees. No remuneration was received by the trustees, other than as set out note 10. Page 26
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 12 Auditors remuneralion 2024 2023 Fees for audit work Fees for non-audit services 6,250 3,250 5,526 9,500 5.526 13 Taxation The charity is a registered charity and is therefore exempt from taxation. 14 Intangible fixed assets Other intangible asset Total Cost At 1 April 2023 11.362 11,362 Al 31 March 2024 11,362 11,362 Amortisation At 1 April 2023 Charge for the year 4,837 2,175 4,837 2.175 At 31 March 2024 7.012 7,012 Net book value At 31 March 2024 4,350 4,350 At 31 March 2023 6,525 6,525 Page 27
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 15 Tangible fixed assets Land and buildings Furniture and £(as equipment restated) Motor vehicles Total Cost At 1 April 2023 Additions 208,225 31.147 58.325 6.195 272,745 31.147 At 31 March 2024 239.372 58.325 6,195 303,892 Depreclation Al 1 April 2023 Charge for the year 172,728 14.816 56,592 744 3.570 875 232,890 16,435 At 31 March 2024 187.544 57,336 4,445 249,325 Net book value At 31 March 2024 51,828 989 1,750 54,567 At 31 March 2023 (as restated) 35.497 1.733 2,625 39,855 16 Sto¢k 2024 2023 Stocks 10,840 12,459 17 Debtors 2024 2023 Trade debtors Prepayments 575 5.948 575 2,653 6,523 3,228 Page 28
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 18 Cash and cash equivalents 2024 2023 Cash at bank Other cash and cash equivalenls 1,539,381 4.840 891,552 4,197 1,544,221 895.749 19 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals 6,548 3,905 1,182 5,802 2,930 11,400 14,330 17,437 20 Related party transactions The Trust receives managemerit and staff assistance along with free promotion w5thout charge from Paradise Park where the Trust is based. Two of the Trustees. Mr N Reynolds and Mrs A Hales, are partners in Paradise Park. During the year £4,355 (2023 £2.479} was raised for The World Parrot Trust by Paradise Park through donation boxes at the Park and the Parrot Show as well as through merchandise being sold in the Park's shop at no cost to the Trust. The Trust also received £40,500 (2023.. £nil) from Paradise Park as reimbursement of aviary costs incurred on behalf of the Park. The Trust paid £7,297 (2023 £nil) to Paradise Park to reimburse expenses incurred. The Trust also entered inlo a 7 year lease agreement with Alison Hales and Nicholas Reynolds in the year to lease land at Paradise Park for a peppercom rent. There is no amount outstanding at the balance sheet date {2023: £nil). During the year unconditional donations of £100.000 (2023 £100,000) were received from a trustee of the charity- During Ihe year £11,990 was paid to Wortd Parrot Trust U.S.A. (a charity with Common trustees) in respect of donations and to reimburse expenses incurred. A balance of £550 {2023= £550) was outstanding at the year end and included in debtors. Page 29
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 21 Contingent assets At 31 March 2024 the charily had been informed of three bequests due lo the charity with oulstanding balances. However these all relate lo a percentage share or balan of an estate and the charity has been unable to reliably estimate the amount due to the charity as al the year end. Interim payments of £900,000 have been recognised on receipt during the year. Two further payTTrents of £150,000 and £25,594 have been received since the year end, but these have not been accrued as the income recognition criteria were not considered to have been met at the year end. Any further balance beyond these amounts is currently unknown. A third bequest was expected in the region of £200,000 however probate had not been granted al the year end, and therefore this has nol been accrued. No related amounts have been received since the year end. Page 30
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 22 Funds Balance at 1 April 2023 £(as restated) Balance at 31 March 2024 Incoming Resources resources expended Transfers Unrestricted funds General Unrestricted income fund 920,611 1.126,618 {471.3851 (10,042) 1.565,802 Designated Designated Fund 7.481 3,4981 3,983 Total unrestricted funds 920,611 1,134.099 (474,883) (10,0421 1.569.785 Restricted funds ECPA IZ-BT FHP-AP HYMA PACO NECF-AG BZ-HY KTPN LOVE EKCT Kiwa Centre DNER wycc WAG USFS TSWB DZKW 65 65 1,422 1.118 4,823 867 25.304 2,722 65 1.422 1.118 4,823 867 9,870 2,722 65 238 19.533 (4.099) 1238} {10,000) {7,788) {3,946) 1549) 1549) {3.259) 1500) 750 10,000 1.005 3,946 549 549 6,783 3,259 500 750 Total restriGted funds 19,768 38,254 31.678) 10,042 36,386 Total funds 940,379 1,172.353 506,561) 1,606,171 Page 31
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) Balance at 31 March 2023 £(As restated) Balance at l April 2022 Resources expended £{as restated) Incoming resources Transfers Unrestricted funds General Unrestricted income fund 1,077,433 375.321 (454,824} {77.319) 920,611 Designated Designated Fund 14.671 (19.362) 4,691 Total unrestricted funds 1.077,433 389,992 (474,186) {72,628} 920,611 Restricted ACPR IFF-L ECPA FHP-AP HYMA KAKA EKCT PACO NECF-AG BZ-HY TBPA KTPN LOVE WBFF IFAW CIN-WT 3,796 7.040 65 2,533 (51,697) (7.040) 45,368 65 1,118 4,823 6,078 {4,960} 4.823 {52) (7,500) 52 7.500 867 867 9,870 2,722 9,870 4,118 (1,396) (125) 125 65 65 238 238 (24,002} (3.258) 558 24,002 3,258 Total restricted funds 12,010 30,895 (95,765) 72,628 19,768 Total funds 1,089.443 420,887 569,9511 940,379 Page 32
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) The restricted funds are held in order lo finan specific projects relating to a particular species and particular location, as summarised below. ARAM - Macaw Recovery Network (Great Green, Scartet Macaw) ACPR - Worfd Parrot Trust (African Conservation) BTMA - Worfd Parrot Trust (Blue-throated Macaws) ABC-L - ABC {Lovebirds) PS-L - The Parrot Society (Lovebirds) CIN-WT - CINTOC Cenler for Illicit Networks and Organized Crime (Wildlife Trade) EKCT - Ernest Kleinwort Charitable Trust {Orange-fronted ParakeeVBlue-throated Macaw) ECPA - World Parrol Twst (Echo Parakeet) FHP-AP Folke H Peterson {African Parrots) GIT-WT GITOC Global Initiative Against Transnational Organized Crime (Wildlife Trade) IFF-L - Isdell Family Foundation (Lovebirds) NECF-AG - Natural Encounters ConseNation Foundation (Action Grants) BZ-HY Berlin Zoo (Hyacinth Macaws) KAKA- World Parrot Trust {Kakapo) INDO - World Parrot Trust Ilndonesia ConseNation) WAP - Worfd Animal Protection (Wildlife Trade} WAP-L - Wot1d Animal Protection (Lovebirds) KTPN - Neighbourly {Kiwa Trees) WBFF - World Parrot Trust (Wildlife Trade) YSAM - World Parrot Trusl Iyellow-shouldered Amazon) TBPA- World Parrot Trust (Thick-billed Parrot) HYMA - Wodd Parrot Trust {Hyacinlh Macaws) LOVE - World Parrot Trusl (Lovebirds species) Kiwa Centre - Support for the ongoing running costs and care of birds at Kiwa Centre PACO - Vvorld Parrot Trust {Patagonian Conures) BZ-HY - Berlin Zoo {Hyacithn Macaws) DNER - Puerto Rican Department of Natural Resources (to support the Puerto Rican Amazon Parrot) DZKW - Dudley Zoo {lo support the Kiwa Centre) IZ-B T - Indianapolis Zoo (Blue-throated Macaws in Bolivia) TSWB - Turaco Society (funding support for Wild Bird trade) USFS - US Forest Service (to support the Puerto Rican Amazon Parrot) WAG- Woburn Safari Park {to support African Greys) WYCC - Woburn Safari Park (to support Yellow-crested Cockatoo) Designated Funds and Transfers Designated funds include donations of £7,481 received during the year. allocated to African Grey parrots. Transfers were made from unrestricted funds to cover excess restricted fund expenditure. Page 33
The World Parrot Trust Notes to the Financial Statements Year Ended 31 March 2024 (continued) 23 Analysis of net assets between funds Total funds at 31 March 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets Current assets Current liabilities 58.917 1,521,215 14,330) 58,917 1.561,584 (14,330) 1,606.171 3,983 36,386 Total net assets 1,565.802 3,983 36,386 Total funds at 31 March 2023 £(As restated) 46,380 911,436 17,437) Unrestricted funds £ (as restated) 46,380 891.668 17,437) Restricted funds Tangible fixed assets Current assels Currenl liabilities 19,768 Total net assets 920.611 19,768 940,379 24 Analysis of net funds At 1 April 2023 Financing At 31 March cash flows 2024 Cash at bank and in hand 895,749 648,472 1,544,221 Net debt 895,749 648,472 1,544,221 Page 34