WORLD PARROT TRUST acaw C Corey Raffel THE WORLD PARROT TRUST Annual Report and Financial Statements Year Ended 31 March 2025 Charity Number 800944
The World Parrot Trust Charity Number: 800944 Contents Page Reference and Administrative Details Trustees' Annual Report 4-9 Independent Examiner's Report 10 Statement of Financial Activities 11 Statement of Financial Position 12 Statement of Cash Flows 13 Notes to the Accounts 14-29 The World Parrot Trust 800944) Contents Page 2
The World Parrot Trust Charity Number: 800944 Reference and Administrative Details Charity name: The World Parrot Trust Charity number: 800944 (England & Wales) Registered office: Glanmor House Hayle Cornwall TR27 4HB Trustees: Mr D Woolcock Mrs A Hales Mr N Reynolds Ms C Senni Mr R Vonk Mr S Martin Mr J Davenport Bankers: HSBC plc 250 High Street Exeter Devon, EX4 3PZ Independent Examiner: PKF Francis Clark Lowin House Tregolls Road Truro, TR1 2NA The World Parrot Trust (800944) Trustees' Annual Report Page 3
Trustees' Annual Report The Trustees of The World Parrot Trust (WPT) are pleased to present the Annual Report for the year ended 31 March 2025. During the year, WPT made significant advances in the protection of parrots and the habitats upon which they depend. Across Africa, Asia-Pacific and the Neotropics, the Trust delivered meaningful conservation outcomes, strengthened responses to illegal wildlife trade, and expanded education and advocacy efforts worldwide. These achievements would not have been possible without the dedication of our staff and volunteers, and the continued support of our partners, funders and donors. We extend our sincere thanks to all who contribute to WPT's mission. Overview The World Parrot Trust works to ensure that parrots, among the world's most threatened birds, continue to survive and flourish in the wild. During 2024/25, the Trust delivered conservation, welfare, research and education programmes across multiple continents, benefiting both wild parrot populations and the communities that depend upon healthy ecosystems. Key achievements during the year included support for the rescue, rehabilitation and release of more than 1,500 parrots; the advancement of scientific and forensic tools to combat illegal trade; and engagement with millions of people worldwide through education and advocacy initiatives. Looking ahead, the Trustees remain committed to strengthening conservation outcomes, maintaining the highest standards of governance and financial stewardship, and working collaboratively to secure a sustainable future for parrots globally. 2024/25 at a Glance • More than 1,500 parrots rescued, rehabilitated or released • Conservation programmes delivered across Africa, Asia-Pacific and the Americas • DNA forensic tools and policy advocacy advanced to address illegal wildlife trade • Education and outreach reached over one million people globally Structure, governance and management 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 Trust 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 governing board, and decisions are made independently of each other. Recruitment and appointment of trustees A new trustee may be appointed by a resolution at a trustees meeting (with 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 trustees remains low. When new trustees 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. The World Parrot Trust 800944) Trustees' Annual Report Page 4
Trustees' Annual Report (Continued) Management and Staffing The World Parrot Trust (WPT) Trustees are responsible for overseeing the charity's governance 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, Director of Operations, who is located 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, communicators, and administrators, supported by a global network of expert volunteers. This international group provides vital technical expertise, financial support, and capacity-building to local partners worldwide. Additionally, WPT champions public advocacy, raising awareness and support for parrot conservation initiatives. To learn more about our governance, staffing, and partnerships, visit www.parrots.org/people-and-partners. Arrangements for setting key management personnel remuneration ALl Trustees give their time freely. Except for remuneration of Ms C. Senni, no Trustee received remuneration in the year (Note 9). 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 to annual performance evaluations or contract 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 other stipends, to enhance employee satisfaction and retention. Major risks and management of those risks The Trustees work closely with the WPT's management team to assess and address significant risks, ensuring any potential impact on the charity is effectively mitigated. The key risks and mitigation strategies include: • Protection 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 income and expenditure, 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 mitigate any negative impact. These measures reflect the Trustees' commitment to ensuring the long-term sustainability and effectiveness of the World Parrot Trust. The World Parrot Trust (800944) ruste innual Report Page 5
Trustees' Annual Report (Continued) Charitable Purpose and Public Benefit The World Parrot Trust exists to conserve parrot species, protect and restore habitats, and end the wildlife trade that drives many species towards extinction. The Trust also promotes high standards of welfare for parrots in human care and improves public understanding of responsible stewardship. During the year, WT's activities delivered clear public benefit by conserving biodiversity, strengthening wildlife protection frameworks, and inspiring communities worldwide to engage in conservation action. The Trustees confirm they have given due regard to the Charity Commission's guidance on public benefit. 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 without prejudice to the generality of the foregoing in the order Psittaciformes (the parrot). The World Parot Trust (WPT), established in 1989, is an international charity dedicated to the conservation and welfare of parrots worldwide. Its primary objects include promoting the survival of all parrot species and ensuring the wellbeing 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 pubic though publications like their quarterly magazines 'PsittaScene' and monthly Newsletter 'Flock Talk: Activities, Achievements and Performance Conservation and Welfare During 2024/25, WPT and its partners achieved significant conservation outcomes across multiple areas, including parrot rescue and rehabilitation, habitat restoration, and reintroduction initiatives. Science, Policy and Advocacy Scientific and policy initiatives included the development of a DNA forensic tool to distinguish wild-caught from captive-bred parrots, contributions to global research on wildlife trade, and advocacy at international forums such as CITES. Education and Public Engagement Through digital platforms, community outreach and education programmes, WPT reached over a million people worldwide, promoting conservation awareness and responsible parrot care. Strategic Priorities and Future Plans The Trustees review the Trust's strategy annually to ensure it remains responsive to emerging conservation challenges. Priorities for 2025/26 include expanding reintroduction programmes, strengthening enforcement partnerships, investing in education and technology, and enhancing welfare and biosecurity measures at the Kiwa Centre. Beneficiaries and Global Reach During the year, more than 1,500 parrots benefited directly from WPT-supported rescue, rehabilitation and release programmes. In addition, WPT worked with communities, enforcement agencies and volunteers in 12 countries, while digital engagement extended the Trust's reach to over a million people globally. Partnerships and Collaboration Partnerships are central to WT's success. The Trust works closely with governments, research institutions, non-governmental organisations and funders to deliver effective, evidence-based conservation outcomes worldwide. The World Parrot Trust 800944) Trustees' Annual Report Page 6
Trustees' Annual Report (Continued) Principal Risks and Risk Management The Trustees recognise a range of risks, including habitat loss, illegal wildlife trade, biosecurity incidents and funding volatility. These risks are mitigated through robust project design, staff training, diversified income streams, and regular review of the Trust's risk register. Financial Review and Reserves Policy These financial statements relate solely to the UK operations of The World Parrot Trust. The Trust works alongside two sister organisations, World Parrot Trust USA, Inc. and Canadian World Parrot Trust, which are separately incorporated and governed in their respective jurisdictions. These entities are not consolidated into the UK financial statements; transactions are included only where they relate directly to UK activities. Total income for the year was £600,582 (2024: £1,172,353). The decrease in income compared to the prior year primarily reflects the absence of a significant legacy received in 2023/24. Total expenditure for the year amounted to £677,958 (2024: E506,561), resulting in a net deficit of £77,376 (2024: surplus £665,792). Expenditure continued to be focused on the delivery of charitable activities, with E631,769 spent directly on conservation, welfare, research and education programmes (2024: £485,320). Fundraising expenditure amounted to £46,189 (2024: £21,241). Investment income of £43,589 (2024: £12,183) contributed to the Trust's overall financial performance during the year. The Trustees maintain a reserves policy to ensure that the Trust is able to meet its ongoing obligations, manage cash-flow timing differences, and provide financial resilience in the event of unforeseen circumstances. The Trustees have determined that an appropriate level of reserves is equivalent to six months of operating expenditure. Based on total expenditure of E677,958, this represents a target reserves level of approximately £338,979. At 31 March 2025, total funds amounted to £1,528,795 (2024: £1,606,171), comprising unrestricted funds of £1,462,749 and restricted funds of £66,046. Included within unrestricted funds were designated funds of £3,983. After deducting tangible fixed assets of £38,888 and designated funds of £3,983, free reserves at the year-end were approximately £1,419,878. The Trustees consider that free reserves significantly exceeded the target level at the reporting date. Restricted funds of £66,046 were held at the year end in respect of specific donor-funded projects, comprising Indonesia £42,114; Africa £9,864; Other Worldwide Projects £13,068; and Oceania £1,000. These balances are expected to be applied during the 2025/26 financial year in accordance with the relevant funding agreements and project plans. Designated funds of £3,983 were held at the year end to support future operational requirements identified by the Trustees. These funds remain available for use at the Trustees' discretion and are expected to be applied in the short to medium term as appropriate. The Trustees review financial performance and cash flow on a regular basis and consider the Trust to be in a strong financial position at the year end, with cash at bank and in hand of E1,464,906 (2024: £1,544,221). Impact Measurement and Evaluation WPT employs a robust monitoring and evaluation framework combining quantitative metrics, field reports, and independent assessments. Performance indicators include numbers of birds rescued, released, and rehabilitated; species population trends; and levels of community participation. Scientific tools such as satellite tracking, welfare audits, and DNA forensics underpin this work. Regular reporting to funders, Trustees, and the public ensures transparency and continuous improvement. The World Parrot Trust 800944) Trustees' Annual Report Page 7
Trustees' Annual Report (Continued) Fundraising The Trust's fundraising strategy aims to maintain a diversified and sustainable income base to support its conservation, welfare, research and education activities. During the year, income was generated from a combination of individual donations, membership subscriptions, legacies, grants, and institutional partnerships. Engagement with supporters is maintained through regular communications, including a quarterly membership magazine and electronic newsletters, which provide updates on conservation programmes and opportunities to support the Trust's work. The Trust also benefits from supporter-led fundraising initiatives and third-party fundraising platforms. The Trustees oversee fundraising activity and seek to ensure that fundraising is conducted in a manner consistent with the Trust's values and with due regard to applicable fundraising standards and regulatory guidance Looking Ahead The coming year presents both opportunity and challenge. WPT will build on its achievements by expanding reintroduction programmes, enhancing partnerships, and driving greater public engagement. As threats from habitat loss, climate change, and illegal trade intensify, the Trust calls upon supporters, donors, and policymakers to join in securing a future where parrots once again thrive in the wild. Through collaboration and compassion, we can ensure these extraordinary birds keep their place in the natural world and continue to inspire future generations. Key Outcomes 2024/25 Region / Programme Africa - Grey Parrot Recovery Neotropics - Amazon & Macaw Projects Indonesia - Red-and-blue Lory Initiative Oceania - Käkã & Kea Programmes UK - Kiwa Centre Global Study & Advocacy Key Results 600 parrots treated (DRC), 25 released (Nigeria), national ban on trapping (DRC) 119 Puerto Rican Amazon chicks fledged; 44 nest boxes installed; 70th Military Macaw chick reared 326 survey points completed; IUCN status retained as Endangered 12 Käkã rehabilitated; 12 Kea monitoring stations; 130 anti-collision Primary Impact Strengthened law enforcement and habitat protection Species recovery and nest site restoration Prevented down-listing; community-based conservation Reduced human-wildlife conflict; public awareness 100 parrots cared for; aviary upgrades; Flagship welfare & education first-aid training hub for Europe DNA forensic tool; CITES engagement; captive-breeding study Evidence-based policy and leadership The World Parrot Trust (800944) Trustees' Annual Report Page 8
Statement of Trustees' Responsibilities The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the Charities SORP; • make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the 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 steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charitable and financial information included on the charity's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Board of Trustees on 27-1•26 2026 and signed on its behalf by: ATHMes Mrs A Hales Trustee The World Parrot Trust (800944) Trustees' Annual Report Page 9
The World Parrot Trust Independent Examiners Report For the year ended 31 March 2025 I report to the Trustees on my examination of the accounts of The World Parrot Trust for the year ended 31 March 2025. Responsibilities and basis of report As the charity Trustees of The World Parrot Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of The World Parrot Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement Since The World Parrot Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of The World Parrot Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Darren Perry BA (Hons) ACA DChA Francis Clark LLP Lowin House Tregolls Road Truro TR1 2NA Date: 27 January 2026 The World Parrot Trust (800944) Independent Examiners Page 10
The World Parrot Trust (Charity no. 800944) Statement of Financial Activities (SoFA) For the year ended 31 March 2025 Notes 2 3 4 Unrestricted Funds (E) Restricted Funds (E) Total Funds 2025 (E) Total Funds 2024 (E) Income from: Donations and legacies Other trading activities Investment income Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 250,355 - 43,589 293,944 306,638 556,993 306,638 43,589 600,582 1,133,368 26,802 12,183 1,172,353 5 6 21 -46,189 -170,141 -216,330 77,614 -184,650 -107,036 21 1,569,785 1,462,749 - -461,628 -461,628 -154,990 184,650 29,660 36,386 66,046 -46,189 -631,769 -677,958 -77,376 - -77,376 1,606,171 1,528,795 -21,241 -485,320 -506,561 665,792 - 665,792 940,379 1,606,171 All income and expenditure derive from continuing activities. The notes on pages 13 to 28 form part of these financial statements. The World Parrot Trust (800944) Statement of Financial Activities Page 11
The World Parrot Trust (Charity no. 800944) Statement of Financial Position For the year ended 31 March 2025 Notes Charity 2025 (E) Charity 2024 (E) Fixed Assets Intangible assets Tangible assets 13 14 2,175 36,713 38,888 4,350 54,567 58,917 Current Assets Stocks Debtors Cash at bank and in hand 15 16 17 Creditors: amounts falling due within one year Net current assets Net assets Funds of the charity: Restricted funds Unrestricted funds Total funds 18 13,307 12,786 1,464,906 1,490,999 -1,092 1,489,907 1,528,795 10,840 6,523 1,544,221 1,561,584 -14,330 1,547,254 1,606,171 21 66,046 1,462,749 1,528,795 36,386 1,569,785 1,606,171 The financial statements on pages 10 to 29 were approved by the Trustees, and authorised for issue on 27:1:26 and signed on their behalf by: ... AT-Hales Mrs A Hales Trustee The World Parrot Trust (800944) Statement of Financial Position Page 12
World Parrot Trust (Charity no. 800944) Statement of Cash Flows (Indirect Method) For the year ended 31 March 2025 Notes Charity 2025 (E) Cash flows from operating activities Net income/(expenditure) for the year Adjustments for non-cash items: Depreciation Amortisation Investment income -77,376 14 13 4 17,854 2,175 43,589 -13,758 Working capital adjustments (Increase) / Decrease in stocks (Increase) / Decrease in debtors Decrease in creditors Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income Purchase / sale of tangible fixed assets Net cash flows from investing activities Net increase / (decrease) in cash and cash equivalents 15 16 18 -2,467 -6,263 -13,238 -35,726 -43,589 -43,589 -79,315 Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March 1,544,221 1,464,906 The World Parrot Trust (800944) Statement of Cash Flow Charity 2024 (E) 665,792 16,435 2,175 -12,183 672,219 1,619 -3,295 -3,107 667,436 12,183 -31,147 -18,964 648,472 895,749 1,544,221 Page 13
Notes to the Financial Statements For the year ended 31 March 2025 1. Accounting Policies General information The financial statements have been prepared in accordance with 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) - (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 otherwise stated in the relevant accounting policy notes. These accounts relate solely to 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 governing document, under the World 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 Parrot Trust. Therefore, the financial results of these foreign operations are not consolidated or reflected in these financial statements, other than in the form of contributions towards UK activities such as donations and purchases of goods. Going concern The Trustees have considered the charity's ability to continue as a going concern and are satisfied that there are no material uncertainties that may cast significant doubt on the charity's ability to continue operations for at least twelve months from the date of approval of these financial statements. In making this assessment, the Trustees have taken into account their intention to transfer the activities of the charity to a Charitable Incorporated Organisation (CIO). The Charity Commission has approved the registration of the CIO (charity number 1212263); however, the CIO is not yet active and no formal transfer agreement is currently in place. Accordingly, the financial statements have been prepared on a going concern basis. 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 sufficient 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 charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. World Parrot Trust 800944) Notes to the Accounts Page 14
Notes to the Financial Statements For the year ended 31 March 2025 (Continued) Gift aid Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate. Investment income Income from investments is included in the year in which it is receivable. Other income Membership fees, including life 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 once paid the membership fee is not refundable. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it 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 consistent with the use of resources. Raising funds These are costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities 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 charity 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. Intangible assets Intangible assets are stated in the Balance Sheet at 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 at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The World Parrot Trust (800944) Notes to the Accounts Page 15
Notes to the Financial Statements For the year ended 31 March 2025 (Continued) 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% per annum straight line Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost 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% per annum straight line 25% per annum straight line 25% per annum straight line Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow-moving stocks. Cost is determined using the first-in, first-out (FIFO) basis. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed. 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 instrument. 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 effective interest method. The World Parrot Trust (800944) Notes to the Accounts Page 16
Notes to the Financial Statements For the year ended 31 March 2025 (Continued) 2. Income from donations and legacies Unrestricted Funds (E) Donations and legacies; Donations from individuals Legacies and bequests Grants, including capital grants; Grants & project income Membership fees Income from donations and legacies 69,488 175,599 Restricted Funds Total Funds 2025 Total Funds 2024 (E) (E) (E) 69,488 175,599 133,145 948,731 306,638 5,268 250,355 306,638 306,638 5,268 556,993 43,236 8,256 1,133,368 3. Income from other trading activties Total Funds 2025 (E) Total Funds 2024 (E) Merchandise sales Events income Investment income 22,707 4,095 26,802 Other Trading Activities The charity had planned a trading initiative, Naturally Parrots, intended to generate income through merchandise sales to help offset the costs of parrot care and rehabilitation at the Kiwa Centre. During the year, no income was generated from this initiative as it did not reach the point of trading, and the project has since been put on hold following the departure of the responsible staff member. As a result, no income from other trading activities is recognised for the year. Any associated costs incurred in preparation for this initiative have been reviewed and reclassified where appropriate, but they do not result in a net trading surplus or deficit. The World Parrot Trust (800944) Notes to the Accounts Page 17
Notes to the Financial Statements For the year ended 31 March 2025 (Continued) 4. Investment income Unrestricted Funds (E) Restricted Funds Total Funds 2025 Total Funds 2024 Interest receivable on bank deposits 43,589 43,589 12,183 Investment income 43,589 43,589 12,183 5. Expenditure on Raising Funds Unrestricted Funds (E) Restricted Funds Total Funds 2025 Total Funds 2024 (E) (E) (E) Fundraising trading costs 46,189 46,189 21,241 Fundraising trading costs 46,189 46,189 21,241 The World Parrot Trust (800944) Notes to the Accounts Page 18
Notes to the Financial Statements For the year ended 31 March 2025 (Continued) 6. Expenditure on charitable activities Activity undertaken directly 361,200 100,427 Activity support costs Total 2025 (E) Total 2024 (E) Regional Conservation Projects Wages and Salaries Insurance Printing, postage and telephone Sundry expense Conferences and travel General Admin Expenses Accountancy fees Bank interest and charges Depreciation & amortisation Consultancy fees Support expenses Expenditure on charitable activities 461,627 67,075 1,256 17,613 5,963 3,263 30,767 4,435 844 20,029 10,705 8,192 170,142 361,200 167,502 1,256 17,613 5,963 3,263 30,767 4,435 844 20,029 10,705 8,192 631,769 367,446 56,935 1,490 3,947 748 1,981 14,331 12,863 1,017 18,610 5,952 485,320 Categorisation of Charitable Expenditure During FY 2025, certain charitable expenditure categories were reviewed and refined to improve consistency and clarity of presentation. As part of this review, costs previously classified under Advertising and Promotion were reclassified to General Administration, as these expenses were assessed to relate primarily to internal operational support rather than direct charitable outreach or programme delivery. In addition, expenditure items arising in FY 2025 that did not align with the prior-year expense groupings have been presented within a new Support Costs category. This includes, for example, maintenance and equipment support costs, which support the delivery of charitable activities but are not directly attributable to a specific programme. These changes were made to better reflect the nature of the underlying costs and to enhance the usefulness of the financial information to users. Comparative figures have been reviewed and adjusted where necessary to ensure consistency. The World Parrot Trust (800944) Notes to the Accounts Page 19
Notes to the Financial Statements For the year ended 31 March 2025 (Contnued) 7. Expenditure on conservation projects Unrestricted Funds (E) Restricted Funds Total Funds 2025 (E) (E) Total Funds 2024 (E) Conservation Projects 118,276 Africa Projects Expense Neotropics Projects Expense Indonesia Projects Expense Kiwa Centre Expense Education Expense Other Worldwide Projects Expense Total expenditure on conservation projects 107,824 35,491 50,754 172,958 60,950 107,824 35,491 50,754 172,958 60,950 156,249 57,218 33,650 33,650 35,703 461,627 461,627 367,446 8. Net incoming / outgoing resources Total Funds 2025 (E) Total Funds 2024 (E) Net incoming / (outgoing) resources for the year include: Depreciation of fixed assets Amortisation of software Net incoming / (outgoing) resources 17,854 2,175 20,029 16,435 2,175 18,610 The World Parrot Trust (800944) Notes to the Accounts Page 20
Notes to the Financial Statements For the year ended 31 March 2025 (Continued) 9. Trustees remuneration and expenses During the year the charity made the following transactions with Trustees: Ms C Senni Ms C Senni received consultancy remuneration of £12,850.74 (2024: £12,998) during the year as permitted by the governing 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. 10. Staff costs during the year were: Total Funds 2025 (E) Total Funds 2024 (E) Wages and salaries 170,140 124,292 Social security costs 15,874 9,590 Pension costs 3,305 2,014 189,319 135,896 Average number of persons (including senior management / leadership team) employed by the charity during the year expressed by average headcount was as follows: Administation 6 5 No employee received emoluments of more than £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 in note 9. The World Parrot Trust (800944) Notes to the Accounts Page 21
Notes to the Financial Statements For the year ended 31 March 2025 11. Auditors remuneration Total Funds 2025 (E) Total Funds 2024 (E) Fees for audit work Fees for non-audit services - 6,250 3,250 Fees for independent examination 4,435 4,435 9,500 12. Taxation The charity is a registered charity and is therefore exempt from taxation. 13. Intangible fixed assets Total Funds 2025 (E) Costs At 1 April 2024 At 31 March 2025 11,362 11,362 Amortisation At 1 April 2024 Charge for the year At 31 March 2025 7,012 2,175 9,18/ Net book value At 31 March 2025 At 31 March 2024 2,175 4,350 The World Parrot Trust (800944) Notes to the Accounts Page 22
Notes to the Financial Statements For the year ended 31 March 2025 14. Tangible fixed assets Land and buildings Furniture and equipment Costs At 1 April 2024 Additions Disposal At 31 March 2025 239,372 58,325 239,372 58,325 Depreciation At 1 April 2024 Depreciation for the year At 31 March 2025 187,544 16,366 203,910 57,336 613 57,949 Net book value At 31 March 2025 At 31 March 2024 35,462 51,828 376 989 The World Parrot Trust (800944) Notes to the Accounts Motor vehicles 6,195 6,195 4,445 875 5,320 875 1,750 Total Funds 2025 (E) 303,892 303,892 249,325 17,854 267,179 36,713 54,567 Page 23
Notes to the Financial Statements For the year ended 31 March 2025 15. Stocks Total Funds 2025 (E) At 31 March 2024 Purchase Sold At 31 March 2025 10,840 6,826 -4,359 13,307 16. Debtors Total Funds 2025 (E) Trade Debtor Trustee Advance Prepayments At 31 March 2025 1,003 6,710 5,073 12,786 17. Cash and cash equivalents Total Funds 2025 (E) Cash at bank Other cash and cash equivalents At 31 March 2025 1,464,906 1,464,906 The World Parrot Trust 800944) Notes to the Accounts Total Funds 2024 (E) 12,459 -1,619 10,840 Total Funds 2024 (E) 575 5,948 6,523 Total Funds 2024 (E) 1,539,381 4,840 1,544,221 Page 24
Notes to the Financial Statements For the year ended 31 March 2025 18. Creditors Total Funds 2025 (E) Total Funds 2024 (E) Other creditors Accruals At 31 March 2025 1,092 1,092 2,930 11,400 14,330 19. Related party transactions The Trust receives management and staff assistance, along with promotion support, 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, the Trust received £4,804 (2024 - £4,355) from Paradise Park from donation boxes, the Parrot Show, and merchandise sold through the Park's shop. Paradise Park now collects 40% plus VAT of gross sales from selling WPT merchandise in its gift shop (2024 - previously recorded as at no cost to the Trust). The Trust received Enil (2024 - £40,500) from Paradise Park as reimbursement of aviary costs incurred on behalf of the Park. During the year, the Trust paid £5,327 (2024 - £7,297) to Paradise Park in respect of commission on merchandise sales, peppercorn rent, and reimbursement of costs incurred on behalf of the Trust. During the year, payments of £10,329 (2024 - £11,990) were made to World Parrot Trust U.S.A., a charity with common trustees, in respect of donations and reimbursement of expenses. Receipts of £25,292 were received from World Parrot Trust U.S.A as project income. A balance of Enil (2024 - £550) was outstanding at the year No unconditional donations were received from a trustee of the charity during the year (2024 - £100,000). In the prior year, the Trust has entered into a 7-year lease agreement with Alison Hales and Nicholas Reynolds to lease land at Paradise Park for a peppercorn rent. There were no amounts outstanding at the balance sheet date (2024 - nil). Trustee advance During the year, the charity made a payment to local tax authorities on behalf of a trustee (Joseph Davenport) due to temporary banking and access issues while the trustee was based overseas. The amount is expected to be fully repaid to the charity in the following financial year and has therefore been recognised as an amount receivable at the reporting date. The trustees consider this arrangement to be short-term and recoverable. The World Parrot Trust (800944) Notes to the Accounts Page 25
Notes to the Financial Statements For the year ended 31 March 2025 20. Contingent assets At 31 March 2025, the charity had been notified of two legacies that were probable but not capable of being reliably measured in full and therefore are treated as contingent assets. The Trustees were aware of amounts due from the Valarie Coltman Estate, although the precise sum was not known at the year-end. As noted in correspondence from the estate solicitor dated 25 April 2024, interim estate accounts had been prepared in draft and were under verification by the deceased's accountants. The Trustees consider it probable that these funds will be received once the estate is finalised. Subsequent to the year end, a payment of approximately £80,832 was received from this estate. The charity was also notified in March 2025 of a further legacy denominated in South African Rand. At the year end, the expected proceeds were approximately ZAR 104,464 (equivalent to around £4,500 at prevailing exchange rates). As probate had not been completed and the final amount was not measurable at the year end, no amount has been accrued. A payment of £4,076 was received in July 2025. No other notifications of legacies had been received at the year end which met the criteria for recognition under the Charities SORP. Any further amounts receivable in respect of estates remain uncertain at the balance sheet date. The World Parrot Trust (800944) Notes to the Accounts Page 26
Notes to the Financial Statements For the year ended 31 March 2025 21. Funds Balance at 1 April 2024 Incoming resources Unrestricted funds General Designated Total unrestricted funds Restricted funds Africa Projects Oceania Projects Neotropics Projects Indonesia Projects Kiwa Centre Publications / Education Other Worldwide Projects Total restricted funds 1,565,802 3,983 1,569,785 293,944 Resources expended -216,330 Transfers Balance at 31 March 2025 -184,650 293,944 -216,330 -184,650 1,118 1,458,766 3,983 1,462,749 9,864 1,000 42,114 9,834 - 65 - 25,369 36,386 1,606,171 116,570 1,000 22,941 92,868 37,234 14,675 21,350 306,638 600,582 -107,824 - -35,491 -50,754 -172,958 -60,951 -33,651 -461,629 -677,959 - 2,715 135,659 46,276 184,650 13,068 66,046 1,528,795 Restricted Funds In the current year, the charity updated its chart of accounts to improve the presentation and tracking of restricted activities. Restricted income and expenditure are now recorded by specific region and/or project, with each regional or project category representing a separate restricted fund. As a result of this restructuring, the restricted funds presented in the current year may not directly align with the restricted fund headings disclosed in the prior year. Where this occurs, prior-year restricted funds have either been mapped to the relevant regional or project fund,or merged where they relate to the same underlying charitable activity. The old mapping of prior-year restricted funds is provided on the next page. During the year, transfers were made from unrestricted funds to cover overspends on restricted activities where expenditure was incurred in advance of the receipt of related restricted income. This change does not affect the total level of restricted funds held. The revised structure provides clearer reporting of how restricted funds are applied across the charity's conservation programmes, in accordance with UK charity SORP guidance. The World Parrot Trust (800944) Notes to the Accounts Page 27
Notes to the Financial Statements For the year ended 31 March 2025 21. Funds (Continued) Balance at 1 April 2023 (as restated) Incoming resources Unrestricted funds General 920,611 Designated Total unrestricted funds 920,611 Restricted funds ECPA 65 IZ-BT FHP-AP 1,118 HYMA 4,823 PACO 867 NECF-AG 9,870 BZ-HY 2,722 KTPN 65 LOVE 238 EKCT Kiwa Centre DNER WYCC WAG USFS TSWB DZKW Total restricted funds 19,768 Total funds 940,379 The World Parrot Trust (800944) 1,126,618 7,481 1,134,099 1,422 19,533 10,000 1,005 3,946 549 549 500 750 38,254 1,172,353 Notes to the Accounts Resources expended -471,385 -3,498 -474,883 -4,099 -238 -10,000 -7,788 -3,946 -549 -549 -3,259 -500 -750 -31,678 -506,561 Transfers Balance at 31 March 2024 -10,042 -10,042 1,565,802 3,983 1,569,785 65 1,422 1,118 4,823 867 25,304 2,722 65 6,783 - - 3,259 10,042 36,386 1,606,171 Page 28
Notes to the Financial Statements For the year ended 31 March 2025 21. Funds (Continued) For comparative purposes, certain prior-year restricted fund balances have been re-presented by mapping old account codes to the current regional or project-based fund structure. No balances were released, written off, or eliminated; all were transferred in full to the corresponding new fund codes. Key mappings: • ECPA - Echo Parakeet Project → Other Worldwide Projects • IZ-BT - Indianapolis Zoo (Blue-throated macaws) → Neotropics Projects • FHP-AP - Folke H Peterson (African Parrots) → Africa Projects • HYMA - Hyacinth macaws → Neotropics Projects • PACO - Patagonian conures → Neotropics Projects • NECF-AG - Natural Encounters Conservation Fund (Action Grants) → Other Worldwide Projects • BZ-HY - Berlin Zoo (Hyacinth macaws) → Neotropics Projects • KTPN - Neighborly (Kiwa trees) → Kiwa Centre This reclassification does not affect the total restricted funds reported 22. Net assets Fixed assets Current assets Current liabilities Total net assets Fixed assets Current assets Current liabilities Total net assets 23. Net cash flows General funds 38,888 1,420,970 -1,092 1,458,766 General funds 58,917 1,521,215 -14,330 1,565,802 Designated funds Restricted funds 3,983 3,983 66,046 66,046 Designated funds 3,983 3,983 Restricted funds 36,386 36,386 Total funds at 31 March 2025 38,888 1,490,999 -1,092 1,528,795 Total funds at 31 March 2024 58,917 1,561,584 -14,330 1,606,171 At 1 April 2024 Cash flows Cash and cash equivalents 1,544,221 -79,315 As 31 March 2025 1,464,906 The World Parrot Trust (800944) Notes to the Accounts Page 29