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← Albertine Rift Conservation Society

2023-12-31-accounts

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

Registered number: 04103967 Charity number: 1102123

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

CONTENTS

Page
Reference and Administrative Details of the Society, its Trustees and Advisers 1
Trustees' Report 2 - 10
Independent Auditors' Report on the Financial Statements 11 - 14
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 36

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

REFERENCE AND ADMINISTRATIVE DETAILS OF THE SOCIETY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Dr Adrie Mukashema
Dr Brigitte Nyirambangutse
Dr Charles Kahindo Muzusa Ngabo
Mr Elie Nizeyimana (resigned 26 June 2023)
Dr Jane Bemigisha (resigned 31 May 2025)
Mr John Salehe (resigned 31 May 2025)
Dr Victor Nyarangi Keraro
Dr Nicholas David King (appointed 26 June 2023)
Prof Joerg Balsger (appointed 1 June 2025)
Prof Godwin Sifu Kowero (appointed 1 June 2025)
Dr Robert Nabanyumya (appointed 1 June 2025)
Company registered
number
04103967
Charity registered
number
1102123
Registered office
C/O Birdlife International
The David Attenborough Building, Pembroke Street
Cambridge
CB2 3QZ
Company secretary
Dr Sam Kanyamibwa
Independent auditors
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
Bank of Kigali
KN 4 Ave
No12 Plot No 790
Kigali
Rwanda
Barclays Bank Plc
Barclays Cambridge
Cambridge
United Kingdom
CB2 3AX

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Society for the 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Society qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The Albertine Rift Conservation Society ("ARCOS") was established in 1995 with the mission to "enhance biodiversity conservation and sustainable management of natural resources through the promotion of collaborative conservation action for Nature and People." Today, ARCOS has programmes extending beyond the Albertine Rift, including the Africa Great Lakes region and the African mountains.

To achieve its mission, ARCOS builds on the following pillars of its approach:

b. Legal Status

ARCOS is registered in England and Wales as a Charity (Charity No 1102123), and Company Limited by guarantee (Company No 4103967). ARCOS is registered in Uganda (No S 5914/5195) and Rwanda (No. 118/RGB/18) as an international NGO, with the Operational Regional Head Office in Kigali. In addition, ARCOS has an appointed Board of Directors and Trustees drawn from different backgrounds and skills to board deliberations, and comprised of representatives from the Albertine Rift countries, Africa, and other international experts. Within the Board of Directors, a Management Committee is responsible for overseeing and reviewing ARCOS progress. The Management Committee comprises the Chairman, Vice-Chairman, Treasurer and the Chief Executive Officer, whose responsibility is to ensure the day-to-day management of the organization. There are clear distinctions between the role of the board and the executive management team.

c. Public Benefit Entity

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

The Trustees confirm that they have complied with their duty to have due regard to the Charity Commission’s general guidance on public benefit. The activities undertaken during the year to fulfil this obligation is further explained on the following pages.

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES (CONTINUED)

d. Message from the Chairman and Chief Executive Officer

The year 2023 marked the 28th Anniversary of the Albertine Rift Conservation Society (ARCOS). Similar to previous years, ARCOS continued to drive local actions to tackle global challenges.

In the beginning of 2023, ARCOS together with partners namely; the Circular Bioeconomy Alliance (CBA), Reforest’ Action with financial support from the AstraZeneca, launched the 30-year project with the goal of restoring degraded landscapes and promoting climate resilience in the western province.

In the middle of the year, ARCOS was honored with the Prestigious Award for Long-standing Landscape Restoration Efforts in Africa by One Tree Planted. As part of increasing the philosophy of acting locally and engaging broadly, ARCOS launched the African NGOs Alliance for Environmental Sustainability (ANAES), a collaborative endeavor between ARCOS, CBA, and other African NGOs, representing a unifying force that brings together 32 committed conservation and development NGOs from 18 African countries to work together to restore biodiversity and put nature back to our economy and community livelihoods.

Later on, in a notable development, His Majesty the King Charles III, who also established the Circular Bioeconomy Alliance in 2020, was introduced to this newly launched initiative.

In September, ARCOS was awarded by the Earth Bezos Fund with a grant to implement locally led and managed restoration efforts in Rwanda, Burundi and Democratic Republic Congo. ARCOS increased its resources through its 14 projects including (four new project earned in 2023). With 162 staff, through 14 projects in Rwanda, Uganda and Democratic Republic of Congo, ARCOS engaged over 54,000 farmer households and restored 40,000 hectares in activity related to landscape restoration and other sustainable initiatives.

We deeply appreciate the support from our donors, partners, ARCOS members, and the tireless efforts of our staff. Your contributions have been essential to our achievements this year. We look forward to your ongoing collaboration and welcome new partnerships as we continue our journey to build environmental resilience and care for our planet.

ACHIEVEMENTS AND PERFORMANCE

a. Strategic Programme Areas

The year 2023 marked the third year of the implementation of the ARCOS 2021-2030 strategic plan centered on 6 strategic areas:

  1. Enhancing Biodiversity Conservation and Ecosystem Restoration,

  2. Building Social Capital and Sustainable Community Livelihoods,

  3. Promoting Education for Sustainable Development,

  4. Promoting Eco-Agriculture and Sustainable Food System,

  5. Building Resilience to Climate Change and

  6. Supporting Movements and Private Sector to Enhance Green Development Agenda as pillars.

  7. Enhancing Biodiversity Conservation and Ecosystem Restoration

This year saw significant progress in strengthening our network for biodiversity conservation and ecosystem restoration. We forged partnerships with four key organizations (Reseau de Burundi, DIOBASS, Karongi & Rusizi districts), fostering collaboration and expanding our reach.

We empowered staff and community members by developing a comprehensive Biodiversity & Ecosystem

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Restoration Strategy. Additionally, 60 staff and 152 community representatives participated in training sessions, enhancing their capacity to contribute to these efforts. On the ground, our actions yielded impactful results. We significantly increased tree planting, growing a total of 3.5 million trees this year, with nearly half being native species. Restored areas expanded from 30,000 hectares to 40,000 hectares. Notably, the rehabilitation efforts contributed to the return of 20 indigenous species.

  1. Building social capital and sustainable community livelihoods

ARCOS significantly enhanced social capital and sustainable community livelihoods in 2023. The network of Farmer Network Associations (FNAs) grew by 460, reaching 1150 and fostering knowledge sharing. Three Endokwa Newsletters empowered communities with critical information.

Capacity building was prioritized with 83 new ARCOS staff trained extensively as trainers. Additionally, 24 cooperatives and 14 women's groups received Train-the-Trainer sessions, boosting their ability to support sustainable development initiatives.

Extensive household engagement efforts led to the adoption of sustainable practices, promoting environmental conservation and resilience. Village Savings and Loan Associations (VSLAs) surged from 440 to 900, accumulating a total of 97.2 million RWF, empowering communities economically.

Land was allocated for developing 35 hectares for value chains of agro-commodities, and a selling point was constructed in Rulindo to improve market access for local produce. Additionally, ARCOS funded 281 community and school project proposals through grants and loans, fostering entrepreneurship, green jobs, and inclusive growth.

  1. Promoting Education for Sustainable Development

In 2023, ARCOS made significant strides in promoting Education for Sustainable Development (ESD) within Rwandan communities. Strategic networking and targeted empowerment initiatives aimed to equip educators, students, and community leaders with the knowledge and skills necessary for a more sustainable future.

ARCOS actively participated in the global ESD conversation by attending three highlevel meetings. These included the Foundation for Environmental Education General Assembly, an update session with the Rwanda Education Board, and a UNESCO validation workshop on the Education for Sustainable Development 2030 Framework. These engagements ensured ARCOS remained at the forefront of ESD best practices and policies.

Empowerment was a key focus, with ARCOS staff receiving dedicated training on the Eco-Schools Approach and Climate Change adaptation strategies. This knowledge was then disseminated through a workshop, reaching a total of 50,671 individuals. Notably, this included 1,602 teachers, 48,869 students, 40 school leaders, 40 village leaders, 40 Environmental Officers, and 120 District Education Officials. By equipping these key figures with the tools and strategies for sustainable development, ARCOS is laying the groundwork for a more environmentally conscious future across Rwandan communities.

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

4. Promoting Eco-Agriculture and Sustainable Food System

The Eco-Agriculture and Sustainable Food System initiative achieved significant progress in 2023. Through strategic networking efforts, including the Endokwa Newsletter and Farmer Producer Organization (FPO) workshops, communities were empowered with essential knowledge on sustainable practices. These initiatives ensured that valuable information reached a broad audience, fostering informed community participation in sustainability efforts. Capacity building was a key focus, with over 133 individuals and groups trained as trainers in Sustainable Agriculture and Land Management (SALM) practices. This training equipped community members with the skills to implement and mentor others in sustainable practices, ensuring long-term positive impacts on local agriculture and environmental stewardship.

On-the-ground actions delivered tangible outcomes. Fifty model sites were established as local learning centers, providing practical demonstrations of sustainable practices. Additionally, 50 community-managed tree nurseries were set up, ensuring a steady supply of seedlings for reforestation and agroforestry projects. Adoption rates of sustainable practices among farmers were impressive, with 69% adopting kitchen gardens, 56% using grass strips, and 38% practicing conservation agriculture. These practices improved soil health, crop yields, and ecosystem resilience.

To support livelihoods, 552 livestock and tool packages were distributed, along with high-quality seeds, seedlings, manure, and lime. This distribution bolstered food security and agricultural productivity, enhancing the economic stability of farming households and promoting sustainable agriculture.

Overall, the Eco-Agriculture and Sustainable Food System initiative's multi-pronged approach effectively empowered communities with the knowledge, resources, and practical skills necessary for a more sustainable and food-secure future. The program's comprehensive strategy ensured that the benefits of sustainable agriculture were widely distributed, fostering resilient and self-sufficient communities.

5. Building Resilience to Climate Change

In 2023, the Eco-Agriculture and Sustainable Food System initiative achieved remarkable progress in promoting sustainable agricultural practices and enhancing climate resilience.

The initiative was further strengthened by community savings schemes, Nature-Based Community Funds (NBCFs), and various community projects, all aimed at empowering local populations to drive the green development agenda. A total of 851 community green projects received funding, reflecting the widespread commitment to environmental sustainability and the empowerment of grassroots initiatives.

Financial investment played a crucial role in the success of these projects, with 308,504,300 RWF allocated to support climate resilience and green development activities. This substantial funding ensured that communities had the necessary resources to implement effective and sustainable green projects.

Additionally, a significant milestone was reached in tree planting efforts. A total of 3,500,000 trees were planted, expected to sequester approximately 2.3 tons of carbon dioxide, demonstrating a strong commitment to mitigating climate change through natural solutions.

The 2023 accomplishments of the Eco-Agriculture and Sustainable Food System initiative highlight the effectiveness of a comprehensive approach to environmental sustainability. By integrating financial support, community empowerment, and practical on-the-ground actions, the initiative has set a robust foundation for ongoing green development and enhanced climate resilience in the communities it serves.

6. Supporting Green Development Agenda

ARCOS made significant progress in promoting environmentally friendly practices. Through grant giving, they grew a large number of coffee seedlings (175,000) that are expected to bring substantial income to the

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

community. Additionally, ARCOS created thousands of green jobs (4,117) by planting trees and running nurseries. This not only benefited the environment but also boosted cooperative income by 13% through both employment opportunities and seedling sales.

Beyond ARCOS' own work, a broader alliance (ANAES) was formed to promote environmental sustainability across Africa. This alliance, consisting of 32 NGOs, signifies a unified effort toward conservation across the continent. By funding over 850 community green projects, ARCOS demonstrated its commitment to environmental responsibility and its role in supporting the government's green development goals.

FINANCIAL REVIEW

a. ARCOS Financial Review and Funding

During the year ended 31 December 2023, ARCOS had total income amounting to $3,657,124 collected from its various sources of income, the organization incurred total expenses projects implementation and operating expenses amounting to $3,270,221 with a surplus of $386,903. This indicates that ARCOS has spent much of the Income received the year 2023 and part of funds carried forward from the year 2022’s income received.

The organization has achieved good results in terms of fundraising and resources mobilization. The fundraising team identified a total of 25 opportunities for which ARCOS was eligible to apply, have submitted 24 quality proposals out of which 8 were funded by December 2023. With this effort, the annual total income of the organization reached $3,657,124. In addition, during this year 2023, ARCOS invested efforts in the complying with requirements from donors, stakeholders and organization’s internal procedures by reporting on regular basis as required. We managed to facilitate the auditing process and the both the UK and regional audits, reports are in place.

The percentage of total expenditure incurred in the year 2023 per strategic programme areas is distributed below;

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

b. Reserves policy

It is ARCOS’ policy to commit the maximum amount of resources possible to current programmes in alignment to the organisation’s mission and objectives, and therefore retain only what is necessary to safeguard the continuity of its operations. The board continues to be satisfied with the efficiency of fundraising, the level of support costs and reserves held, and is confident that these are all in line with the agreed strategic direction.

Unrestricted funds were $231,792 at the year-end.

The unrestricted fund relates mainly to the tangible fixed assets of the organisation and the operational buildings used in the restricted projects. The Trustees continue to seek unrestricted income to build unrestricted reserves. The Trustees can further review their asset holdings with a view to releasing liquid funds if necessary. Cash balances are, however, carefully monitored to ensure all restricted projects can be completed.

Unrestricted income will allow the board to:

c. Going Concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Society has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. As outlined above, the Trustees are making efforts in fundraising to ensure that new funds are available to support organizational costs and that they can implement projects in line with funders requirements. We ensure compliance with the Fundraising Regulator Code of Practice and our own fundraising policies among our staff in a number of ways. This is done through rigorous coaching and training of new fundraising staff. With an established fundraising team, our target is to submit at least 3 major proposals per quarter. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

d. Principal risks and uncertainties

The Trustees are aware of the risks facing ARCOS and these are discussed by the Trustees on a regular basis. The Trustees have put in place plans to mitigate those risks as far as possible, where this is within control.

The Trustees have assessed and regularly assess the major risks to which the organization is exposed, in particular those related to the operations, finances, and compliance, and put in place mitigation measures to the possible risks to occur.

The main risks and their potential impact have been identified, together with the methods adopted to manage and mitigate them, and have been grouped into 4 categories:

Operational and administrative risks such as financial fraud and inefficient use of resources and assets

The trustees consider one of the current main risks to ARCOS might misappropriation of funds and therefore

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

has put in place a policy to minimize cash payment and use bank transfer for full approval process. Therefore, all requests for payment must be approved by a number of different people and payments made by bank transfer rather than cash.

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Structure and Governance

The Society is a charitable company which was formed from the Albertine Rift Conservation Society established in 1995 and hosted by the World Conservation Monitoring Centre (United Kingdom) and the Regional Coordination Office by Nature Uganda (Uganda). All monies held in bank accounts by this entity were donated to the Society on incorporation (8 November 2000). The Society is governed by its Memorandum and Articles of Association (revised 19 October 2012). The Society gained charitable status and was registered with the Charity Commission on 16 February 2004 (charity number: 1102123).

Board of Directors/Trustees: The Society is managed by a Board of Directors. ARCOS has currently seven Board members (including a Chairman, Vice Chairman, Treasurer and Secretary) who meet at least once per year or as needed in an annual general meeting. The Chairman or in his absence the Vice Chairman chairs the meeting. Any other member elected by members can chair the meeting if the Chairman and Vice Chairman are not present. The Board recruits and appoints Trustees who they consider will bring valuable and practical skills to the Society. All new trustees receive a full induction so that they can familiarise themselves with their statutory responsibilities, their role as board members, the governance framework within ARCOS and the risk environment. Ongoing training is arranged as and when a need is identified.

Management committee: The Chairman, Vice Chairman, Treasurer and Chief Executive Officer shall meet as the Management Committee at such intervals as the Board of Directors thinks fit. The Management Committee shall review the operations and activities of the Society and report the findings to the Board of Directors.

Staff positions: The Board of Directors may appoint such persons as it thinks fit to post including a position with overall responsibility for operational matters (whose formal tide may vary but hereafter known as the Chief Executive Officer), and such other salaried or voluntary staff posts on such terms and conditions, including remuneration and benefits, and with such duties and responsibilities as the Board, in its entire discretion, thinks fit. The Board may, at any time, vary or alter the terms and conditions and the duties and responsibilities of these posts provided always that no Directors shall occupy any of these posts. The Chief Executive Officer shall be the senior member of staff of the Society, and shall have responsibility for co-coordinating the Society activities and programmes.

b. Trustees

The Trustees in office during part or all of the year ended 31 December 2023 were:

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Plans for future periods

Facing the Future

In the year 2024, we will continue to invest in accelerating our progress towards our 2030 Goals. We remain optimistic that our ambitious conservation vision and restoration of nature in a growing economy, will deliver a major impact for our mission. We will ensure that ARCOS’ growth both in human resources and funds, be grounded in a vision of sound management and well-being of people and impact.

The key targets that ARCOS plans to achieve will mainly include the following:

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

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

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

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

Disclosure of information to auditors

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

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

Dr Brigitte Nyirambangutse Vice-Chair/Trustee

Date: 08 July 2025

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ALBERTINE RIFT CONSERVATION SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBERTINE RIFT CONSERVATION SOCIETY

OPINION

We have audited the financial statements of Albertine Rift Conservation Society (the 'society') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

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

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ALBERTINE RIFT CONSERVATION SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBERTINE RIFT CONSERVATION SOCIETY (CONTINUED)

misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company 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 in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

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

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

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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ALBERTINE RIFT CONSERVATION SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBERTINE RIFT CONSERVATION SOCIETY (CONTINUED)

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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ALBERTINE RIFT CONSERVATION SOCIETY

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBERTINE RIFT CONSERVATION SOCIETY (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

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Nikki Loan FCA (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore

Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA Date: 08 July 2025

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ALBERTINE RIFT CONSERVATION SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME FROM:
Grants and donations
2
Other income
3
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
4
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
Transfers between funds
12
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Restricted
funds
2023
$
3,547,339
-
3,547,339
2,918,613
2,918,613
628,726
(139,733)
488,993
399,181
488,993
888,174		 Unrestricted
funds
2023
$
-
109,785
109,785
351,608
351,608
(241,823)
139,733
(102,090)
333,882
(102,090)
231,792		 Total
funds
2023
$
3,547,339
109,785
3,657,124
3,270,221
3,270,221
386,903
-
386,903
733,063
386,903
1,119,966		 Total
funds
2022
$ 1,739,973
29,314
1,769,287
1,942,996
1,942,996
(173,709)
-
(173,709)
906,772
(173,709)
733,063

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

The notes on pages 18 to 36 form part of these financial statements.

Page 15

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY REGISTERED NUMBER: 04103967

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
12
Unrestricted funds
12
TOTAL FUNDS		 252,720
981,906
1,234,626
(813,954)		 2023
$
699,294
420,672
1,119,966
888,174
231,792
1,119,966		 129,986
283,121
413,107
(180,400)		 2022
$ 500,356
232,707
733,063
399,181
333,882
733,063

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

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

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

==> picture [132 x 37] intentionally omitted <==

==> picture [106 x 37] intentionally omitted <==

Dr Brigitte Nyirambangutse Dr Sam Kanyamibwa Vice-Chair/Trustee CEO and Secretary

Date: 08 July 2025

07 July 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 16

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by/(used in) operating activities
14
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets
Income from investments
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
15
The notes on pages 18 to 36 form part of these financial statements		 2023
$
938,663
(239,878)
-
(239,878)
698,785
283,121
981,906		 2022
$ (268,109)
(5,984)
29,314
23,330
(244,779)
527,900
283,121

Page 17

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Albertine Rift Conservation Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The functional and presentational currency is US dollars.

1.2 GOING CONCERN

The Trustees have reviewed the financial position of the Society and have a reasonable expectation that the Society has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of the financial statements. As outlined in the Trustees' report, the Trustees are making efforts in fundraising to ensure that new funds are available to support organisational costs and that they can implement projects in line with funders requirements. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Refer to Trustee report for further reference.

1.3 COMPANY STATUS

The Society is a company limited by guarantee and registered under the Companies Act with charitable status. Status was gained on 16 February 2004. The members of the Society are the Trustees named on page 1. In the event of the society being wound up, the liability in respect of the guarantee is limited to £1 per member of the Society

1.4 INCOME

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

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

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

Income from funds held on deposit is included when receivable and the amount can be measured reliably by the Society; this is normally upon notification of the interest paid or payable by the bank.

Rental income is recognised in the period to which it relates.

Page 18

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.5 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities, including the cost of certain 'central' staff salaries, depreciation of fixed assets, etc. Restricted income typically includes an allocation relating to overheads. Costs relating to support for each project are either charged directly to the relevant grant, or to the unrestricted fund via a funds transfer. Support costs relating to finance and operations are allocated to projects based on time spent, or another equally logical allocation based on an estimation of that project's utilisation of the resource, costed.

Support costs are those costs incurred directly in support of expenditure on the objects of the Society and include project management carried out at Head Office and are allocated to projects based on staff time. Governance costs are professional and accountancy costs and are included in support costs and allocated accordingly.

All expenditure is inclusive of irrecoverable VAT.

1.6 FOREIGN CURRENCIES

Monetary assets and liabilities denominated in foreign currencies are translated into dollars at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into dollars at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing $400 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Land - Not depreciated - Building 20 years Motor vehicles - 10 years - Office equipment 3-6 years - Computer equipment 3 years

Page 19

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (CONTINUED)

1.8 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.10 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Society anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.11 FINANCIAL INSTRUMENTS

The Society only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

1.13 PENSIONS

During the year the Society contributed towards the National Social Security Fund on behalf of its employees. Pension costs reflect amounts payable by the company to the fund in respect of the employer contribution for that year. These are shown alongside the charity's (non-UK) social securities, medical and other costs, within note 7.

Page 20

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. INCOME FROM GRANTS AND DONATIONS

SAINSBURY'S
Eco-Schools Rwanda
Livelihoods
Global Nature Fund (GNF)
Foundation Audemars-Watkins (FAW)
Mountains ADAPT (UNEP)
Sustainable goals development partnership (SDGP)
GIZ-WEFE
FONERWA (CAF)
Tree planting (AFR/OTP)
MULAKILA
CCAM
Eco-schools Uganda
Adaptation at Altitude (UNEP)
Geo mountain forum
Combio Project (IUCN)
Bezos Earth Fund
Aid Environment (UNHCR)
Leuphana University
TSF
Zoi Environment Network
ALINEA
TOTAL 2023
TOTAL 2022		 Restricted
funds
2023
$
11,113
155,649
1,352,287
231,642
77,532
35,250
66,646
87,217
60,000
109,990
1,016,978
30,391
73,827
25,000
21,384
35,016
149,589
7,828
-
-
-
-
3,547,339
1,739,973		 Total
funds
2023
$
11,113
155,649
1,352,287
231,642
77,532
35,250
66,646
87,217
60,000
109,990
1,016,978
30,391
73,827
25,000
21,384
35,016
149,589
7,828
-
-
-
-
3,547,339
1,739,973		 Total
funds
2022
$ 13,140
-
760,427
34,967
84,389
21,000
51,493
76,381
240,000
173,980
-
-
195,431
-
-
-
-
-
6,323
37,927
1,972
42,543
1,739,973

Page 21

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. OTHER INCOMING RESOURCES

Membership income
Rental Income
Sale of bidding document
Other income
Foreign exchange movement		 Unrestricted
funds
2023
$
3,667
3,358
198
55,818
46,744
109,785		 Total
funds
2023
$
3,667
3,358
198
55,818
46,744
109,785		 Total
funds
2022
$ -
13,644
-
15,670
-
29,314

Page 22

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. EXPENDITURE BY PROJECT AND STRATEGIC ANALYSIS

Supporting
Promoting Governments
Enhancing Building Eco- and Private
Biodiversity Social Promoting Agriculture Sector to Partnership,
Conservation Capital and Education and Building Enhance Information
and Sustainable for Sustainable Resilience Green management Finance and
Ecosystem Community Sustainable Food to Climate Development and Operation
Restoration Livelihoods Development System Change Agenda Advocacy cost Total 2023 Total 2022
$ $ $ $ $ $ $ $ $ $
SAINSBURY'S - - - - - - - - - 802
Eco-Schools
Rwanda - 1,904 76,110 28,559 49,502 3,808 3,808 26,701 190,392 159,528
Livelihoods 465,401 269,901 26,990 242,910 229,415 40,485 13,495 60,905 1,349,502 972,800
Global Nature
Fund (GNF) 55,861 18,874 - 56,623 49,073 - - 8,312 188,743 12,407
Foundation
Audemars-
Watkins (FAW) 43,970 626 - - 11,444 - - 4,193 60,233 85,179
Mountains
ADAPT (UNEP) - - - - 25,983 11,359 - 521 37,863 64,177
Sustainable goals
development
partnership - - - - - 55,911 - 1,197 57,108 42,279
GIZ-WEFE - - - - - - - 14 14 129,973
FONERWA 35 6,052 - - 6,696 - - 94 12,877 192,114
Tree planting
(AFR/OTP) 24,904 24,236 - 10,906 52,107 - - 9,026 121,179 112,614

Page 23

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MULAKILA 193,899 144,679 14,468 130,211 180,849 28,936 7,234 23,119 723,395 -
CCAM 100 415 9,327 2,902 6,218 415 207 1,144 20,728 -
Eco schools
Uganda (Euro)		 1,121 759 18,592 5,691 10,624 759 379 17 37,942 -
Adaptation at
Altitude (UNEP)		 - - - - 6,527 3,076 - 650 10,253 -
Geo mountain
forum		 - - 9,629 - - - - - 9,629 -
Combio Project
(IUCN)		 2,789 562 562 337 787 562 - 22 5,621 -
Bezos Earth
Fund		 35,102 11,085 3,695 7,390 7,390 3,695 3,695 1,847 73,899 -
Aid Environment
(UNHCR)		 - 3,458 - - 13,833 - - - 17,291 -
Amasangano
TSF		 -
-		 -
-		 -
1,944		 -
-		 -
-		 -
-		 -
-		 -
-		 -
1,944		 487
26,003
ZOI Environment
Network		 - - - - - - - - - 1,538
Leuphana
University		 - - - - - - - - - 6,323
ALINEA
Unrestricted		 -
-		 -
-		 -
-		 -
-		 -
-		 -
961		 -
133,306		 -
217,341		 -
351,608		 66,874
69,898
Total 2023
Total 2022		 823,182
384,393		 482,551
306,288		 161,317
124,707		 485,529
342,608		 650,448
527,595		 149,967
103,744		 162,124
17,595		 355,103
136,066		 3,270,221
1,942,996		 1,942,996

Page 24

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. FINANCE AND OPERATION - SUPPORT COST

Audit and accountancy cost
Bank charges
Depreciation
Office costs
Professional fees
Bank charges
Depreciation
Foreign exchange
Office costs		 Restricted
funds
2023
Unrestricted
funds
2023
$
$
19,285
127,346
2,824
7,346
-
40,939
115,653
41,710
137,762
217,341
Restricted
funds
2022
Unrestricted
funds
2022
$ $ 15,073
-
4,625
-
30,555
-
16,472
30,578
-
38,763
66,725
69,341		 Total
funds
2023
$
146,631
10,170
40,939
157,363
355,103
Total
funds
2022
$ 15,073
4,625
30,555
47,050
38,763
136,066

Page 25

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. AUDITORS' REMUNERATION

2023 2022
$ $
Fees payable to the Society's auditor in respect of:
The audit of the Company's annual accounts 67,275 11,759
All non-audit services not included above 10,000 3,317

7. STAFF COSTS

Wages and salaries. (Non-UK)
Social securities, pension, medical and other. (Non-UK)
Health insurance		 2023
$
745,248
44,663
79,635
869,546		 2022
$ 523,396
27,740
-
551,136

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

Management
Eco-school Rwanda
SDGP
FAW
Agro-forestry for Livelihoods
AFR
TSF
FONERWA
GNF
UNEP
MULAKILA Project
CCAM
Eco-school Uganda
Combio Project
Bezos Earth Fund
AIDENVIRONMENT_UNHCR		 2023
No.
6
4
2
2
56
4
-
1
3
1
31
2
2
2
2
1
119		 2022
No.
6
2
2
6
55
7
3
5
3
2
-
-
-
-
-
-
91

Page 26

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

During the year 2023, ARCOS had 46 volunteers who supported project implementation activities and administrative works. Of these volunteers, 42 were Rwandan and 4 were International. These volunteers assisted mostly in the MULAKILA project, GNF and Agroforestry for Livelihood Project while carrying out Farmers mobilization and trainings, farmers’ land registration, guiding farmers in trees planting and maintenance activities. Volunteer usage has contributed a lot in farmers mindset change, increasing numbers of trees planted and enhancing trees planted survival rate during the year 2023.

No employee received remuneration amounting to more than $76,400 (£60,000) in either year.

The key management personnel of the Society comprise:

Trustees Chief Executive Officer Director of Finance and Administration Director of Conservation Program Head of Nature based Community Development Program and landscape Coordinator Executive Office Manager

Director of Business Development and External Relations

The total employment benefits including employer's social security and pension contributions of the key management personnel were $197,347 (2022 - $152,184).

8. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2022 - $NIL).

During the year ended 31 December 2023, expenses totalling $6,045 were reimbursed or paid directly on behalf of 5 Trustees (2022 - $923 to 4 Trustees), in respect of travel, accommodation and sundry refreshment costs in connection with the fulfilment of duties connected with their trusteeship.

Page 27

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. TANGIBLE FIXED ASSETS

COST
At 1 January 2023
Additions
At 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for the year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022		 Land and
Building
$
410,722
-
410,722
11,614
5,806
17,420
393,302
399,108		 Motor
vehicles
$
141,950
198,134
340,084
51,619
28,870
80,489
259,595
90,331		 Office
equipment
$
24,526
8,203
32,729
20,714
291
21,005
11,724
3,812		 Computer
equipment
$
68,933
33,541
102,474
61,828
5,973
67,801
34,673
7,105		 Total
$
646,131
239,878
886,009
145,775
40,940
186,715
699,294
500,356

The cost of the land was approximately $276,722 (2022 - $276,722).

10. DEBTORS

Due within one year
Other debtors
Accrued income		 2023
$
25,565
227,155
252,720		 2022
$ 11,943
118,043
129,986

Page 28

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank overdrafts
Trade creditors
Other taxation and social security
Other creditors
Deferred income		 2023
$
4
-
48,949
186,520
578,481
813,954		 2022
$ -
1,129
38,918
83,945
56,408
180,400

Deferred income relates to income received for the Foundation Audemars-Watkins (FAW), International Union for Conservation of Nature and Natural Resources (IUCN) and Bezos Earth Fund projects that must be used in the next financial year 2024.

Deferred income at 1 January 2023
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 December 2023		 2023
$
56,408
578,481
(56,408)
578,481		 2022
$ 65,586
56,408
(65,586)
56,408

Page 29

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
General funds
Membership
RESTRICTED FUNDS
NFF-RSF
Sainsbury's
Eco-Schools Rwanda
Livelihoods
Global Nature Fund (GNF)
Foundation Audemars-Watkins
Mountains ADAPT (UNEP)
Sustainable goals development
partnership (SDGP)
GIZ-WEFE
FONERWA-CAF
Tree planting (AFR/OTP)
MULAKILA
CCAM
Eco-schools Uganda
Adaptation at Altitude (UNEP)
Geo mountain forum
Combio Project (IUCN)
Bezos Earth Fund
Aid Environment (UNHCR)
TSF
TOTAL OF FUNDS		 Balance at 1
January
2023
$
333,882
-
333,882
11,500
-
54,864
158,433
22,560
57,691
23,497
38,592
(53,592)
47,886
37,750
-
-
-
-
-
-
-
-
-
399,181
733,063		 Income
$
106,118
3,667
109,785
-
11,113
155,649
1,352,287
231,642
77,532
35,250
66,646
87,217
60,000
109,990
1,016,978
30,391
73,827
25,000
21,384
35,016
149,589
7,828
-
3,547,339
3,657,124		 Expenditure
$
(350,531)
(1,077)
(351,608)
-
-
(190,392)
(1,349,502)
(188,743)
(60,233)
(37,863)
(57,108)
(14)
(12,877)
(121,179)
(723,395)
(20,728)
(37,942)
(10,253)
(9,629)
(5,621)
(73,899)
(17,291)
(1,944)
(2,918,613)
(3,270,221)		 Transfers
$
139,733
-
139,733
-
(11,113)
-
-
-
-
-
-
(33,611)
(95,009)
-
-
-
-
-
-
-
-
-
-
(139,733)
-		 Balance at
31
December
2023
$
229,202
2,590
231,792
11,500
-
20,121
161,218
65,459
74,990
20,884
48,130
-
-
26,561
293,583
9,663
35,885
14,747
11,755
29,395
75,690
(9,463)
(1,944)
888,174
1,119,966

Page 30

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. STATEMENT OF FUNDS (CONTINUED)

Current year funds

NFF-RSF - The 'Seeds, Soil and Culture Fund of RSF Social Finance' provided a grant to be put towards enhancing bio-cultural knowledge and eco-agricultural practices for mountain community livelihoods and climate change resilience in Rwanda and Uganda.

Sainsburys - Income relates to consultancy services for the Sainsbury's Fairly Traded tea pilot.

Eco-Schools - Part of the Danish Outdoor Council's programme promoting the right to quality education through Eco-Schools in Africa.

Livelihoods - This is a project focusing on fighting climate change and its effects through the reduction of greenhouse emissions and/or the increase of greenhouse gas sequestration. The project also endeavours to reduce poverty, promote gender equality and inclusion of youth. The deficit on this project will be cleared as funding is received in arrears.

Global Nature Fund (GNF) - This fund was originally money from the Global Biodiversity Information Facility for workshops. Funding is now being received from the Global Nature Fund to develop a full proposal.

Foundation Audemars-Watkins (FAW)- This is a project in support of the Nyagasenyi Remnant Forest landscape restoration for improved livelihoods and resilience to climate change.

Mountains ADAPT (UNEP) – Advancing Climate Action in East Africa is an United Nations Environment Programme project that is integrated into planning and policy process of regional bodies/frameworks/platform/initiatives and tier national constituencies through strengthened sciencepolicy dialogue platforms.

Sustainable Development Goals Partnership (SDGP) is a Agroforestry interventions project for uphill food, income security and tea plantation protection.

GIZ WEFE - Funding for Enhancing Water-Energy-Food-Ecosystems (WEFE) Nexus and Climate Resilience along Koko (Rwanda) and Lwiro (DRC) Rivers of Lake Kivu Basin through Nature-Based Community Enterprises. The deficit on this fund was cleared when funding was received in 2023 and the remaining balance transferred reflecting unrestricted support over the life of the project.

FONERWA (CAF) - Funding for the technical assistance of the implementation of community adaptation facility (CAF) in Gicumbi district for NDC deep Dive project.

Tree planting (AFR/OTP) - ARCOS is working in collaboration with AFR100 Terramatch and One Tree Planted to plant trees.

MULAKILA - Project funding to build resilience to climate change and sustainable agriculture value chains (including timber and fruit) in agro-systems around Mukura Forest and Lake Kivu Catchment Landscape, Western Rwanda.

CCAM - Climate change adaptation modality is project funding to support integrated action for climate change resilience and livelihood in mountainous Tanzania and Rwanda.

Adaptation at altitude taking action in the mountains (UNEP) - Funding to support improved availability and use of mountain observation data and information services to support knowledge of climate change impact and help generate solutions and adaptations.

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. STATEMENT OF FUNDS (CONTINUED)

Geo Mountain Forum - Funding to support the delivery of one GEO Mountains East Africa workshop to be held at Kigali in October 2023.

Combio project - Funding from the IUCN to contribute to the implementation of sustainable management of natural resources and environment to transition Rwanda towards a green economy, through the financing of the reducing vulnerability to climate change through enhanced community-based biodiversity conservation in the Eastern Province of Rwanda.

Bezos Earth Fund - funding to deliver restoration training to 7 NGOs and 100 Friends of Nature Associations to strengthen their capacity to manage sustainable socio-ecological systems, with emphasis on landscape restoration practices. The training will take place primarily in Rwanda and Burundi.

AID ENVIRONMENT (UNHCR) - funding to conduct field visits leading to the development of case study reports and workshops. The deficit will be recovered through future funding.

Prior year funds

JRS - These funds were received to support development of the Albertine Rift Biodiversity Portal.

VTF - A project committed to restoring and protecting Amasangano confluence wetland zone in Rwanda for enhanced ecological integrity and sustainable community livelihoods.

Stockholm Environment - This is a project to provide support to the Economics of Land Degradation policy engagement processes in Rwanda.

TSF - Funding for Eco-schools as a tool for integrating sustainable development and climate action within the Competency-Based Curriculum in Rwanda.

Zoi Environment Network - Funding for consultancy to support under the adaptation altitude programme.

Leuphana University - Funding towards consultancy contract with Leuphana University.

ALINEA - Funding towards the Community to Community exchange. The transfer from unrestricted funds covers the overspend on this fund.

Transfers

Transfers from restricted to unrestricted funds relate to overhead contributions payable by the projects and to assets funded by the projects.

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Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS
General funds
RESTRICTED FUNDS
JRS
NFF-RSF
Sainsbury's
One Tree Planted (OTP)
Eco-Schools
VTF
Eco Agriculture International
Livelihoods
Stolkholm Environment
Global Nature Fund (GNF)
Foundation Audemars-Watkins
(FAW)
United Nations Environment
Programme (UNEP)
Sustainable Development
Goals Partnership
TSF
GIZ-WEFE
FONERWA-CAF
AFR100 Terramatch
Zoï Environment Network
Leuphana University
ALINEA
TOTAL OF FUNDS		 Balance at
1 January
2022
$ 223,842
53,504
36,286
(7,576)
38,593
18,961
9,495
946
370,806
5,282
2,296
58,481
66,674
29,378
(196)
-
-
-
-
-
-
682,930
906,772		 Income
$ 29,314
-
-
13,140
31,995
195,431
-
-
760,427
-
34,967
84,389
21,000
51,493
37,927
76,381
240,000
141,985
1,972
6,323
42,543
1,739,973
1,769,287		 Expenditure
$ (69,898)
-
-
(802)
(8,379)
(159,528)
(487)
-
(972,800)
-
(12,407)
(85,179)
(64,177)
(42,279)
(26,003)
(129,973)
(192,114)
(104,235)
(1,538)
(6,323)
(66,874)
(1,873,098)
(1,942,996)		 Transfers
in/out
$ 150,624
(53,504)
(24,786)
(4,762)
(62,209)
-
(9,008)
(946)
-
(5,282)
(2,296)
-
-
-
(11,728)
-
-
-
(434)
-
24,331
(150,624)
-		 Balance at
31
December
2022
$ 333,882
-
11,500
-
-
54,864
-
-
158,433
-
22,560
57,691
23,497
38,592
-
(53,592)
47,886
37,750
-
-
-
399,181
733,063

Page 33

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2023
Unrestricted
funds
2023
$
$
321,492
377,802
1,167,985
66,641
(601,303)
(212,651)
888,174
231,792		 Total
funds
2023
$
699,294
1,234,626
(813,954)
1,119,966

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
$ 142,677
361,744
(105,240)
399,181		 Unrestricted
funds
2022
$ 357,679
51,363
(75,160)
333,882		 Total
funds
2022
$ 500,356
413,107
(180,400)
733,063

Overhead/indirect costs budgets from prior years had not been fully allocated to projects. Overhead allocations to restricted funds, including depreciation charges, and further unrestricted funding will reduce this gap. The Trustees are monitoring the position.

Page 34

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Increase in debtors
Increase/(decrease) in creditors
Income from investment
Net cash provided by/(used in) operating activities		 2023
$
386,903
40,940
(122,734)
633,554
-
938,663		 2022
$ (173,709)
30,555
(80,138)
(15,503)
(29,314)
(268,109)

15. ANALYSIS OF CASH AND CASH EQUIVALENTS

2023 2022
$ $
Cash in hand 981,906 283,121

16. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Bank overdrafts repayable on demand		 At 1
January
2023
$
283,121
-
283,121		 Cash flows
$
698,785
(4)
698,781		 At 31
December
2023
$
981,906
(4)
981,902

17. PENSION AND NATIONAL INSURANCE COMMITMENTS

During the year employer contributions in respect of non-UK social security, pension and medical amounted to $44,663 (2022 - $27,740). The balance outstanding as at 31 December 2023 was $6,514 (2022 - $41,117).

Page 35

Docusign Envelope ID: E87192DC-55AC-4E66-BC37-D3B319F93607

ALBERTINE RIFT CONSERVATION SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. OPERATING LEASE COMMITMENTS

At 31 December 2023 the Society had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2023 2022
$ $
Not later than 1 year 820 1,217

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2023 2022
$ $
Operating lease rentals 5,712 18,090

19. RELATED PARTY TRANSACTIONS

A relative of one of ARCOS' Trustees was employed by the Charity, however they do not have significant influence over the Charity's decision-making. Other than the transaction set out here, and those disclosed within note 8 to the accounts, there were no further related party transactions requiring disclosure for the year ended 31 December 2023 (2022: $nil).

Page 36