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← Sangha Tri-National Trust Fund Limited

2022-12-31-accounts

Key Management Key Management Personnel: Personnel: Personnel:
Trustees Raymond
Mbitikon
(Chairman)
Gaspard
Abitsi
David Abouem
A Tchoyi
Guy Christophe Barbela
Thomas Breuer
Barthelerny
Dipapoundji
Herve Martial Maidou
Georges Collins Mouncharou Ndjayou
Clotilde Ngomba
Marcel Ondele
Bruno Schoen
Executive Manager Dr Theophile
Zognou
Company Secretary BWB Secretarial Limited
Charity Registration Number 1123276
Company Registration Number 06193079
Operational Address PO Box35372
Yaounde,
Cameroon
Registered Office 10Queen Street Place London
EC4R 1BE
United Kingdom
Auditors Azets Audit Services
2" Floor, Regis House
45 King William Street
London
EC4R 9AN
United
Kingdom
Bankers Ecobank
Yaounde
Cameroon
United Bank of Africa
Yaounde
Cameroon
Investment advisors CA Indosuez Wealth Management
PO Box5260, 1211
Geneva 11,Switzerland
AXA Investment Managers
Tour Majunga —6 Place de la Pyramide
92908 Paris, La Defense Cedex
Aurum
Isis Euro		 Fund Ltd
s/c Northern
Trust International		 Fund Administration Services
(Ireland) Ltd.
Georges Court
54 - 62 Townsend
Street
Dublin 2, Ireland

Risk Management Risk Management Risk Management
Charity trustees
should		 regularly review and assess the risks faced by their charity
in afi areas of its work and		 plan
for the management of those risks. Risk is an everyday part of charitable
activity
and managing
it effectively		 is
essential if the trustees are to achieve their key objectives and safeguard
their charity's
funds and assets.		 FTNS
risk management
strategy has been		 developed and is being implemented
as presented
below:
Risks Mana ement Strata
~ Dedining capital base due to disbursement ~ Identifying
and
pursuing
diverse
sources		 of
demands and low yields on investments funding
for sustainability
of the grant making
anti
~ Instability of financial market due to ~ Development
and update
regularly a low-risk
economic, social, sanitary and political crises investment
policy
~ Regular
meeting
(monthly)
of
investment
committee
to
assess
and
update		 the
investment
strata
~ Soaal right abuses and environment ~ Support development
and implementation		 of
degradation during
parks operations		 a Code ofconduct for parks staffs during
field operations
~ Development
and implementation
ofa policy
for social safeguards
induding
complaints
mechanisms
~ Incident report form in place as part ofthe
latest Financing
Agreement
between the
KFW-FTNS-COMIFAC.
~ Increased demand
to support		 environmental ~ Monitoring
and Evaluation
ofour
advocacy by NGOs/Parks managers programmes
to determine
impact
~ Closer alignment
of programmes/themes
with cribcal develo
ment
als
A response
KfW "one		 plan to Covid
health" which		 19is being implemented
and is about to be replaced
by a landscape
program
funded
is more effective to prevent
and mitigate
risks of epidemics
(induding
COVID 19) in		 by
the
intervention areas.

objectives for 2023 are as follows: objectives for 2023 are as follows:
Continue the monitoring
ofgrants provided to TNS parks;
Closely monitor the evolution ofthe investment
markets and		 progress ofthe fund's investment results and
revise the Investment
Policy,		 regarding
the current economic and financial context.
Continue
the
implementation		 of the
KfW sinking
funds		 for the Executive Office, Congo and CAR
components
ofthe TNS;
Continue the implementafion of "One health" program
Finalized the revision process ofthe manual ofprocedures for Grants operation
Support the cooperation
process ofTNS Management
with		 regards of new regulations in place;
Continue
seeking endowment		 and sinking funds.

STRUCTURE GOVERNANCE
AND MANAGEMENT		 STRUCTURE GOVERNANCE
AND MANAGEMENT
The trustees,
who are also directors for the purposes		 of the Companies Act 2006, who served during the period,
were:
Raymond
Mbitikon
(Chairman)
Gaspard
Abitsi
David Abouem
A Tchoyi
Guy Christphe
Barbela
Thomas Breuer
Barthelemy
Dipapoundji
Herve Martial Ma'idou
Georges Mouncharou Ndjayou
Clotilde Ngomba
Marcel Ondele
Bruno Schoen
Dr Theophile Zognou Director only

Sangha Tri44ational Trust Fund Lirnited Independent Audltors. Report To The Members A further d¥scriptson of our responsits"Iilies is avaiL9t￿e on the Finanual Reporting Council's w8bstte at= http$'.1I%￿l.frC.Org.U￿I0Uf-w0rKIAud1vAUdlt-and-aS$UrancBtandafds-an1￿g￿ldanC1s¢8ndard$-and￿Uid8n¢e- for-auditorslAuditors.resptsnsibilbts"es-for-audiVDescriptiOn-of-audrtors-responsibililies-for-audit.aspx.This descripts.on fonns part of our audilorfs report. Use of our roport This report is made solety lo the Charitable company's members, as a bo(*y. in ac¢ordance with Chapter 3 of Part 16 01 the Companies Aci 2006. Our aLJdit work has b&en undert8k8n so that we might state to th8 chanlabla company s members those matter5 we are ￿qUired 10 51ale to them in an auditor's ￿port and for no other purpose. To the fullest ext&nl pem)itted by law. we do not a¢¢epl or assume responsibility lo anyone other Ihan the charitabl8 cornpany and Ihe charitsble company s members as a body. lor our audrt work. for Ihis report. ry for the Iwinions we have forrned. John Howard (Senior Siatuw Autyitorl For an¢J on behaw of Azets Audtt SeNi¢es Statutory Auditor 2nd Floor, Regis House 45 King William Street London EC4R 9AN United Kingdom Date.. 31 May 2023 10

Unrestricted Restricted Endowment Total Total
Notes Funds Funds Funds 2022 2021
Euro Euro Euro Euro Euro
Income
Voluntary
income		 2,305,619 2,305,619 2,274,085
Investment
income		 372,629 372,629 385,367
Other income 5,808 5,808 15,467
Total income 5,808 2,305,619 372,629 2,684,058 2,674,919
Expenditure
Raising funds:
Costs ofgenerating voluntary
income 4,083 4,083 14,702
Investment
management		 costs 179,741 179,741 261,965
Charitable
activities:
Grants
in furtherance		 of the
charitable objectives 3,053,989 3,053,989 3,179,233
Caber project costs 464,498 464,498 280,488
Other related costs 7,304 405,386 412,690 418,842
Total expenditure 7,304 3,927,956 179,741 4,115,001 4,155,230
(Loss)/Gain
on investments		 (3,211,738) (3,211,738) 6,042,788
Net (expenditure)/income (1,496) (1,622,337) (3,018,850) (4,642,683) 4,562,477
Transfers between funds 18,758 1,781,242 (1,800,000)
Net movement
in funds		 17,262 158,905 (4,818,850) (4,642,683) 4,562,477
Fund balances
brought
forward
1 January 2022		 14,730 1,242,690 67,438,048 68,695,468 64,132,991
Fund balances carried
forward 31December 2022 31,992 1,401,595 62,619,198 64,052,785 68,695,468

Note 2022 2021
Euro Euro Euro Euro
Fixed Assets
Tangible fixed assets 25,116 35,805
Investments 62,591,645 67,442,794
62,616,761 67,478,599
Current Assets
Debtors 6 1,093,077 663,778
Cash at bank and in hand 616,387 843,690
1,909,464 1,507,468
Creditors: amounts falling
due within one year 7 473,440 290,599
Net Current Assets 1,436,024 1,216,869
Net Assets 64,052,785 68,695,468
Represented
by:
Endowment
funds		 62,619,198 67,438,048
Restricted
funds		 1,401,595 1,242,690
Unrestricted
funds		 31,992 14,730
64,052,785 68,695,468

Notes 2022 2021
Euro Euro
Net cash (used in)/provided by operating activities 12 (2,070,514) (1,742,320)
Cash flows from investing activities:
Purchase ofproperty,
plant		 and equipment (2,959) (45,240)
Proceeds from sale ofinvestments 38,459,991 53,357,558
Purchase ofinvestments (48,570,468) (39,547,016)
Net cash used in investing activities (10,113,436) 13,765,302
Cash flows from financing activities:
Investment
income received		 372,629 385,367
Net cash used in financing activities 372,629 385,367
Change
in cash and cash equivalents
in the		 year (11,811,321) 12,408,349
Cash and cash equivalents at the beginning ofthe year 14,197,588 1,789,239
Cash and cash equivalents at the end of the year 2,386,267 14,197,588
Cash analysed as follows:-
Cash and cash equivalents held with investment manager 5 1,569,880 13,353,898
Cash and cash equivalents held directly 816,387 843,690
2,386,267 14,197,588

Financial
Instruments
The charity
only has financial
assets
and
financial
liabilities
of a kind that
qualify
as basic financial
instruments.
Basic financial
instruments
are initially
recognized
at transaction
value
and subsequently
measured
at their setfiement
value.
1.12 Foreign Currency
Foreign currency
transactions
are initially
recognized
by applying
the foreign
currency
amount
the spot
exchange rate between the functional
currency and the foreign currency at the date ofthe transaction.
Monetary assets and liabilities denominated
in a foreign currency at the balance sheet date are translated
using the closing rate.
1.13 Taxation
The charitable
company
is considered
to pass the tests set out in Paragraph
1 Schedule 6 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 II Corporation
Tax Act 2010or Section 256 of the Taxation
ofChargeable
Gains Act 1992,tothe extent that such income orgains are applied exclusively to charitable
purposes.
1.14 Judgements
and key sources ofestimation
uncertainty
Accounting
estimates
and judgements
are continually
evaluated
and are based on historical
experience
and other factors, including
expectations
of future events
that are believed
to be reasonable
under the
circumstances.
The
preparation
of financial
statements
requires
management
to make judgements,
estimates
and
assumptions
about the carrying
values of assets and liabilities
that are not readily apparent
from other
sources. The estimates
and underlying
assumptions
are based on historical experience
and other factors
that are considered
to be relevant. Actual results may differ from these estimates.
The estimates
and underlying
assumptions
are reviewed
on a continuing
basis. Revisions to accounting
estimates
are recognised
in the period
in which the estimate
is revised
if the revision affects only that
period, or in the period of the revision
and future
periods
if the revision affects both current
and future
periods.
The estimates
and underlying
assumptions
are reviewed
on a continuing
basis. Revisions to accounting
estimates are recognised
in the period in which the estimates
is revised.
The trustees
consider that there are no significant
judgements
or estimates
in the preparation
of these
fi'nancial statements.
There are no key assumptions
concerning
the future and other key sources of estimation
uncertainty
at
the reporting
date that have a significant
risk ofcausing a material
adjustment
to the carrying amounts of
assets and liabilities
within the next financial year.

Voluntary
Income		 2022 2021
Euro Euro
Core grants receivable 2,305,619 2,274,085
Expenditure Grant Support Total Total
Funding Funding 2022 2021
(note 3.2)
Euro Euro Euro Euro
Raising funds:
Costs ofgenerating voluntary income 4,083 4,083 14,702
Investment
management		 costs 179,741 179,741 261,965
Charitable activities:
Grants approved
(note		 3.1) 3,053,989 3,053,989 3,179,233
Other project costs 464,498 464,498 280,488
Other related costs 412,690 412,690 418,844
Total expenditure 3,518,487 596,514 4,115,001 4,155,230
3.1 Grants approved 2022 2021
Euro Euro
Grants to protected areas:
National
Park ofLobeke,		 Cameroon 1,520,589 1,652,776
National
Park of Nouabale		 Ndoki, Republic ofCongo 810,946 570,121
National
Park ofDzanga		 Ndoki, Central African Republic 722,454 956,336
3,053,989 3,179,233
3.2 Support costs 2022 2021
Euro Euro
Investment
management		 costs 179,741 261,965
Marketing
and fundraising		 4,083 14,702
Other related costs:
Wages and salaries (note 34) 174,050 156,570
Travel and subsistence 83,105 90,522
Office rent 15,696 15,696
Other office costs 11,928 15,397
Bankcharges 5,576 6,170
Motor expenses 9,022 10,368
Telephone/IT 9,107 8,896
Sundries 30
Depreciation 13,648 18,388
505,956 598,704
Governance Costs:
Other accounting
services		 67,378 74,862
Auditors'
remuneration		 (audit) 18,000 18,000
Auditors'
remuneration		 (non-audit) 511 596
Board meeting costs 4,669 3,347
596,514 695,509



remuneration
during the year was 653,230(2021:650,990)

remuneration
during the year was 653,230(2021:650,990)		 .
.
Staffcosts 2022 2021
Euro Euro
Salaries 83,066 84,907
Indemnity 42,263 49,080
Social charges 35,962 9,844
Personnel health welfare insurance 6,654 9,494
Taxes on salaries 3,105 3,245
174,050 156,570

The average
monthly
number
ofe		 mployees
was 5(2021:6).
Net incoming resources for the year 2022 2021
Euro Euro
This is stated after charging:
Depreciation 13,648 18,388
Operating
lease expense		 15,696 15,696
Auditors'
remuneration
(audit services)		 18,000 18,000
Auditors'
remuneration
(non-audit		 services) (Prior year over accruals) 511 596

Tangible Fixed Assets Tangible Fixed Assets Furniture 6
Fittings
Euro
Cost
At 1 January 2022 114,581
Additions 2,959
Disposals (11,254)
At 31December 2022 106,285
Depreciation
At 1 January 2022 78,776
Charge for year 13,648
Disposals (11,254)
At 31 December 2022 81,170
Net Book Value
At 31December 2022 25,116
At 31December 2021 35,805
Investments 2022 2021
Euro Euro
Market value at 1 January 2022 54,088,896 61,981,663
Additions 48,570,468 39,547,016
Disposals (38,459,991) (53,357,558)
Net (losses)/gains
on investments		 (3,177,609) 5,917,775
Market value at31 December 2022 61,021,765 54,088,896
Cash held with investment managers 1,569,880 13,353,898
Total 62,591,645 67,442,794
Historical cost ofinvestment portfolio at 31 December 2022 60,280,230 48,553,798
Investments at market value comprise.
Equities 31,125,697 24,303,910
Bonds 5,953,357 6,313,833
Hedge funds 9,714,616 9,710,246
Real Estate Investment Funds 14,228,094 13,760,907
Cash 1,569,880 13,353,898
Total 62,591,645 67,442,794
Debtors 2022 2021
Euro Euro
Prepayments and accrued income 1.093.077 663,778

Reserves: Prior year Reserves: Prior year Balance Investments Balance
1 Jan Gain/(loss) 31 Dec
2021 Income Expenditure and Transfers 2021
Euro Euro Euro Euro Euro
Endowment
Funds:		 63,049,906 385,367 (261,965) 4,264,740 67,438,048
Restricted Funds:
KiW/Regional
grant		 fund 1 (345,494) 345,494
KfW/PNL
grant fund		 126,545 1,243,167 (1,345,133) 691,014 715,593
Capital revenues
for APDS grant		 (130,337) (1,597,204) 1800,000 72,459
KiW/Regional
grant		 fund 2 1,029,453 1,320,185 (841,175) (1,321,839) 186,624
KiW/Regional
grant		 fund 3 64,542 (105,503) 307,749 266,788
CAWHFI/UNESCO grant fund 3 26,225 (8,315) (17,910)
Endowment
fund - CA Indosuez
Wealth Management 23,178 (21,952) 1,226
1,075,064 2,274,085 (3,889,015) 1,782,556 1,242,690
Unrestricted
Funds:
General reserve 8,021 15,467 (4,250) (4,508) 14,730
64,132,991 2,674,919 (4,155,230) 6,042,788 68,695,468
The funds ofthe Charity are represe nted
by the following
net		 assets:
Unrestricted Restricted Endowment Total
Euro Euro Euro Euro
Fixed assets 25,116 62,591,645 62,616,761
Net current assets 31,992 1,376,479 27,553 1,436,024
31,992 1,401,595 62,619,198 64,052,785
10.1 Allocation of Net Assets between Funds —Prior year
Unrestricted Restricted Endowment Total
Euro Euro Euro Euro
Fixed assets 35,805 67,442,794 67,478,599
Net current assets 14,730 1,206,885 (4,746) 1,216,869
14,730 1,242,690 67,438,048 68,695,468

12. Reconciliation
of		 net net income/expenditure income/expenditure to net cash flow from
operating
activities
2022 2021
Euro Euro
(Deficit)/Surplus
for		 the year (4,642,683) 4,562,477
Adjustments
for:
Revaluation
(gain)/loss		 on investments 3,177,607 (5,917,775)
Depreciation
charge		 13,648 18,388
Investment
income		 receivable (372,629) (385,367)
Decrease/(Increase) in debtors (429,299) 94,028
Increase/(Decrease) in creditors 182,841 (114,071)
Net cash (used in)/provided by operating activities (2,070,514) (1,742,320)

Comparatives
for the Sta		 tem ent ofFina ncial Activities
Unrestricted Restricted Endowment Total
Funds Funds Funds 2021
Euro Euro Euro Euro
Income
Income resources from
generated
funds:
Voluntary
income		 2,274,085 2,274,085
Investment
income		 385,367 385,367
Other income 15,467 15,467
Total income 15,467 2,274,085 385,367 2,6T4,919
Expenditure
Raising funds:
Costs of generating
voluntary		 income 14,702 14,702
Investment
management		 costs 261,965 261,965
Charitable activities:
Grants
in furtherance
of
the charitable
objectives		 3,179,233 3,179,233
Other project costs 280,488 280,488
Other related casts 4,250 414,592 418,842
Total expenditure 4,250 3,889,015 261,965 4,155,230
(Loss)/Gain
on investments		 6,042,788 6,042,788
Net (expenditure)/income 11,217 (1,614,930) 6,166,190 4,562,477
Transfers between funds (4,508) 1,782,556 (1,778,048)
Slot movement
in fnnde		 O,TOS 1s7,sze 4,3ss,142 4,562,477
Fund balances brought
forward
1 January 2021		 8,021 1,075,064 63,049,906 64,132,991
Fund balances cerned
forward 31 December 2021 14,730 1,242,690 67,438,048 68,695,468