##
##
|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 avaiL9te on the Finanual Reporting Council's w8bstte at=
http$'.1I%l.frC.Org.UI0Uf-w0rKIAud1vAUdlt-and-aS$Uranc*Btandafds-an1gldanC*1s¢8ndard$-andUid8n¢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|