FONDATION TRI-NATIONAL SANGHA P.0. Box 6776 Yaoundé, Cameroon. Tel +237 222 21 69 54 1 +237 698 30 45 33 Email.. secrelaii londaiionlns OT SANGHA TRI-NATIONAL TRUST FUND LIMITED REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Reglstered Company No. 06193079 R•glStertd Charlty No.1123276
Sangha Trlthlational Trust Fund Llmft•d R•t•ren¢e •nd AdmlDl$tr•tive D•tall$ Key Manag•meni Personnel.. Trustees R8yffiond IAbilikttn Ichainnanl Gasp8rd Abitsi David Abouem A Tchoyi Guy Christophe Barbel# Thorn35 Breuer Bathèlèmy Dipapoundii Hervè Martial Maidou G•orge$ Collsns Mouncharou Ndjayou Clotilde Ngomba Marcel Ondele Bruno Schoen Executive Manager Di Theophile Zognou Company Secretary 8WB Se¢relarial Limite(J Chanty RegiStrJ0 Number 1123276 Company Registration Number 06193079 Oper4tion81 Addr•ss PO Box 35372 Yaoundè. CamefQOn Registered Office 10 Qu8trn Streel Place London EC4R 18E United Kingdom Auditors A2et5 Audii Services 2nd Flooi. Regks House 45 King William Siet London EC4R 9AN Uniled Kingdom Bartkèrs Ecobank Yaoundé Cameroon United Bank o,, Afric Yaoundé Cameroon Credit Commwautaife d'Atroue Yaoundé Cameroon Investment advisors CA Indosuez Wèalth Management PO Box 5260. 1211 Geneva 11. Switzertand
Sangha Tri.National Trust Fund Limited TTUStees' Annual Report Year Ended 31 Dectrnber 2023 The Trustees have pl8asur8 in presenbng their annual report and the audited finantièl staternenls ol the Ch8nty fof the year ended 31 December 2023. The Trustees have adopted the provisions of IhE Sialemenl of Recommended Pra¢tite"Ac¢ounling and Reportin9 by Charities" ISORP FRS 1021 In prepaDn9 the annual report 8nd fin8n¢ial slalemenls of Ihe Chartty. The financial stat8ments h8ve been prepa0 IrF accordance wilh the accounting policies Set out in noles to the accoLnts and comply with Ihe Chanly'5 governing documep)l. the Charilies Act 2011 and Accounting and RBponing by Charities. Stalement of Rocorrtmended Pr8¢li¢e' akJpli¢able to charities prepafin9 their accounls In ae¢or#ance w¢th the Fjnancial Reporling Stan¢Sard appli£able In the UK and Republic of Ireland UK pubSished on 16 Jtsly 2014 and update bulletin l. JECTN S AND ACTIVITI The objecls ol the Chaiity are to prom¢ie Ihe conservation of the physical, natura5 and social environment and lo advance educaknon and science in pa1Clar through. (al Conserv&ng the nBtur81 environment 3n¢J biodiver51ty of Ihe TNS. whith includes Ihe lollowing parks. Lobeke National Park. In Cameroon. Dz8ngha-Ndoki Nabonal P3rk. In the Central African Repubhc. and Nouabale.Ndoki National Park. In Ihe Republc of Congo a$ well as the penpheral are8 8nd buffer zone surrounding each of these parts. which In the case of the Cntral Afncaft Republic also Inclu¢e$ the 038nga S3ngha Dense Foresl Spe¢i81 ReseNe wlhin the Iramework of the pleS and slralegies defined by the MatterneI siruclure5 of the TNS.. antl Ibl Promoting the environmentalty sustainable managernent of natural resour¢es and eco-dev8lopmeni In the TNS and t peripheral zones wheTeas "environmentally suslainablÈ" means management and development that meet5 the needs of the present wilhoul ¢Dmprullising the ability of lulU 9eneraiion5 to meet Iheir own needs. Main objectives for the ye•r Th£ Charitrfs main goal during 2023 w86 lo cons181$ institutional governance ol Ihe Foundat on, secure eThJ ratse 8ildilK>nal funds. to prDvide and monitor grants and lo support cooperalion within TNS Iransboundary complex. The key objectives were therefore as follows. Ensure the govemance and ¢omplance with the statutory 0*g3on$ of Ihe FTNS Implement the revised Investment policy Mon¢loring of endovrtnent fund Provide 8nd rnonitor grants to TNS parks". Continue Ihe imp4emenlalion ol Ihe Kfw projecl funding for the Execulive Office Con90 and CAR componer¢t5 of Ihe TNS". Support Ihe cooper8tion and Governance ol TNS wilh regaid$ ol regulalions In force.. Continue seeking of endowmenl and sinkin9 fund$. Siraiegftes for a¢hlevln9 these objecilve$ Each objectiv¢ list¥¢ above had a work plan r¢viewed 8nd validated by the FTNS board.
Sangha Tri.Natlonal Tyust Fund Llmltèd Trustoe$' Annual Report Year Ended 31 December 2023 The Injstees confirm Ihal they have refeed lo the guidance contsined in the Charity Commission general guidance on publi¢ b?nefit when reviewing ihe charity's aims arKI objectives and in plannin9 future activitie5 The following achievements can be noted during th8 year Grants provided lo each ol the three protected areas in Ihe TNS countries ihfough KFW RegTonal and endowmenl funds. These gTanls helped to enhance an¢J support lo". (•) Tri-n8t40nal eOOTdinabon processes. induding transboundary patrols. govemance l)ody ThelingS. Ibl Validalion or th8 management plans for Lobeke National Park and Nouabale Ndoki Palk. l¢1 TouFi$rn and incorne4JeneraDng DPPOrtunitie5 Icommunily4)ased logging, livestock. atyiculture, non limber forest value chain Llevolopmenll boosting Ihe l¢xal economy in the periphera zones ol Ihe protected areas. ILII Renew the Mou lor a ¢ollaborative managemenl between Parks officials alld It)cal population5. lei Prornotion of stholarship. cilizen$hips. and swial righls for vulnerable Social 9roups wilhin Ioc81 comrnunity. lfj Development ané rehabilitation of local facil&lies In Lobeke. Dn98 14doki and Nouabale Ndoki National Park5. Nèw lunds ralseo from CAFÉIFFEM tWorkS and EUICIFOPJICRAF Io s¢JPPOrt a¢tiwties wilhn TNS landscapes A new M8nual ol procedure fof Grants opèraiion wa5 validated by Ihe Board The perfomance of the Inve$im¢nl Manager and the Invesimenl Policy was regularty monitored by the inveslmenl comrnittee. FINANCIAL REVIEW Principal Fundin9 Sour¢•s Thè Chaftty's poteniial sources of lunding Include national sources ranging from governmental allocatsons. revenues from t¢urism and cooperation witt) the privale sector. as well as internationMI sources fr(Th bilateral and multilateral coopeTèlion. Doners Irorn both lh8 public and the private sector have 8lrea¢Jy comrnitted 10 the Foundation's capitsl. Al the end of Decemb¢f 2023, Ihe Foundation's endow7nent fund amouni8d io 65.4 million Euros showiA9 an incre85e compared io 62.6 rnillion ai ihe Ènd of Dècember 2022. Ftsllowin9 an lavourable financial and ma¢roe¢oDomic enVinment, the charty re91sted a POSbtive relum19.231/tsl from endovmiÈnt funds. The largei ol th6 Foundation i¢mains lo raise an additipnal arnounl o13boul 35 million Euros. In addItn lo its endowment, Ihe Foundabon Is being raised sinking funds fvom CAFÉ network based on a call lor proposal process. This will comnI 8xi$tin9 Ktw prqect lunLSing called Kfw Regional. lo provlde technical 5UPPOrt to the Executive Office in Yaoundé and to finance conseryalionleeo-dev81opment objectiV*S ln the Congo and CAR conwonent of Ihe TNS.
Sangha Tri-National Trust Fund Llmlted Trustees, Annual Report Year Ended 31 December 2023 Risk Managemont Chanty Irustee5 should regularfy revw and assess Ihe risks faced by their charity in all areas ol Its Wotk and plan for the management of Ihose risks Risk Is an everyday part ol chanlable activity and managing it effec11vety is essential if the Iruslees are lo achieve their key objectives and 5aleyuarJ their ¢harily'5 funds and assets. FTNS sk rnanagemeni strategy has been developed and is being implemented as pSertOrt bg10w'. Rlsk$ Declining ¢8pilal base due lo disbursement demands and low yields on inveslments Mana ement Strate Identifying and pur5uin9 diverse Sources of funding for Sustainability ol ¢h¢ gfanl mak*ng enlity. Instabilily of financial market duB to ¢conomic. stscial. sanitary and political crises Develop and updaie regu1arfy a low.risk inve5trnenl policy. Regular meeting Imonthlyl of Inve$trpenl ¢ommittee to assess #nd update ttre invesent Slrate9y Social right abuses and environmenl LJe9ra(lation durin9 p9S Dperations Support development and Impkmentation of a Code of ¢on4ucl for parks sl8ff5 during fK9kg operations. Developmeni ènd Implementatson of a policy for social safeguards Including Complaints mechanisrns. Intident report fomi In place a5 Part ol the latest Financing A9r8em¢nl between the KFW-FTNS- COMIFAC. Increased demand lo support environrnental advocacy by NGOslPuth5 manageis Monitoring and Évaluation of our progr8rnme5 to ijelemiine impact. Closer aligFTrment ol pro9rammes,'themes wilh Critical devglopmenl goals. A IAndscape program funded by KIW "one health" which Is bein9 implernentecl to prevent and rniligaie nsks of epidemics liniludtng COVID 191 in the inttrvention areas. The Chèrity continues lo seek further fundin9 lo cover ils op8raliond oxp¢n$¥s Isalariès. or9anization of brd Meeting. rnarkeling. elc l and to build on its unrestncted reseNe5. As Ind¢¢aied above, funcling frorn KIW h85 been se¢ur8é on a proiècl that provths techn81 and finaThcial support the effective operation ol the EXecu"¥e Office Re5•rwbs •n¢l inwe$tmentpoli¢y The new Investment Policy Stalemenl wa5 adopteLI by Trv$tees In May 2023 and Is being Ifnpletnenled. The Trustees have Pfovide(t the Inv&stmenl Manager specifK guidelines and certain restrictions. The rnain irtnovaiio is lo invest about S'A of the assels In the regional market. The TIu5te&s beli8ve the Charity's assets are intended to eKi51 In perpetuily. and thorefore. should b8 managed in such g way as IQ 9enerata revenue5 Icr granl-making in perpeluily. fo allain this goal the long.term objective ol the Trust Is lo maiTiiain pur¢h8$ing oower In Euros over a 10-year Investment h¢>rizon and 10 achieve arbnual iDcome 014.10 using 8 five-year follin9 average The Infl8:ion me85ure used should be Euro HICP An 8ydil for Ihe manageTY¥ent ol the FTNS assets was ¢10¢1ed wilh the aim 81 providing news orientations for invÈ51menls perforrnances As slated abovE. trg porttolio Én<led De¢Èmberwith a value of65.4 rnllion Eur05. This Compares to a value of62.6 million Eur05 81 the end of 2022. A iotsl amoLtnl 011 800 000 Eur05 were u5eiS as granls lo suppDrt operaiing costs ol national parks IAPDS FNN and PNLI Over 12 monlhs the portfolio has produced a negative reiurn ol +9.23 ¥ 89ainsl- 3.45 2022.
Sangha Trl-Nallonal Trust Fund Llmlted Trustees. Annual Report Year End•d 31 December 2023 RE PERIODS The key objediwes lor 2024 are as follows.. Continue the monitoring of granls prowded lo TNS pafk$; Closely tnonilor the evolution of the Inve51menl markets and progress of the fund's investmènt performanc8 Hired an 85set rnanbger to support in inves1rn8nt In the regioFsal mafkets. Conbnue the imeMents"n of the Ktw sinking fLtnds for the Exe¢utSve Office. Congo aid CAR ¢omponent5 of the TNS., Continue the implernentation of-one heallh" program Implement a¢tivilies and provide funditw related 10 new5 sinking fvnds Suppryl the eo¢peralioll proce55 and TNS 9ovemance . Continue kIng endowrnTrnt and sinking funds. STR CTURE GOVERNAN APIA EMENT Th8 tN5tees. who are also dire¢tors for the purposes ol Ihe Companies Act 2006, who SeNed dunno the period, were.. Raymond Mblbkon Ichaifmanl Gaspard Abitsi 08vid Abouern A Tchoyi Guy Chrislophe 8arbela Thomas 8reuer Barthtlerny Dapond11 Hervé Martial M8idDU Georges Moun¢h8roii Ndjayou Clotilde Ngomba Marcel Ondele eruno S¢hoen Dr Theophile Zognou Director only JI ol the truslpes are deerned key rn8nagem8ni. tether wlh Dr Theophi18 Zognou as Executive Direclor. 140 Iru51ee had èn inlèresl In any r4ntract or arrangement of a material nature with the Charity thjring the period under review except as disclosed in note 11 to these finaiicial slaiÈm8nts. Each of the folowing instilutrons has the rigttl to appoint orw trusttre. the Government of Cameroon, the Government of Ihe Central ATrica Republic. the Govemrnent of the Republic of congo18razz8villel. WCS. WWF. the Regenwald Sbftung. the Kreditanstalt lur Wiederaufbau IYIW"). and the Commission ofCenlr Afric8n Foresis I-COMIFAC-I. The eight Truste8S 50 appointed then 818¢t Ihree non-govemmpntal represenlative5 from lh• countries gf the Sangha Tri-national Forèst Complex Ihereafter"TNS" see below under'objectives and Acb"wtie5"1. who are widely a¢Knowledg8d to hawe expertise in one Of rnore of Ihe following fields.. bv)diversity conservalion, finan¢e, law. business. or fund•raising The trustees are nol pai¢ any remuneration for their rote 03 a trustee. The Exe¢uiive Diredw. who afso is a tru5te¢ of the charity. rècefves remuDeration for his role a5 Executive Managei, in accordance wittt his contracl. The Execubve Director is re5ptsnsible for the ImrlementatK)n ol Ihe Board's dec1sions ènd daity managemenl ol the charrty. 8nd the Executive Olfi¢e Is curn11Y ésiablishad in Yaoundé. Cametoon. followirtg a Board's decisio. In a¢h of the TNS ¢ountnes the Charity bas concluded 8 Cooperation Agreefnent with the Msnisify r*spgn5ible lor forests and protecled afeès. anrj it Is auttiorized as a foreign foundation to Ogerate In Cameroon. Th• rèmuneralion ofkey rnanagem8nt per50nn81 is sel by the Board and the appropriaten¢ss anL1 relevance of Ihe remuneration PDlicy Is vieWed annually.
Sangha Tri-National Trust Fund Limited Trust¢es' Annual Report Year Ended 31 December 2023 COMPANY INFORMATI The chanly was created on g March 2007 85 8 result of a partiClP8tory process develope(I Wllh sJpport wna1nly froni the Worfd 8ankJWWF Alliance for Foresi Conservaiion and Sustainable Use IWBMWF Alliancel". the Gem)an Technical Cwperalion Inow -GIZ'I. Wildlife ConseNalion Society l-WCS"I,' Ihe French COoperat)n." and the USAD fundeo Central Affjca ReglL)nal Prryfarn for the Environment ICARPEI Dr Clavde Marln, prevws Chief Execists've oificer ol the World Wi¢Jtr Fund for Nature l-WWF"l is ¥ founding meTnber, TRUSTEES. RESPONS181LITIES The trustees (who aw also Oireciors of Sangha Tn-Naiion31 TEEtsI Fund LirnileLt for Ibe purposes of ¢ompany18wI are iÈ$ponsilJe for peparin9 the Tru51ees' Report and Ihe financial slalements in accordance with appIable law and United Kingdom Accounting Standafd5 (Unrted Kingdorn Generally Accepted Accounting Praciicel. Company18w réquir9$ the Iwstees io pfepare financial statements lor e8ctt finanual year, whth give k true and f¥ir view of the State of affairs of the Gharitable company and ol the incorniDg re50urc85 and applicatson ol IOr¢e$. including the Income and expenditure, of Ihe chgriiable conwany for the y¢ar. In preparin9 these financial 61alemenls Ihe INsiee$ are required to. 8ele¢t surt8ble a¢counling poIKies and theft apY Ihem £on61s1ently. observe the methods and prin¢iples In the Charities SORP IFRS 1021." make judgements and estimates Ihai are reastsnable and prudent, ststewhethei applKable UK Accounting Slandards have been follgwed. subie¢t lo any m8lerial depèrtuies disc105ed and explaip.ed in the financial st8temenls'. Prepare ihe finattual slaiements on Ihe going wncern basis unless It is Inappropriate lo presume th81 the ch8r518ble company will ¢on¢4nue in opefation. The Irusiees are responsible for keeping adequ8te acConting records Ihal disclose with re850n8ble a¢¢LJraty 81 any rne the fnancial position ol the charitable company and enable them lo ensure that the financial siaiements comply wth the Compariies Acl 2006. They are also responsible for safewarding the assets ol tbe thanlab company and hence for taking reasonable sleps for the prevention and delection of Iraud and olher Igularlt$. Disclosure of informatlon to the audltors We. the direttsrs ol the ¢ompany who held office al the date of 8pproval of Ihese Financial Sialements as set oul bove each nfIn, $0 far as we are awa Ihal. there Is no re5evanl audil Infom)akn"on of which Ihe charitable company's auditor is unawafe. and we have iaken all the steps thai we oughl Ic have taken as directors to make ourselves aware of any relevan nformaiion and lo establish Ihal the auditor Is aware of Ihal Inform8tion. of the rd f Irusiees.. Iu4 RaymonJMBI Dale.. 29 M8y 2024
Sangha Trl.Natlonal Trust Fund Llmltod Indepèndent Audltors. Report To The Members Oplnlon We havè èudlted the finan¢J81 slalement$ ol Sangha fri-Naiional Trust Fun¢ Ith9'charrtablè company'l lor the year ended 31 December 2023 which romprise Statement of Financial Activilies. Ihe Balace Sheel, the Cash Flow Statement and nole$ lo rhe financial staiements. Induding signthcant accounting polic$. The finan¢ial reporting framework thal has been applied In theiT preparation is applieAble law and United Kingdom Accounting Slanttards. in¢luding Finan¢i81 Reporting Slandard 102 The Finan¢o1 RePortg Standard applicable tn the UK and Rpubli¢ of Ireland Iunited Kingdom Generally Accepted Accountry Practice). In our opinlon the fjnanctal statements.. givtr a true and fair vw of Ihe slate ol thè clritable company's affairs a8 at 31 Decèrnber 2023. 8n¢J of its incoming Soul¢8$ an(1 appliCatn of re50ur¢es, in¢ludlng Ils Income and expendilure, for the year then ended, have been properfy prePad In a¢¢ordance with United Kingdom Generally Accepled A¢¢ounling Practice, and have bèen pwpared in 8ccord8nce with thè réquirements of Ihe Companies Act 2006. BASIS lor oplnlon We eonduded oui audtl in accoriJ8nce with Iniematson¥ Standards on Audits'ng IUKI IISAS IUKII and appll¢able law. Our responslbilitios ijnder Iho$e standards are furthef dE$¢ribed In the auditor re5ponsibilitie5 for the auoit ol Ihe financial stalemeThtS Sttiion ol our report. We are independent of tho charitable Company In accordance with Ihe ethieal requiremen15 that are relevant lo our audit of the financial stsiements In the UK. Including the FRC s Elhi¢al Slanoard. and we have fulfv'lle(J our Dlher eihi¢al iesponsilxlities in accordancè these reqU1Men1$ W8 belve Ihal the avdil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Con¢lu$lon$ relatin9 to g¢4ln9 Collctrn In auditing the financial ststements. we have conduded that the lrnsteÈs' Use of the going concem ba8s of aclIntr.ng in the preparaton of the financial stalemenis is appropri¢. Based on lh8 work wp hav8 porfoffred, we have not identified any material uncertainties relats"n9 to event5 or Conditions Ihat..'ndividually or collects"vety, may casl significant doubl on the charitsble company's ability to continuè as a going concern for a period of ai least twelve monlhs from when the financial statements ale aulhonsed for issue. Oyr sPon51b17.tS And the msp¢nsibililie6 01 Ihe InJSt8è5 Wlth r•spci ID 90ing eonc8rn afe de$cribed In Ihe levanl sections ol this report. Other information The other information cornpri5ts Ihe infomialion included in the Irustees annual pOrt. Olher Ihan the financial statements and our auditor's report Ihereen The Irusiees are responstble for the olher iriformalion ¢onlained within the annual report. Our opinion on the financial $latemtrnls doe5 nol cover the other 4nfomats.on and. excèpt to the èxtent otherwise explicitly Stated in our r8port. we ¢Jo not express any fom of a5SUTan¢e con¢lusion Ihereon. Our r¢$ponsibilty is to read Ihe Olher information and, in doing SD. ¢onsider whether the oth8r inforn)alion is materially Incon515tenl with the financial staiemenls Dr our knOwge obtained In the course ol the audil or olherwse appears to be rnalerially mis51ated 11 we ioertlify such malerial Inconsisten¢s or apparent rnater4è1 missl8iemenis, we are reouired lo delernine whether Ihis gives rise lo a mat8rtal misslalemoni in Ibè financial stalernenis themselv¢$ 11. ba$ed on the work we have performed. we conclude thai the Is a material rni551aièment ol this other Informatkjn. we are required lo port Ihal facl. We have nothing to rert in Ihis Te9ard. Oplxlons on olh*r m•tttr$ wè$trlbed by the Componie5 Act 2006 In our opinlon, based on Ihe work unclertaken in the coutse Df the audit. e inlomation givery In the trustees, report (incorporating ffte OirecloTS' report) for the financial year lor which Ihe financi31 stateTnents are pfepafed is consistent 4wth the financial statements. Ihe direclors. report has been prep8rtd in accordance wlh applicable legal requiramènls.
Sangha Trl-National Trust Fund Limlted Independent Auditors. Report To The Members Matl8rs on whi¢h we are requirèd to report by ex¢¢ptlon In Ihe li9ht (Il the knowledge and under5tar¥ding of Ihe ¢hwilable company and Ils environmenl obtained in the coutse of the audit, we hawe not Identified m•ierial misslaiements In the direcloFS' r8POrt. We have nothing to report In respect of the following matters In relalion lo which the Companies Acl 2006 requires us lo r¢porf lo you rf. in oui opinon'. adequaieac¢ountsng recofds h8v8 notbèèn ktpl. or reiums adequ8te loi oui avdilhave nol received frorn bfanche5 not visiieo by us., Dr the fingnci31 statements are ntst In agreement with Ihe accounting tOrS and returns," or certain disclosure5 of diFectDf5 remuneration specif,.ed by law are not Tnade". or e have rK>I received all the Informalion and explanations we require for our audit.. or the iruslees were not enli118O to prepare the financial $ialemenls In accordance with the srnall companie5 regime and take advantage olthe small Compan$. exemption$ In preparing the directors rgport and from Ihe r8qtsiF8menl to prepaie a slrale9lC report. Responslbllllits of trusl¢¢$ AS explainèd more fulty In the Iru5tee5' respon51bililies $lalémenl. the trustees (who are a150 the director5 of the ¢haiiable company for Ihe purposes of company lawl are responsible lor Ihe preparation of the financial statements and for being s811sfied that Ihey give a true lair view, for such inlem81 control as the Iruslees determine ts necessary io enable the preparatn of finaricial siaiemenis Ihal are free Irorn maleri81 rnisstalement, whelhei due lo of error. In preparing IhÈ financial s18tement5. the trustees are respon51ble for 8sses$sng the charjlable company's abslily lo continue as a 90in> concern. #isclosing. as applicable matters related to going concem and u51rsg Ihe goirvJ concern basis of BccDuntir¥g unless the iruslees either intend to liquidate the charitable company or to cease operatsons, or have no realistic allemative bul to do 50 Auditor responsibllit1•5 lor the audlt of th• flnanclal 5talements Our objectives are lo ob13in reasofjable a$$urance about whether the financial statements as a whole are free from material misslaiernent. whether due lo fraud or error. and ID Issue an auditor's report that includes our opinion. Reasonable a55urèri¢e is a high Ve1 of assurance. bul is nDI 8 guarantee that an audii condu¢te(5 in a¢cordance with ISAS IUKI will always detecl a material misslalemenl when il exists MissLqlements can arise from fraud or error and are ¢onsidere(J material if. Individuèlly tsr in the a99regate Ihey could reasonably be expected lo inlluence lh8 0¢or¥)rni¢ d¢isions ol users taken on thè basis of these financial 51at8rn8nts. Irregulafjties, including ffau¢. are instances of non-cutnpFian¢È th laws and regulalions. We design procedure5 in line with our responsibilil18$. outlined above. lo dele¢1 rnaieTial misstalemenls In respecl ol Irregulariiies. Including fraud. The exlenlttswhich ourprocedures are cèpable of delecting irregulanties. Inclutting fraud 18 detailed belov4. EnqLJlry of m8nagemeni ond those charged with governance around aciual and poiential I1119alion and daims as well 85 actual, suspected and allegec5 fraud.. Reviewin9 minules of meetings of those ¢haroeO with governance. Assessing tre exlenl ol cornpliance wlh the laws and regulalion5 IOn51dered lo have a d¢reci mè*rial effect on the finan¢i81 statement5 or the operalion5 of the Company through enquiry and inspection. Reviewing fiftancial stsiemenl disclosures and lesiin9 to supportin9 documenlalion lo a55es5 compliance with applicable laws and fe9ulations, PertormiTig audit work over the risk ol manag8Fnonl bias and override of Controls. Including testing ol iournal entries and olher adJustmenls tor appropriateness. evaluatin9 tre busines5 rational¢ of significanl tranS3con5 outside IhE norrnal course ol business and reviewing ac¢ounling estimales for indicators ol poten1181 bias. Because of the inherent Iimit8lions of an audit. there Is a risk that ive will nts¢ delett 811 irre9ularite$. Intluding Ihose leading lo a Tnale'ial rni551alemenl In Ihe financial stalernents tsi non-compliance with regulaiion. This risk Increases the more thai compliance with a law or regulation Is removed from the events and transact)n$ reflÈcled in the financial 51alerntrnlS. as we wi11 be less likely to become aware ol InsnCeS of non<0mplian The risk 1$ also greater rÈg8rding Irregu1aTilies otcurrin9 due lo fr8uO rather Ihan error. as ffaud involves Intentional conceaknenl. forg. collu51on. omission or tnisrepresenlalion.
Sangha Trl-Natlonal Trust Fund Llmited Ind•p•ndont Audllors, Report To The Members A Ivrther descrption ol our iesponsibilites 15 avaiL3ble on the Financial Reporting Council's website al.. htlps".IlWww.frc.g.tsklor-wo1IAud1vAud1l-artd-as$uranCe1and8rdB-aTh-gUldance1Slbdards-attdUid8nc8- for-auditorslAudr,ors-responstbilibes-lor-auditlDes¢ription4-auditors.r8$ponsbilttie5-for-au¢Jit.aspx.This description forms part ol our auditor's reporl Use of our report This report made 501ely to thp charitable cornpany s members. as a bgdy. in accordance Chapter 3 01 Part 16 of the Companies Act 2006. Our 8LJdit work has been und*rtaken so that W8 might slate lo lh8 ehariiabl8 company s members those matter5 we are required to stale 10 them in an auditor's report and fDr no other pO$e. To Ihef¥llesl extent permitted by law. we do nol accept or assume responsibility lo anyone other than the charitable company and the ¢hari18ble cornpany's members as a body, for our audit work. for Ihis repert. or for Ihe opinions we have lom)ed. John Howard (Senior Siaiutory Audllorl For and on behaN ol Azois Audit Services Statutory Auditor Floor. Regls Hotsse 45 Kiny William SlrE¥t London EC4R 9AN Uniied Kingdom D3te. Its Lr
Sangha Tri.National Trust Fund Limited Statement of Financlal Actlvitle5 Ilncluding Income and Expenditure A¢¢ounti For the Year Ended 31 December 2023 Unrestrlclod Restrlci•d Funds Fund6 Etsro Euro Endowmènt Funds Euro Total 2023 Euro Tolal 2022 Euro Note$ In¢om• Voluntsry sncome InvÈslrnent income Other Income 1,871,868 1.871.868 602.788 8.886 2,305.619 372.629 5.808 602.788 8.886 Total its¢ome 8,886 1.871.668 602.788 2.483,$42 2,684.056 Expendlture Raising fund5.' Costs of gerats"n9 voluntary incorne Investment mana9¥mÉnl rvsl$ 6.529 6,529 172.758 4.083 179.741 172.758 Charitable 8ctiYities'. Grants In furth8rdnce ol the ¢haritable objective$ Other projea ¢osts Other related costs 3,087.662 612.659 375.301 3.087.662 612.659 382.293 3.053.989 464.498 412.690 6.992 Total exp•ndlture 6.992 4.082,151 172.758 4,261,901 4.115.001 ILossyGain on Inveslments 4. 150.972 4.150,972 13.211.738) Nt Itxpenditurellincome 12.210.283) 4,5B1,002 2.372.613 14,642.6831 Tran8f¢r$ betwèn fvnd$ 1,798.935 11,798,774) N•t movement itr) fund$ 1,nJ 1411,3481 2.782.228 2.372,613 14.642.683) Fund balances broughl forward l January 2023 31.992 1.401.595 62.619.198 64,052,785 68,695 468 Fund balance5 carrted lorward 31 Oecember 2023 33,72S 990,247 65,401.426 66.425,398 64.052 785 The nctles on pages 13 10 23 form part of Ihe financtal siatsmenls. 10
Sangha Trl-Natlonal Trust Fund Llmlted Balance Sho01 As at 31 D•mber 2023 Company Number- 06193079 Not• 2023 2Q22 Euro Euro Eu Euro Flx¢d Assets Tangible fixed 85$ets Investments 32.056 65.381.031 25,116 62,591.645 65.413.087 62,616.761 Cufftrnt A86•ts Debiors Cash 8t bank and in hand 788.306 984.709 1.093,077 816.387 1.7S3.015 1.909,464 Creditors.. amounts falling due wthtn one ye8r 740.704 473.440 Net Curr•nt A$••ts 1,012.311 1.436.024 N¢t A$$•t 66,425,398 64.052.785 Rtpr•s•nt•d by.. Endowmenl funds Resiri¢ted funds Unrestricted funds 65.401 426 990.247 33.725 62.619,198 1.401,595 31,992 66.425.398 84,052,785 The financial statements ttavg been prepared In accordance with thè spècial provisions of Part 15 of the Compafitts Act 2006 relal*ng b small companies. Approved by Ihe Board ot ITusiees on 29 May 2024 and signed on their beh8lf by.. .ZwiTia Raymo BITIKON The notes orf pa9e5 13 10 23 forrn part ol Ihese financi81 $121emtnis.
Sangha Tri-Nalional Trust Fund Limited Notes to the Finan¢ial Statements For the Year Ended 31 December 2023 Notgs 2023 Euro 2022 Euro Nel ca$h lu¥ed Inllprovided by operatlng acllvltles 12 11.790.364) 12,070,514) Cash flows from invèstlng activities.. Purchase of property. plant and equipmenl Proceeds ffom sale of Investments Pur¢hase of Inveslments 125,6881 29.600.313 129.526,0751 12.9591 38.459,991 148,570,468) Plet cash used in investinu atlivities 48,550 110,113,436) Cash Ilow$ Irom fin#ncing activTrtits'. Inveslmenl Incorn8 received 602,788 372,629 Net cash used in financing activlties 602,788 372,629 Ch2n9e In cash and Cash equivalen15 In the year 11.139,0261 111.811.3211 Cèsh •nd ¢ash •4uivalents at the beginning of the year 2,386.267 14,197.58 Cash gnd cash equlv•lent$ •t the end of the yeaf 1.247,241 2,386.267 Cash analysed ès f¢4llows:. Cash 8nd casb equivalents held with investment manager Cash and cash equivalents held directly 282.532 964.709 1.569,880 816,387 1,247.241 2.386,267 NB. Cash flow Statement excludes movemenl +n tash hel¢J by third party Inveslrnenl managers The notes on pages 13 10 23 forrn part ol thesè Iinanci81 $tstemtnls. 12
Sangha Tri.Nalional Trust Fund Llmlted Notes to the Financial Statements For the Year Ended 31 Decomber 2023 ACCOUNTING POLICIES Basls of xeountlng Sangha Tri-Nation?l Trust Fund Limited is a company limtt¢d by guarantee in Ihe United Kingdom. In thè event of the chanty being wound up, Ihe liability In respoct of the guarantee is lrniled to 10 GBP por member ol the chanty. The address of Ihe regisittred office is 9IV8n in the charity Inf¢m)atK)n on page I of th?se fhantial statements. The nature of t8 chaiity's operation$ and piincpal activities are set out on page 2. ThE ¢P4arity cthslilUtÈs a public benefit pntity as defined by FRS 102. The financial slatements heve been prepared in accordance with Accounting ané Rtporting by Charitie5. Stalemenl ol Recommended Praclice BpplicBblE lo chanties preparing their accounts in accordance wilh Ihe Financial Reporting Siandaré 8pplicable In the UK ond Republie of1reland IFRS 1021 issued on 16 July 2014, and as updaled r Bulletin l Thè Financial Reportlng Standard apglir2ble in the Unileo Klngdom anty Republic of Ireland IFRS 1021, the Charities Act 2011 and UK Generalty Accepted Practice as Il applies from 1 January 2016. The fjnancial staiemen¢s are prepared on a going ¢on¢em ba5bS under the hisroital cosi convention, mo¥rfied to irtclude t8rtain items at fair value. The f nancial statement5 aT8 prepèrèd in ?uro$ 15 the lun£tioDal ¢urren¢y of Ihe charty. Monetary amoun15 In Ihese financial st8lement5 are founded lo Ihe nearest euro. The signrfi¢ant accounting ptslicies applied In the preparation of these finangal staternents are sot out bdiyw. These polities have been coll515lently applied to all yEar5 presented unless otherwise stated. Funds a¢countln9 Restricted lunds- these a funds Ihal can oTrly be used loi specific restricted purposes within Ihe objects of le charity. Restr*cth)n5 arise when specified by the donDr or when lunds are raised for particulay Yéstricied pusposes. Endowrnenl fvnds- fesInc funds held on trust 10 be retained in accordante wrth specific $trictl00$ Imposed by donors a5 capsial funds. Thè cosl of raisin9 and admifiist•ring such funol¥ are charged against the Specif tsnd. Invesirnenl tncome, gains and losses are allocaied 10 the appropriate fund. UnTeslr+cled general funds- Ihese are funds whth can be used in 8ccoTdan¢e with the Charitable objects al the discretion of the trustees. Golng Concom The financial Stslements have been prypared on 8 going concern basis as the Iw#te8$ believe thai no rnèterial uncertainbes extst. The tnjstees have considered the level of funds held and the expecied level of Incorne and expenllilure for 12 months from authori$in9 Ihe5e financial ststements. The budgeted Income and expenditure is sufficient with the level of reserves for the charity lo be ablg to continue as a golng concem Income A11 IncomTrng Festsurc&$ are included in the Stalernenl of Flnancial Activities when the chsrty is enlilled I the Income and Ihe amounl tan be quantified with reas¢nable a¢curacy. The following specrfic policies are applied lo partcular categones of income. Voluntsry income including core granis. sponsorship, donations and gifts Is Induded in lull In the Skiernent of Financial Activities when receivatAe. Granls, where enlillernenl is not conditional on the delivery of a specific performance by the charity, afe recognised when the charsty becornes unconditionally entitled Its the grant. Investment incorne is induded when fEceivable.
Sangha Tri-National Trust Fund Limited Notes to the Financial Statements For the Year Ended 31 December 2023 A¢countin9 Policies Icontinutdl Expknditure Expenditure is accounted for on an a¢cFual basis. The Irrecoverablè element of VAT 15 pncluded with Ihe stem of expense 10 which Il relates. Costs of gn¢r8ting funds are those ¢osls Incurred In allta¢ting voluntary income. Charitable expen¢Jrture comprise5 those cos15 Incurred by tlie charity in Ihe delivery ol ¢ls aclivities artd servicès for ils beneficiaries. 11 Includes both costs allocated directly lo such aciivllies and those tosis ol an indir$cl n8liJre necessary lo support them. Grants payable are payrnen19 mede lo third partses In the fiirtherance of the charitable objetlivÈs of Ihe charity. The grants are accounted for where either the Iru5tees have agreed ¢0 pay Ihe grani vathoul condition and the recip1eni has a aSOnable expectation Ihat they will receive 8 grant. or any condition att3ching lo the gr3nl Is outside Ihe control of the charity. Support ¢05ts allo¢atlon Support costs a those Ihatassisl the work of the chartty bul do not d¢reclly represenl charit8ble ackn'vilies and Include office costs. govemance Costs and administrative payroll ¢osl$. They are incurred 1ctlY in support of expenditure on the objects of the charity and include project manègemeni Cafried out al headqvaFler5. Where support costs cannol be directly attributed 10 particular headings ihey have been alloc8teO lo cost of raisiffj funds and expenditure on Charitable aclivilies on a basis Gonssitnt with use of the tesources. The 8n8ly$is of these ¢osts is in¢lvded In fifjte 3.2. T*nBibl• fixed 458•t6 Depreciation on all tangible fi¥ed as$el$ 1$ cal¢uk8ied to write (iff the cosi over Iheir eslirnated useful lives at lollwing anntsal rales". Furnitu and ffttings 25% per annum straighl line. Flxed asset investment Investments are retogniséd initially ai fasr value which is normally the transaction price excludin9 transaction costs. Subsequently. they are measured at faif value with changes recognised In'n6t gains I IIOs5esl OD investment5. in the SOFA if the shares are publidy traded or their fair value can Olhemise be measured reliably. Debtors and creditors re¢tiv•bl¢ or pay¥bk within one Oeblofs and creditors with no stated Interest lale and ceiVablE or payable within one year 8re recor(le al Iransa¢lion price Any105se5 orising frorn impairment are recogni5ed in expenditure Ca$h Jt bank and IA hanil Cash 81 bank 8ntl tash In hand Includes cash and shofl terrll highly liquid Investments with 8 short matursly of Ihiee months OT less Iiorn the dale DI acquisilion or opening of the deposit or similai a¢¢ount. 14
Sangha Trl.Natlonal Trust Fund Llmlted Not8$ to tho Finan¢lal Stat•mènts For the Year Ended 31 December 2023 Accountsng Poli¢lt• Icon¢inu¢d} Flnan¢lal In$trum•n¢s The charity llnly has financial assels and financial liabilities ol a kind thal qu811fy as basic financial instruments. B8sic financial Instwmenls are initially recognrLtrd at transaction value and $ubsequenUy measured al their settlernenl value. 1.12 For•l9n Curr•n¢y Foreign cvrrency Ir•n3èctions are Inilialfy recogned by 8ppIyin9 Ihe forelgn currency amount the SPDt 8xchange raie beeen Ihe functional Currency and the foreign currency ai thè dale oftht transac"¢. Mon8tary assets and Iiabilitses denorninated in a foreign currency al the balance sheet date are Iranslaled usng Ihe closing rate. 1.13 T•xaJon The chariiable company Is conslcSeTed to pass the tests set oul in Paragraph 1 Schedulp 6 Finants Act 201D and therefore Il mèets lh8 Oefinilion of a cttarrtable company for UK eorpomtion tax purposes. Accordingty. the charity is potenlially eyempl from taxation In respe¢l of in¢4)me or eaiyl819ains received vmhin categone$ covered by Ch8pler 3 Part 11 CorpDratKJn Tax Acl 2010 or Section 2S6 of the Taxation of Chargeable Gains Act 1992. to Ihe extent thal such inrne or gains are applied exduyvely lo Charitable purposes. 1.14 Judg•m¢nls key sources of estlmallon uncertainty Accounting eslirnates and jud9ernenls are continually evaluated and are based on htstorieal expenence and othar factors, including expectations of future evenis that are beIVed lo be reasonable under the ¢ir¢umslances. Thè pr¢parakn)n of financial statements requires maragernenl to rn8ke judg¢menl$. esismales and assumplions aboul Ihe tarrying values of asseis and Iiabilils Ihal are 11 readily apparent from Oiher Sourtes. The estim8te5 and underlying 8ssumplK)ns are bastd on h15torical experieTrce and gther fatlors that are Considered lo be relevanl. Acltsal resuts may dlffer Irom these estimate5. The esllmates and underfying as5urnplions are reviewed on è conknnuing basis. Revisions to accounting •stirnates ar¢ recognis¢d in th8 pariod In which the esbrnate Is i•vised rf the revision affe¢ts only thzt periDO, or in Ihe period of tht revision and future penod$ If th? revision aNe¢is both currenl and ILJture ptriod5. The estimates and underlying assumptions 3re reviewed on a conbnuir9 basis. Revisions lo accounting estimates are re¢ognised in the period In which Ihe estimate$ Is revised. The In*ste8s considei that theie are no signifK3ni iudgemenls or estimates in Ihe prepara'on of these rinancial slatwnents. There are no key assumptions ¢oft¢éinin9 the fLilure and other key sour¢es of e$limabon une•rt8inty at Ihe reporting dait that have a st9nificant risk ol causing a maleri31 adjustment to the tarying anKJunts of a55ets and liabilith'es wlhin ltte next financial year.
Sangha Tri-National Trust Fund Limited Notes to the Financial Slatements For the Year Ended 31 December 2023 Voluntary In¢ome 2023 Euro 2022 Euro Core granls receivab 1.871.868 ?.305.619 ExpÈndfrtyre Grant Fundlng Supptsrt Funding (note 3.21 Euro Total 2023 Total 2022 Evro Euro Euro Ral$in¥ fund$. C051s of 9eneratin9 volun13ry +ncorne Investm•nl rn8n8gernenl costs 6,529 172,758 6,529 172,758 4.083 179.74 1 h&rltable activittes.. Granls approve¢J Inole 3.11 Other projecl cost5 O+her lated costs 3.067 662 612.659 3.087,662 3.053.989 612,6S9 464.498 382,293 412.690 382,253 Total exponditure 3,700,321 561,5BO 4,261,901 4,115.001 Grant$ approved 2023 2022 Euro Euro Gr&nt$ to PToiecie¢J areos". Nation81 Park of Lobèké. Cameroon Nalional Park of Nouabalé Ndtskl. Rtpubllc of Congo National Park of Dzanga Ndoki. Centrèl AfricarE Republic 1,114.216 786.442 1,187.004 1,520,589 810.946 722.454 3.087.662 3.053.989 Support costs 2023 2022 Euro 179,741 4.083 Euro Inve$lmenl managèment cost5 Marketing and fundraisin9 172.758 6.529 other ffjlated tosts. Wages and salanes Inoie 3.41 Travel and $ubsisttrn¢* Office rent Olher office cosls Bank ch8rges Motor expenses T818phDnellT Dtpreo¥tion 159.354 62.S94 15.696 12.401 4.117 8.353 9,047 18.748 174.05Q 83.105 15.696 11.928 5.576 9022 9107 13.648 469.$97 505.956 Gov•rn¥n¢• Co•t$'. Other accounlin9 services Auditors, remuneration laudiii AudiloT5' remuneralion Inon.audill Boaro meeiing Costs 66.673 16.70D 4.680 3.930 67.378 15.500 3.011 4669 561,580 596.514 16
Sangha Trl4latlonal Trust Fund Limited Note5 to the Flnan¢lal Statement5 For the Year Ended 31 December 2023 TTu8le•slDlr•etors and M•y rnanagemgftt pgrsonngl r•muneratlon and •xp•ns•6 Excluding Ihe Execuirve Director. the remaining Irusiees re¢eived no remuneration for their role as Iruslee in ther the turrenl or the prior year. The Executivè DirectDr, who is nol 8 Irustep, receivèd remunèratlon the year of É55.226 12022.. 49.7091 for his duli85 a5 an Ex8culive Director, in aecorrtancÈ with his conlracl. 7 truslees12022'. 61 were reimbtsrsed a total ¢1 É23,48812021 f25.6611 for meeting and travel expenses in Ihe penod. The key m8nègEmènl comprise of the Irusl8es and the Executive Dirèctor only. Thè loial kéy managomenl itmunefalion during the year was É58.997 12022" É53,230I. stsft costs 2023 Euro 2022 Euro $8lanes ITFdemnity Social charges Personnel health welfare insurawe Taxes on salaries 90.153 47.153 .2.681 5.9e6 3,401 83.066 45.263 35 962 6.654 3,105 159,354 174050 The were no ernployeÈ$ eaming more fftan é70.000 duriftg the current oi the prior year. The avera9e monthly nurnber of employees was 612022.. 51. Net incorning r•SDur¢ts foi the ye•r 2023 Euro 2022 Euro This Is stalèd aft8r ¢hargin9'. Depreciation Operating lease expense Auditors. remuneration laudil seNi¢esl Auéitorn remuneration Inon-8udil 58rvicesl 78.748 15.696 16.700 4,680 13,648 15,696 1 S,500 3.011 17
Sangha Trl-NatSonal Trust Fund Llmltèd Notes lo the Financial Statemènts For the Year Ended 31 December 2023 Tangible Fix•d A$6¢ts Furnitur8 & Fittin8$ Euro Cts$t At 1 January 2023 Ad(Sitions Disposals 106.286 25.688 115.2451 31 D8C8mber 2023 116.729 D•prn¢latlon Al l January 2023 Char9e lor year Disposals Bt.170 18.748 115,2451 At 31 December 2023 84.673 N¢1 Book Valu• Al 31 December 2023 32,OS6 Al 310ecernber 2022 25,116 Invèstmnts 2023 Euro 2022 Euto Market value at 1 J8nu8ry 2023 Addilions D15posè15 Net Ib$$esllg?Ins on investmenls 61.021.765 29,S26.07S 129.600,3131 4.150.972 $4.088.897 48.570,468 138.459.9911 13.177.609] Market value Bt 31 December 2023 65,098,499 61.021.765 Cash held with investment mana9ers 282.532 1,569,880 Tot81 65 J81,031 62.591.645 HistOFictiI cosl of invgslrnent portfolio al 31 Decernber 2023 61,890.7S2 60.280,230 Inv85tment6 at market value comprise.. Equtlies Èonds Hedge funds Real E51ate Inveslmonl Fvnds Money market funds Short temi doposIIS Cttsh 17.935.g14 20.128.303 9,887.775 12,044.473 4.712.034 390.000 282.532 31.125,697 5.953,357 9,714.616 24,228.095 1 569,880 Total 65.381.031 62.591.645 Debtors 2023 2022 Euro Euro Prepayrnenls ond accrued Incom¢ 788.306 1 093,077
Sangha Tri-Natlonal Trust Fund Llmlted Notes lo the Financlal Statements For the Year Ended 31 December 2023 Cr•dlt¢fS-. Amounts falling (lue w&thin one year 2023 Eur 2022 Euro Aceruals and deferred income 740.704 473,440 Op•ratlng L•¥B•$ 2023 Euro 2022 Euro nd and buildi Expirin9 In under l year 3,567 3.567 R•s•ry•s'. Curr•nt year Balance 1Jan 2023 Euro Investmtnis Balane• 31 Dec 2023 Eufo Galnlll0$51 and Tran$ter$ Euro Income Euro Expenditre Euro End4)wment Fund$: 62 619.198 602.788 1172.7581 2,352.198 6S.401,426 Restrictèd Funds: KfWIPNL gfanl fvn Capilal revenues for APDS granl KIWIRe9ional granl fund 2 KfWIRegional grant fund 3 Endowment lund- CA Indosuez Wealth Managemenl R5DGE PROJECT Grant funtt BRIDGE PROJECT 2 Grant 1.327 411.264 13,7421 959.327 1,327 1116,3581 99.340 1,097.150 12.253 8601 1179.6081 11.376.8831 1 726.238 69,370 195.5031 213.320 1.610.209 24.606 8.813 12.5321 22.074 18.8131 48,339 14S81 1262,5291 458 100,904 48.339 1161.6251 TO DEFINE 1.401.595 1.871.868 14.082.1511 1.798.935 990.247 Unr•$trl¢ied Fufid$- General reserve 31.992 8.888 16.99ZI 11611 33,725 64,052,78S 2,483.542 14.261,9011 4.150,972 66.425,398 Endowment Funds: OoDors from both the pvblic and Ihe private sector hAve eommmed Io Ihe Found8tion'5 endowmenl lund. The captal belonging to the fund Is Invesled in perpetusly lo generate ongoin9 revenue which Is used to finan¢e targeied aclivilses Ihrough gran15 In line with the Charity's objective5 According to a board resdulion, during the year, in loial lhe was.. a wiihdrawal of É1,800,000 of which f 1.726.238 was 10 finance wnning cosls of the path5'. E-23.380 was Execvlive Office In Yaoundé expensÈs made Ihrough CAI Ind05¥e2 whictt was due back at 31 Decembei 2022 and Compensated in 2023. É22,074 are Executive Office in Yaoundè expenses made through CAI Indosuez which ar* due back al 31 December 2023 and will be mpensated in 2024.. and the M81n1 balance É75.068 was funds usets by Restrieted Funds. 19
Sangha Tri.National Trust Fund Limited Notes to the Flnancial Stattments For the Yeai Ended 31 December 2023 R•50ry$$.. Curr•nt yèar- continued R$trICt Fund6'. KIWIR•glon¥l 9r•nt fltnd 1.. KIW Regional granl lun¢t was established Decembef 2011 to provide lechn¢81 support lo the Execulive Office in Y8oundé and lo finartce ¢onservationleco-development objectives In th£ Congo and Central African Republ Compon1 of the TNS for a lotsl amounl of 8 million of euros. The budgels of the ExeGUtve Offi¢e In Yaoundè and the Central Afnc8n Republic Components have been totslly. The project ended In 202. an(t the remainin9 balance of the working capilal 1É1.330,0001. 11 must be specifwd that FTNS working caprtal k8 used 10 pre- rir5ance the paths before obiaining the reimbutsem&nls of KFW or ie¢eiving the amount drnwn down Irorn the endowrn8ni luftd for the finanung running costs of parks. KIW PNL grant fund: K1W PNL grant fund was established on Ntwember 2015 IhroLgh an agreement befvveen Kfw and FTNS The project O'tns at providing support lo FTNS Executive office, develop facilities and suppgrt conservaltoD eco- evelopmenl and tourism initi81ives al the Lobéké natitsnal pafk Ir Cameroon ThE project is supposed lo be implemented within an inil'al pe0d of three yeats Iwhi¢h tan be ex16ndedl anLt provide a total amount of 5.5 millrfjn of euros. The project which was ongoing only fof the Lobéké national park en¢Je(S In 2022. The tyal8n¢e con61itJted by an acerual that should be regularized. Capital mY•nues for APDS grant: Durin9 the year Ihere was é1,800.000 drawn down from the Èndowrnenl fund lor the finan¢4ng runnin9 C0515 of APDS 1é80D.0001, FNN 1É500.0001 and PNL 1É500.0001. The balance is a deficit due lo ex¢es$es on some budget lines ILobéké national park. direct payrnen15 for the three parks) of É94.285 and Exe¢ulive Office in Yaoundé expenses made through CAI Ind0SeZ which are dve b8¢k at 31 December 2023 01 &2.074. Thi5 deficit will be gUI8nzell next yeBr. KIW Re9tronal giant fvnd 2.. Ktw RegLinal grant fund was establk8heLI November 2018 10 pfoviLle lechrlical support to the Executive Office sn Yoounde 8nd to finance ¢onseryalionle¢o4evelDpmenl obJeclive5 In the Ctsng) arid Centr81 Afri¢an Republic componenl ol the TNS lor a ltstal amount of S million of euros. The pro% Is on9oing particularly for the Con90 and Ihv Central African Republic afeas The remaining budget is only lor the Central Afr5can Republic component. This remaining budgot will probably end nexl year. Kfw R•gitsnJl 9r•nt fund 3: Ktw Regional 9ranl fvnd was established Nowembei 2021 to provide le¢hni¢81 support to the Ex?¢uiive Office in Yaoundé and to finance conseryalMnle¢).dÈvelopmenl obierlives and One Health Project In the three parks of the TNS ICameioDn. Congo and Central African Republicl foi a ioial amount of 6 5 million ol euros The rernaining budget for the Executive Office In Yaoundé end Sn 2023. The proie¢t Is ongoing lor the three parks of the TNS. BRIDGE PROJECT grant fun<5.. FTNS had 8 grant from MEETICAFÈ ol a total amount of f19.605 which was irnplerrented during Ihe period Cklober 2022 lo January 2023 This was IOT use for a leasibility study under the second phase ol Ihe Innovation Fund Cornponefti Ihal forms part of thè CAFE Re¢LAC BRIDGE Proje¢l. BRIDGE PROJECT 2 Grant fund FTNS had a grant from Asociacion Cosia Rica Por Siernpre of a total amounl of $136.041 whKh will be rnpletnenled during Ihe period October 2023 lo Sepiember 2025. Th 1$ used to study 8nd Implemenl the financial mechanism 'MaFkel based approach lo prornole community engagenienl toward5 wildlile conservalion 8nd dm3le change miligalion within TNS landscape". TO DEFINE Ouring the second semester of 2023 there was no more budget available on Current granls for the Execulivt Office Iri Yaoundé funning cosis and ltye Inveslments costs of Ihe Lobékè nalional park Ai Ihis rnomenl a new grant was In discus510n wilh KFW and li was expected thai il coijld take sn charge these expenses. Bul unfortunaidy. this gr8nl Is nol yel available Discussion5 have been held V*ith KFW with view to realloc3ling the btsd9et for the lines In deficft. A partial solution has been ltsund. and discussions are ongoing with a vtew io resolving the problern completely. 20
Sangha Trl-National Trust Fund Limited Notes to the Financial Statements For the Year Ended 31 December 2023 Reserve•.' Prlor yèar Balance 1J8n 2022 Invgstrnenls Gainll10s51 and Transfers RESTATED Euro Balance 31 Dec 2022 Incorne Expenditure RESTATED Euro Euro Euro Euro Endowm•nt Fund#'. 67.438.048 372,629 1179,7411 15.011.7361 62.619 198 R¢¥trlcled Funds: K1W1RegfiaI grani fund 1 KIWIPNL grant fund Cèpiial revenues for APDS grènl K1WIRegnaI grant fund 2 KIWIRegional grant fvnd 3 Endowment fund- CA Indosuez Wealin hAanagemènt CAFÉ Grant fund ECOBANK Granl Ivnd BRIDGE PROJECT Gffjnl fund 146.6241 61.727 1461 173.0431 11.437.815) 1380.9981 11.980.228) 46.670 1702.9501 1.776,620 1129.3431 766.865 715.593 72.459 t86 62£ 266.788 1327 411.264 13,7421 959 327 319975 1.905 902 1.226 23.380 24.606 41.985 3.049 19.605 141.9851 13.0491 110.7921 8.813 7.242.69Q 2 305.619 13.927 9561 1.781.242 1.401 595 UnTestrict•d Funds: Gener81 ¥esèNe 14.730 5.808 17.3041 18.758 31.992 68.695.468 2.684.OS6 14.115,0011 13.211.738) 64.OS2.785 In 2022, some income was incorrectly allo¢atec to an inc0eCt yrant. this was corrected in 2023 which resvlted in Ihe restalement of splii of income and transfer amount5 in restricted fund balances of KtWlRegional grani fund 1. KWIPNL grant fvnd, KtWIR89nal granl fund 2 and KMIRegional granl fund 3 There was no change in the lotsl balances ow the ¢arri&d I?ard balances of these fvnds. 10. Allo¢•tlon of Nef AsSOts b•tr4een Funds The lund5 01 Ihe Charity arè r¢pres6nl¢d by Ihe following nol 0sso1s' Unr•$trl¢ted Euro Restficl¢d Euro EndowThent Eur¢ Total Euro Fixed assets Net currenl assels 32.056 958 191 6S.381.031 20,395 65,413.OB7 1.012.311 33.725 33,725 9911.247 65,401.426 66,425,398 21
Sangha Tri-National Trust Fund Limited Notos to the Financial Statements For the Year Ended 31 December 2023 10.1 Allocation of Net Assets befv48en Funds- Prior year Unre$tricte Euits Reslricled Euro Endowment Euro Totsl Euro Fixed assets Nel currenl asse15 25.116 1 376.479 62,591.645 27.553 62.616.761 1.436,024 31,992 31.992 1,401.595 62.619,198 64.052,785 Related Party Transaction5 There were tio transactions with related p8rties In either the current or Ihe piior ytrar. 12. Reconciliation of nel In¢omelxpenditure to ntt eash flow Irom operatlng a¢tivitl$ 2023 Euro 2022 Euro SurplusllDefKitI lor the year Adjustments for Rewaknationlgainlfloss on Invesirnen15 Depre¢ialion ¢harue Inveslmenl Income fe¢ewab De¢reaSelllncaseI in debtor5 Increase In creditOTS 2,372,613 14,642,683) {4,150.9721 18.748 1602,7881 304,771 267,264 3,177.608 13.648 1372,6291 1429.2991 182.841 Net cash lusgd Inllprovided by opèrating activili8S 11.790.364) 12,070.5141 22
Sangha Tri.Nalional Trust Fund Limited Notes lo th• Financial Ststfrments For the Year Ended 31 December 2023 13 Compar•tfvt$ for Slatem•nt of Financial A¢tlvitles Unrestrl¢t•d Fund5 euro Restrl¢led Funds Euro Endowmnl Fund$ ToLIl 2022 Euro In¢om• In¢c•me resources From gen•rJted funds.. Voluntary Income Investment In¢om8 Other ineome 2,30S 619 2.305.619 372.629 5.808 372.829 5.808 rot•l Ineomt 5,808 2.305,619 372,629 2,684,OS6 Expendltuie Ralslng fundj.. Costs of generabng voluntary incorne Investment mana9ement cosls 4.083 4.083 179.741 179.741 Ch•fftabt acllvltl•s'. Grants in fiJrthefance of the cthantable objective3 Other projecl cos15 Other f818ted costs 3.053,989 464 498 405 386 3.D53.989 464 498 412.690 7.304 Total ¢xpgndlture 7.304 3.927.956 179,741 tS.11S.001 ILo55llGain on inveslmertts 13.211 7381 13.211,7381 N•t lexpendlturelllncomt 11,4961 11,622,337> 13.018.850) 14.642.683) Transfers tWeen funds 1 B.75 1 781.242 11.800,0001 N•t mov¢m•nl In funds 17.262 158,905 14.818.850) 14,642.6831 Fund balances brought forward l Janu8ry 2022 14,730 1.242.690 67.438,J48 68.695.468 Fund tsalanc8s camed f•rw•rd 31 December 2022 31,992 1,401,595 82,619,198 64.052,785 23