FONDATION TRI-NATIONAL SANGHA P.0. Box 6776 Yaoundé, Cameroon. Tel.. +237 222 2169 54 1 +237 698 30 45 33 Email.. se nlns.or SANGHA TRI-NATIONAL TRUST FUND LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered Company No. 06193079 Registered Charity No.1123276 Sangha Trf-Natlonal Trust Fund Llmlted Reference and Admlnlstratlve Dolalls Key Management Pe￿9nne1'. Trustses R Mbitikon Ichalrnanl H Maldou G Moun¢harou N¢Jjayou B Dipapoundji G Abitsi M Ondele G Malanda J Barske E MbDuombouo R Roth J Padda Exe¢Lrtiv• Manager Dr T Zognou Company Seuetary BWB Secretsri•l Limited Charity Registration Number 1123276 Company Registration Number 06193079 Operational Addro$8 PO Box 35372 Yaoundé. Cameroon egi8tered Offic CIO Sedulo London Offl¢e 805 Abgrt Houso, 256-260 Old StreeL Landon. EC1V 90D United Kingdom Auditors Azets Audll Servlces 2n0 Floor, Regi$ House 45 Kirva Mliam Street London EC4R 9AN United ￿ngdarn Bankefs Eccèonk Ygoundè Cameroon United Bank of Afri Yaoundé Cameroon Credit Communautaire d'Afr￿u• Yaoundé Camgroon Investment advt8or8 CA Indosuez We•llh Management PO Box $280, 1211 G¢Mva 11, SwltzerfarKI Sangha TrS-National Trust Fund Limlted Year Ended 31 December 2024 Trustees, Annual Report The Trustees have pleasure M presenting their annual report and the audileu financial slalements of the Charity lor the year ended 31 December 2024. The Trustees have adopted the provisions ol thé Ststemenl ol Recommende(I Practice'Ac¢ounling and Reporting by Chafilies" ISORP FRS 1021 in preparing the annual report and financial statements of the Charity The financial s181ements have been prepare(J In ?￿ord8￿ce with Ihe accounting polioes sel out in notss to the aceounts 8nd comply wilh Ihe Charity's governing document. the Charities Act 2011 and'Accounliri9 and Reporting by Charities.. Statement of Recommended Practice, applicable lo d)afilies preparing their accounts in accordance with the Financsal Reports"ng Standard applicable in the UK and Republic of Ireland UK published on 16 July 2014 and update bulletin l. ECTIVES AND ACTIVITIES The obiecls of the Charily are to promote the conseNation of the physical. natural and social envircnment and to advance education and Stien￿ in particular through". lal Conseniing the naluial environment and biodive￿ity of Ihe TNS, which includes the following pa￿$.. Lobeke National Path, in Cameroon. Dzangha-Ndoki National Park. In the Central African Republic. and Nouabale-Ndoki National Park, in the Republic of Congo. As well as IhÈ peripheral area and the bufferzone surrounding each ol these parks. which in the case oflhe Central Athcan Republic al$0 includes the tkanga San9ha Dense Forest Speual Reserve within the frarnework of the policies and strategies defined by the management slructures of the TNS." and Ibl Piomoiing the environmentally sustainable managernenl of natural resources and eco-developn*nl in the TNS and the Feripheral zones whereas'envifonmenlally sustainable" means management and developmenl Ihal meets the needs of the prèsent wilhoul compromising the ability of future generations lo meet Meir own needs. Main objectives for the year The Charity's main goal durtng 2024 was lo con501idate Insti(utional governanco of the Foundation, secure and raise additional funds. to provide and monitor grants and lo support cooperation within TNS Iransboundary complex The key objectives were therefore as follows. Carry out institutional audit ol Ihe FTNS mplemenl the ￿viSed investsmenl policy Monrtoring of endowmenl fund Provide and monitor 9ranls lo TNS parks.. Continue the implementslion of the Ktw project funding for the Executive Offic£. Congo and CAR components ol the TNS". Support the ¢oopefauon and Governance ol TNS with regards of regulations in force. Continu8 seeking of endowment and sinking funds. Strategffes forachieving these objectives Each ijbjeclive Itsted above had a worf( plan reviewed and validated by the FTNS board. Sangha Trf-National Trust Fund Limltsd Year Ended 31 December 2024 Trustees, Annual Report AN NC The INstees confimi Ihatlhey have referred to the guidance contain8d Sn the Charity Commiss￿￿ gengral 9uid8nc• on public b$nefil when reviewing the charity's aims aThJ objeGtives and in planning future activities. The following achievements can be noted during the year.. New instiludonal reforms adopted by the board in accordance with recommendats.ons fffjm a¢Jdilors. Grants provided lo each of the three protected aft88 in Ihe TNS countries through KFW Region81 and endowment funds. These grants helped lo enhance and support lo. lal Tfi-n8b"onal coordination processes, including Iransboundary palroLs, governance body meetings. Ibl Tourism and Income4Jeneraling opportunib'es l¢ornmunity.based logging. livestock. agriculture, non limber foresl value Chain develcsjmentl boosting the local economy in the peripheral zones of the protected areas. Irl IMp￿ment Mou for a collaborativo manag8ment be￿een Parks officials and local populalKJns. Idl Promotion of scholarship. atszenships, 8rKI social rights for vulnerable social groups within kJc81 comrnunity. lel Development and rehabilrtalion of bcal facilities in Lobeke. Dzang8 Ndoki and NoLbabale Ndoki National P8rks. New project developed and approved by GBFFIGlobal B￿1verSitY Framewort( Fund) to support FTNS endowmenl fund and development of social safeguarcf wthin TNS l¥ndseape$. The performance of the Investment Manager and the Investment Polw was regularly monitOTed by the invastmenl committee FINANCIAL REVIEW Principal Funding Sources The Charity's potentsal sour¢es of funding include national sources ranging from governmentsl allocations. revenuos from tourk8m and cooperation wrth the private sectr>r. as wttll as intemalional sour￿$ from tslateral and mulb'lateral ccryeration. Donors from both the public and the private sector have 81raady committed lo the Foundation's capital At the end of December 2024. the Foundation's endowment fund amounted to 67.9 million Euros showing an incws# compared to 66.4 mill4on 81 the end of December 2023. FolEowing a favourabk fInar￿la1 and ma¢roecon(m environ￿￿￿1, Ihg charity registered a positÉve retum17.17%1 from endowment funds. The tsrgel of the Foundation ￿MaInS to raise an addibonal amount of about 35 million Euros. In addition to its endowment, th9 Foundation is being raised sinking funds from GBFF an(J CAFÉ nefvlork bssed on a ￿11 for proposal process. Thi% will compEemenl exists'ng Kfvv projeci funding. called KfiN Reg￿nal. lo provide technical support lo the Executive Office in yaou￿lè ar¥J lo fr)ance conservationle¢￿eYel0prnenl otty'ectives in the Congo and CAR component ofthe TNS. Sangha Tri-National Trust Fund Limited Year Ended 31 December 2024 Trustees, Annual Report Risk Management Charsty truslees should regularly review and assess the risks faced by their charity in all aieas of its work and plon for the management of Ihose risks. Risk is an everyday part of charitable activity and managing it effectively is essential if the trustees are to achieve their key obj8¢lives and safeguard their charity's fL+nds and assgts FTNS risk management strategy has been developed and is being implemented as presented below". Risks Declining eapilal base due to disbursement demands and low yields on investments Mana ment Strate Identifying and pursuing diverse sources of funding for sustainability of Ihe grant makin9 entity In51ability of financial market due to economic. social. sanitary and political crises Develop and update regularfy a Iow-ri5k invesbment policy. Regular meeting Imonthlyl of investment committee to assess and update the investment strategy. Social right abuses and environment degrad?lion duiing paths operations Support development and impbmentation of a Code of conduct for parks staffs during field operations. Development and implementation of a policy lor social safeguards including complaints mechanisms. Inchlenl ￿pOrt fom) In place as part of the latest Financing Agreement between Ihe KFW-FTNS- COMIFAC Increased demand to support environmental advtrcacy by NGOslParks managers Monitoring and Evaluation of our programmes lo determine impact. Closer alignment of progfammeslthemes with crit￿al development goals A landscape program funded by KW"ono health" which is being implemented lo prevent and mitigate nsks of epidemics lin¢luding COVID 191 in the interVen￿'0n areas. The Charity Conts'nues to seek further lunding to cover its operational expenses (salaries, or9anizab.on of board meeting. matheling. elc.) and to build on its unrestricted ￿serVeS. As indicated above. funding Ifom Kfw has been secured on 8 project that provmles techntcal and financsal support lo the effective operation of the Executive Office. Reserves and Investment policy The new Inve5trnent Policy Stslemenl was adopted by Trustees In May 2023 and is being implemented The Trustees have provided the Investment Manager spe¢rfi¢ guidelines and certain restrictions. The main innovation is to invest about 5% of the assets in the regional market. The Trustees believe the Charity's assets afe inlended lo exist in perpetuity. and therefore. should be managed in such a way as to generate revenues for granl-making in perpetuity. To attain this goal the long-temi objective of the Trust is lo maintain purchasing power in Euros over a 10-year investment horizon and lo achieve annual incofne of 4°/0 using a five-year rolling average. The inl5alion measure used should be Euro HICP An audit for the management of the FTNS assets was conducted wrth thè aim al provKling news orientahons for investments perfomiances. As slated above, the portlolio ended December with a value of67.9 million Euros. This cc¥npares lo a value 0166.4 million Euros al Ihe end of 2023. A total amount of 2,337.C124 Euros was used as grants to support operating costs of national parks IAPDS. FNN and PNLI Over 12 months the portfolio has produced a negatsve retum of +7 17 0 against + 9.23 % in 2023. Sangha Trf-National Trust Fund Limltsd Year Ended 31 December 2024 Trustees, Annual Report NS ORF The key obpctive8 for 2025 are a$ follows.. conth.nue the monitoring of grants provided to TNS parks. Pursuie negouation with GBFF lo securt addilional fundsng lo support endowment fund social safeguards development Negotiate addthon81 funds from KIW. Closely monitor the evolution of the investment markets and progress of the fund's investrnent perfomance Hired an asset manager to support in Inve51ment in the reg￿n?1 ma￿ets. Continue Ihe implementation ol Ihe sinking fund5 for ihe Execulwe oifice. Congo aThJ CAR components of Ihe TNS, Continue the implementatlon of'one health" program Imp￿ment activities and provide funding related to news sinking furK15 Support the cooperation process and TNS governance , Continue seekin9 endowment and sinking funds. ST CT VERNANCE AND AN The Iruslees. who are also directots lor the purposes ol the Companies Act 2006. who served during the year and up to the dak of signing the financial statement5 were as foll¢)WS". DS R Mbilikon IChaim)on} H Maidou G Mouncharou Ndjayou B Dipapoundji G Abitsi M Ondele G Malanda- Appointed 25 M8y 2024 J Barske- Appointed 19 February 2024 E Mbouombouo- Appointed 12 May 2025 R Roth - Appointed 10 December 2024 J Paddad< - ￿poInted 5 September 2024 D Abouem Tehoyi- Died 15 January 2025 G Babela- Resigned 29 May 2024 T Brever- Resyned 16 February 2024 C Ngomba- Resigned 1 September 2024 Schoèn - Resigned 10 Dec£mbef 2024 Or Theophile Zognou (Director only) All of the trustees are deemed key m8nagement, loyelher with Dr Theophile Zognou as Executive ￿'reCtor. No trustee had an interest in any contract or arrangement of a material nature with the charty duritvj the period under review except as disclosed in note 11 to these financial statements. Each of the folluwing institutions has the right to appoint one trustee.. the Government of Cameroon, the Government ol the Central Africa Republic. the Govemment of the Republic of Congo IBrazzaville), WCS, MF. Ihe Regenwall Stiftung. the Kredrtanstall fur W￿deTa￿fbaU I'KIW'I, and the CommissKJn ol Central African Forests I'COMIFAC"). The eight Trust8es so appointed then elect th￿e nor)-govemmentsl reP￿Sen￿lIveS from the countries of the Songha Tri•n8tional Forest Complex Ihereafter"TNS", see below under'obpclives and Activities'l, who are widely acknowteijged to have experb.se in one or more ol the folb)wing fields. biodi¥e(sity conservation, finance, law. business, or fund-raisfftg. The trustees are ntsl paid any remuneration for their role as a trustee The Executive Difector, who aL80 is a twsteè of Ihe charity receives remunerab'on for h¢s role as Executive M8nagei. In oceordanee with his conlracl. The Execulive D1￿Clor is respOns￿e for the implamentstion of thè Board's deeisions and daily managwnenl ofthe charity. ano the Exoojtive Office is c￿r￿ntlY established in Yaoundé. Cameroon. following a Boards de¢isKJn. In each of the TNS countries, the Charity has ￿n￿L￿ed a Cooperatson Agreement with the Ministry responsible for forests and protected areas. and il Is autt)orized as a fofeign foundatson to operate in Cameroon. Sangha Tri44atlonal Trust Fund Limlt•d Y•ar End•d 31 Decembtrr 2024 Trusteeg, Annual Roport co The tharity wa$ cr•atsd on 9 Maith 21Q7 as a re6Urt ola pgrti¢ipatory proca88 devobpod with a+Jpport fr¢>m the 8￿￿ Ati8nc4 for Forest COTrs•rva￿ft #nd Sustainable Use ￿lIanCe),' Ihe G0Fm8ft T?chnical Cocpefjtion Inuw 'tsll'l.' Wil(Ilifg CoThsgrvation Soc¢ety I'WCS").. the Fre￿ Coop8f8bon'. aftd tho USAID lundèy central Africa Re9￿￿81 Pr￿raM for the EnV￿nment ICARPEI. r Ck2ude MartirL previous Chlel Exeujfve offi￿r ol th• wo￿¥ Wide Fund for Nature Iwvfl ts & lounding member S. RESP NSIB TIES Th• trustees (who aff a*0 direclor6 01 Sangha Tri-N•tional TFu$t Fbnd Limittsd for th• purposès ol company lawl 8re re8pon•*il• for pfftparing the Truslee8' Report am the finAncial $tal8rnents in accordance with 8pplitsb￿ law 3nil United JQ"tydom $18ndard5 (Uniled Kingdom Gone￿ty Accewed fvccouftling Pr8cbc81 Cornpany l•w r•quires Ihe Irust8e$ to prep8re finantiÈl s10t￿ents fttr eath financ'al year, whl¢h gNe a true ano fair of the stale of ¥ffair5 01 Ihe ¢haritable ornpany ol thè Incom1r￿ r050urcéi 8nd ylvlion ol r880(tr¢es Including th¢ wKcme and eX￿nditurn. of It￿ chArithtA8 company for thfr yoar. In prapariry thes• finanet$l 6t•t¢ments tht trutyiees a￿ required to.. select Suilats￿ accC￿nting polKies ar,d thep. opply Ihern con$islenlly.' ob56rye the methcés and p¥inctye5 in iht Charitks SORP {FRS 1021," rnakèjuttgemenls and estimatrs Ihat a￿ reastsnabkn and pn￿ont.. 6taleWhether•pplicab￿ UKAccc#Jniino St8ncFards have bB8n followed. subject to any matsrial departures d￿8d05e1j and explained in the financ￿} slatemtrfits. pr•par• the ffinancial stakmènts on Ihe going coneem bas￿ unle&$ il is inappropr*Bte io presuma thal the charrta￿e company will continue m operntion. The trustees are re5p)n$¢bl& lof keeping adequate accounting recc*td5 fftat wth reasonable accuraty al Rny time the Inanthal poBthn of the cnBritsble company snd enable ￿err, to Ènsure ltral tFÈ fjn8ncial slèiemeqts mply w4ith Ihe Comparwes Arl 2008. T￿Y are also ressx)nsityle for 58fe9uar4ing Ihe a66ets of thÈ Lharilab company ond hence for tahlvd reasonable step5 for the prevenl¢pn aTKJ dè*¢tion of IraL￿ and other Irregulw.ti*6 Disclosur• ol Inf¢)rniatlon to the auditor8 We. the diTrGtQTS of the company who hèld offic& at the date of opp¥ovai of these Financial Staternents as sel oul above t8ch confirm. $0 laf as we are B*ar8. Ihat." th•¢• r*evant audii Infonnètion ofwhtth th•rrtabi8 CDmpany'3 ouditor is uoawarè. we have lake felevant aud. lormal. p¥ ¢hat ￿ Ought 10 havè taken as d*rectorts ID make ourselv8s o! any and tg es13￿￿h th¥, Ihe auditor ￿ aware of that inlormalKJn. Str*JY on be til41 IV Raymond MBfTIKO Date". Sangha Tri-National Trust Fund Limlted Inde￿ndent AudltOf8' Report To The Membern Oplnlon We have auditèd the financial stslements of Sangha Tri-Natitsn81 Trust Fund (the 'ch•rit•ble company'l for th• year ended 31 December 2024 which comprise stsianent of Financial Activities. the Balance Sheet. the Cash Flow stat•mènt ¥nd notes to the financtal stslemenls, including significant aecounling policios. The fin¥ncial reporting framework Ihat has been appligd in thwr preparation is applicable law and Unfted Kingdom Accounting Stsnda¥ds, in¢luding Ftnancial Reportlng Standard 11r2 The Firtanclal Reporting St8ndard appli¢8ble in the UK and Republ of Imland (Untted Kingdom Generally Accepted Accountin9 Practice). In our opinion the financial statements give a true and faif view of the slate of the charitable company's affairs as at 31 December 2024, and of ils incoming resources and application ol resources, including its Income aThJ expenditure. for the year then ended,. have been pr¢)perty pr¢pored in accordance with Unilee Kingdom Generally Accepted Accounting Praetsee.. an¢J have been prepared in 8ceordan¢e with the ￿qUIreMents of the Companies Act 20 Basis for opinion We conducted our audtt in accordance with Intemalional Slandard5 on Auditing IUKI IISAS IUKII and applicable law. Ouf respgnsibililies under those stsndards ale further described In the auditor responsibilitres for the audit of the financial Statements section of our report. We are independent of the charitable company in accordance with the ethical re9uirements that are ￿levant to our aLtdil of the financial ststements in the UK. including the FRC'S Ethical StsndaTd. and wè have l¢Jlfilled our olherethical responsibilities In accordance with these requirgmènts. We belkgve that the audit evidence wé have obtained Is svfficienl and appropriate to ptovide a ba$is for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the IrLk8tees' use ol the going concern ba￿5 of accounb.ng in the preparation of the financial statements is appropriate Ba5eJnised in the period In which the estimate is revised il the revision affects only that period, or in Ihe penod of the revision and future periols if Ihe revision affects both cul￿ni and future periods. The estimates and undodyin9 assumwions a￿ reviewed on a continuing basis. ReviS￿n$ lo accountin9 estimates are recognised in the pericxl sn which th& estimates is rewsed. The trustees consider that the￿ are no sJgnifKanl judgements or e51imate5 in the weparalion of these rinancial st8temenls There are no key assumptions conceming the future and other key sources of eslimabon ￿n￿rtaInty al the reporting dale thal have a signthcant risk of ca(tsing a mateiial adiustrnenl to the carryin9 amounts of assets and liabilits'es within Ihe nèxt finanual year. 15 Sangha Tri-National Trust Fund Llmited For the Year Ended 31 December 2024 Notes to the Financial Ststements Voluntsry Ineome 2024 Euro 2023 Euro Core grants receivable 2.129,348 1,871.868 Expendituro Grant Fundlng Support Funding (note 3.21 Euro Total 2024 To￿1 2023 Raising funds: Costs of generatitYJ voluntary Inc¢me Investment management costs Charltable activrties: Grants 8pproved Inole 3.11 Other projeet costs Other related c0518 Euro Euro Euro 4,766 219.268 4.766 219,268 6.529 172,758 3 120.838 332,861 3,120.838 3,087.662 332 861 612,659 457.111 382.293 457.111 Total expendlture 3.453.699 681,145 4,134,844 4.261,901 Grants approved 2024 Euro 2023 Euro Grants lo proteeied area5" NaiKsnal Park of Lobéké Cameroon National Park ol Nouabalé Ndoki. Republic of Congo Naltonal Park of Dzanga Ndoki. Central African Republic 1.110.463 814,424 1.195.951 1.114.216 786,442 1,187.004 3.120,836 3.087,662 Support costs 2024 Euro 219.268 4,766 2023 Euro 172,758 6.529 Investment management costs MarkeliThJ and fundraising Other related costs.. Wages and salaries Inote 3.41 Travel and subsistence Offtt renl Other office costs Bank charges Motor expenses TelephonellT Deprecialion 156.871 104,811 10,383 27,796 5.112 10.166 9.609 21,044 159.354 62.594 15,696 12.401 4,117 8.353 9,047 18,748 569.826 469.597 Goveman¢e Costs: Other accountsng services Auditors, remuneration {audill Audilors, remuneratK*n Inon-audil) Board meeiing costs 82,904 18.250 .1,925 8.240 66.673 16,7¢)0 4.680 3.930 681,145 $61,S80 16 Sangha Tri-Natlonal Tru8t Fund Llmlted For the Year Ended 31 D•¢omb•r 2024 Notss to the Finan¢lal Statements TYusteeslDlro¢torB and key management por¥onnel romun•ratlon and •xp•n• Exduding the Execulivo Director, the remaining trust￿ rKeived no remuneration for their role as trusts8 in éither ihe current or th8 prior year. Tho Ex•¢utfjve Dlrector. who 18 not a truste•, re¢•iv¢d remunei8lion during the year of e51,914 12023.. $5.2261 for his 6ul¢es as an Executive Dir•¢lor, In accordance wth his conlracL 7 Irust•os12023.' 7) wgrn r•lmbursed • 1gts1 of f35.881 {2023. Q3,4881 for meeting and travel èxpenses in the peried. The key mana9emenl comprtse of the Iruslees and the Ex8cutive Director onty. The totsl key management f•munoTalion during the year was ES5,16012023'. é58,9971. 3.4 Staff costs 2024 Euro 2023 Euro S•lari•s Indemnity So¢ial ¢harge$ Porsonnel he8llh welfare in8Ufanco T8xes on salarios 90,026 44.157 14.592 5,658 2.438 90.153 47,153 12,681 S,966 3,401 158.871 159.354 Thoro wore no •mployees eaming mr• than é70,0¢)J during the current or the prioryear. The average monthly number of employees was 712023.. 61. Nèt In¢omlng r•SOuK￿ for the year 2024 Euro 21Y23 E4tro This 1$ Stated after charging.. Depreciation Operating lea$8 expense Audilc*rs' remuneraiion laudlt seThusl Auditors, remunofatr'on Inon-audil servirAs1 21,1)44 10,383 18,250 1,925 18,748 15,696 16.700 4,680 17 Sangha Tri-National Trust Fund Limlted For the Year Ended 31 December 2024 Notes to the Financial Ststements Tangible Flx&d Assets Furniture & Fitlings Euro Cost Al 1 January 2024 Addiltons Disposals 116.729 9,984 Al 31 December 2024 126.713 Depreciation At 1 January 2024 Charge for year Oisposals 84.673 21,044 At 37 D8cembef 2024 105.717 Net Book Valu Al 31 December 2024 20.996 Al 31 December 2023 32.056 Investments 2024 Euro 2023 Euro Market value at 1 January 2024 Additions Disposals Nel Ilossesllgains on investments 65.098.500 13.057.270 114.694.3551 3,994.620 61,021.765 29.526.075 129.6(Kl,3131 4.150,972 Market value al 31 December 2024 67,456,035 65.098.499 Cash held with inveslmenl managers 393,473 282.532 Total 67,849.508 65.381,031 Historical eosl of investment wrtfolio al 31 De￿mber 2024 59,881.239 61,890,752 Investments at market value comprise.. EqLfilies Bonds Hedge funds Real Estate Investment Funds Money market funds Short term deposits Cash 18,641.257 21.567,165 10.528.418 11.693.763 3,328,862 1.696.570 393.473 17.935,914 20.128,303 9.887.775 12,044.473 4.712,D34 390.000 282.532 Total 67.849,50 65,381.031 Debtors 2024 Euro 2023 Euro Prepayments and accrued incxjme 2.363,943 788.306 18 Sangha Tri-Natlonal Trust Fund Llmlted For the Year Ended 31 December 2024 Notes to the Flnanclal Statements Crodltor8.' Amounts falling due within one year 2024 Euro 2023 Euro A¢¢ruals and defer￿ income 1.109.955 740.704 Operatlng Leases 2023 Euro Euro d buildin ExpirirKJ in under 1 year Duein2-5yea 8,320 11.786 3,567 Reserves: Current year Balance 1Jan 2024 Euro In¥estrn•nts Galnl{loss) and Transhrs Euro Balance 31 Dec 2024 Euro Income Euro Expenditure Euro Endowment FurKIs'. 65,401,426 981.290 1219.2681 1,702,542 67,865,9 Restricted Funds: KfvVIPNL granl fund Capital revenues for APDS granl KfWIRggional orant fund 2 KIWIRegional grat)I lund 3 Endowment fund - CA Indosuez Wealth Management BRIDGE PROJECT 2 Grant lund TO DEFINE CAPRO Bridge fvlertto￿hip 1.327 {116,3581 99,340 1.097,150 1,327 406.834 88,030 923.605 13.452.328) 111.3101 {363.808 3.975,520 2.030.538 11.840.275) 22.074 121.011) 1,063 48,339 11ei,6251 140.9601 7,280 161.625 9,918 14.659 80,143 18.867 123.334) 118,667) 66,727 990,247 2,129.348 {3.910,4071 2.293,057 1.502.245 Unr8Stri¢ted Funds: General reserve 33.725 4.023 15.1691 19751 31,604 68N25.398 3,114,661 14.134.844) 3.994,624 69.399.839 Endowment Funds: Donors from both the public and the private sector have committed to the Foundation's endowment fund. The caprtal belonging to the fund is Invested in perpetuity lo generate ongoing revenue which is used lo fin8nce laTgeled aclivilies lh1o￿9h grants in line wilh the Charity's objectives. According to a board resolution. during the year. in total there was a withdrawal of É 2,336,653, 01 which É 1.872.000 was to finance running costs of Ihe parks". É 1.062 60 are Executs"ve Ofhce in Yaolrndé expenses made through CAI Indosuez which are due back at 31 December 2024 and will be compensated in 2025 19 Sangha Trl-National Trust Fund Limited For the Year Ended 31 December 2024 Notes to the Financial Statements Rèsèrves: Current yttar- contlnued Restrlcted Funds.. KIW PNL grant fund: PNL grant fvnd was e$tatAished on November 2015 through an ag￿ement bets¥een KMI and FTNS. The project aims al providing support lo FTNS Execub've office. dèvelop facilities and support conservation. eco-developmenl and tourism inilialives 81 the Lobéké nab.onal parf( in Cameroon. The projeci Is supposed lo be imptemented within an Inibal period of three years Iwhich can be exlendedl and provKle 8 total amount of 5 5 million of euros. The project which was ongoing only for the Lobéké national path ended in 2022. The balance is conslituled by an accrual that should be regulartted. Capital revenues for APDS grant: Durift9 the year there was É 1.872.000 dtswn down from the endowment fund for the financing running costs ofAPOS IÉ 872.0001 FNN IE 500,0001 and PNL IÉ 500.0001 The balance is a Sufplus ol É 406,835 and Executive Olfice in Yaoundé expenses made through CAI Ind05uez which ale due back al 31 December 2024 of é 1.062.60. KMI Regional grant fund 2.. Kfw Regional grant fund was 8st8blished November 2018 to provide technical support lo the Execulive Office in Yaoundé and lo finance conservats'onleco-development objectives in the Congo and Central African Republie cgmponenl of the TNS for a total amount 015 million of euros. The remaining budget has been Iransferred lo Ktw Regional grant fund 3 Ktw Reglonal grant fund 3.. Ktw Regional grant fund was established November 2021 to provide technical support lo the Executive offi￿ in Yaoundé and lo finance conservationleco-development objectives and One Health Project in Ihe three parts of the TNS Icarneroon. Congo and Central African Republicl for a total amount of 6.5 mill￿n ofeuros The ￿mainIng budget for the Executive Office in Yaoundé ended in 2023. The project is ongoirKJ lor the Ihree parks of the TNS. BRIDGE PROJECT grant fund: FTNS had a grant Irom MEETICAFE of a loial amount of E19.605 which was imptemented during the penod Oclober 2022 to January 2023. This was for use lor a feasibility study under the second phase of the Innovation Fund Component that fomis part of the CAFÉ RedLAC BRIDGE Project. BRIDGE PROJECT 2 Grnnt fund FTNS had a grant Irom Asociacion Costa Rica Por SleMp￿ of a lolal amount of $136.041 wh1th will be imp￿mented dunng the period October 2023 to Seplembef 2025. This is used to study and implement the financial mechanism "Market based approach lo piomote community engagement tOW8rds wildlife conservation an¢J climate change mitigation within TNS land5cap&" CAPRO-RESSAC The EURU-1808 project. known as RESSAC (Research in Ecology and Social Sciences on Central Aln"can FO￿51 E¢osystemsl. is a research sUPPOrt program implemented by d)e Cenler for International Fo￿$try Research ICIFORI in partnership wilh the Foundalion for the Tri-National Sangha {FTNS}. who acts as the Consortium leader The project runs from t)ècembei 1, 2023. to November 25, 2025, wilh a lolal b(M8get of E160,286 all¢xoted to FfNS under Ihts sub-agreemenl. The funding is provided ty the Europe8n Commission. which is the donor. through 2 grant agreement The primary obJ'eclNe ol the RESSAC program Is to strengthen the impact of applied resgarch on the Sustainable management of forest e¢osyslems in Central Afnca by generating scientific knowledge In ecology and social sciences and promoting its use in public policies. stakeholder practices, and Sustainab￿ development Pfograms. This ncludes supportin9 research initratives such as CAPRO TNS. which aim lo reconcile economic development particularfy cocoa faming-wilh bi¢xlivor5ity conservation In sensitive landscapes like the Tri-Nalional Sangha ITNSI. 20 Sangha Tri-National Trust Fund Limited For the Year Ended 31 December 2024 Notes to the FlnanGial Statements R•s8r¥e8: Current year- contlnued Restrictod Funds: BRIDGE-2024-12 IPIENTORSHIP) The BRIDGE-2024-12 projecl is 8 mentotship inib'ative impkn)entéd Ltnder a contract bplwoen Asociacion Cosla Rica por Siempre and the Sangha Tri-National Tfust Funcl {FTNSI, wtth a total value of USS20,814. The project runs frC￿ May 13, 2024, to November 30, 2024. and aims lo strerKJlhen FTNS'S capauty in developing and implemenbng a private-seclor fundraising sifategy for biodiversity conservation. tlrawin9 on the experience of the Conservatson Trust Fund FPRCI This aclNity is part of the broader BRIDGE Prole￿. which is fvnded by the French Facility for Global Environment IFFEMI and the MAVA Foundation. and $e8ks to enhance a¢￿S to private finance for ConseNation Tru$l Fund8 wilhin the Latin Amertca and Caribbean Ne￿ortE of Environmental Funds IRedLACI and thg Consortsum of African FurHls for the Environment ICAFEI TO DEFINE Dunng the second semester 012023. there was no more budget available on cuirent grants for the Executive OffLe in Yaoundé runnir@ costs and the investments costs of the Lobéké national park. At this momeftl. a new gfanl was in discussion with KFW and il was expecle(I Ih8t il COLthd take in charge these expenses. Faced wilh this silualioft the Board ol 01￿cto￿ of the tru$t fund decided lo finance the operating costs of the Executive from capital Income. hence the fransfer of ils balan￿, which is now zero. Resorves.. Prfor year Balance 1Jan 2023 Euro Investments Gainlllos$l and Transfers Euro Balance 31 Dec 2023 Euro Income Euro Expondlture Euro Endowment Funds: 62.619.198 602.788 {172,7581 2,352.198 65,401,426 Restrlcted Funds: KMIPNL grant fund Capltal ￿venueS for APDS gfanl Kfwfftegional grant furKI 2 Klwfftegional grant fund 3 Endowment fund - CA Indosuez Wealth Management BRIDGE PROJECT Grant fLFnd BRIDGE PROJECT 2 Grant fund TO DEFINE 1.327 411.264 13.7421 959,327 1,327 {116,358) 99,340 1,097.150 12.253.860) 1179.6081 11.376.883) 1.726,238 69,370 195,5031 213,320 1.610.209 24,606 8.813 12.5321 22.074 18.813} 48.339 1458) 1262.5291 458 100.904 48.339 1161.S251 1,401.595 1.871.868 14.082.151) 1.798.935 990.247 Unrestrlcted Funds: General reserve 31,992 8.886 16,9921 11611 33,725 64.052.785 2.483,542 (4,261,901) 4,150,972 86A25,398 21 Sangha Tri-Natlonal Trust Fund Limited For the Year Ended 31 DeGember 2024 Notes to the Financlal Statoments 10. Allocatlon ol Net A•sets b•iwe•n Funds The lunds of tho Charity afe represenkd ty Ihe following nel assets.. UnrMtrlct•d Euro R•8trlctod Euro End¢>wmont Euro Total Euro FIX￿ assets Nel current assets 20.996 1,481,249 67.849.508 16.482 67,870.504 1.529,335 31.604 31.604 1.$02,245 67065,990 69.399.839 10.1 Alltxation of Net As•ets belw•en Funds- Prlor year The funds of tre Charity are represented by the following net assets.. Unrostrletsd Euro Restrlcted Euro Endowmont Euro Total Euro Fixed assets Nel current a$80ts 32.056 958.191 65,381.031 20,395 65,413.087 1,012,311 33,725 33,725 990.247 85,401,426 66A25.398 11. Relat•d Party Tramaetlons There were no Iran$a¢tion$ wilh related p8rti¢$ In either the cuirenl or the prior year. 12. Re¢onclllatlon of r*t In¢orn•lox￿ndItUr• to rnt Gash flow fr¢x ¢p•r•tlng actlvltl 2024 Euro 2023 Euro SurplusllDeficill for the year Adjustments for.. Revaluation IgainlllosG on inve61ments Depreciatson ¢hafge Investment incomè r￿1Vable Decreaselllncreasel In deblofs Increase in Cfedito 2.974.441 2.372,613 {3,994.6241 14.150.972) 21,044 18,748 1981,2901 1802,7881 (1.575.637> 304.771 369.251 267,264 Nel cash Iused inyprovided by operating activities (3,186,815) {1.790,3641 22 Sangha Tri-National Trust Fund Llmfted For the Year Ended 31 Decomber 2024 Notss to the Flnanclal Statements 13 CtxThparatlvM for th• Statement of Financlal A¢tlvftles UnrestrS¢ted Funds Euro Restrlctsd Endowment Fund• Funds Euro Euro Total 2023 Eufo InGom• Incom• r•$ources from genpratsd lunds: Voluntary Incom• Investment income Oiher income 1,871.868 1,871.868 602,788 8.888 602,788 8.886 Tgtal Incom• 1,871,868 602.788 2.483,542 Expgndltur• R4l$ing funds: Costs ol generating voluntary in¢ome Investhenl management costs 8.529 8.529 172.758 172,758 Ch4rit•bl• a¢tlvltles: Grants in furtherance of the Charitable objecitves Othfjr proi•cl costs Other r¢lat¢d costs 3.087,662 612.659 375.301 3.087.862 612,659 382,293 6,992 Tot•1 oxpnditur• 6.992 4,082,151 172,758 4,261,901 ILossyGain on investments 4,150,972 4,150,972 Not (•xpgThllturoyln¢omo 1094 12,210,283) 4.581,002 2.372,613 Transf•rn b•lw¢en funds 1161) 1,798,935 11.798,7741 Nd movamènt In lund¥ 1.733 1411.3481 2,782.22 2.372.613 Fund b•lan¢e¥ brought fo￿41￿ 1 January 2023 31,992 1,401,595 62,619,198 64.052,78S Fund balances carrled f¢rward 31 Dgcgmb•r 2023 33,725 990.247 65A01.426 86,425.39 23