2020-12-31-accounts

				Page
Reference and administrative		details ofthe company,	its Trustees and advisers
Trustees' report				2-8
Independent auditor's	report	on the financial statements		9-12
Statement offinancial	activities			13
Balance sheet				14 - 15
Notes to the financial	statements			16-29

REFERENCE AND	REFERENCE AND	ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020	ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
Trustees		Moutha El Hadj (resigned 6	July 2021)
		Guillaume Chiron
		Abass Sylla
		Oumoulkhayri Ba
		Chdstoph Schaefer
		Ibrahina Thiam
		Guillaume Taylor (appointed	1 January 2020)
		Alexandre Manghi (resigned	1 January 2020)
		Ahmed Zein (appointed 20 July 2021)
Company	registered
number		06800423
Charity registered
number		1136156
Registered	office	8 King Edward Street
		Oxford
		OX1 4HL
Principal operating office		Direction Executive du BACoMaB ZRC
		Lot 406, B.P 5223
		Nouakchott
		Mauritania
Secretary		Mr Ahmed Lefghih
Executive director		Mr Ahmed Lefghih
Independent	auditor	Azets Audit Services
		Chartered Accountants
		2nd Floor
		Regis House
		45 King Willaim Street
		London
		EC4R 9AN
Solicitors		Wilmerhale LLP
		5th Floor Alder Castle
		10Noble Street
		London
		EC2V 7JQ

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			Note	Unrestricted funds 2020	Restricted funds 2020	Endowment funds 2020	Total funds 2020	Total funds 2019
Income and
endowments	from:
Donations and legacies Investments Total income and			4 5	203,934 178,985			203,934 17&,985	4,863,279 240,312
endowments Expenditure	on:			382,919			382,919	5,103,591
Raising funds Charitable activities				386,394		166,003	166,003 386,394	80,765 776,373
Total expenditure (expenditure)fin				386,394		166,003	552,397	857,138
Net
		com
before net gains		on
investments Net gains on				(3,475)		(166,003)	(169,478)	4,246,453
investments						1,887,423	1,887,423	2,722,119
Net movement	in
funds				(3,475)		1,721,420	1,717,945	6,968,572
Reconciliation	of
funds:
Total funds brought
forward Net movement in funds Total funds carried				1,360,127 (3,475)	446,777	34,240,227 1,721,420	36,047,130 1,717,945	29,078,558 6,968,572
forward				1,366,652	446,777	35,961,647	37,765,076	36,047,130

		Note		2020		2019
Fixed assets
Tangible assets Investments				9,724 34,529,643		10,218 30,009,245
Current assets				34,539,36?		30,019,463
Debtors Cash at bank and	in hand	14	759 3,241,928		904,156 5,145,186
			3,242,847		6,049,342
Creditors: amounts	falling due within one
year		15	(16,939)		(21,674)
Net current assets				3,225,708		6,027,668
Total assets less	current liabilities			37,765,075		36,047,131
Total net assets				37,765,075		36,047,131
Charity funds
Endowment funds Restricted funds Unrestricted funds		16 16 16		35,961,647 446,777 1,356,651		34,240,227 446,777 1,360,127
Total funds				37,765,075		36,047,131

Unrestricted	Endowment	Total
funds	funds	funds
2020	2020	2020
203,934		203,934

Unrestricted	Endowment	Total
funds	funds	funds
2019	2019	2019
63,279	4,800,000	4,863,279

		Unrestricted	Total
		funds	funds
		2020	2020
Investment	income	&78,985	17S,SSS
		Unrestricted	Total
		funds	funds
		2019	2019
Investment	income	240,312	240,312

		Investment	management	fees
		Investment	management	fees
	'
7.		Analysis ofgrants

Endowment	Total
funds	funds
2020	2020
166,003	166,003
Endowment	Total
funds	funds
2019	2019
80,765	80,765

			Grants to	Total
			Institutions	funds
			2020	2020
			6
Grants,	Provision	ofgrants	437,962	437,962
			Grants to	Total
			Institutions	funds
			2019	2019
Grants,	Provision	ofgrants	472,056	472,056

		Provision of	Total
		grants	funds
		2020	2020
Staff costs Depreciation Office rent Motor costs Bank charges Exchange rate difference General office expenses Communications and promotion Governance costs		74,817 2,430 7,192 3,148 6,328 (187,889) 6,326 6,667 27,413	74,817 2,430 7,192 3,148 6,328 (187,889) 8,326 6,667 27,413
		(51,568)	(61,668)

							Provision ot	Total
							grants	funds
							2019	2019
	Staff costs
	Depreciation						60761	60,761
	GIZ costs						2,554	2,554
	Office rent						15,219	15,219
	Motor costs						8,416	8,416
	Bank charges Exchange rate difference General o%ceexpenses Communications and promotion Governance costs						2,907 5,677 133,611 22,419 7,758	2,907 5,677 133,611 22,419 7,758
							44,995	44,995
							304,317	304,317
9.	Auditor's remuneration
							2020	2019
	Fees payable to annual accounts		the company's	auditor for	the audit ofthe	company's
							8,914	8,368
10.	Staffcosts
							2020	2019
								E
	Wages and salaries						74,817	60,761
							74,817	60,761
	The average	number ofpersons		employed	by the company	during the year	was as follows:
							2020	2019
							No.	No.
	Administration
							4	4

	Motor	ONce
	vehicles	equipment	Total
Cost orvaluation
At 1 January 2020 Additions	43,549	21,964 1,936	65,513 1,936
At 31 December 2020	43,549	23,900	67,449
Depreciation
At 1 January 2020 Charge for the year	43,549	11,746 2,430	55,295 2,430
At 31 December 2020	43,549	14,176	57,725
Net book value
At 31 December 2020		9,724	9,724
At 31December 2019		10,218	10,218

	2020	2019
Due within one year
Other debtors	719	904,156
	719	904,156

Other creditors
Accruals and deferred	income

	Balance at 1 January 2020	Income	Expenditure	Galnsl (Losses)	Balance at 31 December 2020
Unrestricted funds
General Funds	1,360,'l27	382,918	(386,394)		1,356,651
Endowmentfunds
Endowment Fund	34,240,227		(166,003)	1,887,423	35,961,647
Restricted funds
Restricted Fund
					446,777
Total offunds	36,047,131	382,918	(552,397)	1,887,423	37,765,075

	Balance at 1January 2019	Income	Expendituref	Transfers in/out	Gains (Losses)	Balance at 31 December 2019
Unrestricted
funds
General Funds	(18,675)	303,591	(776,373)	1,851,584		1,360,127
Endowment
funds
Endowment
Funds	28,650,457	4,800,000	(80,765)	(1,851,584)	2,722,119	34,240,227
Restricted
funds
Restricted Funds	446,777					446,777
Totai offunds	29,078,559	5,103,591	(857,138)		2,722,119	36,047,131

Analysis ofnet assets between fund	s -current period
	Unrestricted funds 2020	Restricted funds 2020	Endowment funds 2020	Total funds 2020
Tangible fixed assets Fixed asset investments Current assets Creditors due within one year	9,724 3,984,560 (2,620,694) (16,939)	446,777	30,545,083 5,416,%4	9,724 34,529,643 3,242,647 (16,939)
Total	1,356,651	446,777	35,961,647	37,765,075