Ucru&gn Enveky¢ ID. F7E3CJ41-AEC)4438c.83b￿B33￿833D)F¢M626 BANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED CONTENTS Page Reference and administratlve details of the company. Its Trustees and advisers Trustees. report Independent auditor5. report on the financial statements Statement of flnanclal 3ctivitles 9-12 12 Balance sheet 13-14 Not•s to the financial statement5 15-28 Docu&gn En¥8lope10.. F7E3c141-AED4438C438￿B33oO￿OAPffj26 8ANC D'ARGUIN, AND COASTAL AND MARINE 8IODIVERsifY TRUST FUND LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustee5 Guillaume Chiron (resigned 16 February 2022) Abass s￿la (resigned 13 May 2022) Oumoulkhayri Ba Christoph Sehaefer (resigned 28 February 2022) Ibrahina Thiam (resigned 14 October 2022) Guillaume Tawor Abdel Dahi (appointed 3 Octr)ber 20221 Ahmed Zein Benedicte 8russel lappoinled 30 June 20221 Sylvie Goyet lapkxjinled 10 April 2023) Company registsred number 06800423 Chafily registered number 1136156 Registered ¢ffi¢e 8 King Edward Street Oxford OX1 4HL Principal operating offlce Direction Executive du BACoMaB ZRC Lot 406. 8 P 5223 Nouakehott Mauritania Secretary Mr Ahmed Lefghih Executive director Mr Ahmed Lefghih Independent auditors Wellers For and on behalf of Wellers 8 King E(iward Street Oxford OX1 4HL Solicitors Wilmerhale LLP 5th Floor Alder Castle 10 Noble Street London EC2V 7JQ Page 1 Docusiw Envdope ID.. F7E3c141AE0443BC43B￿B33￿F1]M62$ 8ANC D'ARGUSN. AND COASTAL AND MARINE 8IODIVERsifi TRUST FUND LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual rewrt together with the audited financial statements of the company for the 1 January 2022 10 31 December 2022. The Annual report serves the purposes of both a Trustees. report and a directors, report unfler company law. The Trustees confimi that the Annual report and financial statements of the chantable company comply wlh the current slatLrtory requirements. the requirements of the charitable companys governing document and the provisions of the Statement of Recommended Practice (SORPI applicable lo charities preparing their accounts in accordance wrth the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS102) leffecbve 1 January 20191. Since the company qualifies as srnall under sediw 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 Islr8tegic Report and Directors, Report} Regulations 2013 has been omitted. Objectlves and acllvitses Policies and objecuves for the publ1¢ benefit In setting objectives and planning for activrties. the Truslees have given due consideration to general guidance published by the Charity Commission ￿latyng to public benefit and in pa￿t￿lar lo its supplementary public benefit guidance. The principal object of the company is.. 11 To promote. for Ihe benefit of the public. the cg)nservalion. protection and improvernent of the physical and natural environment, firstly of the Banc d'Arguin National Park. and secondly of other marine and coastsl protected areas in Mauritania. as the board shall detemiine, on Ihe basis of the criteria sel fourth in the manual of procedure5 Ilf the financial resources of the charity are sufficient and wth the approval of al least three QuarteTS of ils board of directors). These areas are kTh)wn as Ihe areas of benefir 2) To promote for the benefit of the putAic. the sustsinable developmenl of'Thè area of benefiv, by.. The presetvalion. conservation arKI the protection of the environment and the prudent use of natural resourees of the areas of benefrt. The relief of poverty and the improvement of the conditions of life for the areas of benefit resident populalions, and C The promotion ol sustainable means of achieving economic grovrth and regeneration of the areas of benefit., and 31 To advance the edU￿tI￿ of Ihe public in the lyodiversity, ￿nse1Vation, sustainabilty and management of "the areas of benefir. The principal objectives of the Charity are to promote and provide finanual support for the conservalion, preservation and .sustainable development of Marine and coastal Protected Areas in the Islamic Republic of auritania. Page 2 DoCJJS￿n Env81ope ID.. F7E3C141.AE0443BC-83B>B33DJFOAA626 BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2022 Objectlve5 and aclivities Icontinuedl b. Actlvlties for achieving objectives In order to achigve ts obiective5. the Charity aim5 to receive funds which can be used for its purposes stated in preceding chapler. In 2022. BACoMaB's endowment fund amounts lo a total of é41.6 million. effectively disbursed by donors. A new contribution of É6 million has been received from MAVA Foundatson. The company has set finance and investment policies that are intended to provide long term stability and liquidity sufficient lo finance the grants in Mauritania and to maiftlain the real value of the fund, whilst preserving its purthasing power over time. A¢hievèments and perforniance a. Review of activities Management activities: Technical and Financial Reporting to the"Companies House. and 'Charity Commission. under the year 2021. Production of financial statements for the year 2021 in England. Production of financial stalements for the year 2021 in Mauritania. Consolidation and moniloring of accounting avdil Govemance activities= Three sessions of the Board of Directors. in March, October and December. The Board adopted the recommendations of the organisalional audit aimed al strengthening the govemance of BACoMaB and enhancing its management procedures and tools. The implementation of Ihese recornmendations will take place through a technical assistance project funded by Kfw. The Grants Committee has held 1 Meeting. Four rneelings of the Investment Committee in February, July, September and October. Two conference calls have been held in February and November with the portfolio managers. Grants, activities.. BACoMaB granted in 2022 É650.1)00 to the Parc National du Banc d'Arguin IPNBAI and Parc N8tion81 du Dithing IPNDI and small grants projects. For PNBA the total amount was f400,000 for maritime and coastsl surveillance lo prevent intrusion of molorized boats and p￿serve the fisheries inside the PNBA1É195.2501. participatory governance with the local population {É50.500) 8rKI observatory and monitoring indicalors1É87.6001 and for the Scientific Council1É35,0001, communication (É21.000} folknw up of management plan execution 1É10,6501. For PND the total amount was É190.000 to finance the actiwties of surveillance and hydrologic, ecologic. and social moniloring. In 2022 8ACoMa8 awarded Small Grants for Projects executed by non-Governmental Organizations. The tolal amount was É60.000 for the conservation of the Monk seal in Nouadhibou. Other activities.. Recnjitmenl of a financial advisor to assist the Investment Commiltee and the Board on the portfolio management and investmenl policy. Participation lo the first African Protected Areas Congress Participation lo CAFÉ Assembly and training. Page 3 DocuSHJn Enwlope ID.. F7E3C141.AED44￿c-B3B￿933Or￿OAA62G BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND UMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Achievements and perfomance (continued} b. Investment policy and perfomiance The Board of Directors has adopled a conservative investment policy with the prim8ry objective lo maximize total long-lerm nel return by applwng an investrTtent stralegy compatible with prudent risk levels. The return on investments should presetve or improve the real value of the capital in order to generate sufficient income to finance the Foundation's activikn.es in Mauiitsnia. This poSicy seeks to ensu￿ that investments are compatible with the Chanty's values and mission. For this reason, the Charity is applwng socially reswnsible investment criteria, seeking to exclude companies or industries if their activities, poliThes or practice5 are not in confomity with the Foundation's social and environmentsl preferences. In 2022 wth the help of Ihe finanual advisor. a new investment policy has been prepared and adopted by the Boartl in December. This new investment poliw seeks to adapt the asset allocation to th¥ market lo strengthen the perforrnan￿ of the portfolio. This policy will be implemenle(J In earty 2023. Due to the war in Ukraine and the subsequent financial crisis. Ihe aclual financial perfomiance achieved in the financial year was negative l-g%)- However. Ihe 9￿StenCe of reserve5 guaranlees the fvnding of the expenses for 2023 and beyond. The largel rate of relum lin euro) sel by the new investment policy is 5% of the tolal portfolio, and net of fees. Flnancial rnview . Going concern After making appropriate enquiries. the Trustee5 have a reasonable expectation that the cornpany has dequate resources lo continue in operational exislence for the foreseeable future. For this reason, they continue lo adopt the going con￿rn basis in preparing the financial statements. Further details regarding the adopts.on of the going ¢oncem basis (xn be found in the acc4junts.ng polioes. b. Reser￿$ pollcy The trustees have a reserves F4Jlicy which complies with rts objectives. which are to eover the grants to the beneficiaries and the operating costs of the Trusl. The interest. income, dividends and gains from the inveslmenls will be donated as grants for the purposes of the foundation in Mauritania. For th8t purpose, 8ACoMaB decided to allocate a part of the revenues of the endowment in 2019 to constitute reserves for the coming years, in order to ensure the continuity of the granl making. These reserves will be reinforced in the future as far as the performance of the inveslments allow this. Page 4 Docusign Envelope ID.. F7E3c141.AEO443BC-B3B￿33D0FoAAG2B 8ANC D'ARGUIN. AND COASTAL AND MARINE 810DIVERSITY TRUST FUND LIMITED TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Financlal revlew 2016 2017 2018 2019 2020 2021 2022 Totrl pywok) 01.01 21,399.643 23.OY4.643 24.919,022 27,674,748 34.?￿.￿53 36,￿*,9?3 39.490,481 Managed a55ets 13lll21 23,423.624 24.919.022 27,674,718 34,748.853 j6.￿,9rj 39,490,481 41,760,116 8.43% 2.%% 7.6% -9% Portrdio YFD pErforn￿n Benthrnark crIs averoge liTr 5.43% -0.02% 20% 9.77% 2.35% 4.5 &84% -2.5% Net dNhlends 489,%9 I￿eaSe 2,023.982 1.819J79 2.755.726 7,￿4,105 2,1)46,D3l 2,785,50B -3,730.365 Eurozor InfiaDr I.IWJ 1.35% 5% Net irfftase *i rdta 1,788,586 1.507.534 1307.184 7.Tr)3.363 1025.770 2.646.233 -4.073,559 St*Thling limty 474.222 498J 553,494 e68,ni 1.213.063 1.284.674 I.252.￿3 grants in IRM 400.C 420,1 535,OtKI 600.C#JO Page 5 Oo¢JJSigm Envelope ID.. F7E3C141-AED443Bc4￿￿B33E￿FO￿l626 BANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERsrrY TRUST FUND LIMITED TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Structure, govemance and management a. Constltution The cOff￿anY is registered as a charitable company limiled by guarantee on 13 February 2009 8nd was sel up by Memorandum of Asswalion dated 23 January 2009 as amended on 13 Febnjary 2￿9 and 18 March 2010. The COTnpany is consliluled under a Memorandum ol Asswation daled 30 March 2010 and is a registered charity with number 1136156. The trustees meet tsw'ce 8 year or more frequenuy should the need arise. b. Mgthods of appointm•nt or electlon of Trustees The management of the company 15 the responsibility of the Trustees who are elected and co-opted under the tem)s of the Arbcl8s of AssocTation. Trustees musl be persons who are widely aL*novledged lo have expertise in one or more of the following fields.. biodiversity conservation. finan￿. law. buwness. or fund raising. The Board of Directors shall be Composed of= (a) tsvo (21 members appointed by the Govemment of the Islamic Republic of Mauritania, {bl onell) member appointed by a non-governmentsl irrtemational conservation organisation. such organisab'on lo be determined by the Boar(J. (cl Iwo12) members chosen either". (i) from among bilateral donor agencie5'. or (ill once 8 donor has donated in excess of É1.[KKJ.￿0. one director appointed by such donor and one from the remaining donor agencies". or (iiil once donors have donated in eX￿sS of É1,OtKI.000. one director by each such donor. The rnernbers of the B¢)ard of Directors app(ynted in accordance with davse 12.1 (hereafter referred lo as "Category A Direelors"15hall then elect two (21 representsb'ves from civil society. who meet the qualifications set forth in Clause 10.7 above (hereafter referred to as" Category B Directors"}. The Category B Directors shall be appointed with consideration to ensuring that Ihey represent and compliment local agents and the private sector. Each of the institutions that have the right lo appoint Category A Directors and shall have Ihe right at any time and for any reason to dismiss their appointed Category A Director and appoint a different individual to succeed or fill the place of the dismi55ed Direcloi. provided that suth individu818lso meets the qualificalions for Board membefship set forth in Article 10.7 above. Category B Directors shall be elected by the vote of 8 majority of the cuttenl Category A Directors to serve for a fixed tenn of no less than one year and no more than three years. and shall be eligible for re-election for a second consecuttve fixed tenn of no more than three years. C. Organisational structure and deciSiOnwmaking policie$ The number of trustees is not less than seven and the trustees manage the business of the charity and may exercise all the powers of the Charity unless they are subject to any restrictions imposed by Ihe Companies Act. the Articles of Association or any special resolutions. During the year, 3 board meetings have been held in March. October. and December. One general meeting took place in October. Page 6 OcoJSign Envelope ID". F7E3Ct41-AED4438C.838M33tsJFOAA626 8ANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure, govemance and management l¢ontlnued) d. Policies adopted for the induction and tralning of Trustees The Charity does not yet have in place a l¢)rmal policy for induction and training ol thè Trustees. The chairman and the secretary attended a REDLAC - CAFE training course, which focused upon "81ended Finan¢e" in Cameroon, September 2022. The SeGretsry and a member of the Board 3ttended the first African Protected Area5 Congres5 in Kigali, Rwanda and have made presentation5 on the role of Conseryation Trust Fund5 in sustainable fin?ncing of MPA in Mauritania. . Risk managem•nt The Trustees have assessed the major risks to which the company is exposed. in particular those related to the govemance and finances of the company. and are satisfied that systems and procedures are in place to miligale our exposure lo the rnajor risks. The company adwted a risk register and apkKJinled a commiltee to assess the risks and prOp￿e a plan lo mity'gate these risks. Govemance risks - The Board of Directors has confidence in the Executive Director to effectively manage the administralive and accounb'ng position. as well as the reputabon of 8ACoMaB. The Charity is becoming well recognized as 8 major player in the field of conseivation fin8nee In Mauritania. Investment risk - The Charity has a diversified portfolio of investments in different cuffencies. The asset management of the Charity's porrfolio is undertaken by PICTET SA (Switze￿and). A financial Committee was established to oversee Ihe pertorniance of the asset manager and provide guidance to the twstees in temis of investment decisions and risk. The Board appointed a second asset manager for the private equity portfolio, Hemiance Capital Partners Iswitsedandl. and PICTET remains the custodian of all BACoMaB's assets. Since July 2022. a financial adVisc￿, PERENNIUM, has been ￿Cnjlted to assist the investment committee and the Board. The flnancial advisor prepaTed a Tevi5ed version of the investment policy. that has been adopted by the Board in December and will be implemented in 2023. This policy aims at improving the revenues of the investments through a revised slralegic allocation of the portfolio and a better monitoring of the markets. All investments adhere lo the ChariWs inveslment rK)licy. The asset manager mitigates the foreign currency exposure by trading in forward foreign currency contracts. Member5. liability The Member5 of the Charity guarantee lo contribute an amount not exceeding £1 to the assels of the Charity in the event of wnding up_ A Tnjstee Liability Insuran￿ covering the Chanty for one year has been set up with a UK Insurance Company in July 2015 and regulaily renewed. Page 7 DocuSwJn En¥elLV10.. F7E3Cl41.AE04438C-83B￿B33cM)FaIA626 BANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Statement of Trustees. responslbilities The TnJstees Iwho are also the direetors of the tsjmpany for the purp)ses of company lawl are responsible for preparing the Trustees. report and the ffnancial ststements in accordance with appltcable law and United Kingdom Accounling Stsndards {Uniled Kingdom Generally Accepted Accounting Prath"ce). Company law requires the Twslee5 to prepare fina￿la1 ststemenls for eath financial . Under company law, the Truslees musl not approve the financial slaterr*nts unless they are salisfied that they give a true and fair view ol the stste of affairs of the Company and of its incoming resourees and application of resources, including its inenme and expenditure. for that period. In preparing these financial statements. the Trustees afe required lo.. select suitable accounlin9 poliues and then appty them consistenUy- observe Ihe methods and pnnciples of the Charities SORP {FRS 102)., make judgments and accounting estimates that are reas¢)nable and pn￿nI. stale whether applicable VK Aceounts"ng Stsndards {FRS 1021 have been followed, subject to any material departures tjisclosed and explained in the finanoal stslements., p￿pare the financial statements on the going concem basis unless tt is inappropriate to presume that the company wim continue in business. The Trustees are re$F￿SIble for keeping adequate acLountiw records that a￿ suffiuent lo show and explain the company's tr8nsaetions and disdose with reasonable accuracy at any lime the financial position of the ¢ompany and enable them to ensijre that the financial ststements comply with the Companies Act 2006. They are also ￿spOnSible for safeguarding the assets of the company and hence for tsking reasonable steps for the ' prevention aNJ detection of fraud and other irregularities. Disclosur• of information to auditors Each of the persons who are Trustees at the lime when this Trustees. reFth is approved has confirmed Ihal". so far as that Trustee is aware. there is no relevant audit information of which the charity's auditors are unaware. and that TTUStee has taken all the steps that ought to have been tsken as a Tnjstee in order lo be aware of any information needed by the charitable compan￿$ auditor in connection with preparing its report and to establish that the charitable companls autjilor is aware of that informatson. Auditors The auditors, Wellers. have indicated their V*illingness to continue in office. The ￿¢S￿nated Trustees wll propose a motion reapp)inting the audi￿ at a meeting of the Truslees. Approved by order of the membets of the board of Tnjslees aThJ signed on their behaff by.. r+ Guillaume Taylor Trustee and chairman of the investrnent committee Ahmed Lefghhih Executive Director 28-09-23 Dale.. 28-09-23 Page 8 Oocu&gn Envelcpelo.. F7E3C141-AED4438C43B983300FOM626 BANC D'ARGUIN. ANO COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF 8ANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED Opinion We have audited the financial slalemenl of Banc d'Arguin. and Coastal and Marine Biodiversity Trust Fund Limited Ilhe 'charilable companVI for the year ended 31 December 2022 ¥thich comprise the Ststemenl of financial activities, the Balance sheet. the Ststement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting SlandaTds. induding Finanual Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praetieel. In Lwr opinion the finanaal statement.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of ils ineoming resources and application ol resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the ￿qUirements of the Charities Act 2011. Basis for opinion We conducted our audrt in accordance wth Inlemational Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards a￿ fvrther described in the Auditors. responsibilities for the audit of the financial statement sectj.on of our report. We are independent of the charitable Company in accor(lance with the ethical requirements that are relevant to our audit of the financial stslement in the United Kingdom, including the Financial Report'n9 Council's Ethical Slandard, and we have fulfilled our other ethica responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating lo going concern In auditing the fIna￿CIal 51aternents. ￿ have conduded that the Trustee5' use of the going concem basis of accounting in the preparatr.on of the financial statement5 15 appropriate. Based on the work we have perfomed. V￿ have not i¢Jenlified any material uncertaintie5 relating lo events or condrtion5 that, individually OT collectively. may casl significant doubt on the tharitable companvs ability to ontinue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trusiees wilh respect to going C￿￿M are described in the relevant sections of this report. Page 9 Dowsign En¥eknp8 ID.. FTE3C141-AEDH3BU3W83300FWA26 BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BANC D'ARGUIN, AND COASTAL AND MARINE 810DIVERSITY TRUST FUND LIMITED {CONTINUEDI Other information The other information eornprises the infom)8tion included in the Annual report othèr than the financial ststemenl 8nd our Auditors. report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial stslemenl does not cover the other information and, except to the extent othernise explicitty staled in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other Info￿all0￿ 15 rnalerially inconsistent with the ffinancial statement or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi5slated. If we identify such material inconsistencies or apparent rnalerial misstatements. we are required to determine whether thi5 gives rise to a malerial mis51alemenl in the fin8ncial ststement Ihemselves. If. based on the work we have performed, we conclude that there is a material mis5tatemenl of this other information. we are required to report thal fact. We have nothing lo report in Ihis regard. Matters on whlch we are requlred to report by exceptlon We have nothing Io Teport in re5pecl of the following matter5 wwe the Charities (Accounts and Reports) Regulations 2008 ￿qUireS us to report to you if. in our opinion.. the information given in the Trustees. reFQrt is inccffisislent in any material respect with the financial Statement: or sufficient accovnling records have not been kept.. or the financial statement are not in agreement wth Ihe a￿Unting records and returns. or we have not receive(l all the information and explanalions we require for our audil. Responslbllltles of Irustees As explainefl more fully in the Trustees, responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the Preparation of the financial stslemenl and for being salisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary lo enable the p￿paratiOn of financial ststement that are f￿ from material misststement. thether due to fraud or error. In preparing the financial statement, the Twstees are responsible for assessing the Charitable Company's ability lo continue as a going concem, éisdogng, as applicable. matters related to going concern and using the going concem basis of accounting unless the TnJstees either intend to IH4uidate Ihe charitable company or to cease operations. or have no realistic alternative bul to do so. Page 10 Docusign Envd(4)e ID". F7E3c141-AED443Bc-83B￿3JCKJFOAA626 BANC D'ARGUIN. AND COASTAL AND MARINE BIOOIVERSITY TRUST FUND LIMITED INDEPENOENT AUDITORS. REPORTTO THE MEMBERS OF BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED ICONTINUEDI Auditors. responslbllltles for the audlt of tht financial stat•ments We have been appointed as auditor under sectron 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain réasonable assuranee abC￿t whettlef the financial statement as a whole are f￿e from material misslatemenl, whether due to fraud or error. and to issue an Auditors. report that includes our opinion. ReasOna￿e assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿ayS delecl a material misstslement when it exists. Misstslements can arise from fraud or error arKJ are considered material if. individually or in the a99￿gate. they could reasonably be expected to inlluence the economic derysions of users taken on the basis of these financial slalement. Irregularities. induding fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. lo delect material mi5slatements in respect of regularities, including fraud. The extent to whth our prcKedu￿s are capable of detecting irregularities. )dLtding fraud is detsiled below= Discussion5 were hehd with, and enquiiies made of. man&Jement and those tharge(I with ￿)vemance with a view to identifying those laws and regulations that could be expecled to have a material Impact on the financial statements. During the engagement team briefing. the outcomes of these discussions and enquiries were shared with the team, as well as consideralion as to where and how fraud may occur in the entity. The following laws and ￿gUlationS were identified as bwTrJ of sonfficance to the ￿111￿. Those laws and regulations considered lo have a direct effect on the financial statements indude UK financial reporting slandards, Company Law. Tax and Penstons legislatEon, health an(1 safety and employment law. Audit procedures undertaken in resp)nse to the potential risks relating lo irregularities Iwhith include fraud and non-compliance with laws and regulations) comprised ol.. inquiries of management and ihose charged with govemance as to whether the entity complies wrth suth laws antl regulations- enquiries with the same conceming any actual or potential litigatson or claims., inspection of relevant legal eorrespondence., review of board minutes,. testing the appropnaleness of entries in the nominal ledger. includin9 joumal entries,. reviewing transactions around the end of the reporbng period,. and the perfomiance of analyiical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-cornpliance were identified. However. the likelihood of detecting irregularities, induding fraud, is limited by the inherent drfficulty in detecting l￿eglI1arrtie$, the effeth'veness of the entity's controls, and the nature, liming and extent of the audrt procedures performed. Irregulartlies thal result from fr8ud might be inherently more difficult to delect than i￿egularl11es that result from error. As explained above. there is an unavoidable risk that material misstatements may not be detected. even though the audit has been planned and perfomied in acwrdance with ISAS {UKI. A fiJrther description of our responsibilities for Ihe audit of the financial stslement is located on the Financial Reporting Council's website at.. VW•W.frc.o .uklauditorsres This descripb'on forms part of our Auditors, report. Chrlstlna Nawro¢ki (Senior statutory auditor) For and on behaff of Wellers 8 King Edward Street Oxford OX14HL C@kl-LiL- Oate.. 29-09-23 Wellers are eligible lo ad as auditor5 in tems of section 1212 of the Companies Act 2006. Page11 Occu&"gn Envelcye ID.. F7E3C141.AED*438C￿3B￿8J3E¥?F0￿I626 BANC D'ARGUIN. AND COASTAL AND MARINE 81001VERsifi TRUST FUND LIMITED INDEPENOENT AUDITORS. REPORT TO THE MEMBERS OF 8ANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED ICONTINUEDI Unrestricted funds 2022 Restricted Endowment funds funds 2022 2022 Total funds 2022 Total funds 2021 Note Income and endowments from: Donations and legacies Investments 6.000.000 6.000,000 296.772 296.772 1,391,272 Total income and endowments 296,772 6.000,000 6.296,772 1.391.272 Expenditure on- Raising lunijs Charitable acts'vities 335.046 335,046 1.139.638 143,081 1, 117,218 1.139.638 Total expenditure 1.139,638 335,046 1.474,684 1.260,299 Net lexpendlture)Iln¢ome before net 110ssesygains on investments Net Ilossesygains on inveslments 1842,8661 5.664.954 4.822.088 130,973 (1.875,2551 {1,875,255) 1.986.243 Net movement in funds 1842.866) 3,789.699 2,946,833 2,It7,2t6 Reconciliation of fv.nds: Total funds brought fonNaid Nel movement in funds 1.630.705 1842.866) 446,777 37.804.809 3,789,699 39.882,291 2,946,833 37.765.075 2,117,2t6 Total funds carrled forward 787.839 446,777 41,594,508 42,829,124 39.882,291 The Slatemelltof financial activities indudes all gains and losses recognised in the year. The notes on pages 15 to 28 fom part of these finanoal Ststeft￿nts. Page 12 D(xxJSign Envelope ID.. F7E3C141-AED443BC-8389-B33DL￿O￿6Z6 BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERsiff TRUST FUND LIMITED REGISTERED NUMBER.. 06800423 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notg Fixed assets Tangible assets Investments 12 11A66 40,402,792 12.254 38,047.377 13 40.414,258 38.059,625 Current assets Deblors Cash al bank and in hand 14 4,556 2.448.235 8,797 1.837.563 2,452,791 1,846,360 Creditors.. amounts falling due within ¢)ne year 15 (37.92SI (23.694) Net Current assets 2.414,866 1,822.666 Total assets less current liabllltles 42.829,124 39,882.291 Net assets excluding penslon asset 42.829.124 39.882,297 Total net assets 42,829,124 39,882.291 Charity funds Endowment funds Restricted funds Unrestricted ffiJnds 16 16 41.594,$08 446.777 787,839 37.804.809 446. 777 1,630. 105 16 Total fund6 42,829.124 39.882,291 Page 13 Docusign Envakpe ID.. FIE3C141-AEDH38C-8389433tX*llAA626 BANC O'ARGUIN, ANO COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED REGISTERED NUM8ER'. 06800423 BALANCE SHEET (CONTINUED} AS AT 31 DECEMBER 2022 The entity was entitle(I to exemption from audil under sedb)n 477 of the Companies Ad 2006. The members have not required the entity lo obtain an audrt for the year in question in accordance with seclion 476 of the Compantes Act 2006. However. an audit is required in accordan￿ with seclion 144 of the Charities Act 2011. The Trustees acknovAedge their responsibililies for complying wth the requirements of the Act wlh respect lo accounting records and preparation of financial statements. The financial stslements have been prepared in accordance with the provisions applicable to enlities subject lo the small companies regime. The financ¢al statements were approved and authorised for issue by Ihe Trustees and signed on their behalf by.. Oocu%gfitdbr. Guillaume Taylor Trustee and chaimian of the investment committee Date-. 28-09-23 Ahrngd Lefghih Executive Director 28-09-23 The notes ￿ pages 15 to 28 form part ol these finanual slatements. Page 14 Ooeusign Enveknpe ID.. F7E3C141-AED443BC-83W33DOFOAA626 BANC D'ARGUIN, AND COASTAL AND MARINE 810DIVERsifY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General infornMtion Banc d'Arguin. and Coastal and Marine 8iodiversity Trust Fund Limited is a private charitable company limited by guarantee, incorporated in England and Wales, registration number 06800423. charity number 1136156. The address of the principal opperatsng offiee is Direction Executive do 8ACoMaB, ZRC, Lot 406, B.P 5223, Novakchott. Mauritania. Accounting policies 2.1 Basls of preparation of financial statements The principal accountsng policies adopted. judgements and key sources of estimation uncertainty in the preparation of the finanual slatements are as follows". The financial statement5 have been prepared in accordance with the Charities SORP IFRS 102} - Accounting and Reporting by Charities.. Statement of Re￿rnMended Practice applicable to charities preparing their 8eeounts in accofdance wth the Financial Repotyng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Banc d'Arguin. and Coastal and Marine Biodiversity Trust Fund Limited meets the definition of a public benefil entity under FRS 102. Assels and liabilities are initially recognised at historical Cost or transaction value unless olherwise stated in Ihe relevanl accountyng policy. The 8ceounls are presented in Euros. 2.2 Company Status The company is a company limited by guarantee. in Ihe event of the company being wound up, the liabitily in respect of the guarantee is limited lo É1 per member of Ihe company. 2.3 Income All income is recognised once the company has entitlement lo the income. it ts probat4e Ihat the income will be receNed and the afflount of income receivable can be measured reliably. Grants are included in the Statement of financial acts"vities on a receivable basis. The balance of income received for specific purposes but Trot expended during the period is shown in Ihe relevant funds on the Balance sheet. Where income is received in advance of enlillemenl of receipt, ils recognition is deferred and induded in creditors as deferred income. Where entitlement occurs before income is received. Ihe income is accnjed. Incorne lax recoverable in relatson to investment income is re￿gnised at the time the investmenl income is receivable. Other income is recognised in the period in whith it is receivable and to the extent the goods have been provided or on completion of the service. Page15 OoEuSign Envelop? ID.. F7E3C141.AED4438C43W83300FOM626 8ANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles {contlnued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in setdement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The ￿$t5 of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct ￿$ts attributable to a single activity are allocated direcuy to that activity- Shared costs which ￿￿trIbUte lo more than one aclivily and support costs whith are not attributable to a single activity are apportioned between those activities on a basis consistenl wth the use of rescxjrces. Central staff costs are allocateLI on the basis of lime spent. and depreciation charges alloG8ted on the porbon of the asset's use. Support costs are those costs inrAJrred directly in support of expenditure on the obiects of the txmpany and include proiecl managemenl (arried out at Headquarters. Governance cosls are those incurred in connection with admiT)islration of the company and compliance wilh conslilulional and stalulory requirements. Costs of generating funds are costs inojrred in attracting v¢Juntary income, and those incurred in trading activities thal raise funds. Charitable aclivilies and Govemance Costs are eosls incurred on the company's educational operations. including sijpport costs and costs relating lo the govemance of the company apportioned lo charitable activities. Expenditure on raising lunds indudes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fvndraising activities events and non-charitable trading. Expendilure ￿ charitable activiti.es is incurred on diTecUy undertaking the ath"vrties which further the company's L*iectives, as well as any asswated support costs. Grants payable are charged in the year vthen the offer is made exeepl in those cases where the offer is conditional, such grants being re¢ognised as expenditure when the conditions attaching are fulfilled. Grants offered subject lo conditions whith have not been met al the year end are noted as a commitment. bul nol accrued as expenditure. Al expenditure is indusive of irrecoveratAe VAT. 2.5 Tanglble fixed assets and deprecialion Tangible fixed a￿ts costin9 É500 or more are capttaliseo and re(xYJnised when future economic benefits are probable and the cost or value of Ihe asset can be measured reliably. Tang￿lIe fixed assets are initially recognised at Cost. After recognition. under the rJJst model. tsngible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All cosls incurred lo bring a tangible fixed asset into its intended working condition should be induded in the measurement of wsl. Page 16 Docusign envdopo ID.. F7E3C141.AEO443Bc-&IB￿B33DCFQhA626 8ANC D'ARGUIN, ANO COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting poli¢ios (continued) 2.5 Tangible fixed assels and deprecialion (continued) Dep￿lation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis.. Motor vehides Office equipment 33% Reducing Balance basis 20% Redueing Balants basis 2.6 Inve5trnenl$ Fixed asset investments are a fomi of financial instrument and are initially recognised al their transaction cost and sUbseqUen￿Y rneasu￿d at lair value at the Balance Sheet date, unless the value cannot be measured reliably in which case rt is measured al cost less impairment. Investment gains and losses. whether realised or unrealised. are combined and presented as'GainsllLosses} on investh)ents' in the Statement of financial activities. Investments held as fixed assets are shown al Cost less provision for impaimient. 2.7 Interest recelvable Interest on funds. held on deposit is induded vthen receivatle and the amount can be measured reliably by the company,. this is nomially upon notification of the interest paid or payable by the institution wtth whom the funds are depo￿ted. 2.8 Debtors Trade and other debiots are re(￿nised at the setNemenl amount after any trade dis¢ount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short malurily of three m¢)nlhs or less Irom the date of acouisition or opening of the deposit or sirnilar account. 2.10 Liabilities and provision5 Liabilities are reeognised vthen there is an obligation at the Balance sheet date as a ￿sU11 of a past event, il is probable that a transfer of economic benefit wll be required in settlement, and the amount of the sethement can be esbmated ￿liab￿. Liabilities are recognised at the amount that the company anticipates it will pay to setue the debt or the amount it has ￿e1ved as advanced payments for the goc#Js or services it must provide. Provisions a￿ measured at Ihe besl estimate of Ihe amounts required to sellle the obligation. WheTe the effect of the lime value of money is material. the provision is based on the present value of those amounts. discounted at the pre-lax discount rate that reflect5 the risks specific lo the liability. The unwinding of the d￿count is ￿cOgniSed in the sL￿ement of financial activities as a finance cost. Page17 Docusign Envdow ID.. F7E3c141-AED443Bc-83B￿833trjFO￿Io2B BANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles (Contlnued) 2.11 For•ign currwncies Functional and presentation currency The Company's functional curreny and presentstional currency are both the Euro IEURI. Transactions and balances Monetsry assets and liabilities denominated in foreign r#JrTencies are translated into euros at rates of exchange ruling at the reports'ng date. Transactions in foreign currencies a￿ translated into euros at the rate wling on the date of the transaetion. Exchange gains and losses are reccgnised in the Statement of financial aclivits'es. 2.12 Fund accounting General funds are unrestricled funds which are available for use at the discretion of the Tnjstees in furtherance of the 9eneral objectives of the company and which have not been designated for other purposes. Restricted fvnds are funtjs which are lo be usgJ in accordance wilh specific restrictions imposed by donors or which have been raised by the company for pa￿'cUlar purposes. The costs of raising and administering such fvnds are charged against the specific fund. The aim and use of each restricted fund is set out in the noles to the finanual 5tatemenls. Investment income. gains and losses are allocated to the appropriate fund. 2.13 Financial instruments The ￿rnpany only has finanaal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial inslrumenls are initially recognised al transaction value and subsequently measured al their settlement value wtth the exception of bank loans which are subsequenlly measured at amorbsed cost using the effective interest method. 2.14 Golng concem The financial slalements have been prepared on a going concem basis as the trustees believe that no material uncertainties exssl. The trustees have considered the level of funds held and the expected level.of income and expendtture for 12 months from aulhorising these financiat slatemenls. The budgeted income and expendi￿re is sufficsenl with the level of reseNes for the charity to be able to continue a going concem. Page 18 Docusign Envebpe lo.. F7E3C141.AED4438c4389-833D￿OAA62O BANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2022 Critical accounting estimatgs and areas of judgment Estimates and judgments are continually evaluated and are based on histori￿1 experience and other factors, including expectstions of future events that a￿ believed lo be reasonable under the circurnstances. Critical accounting eslimales and assumptions: The company makes estimates and assumpts.ons conceming the future. The resulting accounting estimates and assumptions will, by definition. seldom equal the related actual results. The estimates and assumpb.ons that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next finanaal year a￿ discussed below. Income from donations and legacies Endowment funds 2022 Total funds 2022 Total funds 2021 Grants 6,000,000 6,000,000 Investment income Unrestricted funds 2022 Total funds 2022 Investment income 296,772 296,772 Unrestncled fvnds 2021 Total funds 2021 Investment income 1.391,212 1,391,272 Page 19 t)ocu&gn Envdope ID.. F7E3C141-AEDM3BC43Bg833DOFOAA6 BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITh TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Raising funds Endowment funds 2022 Total funds 2022 Investment management fees 335,046 335.046 Endowment funds 2021 Total funds 2021 lftveslment managernent fees 143,081 143.081 Analysis of grants Grants to Instltutions 2022 Total funds 2022 Granls, Provision of grants 626.740 626,740 Granfs to Institutions 2021 Total funds 2021 Grants, Provision of grants 508,547 508,547 Page 20 Docusign Envelope ID.. F7E3C141-AED443Bc-e3WB33D￿IjAA626 BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysls of expendlture by activlties Grant funding of actlvities 2022 Support costs 2022 Total funds 2022 Provision of grants 626.740 512.898 1.139,638 GTrnt funding of activities 2021 Support costs 2021 Total funds 2021 Provision of grants 508.547 608.671 1.117,278 Analysis of support COSts Provision of grants 2022 Total funds 2022 Staff costs Depreciation (Jffice rent Motor costs Bank charges Exchange rale differen General office expenses Communications and promoth.on Governance costs 99.969 2,866 99.969 2.866 è.9>6 4,512 4.855 233,470 31,819 25,346 101,065 4.512 4.855 233.470 31.819 25.346 101.065 512.898 512,898 Page 21 DooJSvJn EnvEloFe ID.. F7E3C141JE0443Bc43B9￿J3tx)F0mfi26 BANC D'ARGUIN, AND COASTAL AND MARINE 810DIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysls of •xpendltur¢ by activlties (continued) Analysis of support costs (conlinued ProWS￿n ol grants 2021 Total funds 2021 Staff costs Depreaation Office rent Motor costs Bank charges Exchange rate difference General office expenses Communications and promotion Govemance costs 84.316 3.063 9.784 3,895 7.668 429,353 19,545 8.117 42,930 84.316 3,063 9. 784 3,895 7,668 429,353 19,545 8,117 42.930 608,6TI 608,671 Audltors. remunerallon 2022 2021 Fees payable to the eompany's auditor for the audit of the companvs annual accounts 8,295 7.500 10. Staff costs 2Q22 2021 Wages and salaries 99.969 84,316 99,969 84,316 The average number of person5 employed by the corryany during the year was as follows: 2022 No. 2021 No. Adminislralion Page 22 Docuslgn Envdope ID.. FIE3C141.AED443BC-8389833DOFOAA626 BANC D'ARGUIN, AND COASTAL AND MARINE 8IODIVERSITY TRUST FUND LIMtTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 10. Staff costs (continued) No employee received Temuneralion amounb.ng to more than É60,000 in either year. The key management of the charitable company comprise the tnjstees only. The Irust8e5 do not receive any remuneration fc￿ this ￿￿e. 11. Trustees. remuneralion and expenses Ouring the year. no Trustees rthved any remuneration or other benefits (2021- éNIL). During the year ended 31 December 2022. expenses tolalling ÉNIL V•Ere reiTnbursed lo Truslee (2021- 'ÉNIL lo frusteej. The expense5 related lo travel and meeting costs. 12. Tangible fixed assets Molor vehicles Oftice equipment Total Cost or valuation Al 1 January 2022 Additions 43.549 29,493 2,078 73,042 2.078 Al 31 December 2022 43.$49 31,571 75,110 Depreciation At 1 January 2022 Charge for the year 43.549 17.239 2.866 60.788 2.866 At 31 De￿mber 2022 43.549 20.105 63.654 Nel book value At 31 December 2022 11,466 11,466 At31 Decembgr2021 12,254 12,254 Page 23 Docvsun Envek)pe ID". F7E3C141-AED4438C-B3B￿833L*￿OmA626 BANC D'ARGUIN. AND COASTAL AND MARINE 810DIVERSITY TRUST FUND LIPAITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Flxed assel Investments Llsted investments Cost or valuation At 1 January 2022 Addilions Disposals Revaluatsons 38,047,371 16.998,721 {12,661,645) 11,981,655) Al 31 December 2022 40.402,792 Net book value Al 31 December 2022 40,402,792 At 31 December 2021 38,04T.371 Fixed assel investrnents are held overseas. Material investments Managed fiJnds- % of th)rtfolio Pictet-glob Emerg Debt-hz Evr- 5.10% Pictet-EUR Government bonds- 5.84% Blueorchard Microfinance N Eur Acc- 8.94% UbslLuxlReal Est.Fs-Glb 196 Eur-Inc- 6.30% .Pch-Short-Term Mm Eur-l Dy- 8.50% Panorama growth - 9.11° HCP Private Equity Portfolio- 11.48% 14. Debtors 2022 2021 Due v!y).In ong yoi.r Other debtors 4.556 8,797 4,5S6 8.797 Page 24 D￿Us19n Env¢lopa ID". F7É3C141-AED443BC-83B￿B33DOF0AA636 BANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Creditors- Amounts lalling due within one year 2022 2027 Trade creditors Other creditors Accruals and deferred income 6.242 360 17.092 21,448 16,477 37,925 23,694 Page 25 Oocusign ETrvelope ID.. F7E3C141.AEtM43ec438W3Tr)FOA4626 BANC D'ARGUIN. AND COASTAL AND MARINE BIODIVERsifi TRUST FUNO LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 t6. Stalement of funds Stslement of funds - Current year Balance at 31 Gainsl December IL05ses) 2022 Balance at I January 2022 Income Expenditure Unre5tri¢ted funds General Funds- all fiJnd$ 1,631J,705 296.772 {1.139,6381 787.839 Endowment fund$ Endowment Funds - all funds 37.804.809 6,000,000 (335,046) {1,875,255) 41.594,508 Reslrfcted fvnds Restricted Funds - all funds 446,777 446.777 Tolal of funds 39.882.291 6,296,772 11.474.684) {1,875.255) 42.829.124 Page 26 Oocusign Envelope ID.. F7E3C141-AED4-43BC-83WB3300FOAA626 BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 31 DECEMBER 2022 16. Statement of funds (continued) ststement of funds - prior year Balance at 31 Dg¢ember 2021 Balance at l January 2021 Gain (Losses) Income Expenditure Unrestricted funds General Funds - all funds 1.356.651 1,391,272 (1. 117,218) 1,630, 705 Endowment lunds Endowment Funds- all funds 35.961.647 (743.081) 7.986.243 37,804.809 Restricted fund5 Restricted Funds - all funds 446,777 446. 777 Total of funds 37.765.075 1,391.272 (1.260.299) 1,986,243 39,882.291 Page 27 OotyJSvJn Envehw ID.. F7E3C141.AE0443BC-83B￿833Dr￿0A4S26 BANC D'ARGUIM, AND COASTAL AND MARINE BIODIVERsrrY TRUST FUND LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 17. Analysis of net assets b•tween funds Analysis of net as$et5 between funds- current year Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Total fund$ 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 11.466 11,191,716) 2.006.014 137.9251 11.466 41,594,508 40.402,792 2.452,791 (37.9251 446.777 Total 787.839 446,777 41,594,508 42,829,124 Analysis of net assets between funds - prior year UnTrstiFcled funds 2021 Restricted Endowmenl funds funds 2021 2021 Tolal funds 2027 Tangible fixed assets Fixed asset investments Current assets Creditors due wthin one year 12.254 12.254 446.777 37,600,594 38,047,371 204,215 1,846,360 f23,694) 1.642. 145 (23,694) Total 1.630. 705 446. T77 37.804,809 39.882.291 18. Related party transactions There are no related party transactions. Page 28