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← Banc D'arguin, And Coastal And Marine Biodiversity Trust Fund Limited

2023-12-31-accounts

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

Registered number: 06800423 Charity number: 1136156

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 9
Independent auditors' report on the financial statements 10 - 13
Statement of financial activities 14
Balance sheet 15 - 16
Statement of cash flows 17
Notes to the financial statements 18 - 33

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Oumoulkhayri Ba
Ahmed Senhoury (appointed 11 March 2024)
Guillaume Taylor
Abdel Dahi
Ahmed Zein
Benedicte Brusset
Sylvie Goyet (appointed 10 April 2023)
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 auditors
Wellers
For and on behalf of Wellers
8 King Edward Street
Oxford
OX1 4HL
Solicitors
Wilmerhale LLP
5th Floor Alder Castle
10 Noble Street
London
EC2V 7JQ

Page 1

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the company for the 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives for the public benefit

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance.

The principal object of the company is:

1) To promote, for the benefit of the public, the conservation, protection and improvement of the physical and natural environment, firstly of the Banc d'Arguin National Park, and secondly of other marine and coastal protected areas in Mauritania, as the board shall determine, on the basis of the criteria set fourth in the manual of procedures (If the financial resources of the charity are sufficient and with the approval of at least three Quarters of its board of directors). These areas are known as "the areas of benefit"

2) To promote for the benefit of the public, the sustainable development of "The area of benefit" by:

A The preservation, conservation and the protection of the environment and the prudent use of natural resources of the areas of benefit,

B The relief of poverty and the improvement of the conditions of life for the areas of benefit resident populations, and

C The promotion of sustainable means of achieving economic growth and regeneration of the areas of benefit; and

3) To advance the education of the public in the biodiversity, conservation, sustainability and management of "the areas of benefit".

The principal objectives of the Charity are to promote and provide financial support for the conservation, preservation and sustainable development of Marine and coastal Protected Areas in the Islamic Republic of Mauritania.

Page 2

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

b. Activities for achieving objectives

In order to achieve its objectives, the Charity aims to receive funds which can be used for its purposes stated in preceding chapter.

In 2023, BACoMaB’s endowment fund amounts to a total of 38.6 million Euros, effectively disbursed by donors.

The company has set finance and investment policies that are intended to provide long term stability and liquidity sufficient to finance the grants in Mauritania and to maintain the real value of the fund, whilst preserving its purchasing power over time.

Page 3

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

a. Review of activities

Management activities:

Governance activities:

Grants’ activities:

Other activities:

Page 4

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. Investment policy and performance

The Board of Directors has adopted a conservative investment policy with the primary objective to maximize total long-term net return by applying an investment strategy compatible with prudent risk levels. The return on investments should preserve or improve the real value of the capital in order to generate sufficient income to finance the Foundation's activities in Mauritania.

This policy seeks to ensure that investments are compatible with the Charity's values and mission. For this reason, the Charity is applying socially responsible investment criteria, seeking to exclude companies or industries if their activities, policies or practices are not in conformity with the Foundation's social and environmental preferences.

In 2023 the new investment policy has been implemented. This new investment policy seeks to adapt the asset allocation to the market to strengthen the performance of the portfolio.

Despite the world financial market instability, the actual financial performance achieved was positive (+4%) in 2023.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The trustees have a reserves policy which complies with its objectives, which are to cover the grants to the beneficiaries and the operating costs of the Trust. The interest, income, dividends and gains from the investments will be donated as grants for the purposes of the foundation in Mauritania. For that purpose, BACoMaB 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 grant making. These reserves will be reinforced in the future as far as the performance of the investments allow this.

Page 5

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

c. Financial review

Years 2017 2018 2019 2020 2021 2022 2023
Total portfolio
01.01		 23,099,643 24,919,022 27,674,748 34,748,853 36,704,973 39,490,481 41,760,116
Managed assets
(31/12)		 24,919,022 27,674,748 34,748,853 36,704,973 39,490,481 41,760,116 40,353,295
YTD
Performance
Portfolio		 0.58% -2.09% 8.43% 2.96% 7.6% -9% 4%
YTD
Performance
Benchmark		 -0.02% -0.20% 9.77% 2.35%
CTIS average
performance (in
€)		 6.84% -2.5%
Gross capital
increase		 1,819,379 2,755,726 7,074,105 2,046,031 2,785,508 -3,730,365
Eurozone
inflation		 1.35% 1.8% 1% 1% 5% 9.2%
Net increase in
capital		 1,507,534 2,307,184 7,003,363 2,025,770 2,646,233 -4,073,559
Spending limit Y
+1		 498,380 553,494 868,721 1,213,063 1,284,674 1,252,803 1,210,598
Amount of
grants in IRM		 420,000 440,000 460,000 480,000 535,000 600,000 727,295

Page 6

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee on 13 February 2009 and was set up by Memorandum of Association dated 23 January 2009 as amended on 13 February 2009 and 18 March 2010.

The company is constituted under a Memorandum of Association dated 30 March 2010 and is a registered charity with number 1136156.

The trustees meet twice a year or more frequently should the need arise.

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Trustees must be persons who are widely acknowledged to have expertise in one or more of the following fields: biodiversity conservation, finance, law, business, or fund raising.

The Board of Directors shall be composed of:

The members of the Board of Directors appointed in accordance with clause 12.1 (hereafter referred to as ''Category A Directors'') shall then elect two (2) representatives 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 they represent and compliment local agents and the private sector.

Each of the institutions that have the right to appoint Category A Directors and shall have the 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 dismissed Director, provided that such individual also meets the qualifications for Board membership set forth in Article 10.7 above. Category B Directors shall be elected by the vote of a majority of the current Category A Directors to serve for a fixed term of no less than one year and no more than three years, and shall be eligible for re-election for a second consecutive fixed term of no more than three years.

c. Organisational structure and decision-making policies

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 the Companies Act, the Articles of Association or any special resolutions.

During the year, 2 board meetings have been held in June and December.

Page 7

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

d. Policies adopted for the induction and training of Trustees

The Charity does not yet have in place a formal policy for induction and training of the Trustees.

The Board Chair and secretary attended a REDLAC - CAFE training course, which focused upon "Strengthening the endowment of trust funds’’ in Tanzania, September 2023.

The secretary attended the REDLAC meeting on innovative Finance. He took part in the panel discussion on the private sector partnership with conservation trust funds (CTF) and presented the Blue Carbon project. He also participated to the donors’ meetings with CTF and to the monitoring and evaluation group.

BACoMaB team attended the COP28 congress in Dubai where there have been presentations of the Blue Carbon Project and BACoMaB achievements for the conservation of the Marine Protected Areas in Mauritania.

The Secretary attended the first Blue Africa Summit in Morocco where he presented BACoMaB and its vision for the protection of the ocean and the blue economy.

e. Risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the governance and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

The company adopted a risk register and appointed a committee to assess the risks and propose a plan to mitigate these risks.

Governance risks - The Board of Directors has confidence in the Executive Director to effectively manage the administrative and accounting position, as well as the reputation of BACoMaB. The Charity is becoming well recognized as a major player in the field of conservation finance in Mauritania.

Investment risk - The Charity has a diversified portfolio of investments in different currencies. The asset management of the Charity's portfolio is undertaken by PICTET SA and ROTTSCHILD and Co (Switzerland). A financial Committee was established to oversee the performance of the asset manager and provide guidance to the trustees in terms of investment decisions and risk. PICTET remains the custodian of all BACoMaB assets.

Since July 2022, a financial advisor, PERENNIUM, has been recruited to assist the investment committee and the Board. The financial advisor prepared a revised version of the investment policy, that has been adopted by the Board in December and implemented in 2023. This policy aims at improving the revenues of the investments through a revised strategic allocation of the portfolio and a better monitoring of the markets.

All investments adhere to the Charity's investment policy.

The asset manager mitigates the foreign currency exposure by trading in forward foreign currency contracts.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. A Trustee Liability Insurance covering the Charity for one year has been set up with a UK Insurance Company in July 2015 and regularly renewed.

Page 8

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any information needed by the charitable company's auditor in connection with preparing its report and to establish that the charitable company's auditor is aware of that information.

Auditors

The auditors, Wellers, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

_____ [ Gillam Taylor _______ | Alumed Lefyui Guillaume Taylor Ahmed Lefghhih Trustee and chairman of the investment committee Executive Director

Date: 13-09-24 13-09-24

Page 9

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

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 BIODIVERSITY TRUST FUND LIMITED

Opinion

We have audited the financial statements of Banc d'Arguin, and Coastal and Marine Biodiversity Trust Fund Limited (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement 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 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical 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 to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 10

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

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 BIODIVERSITY TRUST FUND LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated 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 information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained 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 statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 11

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

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 BIODIVERSITY TRUST FUND LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected 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 consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities 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 performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 12

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

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 BIODIVERSITY TRUST FUND LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Christina Nawrocki (Senior statutory auditor)

For and on behalf of Wellers

8 King Edward Street

Oxford

OX1 4HL

14-09-24 Date:

Wellers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 13

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income and
endowments from:
Donations and
legacies
4
Investments
5
Total income and
endowments
Expenditure on:
Raising funds
6
Charitable activities
Total expenditure
Net
(expenditure)/incom
e before net
gains/(losses) on
investments
Net gains/(losses) on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Unrestricted
funds
2023
€
59,137
557,873
617,010
-
1,208,408
1,208,408
(591,398)
-
(591,398)
787,839
(591,398)
196,441		 Restricted
funds
2023
€
-
-
-
-
-
-
-
-
-
446,777
-
446,777		 Endowment
funds
2023
€
-
1,012
1,012
143,196
-
143,196
(142,184)
848,071
705,887
41,594,508
705,887
42,300,395		 Total
funds
2023
€
59,137
558,885
618,022
143,196
1,208,408
1,351,604
(733,582)
848,071
114,489
42,829,124
114,489
42,943,613		 Total
funds
2022
€
6,000,000
296,772
6,296,772
335,046
1,139,638
1,474,684
4,822,088
(1,875,255)
2,946,833
39,882,291
2,946,833
42,829,124

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 18 to 33 form part of these financial statements.

Page 14

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED REGISTERED NUMBER: 06800423

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
16
Restricted funds
16
Unrestricted funds
16
Total funds		 2,176
593,092
595,268
(68,002)		 2023
€
41,472
42,374,875
42,416,347
527,266
42,943,613
42,943,613
42,300,395
446,777
196,441
42,943,613		 4,556
2,448,235
2,452,791
(37,925)		 2022
€
11,466
40,402,792
40,414,258
2,414,866
42,829,124
42,829,124
41,594,508
446,777
787,839
42,829,124

Page 15

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED REGISTERED NUMBER: 06800423

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

_____ Guillaume Taylor (led _______ Ahmed Lefghih fie Trustee and chairman of the investment committee Executive Director

13-09-24 13-09-24 Date:

The notes on pages 18 to 33 form part of these financial statements.

Page 16

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 33 form part of these financial statements		 2023
€
(1,242,280)
558,885
(47,736)
30,407,780
(31,531,792)
(612,863)
-
(1,855,143)
2,448,235
593,092		 2022
€
4,546,654
296,772
(2,078)
12,768,045
(16,998,721)
(3,935,982)
-
610,672
1,837,563
2,448,235

Page 17

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

Banc d'Arguin, and Coastal and Marine Biodiversity 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 operating office is Direction Executive do BACoMaB, ZRC, Lot 406, B.P 5223, Nouakchott, Mauritania.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), 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 benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The accounts are presented in Euros.

2.2 Company Status

The company is a company limited by guarantee. in the event of the company being wound up, the liabitity in respect of the guarantee is limited to €1 per member of the company.

2.3 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 18

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutionai and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing €500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 19

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation (continued)

Depreciation 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 vehicles - 33% Reducing Balance basis
Office equipment - 20% Reducing Balance basis

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments held as fixed assets are shown at cost less provision for impairment.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount 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-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Page 20

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.11 Foreign currencies

Functional and presentation currency

The Company's functional curreny and presentational currency are both the Euro (EUR).

Transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into Euros at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into Euros at the rate ruling on the last day of the month that the transaction falls into.

Exchange gains and losses are recognised in the Statement of financial activities.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.13 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financiat statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue a going concern.

Page 21

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the valuation of investments.

Critical areas of judgment:

There are no significant areas of judgement other than those involving estimation.

4. Income from donations and legacies

Unrestricted
funds
2023
€
Grants
59,137
Grants		 Endowment
funds
2023
€
-
Endowment
funds
2022
€
6,000,000		 Total
funds
2023
€
59,137
Total
funds
2022
€
6,000,000

Page 22

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Investment income

Unrestricted
funds
2023
€
Investment income
557,873
Investment income
6.
Raising funds
Investment management fees
Investment management fees		 Endowment
funds
2023
€
1,012
Unrestricted
funds
2022
€
296,772
Endowment
funds
2023
€
143,196
Endowment
funds
2022
€
335,046		 Total
funds
2023
€
558,885
Total
funds
2022
€
296,772
Total
funds
2023
€
143,196
Total
funds
2022
€
335,046

Page 23

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of grants

Grants, Provision of grants
Grants, Provision of grants		 Grants to
Institutions
2023
€
731,388
Grants to
Institutions
2022
€
626,740		 Total
funds
2023
€
731,388
Total
funds
2022
€
626,740

8. Analysis of expenditure by activities

Provision of grants
Provision of grants		 Grant
funding of
activities
2023
€
731,388
Grant
funding of
activities
2022
€
626,740		 Support
costs
2023
€
477,020
Support
costs
2022
€
512,898		 Total
funds
2023
€
1,208,408
Total
funds
2022
€
1,139,638

Page 24

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Provision of
grants
2023
€
Staff costs
130,390
Depreciation
17,730
Office rent
9,968
Motor costs
5,711
Bank charges
3,658
Exchange rate difference
34,885
General office expenses
26,808
Travel
66,786
Communications and promotion
4,295
Governance costs
176,789
477,020
Provision of
grants
2022
€
Staff costs
99,969
Depreciation
2,866
Office rent
8,996
Motor costs
4,512
Bank charges
4,855
Exchange rate difference
233,470
General office expenses
17,849
Travel
13,970
Communications and promotion
25,346
Governance costs
101,065
512,898		 Total
funds
2023
€
130,390
17,730
9,968
5,711
3,658
34,885
26,808
66,786
4,295
176,789
477,020
Total
funds
2022
€
99,969
2,866
8,996
4,512
4,855
233,470
17,849
13,970
25,346
101,065
512,898

Page 25

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Auditors' remuneration

2023 2022
€ €
Fees payable to the company's auditor for the audit of the company's
annual accounts 11,200 8,295

10. Staff costs

Wages and salaries 2023
€
130,390
130,390		 2022
€
99,969
99,969

The average number of persons employed by the company during the year was as follows:

2023 2022
No. No.
Administration 6 4

No employee received remuneration amounting to more than €60,000 in either year.

The key management of the charitable company comprise the trustees only. The trustees do not receive any remuneration for this role.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - €NIL) .

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - €NIL) .

Page 26

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Motor
vehicles
€
43,549
45,308
88,857
43,549
14,952
58,501
30,356
-		 Office
equipment
€
31,571
2,428
33,999
20,105
2,778
22,883
11,116
11,466		 Total
€
75,120
47,736
122,856
63,654
17,730
81,384
41,472
11,466

Page 27

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Fixed asset investments

Cost or valuation
At 1 January 2023
Additions
Disposals
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Fixed asset investments are held overseas.
Material investments
Managed funds - % of portfolio
Pictet-glob Emerg Debt-hz Eur - 3.75%
Pictet-EUR Corporate Bondz-Z - 6.96%
PICTET-EM CORP BDS-Z USD - 2.77%
Pictet-EUR Government bonds - 7.32%
Pictet-Quest Gl.Sus.Eq-Z USD - 3.02%
Pi Ch-Wld Ex Swiss Sust.Eq.Tr.Z USD - 7.12%
Pch-Short-Term Mm Eur-I Dy - 13.17%
PICTET-ST MONEY MARKET EUR-I - 2.88%
Panorama growth - 14.33%
Regenero Impact Fund - 2.51%
HCP Private Equity Portfolio - 15.60%
HCP Private Debt Portfolio - 3.14%		 Listed
investments
€
40,402,792
26,031,757
(26,713,522)
(2,846,187)
36,874,840
36,874,840
40,402,792		 Other fixed
asset
investments
€
-
5,500,035
-
-
5,500,035
5,500,035
-		 Total
€
40,402,792
31,531,792
(26,713,522)
(2,846,187)
42,374,875
42,374,875
40,402,792

Page 28

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Debtors

Due within one year
Other debtors		 2023
€
2,176
2,176		 2022
€
4,556
4,556

15. Creditors: Amounts falling due within one year

Bank overdrafts
Other creditors
Accruals and deferred income		 2023
€
56
49,271
18,675
68,002		 2022
€
-
21,448
16,477
37,925

Page 29

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Statement of funds

Statement of funds - current year

Balance at 1
January
2023
€
Unrestricted funds
General Funds - all funds
787,839
Endowment funds
Endowment Funds - all funds
41,594,508
Restricted funds
Restricted Funds - all funds
446,777
Total of funds
42,829,124		 Income
€
Expenditure
€
617,010
(1,208,408)
1,012
(143,196)
-
-
618,022
(1,351,604)		 Gains/
(Losses)
€
-
848,071
-
848,071		 Balance at
31
December
2023
€
196,441
42,300,395
446,777
42,943,613

Page 30

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds - all funds
Endowment funds
Endowment Funds - all funds
Restricted funds
Restricted Funds - all funds
Total of funds		 Balance at
1 January
2022
€
1,630,705
37,804,809
446,777
39,882,291		 Income
€
296,772
6,000,000
-
6,296,772		 Expenditure
€
(1,139,638)
(335,046)
-
(1,474,684)		 Gains/
(Losses)
€
-
(1,875,255)
-
(1,875,255)		 Balance at
31
December
2022
€
787,839
41,594,508
446,777
42,829,124

Page 31

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
€
Tangible fixed assets
41,472
Fixed asset investments
74,480
Current assets
148,491
Creditors due within one year
(68,002)
Total
196,441		 Restricted
funds
2023
€
-
-
446,777
-
446,777		 Endowment
funds
2023
€
-
42,300,395
-
-
42,300,395		 Total
funds
2023
€
41,472
42,374,875
595,268
(68,002)
42,943,613

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
€
11,466
(1,191,716)
2,006,014
(37,925)
787,839		 Restricted
funds
2022
€
-
-
446,777
-
446,777		 Endowment
funds
2022
€
-
41,594,508
-
-
41,594,508		 Total
funds
2022
€
11,466
40,402,792
2,452,791
(37,925)
42,829,124

Page 32

Docusign Envelope ID: 667351EE-B6D0-407D-BF85-BFE2F02DCC94

BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Losses)/gains on investments
Dividends, interests and rents from investments
Decrease in debtors
Increase in creditors
Net cash provided (used in)/by operating activities
19.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
20.
Analysis of changes in net debt
At 1
January
2023
€
Cash at bank and in hand
2,448,235
Bank overdrafts repayable on demand
-
2,448,235		 2023
€
114,489
17,730
(848,071)
(558,885)
2,380
30,077
(1,242,280)
2023
€
593,092
593,092
Cash flows
€
(1,855,143)
-
(1,855,143)		 2022
€
2,946,833
2,866
1,875,255
(296,772)
4,241
14,231
4,546,654
2022
€
2,448,235
2,448,235
At 31
December
2023
€
593,092
-
593,092

21. Related party transactions

There are no related party transactions.

Page 33