Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
**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 2024**
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **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 - 34|
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **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 2024**
|**Trustees**|Oumoulkhayri Ba (resigned 11 December 2024)|
|---|---|
||Ahmed Senhoury (appointed 11 March 2024)|
||Ignace Monkamdaverat (appointed 24 February 2025)|
||Guillaume Taylor|
||Abdel Dahi|
||Ahmed Zein|
||Benedicte Brusset (resigned 24 February 2025)|
||Sylvie Goyet|
|**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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024**
The Trustees present their annual report together with the audited financial statements of the company for the 1 January 2024 to 31 December 2024. 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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 2024, BACoMaB’s endowment fund amounts to a total of 41 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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Achievements and performance**
## **a. Review of activities**
## Management activities:
- Technical and Financial Reporting to the "Companies House" and "Charity Commission" under the year 2023.
- Production of financial statements for the year 2023 in England.
- Production of financial statements for the year 2023 in Mauritania.
- Consolidation and monitoring of accounting audit.
- Launch of the technical assistance project funded by KfW to implement the recommendations of the organisational audit and support Banc d’Arguin and Diawling national parks.
## Governance activities:
- Two sessions of the Board of Directors, in June and December.
- The Grants Committee has held 1 meeting.
- Four meetings of the Investment Committee in February, July, September and October. The financial advisor took part to these meetings.
- Two conference calls have been held with the portfolio managers.
## Grants’ activities:
- BACoMaB granted in 2024 €860.000 to the Parc National du Banc d’Arguin (PNBA) and Parc National du Diawling (PND) and Monk Seal Protection Program.
- For PNBA the total amount was €530.000 for maritime and coastal surveillance to prevent intrusion of motorized boats and preserve the fisheries inside the PNBA (€234.362), participatory governance with the local population (€64.434) and observatory and monitoring indicators (€112.100) and for the Scientific Council (€63.270), communication (€23.200) monitoring of management plan (€32.634).
- For PND the total amount was €190.000 to finance the activities of surveillance and hydrologic, ecologic, and social monitoring.
- In 2024 BACoMaB awarded Small Grants for Projects executed by non-Governmental Organizations. The total amount was €120.000 for the conservation of the Monk seal in Nouadhibou executed by Annajah and CBD Habitat.
## Other activities:
- Organization of a workshop on sustainable management of the marine biodiversity in Mauritania
- • Participation to COP 29
- Participation to CAFÉ and online meetings.
Page 4
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 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 (+5.64%) in 2024.
## **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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **c. Financial review**
|**Years**|**2018**|**2019**|**2020**|**2021**|**2022**|**2023**|**2024**|
|---|---|---|---|---|---|---|---|
|Total portfolio
01.01|24,919,022|27,674,748|34,748,853|36,704,973|39,490,481|41,760,116|40,353,295|
|Managed
assets (31/12)|27,674,748|34,748,853|36,704,973|39,490,481|41,760,116|40,353,295|40,820,000|
|YTD
Performance
Portfolio|-2.09%|8.43%|2.96%|7.6%|-9.0%|2.78 %|5.64 %|
|Spending limit
Y +1|553,494|868,721|1,213,063|1,284,674|1,252,803|1,210,598|1,224,600|
|Amount of
grants in IRM|440,000|460,000|480,000|535,000|650,000|727,295|860,000|
Page 6
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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:
(a) two (2) members appointed by the Government of the Islamic Republic of Mauritania,
- (b) one (1) member appointed by a non-governmental international conservation organisation, such organisation to be determined by the Board.
- (c) two (2) members chosen either:
- (i) from among bilateral donor agencies; or
- (ii) once a donor has donated in excess of €1,000,000, one director appointed by such donor and one from the remaining donor agencies; or
- (iii) once donors have donated in excess of €1,000,000, one director by each such donor.
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 May and December.
Page 7
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 "Emerging Conservation Finance Trends and Partnerships in Africa’’ in Namibia, September 2024.
BACoMaB team attended the COP29 congress in Baku where there have been presentations of the Blue Carbon Project and BACoMaB achievements for the conservation of the Marine Protected Areas in Mauritania.
## **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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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:
|Signé par :
[Gulurufa|DocuSigned by:
[lane(fe|
|---|---|
|___________________________
[Gulurufa
BS549EF80083C44D...|___________________________
[lane(fe
A884CB1C14E14C7...|
|**Guillaume Taylor**|**Ahmed Lefghhih**|
|Trustee and chairman of the investment committee|Executive Director|
Date: 24-09-25 24-09-25
Page 9
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **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 2024 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of 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 requirements of the Charities Act 2011.
## **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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **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:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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.
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Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **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.
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Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **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
Date: 24-09-25
Wellers are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **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 2024**
|**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**
**before net gains on**
**investments**
Net gains on
investments
**Net**
**(expenditure)/income**
Transfers between
funds
17
**Net movement in**
**funds**
**Reconciliation of**
**funds:**
Total funds brought
forward as previously
stated
Prior year adjustment
Total funds brought
forward as restated
Net movement in funds
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**2024**
**€**
**-**
**805,273**
**805,273**
**-**
**1,376,017**
**1,376,017**
**(570,744)**
**29,548**
**(541,196)**
**446,777**
**(94,419)**
**196,441**
**406,088**
**602,529**
**(94,419)**
**508,110**|**Restricted**
**funds**
**2024**
**€**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(446,777)**
**(446,777)**
**446,777**
**-**
**446,777**
**(446,777)**
**-**|**Endowment**
**funds**
**2024**
**€**
**-**
**20,061**
**20,061**
**182,166**
**-**
**182,166**
**(162,105)**
**2,442,093**
**2,279,988**
**-**
**2,279,988**
**42,300,395**
**(3,582,941)**
**38,717,454**
**2,279,988**
**40,997,442**|**Total**
**funds**
**2024**
**€**
**-**
**825,334**
**825,334**
**182,166**
**1,376,017**
**1,558,183**
**(732,849)**
**2,471,641**
**1,738,792**
**-**
**1,738,792**
**42,943,613**
**(3,176,853)**
**39,766,760**
**1,738,792**
**41,505,552**|_As restated_
_Total_
_funds_
_2023_
_€_
_59,137_
_558,885_
_618,022_
_181,964_
_1,208,408_
_1,390,372_
_(772,350)_
_187,023_
_(585,327)_
_-_
_(585,327)_
_42,829,124_
_(2,477,037)_
_40,352,087_
_(585,327)_
_39,766,760_|
|---|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 18 to 34 form part of these financial statements.
Page 14
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED REGISTERED NUMBER: 06800423**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Note**
**Fixed assets**
Tangible assets
12
Investments
13
**Current assets**
Debtors
14
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
15
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
**Total funds**|**600**
**624,349**
**624,949**
**(27,719)**|**2024**
**€**
**34,958**
**40,873,364**
**40,908,322**
**597,230**
**41,505,552**
**41,505,552**
**40,997,442**
**-**
**508,110**
**41,505,552**|_2,176_
_593,092_
_595,268_
_(68,002)_|_As restated_
_2023_
_€_
_41,472_
_39,198,022_|
|---|---|---|---|---|
|||||_39,239,494_
_527,266_|
|||||_39,766,760_|
||||||
|||||_39,766,760_|
|||||_38,717,454_
_446,777_
_602,529_|
||||||
|||||_39,766,760_|
Page 15
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
# **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED REGISTERED NUMBER: 06800423**
# **BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024**
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:
................................................ BS549EF80083C44D... ................................................ A884CB1C14E14C7... **Guillaume Taylor Ahmed Lefghih** Trustee and chairman of the investment committee Executive Director
Date: 24-09-25 24-09-25
The notes on pages 18 to 34 form part of these financial statements.
Page 16
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**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 provided by/(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 34 form part of these financial statements|**2024**
**€**
**(1,583,215)**
**825,334**
**(7,161)**
**9,232,346**
**(8,436,047)**
**1,614,472**
**-**
**31,257**
**593,092**
**624,349**|_As restated_
_2023_
_€_
_(1,281,048)_
_558,885_
_(47,736)_
_30,446,548_
_(31,531,792)_
**(574,095)**
**-**
**(1,855,143)**
_2,448,235_
_593,092_|
|---|---|---|
Page 17
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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 has engaged in foreign currency hedging to mitigate the impact of foreign exchange rate fluctuations.
Aside from the above, 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: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2024**|
||**€**|**€**|
||_Unrestricted_|_Total_|
||_funds_|_funds_|
||_2023_|_2023_|
||_€_|_€_|
|Grants|_59,137_|_59,137_|
Page 22
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **5. Investment income**
|**Unrestricted**
**funds**
**2024**
**€**
Investment income
805,273
_Unrestricted_
_funds_
_2023_
_€_
Investment income
_557,873_
**6.**
**Raising funds**
Investment management fees
Investment management fees|**Endowment**
**funds**
**2024**
**€**
20,061
_Endowment_
_funds_
_2023_
_€_
_1,012_
**Endowment**
**funds**
**2024**
**€**
182,166
_Endowment_
_funds_
_2023_
_€_
_181,964_|**Total**
**funds**
**2024**
**€**
**825,334**|
|---|---|---|
|||_Total_
_funds_
_2023_
_€_
_558,885_|
|||**Total**
**funds**
**2024**
**€**
**182,166**|
|||_Total_
_funds_
_2023_
_€_
_181,964_|
Page 23
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **7. Analysis of grants**
|Grants, Provision of grants
Grants, Provision of grants|**Grants to**
**Institutions**
**2024**
**€**
856,526
_Grants to_
_Institutions_
_2023_
_€_
_731,388_|**Total**
**funds**
**2024**
**€**
**856,526**|
|---|---|---|
|||_Total_
_funds_
_2023_
_€_
_731,388_|
## **8. Analysis of expenditure by activities**
|Provision of grants
Provision of grants|**Grant**
**funding of**
**activities**
**2024**
**€**
856,526
_Grant_
_funding of_
_activities_
_2023_
_€_
_731,388_|**Support**
**costs**
**2024**
**€**
519,491
_Support_
_costs_
_2023_
_€_
_477,020_|**Total**
**funds**
**2024**
**€**
**1,376,017**|
|---|---|---|---|
||||_Total_
_funds_
_2023_
_€_
_1,208,408_|
Page 24
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Staff costs
Depreciation
GIZ costs
Office rent
Legal and professional
Motor costs
Conferences and events costs
Establishment costs
Bank charges
Exchange rate difference
General office expenses
Travel
Communications and promotion
Governance costs|**Provision of**
**grants**
**2024**
**€**
137,030
13,675
2,426
8,323
76,948
16,724
26,558
10,025
7,716
93
27,839
78,104
4,665
109,365
519,491|**Total**
**funds**
**2024**
**€**
**137,030**
**13,675**
**2,426**
**8,323**
**76,948**
**16,724**
**26,558**
**10,025**
**7,716**
**93**
**27,839**
**78,104**
**4,665**
**109,365**|
|---|---|---|
|||**519,491**|
Page 25
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Staff costs
Depreciation
Office rent
Legal and professional
Motor costs
Conferences and events costs
Establishment costs
Bank charges
Exchange rate difference
General office expenses
Travel
Communications and promotion
Governance costs
**9.**
**Auditors' remuneration**
Fees payable to the company's auditor for the audit of the company's
annual accounts
Fees payable to the company's auditor in respect of:
All non-audit services not included above
**10.**
**Staff costs**
Wages and salaries|_Provision of_
_grants_
_2023_
_€_
_130,390_
_17,730_
_9,968_
_74,872_
_5,711_
_11,650_
_3,731_
_3,658_
_34,885_
_11,427_
_66,786_
_4,295_
_101,917_
_477,020_
**2024**
**€**
**16,263**
**11,421**
**2024**
**€**
**137,030**
**137,030**|_Total_
_funds_
_2023_
_€_
_130,390_
_17,730_
_9,968_
_74,872_
_5,711_
_11,650_
_3,731_
_3,658_
_34,885_
_11,427_
_66,786_
_4,295_
_101,917_|
|---|---|---|
|||_477,020_|
|||_2023_
_€_
_12,911_
_8,669_|
|||_2023_
_€_
_130,390_|
||||
|||_130,390_|
Page 26
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10. Staff costs (continued)**
The average number of persons employed by the company during the year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Administration|**6**|_6_|
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 _(2023 - €NIL)_ .
During the year ended 31 December 2024, expenses totalling _€_ 7,623 were reimbursed to 4 Trustees _(2023 - €NIL to Trustee)_ . These expenses relate to travel and general office costs.
Page 27
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 January 2024
Additions
At 31 December 2024
**Depreciation**
At 1 January 2024
Charge for the year
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_|**Motor**
**vehicles**
**€**
**88,857**
**-**
**88,857**
**58,501**
**10,018**
**68,519**
**20,338**
_30,356_|**Office**
**equipment**
**€**
**33,999**
**7,161**
**41,160**
**22,883**
**3,657**
**26,540**
**14,620**
_11,116_|**Total**
**€**
**122,856**
**7,161**|
|---|---|---|---|
||||**130,017**|
||||**81,384**
**13,675**|
||||**95,059**|
||||**34,958**|
||||_41,472_|
Page 28
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **13. Fixed asset investments**
|**Cost or valuation**
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
**Net book value**
At 31 December 2024
_At 31 December 2023_
Fixed asset listed investments are held overseas.
Material investments
Managed funds - % of portfolio|**Listed**
**investments**
**€**
**34,236,736**
**8,436,047**
**(8,760,295)**
**2,024,869**
**35,937,357**
**35,937,357**
_34,236,736_|**Other fixed**
**asset**
**investments**
**€**
**4,961,286**
**-**
**(74,001)**
**48,722**
**4,936,007**
**4,936,007**
_4,961,286_|**Total**
**€**
**39,198,022**
**8,436,047**
**(8,834,296)**
**2,073,591**
**40,873,364**
**40,873,364**
_39,198,022_|
|---|---|---|---|
Panorama growth - 5.91% Pictet-glob Emerg Debt-hz Eur - 3.87% Pictet-EUR Corporate Bondz-Z - 7.85% PICTET-EM CORP BDS-Z USD - 2.94% Pictet-EUR Government bonds - 6.79% Pictet-Quest Gl.Sus.Eq-Z USD - 3.60% ISHARES IV-MSCI WORLD ESG SCR - 3.35% Pi Ch-Wld Ex Swiss Sust.Eq.Tr.Z USD - 8.20% Pch-Short-Term Mm Eur-I Dy - 8.80% Pch-Short-Term Mm Eur-I Dy - 8.92% HCP Private Equity Portfolio - 20.78% HCP Private Debt Portfolio - 3.93%
Other fixed asset investments represents Blackstone Property Partners.
Page 29
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. Debtors**
|**Due within one year**
Other debtors|**2024**
**€**
**600**
**600**|_2023_
_€_
_2,176_|
|---|---|---|
||||
|||_2,176_|
## **15. Creditors: Amounts falling due within one year**
|Bank overdrafts
Other creditors
Accruals and deferred income|**2024**
**€**
**-**
**-**
**27,719**
**27,719**|_2023_
_€_
_56_
_49,271_
_18,675_|
|---|---|---|
||||
|||_68,002_|
## **16. Prior year adjustments**
During the year, it was identified that the value of the Panorama portfolio was overstated within the accounts. A prior year adjustment has been included to restate the opening balance of this fund at 1 january 2023 from €5,629,193 to €3,152,156 and the closing balance as at 31 December 2023 was restated from €5,285,870 to €2,647,766. In previous years income and net gains on investments have been overstated.
In previous years, all of the gain / loss on investments had been allocated to the endowmment fund. A review of the documentation resulted in the gain / loss to be allocated proportionaly between endownment and unrestricted.
During the year, it was identified that the value as at 31 December 2023 of the Blackstone Property Partners investment which was aquired in 2023 was overstated. A prior year adjustment has been included to correct the closing balance from €5,500,035 to €4,961,286. .
Page 30
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **17. Statement of funds**
**Statement of funds - current year**
|**Unrestricted**
**funds**
General Funds -
all funds
**Endowment**
**funds**
Endowment
Funds - all funds
**Restricted**
**funds**
Restricted Funds
- all funds
**Total of funds**|**As restated**
**Balance at 1**
**January**
**2024**
**€**
**602,529**
**38,717,454**
**446,777**
**39,766,760**|**Income**
**€**
**805,273**
**20,061**
**-**
**825,334**|**Expenditure**
**€**
**(1,376,017)**
**(182,166)**
**-**
**(1,558,183)**|**Transfers**
**in/out**
**€**
**446,777**
**-**
**(446,777)**
**-**|**Gains/**
**(Losses)**
**€**
**29,548**
**2,442,093**
**-**
**2,471,641**|**Balance at**
**31**
**December**
**2024**
**€**
**508,110**|
|---|---|---|---|---|---|---|
|||||||**40,997,442**|
|||||||**-**|
|||||||**41,505,552**|
Page 31
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **17. 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**|_As restated_
_Balance at_
_1 January_
_2023_
_€_
_1,181,224_
_38,185,337_
_446,777_
_39,813,338_|_Income_
_€_
_617,010_
_1,012_
_-_
_618,022_|_Expenditure_
_€_
_(1,208,408)_
_(143,196)_
_-_
_(1,351,604)_|_Gains/_
_(Losses)_
_€_
_12,703_
_674,301_
_-_
_687,004_|_As restated_
_Balance at_
_31_
_December_
_2023_
_€_
_602,529_|
|---|---|---|---|---|---|
||||||_38,717,454_|
||||||_446,777_|
||||||_39,766,760_|
## **18. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**2024**
**€**
Tangible fixed assets
34,958
Fixed asset investments
(124,078)
Current assets
624,949
Creditors due within one year
(27,719)
**Total**
508,110|**Endowment**
**funds**
**2024**
**€**
-
40,997,442
-
-
40,997,442|**Total**
**funds**
**2024**
**€**
**34,958**
**40,873,364**
**624,949**
**(27,719)**|
|---|---|---|
|||**41,505,552**|
Page 32
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **18. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total As restated**|_As restated_
_Unrestricted_
_funds_
_2023_
_€_
_41,472_
_480,568_
_148,491_
_(68,002)_
_602,529_|_Restricted_
_funds_
_2023_
_€_
_-_
_-_
_446,777_
_-_
_446,777_|_As restated_
_Endowment_
_funds_
_2023_
_€_
_-_
_38,717,454_
_-_
_-_
_38,717,454_|_As restated_
_Total_
_funds_
_2023_
_€_
_41,472_
_39,198,022_
_595,268_
_(68,002)_|
|---|---|---|---|---|
|||||_39,766,760_|
## **19. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
(Losses)/gains on investments
Dividends, interests and rents from investments
Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided (used in)/by operating activities**|**2024**
**€**
**1,738,792**
**13,675**
**(2,471,641)**
**(825,334)**
**1,576**
**(40,283)**
**(1,583,215)**|_2023_
_€_
_(585,327)_|
|---|---|---|
|||_17,730_
_(187,023)_
_(558,885)_
_2,380_
_30,077_|
||||
|||_(1,281,048)_|
## **20. Analysis of cash and cash equivalents**
|Cash in hand
**Total cash and cash equivalents**|**2024**
**€**
**624,349**
**624,349**|_2023_
_€_
_593,092_|
|---|---|---|
||||
|||_593,092_|
Page 33
Docusign Envelope ID: 86B3A6FF-410A-44BE-A626-C8967CBCE7AE
## **BANC D'ARGUIN, AND COASTAL AND MARINE BIODIVERSITY TRUST FUND LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **21. Analysis of changes in net debt**
|Cash at bank and in hand
Bank overdrafts repayable on demand|**At 1**
**January**
**2024**
**€**
**593,092**
**(56)**
**593,036**|**Cash flows**
**€**
**31,257**
**56**
**31,313**|**At 31**
**December**
**2024**
**€**
**624,349**
**-**|
|---|---|---|---|
||||**624,349**|
## **22. Related party transactions**
There are no related party transactions.
Page 34