| Contents | Page | ||||
|---|---|---|---|---|---|
| Reference and administrative | details ofthe Charity, | its trustees | and advisers | ||
| Trustees' report |
2 —6 | ||||
| Independent auditors' |
report | 7 —9 | |||
| Statement offinancial | activities | 10 | |||
| Balance sheet | |||||
| Cash flow statement | 12 | ||||
| Notes to the financial | statements | 13-22 |
| Key Management | Key Management | Key Management | Personnel: | |||
|---|---|---|---|---|---|---|
| Trustees | B N'Doumi (Chairman) |
|||||
| R Bourgoin | ||||||
| M Coffi Studer | ||||||
| SJ P Coulibaly | ||||||
| M A Djira Linger | ||||||
| I Herbinger | ||||||
| M Egnankou | ||||||
| V N'Douba | ||||||
| VJ Nembelessini-Silue | ||||||
| Executive | Manager | N'Golo Fanny | ||||
| Company | number | 07057365 | ||||
| Charity | number | 1137836 | ||||
| Registered | office | 10, Queen Street Place | ||||
| London | ||||||
| EC4R 1BE | ||||||
| Bankers/Investment | advisers | |||||
| Fiera Capital | ||||||
| Corporation Fiera Capital |
||||||
| 1501,Avenue | McGill College | |||||
| Bureau 800, Montreal | (Quebec), | |||||
| Canada H3A 3M8 |
||||||
| Auditor | Azets Audit Services | |||||
| 2"' Floor Regis | House | |||||
| 45 King William | St | |||||
| London EC4R | 9AN | |||||
| Solicitors | Bates Wells 8 | Braithwaite | ||||
| 10, Queen Street Place | ||||||
| London | ||||||
| EC4R 1BE |
| Endowment | Restricted | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Fund | Funds | Funds | Funds | ||||||
| Note | 2020 | 2020 | 2020 | 2019 | |||||
| Income | |||||||||
| Incoming resources from |
generated | funds: | |||||||
| Voluntary income |
16,275 | 16,275 | 31,082 | ||||||
| Investment income |
723,586 | 723,586 | 916,570 | ||||||
| 739,861 | 739,861 | 947,652 | |||||||
| Total income | |||||||||
| Expenditure | |||||||||
| Raising funds | 114,811 | 114,811 | 116,922 | ||||||
| Grants in furtherance |
ofthe charitable | ||||||||
| objectives | 3,348,622 | 3,348,622 | 2,449,492 | ||||||
| Other costs | 133,608 | 133,608 | 168,093 | ||||||
| Total expenditure | 3,348,622 | 248,419 | 3,597,041 | 2,734,507 | |||||
| Net (loss) on disposals | of | investment | assets | 10 | (130,404) | (130,404) | (72,163) | ||
| Net income l(expenditure) | (3,479,026) | 491,442 | (2,987,584) | (1,859,018) | |||||
| Other recognised gains/(losses): |
|||||||||
| Gains on foreign currency | investments | 10 | 1,996,445 | 1,996,445 | 4,402,451 | ||||
| Net movement in funds |
for the year | (1,482,581) | 491,442 | (991,139) | 2,543,433 | ||||
| Total funds at 1 January |
2020 | 30,970,926 | 6,870,042 | 37,840,968 | 35,297,535 | ||||
| Total funds at 31 December 2020 | 13 | 29,488,345 | 7,361,484 | 36,849,829 | 37,840,968 |
| CASHFLOW STATEMENT | CASHFLOW STATEMENT | CASHFLOW STATEMENT | CASHFLOW STATEMENT | CASHFLOW STATEMENT | |||
|---|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED 31 DECEMBER 2020 | |||||||
| Note | 2020 | 2019 | |||||
| Net cash | flow from operating activities |
16 | (3,580,387) | (2,688,745) | |||
| Cash flows from investing activities |
|||||||
| Investment | income | 723,586 | 916,570 | ||||
| Proceeds | from sale of investments | 12,797,285 | 14,418,992 | ||||
| Purchase | of investments | (12,183,438) | (11,844,278) | ||||
| Net cash | used in investing | activities | 1,337,433 | 3,491,284 | |||
| Change in |
cash and cash equivalents | in the | year | (2,242,954) | 802,539 | ||
| Cash and | cash equivalents | at the beginning | ofthe year | 3,004,087 | 2,201,548 | ||
| Cash and | cash equivalents | at the end of | the year | 761,133 | 3,004,087 | ||
| Cash and | cash equivalents | consist | of: | ||||
| Cash held | with investment | managers | 10 | 761,133 | 699,254 | ||
| Cash held | with custodians | 10 | 2,304,833 |
| Endowment | Restricted | Total | Total | |||
|---|---|---|---|---|---|---|
| Fund | Funds | Funds | Funds | |||
| 2020 | 2020 | 2020 | 2019 | |||
| Dividends | and | interest | ||||
| —foreign | listed | investments | 723,586 | 723,586 | 916,570 |
| Raising F | unds | |||||
|---|---|---|---|---|---|---|
| Endowment | Restricted | Total | Total | |||
| Fund | Funds | Funds | Funds | |||
| 2020 | 2020 | 2020 | 2019 | |||
| Investment | management | fees | 114,811 | 114,811 | 116,922 |
| Endowment | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Fund | Funds | Funds | Funds | ||
| 2020 | 2020 | 2020 | 2019 | ||
| Foundation | for the Parks and Reserves of | ||||
| Cote d'Ivoire | (FPRCI) | 3,348,622 | 3,348,622 | 2,449,492 |
| Other costs | |||||
|---|---|---|---|---|---|
| Endowment | Restricted | Total | Total | ||
| Fund | Funds | Funds | Funds | ||
| 2020 | 2020 | 2020 | 2019 | ||
| Accountancy | costs | 1,012 | 1,012 | 7,581 | |
| Audit remuneration | 8,500 | 8,500 | 8,500 | ||
| Foreign exchange | 107,246 | ||||
| Interest fees | 1,532 | 1,532 | 5,984 | ||
| Custody fees | 69,031 | 69,031 | 38,782 | ||
| Professional | fees | 53,447 | 53,447 | ||
| Other general | expenses | 86 | 86 | ||
| 133,608 | 133,608 | 168,093 |
| Analysis o |
fresources | expended by expenditure type |
||
|---|---|---|---|---|
| Total | Total | |||
| Funds | Funds | |||
| 2020 | 2019 | |||
| Grants approved | 3,348,622 | 2,449,492 | ||
| Investment | management | costs | 114,811 | 116,922 |
| Other costs | 133,608 | 168,093 | ||
| Total expenditure | 3,597,041 | 2,734,507 |
| Net income for the year | ||
|---|---|---|
| 2020 | 2019 | |
| Net income is stated after charging: | ||
| Audit fee | 8,500 | 8,500 |
| Other fees to auditors | 1,012 | 3,100 |
| Total | |
|---|---|
| Market value | |
| At 1 January 2019: | |
| Fixed assets investments | 34,877,606 |
| Current assets investments | 3,004,087 |
| 37,881,693 | |
| Additions | 12,183,438 |
| Disposals | (13,146,820) |
| Gains/(losses) on investments |
1,866,041 |
| Cash balance as at 31 December 2020 | 761,133 |
| Movement in cash held by Custodians |
(2,304,833) |
| Funds used | (564,165) |
| Foreign exchange movement |
221,082 |
| At 31 December 2020 | 36,897,569 |
| Split as follows: | |
| Fixed assets investments | 36,136,436 |
| Current assets investments | 761,133 |
| 36,897,569 | |
| Historical cost | 32,070,891 |
| Market | Proportion | |||||
|---|---|---|---|---|---|---|
| Value at 31 | oftotal % | |||||
| December | ||||||
| 2020 | ||||||
| Fiera | High Yield | Bond Fund —Bonds —Class A | 3,682,345 | 10% | ||
| Fiera | Emerging | Markets | Equity Fund —Class A | 3,342,398 | 9% | |
| Fiera | Global Equity | Fund | —Class C | 12,309,393 | 33% | |
| Fiera | Multi-Strategy | Income Fund —Combined —Class A | 3,741,416 | 10% | ||
| 23,075,552 | 62% |
| Note | s to the fin | ancial s | tatem | ents for th |
e year ended | 31 Decembe | r 2020 | ||
|---|---|---|---|---|---|---|---|---|---|
| 11. | Debtors | ||||||||
| 2020 | 2019 | ||||||||
| Prepayments and accrued |
income | 28,087 | 31,784 | ||||||
| 12. | Creditors: | Amounts | falling due within | one year | |||||
| 2020 | 2019 | ||||||||
| Accruals | 75,827 | 72,509 | |||||||
| 13. | Statement | of | |||||||
| funds | |||||||||
| Brought | Incoming | Resources | Gains/ | Transfers | Carried | ||||
| Forward | Resources | Expended | (losses) | Forward | |||||
| Endowment | funds | ||||||||
| Ta'i National Park |
6,785,678 | (992,134) | 508,104 | (6,839) | 6,294,809 | ||||
| sub-account | |||||||||
| Comoe | National | 8,542,867 | (697,761) | 437,625 | (12,388) | 8,270,343 | |||
| Park sub-account | |||||||||
| Azagny | Sangbe | 10,294,837 | (614,937) | 590,602 | 10,270,502 | ||||
| National Parks sub- |
|||||||||
| account | |||||||||
| Tai-Sapo | Corridor | 5,347,544 | (1,043,790) | 329,970 | 4,633,724 | ||||
| sub-account | |||||||||
| Banco sub-account | (260) | 19,227 | 18,967 | ||||||
| 30,970,926 | (3,348,622) | 1,866,041 | 29,488,345 | ||||||
| Restricted | funds | ||||||||
| Ta'i National Park |
5,115,903 | 225,930 | (79,840) | 5,261,993 | |||||
| sub-account | |||||||||
| Comoe | National | 1,027,588 | 187,624 | (66,170) | 1,149,042 | ||||
| Park sub-account | |||||||||
| Azagny | Sangbe | 532,843 | 214,958 | (74,739) | 673,062 | ||||
| National Parks sub- |
|||||||||
| account | |||||||||
| Tai-Sapo | Corridor | 198,116 | 95,074 | (27,230) | 265,960 | ||||
| sub-account | |||||||||
| Banco sub-account | (440) | (440) | |||||||
| Other restricted |
(4,408) | 16,275 | 11,867 | ||||||
| funds | |||||||||
| 6,870,042 | 739,861 | (248,419) | 7,361,484 | ||||||
| Total offunds | 37,840,968 | 739,861 | (3,597,041) | 1,866,041 | 36,849,829 |
| Statement | offunds | - continued | ||||||
|---|---|---|---|---|---|---|---|---|
| Statement | offunds | —Prior year | ||||||
| Brought | Incoming | Resources | Gains/ | Transfers | Carried | |||
| Forward | Resources | Expended | (losses) | Forward | ||||
| Endowment | funds | |||||||
| Ta'i National Park |
6,381,707 | (992,358) | 1,396,329 | 6,785,678 | ||||
| sub-account | ||||||||
| Comoe | National | 8,080,916 | (675,885) | 1,137,836 | 8,542,867 | |||
| Park sub-account |
||||||||
| Azagny | Sangbe | 9,525,684 | (550,657) | 1,319,810 | 10,294,837 | |||
| National Parks sub- |
||||||||
| account | ||||||||
| Tai-Sapo | Corridor | 5,101,823 | (230592) | 476 313 | 5,347,544 | |||
| sub-account | ||||||||
| 29,090,130 | (2,449,492) | 4,330,288 | 30,970,926 | |||||
| Restricted | funds | |||||||
| Ta'i National Park |
4,876,452 | 291,785 | (52,334) | 5,115,903 | ||||
| sub-account | ||||||||
| Comoe | Nationa | I | 838,291 | 238,436 | (49,139) | 1,027,588 | ||
| Park sub-account | ||||||||
| Azagny | Sangbe | 313,453 | 267,076 | (47,686) | 532,843 | |||
| National Parks sub- |
||||||||
| account | ||||||||
| Tai-Sapo | Corridor | 103,319 | 119,273 | (24,476) | 198,116 | |||
| sub-account | ||||||||
| Other | restricted | 75,890 | 31,082 | (111,380) | (4,408) | |||
| funds | ||||||||
| 6,207,405 | 947,652 | (285,015) | 6,870,042 | |||||
| Total offunds | 35,297,535 | 947,652 | (2,734,507) | 4,330,288 | 37,840,968 |
| Analysis | of net ass | ets between | funds | |||
|---|---|---|---|---|---|---|
| Endowment | Restricted | Unrestricted | Total | |||
| Fund | Funds | Funds | Funds | |||
| 2020 | 2020 | 2020 | 2020 | |||
| Fixed asset investments | 29,488,345 | 6,648,091 | 36,136,436 | |||
| Current | assets | 789,220 | 789,220 | |||
| Creditors | due within | one year | (75,827) | (75,827) | ||
| 29,488,345 | 7,361,484 | 36,849,829 | ||||
| Analysis | of net assets between | funds —Prior year | ||||
| Endowment | Restricted | Unrestricted | Total | |||
| Fund | Funds | Funds | Funds | |||
| 2019 | 2019 | 2019 | 2019 | |||
| Fixed asset investments | 30,970,926 | 3,906,680 | 34,877,606 | |||
| Current assets | 3,035,871 | 3,035,871 | ||||
| Creditors | due within | one year | (72,509) | (72,509) | ||
| 30,970,926 | 6,870,042 | 37,840,968 |
| Reconciliation of activities |
net movem | ent in funds to net cash fl |
ow from operating | |
|---|---|---|---|---|
| 2020 | 2019 | |||
| Net income | (991,139) | 2,543,433 | ||
| (Gains) on investments | (1,866,041) | (4,330,288) | ||
| Investment income |
(723,586) | (916,570) | ||
| Decrease (increase) | in debtors | 3,697 | (9,260) | |
| Decrease (increase) | in creditors | (3,318) | 23,940 | |
| Net cash flows from | operating | activities | 3,580,387 | (2,688,745) |