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|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|
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|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|||
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|||||||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|
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|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|
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||||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|
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|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|
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|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|
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|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|
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||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%|
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|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|
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|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|
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|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|
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|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)|