Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) Trustees report and financlal statsments For the year ended 31 December 2022 Company Numb•r: 07057365 ChorEty Number: 1137836
Foundation for the Parks and Ro8erve8 of Cote d'lvoire {FPRCI-UK) IA company limtt•d by guarnnts• Contents Page R9fernnc• and admln68tratlvo dotall# of tho Charlty, Its tru•tso8 •nd adYl8•M Try•to. roport Ind•pondont auditors, rèport ststèmont of financial activitiès 10 B*lanc• $hoot 11 Cash Ilow ststsment 12 Motes to th• finan¢lal BtaInents 13-22
Foundation for the Parks and Reserves of C6te d'lvoire {FPRCI-UK) {A ¢ompany Ilmlt•d by guaranle•) Reference and admlnlstratlve detslls of the Charity, its financial advlsers for the year ended 31 December 2022 ltsy Manaym•nt Per•onMI.' Tru8t••s B N'001 {Chaimi) R BourgoThi M Coffi Studar S J P Coulibaly M A Djira Linger l Hgrt)inger M Egnankou V N'Douba V J NeMb¥b1n1-sltue Ex•eutlve Manayr N'Golo Fanny Company numbor 07057365 Charfty nurnbgr 1137836 R•gl¥tsred offl¢• 10, Que8n Street Place London EC4R 18E Bank¥lIn¥¢MPnt ad¥l88rn Fiera CapÉtal corporab.on Fièr8 Capital 1501, Avgnue McGill College Bureau 800, Montrèal (Qué). Canada H3A 3M8 Audltor Azets Audit Servic6s 2- Floor Regis House 45 n9 %Mlliam Sl London EC4R gAN Soll¢ltoY* Bates Wells & Br8ithw8ite 10, Ouèaft Str88t Place London EC4R 1BE P8gè11
Foundatlon for the Parks and Reserves of Cote d'lvoire (FPRCI-UK)
{A company limited by guarant••l
Twstees, Annual Report
For the year ended 31 December 2022
ObJoctfv•s and Aetlvltlo0
Poll¢l•s and obJ•ctFv
The pnnc4pal obJ"ts've8 01 th8 Charlty to promoie and prode finana81 si4)port lor th& corwNalion. preservation
and d8v8ltspmenl of nAbonal park6 and natur& réserves in Ihe RèpublK of Cote d'l¥rire, and to advan leamin9 and
Saen through th9 promotion ol the envlronmenlalty sustainablè management ol nÈbonal paths and naturè rèserves in
the Republic of Cote d'lvoire.
Stratsgl6s and O¢llvltt•8 for•chlevlng obJe¢tlv•s
In ordèr to achieve its c"eCtiV ts Chthy aims1o'.
Evaluats the potential for matching ènd¢)wrnent funds wth tsJrr¢Trl th)nors
Identify other potential sources of contributK)ns for endownant fuThJs.
ldenb.fy other parthership opb.ons based ori payment for &nvironmento1 seNices.
Grnnt maklng 11¢1
¢>ant making polidès are 8pprov6d by the trustees. During ffiscal year 2022, the thanty has m8dè 8 grant of£ 1,475.082
to Tai Nats"onal Park. for the recyjrrènt ¢ost, a grant of E 879,160 for the teneft of the Com¢é National P8rk, a grant of
e74,172 for Azagny nation81 park and Mont Saroté national pa.
For thè implementation of thè'T8T- sapo" ecolc¥Jic81 eorridor proioct, an amount of É 161,125 w8s gTantè
Foundation for the Parks and Reserves of Cote d'lvolre lFPRCIK) {A company Ilmltgd by guarantee) Trustses. Annual Report For the year ended 31 December 2022 Revlewof actlvltl•8 Icgntinuod) Th? rgsolutlon of the mlnut08 of the thlrty slxth rn•gtJng of th• Board trf Dlrnctorn hotd on 29th July 2022 Aft8r dis10n$ dalibèr•tign¥. Ihe Board ol Dlrectors takes the following decmions.. 1.. The Board of D4ctorS approve5 the request ol the Chamber of Commert£ and Industy of C(kn d'lvoire ICCICII rglats"w to th8 rèplac4ment ol Administr8tor Maria Anggline Linper DJIRA by Mr. LAye DIABY. 2.. Thè Board of Director5 adopts the inve5tm8nt f8POrt assgssm8nt ol tho FPRCI-UK portfolio as of Jun8 30, 2022 as presanted lo it by the Invesbmènt Committee. Th• rn•olutitin ot thg mlnut•s of th• thlrty ••v•nth m••tlng ofth• Board of Dlrn¢t•r• held on 20th Dwmber 2022 Aftèrdisojssions and dglitration$, 1he Board ol Direclors takes the folk)w'ng dèci$ions.' 1". The Board of Directors adopts Iho xtivty reports as ol November 30th 2022 with lan(IrvJ on DeMr 31th, 2022 01 the Azagny, Comoé, Monl S8robé and T81 National Part(5 as Prted to it by the OIPR. 2.. The Boarrl of DirBctors adcpts Ihe 2023 operation an$ for thB Az8gny, Comcé. Mont Sangté Tal Na"on81 Pa PT88ented to it by the OIPR. Tha Board of Directors decides to grant to the OIPR foi the 2023 financial y88r, the arnnts ol the budgets allocated to the Nation81 Parks ofAzagny, Como&, Mont S8ngbé and Taf in 2021 irtrea5ed by 5%. Thus. the followiro subsKliès aro granted forthe 2023 financaal year. - Tal Nats"on81 Park.. W,10Q,(y)O FCFA - Azagny National Poth.. 158,716.950 CFA frarK8 - Comoé Nation81 Park." 412.650,0(M) CFA franL3 - Mont Sanobè National Park.. 190,415,500 CFA francs 3.. The Board of Dir¢cbrs adopts the investrnent report and monitoring of thè FPRCI-UK portfolio as of November W, 2022 as pr8sènt9d to it by the Investnwnt Committee. 4.. The Board of Dir¢rtors adopts the proposed changes to th8 investsnent str8t8gy 88 submitted to rt by Investrnent C¢ynmlttg0 in orderto increase the fesflieni of tha FPRCI p110. 5.. In order to enBure the effiaency of the actions of tha OIPR. the Board of Directors deodes to set up a committao to analyze the plans of owration as well as the budgets re1th" to Nati181 Parks and nature reserves Subject to the financing ofthe FPRCI. The composition of thig thrnmittee is as follows.. - VAl8ntin N'DOUB4 Chaim)an - K4athieu Wadj# EGNANKOU. m8mter Laye DIABY, member - ExecLrtive Diroctor, Or Mg¢40 FANNY. member. Inve•kn•nt poll¢y •nd p•rf•m1¥ The Board of Directrys h8$ adopted a conseivats.ve inveslmant poliw with the primary Obj11¥& kn maximlz& tcal longtem) n81 r8turn by applyiryJ an investment strategy compatibla with prudent risk bvels. Thè retum on inveslments should preserve or improve the re81 value of the capital in or(ler to generate sufficient income to financa the Foundation's act"6S. This poliw seeks to ensure that investsnents are compatible wilh the Charitys V8luès and mission. For this reason, the Ch8rty 15 applyin9 SO¢Aally responsible investrnent criteria, seeking to exdude comp8nies or industries il their activit$. polic$ or practices af8 not irs ¢onfomty with the Fourndalion'5 50u31 and environment81 pref8renr2s. R•8•rv•• ptsllcy The trustees have a reserve5 poliw which mplIeS with the cor"0nS ol the granl rer*ived, which are lo create an ondowmènl lurKI whose caprtal will be invèstsd in parpaluty. The interest, income, dwidend5 aThJ gains frorn I rnvesthents will be donated to'Fondalion pour les Parcs et Res&rv8s de Cots d'lvoire.. Page13
Foundatlon for the Parks and Reserves of C6te d'lvolre (FPRCI4IK) IA company Ilmttsd by guarnnteel Trustees. Annual Report For the year ended 31 DgGember 2022 FuturB dgvoloprnoni• The year 2022 wa8 marked by war beMEen Ukrainè 8nd Russia with, arnong other conseqLtgnces, the di$wption of Int8matron81 finanual rnarkots, an increase in infi2ts.on and 8 recession in thè euro zone. This environrnent d8mor6lrat8d 1he resi1n ol the Foundation for ParfEs and Roserves in Cote d'lvoire. Due b Ihg rnonitoring of the Investrnent Committee and tho professionalism ol thè astset managèr, the FPRCI portfdio Was Bble to limit capitsl b$sgs. The In¥estrnant cmIttee suggests a roadjustrnent of the investment strategy by mowro assets oriènted trywards erging countries. INth regard lo tha managernent ol national park¥ and re8eNes, the attention of the OIPR w88 drawn to Ihe aspect ol Iheir development. A point of attention will frjeus on bviSYing the capac.•5 of OIPR agents in ord¢rto meet the ¢h81tenge of promoting Nab"onal P8rks. Imth the ¥ouBOn of laTrJ for the c¢)nslwGton of tha adqUarterS. FPRCI h85 wched an important stag• n) its existen. For the 2023 fin8nc4al year, pait¢ul8r ernphasis ?11 be pla on ¢ontinuing to finalyts the prOsS ol mdilizing fijndlng. th the key to obtaiThing disbutsèments. Because ol the Emi55ion5 Reducts"on Projèd 8round the Tal Nab"onal Partt, the FPRCI {1 tske the opportuntty to recwit 1dib.onal staff in ordor to 18ce the rnany thallenges. Phmb•rn' 118blllty Thè MEmber5 of thg Charity guarant88 th eonthbute an arnount not exe88din9 £10 to th& 8588ts of th6 Ch&rity in the eveni of wnding up. Struclur•. gov•man¢a and man•gom•nt Con•tllutlon The Charity was incorporat8d as a cnpanY limited by gugrantee on 26 October 29. The Charity is eon5titulod uTrJer a Memor8ThYum of A8wation dated 26 ¢knLEr 2(k% and registered wth the Charity CmMiSsion on 7 Septsmbèr 2010. TrE regi%tered Charity nurnbar is 1137836. Tl twstee5 intend to meet on 8 quarterfy b8515 or more fr8quènty should the need arise. thod of appolntrnont or ¢1gctlon oftru•tst8 The m8nag8ment ¢f the Charrty 18 the r88pon8ibllity of the tllJStee8 who 8r6 •Sèct(l and -oPted under the teThs of the 'des of Assouation as foll¢)w$'. The Minister in charge of the national parks and rèserves in C¢)te d'lvoir• And the Minister in charge ol finane• of CIAe d'lvoire appoinlej onè director each. The Charity 8FP)inted eight trustees representin9 so¢ty who trach 58rv8 for a temi of three years, 8rYJ may Èe appointed to serve up to addition81 terrn3 of three years. Th8 trustees of Charity ar sdected from the indiwduals are rrentlY 8eThing as trustses of 'Fond8ts'on pour les Parcs et Res&Nes d& Ctste dlvoite. ('FPRCI°J, a not for profit organisa'on 8stablished in the Cot8 d'1voi, pursuwl to Ihat country's law no 2CX)2.102 relating to thè manag8rn¢nt and financitvJ of ftatiwal parks and nature reserves. Th• Appolntment ol Donorfs s•at The trustees, in thair absolute discxetion, may gr8nt a Donorf6 seat to a Donor. maxirnum numter of Donor's seats Shall not exed fv40. Unlass ottprwi5e agreed on appoinknent. person or org8ni$8tion appointed to the CnDr,$ seat 11 serve a term ol yeats. Page14
Foundatlon for the Parks and R•serve8 of Cote d'lvoire (FPRCI-UK (A Company limited ty guarnntee) Trustses. Annual Report For the year ended 31 DgGember 2022 Pollclg8 adoptsd torthe Inducuon and tralnlng of tru¥tse• The members of the Board of Directors have èxt8nsI experienc in thwr field of èKperti5e as Mll as the manag8mgnl of the Board of Directors. However, specthc training is provided rf nSsary. Org•nl8atlonal strn¢lure and do¢ltslon maklng The trust885 manage the busines6 of tha Charity and exerase all the po1$ of the Charity unless 8re Sublt lo any 1gStrfctions irnposed ty Ihe Compank?s Art the Aitides ofAs80(a8tion or any Speaal ffjsc4ulons. The rDutsne managemènt of 8ffair3 ofthe Charity are undertaken by Ihe Executive Manager of Ihe Charity, Dr. N'gokn Fanny. Ro1•d party r¢latton•hlp8 The trustaas of the Charity Belected from tho individuals who are rren0Y seNw as trustees of'Fondatbn pow les Percs et Reser8 de C¢)ts d'lvoir8'. a beThe.8ry ofth8 Charity. Key manAg•m•nt penn•1 Thg key management of the tharitable company are consiiJ8red to be ts bo•rd ol trustoes 8r¥J the ex8cub'¥e manager. No remuneration is paKY to any of the key manwJ8mgnt personnel. Rhk man•g9m•nt Th8 trustees have 8sse3sed m8jor risks to which the Charity 15 exposed. In partlar tho3e related to Ihe operth"on5 8nd finance5 Qfthe Charity. and are satisfied th8t 5yStem8 and UreS are in pla to rnitigate axposu to thè major risks. Investrreni rth - The Charity has a diversrfd portfolio of investments in diffgrent currènci8s. The managerrent ol th& Chanty's porttolio is undertaken by Fier8 Capitsl. Ilhe investsnent manager). A financial adwser was recruited to OVor5ee the performanc8 of the asset managèi, Fier8 Capital and, in doing so, provKles guidance to the tsustses In tèrrns of inveslrnent decAsions and risk. All invegtrnants adhere to the Charty¥ inv8strnent policy. FOign currenry risk- The Charty purd)ases inve$tr)wts in various Currenc èxposing it to forgign currency ri. The investsnent manager mrtvJates tha forèign Currency exposurè by trading in loM8rd foreign currèncy contracts. Pagels
Foundatlon for the Parks and Reserves of Cote d'lvolre (FPRCI-UK) (A Gompany Ilmlted by gu•rnntsel Trustees. Annual Report For the year ended 31 December 2022 Statsmttnt of tru$tws' rnsponslbllltles The tw8lees Iwho are also directors of Foundation for the Park$ and Re5erve5 of Cote d'lvthre for the purpos$¥ of cunpany lawl ¥re respsible for preparfng the Trustee5' Annual Report and thè fin8nci813tstements in accordarth th applicable18w and United ngdoM Accounting Stsndards (United TrgdOm Generally Apted Accounting Practi1. Compary law iequir8¥ the trustees to wepgre fin8noal statements for each finanLyal y89r, w15ith give a true and fairview ol the stat6 018ffairB ol the charitable comp8ny and of the incomirrfJ resourees and application of rèsour$, indudiw the income and expenttibJ, of thè chaTht8trAe CLJmpany for that peri¢xl. In preparing these finanthal staimnts, thg trustees are wuired to.. sélect Suitab accounting polioas and apply consistèntly., obseNe th8 meth¢xls and prirrAples in the Charities SORP IFRS 1021.. makejudgements 8nd ests'mates that are reasonable and prLkJent,' state whether 8ppli¢8ble UK Accounliro Slandards followed, to any material d8P8rture5 di$clos6d and 8xploiwd in thg financial statsmants., prepare the financial statements on going CLIrn ba$1$ unLgs6 il is in8ppropft.atè tts presEme that tharitab cornp8ny will continue in operath"C. Thè trustees are respsIble for keeping adequate accounting rècords that disclose with raasonable accuracy at Bry tine the finanual posth.on of the charitable CL)mpany and enablè tlm lo e[Ure that the financial 3tstements comply wrth the Companies Act 2006. They are also re5PDnsible for SaJUardin9 the assets of the Gharitable CrmnY and hence for taking rèasonable steps forthe prevenb.on and d8tèction of fraud and cther irr8gularilvdS. In $0 tsr 85 the trustees are are.. there is no relevant audrt infomiation olwhich Charitab company's auditor Ss unaware.. and the trustaès have tsken 811 steps that they ought to h8ve tak8n to make thems•lves aware ol any relevant audit Inlormat+on and to establish Ihat Ihe au¢Jrtor is Aware of that infom)ation. The irustees ar6 re5POn5ible for the maintenance and integrity of the cDrpor8te and finanaal inlormat'on induded on the )aritable comp8ny'$ Mebsite. LegkSlab. in thè United lQ"ngYorn goveming thè wpsration and diwaemination of finanoal 5tatem8nts may dffer trom log1slati in ¢)thgr juri6dictiorts. Audltorn A resoluOn t>rthtt re-appointment of Azets Audlt Satvics o¥ ¥uditor8 to t Charrtab comp8ny will be submittèd to the Annual G&Mral Meetiry. This rèport has been ppared in 8ccordance wth the Ststern8nt of Rgwmmended Practice. Accounbnu and Reporbng by Charfiies. and ill accordance Yth the speoal provislons of P¥rt 15 01 the Compan$ Act 2QJ6 relan9 to Smr onle9. Exeojtive Man•J8r ChaIn oftha Board N'Golo FANNY Bem8rd N'DOUMI Dale.. 2 0 SEP, ?.02 Page16
Foundatlon for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) IA cornpany Ilmlted by guarnnt•o) Independent auditors report for the year ended 31 December 2022 Oplnlon We have audited the finarrial stst8rnts of Foundab"on tor th8 Park$ and ResgTh0s tsf C¢Jte d'lvoirè IFPRCI-UK} (the 'charitsbl? Ccfnpany'l for the year ended 31 Drnber 2022 which comprise the Statement of Financial Act1&5 and Balar Sheet, aThJ notes to the financial ststèments, including 8 ¥umm8ry of signiftant accounting policies. The financial reporbrg frwnewoth that has been applied in their prepar8tion is applicable law and United lQ"ngdom Acctyjnting Sards. indudirKJ Financ41 Reporting Standard 102 'The Finana81 Reportin9 Standard akwlicable in th8 UK and Republic ol Ireland, Iunited rde•r Ganarally Accepted Acxx)untirKJ Pr8¢bce}. In our opinlon. tte financial stst8ments'. 9ive a and frair view of the state of th8 eh8ritsbK8 company'g offatrn as at 31 Dee8mr 2022 and of its I1rd resour aTrJ applution of rg8ources, lor the year thengnded.. have been pfcveY ppared in acurden wilh United KIOrn GerallY Acopted AUntIng Pracb"c6', and have b88n prrf)ar•J in ac£05n¢? wilh the requirements ofthè Cunpanies Act 20C6. Ba819 foroplnlon We conducted our audit in acJ>)rdanc8 with Intsmational Stsndhrds on Authting (UK) IISA6 IUKII and applicaN& law. Our responwbillts under those standards arè fvrther described in tha Audttor's responsit41ities for tlkp aulit ol financial ¥t8tements 8ect5on of our report. We are iendent of the charitab company in aco)rdarKe with the 8thical requirements that ¥rp reVant lo our audrt of t1 ffinanual statemenls in the UK. incILlrrfj the FRC'5 Ethical Standard 8ThJ ha ftjlfiI our 0th8r èthiesl rèsponsibilities in accordance with Ihese requ1Ments. We trlve that th8 audrt tvithn we have obtainèd is sufficnt and appropriate to prowdt 8 basis forour opinion. Conclu•lon8 F•latino to golng concwn In aud'r9 the financ481 statèments. we hJve nCld that Ihe trustees. use ol the wng coftcèm basi8 of accounb.ng in the ryeparatson Of fina81 Statements is appropAate. Basad on thg work we have rftsrrnèd, we have not idenbfiod any material uncertainties relating to events or ndIt$ that, indmdually or ¢olthty'vety, may cast signific8Nt doubt on the charitatla companys ability to conlnutt as a goiNJ Acwn tor 8 period of at least hvel¥è Months Irom when the fin8nu#l statements are authorised for issue. Our pOnbIle5 and the reSpolts111es of me trustsgs wilh respect golng coeM 4r8 (lesbe in relevant sections of Ihis r8PJrt. Other Infomialon Th8 tru5t8es a reSp)nsia fvr the other infomiatlon. The Othèr informat'on o)mprises tha information induded in the annual r8port. other than the financi81 statements and Oltr au¢Jitor$ report thereon. Our opinion on the fin8nci81 statements d088 not cover thè othèr information and, exwt to ttte extent otherwi88 expfi(iUy stated sn repor( we do not wrnss any torm ol assurancè c¢tISlon thereon. In o)nnecbon with otsraudrt of Ihe financial ststements. our r85pon5ibilty is lo read the othèr infornation and, in doiThJ so. nsKler wh•th&r thè other infomiation is matenally inconsistent with the finandal $tat8ments or our knedge obtained in the audit or othernise appears to be matérially misststed. If we Kjentify such material inconsistenue5 or apparÉnt material mi5statsmenis. 8rB r8quir8d to detem)ine wh6thaf therE B a rnalerial misstatèment in th8 finanryal statements or a material misstatementofthe other infom8ts"on. If, based on the workwe haw performed. we conclude that there is 8 material mi¥5tatemenl of this other inl¢xmats"on. we are reqUId to report that fact. Page17
Foundation for the Parks and Reserves of Cote d'lvolre (FPRCI-UK) IA company Ilmtted by guarnnteel Independent auditors report for the year ended 31 December 2022 - contlnued Other 1nlom1aon I¢0nnuedI We have noth&n9 to report in Tegarrl. Oplnloni on other mattern pwcrlbod by tht Cornpanle• Act 21)06 In our opinion, basèd on the Irt{ undèrtaken in the cc4trse o1th8 eud the infomiation given in tha trlee$, report, which indudes the diredors, report prèpared for the purposes of company law, for thè finanraal year lor which the financial statements are pr¢pgTed consistent ¥th the finaneial statements," and the dirgctors, report Tnduded wthln thè tru5tep5' report has been prepared in aceord8nc8 with apICable al requirements. Mattèrn on 1¢h we ar• r•qulr•d to r•port by gX¢gPtlon In th8 light of the kn9dge understsnding of the charrtabje c¥)mpany and its enwronmèni obtainod In Ihè course of the audit, we have not entld rnalerf81 mi85taternents in dsre¢tOTS' report indLfvJed within the tru5te8s' réport. have nothing to report in resp8et of the followng mattèrs in r8lation to which the Ctyrnpanies kt 26 requH¥3 US to report to you rf, in our wnion.. adequate accounting recwts have not bn kw, or returrts ad8ou8te fDf Ouf audrt have not be•n received frcn branche5 not visited by us., or the fin8nts81 Statements are not in 8greernent with ac¢owting records and rètums.. or certain disclosures of trugt895' remuneration spacthèd by law are not m8J&,' or we havè not feceived all the information and explanon¥ we rwuire for our 8u<ir( R••ponslbllhl•s of truJt• As explained mor¢ fully in the truste¢s' re5wnsi'lleS statement, the trustees {who are aL80 thè directors of thè Charitab company for the PLrrpo5es of company18wl arè r•5ponsible for the pr8p8ratk)n of the fina181 statemènts 8fKI for tEing satisfied that they givo a true and Fair v. and for such intamal o)ntrol 8S the trustèe8 detemine Is ne(e8sary to enable the prepaiab'on of financial statemènts that are free from material mi55taternent, whèther due to traud or error. In preparing tha finanrial ststements, the trustees are responsibk for 858es$ing th6 tharitable company's ability to continue as a sr)ing eoncem. disdogNJ. as $pplicabb. mallers related to going concem and using Ihe yrng concem bas of aco)unts"ThJ unless the trustees either intend to Ik]uidat• th• ch3ri1aNe ctmpany or to se op8rotions, or have no realis Altemative but to do 80. Audltorf• r•spon81bllltl88 fortho udlt of thg fln•n¢lal $tatsm•nts Ir objectives to cètain reaS(gIe a&ryUran about whether the financial statemtnts as a vthole are free from rnat&rial mis5ts1ement, %•thethef dug to fra( or error, and to 155ue an auditor's port that includes our opinion. Reasonabl8 assuran is a highlevel of assurarte, but 15 ngt8 guarantee that an audrt conductsd In accordan wth ISA IUKI 11 afvrfays detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are eX)nSered material if. irKIivkYualty or in the aregate. they Uld raasonably be expècted to Influ&n¢o the economic ¢ci$K)ns ol user¥ taken on thè ba$15 of these financialstatements. A further deripts'0D of our respon'bilthes for the audit of Iha finanryal statements is located on tha Fanal R8porDnp Counul's **bsile at vAw.fr¢.org.ukJauditorsresponsibilitiè$. This descnption forms part of our auditorfs rèport. Page18
Foundation for the Parks and Reserves of Cote d'lvolre (FPRCI-UK) IA company Ilmlted by guarantee) Independent audltors report for the year ended 31 December 2022 - contlnued U•e of our r•port This report is ma¢Je to the charitae company's rnèmbèr8, 08 a body, in acLordanc with Chapter 3 01 Part 18 of the Companies Act 2(Kk8. Our audit WO has b9en urylertaken so that mKJhl State to the charitabl& wllpany's mem those matters we are requlr8d lo Stste to in an auditorfs r8port ar for no other purprAe. To Ihe full&st extent pamitted by L3w. we do not accept or assume rèsportsibilty to anyone other than the charrtable MpanY a1 the Chantab companls memtr5 85 3 body. for our audit work. lor this report or for the optnions we havè formed_ John HovArd Isgnlor Statutory Audltorl For and on behalf of Azets Audit Servic&s Slatulory Auditor Floor Regis House 45 n0 W'lliaffl St Lond¢)n EC4R gAN Datg: 1 l L3 Page19
Foundatlon for the Parks and Reserves of Cote d'lvolre (FPRCI-UK) (A Company Ilmlt¢d by guarants•} ststements of flnanclal actfvitles Ilncluding Income and expenditure) For the year ended 31 December 2022 Endowm•nt Fund 2022 R•itri¢tsd Fund¥ 2022 Total Funds 2022 Totsl Funds 20 In¢om• IncorniTrJ resourchs Ircln gerated lunds". Voluntsry in¢on Invèsknènt income 36.788 5(Kl.770 36.788 500,770 351.255 612,322 637.658 637,658 963,577 Total Income Exp•ndllur• Raising knds Grants In futherane ofthè tharitabl? obJ"ective5 Ih&re09t> 130,592 130,692 132.347 2.737,449 6,213 2,737M49 106.292 2.662.436 79.4 100,079 Total gxp•ndltur• 2,743,662 230,671 2.974,333 2.874,241 Net gainl {10881 on disposals ol InStment ass8ts 10 IS14,1331 {S14.1331 2,183.634 Net In¢orn• Il•yp•ndrtur•) 13.257.796) 306,887 11950.9081 272.970 Othr Te¢ognl$td yln•lllos¥••1-. (Lossesll Gains on lor8¥n curren invesknents 10 14.037,5701 {4,037.5701 1153,4171 Nèt mov•mont In fvnds for the year 17.295.365) 306,8VI (6,988,478) I193 Total fvnds 8t 1 January 2022 29.176.352 7,793,030 36,9,382 36,849,829 Total fund6 at 31 Doc•mb•r 2022 13 21.880,987 8,099,917 29,980.904 36,969,382 The funeb"8I and prè5entstional currency ol Ihg Charty is the Euro. AJI re50Utces, both inc(Thing and expended are derived from conbnuitYJ 8cti¥ities. The Charity has no reiwni5ed gairts or1055es other than those stated above and thor8fore no spparate statemgnt of thonges in equty has been presented. The Th)te5 on page5 13 to 22 tDnn pert of these fin8rKi81 $talemer)ts. Pagel 10
Foundatlon for the Parks and Reserves of Cote d'lvolre (FPRCI4IK) (A company Ilmlted by guarantee) Balance sheet (Company number: 07067365) 2022 2021 Flxed *1¥gts Investments 10 28.898.459 35.387,593 Current assèts Cash in transit Debtors Inv8$bnents 452,090 36.788 6.188 28,457 1.628,033 10 1,157.C64 Credltorn.. amounts lalling <1 within ore year 1.e56,490 12 174.6191 174.7071 Nèt currMt as80ts 1,082.445 1.581,783 NetaM•ts 29,980,904 36,989.382 Ch¥rfty funds EndovrfThent fund Restricted lund 13 13 21.880,987 8,099.917 29,176,352 7,793,030 29,980,904 36.969,382 The financial stslernents have been prepared in accordance with the SFecAal provtsiC3 ol Part 15 of th6 Companies Act 2006 ro18ts.ng to sm811 companiès. ApprOd by the Bogrd oftrustees on 1, 7 AOUT 2022 aF)d signsd on th8ir behalf ty.- B•maryl N'Douml N'Golo Fanny The note5 on pages 13 to 22 fomi oflha5e finanaal statamènts. Pagel 11
Foundatlon for the Parks and Reserves of C6te d'lvolre (FPRCI-UK) IA company Ilmltgd by guarant•o1 CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 Noi• 2022 2021 Not cash flow from op•rnUng aVItIe& 16 (2.843,81JOI 12.761.342> C85h fl(ws from invasltng ¥¢wtK8$ In¥esknent inc4)me Proc8eds from ol invesbnants Purchase of investments 398,781 14,530.302 112.593,0391 812.322 18.497.595 115,481,675) Net u•ed In Inv••tlng #tUvltt•x 2,336.044 3,628.242 Changè in ¢8sh and cash equants in the year 1507.7561 Cash and ¢ash equjvants atthe beginnlng ol the ytar 1,628.033 761,133 Cash and eash èqulvalbnts ¥tth• •nd of th• y•ar 1,120,2TI 1.628.033 C¥sh and c•sh equlv•nts con818t of: Cash held Inve8kn•nt manag•rn Cash hèld wlth CUBtodians 10 10 668.187 452.090 1,628,033 Tha notes on p•Jg¥ 13 to 22 fom) part of th8se financial stat•m8nts. Page | 12
Foundation for the Parks and Reserves of Cote d'lvoire {FPRCI-UK) {A company Ilmltod by guarantee) Ilots• to th• financlal 8tat•m•nts for th• ye•r end•d 31 D•¢•mb•r 2022 Accountlng polici•$ Genoral Infomtion Foundation for Park5 and Reselves of C(4 d'lvoire a (&¥npany lirnited by guarant88 in the Unrt Kingdom In the event of the charity being wound up. the liability n respect of the guarantee k5 limited to 10 GBP per mwnber of the charty. The addr&ss of thtr registered office 1$ given in the charity ithormation on page 1 of these financial Stataments. The n8lure of thg tharity'5 Opgrations and principal Nltie5 are set out on pag8 2. bl Ba$1$ of preparation of flnan¢l•l $t•tempnts The charity constilutes a public benefit entity as dèfinJ by FRS 102. Th8 fjnancial slatsments have teen prepar& in accudanc with Ac¢ounting and R8porting by Chariti&5.' Staternent of R¥eornmende£t Practice applicable to chariti88 preparing their aGsounts in acwrdance with th8 Financial Reporting Stsndard applicab in the UK anL1 Republic of Ireland IFRS 1021 issued on 16 July 2014, the Financ1 Reporting Standard apItable in the iJr¢iled n9¢0M oTrd Republic gf Ireland IFRS 1021. the Charitvès Act, the Compani88 Act 20fE and UK Gen8ralty Ace8ptsd Pr•¢ti 88 it 8Fp88 fram 1 January 2017. The fin8nrAal Statements are prepared on a 9ovJ conLrn under hi$tori¢al cost convgnticn, modthed to indu(Je rtain items at fair value. The financial statements are prepared in euros lél which +8 the fvn¢bonal euntnty of the charity. The signifKanl 8crLJunlirvJ Pol85 aPpld in the preparation of these fin8noal slatsrnents are sot out below. Th85e policies have con5iStenly applied to au years weaented unless othemse stated Fund accovntlng General funds 8re restricted lund3 whth are avail89 for use at the dk%tret'on oflhe trustee5 in furtherance of the ge[¥1 obigctives of the Charity a1 whith have not been desBJnaled for olher wrposes. End¢)wrnent funds and restCted fvJnd& are fund5 which are to be ed in accordantx wth sp8afic restrictions imposed by donDrs whith have been raised by Charity for paFticul8r purposes. The £t ¢r raisiryJ 8ThJ 8dmini5tgring such funds ar8 charged agaIt thè ÈpEvfic lund. Inve$knent income, gain5 8nd105888 ar8 alkjcated to the aptyopriate flmd. dl Golng COnM The financial statements have tÉen pr&p8red on 8 9oing concern basis as the Irust8e5 beIve that TrJ material unr£rtaintes exist. Tho trust885 have considered the Ve1 of lunds held and the exCted of in¢fmÈ and 8xpenditure for 12 rwths from authorising th888 finanrial ststements. Th8 budgetad income 8n¢ expen(Jrture Is SUffnt with the Ve1 of reserves for thè charty to be ab to contsnue as a gng concem. The Current economic dimate has teen tsken inlo eon5ideration when perlorming th8 90in9 ¢Mcem AssessnI. Judg•Thnts and kny Source8 of estlmatlon uneertalnty Ar£ounting esb"mate5 and judgernenls are continually evaluated and are b85ed on historic experien and other faciors. jILK1•n5 expectsliC)ns of futurè events Ihat 8re beliewj to b8 reasonable under the rircumstsnces. No suth accounting e6timates and juthJennts required in the preparatlDn ol Ihese finar181 statements. Pagel 13
Foundation for the Parks and Reserves of Cote rflvolre (FPRCI-UK {A company Ilmlted by gu4rnnts•l Notss to the financl•l $tatsments for tho y•r onded 31 D•¢emIr 2022 Accountlng pollcle8- conllnued Income Inc(¥n8 15 reojgnised whpn the charity has ontitFement to the funds. any perfomi8rts conditions attachod to the item(81 ot In¢erne have been met, it is probabk that the incorr will bo rEceived and the amoL6nt can be asurèd reliably. Voluntsry inthne including CO grants, sponsorship. donatio1 and gifts is included in full in the St8twnent of Finan81 A¢bvitie5 when ¢1vab. Grants, where tnlidgrnent L% not COnd"0nal en the delwery ol specrfic p8rfOnTran Lry Ihe ch8nty, are wniBed when it 15 probots that the inrAyne will be re(twèd by the Larity. Donated seNites or facile8. wthch cornpri8e donated Serv8, are induding in the Income at the valuation which is an esb"rnate of thè financial cost bome by the donor wh8re 6u¢h a cost K8 qu8nty"fiaN• and Measurae. No Inc(0 15 reccgnised whgw there is no financ481 cost bome ty the third paty. EmndItr• All expenditure is xcounted for on an actrua15 basis and has in¢luded under expense ¢at&JorE6 t1 a99gate all costs for allocation to activities. Vvhpre cost rannot be directly attributed lo partioJl8r actwities they have been allocated on a bas consistentwith Ihe use ol Ihe rgsources. gl Supptsrt costs 8re th¢J5e that assist the work of th8 charity bul do nol dir8cUy mpreEent charitable 8nd indude offe costs, 9oveman¢e Costs and admini$trative payroll costs They are in¢urred direcuy in 5UPPOrt of expenditure on Ihe object5 of th8 charty and Indu prcyect rnaF¥agemènt c8rD8d out at Headquarters. ere support Costs cannot be dimdy attributed lo particular heingS they have been alltl to cost of rai8irg fvnds and èxpenditure on chantab18 activities on a basis wnsistent with use of re50urrs. The anatysis of these ca¥ts is induded in note 6. Grants repayable are thBrged in the year when the offer is made exc8pt in those ca5e5 Wre the offer iq conditional, 8uch grants being r8cognised 05 expenditure when thè Gonditions attathing are fuffilled. Grants offered subject to cJ)nolrtiorts which have not been met at the year end aro n)1 as a commitThnt, but not 8ccrued as eXndIture. h) For•l9n ¢urrencle8 Th8 finara18rnents are prepared in euros, the funcbonal currency oflhe company. Monetary assets and liabilities denominated in foreTr cJJtrenues are tralated ntD euros at tates cr exd)ange ruli 8t Ihe balance sheet dale. Transactions in for•9n curroncs ar8 tran$kted into euros at Ihe rate ruling on dale of the transaction. Exthange gains and k)s88s a¥È rerh)9nised in the statennt of finantsal xtivities. Pagel 14
Foundation tor the Parks and Reserves of Cote d'lvolre (FPRCI-UK) IA company Ilmlted by guarnntso) Notes to thè financlal ststoments for the year •nd•d 31 Decemr 2022 Accounting policies- ¢onlinu•d Taxatlon The ¢hariablB company 1$ ¢onsitlèred to pass the tests set in Paragraph 1 Scheduk $ Financ? ALI 2010 and therefore ft mBets the definititx of a Chantable company for UK corporation tax purposes. Accordingty. the charty is wt?ntially expt from taxation in respect ol ineome or caytal gal re6 within categories ¢¢vered by Chapter 3 Part 11 Coyiratn Tax Act 2010 or Se¢tion 256 of the Taxation of ChargeabK8 Gains Acl 1992. to lh8 exnI that Sh inecfn8 or gains a wlk8d excluswety lo charitable purposes. Investirts are re¢oonk8ed ifirtialty at fairvalue thich is n¢rmally the tranSactrn price exdJdiry4 transadlon costs. Sub5equenlly. they arg measu ai fair value with Changes r8cognis¢d in 'rt gains I Ik)ssesl on investments, in the SOFA rf the shar8$ are publicly traded or their fair Val can otheise be measured reliably. Crn1 asset investrnents afv short terrn highty liquid investmènts and are hehg at fair value. The58 indude cash on deposit r$h equwalents with a maturity of than one year. Dolrtors Prepayments ore valued at the amount prepaid. Accrued income mea¥ured at th8 8nYJunt due to ceNed Cash at bank and In hond Cash at bank ar¥J cash in hand indudes cash and short temi highly IK4uid Snve6trngnts with a short mabjrity of thr88 rmnlhs or $$ from iht date of acquisthon oropening of deposit or similar acccvjnt. Cr•dltorn and Pn>ViBlon• Creditor5 and provisK)n are recogni88d where the charrty has a present obligab'on resulting from a past event that will probably result in the transfer of future fund8 to a third party and the •nount due ¢0 settle the obligation be measured or 8s'm8ièJ reliably. Creditor5 and provisi8 are normalty reCOgne¢s at thair SettmOnt amount after all(w¢ng for any trade di5untS due. Voluntsry Incom• Enilowmont Fund 2022 R••trl¢tèd FundB 2022 Total Fund• 2022 Total Funds 2021 t*natI¢8 Grants 36.788 36,788 28.087 323.168 Voluntary incom? 36.788 36.788 3SI.255 In 2021 £28.067 01 voluntsry knc<Ane was attriblrtable to the reth'cte(I fu1. Pagel 15
Foundation for the Parks and Reserves of Cote d'lvolre (FPRCI-UK) IA company 11m1t by guarantee) NotsB to the flnan¢l•l Jtatoments fortho year ended 31 D•c•mber 2D22 Invo1rnont Incorn¢ End(ywm•nt Fund 2022 Rg•trlct•d Fund• 2022 Tot•1 Fund8 2022 Tolal Funds 2021 rA'vid?nds and interest -for8b3n lysted invostr))énts 0,770 61x1.770 612.322 In 2021 all gf the investrnent incorne wa¥ orfrbutabk tothè strict fu. Ralslng Fun Endowrnent Fund 2022 RtrI¢l•d Funds 2022 Total Fund• 2022 Total Fund$ 2021 Intsnt ManageTht le08 130,592 130.692 132J47 In 2021, all of t1 expendrture in latI1)n to r3i8iryJ funds was attriLxrtabl? to th8 fesJri¢te£l fund. Grnnts Approved End1)nt R•strieted Fund Funds 2022 2022 Total Fund• 2022 Totsl Fund• 2021 Foundation forthe ParkB Reser of Cote d'lvoire IFPRCII 2,737.449 2,737849 2.882A38 In 2021. of thg grants apwoved were ath'butable to Ihe endowmènt furtyd. Olhor co8t• EndowtY•nt Fund 2022 Rostrfctod Funds 2022 Ttst•l Fund• Totsl Fund 2022 2021 Aeeountano costs Audrt remureratic Trustees fe Interest lees Custody fees Piofgs5ional fees Other general expenses 24,288 12,5CKJ 24,288 12,500 6.213 14511 63.602 18.087 10.( 2.940 3,954 44,197 6213 14511 63,602 140 140 278 6,213 100.079 106.292 79AS6 In 2021, É76,518 of the otr costs wer8 attribulable to restrict8d fund. Pa9¢116
Foundation for the Parks and ReseNes of Cots d'lvoire {FPRCI-UK) (A ¢ompany Ilmlt•d by guarant901 Notes to th8 financial stat•monts for the yearendod 31 December 2022 AnalyslB of r•wuree• gxp•nded bY•Xpend5 typ• Total Fund¥ 2022 Total Fund8 2021 Grants approved InvestrMnt rn8nagwnent costs Other eosts 2.737,449 130.592 106,292 2.662,438 132,347 79.456 Total eynditure 2,974.333 2,874,241 TMsts88' and k•y man8ment During 2022, ng Iwstees were paKI or receNed any other t¢n•fts from empknymènt with thè charit*) company,12021 Énill. The tnJ8taes did not have any èxpenst5 r•rt•ur8ed durirs th• year12021". ÉrNII The key management of Ihe chAritable company comprises the Iwstees arKI th8 ExeculNe Manag•r, as noted on page 1. No key mana9ement received any Murrat10n during the y88r12021.. Nil) Not incorn¢ for thp year 2022 2021 Net irtom8 i5 ststed after charging.. Audit fee Olher fees to auditorts 12,500 24,288 18,087 Pa9e117
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK IA Company limited by guarnnts•l Nots8 to the financlal $tatements for th¢ y•ar•nd•d 31 Decembor 2022 10. InvMkn•nta Totsi rk•t valuo At 1 January 2022 FrAed assets in¥85knerrfs Current assets investments 35.387,599 1,626.033 37M16.632 AddilK)n$ Cispc681s GainsllloSI on investment5 C88h balan as at 31 D8cem&er 2022 Funds used Fol9n exGhange rnovemenl 12,593,039 113,354,582) 14.551,7031 668,187 12.906.8141 At 31 DvLerrer 2022 28.898.459 Splrt as foll8.. Fixed assets investments Current assets investmants 28,230,273 668,186 28.898,459 Historical cast 26.,0 The lunds Ltsed b81ance of &,9C6.814 12021.. E1,894,2411 is a balanr of inccrne gen8rat8d from the portfolio. 55 8xp8ns85 being paid out of the porlfolio. The loreign 8xchange movem&nt has arsen from Ihe various oJrrew•$ wlhinth8 Portlolio. The fcltowing investffnts has a matket value in 8xce5s of 5% ofthe totsl math•i vakne of investwÉnts.' PAath•t Proportlon V•lu• at 31 of totsl DBrvmber 2022 CANADA JAN 19 23 FIERA EIAERGING MARKETS EQUITY FUND- CLASS A FIFRA GLOBAL EQUITY FUND- CLASS C EAGLECREST INFRASTRUCTURE SCSP_ CLASS A GLOBAL AGRICULTURE OPEN-END FUND IINTERNATIONALI L- CLASS A FIERA HIGH YIELD BOND FUND- BONDS- CLASS A 2.601,512 2,486.633 8,701,873 3,107.280 3,698,254 86% 30.1% 10.8% 12.8% 2,882,732 10.¢ 23,478.284 81.2% Page | 18
Foundatlon for thè Parks and Reserves of Cote d'lvolre {FPRCI-UK) IA company limited by ou#ranto81 Notss to the financlal statwnonts for the y8ar•nded 31 D8cembor 2022 11. Dobtorn 2022 2021 PrÉpayment5 and a¢xr(d I[ce 36.788 12. Cr¢ditor¥: Amounts ts115ng du• wlthln ono year 2022 2021 Arxruals 74,619 74707 13. Ststoment of lunds Brought Incornlng Forward R•sourc RÈsource8 Expended Gainsl TrnnBf•r8 Carrted FOrd Endownxnt lund8 Tai Natronal Pa sub-account Com Natronal Park SU0cCOUnt Azagny 58ngté National Paths su at£ounl Tai-sapo Corridor sub-acuftt Banco $ub-accDunt 6,W2.7CkS 11.353,8661 I1,317,9} 3,331,830 8,025,686 1752,1261 11,119.9051 8,153.657 10.220,9 1655,3981 11,383,916) 8,181,622 4,673,944 253,079 18,971 11.2431 1714.3171 116,5561 3,978.598 235,280 29.176.352 12,743,662) 14.551,7031 Ro8trlcted lunds Tal NationBI Park 8ub-8ccount Comcé NatioThal Park SUa¢Count hzagny Sangbé National Parks sub- a¢Unt Tai-sapo Corrhlor sub-account Banco sub-acwunt Olher restri¢ted fund$ 21,880,987 5,397,227 124,543 162,8e71 5,468.903 1.244,619 223. 151.3751 1.317,209 802,666 155,676 160,3791 897.3 313,911 15,3471 79.473 7.113 115.3161 13.9461 378.C68 12,1801 39.954 36,788 136,7881 39,954 7,793,030 537,558 1230,6711 8,099.917 Total of fund8 36.969.382 63758 12,974.3331 14,551.7031 29.980.004 Paoe119
Foundation for the Parks and Reservos of C6t• d'lvoire (FPRCI-UK) (A company Ilmltsd by guar•nts•) Notes to tho financlal slatomonts for the yoar ended 310oc•mbor 2022 13. St4tsrn&ntof fvnd• - continued Stat•mènt of fvnd•- Prltsr year Brou9ht Forrd Incomlng Resourca$ Rè¥tsvrce• Expend Gainsl IlosseBI TTrnsfw• Carrf• FOWNI Endowmtrntfund8 Tai National Park Sub- account Corncé National Park sub-acwunt Azagny Sangbé N#tion81 Parks stsb-actount Tai-sapo Corridor ¥u account Banco sub-accourt 6.294.809 6,766 11,087,990) 789.120 s.2,705 8,270.343 12,686 1759,7101 502,369 8,025,688 10,270,502 1658,9461 609,380 10,220,936 4.633,724 169.4771 109,697 4,673,944 18, 303,716 189,2551 19,651 253,079 29,488,345 323,168 12,665.3781 2.030.217 R•strictsd funds Tal Nation81 Pat ¥ub- account Comoé Nation81 Park sub-xcount Azagny San9bé National Park8 sub-account T8i-Sapo corror 6ub- occount Banco Sub-acnI CAhor r•strKx•d lunds 29,176,352 5.261.993 196.038 162.8041 5,397,227 1,149,042 150.227 154.6501 1.224,619 673,C62 188,121 158,5171 802.e66 265,960 74,417 126.4661 313,911 14401 11.867 1.519 28.LI87 18,4261 15,3471 39.954 7,361,484 640,409 [206.8631 7,793,030 Totsi ot lund8 36.849,829 963.577 12,874.2411 2.030.217 36,989,382 Pury50• of •ndtr4vmtrnt fund8 Tsi National Pat 6uIFa¢crNJnt. This was a grant for exduJive purpose of finanong the recurring costs of manJiThJ Ihe Tal National Park, a protectsd area in Ihe Republic of Cote d'lvoire Ihal was declared as a National Park in 1972 and declared 0$ a UNESCO Worfd Heritage Sile In 1982. Th8 fund will L inve5teol In TP81uty, and its interest, incorne, dividends and gains will be transferred lo the Fonda'on pour le5 Parcs et Re$eNes Ilp Cote d'lvoire, 8 not for profit tsTganYzation estsblishe(l in the Ccte d'1voi pursu8nl to Ihat eountry'5 law no 2002-102 relatirg to Ihe management and Iinanun9 of national park5 and nature reserve$, or will be r8investl lo increase th8 capital gf Ihe fund. Comoé National Pork sub4Cunt." Wds a grant lor the exdusNt Pu0£e offinancing Ihe recurring eosts of managiry thè Comoé Natyonal Park. a protseied area in the Repubyt of Col8 d'lvoire tt)at was declared as a National Park in 19642 declared a$ a UNESCO World Heritaoe Silp. The fuThl 11 be invested in rpetuty, and its inlerost, income. divid8nd5 and gains will be tran5ferrJ to the Fondation povr le3 Parcs et Reserves lye Cote d'lvoire, 8 not for profil orgonization 8slabli8hed in the Cote d'lvoire pursuant to that (t)untry 8 I no 2002-102 relatiffj to the management and finanung of national parks aryj nature rttorv05. C will be reinvested t¢ increase the capital ofthe fund. Page120
Foundation for the Parks and Reserves of Cote (fivoire (FPRCI-UK) IA company Ilmitod by gyornnt•o1 Nots8 to the fin•n¢ial statfrmonts for the year •nd•d 31 Decombor 2022 13. 8ttsm•ntof fund•- ¢ontlnuod kngny S8ngbé National P8rk6 8ub-account.' Thks was a grant for the trxdusive puw of financing the recurring cost$ of rnanaglng the A2agny and Monl S8ngbe N8tional Path, protected oroa in th& Republic of Cote d'lvoire The fund will be invested in p8rtUty. and its intere51 income, divKlents and gains will Iran$feryed to the Fondation pour Par£5 8t Reserves de Cote d'lvoire. a not for profit organrLation estsblished in the CO d'lvoirt pursuant to th81 tountry'$ tsw no 2002-102 r8lab.ng to the management and financing of nabonal parks and nAtute rose8, or wÈll be reinvestsd to Incle the caprt81 of the fy. Tai-SapD Corridor sub-account.. Th8 grants 11 be use(1 to impl&nent th8 PTQj¢Ct to eBtsblk8h an ecob9ic41 corridor beiween nabonal paths of Tal and Sapo. Bènco $ub-accovnt". The grant will Èe used to protect and manage th8 Banw na"On31 p8rk in a SLtstainatJè way with participaty.on of th8 actors ¢onLxmod in ordar to ensuro its anvironrnental, recoational and Jucational role. Pu¥pos•• of r••trktsd fund Until the end of th8 paynxnt lor d8bt swaw ffjreements for both the TaK Natial Park and for tha Comoé National Park. funding for varigus recurrent eosts will be from the disCtIOnary 8Gcount. 14. Anatyai8 of not as80ts belween ld Endowmont Re8tri¢ted Fund FundB 2022 2022 Unr•strictsd Funds 2022 Totsl Fund* 2022 Fixed 0s6et inv8stm8nts Current assets Creditors due within year 21,880,987 7,013,453 1.157.C65 170,6011 28,894,440 1,157,065 170.6011 21,860,9B7 8.099.917 2021 29.980.904 Analy818 of net a•t¢ts bvtweon lund•- Prlor Endowment Fund 2021 R••trieted Fund• 2021 Unr¢#trfeted Fund• 2021 Total Fundi 2021 Fixed asset investments Current assets Creditors within ona yèar 29,176.352 6,211.247 1,656,490 174.7071 35,387,599 1,656,490 174.7071 29,178.352 7,793,030 36,969.382 Page121
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) (A comnY Ilmitsd by guarantsel Note8 to th9 financial stst9ments for the yoar ended 31 Decfrmr 2022 15. Rol&tsd party tr•Mi•cllon8 DLtrrir£ the year, graTrts ofé3,189,53912021.. Q.862,4381 were pabj to Fow(lation for the Pr41(s Re8eNes ol Cote d'lvolre IFPRCII, a charity Mth common truste8S. 16. R•conclliatlon of not movement In fund• to not cash Ilow from op•r•tlng 2022 2021 Net incornè {Gair) on invèslmenls Investrnent incorne Ilnueastl /dease In dèbto Decrease l [IrKreasél in creditcK8 16.988,4781 4,551.702 1398,7811 18,3311 1119,5531 12.030.217) 1612.3221 13701 1,120 Nfrt cash flows operatlng aLvrt8 12,843I001 2,761.342 Poge122