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 BtaI￿nents 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'00￿1 {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¥b￿1n1-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 pro￿de 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 gTantèr nature conservgtion a8 agreed amor¥J all partners of thg N81ional Park. 21 The FPRCI S Annu81 activity program IPAAI and the budgd dedamd for such PTogr8mme. The grorrt by the Chaflty to FPRCI in respect of the annual adwity programrne must bè limitÈd to the maximum oflhe sum not rDvered by FPRCI. •m funds or fvnds from other donors at the ime the Board of Trustees of Ihe Charity is resdvirrfJ to make a donalion for the purposes ol thè annual act*vrty progr8mrne. Publlc ￿n*flt The trustse5 have referred to the gwdaneh con*ained in the Charity CommiÈ$iorL'S guidance on public benofft vthen r*w8wing its aims and objecb've$ and in planning its frJbJre actNities. In parb¢ular, the Board of Dir8dorB has nsidered huw planned activitiès wll ￿￿tribUte to the aims and objects'ves rt has set. R•wlvAt of •¢tlvltle6 During tr* fis¢al year. thè Boord of Dweciors hèkl thr￿ rn8etings. The mSnute6 are summarized bebw.. The r••olutlon of the mlnut•s of the thlrty fwth m••tSng of the Board of DI￿￿14 hgld on 51h May 2022 After dis¢ussion5 and d8lib8ration5, the Board ol Dit8&oTS takes Ih following deca$ions'. 1.. The Board of DirBctor3 approvas thg report of the ad'hoc Committee on Ihe acquisition of the headquartèr5 gf the Foundation and deodes to chth)se the land of Cocody Abatta with an area of 1050 m.. 5tr4.ect to the visit olthis site by A delegat￿n from th8 Board ol Diractors. The cornposition of thi¥ dele9at¥)n will propos&J by the Chollyn￿ of the Boorrl of Oirectors. 2.. The Board of Directors adopts the irwestsn8nt report aswsment of lh8 Foundation's 4th quarter 2021 p¢)rtfolio 8$ 8vbmlttod to it by Ihe Investsnani Commrttee. Page12 Foundation for the Parks and Reserves of Cote d'lvolre lFPRCI￿K) {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 dis￿￿10n$ dalibèr•tign¥. Ihe Board ol Dlrectors takes the following decmions.. 1.. The Board of D4￿ctorS 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 dglit*ration$, 1he Board ol Direclors takes the folk)w'ng dèci$ions.' 1". The Board of Directors adopts Iho xtivty reports as ol November 30th 2022 with lan(IrvJ on D￿eM￿r 31th, 2022 01 the Azagny, Comoé, Monl S8robé and T81 National Part(5 as Pr￿￿ted 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 arn￿nts 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 p￿110. 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 Nati￿181 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 Obj￿11¥& kn maximlz& tc*al 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$wption of Int8matron81 finanual rnarkots, an increase in infi2ts.on and 8 recession in thè euro zone. This environrnent d8mor6lrat8d 1he resi1￿n￿ ol the Foundation for ParfEs and Roserves in Cote d'lvoire. Due b Ihg rnonitoring of the Investrnent Committee and tho professionalism ol thè astset managèr, the FPRCI portfdio Was Bble to limit capitsl b$sgs. The In¥estrnant c￿mIttee 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 ¥ouB￿On 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 prO￿sS 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 c￿npanY limited by gugrantee on 26 October 2￿9. The Charity is eon5titulod uTrJer a Memor8ThYum of A8wation dated 26 ¢knLEr 2(k% and registered wth the Charity C￿mMiSsion 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 ex￿ed fv40. Unlass ottprwi5e agreed on appoinknent. person or org8ni$8tion appointed to the C￿nDr,$ 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 M*ll as the manag8mgnl of the Board of Directors. However, specthc training is provided rf n￿Ssary. Org•nl8atlonal strn¢lure and do¢ltslon maklng The trust885 manage the busines6 of tha Charity and exerase all the po￿1$ of the Charity unless 8re Subl￿t 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. Ro￿1•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 Reser￿8 de C¢)ts d'lvoir8'. a beThe￿.8ry ofth8 Charity. Key manAg•m•nt p￿enn•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 part￿lar 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 diversrf*d 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. FO￿ign 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$¥ of cunpany lawl ¥re resp￿sible for preparfng the Trustee5' Annual Report and thè fin8nci813tstements in accordarth ￿th applicable18w and United ￿ngdoM Accounting Stsndards (United ￿￿TrgdOm Generally A￿pted Accounting Practi￿1. Compary law iequir8¥ the trustees to wepgre fin8noal statements for each finanLyal y89r, w15ith give a true and fairview ol the stat6 018ffairB ol the charitable comp8ny and of the incomirrfJ resourees and application of rèsour￿$, 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 CLI￿rn ba$1$ unLgs6 il is in8ppropft.atè tts presEme that tharitab￿ cornp8ny will continue in operath"C￿. Thè trustees are resp￿sIble for keeping adequate accounting rècords that disclose with raasonable accuracy at Bry tine the finanual posth.on of the charitable CL)mpany and enablè tl*m lo e[￿Ure that the financial 3tstements comply wrth the Companies Act 2006. They are also re5PDnsible for Sa￿JUardin9 the assets of the Gharitable Crm￿nY 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 resolu￿On t>rthtt re-appointment of Azets Audlt Satvic*s o¥ ¥uditor8 to t￿ Charrtab￿ comp8ny will be submittèd to the Annual G&Mral Meetiry. This rèport has been p￿pared in 8ccordance wth the Ststern8nt of Rgwmmended Practice. Accounbnu and Reporbng by Charfiies. and ill accordance Y￿th the speoal provislons of P¥rt 15 01 the Compan￿$ Act 2QJ6 rela￿n9 to Sm￿￿r onl￿e9. Exeojtive Man•J8r ChaI￿n 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 stst8r￿nts of Foundab"on tor th8 Park$ and ResgTh0s tsf C¢Jte d'lvoirè IFPRCI-UK} (the 'charitsbl? Ccfnpany'l for the year ended 31 D￿rnber 2022 which comprise the Statement of Financial Act￿1￿&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 S￿￿ards. indudirKJ Financ41 Reporting Standard 102 'The Finana81 Reportin9 Standard akwlicable in th8 UK and Republic ol Ireland, Iunited ￿r￿de•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 Dee8m￿r 2022 and of its I￿￿￿1r￿d resour￿ aTrJ applution of rg8ources, lor the year thengnded.. have been pfcve￿Y p￿pared in acurden￿ wilh United KI￿Orn Ge￿rallY Acopted A￿UntIng 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 responwbillt￿s under those standards arè fvrther described in tha Audttor's responsit41ities for tlkp aulit ol financial ¥t8tements 8ect5on of our report. We are i￿e￿ndent of the charitab* company in aco)rdarKe with the 8thical requirements that ¥rp re￿Vant lo our audrt of t1￿ ffinanual statemenls in the UK. incIL￿lrrfj the FRC'5 Ethical Standard 8ThJ ha￿ ftjlfiI￿ our 0th8r èthiesl rèsponsibilities in accordance with Ihese requ1￿Ments. We tr*l*ve that th8 audrt tvithn￿ we have obtainèd is suffic￿nt and appropriate to prowdt 8 basis forour opinion. Conclu•lon8 F•latino to golng concwn In aud￿'r9 the financ481 statèments. we hJve ￿nCl￿*d that Ihe trustees. use ol the wng coftcèm basi8 of accounb.ng in the ryeparatson Of￿ fina￿81 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 ￿pOn￿bIl￿e5 and the reSpo￿lts111￿es of me trustsgs wilh respect ￿ golng co￿eM 4r8 (les￿be￿ in ￿ relevant sections of Ihis r8PJrt. Other Infomialon Th8 tru5t8es a￿ reSp)nsi￿a 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¢￿tI￿Slon 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 $tat8ments or our kn￿￿edge obtained in the audit or othernise appears to be matérially misststed. If we Kjentify such material inconsistenue5 or apparÉnt material mi5statsmenis. ￿ 8rB r8quir8d to detem)ine wh6thaf therE B a rnalerial misstatèment in th8 finanryal statements or a material misstatementofthe other infom8ts"on. If, based on the workwe haw performed. we conclude that there is 8 material mi¥5tatemenl of this other inl¢xmats"on. we are reqUI￿d to report that fact. Page17 Foundation for the Parks and Reserves of Cote d'lvolre (FPRCI-UK) IA company Ilmtted by guarnnteel Independent auditors report for the year ended 31 December 2022 - contlnued Other 1nlom1a￿on I¢0n￿nuedI We have noth&n9 to report in Tegarrl. Oplnloni on other mattern pwcrlbod by tht Cornpanle• Act 21)06 In our opinion, basèd on the I￿rt{ undèrtaken in the cc4trse o1th8 eud the infomiation given in tha tr￿lee$, 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 ap￿ICable *al requirements. Mattèrn on ￿1¢h we ar• r•qulr•d to r•port by gX¢gPtlon In th8 light of the kn￿9￿dge understsnding of the charrtabje c¥)mpany and its enwronmèni obtainod In Ihè course of the audit, we have not ￿￿entl￿d 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 2￿6 requH¥3 US to report to you rf, in our wnion.. adequate accounting recwts have not b￿n kw, or returrts ad8ou8te fDf Ouf audrt have not be•n received frc*n 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 explan*on¥ we rwuire for our 8u 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 In￿Stment ass8ts 10 IS14,1331 {S14.1331 2,183.634 Net In¢orn• Il•yp•ndrtur•) 13.257.796) 306,887 11950.9081 272.970 Oth*r 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) I19￿3 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 provtsiC￿3 ol Part 15 of th6 Companies Act 2006 ro18ts.ng to sm811 companiès. ApprO￿d 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 a￿VItIe& 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 equ￿a￿nts in the year 1507.7561 Cash and ¢ash equjva￿nts 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 Infom*tion 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 $t•tempnts The charity constilutes a public benefit entity as dèfin*J by FRS 102. Th8 fjnancial slatsments have teen prepar& in accudanc* with Ac¢ounting and R8porting by Chariti&5.' Staternent of R¥eornmende£t Practice applicable to chariti88 preparing their aGsounts in acwrdance with th8 Financial Reporting Stsndard applicab￿ in the UK anL1 Republic of Ireland IFRS 1021 issued on 16 July 2014, the Financ￿1 Reporting Standard ap￿Itable in the iJr¢iled ￿n9¢0M oTrd Republic gf Ireland IFRS 1021. the Charitvès Act, the Compani88 Act 20fE and UK Gen8ralty Ace8ptsd Pr•¢ti￿ 88 it 8Fp*88 fram 1 January 2017. The fin8nrAal Statements are prepared on a 9o*vJ conL*rn under hi$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 Pol￿85 aPpl￿d 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 avail8￿9 for use at the dk%tret'on oflhe trustee5 in furtherance of the ge￿[¥1 obigctives of the Charity a￿1 whith have not been desBJnaled for olher wrposes. End¢)wrnent funds and rest￿Cted 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 agaI￿t thè ÈpEvfic lund. Inve$knent income, gain5 8nd105888 ar8 alkjcated to the aptyopriate flmd. dl Golng COn￿M The financial statements have tÉen pr&p8red on 8 9oing concern basis as the Irust8e5 beI￿ve that TrJ material unr£rtaintes exist. Tho trust885 have considered the ￿Ve1 of lunds held and the ex￿Cted of in¢fmÈ and 8xpenditure for 12 rwths from authorising th888 finanrial ststements. Th8 budgetad income 8n¢ expen(Jrture Is SUff￿￿nt with the ￿Ve1 of reserves for thè charty to be ab￿ to contsnue as a g￿ng concem. The Current economic dimate has teen tsken inlo eon5ideration when perlorming th8 90in9 ¢Mcem Assess￿nI. 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. j￿ILK1•n5 expectsliC)ns of futurè events Ihat 8re beliewj to b8 reasonable under the rircumstsnces. No suth accounting e6timates and juthJen￿nts required in the preparatlDn ol Ihese finar￿181 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 $tatsments for tho y•*r onded 31 D•¢emI￿r 2022 Accountlng pollcle8- conllnued Income Inc(¥n8 15 reojgnised whpn the charity has ontitFement to the funds. any perfomi8rts conditions attachod to the item(81 ot In¢erne have been met, it is probabk that the incorr* will bo rEceived and the amoL6nt can be asurèd reliably. Voluntsry inthne including CO￿ grants, sponsorship. donatio1￿ and gifts is included in full in the St8twnent of Finan￿81 A¢bvitie5 when ￿¢￿1vab￿. Grants, where tnlidgrnent L% not COnd￿"0nal en the delwery ol specrfic p8rfOnTran￿ Lry Ihe ch8nty, are wniBed when it 15 probots￿ that the inrAyne will be re(twèd by the L*arity. Donated seNites or facil￿e8. wthch cornpri8e donated Serv￿8, are induding in the Income at the valuation which is an esb"rnate of thè financial cost bome by the donor wh8re 6u¢h a cost K8 qu8nty"fiaN• and Measura￿e. No Inc(￿0 15 reccgnised whgw there is no financ481 cost bome ty the third paty. Em￿ndIt￿r• All expenditure is xcounted for on an actrua15 basis and has in¢luded under expense ¢at&JorE6 t￿1 a99￿gate all costs for allocation to activities. Vvhpre cost rannot be directly attributed lo partioJl8r actwities they have been allocated on a bas￿ consistentwith Ihe use ol Ihe rgsources. gl Supptsrt costs 8re th¢J5e that assist the work of th8 charity bul do nol dir8cUy mpreEent charitable 8nd indude off￿e costs, 9oveman¢e Costs and admini$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 he￿ingS they have been all￿t￿l to cost of rai8irg fvnds and èxpenditure on chantab18 activities on a basis wnsistent with use of re50urr*s. 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 W￿re 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 commitTh*nt, but not 8ccrued as eX￿ndIture. h) For•l9n ¢urrencle8 Th8 finar￿a18￿￿rnents are prepared in euros, the funcbonal currency oflhe company. Monetary assets and liabilities denominated in fore￿Tr cJJtrenues are tra￿lated ntD euros at tates cr exd)ange ruli￿ 8t Ihe balance sheet dale. Transactions in for•9n curronc￿s ar8 tran$kted into euros at Ihe rate ruling on dale of the transaction. Exthange gains and k)s88s a¥È rerh)9nised in the staten*nt of finantsal xtivities. Pagel 14 Foundation tor the Parks and Reserves of Cote d'lvolre (FPRCI-UK) IA company Ilmlted by guarnntso) Notes to thè financlal ststoments for the year •nd•d 31 Decem￿r 2022 Accounting policies- ¢onlinu•d Taxatlon The ¢hari*ablB company 1$ ¢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 ex￿pt from taxation in respect ol ineome or caytal gal￿ re￿￿6￿ within categories ¢¢vered by Chapter 3 Part 11 Coyirat￿n Tax Act 2010 or Se¢tion 256 of the Taxation of ChargeabK8 Gains Acl 1992. to lh8 ex￿nI that S￿h inecfn8 or gains a￿ wlk8d excluswety lo charitable purposes. Investir￿ts are re¢oonk8ed ifirtialty at fairvalue thich is n¢rmally the tranSact￿rn price exdJdiry4 transadlon costs. Sub5equenlly. they arg measu￿￿ ai fair value with Changes r8cognis¢d in 'r*t gains I Ik)ssesl on investments, in the SOFA rf the shar8$ are publicly traded or their fair Val￿ can othe￿ise be measured reliably. C￿r￿n1 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 provisi￿8 are normalty reCOgn￿e¢s at thair Sett￿mOnt amount after all(w¢ng for any trade di5￿untS 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