Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) Trustees report and financial statements For the year ended 31 Decembor 2024 Company Numb•r: 07057365 Charlty Number: 1137836 AEHR7CKP 1911212025 COMPANIES HOUSE A31
Foundation for the Parks and Roserves of Cote d'lvoire (FPRCI-UK) IA company limited by guarantee) Contgnts Page Reference and admiDiStrative detalls pf Ihè Charity. Its trusteès and advisers Tfu$tees' report Independenl audilors, report Statem•nt of ffinanclal acllvltles 1.Q 8alan¢è 8h••t 11 Cash flow stalemfrnt 12 Noto1 to th• flnan¢l•l •lal•m•nts 13-24
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) {A company.limited by guafanlee) Reference and administrative details of the Charity. its financial advisers for the year ended 31 December 2024 K•y.Managem•nt P•rsonn•l: Truste0$ B N'Doumi {Chairrnanl R Bourgoin M Coffi Sluder M Egnankou V N'Douba V J Nembelesslnl'sllue Executlv• I•nager N'Golo Fanriy Company huinb•r 07057365 Charlty numtsef 1137836 Registè'red offlce 10, aueeri Street Place LLindon EC4R 18E Bank•rsllnvestm•nt adiilsers Flera Capllal Corporèlion Flera CapilAI 1501, Av8nuo McGill College Bureau 800, Montrè31 (Quèbec). Canada H3A 3M8 Inv•8tment custodlans D•sJ*rdins Tw$1 .2 Complexe DeslardjnsTpui E. Montrèal (Quèbacl Canada HS8 IC1 . Audllor .A2els Audil Services 2nd Fbor Regi$ House., .45 King William Sl London EC4R 9AN .Soilcltor• Balts Wells.&.8rallhwall8 10. Quèen Slreel Place London EC4R 18E P8ge11
Trustees, Annual Report For the year ended 31 December 2024 Objeetives and Activitie• Policies and objectlves The prfnclpal objectives of the Charity are lo promole and provlde financial support for tha conservabon, preservation and development of national parks and nalure reserves in lh8 Republic of Cote d'lvoire. arKJ to advance leamin9 and science through Ihe promotion of the environmentally suslainable management of n8tional parks and nature reserves in Ihe Republic of Cote d'lvoire. Strategles and activities for achievlng objactives In order to achieve lis objectives. the Charity alrns to.. Evaluate the potential for malchln9 endowment funds wlth Current donors Idontfy other potential sources of contributions for endowment funds. Identsfy other partnership options based on payment for envlronmenlal services. Grant making polScl•s Grant making policies are approved by the trustees. During fiscal year 2024, the charity made a grant of 1,070.000 to Tai Nalional Park, for the recurrent cost, a grant of é 860.000 for the benefit of the Comoé National Park, a grant of É 599.594 for Aza9ny national park and Mont Sangbé national park. For the implemenlation of the "Tai sapo" ecologlcal corridor project, an amount of é 351.329.78 was granted In 2024. Each year. the Board ol Dif8¢lors of the Charity considers a proposal from ihe FPRCI Ilhe 'Foundalion") that wlll Each year, the Board of Dlre¢tors of the Charity conslders a proposal from Ihe FPRCI (the "Foundalion") that will comprise the following elements.. 1) The priority activities ol the National Parks Ihat FPRCI intends to fund. including associated management costs. The FPRCI will chose the acllvilies and expenses of the National Parks that Ihey are willing lo fund in line with the "operational Plan. that d8scrib8S Ihe priority activities for nalure conservation as agreed among all partners of the Natlonal Park. 2) The FPRCI'S annual activity program (PA4} and Ihe budget declared for such program. The grant by ihè Charity lo FPRCI in respect ol the annu81 activity program must be limited to the maximum of the sum not covered by FPRCI'S own funds or lund5 from other donors at the Ilme the Board of Trustees of Ihe Charity 18 resdving to donate for the purposes of the annual a¢ts'vity program. 1 > The priority aetivities of the natsonal pad(s thal the FPRCI has funded and the associated management costs. The FPRCI sel8el8 tho 4¢tivilies and expendilures of the national p8rks Ihal il is prep8rgd to fund in aceordanc• vAlh the "Opèrational Plan" whl¢h d8$cnb•s the pnority 8clJvillg8 for n¥lurg consfrvallon as agreed bev*een all the partners of the ngllonal path. The FPRCI'S annual acllvlty program IPAAI and Iho budget d6clared for such program. The 9ranl by Ihe Charity lo FPRCI in respecl of the annual activity program must bg limited to Ihg maximum of Ihe sym not covered by FPRCI'S own funds or funds'from other donors at Ihe time the 8oard of Trustees of Ihe Charity is resofvin9 to donale for Ihe purposes of the annual actsvlty program. Public beneflt The trustees have referred lo the guidan¢e contained in Ihe Charity Cofflmission's general guidance on public benefil when reviewing its aims and objectives and in planning its future aclivities. In particoiar. the Board of Oirectots has considered how planned aclivities will contribute to Ihe aims and objectives they have set. Revlew ol actlvltles During the fiscal year. lh& 8oard of Directors held three meetings. The fflinutes are summarized below: THE RESOLUTION OF THE MINUTES OF THE FORTY-FIRST MEETING OF THE BOARD OF TRUSTEES Page16
Decisions After discussions and dèliberations, the Board of Diractors makes tho follt)win9 d•eision$: 1: The Board of Directors adopts the FPRCI-UK Investment anij portfolio moniloring report as of March 31, 2024, as presenled by Ihe Investment Cornmittee. 2.. The Board of Direclors adopts the progress report on Ihe FPRCI headquarters construction prolect, as presented by the Ad Hoc Committ86, subject to consideration of the comments made. Due Diligence 1.- The Board of Direclors inslrucls the Executive Dlrector to oversee the lull implementation of the FPRCI headquarters constw¢lion project within a maximum penod of 18 months. The start date for this project is set for June 1, 2024. THE RESOLUTION OF THE MINUTES OF THE FORTY4ECOND MEETING OF THE BOARD OF TRUSTEES D•¢isions After discussions and deliberations, the 808rd of Dlrectors makgs the followin9 decisions: 1: The Board of Directors adopts the FPRCI-UK inveslment report and portlolio mon51oring as of May 31. 2024. as presented by the Investment Committee. 2: The Board of Directors adopts the Ad Hoc Committee's proposals for the establishment of a distindion for Directors whose terms of office are explring. Thus., a Gold Elephant medal in Ihe amount of one milllon fiv8 hundred Ihousand CFA francs (1.500.000 FCFA) for 8 Direclor who has s8Died Ihree1031 or more terms., a Silver Elephant medal in the amount ol one mllllon CFA fran¢$11.000.000 FCFA> for a Dlrector who has seN8d two {02) tems: a Bronze Elephant medal equivalent to five hundred thousand CFA fr8ncs1500.000 FCFA) for a Oirector who has sérrfed one (011 lerm. For the Chalnnan of the Board of Dlreclors.. a Platinum Elephant medal for five (051 terms or more, aGcompanied by an amount of five million CFA francs (S,000,QOO FCFA); a Diamond Elephant medal for more than three1031 terms. a¢¢ompanied by an amount of th8 million FCFA (3.000.000 FCFA}. a Gold Elephant medal for fewer than three terrns, accompanied by an amounl of one million five hundred thousand CFA fran¢s11.500.000 FCFA). Each medal is accompanied by an equivalent cash value. Page16
THE RESOLUTION OF THE MINUTES OF THE FORTY-THIRD MEETING OF THE BOARD OF TRUSTEES Decl$lon8 After discus¥ions and deliberatlons. thè Board of Dlreclors makes the following declsions.. 1: The Board of Directors adopts the activity reports as of November 30, 2024, with a final date of December 31, 2024. for the A2agny. Comoé, Mont Sangbé, and Tai National Parks, as well as the Bossématié and Cavally Naturè Résèrves, as presented lo it by the OIPR. 2: Thè Board of Directors adopts the 2025 operating plans for the h2agny, Comoé, Monl Sangbé, and Tai Nalional Parks, as well as the Bossématié and Cavally Nature Reserves, as presented to it by the OIPR, and decides lo allocate the following amounts for the management of these national parks and reserves for the 2025 fiscal year: - hlagny National Park.. 219,352,000 FCFA: - Comoé Nalional Park: 577,925.000 FCFA: - Mont Sangbé Natlonal Park: 224.459,360 FCFA., - Tai National Park: 595.926,SOO FCFA; - Bossémaliè Nature Reserve: 153.735,895 FCFA,. - Cavally Nalure Reservo: 139,703.335 FCFA. 3.. The Board of Directors decides Ihat grants lor the Bossématlé and Cavally Nature Reserrfes will only b6 awarded alter receipt ol the amended holistic operallng plan5. 4- The Board of Directors adopts the FPRCI-UK investment report and portfollo monlloring as of October 31, 2024, as presented toll by the Investment Committee. Dug diligenc•s 1; The Board of Di¢10r$ instructs the Executive D1Clor to take into accounl all formal and 5ubsianlive corrections lo the minute8 sent to him in vffiting by the Directors. 2- The Board of Oirectors Instructs the Executive Director to us8 the official converslon ral8 Irom the Euro to CFA francs and to review Ihe calculations accordingly, Investment pollcy and performance The Board of Directors has adopted a conservative investment policy with the primary obj'ecttve to maximize lotal long lemi nel retum by applying an inveslment strategy compatible with prudent risk levels. The relum on investments should preseThe or improve the real valtse of the caprtal in order lo generate sufficient income to finance the Foundation's aclivilies. This policy seeks to ensure thal inveslmenls are cijmpatible wilh the Chanty's values and mission. For this reason, the Charity Is applying socially responsible investrnenl crfteria, seeking to exclude companies or industries if their aclivitles, policies or practices are not in confomilty wlth the Foundalion's social and environmantal prèlèrèncés. Roserves pollcy The trustees have a reserves policy which complies with the conditions of the grant Teceived, which are to create an 8ndowment fund whose capital will be invested in perpetuity- The interest. income. dividends and gains from the lnveslments will be donaled to 'Fondalion pour les Parcs et Reserves de Cote d'lvoire". Page16
Futuro d•velopm•nts The 2024 fiscal year was marked by the following activities: Implementation of the investment strategy for the new counters. Finalizalion of the architectural competilion. which is an important step in the construclion proGess of the FPRCI headquarters. - Capacty building of OIPR agents on conservation standards. Signing of financing contracts with the following companies: IDHIBarry Callebaul for Ihe Mont Péko National Part< conservation prolect and with Bary Caliebaut lor financing the conseryation of the following five protected areas.. Mont San9bé National Park. Mont Nlmba Slricl Reserve. Marahoue National Park. Mabi Yaya Nature Reserve. and Bossématié Nature Reserve. Receipt of funds following th8 first reporting of Ihe Emissions Reduction Projecl, and start of payment of subsidies to direct and indirect beneficiaries. Updating the FPRCI'S strategic plan Participalion of the Executlv8 Dlr8clor in the Ivorian-Gorman negotiations in 88rlin. For the 2025 fiscal year, partlcular ernphasis will be placed on ¢onllnulng to moblllze funding, monitoring ils use, and oversèein9 inveslment managemenl. The 2025 fi$cal year will see the gradual implementation of the FPRCI'$ envlronmental and social management system. M•mb•rs' liablllty The Members of the Charity guarantee lo contribute an amount not exceeding £10 to the 8$sels of the Charity in the event of winding up. Structure, governance and management Constitution The Charity was incorporated as a company limited by guarantee on 26 October 2009. The Charity is constituted under a Mernorandum of Associalion dated 26 October 2009 and was registsred th the Charty Commission on 7 September 2010. The regislered Charity number is 1137836. The trustees Intend to meet on a quartarly ba$1$ or more frequéntly should lh8 need arise. M•thod of appolntm•nt or •l•etlon of Irust••$ The mana9em•nl of the Charity 18 the rasponaibility of the tru#l••8 who are elecled and COP1ed under the terms of the Articles of Assoclation as follows.. The Minister in charge of the national parks and nalure reserves in Cote d'lvoire and the Minister in charge ol finance ol Cot8 d'lvoire appolnted one director each. The Charity appointed eight trustees representing civil society who each serve lor a term of three years. and may be reappointed to serve up lo Iwo additional terms of three years. The truslees of the Charity are selected from the individuals who are currently serving as trustees of the 'Fondation pour lès Parcs et Reserves de Cole d'lvoire. {"FPRCI"). a not for Profit organlsation established in Ihe C6te d'lvoire, pursuant to that country's law no 2002-102 relating io the management and financing of national parks and nature reserves. Page16
The Appointh)ont of Donofs seat The trustees, in their absolute discretion. may granl a Donorfs seat lo a Donor. The maximum number of Donor's seals shall not exc4ed 0. Unless otherwise agreed on appointment, the person or organisation appoinled lo the Donorf.s seat will serve a tem of two years. Policies adopted for the induction and Iraining of trustees The members of Ihe Boafd of Directors have extensive experienGe in their field of expertise as well as the management of'the Board of Oireclors. However, speelfic training is provided if necessary. Organlsational structur• and declslon maklng The trustees manage the business ol the Charity and exercise all the powers of the Charity unless they are subject lo any reslriclions imposed by the Companies Act. the Articles of Associatlon or any special resolutions. The rouline management of the affairs of Ihe Charity are undertaken by Ihe Execulive Manager of the Charity, Or. N'golo Fanny. Related party relatlonshlps The Irusteas of thè Charity are selected from the indlvlduals who are currenlly ser¥in9 as trustees of "Fondation pour les Parcs et ReseNes de Cote d'lvoire" a beneficlary of the Charlty. Key managemont personn•l The key management of the charitable company are considered to be the board ol trustees and the execulive managèr. No remuneratlon Is paid lo any of the key management personnel. Rlsk manag•m•nl The trustees have assessed the major risks lo which the Charily is exposed, in particular those related to the operations and finances of the Charlty, and are satisfied that systems and procedures are In placè to miligate exposure lo the major risks. Investment risk - The Charity has a diversified portfolio of investments in differènt curiencies. The management of the Charity's portfolio Is undertaken by Fiera Captsl. {Ihe investment manager). A financial adviser was recrulled lo oversee the perfom)ance of the asset manager, Fiera Capital and, in doing so. provldes ouidance lo the trustses In terms of investment declsions and rlsk. All investments adhere lo the Charity's investment pollcy. Foreign currency risk - The Charity purchases investmenls in various currencies exposing it to foreign currency risk. The inve51ment manager mitigates the foreign currency exposure by trading In forward foreign c.urrency ¢oniracl8. Page16
Statsmertt of trnsteos. responsibllitieg The twslees (who are also directors of Foundation for Ihe Parks 8nd Reserves of Cole d'lvoire lor the purposes ol company law} orè responsible for preparing the Truslees, Annual Report and Ihe financial statements in acrdanCe with applicable law and United Klngdom A(oUntIng Standards (United Kingdom Generally Accepted Accounting Praclice). Company law requires the Iruslees lo prepare fiDancial statements for each financlal year, which give a true and fair vléw of Ihe stale of affalrs of Ihe charitable company and of the incoming res'ources and application of resources, includln9 Ihe income and expendilure. of the charilable cornpany for that period. In prep8nng these financial statements, Ihe trustees are required lo.. sele¢l suitable accountlng policles and th•n apply them cons1sleny,. observe th8 methods and piinciples In Ihe Charilies SORP (FRS 1021; make judgements and estimates that are reasonable and prudenl.. Slate whether applicable UK Aecounling Standards have been followed, subject lo any material departures disclosed and explained in the financial stalements; prepare the financial Siatemenls on Ihe golng concern basis unless it Is Inappropriate10 presume that lh6 charitable company will continue In op6ratlon. The trustees are responsible for keeping adequate accounting records that disGlose wilh reasonable accuracy al any time the financial position of the charltable company and enab18 them lo ensure Ihat the rinancial statements comply wlth the Companiès Act 2006, Thèy are also responsible for safeguarding the 8ssel& of the charitable company and hence for laking reasonable steps for the prevention and deleclion of fraud and other Irregularitles. In so far 8$ the truslèe$ are aware.. Ihere Is no relevant audll Inforrnatlon of whlch the charllable company'8 auditor16 unawa. and the trustees have taken all steps that Ihey ought lo have taken io make themselves aware of any relevanl audlt Infomiation and io èstablish that Ihè auditor is aware ol Ihal informaiion. The trustees are responsible lor the mainlen8nce and inlegriiy of lh6 eorporale and financial Informatlon Included on the charitable company's websllè. Leglslation in Ihe United Kingdom goveming the preparatlon and dlss6mination ol financial statements may differ from legislalion in 9lher jurisdiclions. Auditors A rèsolution for the re-8ppoinlmenl ol A261s Audli sarvis 88 audllors to thè charftable company will bo aubmitt•d to the Annual General Meetlng. This report has been prepared in accordance with the Slalement of Recommended Praclice: 'Accounling and Reporting by Charities. and in accordance wilh the speclal provislons of Part 15 of the Companies Acl 2006 relating lo smaller entits'es. Exe¢uliv• Monager Chalm)an ofthe eoard N'Golo FANNY Bemard N'DOUMI Dale- 1;. 2025 Page16
Foundation for the Parks and Reserves of C6te d'lvoire (FPRCI-UK) (A Company limited by guarantoe) Independent audltors report for the year ended 31 December 2024 Oplnlon We hava audited the financSal stalemanls of Foundation for Ihe Parks and R¢soNts ol C6t• d'lvolrè {FPRCI-UK) Ilhe 'charitable company.) for ihe year ende(131 Lkcember 2024 which comwise the Sl8lemenl of Financial ktivsties ind Balance SheeL and notes lo the financial slatements, includlng a summary of $lgnifi¢ant accounting policies. The financSal reporting Iramework that ha5 been applied In their Pparall0n Is applicable law and Unlled Kingdom A¢counlin9 Stsndards, induding Financial Reporting Siandard 102 'The Flnancial Reportlng Stsnd8rO applic8ble in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice). In our oplnlon. the financial stslements.. givg a Irue and la5r vrew of th? slate ol tho charilgble company's 8ffalrs a8 al 31 oKernr 2024 And of its Incoming rewurces and application of fesources, for the year then ended,. hav¢ been properly pr•par8d in accordanG• wilh United Kingdom Generally A¢PIe A¢GounliNJ Practlce,. and hov8 been Prepr in accordan wlh tho requirèmenls of tho Companies AGI 2006. Ba8ls lor oplnlon We conduded our audll In accordance with Inlemalional Slandards on Auditing (UK) IISAS IUK}l and applible law. Our responsibifilres under those standards are further described in Ihg Audilorfs reopon¥ibililies for the audll of the finanGlal stattrnènls section ol our report. We are independent of the Charllablè company In accordance wilh the elhieal roqulrernents that are relgvanl lo our audll of the finandal slalemenls In the Urf. Including thè FRC'S Ethlcal Sl8ndard and we have lulNled our other elhkal re8ponsibilities In accordance with Ih•se requirernents. We believe that the audit evidence we have obtaSned is sufficient and appropriate to provide a basls for our opinion. Conclu$Son# r•l•llng to golfig cone•rn In auditin9 (h8 financlal stat8monl8. we hovo Concluded Ih•t lh• trusloos, ol th• golng (C•M bashs ol accounling in the prépar8tiDn of the flnancial slalements is appfoprfate. Based on the wwk we have pèrformed. we havè not Sdentified any malerial uncertainties relating to events or conditions that, indlvldually or collectively. may c881 signifl¢Anl doubl on the charitable companys ability lo ntinUe a$ 8 ooin9 rAJncem foi a period of ot least twelve months from when th8 financial slalemenls arg aulhorised lor issue. Our r8spon$ibilities and the responsibllilies of the trustees V•ilh re$pe¢l to going on¢em are d•$c¥ib•d in Ihe relevant sections of Ihis report. Olher Information The tru$lees are responsible for the other inlomialion. The other inloTnlatron comprises the informalion Iuded in Ihe amual reporL other Ihan the fin4n¢ial ststemenls and our auditors report thereon. Our opinion on the financial stalemenls does not cover the olher in(omation and, except lo the extent oth0Th418• explicilly stalad In our roport. we do not expre8J &ny fom of ossuran¢e ¢on¢luslon thereon. Sn ajnneclion with our audil olthe flnancial slalem¢nts, our r•sponsibility 18 to read the other information ond. in doing so, considef whelher Ihg other information is mateIlY inconslstenl with th8 financial stslements or our knowledge obtained in Ihe audil oi olhemise appears io be mateilally misswed. 11 we Idenlify such material Inconsislenues or apparent material mlsslalemenls. wè am rèquired lo delormine whelh•r Ihere is a materi81 misslalam•nl in Ihe financial slalements or a malerI81 misstslement of Ihe other infom)ation. If, based on Ihe work we have perfonned, we conclude Ihat there is a material misslalement ol this oiher inlomalion, we are reouired to report that facL Page17
Foundalion for the Parks and Reserves of Cote d'lvolre (FPRCI-UK) IA eompany limited by guaranteo Independent auditors report for the year ended 31 December 2024 - continued Other Infomiation (continued) We have Thithing Io feport in this reg8rd. Opinlons on other matters prèstribed by the Comp•ni¢s A¢t 2006 In our opinicm, based on the worf( undertaken in the course ol thè audlt.. ihe inlomation given in the truslees, report. which Indudes Ihe diroCtOTS' report preparad foi the purposgs ol cornpany w. lor th8 flnancial year for which the financial slalements are prepared Is n$[sten1 wilh th• financial slalements; and Ihè direclors, report Included wllh5n the trustees. r•port has be•n preparèd In accordanco wilh applica• l•gal requirements. Mjtters on whlch w¢ arg requlred to report by exception In the li9hl ol the knovAedge and understanding ol the charitablè ee)rnpany and its •nvlronrnenl obtained in the ¢tyJrse of the audil. we have nol identified material misststements in the direclor5' report included wllhin the InJstee$' report. We have nolhing lo report in respect of the followin9 maltets in relation to whi¢h the Comp8nles Act 2006 requkes us to lert lo you il, in ¢r opinlon.. adequat8 acrun11n9 reeords have nol bean kept. or retums adequate lor our audll have not bgen recelv8d fmm branches not vlglied by us,. or th• finAn¢ial Slaloments or8 not In agre•m•nt wilh the •c¢ounting rocord¥ and r¢turn8', or certain di5¢103ures ol Iru$lees' remuneration spedfied by law are not made; or we have not recefved all th8 Infomalion and explanatlon$ we require for our audll; or the trustees were not entilled lo prepare Iha ffinancial slalemenls in accordance wllh Ihe small companies. regime and take advantage ol Ihe small companies, exemptson$ in preparing th8 direclors. report and from Ihe requiffjment lo prepare a strale9lc report. Responslbllitl•s of trustees AS èxpialned more fully In tha InJgle8s' respon51bilrtie$ Siatemenl, the trusteès (who arè also the directors of the charilabfe company fof the purposes of company lawl are responsible for the preparatlon of the financlal stalernenls and for being satisfied Ih?I they give a true and fair view, and for such inlemal control 05 the Iruslees delermine is necessary to enable the pr•TatIon ol fin•n¢lal $tolemenls Ihal are Ire• fmm malefial ml$siat•monl. whelhar due lo frnud or orror. In preparin9 the financial stalemenl$, the Iruslees are responsible lor assessing tho ¢harllabl6 company's ability lo continue as a going concern, discloslng, as appllcable, malters related lo golng concem and using Ihe going rnC*M basis of accounting unless the Iruslees either intend to liquidate the charttsble cAynpany or lo cèaso operations. or have no realistic amernalive bul lo do so. Page18
Foundation for the Parks and Reserves of Cote d'lvolre (FPRCI-UK> (A Company limited by guarantee) Independont auditors report for the year ended 31 December 2024 - Gontinued Auditor's responslbllltles lor the audlt of lh¢ financlal statements Our objeciives are lo oblain reasonable assurance about whether the financlal sialements as a whole are free fnjm material misstslemenl, whethei due to fraud or error, and to issue an audilof's report that includes our opinKJn. Reasonable assurdn¢e is a high level of assuran. bul is nol,a guarantee Ihal an audil conducted in accordance ISAS {UKI wlll always (Jele¢t a material mlsslalemgnl when11 exisls. Misstolemenls ran arise from fraud or error and are consldered material rf. individually or In the 8ggregale, they coulj reasonably b• oxp•¢lgd lo Influence the economic decisions of users tsken on lh& basls ol thèsè finan¢ial statèmènts. lffegularitses, Including fraud, are inStsn$ of non-C4Jmpliance with laws and regulalions. We design proceifjures in line with our responslbllllbes. oulllned atove, lo del8cI malerl31 MISSleMen In rgspecl of irregulanllgs, Indudlng fraud. The Speciflc procodures lor thls engagemenl and Ihe oxtenl lo which these are capable ol delectlng irregulaiitlos, includlng fraud Is delalled below.. Revlowing the report• of any regulatory Snspections carrted oul in lh8 year.. Enquiry ol management and tho$• charged wilh govemonce around actual ond polenllal Illbgation and dalm5 as well as actual. suspected and alleged fraLKI', Reviewlng minutes ol meetings of Ihose i)arged with govemanGe', Assessing the exlenl of Compliance w(¢h the laws and regulab.ons considered lo have a diTe¢l rnaterial effecl on Ihe llnancial 5talemenls oi the operallons of Ihe company through onqulry and inspecllon.. Revlewlng financlal 51alemenl dlsclosures and lesllng lo supportlng documenl8lion to a$50S5 compliancg rflh applicable laws and regulations,. Performin9 audit work over the rlsk ol management blas and override of controls, Induding lestsng of loumal enlrios and olher adjuslments for 8ppropri8lene$s, evalugting the busSness r8lionale of $lgntfic8nl Iransaetions oulsldo Ihe nom)al course of businoss and revlewlno accounfjng 0sllmalg5 lor wioicalors ol poienllal blas. Because of the Inh8rent Ilmltallons ol an audli, there Is 8 rfsk that w• wlll nol deleci all SrregulariliOS. including Ihose leading lo a mal6rial missialem6nl in thé financial stalemènlg or non4ompliance with regulallon. This risk Increase8 the mor¢ that ¢ompll#n¢e wlth a law Of regulallon Is removed from the events and Iransaclions reflected in the financial statements. as wv) wll be les$ likely lo become aware of instances of non40mpllance. The risk Is also greater regarflng irregularflies occurring dye lo fraud rather thon error, as fraud involves Intentional concealmenl. lorgery, collusion, offlission or misr•pr•$enl#lion. A luther description of our responslbilltles is available on Ihe Flnanclal Reportlng Coun¢l's website al: .frc.or Our-w on I dllor This description forms part of our audil0rf5 report. Pag619
Foundation for the Parks and Rosorvés of C6t• d'lvoiré {FPRC141K) IA company Ilrnit•d by guaranto•) Independent audltors report for the year ended 31 December 2024 . continued Use of Our r•port This report is made solely lo the Charltablè compan$ mémbers. as a body, in'accordonce wilh Chaptsr 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we Mh1 stale to the .chalitsb cL)mpany's members those matters we are required lo state lo them in an audilorfs fepori and for no other purpose. To the fullest extent miitted by law. we do not accept or assume responsibility to anyone other th4n the Charitable t£Jmpany and the charilable companls members as a body. for ¢yJr auth"1 work. for this reporL Or for thè opinions we havè fomiod. John Howard (Senior Statutory Auditor) Far and On behall of Azets Audit Servicè$ SlUtOry Auditor d Floor Regis Hougè 45 King William Sl London EC4R 9AN D•t•: i& lair Page | 10
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI.UK) IA company Ilmited by guarantee Statements of financial activities {including income and expendltur.e) For tho year ended 31 December 2024 Endowment Fund 2024 R•strlct•d Funds 2024 Total Fund• 2024 Total Fund• 2023 Note Income Incorning resources from generated fvnd5.' Voluntsry Income Investment income 1,520.095 81,499 4,037.331 1.601,594 4.037,331 70,330,567 718,348 Total Incorn• 1,520,095 4,118,830 5,638,925 71,048,915 Exp•ndltur• Raising funds Grants In lurthar*nce of Ih• charltable objeclbve$ Other costs 237,467 237.467 4,140.799 578,636 112.010 5,153.011 366.990 4,140,799 576,636 Total exp•nditura 4.140.799 814,103 4.954,902 5.632,011 Net gainl Ilossl on dlsposal$ of inv•¥lrrtenl •98•ls 10 {1.725,226} (1,725,226) 261,749 N•t Incoma Ilexp•nthtur•l {4,345,9301 3,304,727 -1,041.203 65.678.853 Other recognlsed galnsl(108s•sl: Gainsl Ilosse81 on foieign trjrrency inveslmen15 10 5,435,636 5.435.636 1.022,768 N•t mov•m•nt In lund# lor lh• y•ar 1.089,706 3,304.727 4.394,433 66.701.421 Total fund8 81 l January 2024 88,305,677 8.376,648 96.682.325 29,980.904 Tol•l funds at 31 Decernr 2024 13 89,395.383 11,681,375 101.076,758 96,682.325 Th• luncllonal and près•nlO1ional currency ol thè Charity 15 the Euro. All resources, both Incoming and gxpon(1gd are derlved from ¢¢)nlinuing aciwiIOes. The Charity has no recognised gains or losses other than Ihose Stslèd above and therefore no separate statement of changes in equity has been presented. Th8 nol¢$ on pBge$ 13 10 24 fom) part of these financlal stalemenls. Page111
Foundation for the Parks and Reserves ol Cote d'lvoire {FPRCI-UK) {A company limited by guarantee) Balance sheet (Company number: 07057365) 2024 2023 Note Fix•d assets Investmènts 10 100,915,047 57,234,573 Current asg¢ts Cash In tran51t Deblors Investments 31,954.896 49.426 7.567,S22 31,852 275,598 10 307,450 39,571,844 Crèdllor*'. amounts falling due wlthin one year 12 {145,739) (124.092> Net eurrénl assots 161,711 39,447,752 Net assets 101.076.758 96,682.325 harlty fund• Endowment fund Reslricled lund 13 13 89.395,383 11.681,375 88.305.677 8.376,848 101,076,758 96,682,325 The financial $tslemenls hwe been preparèd in aCcOnCe with speclal provisions of Part 15 of the Companies Act 2006 relaling lo small companles. Approved by the Board of trustees on and sion•d on Iholr behalf ty.. Bevna N'oouml N'Golo Fanny The Th)tes on pages 13 10 24 form part of these Ilnancial stalemenis. Page112
Foundation for the Parks and ReseNes of Cote d'lvoire (FPRCI-UK) (A company Ilmlled by guarantee) CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 Net cash flow from op•ratlng actlvltles 16 P.579.0051 64.663,699 Cash flows from investing activil¢es Invoaimènl incomo Proceeds from sale of lnvp3lrnts Purchase ol investrnents 3.258.955 207.304.418 (247,231.1881 691,091 14.641,390 141.594,039) N•t cash used In 5nv05tlng actlvittOS (36,667.815) 126.261,5511 Change In ¢ash and cash eqUNalents in Ihe year 139,246,820> 38.402,141 Cash and cash èqulvalenls al Ihe beglnning of the y•ar 39,522,418 1,120,277 Cash and Cash •gulvalents 4t the end of tho year 275,598 39,522.416 Cash and cash •qulYalents eonl8t of: C•h h•ld with. Inve$lmont m•n•g•r• C•sh held wllh ¢u•todlans 10 10 275,598.39 7.567.S22 31,954,896 The notes on pages 1310 24 fom pgrt ollhgse flnoncièl slalemenls. Pagel 13
Foundation for the Parks and Reservos of Cote d'lvoire (FPRCI-UK) IA company IlmSted by guaranto01 Notes to the finan¢lal stalém•nts fèr the yèar ond•d 31 Oecembar 2024 Accountlng pollcles General Informatlon Foundation for the Parks and Reserves ol Cole d'lvoife is a company limll.ed by guarantee in Ihe Uniled Kingdom. In the evenl of the Charlty being wound up. the liability in respect of the guarantee is limited to 10 GBP per member of the charity. The ad{1$S of the regislefèd orfiee is given in the charity information on page 1 of these financial slaiemenls. Th& nature of the tharity's operalions and principal activilies e sei out on Pa 2. bl Basls of pr•paralion of financial statements The chafily conslilules a public benefjl entity as defined by FRS 102. The flnanclal statemènts have been prepared in acwrdanco wilh Accountin9 and RewrtSng by Ch8rilies.' Sialemenl of Recommended Praclice applicabl• lo tharits'es preparing their accounls in accordance with the Financi81 Reporting Standard ?ppli¢able In the UK and Republlc ol Ireland IFRS 1021 issued on 16 July 2014, the Financial Reporting Standard 8pplicable Ihe United Klngdom and Republlc ol Ireland IFRS 1021, the ChAriti88 kt. the Companles Act 2006 and UK Genèrally Aecopted Praclice as il appli95 Irom l January 2017. The financial sll•m•nl$ •r• proP4r•d on 8 gohg wi¢ern ba$ls undoi tho hlsl¢rtcal ¢osl ¢onvon1. modified lo include certaln Il•ms al 18ir v•lue. Tho finAnelal slalernenl8 Ar• prèpargd Sn guffjs If) which is th8 fvnGtional ¢Ufron¢y ol Ihe charity. The signiflG8nl acCounng polScles applled In the preparalion of thèso financlal stalements are $01 oul below. These polScie$ have been consislenlly applie(I lo all years presenle(l unless olh8rwise staled. Fund a¢¢•urtlng G'on•ral funds are restricted funds which are available for use al Ihe dlscrelion of the Iruslees Sn furtheranr of the general oblecllves of the Chanty ano whlch have not been designated for other purposes. Endowment funds and ro5tricl8d lundg are fvnds %thich are to be used in accordance th $pecffj restr1cllons imposed ty donors which have been raised by thé Charily for parllcular purpo$83. The o)st of raising and adminislering such funds are ch•Tged ogain$l th¢ sp¢¢ifiG lund. Investmgnl income, galns and losses 8re aMOle lo the •psYopriale lund. d) Golng Con¢•rn The flnanclal slal8m¢nl$ have boon prèpAr*d on a going conc•rn bag15 is thè trustees bellev• thèi no mal•rtal un¢ertalnll•y •xl$l. Th• Iru8le•s have consldered tho lèvel of funds h6ld and lh8 expected l&vel ol Incomo ind gxpendllurè for 12 monlhs from authoftsln9 these financial s181emenls. The budgèl•d In¢ome nd expendrture Is sufficlenl wlih level of reserves lor th• chadty lo b8 able to contlAu4 as ¥ ooino conc•m. The cuffenl economlc dlmale has begn en inlo consideration when perfomilng th8 going conrn 8$se$smenl. Judgements and key sources of ¥sUmatlon uncertainty AceounUn9 e$timoles ¥nd judgements are continually evaluated and ar8 based on hislorical experien and ¢th¢r faclors. including expectatlons ol futu events that a believed lo be reasonablè undgr thg ircumstances. No such accounllng eslimales and judgements were required in the prep8r8lion of those fina181 slatements. Page114
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI4IK) (A ¢ompany limitgd by guarantee) Notes to the financial stalement5 for Ihe year ended 31 Dgcembef 2024 Accounting pollcl•s - continuod Income Income is recogriised when the charity has onttdemenl lo the funds. any perfomianee eonditions attached lo the ilernlsl of income havo bfi met, it 18 probabl¥ that the income will be received and th• amounl can be measLired liablY. Voluntary income including c4re gr8nLs. spofbsorship, donations and 95ft8 1$ Includ¢d in full in Ihe Stalgm•nt of Flnancial ActlvSt1È5 when receivable. Grants, where enlitlernenl is not conditlonal on lh& tlellvery ol a .SpecIf perfom)ance by the tharity, are iecognised when itls probable that the income VAII be received by the charity. Donatèd seryices or fa¢ilitie8, which compri88 donated services. are including in the income al Ihe valuation whlch Is 8n esllm¥le of the fin8n¢lal cost bom• by Ihe donor such a $1 r4 qLt8niifioble and measurnble. No Income is rewnised whère there Is no financial enst bome by Ihe Ihlfd party. Exp¢ndl¢uro AJI expend51ure is accounted for on an accruals basis and has b•en in¢ludeeJ under expense calegorl¢s thai aggregate all costs for allocation lo actlvities. Where cost cannot be 01ClY allribuled lo particular aclivities thèy h#vo b••n allocatèd on a basls consislenl with the use ol Ihe resovrces. Support costs are Iho8& that ass181 tho work of th• ¢hartly bul do not d11¢¢Y feprosent charflable a¢llvlbe$ and include office Costs. governancg costs •nd administrative payroll costs. They 8re ineurr8d dir8¢lly in support of expendilure on the obpcls of the eharily and Include project management carrled out al Hèadquarters. Whera suppori costs cannot direcuy allribuleé lo particular headings they have btren allocaled lo eosl of rnislng I0¥ and expgnolture on charitabl8 aclivittes on a ba*'s consislenl th use of lh• resou•s. The anBlyS ol th•M coJl8 1$ Included In 6. Grant$ repayable are charge(l in the year when the offer15 made except In thos8 cases where Ihe offer is conditional. su¢h granls b•in9 rewgniseo 8$ exnditUre when the conditions atl8ching arg fu5fi11ed. .Grants off•red subhecl lo conditions whlch have nol l)een mel 01 the ye8r end are noied as a c(•rnmllmgnl, bul nol 8¢¢Ned as expendilurg. h) For•lgn cuir•fi¢l•¥ The fin•n¢l•l slalem•nl$ arp prepar•d In our¢s, th• funclional Currvy ol Ihe company. Monelary assets and liabililies denoininatsd In thi9n ¢urrencie5 are translated into eufP$ al rntes of exchangé ruling at Ihe balance sheet dale. Tr•nsacllon$ in for•l9n ¢urr•n¢i•s ar¢ translated Into •uroJ 41 Ihe r•le rullng M lh• d91• of th• Iransacllon. Exchange gains and lo¥J¢s a re(xwJnlsed in the Statement Df flnand81 ¥dlvllle8. Page | 15
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) (A company Ilmited by guarantee) Notes to the financial statements for the year ended 31 December 2024 A¢¢ounllng poll¢les - continued Taxation The charitable company is considered lo pass the lesis sel out in Paragraph 1 Schedule 8 Finance Act 2010 land Ihorefore il meels the definition of a charitable company for UK corporation lax purposes. Accordingly, Ihe charity Is polenlially exempt from lax8tion in ospect ol income or capital gains received within catègories coverod by Chapl6r 3 Part 11 Corporalion Tyx Act 2010 or Section 256 01 the Taxalion ol Chargeable Galn5 Act 1992. lo the extent th81 such income or gains are appliad exclu$ivoly lo charilable purpos•s. Inv•¥tm•nts InveBlm&nts are iecognlsod Initially at fair value whlch is norm8lly the transaction prfce excludlng'lr8nsacbon C051s. Subseouently, they are Measured at fèlr valua wllh changgs rewnis8d In 'n&l galns I Ilossesl on Inveslmenls. In the SOFA if the sharas arg publicly traded or their fair valu8 can olhernise be mpasuieLI reliably. Current assel investments afe short term highly liquid investments and are trld •t 14lr value. These Includ• Cash on dep0511 and cash equivalents with a malurily of less than one year. k) Debtors Prepaymenls are valued al the amounl prepald. Accrued Income Is measufed al the amount due to be rèc•ivétl. Cash at bank and in hand C8$h 81 bank and ca6h in hand Kdude$ cash 8nd short term hlghly liquid Inv•stm•nl8 wlth a short molurily of Ihfee months or1gs5 from Ihe dale of acqulslllon or opènlng ol the deposm or yimllar 8CC¢)unl. Crndllor• •nd provl•lo Cr8dllors and provl$lon ar& re¢ognl$•d where the ¢haflly ho9 a present obligation rtsulllng Irom 8 past event Ihal will Probably result In the transltsr of fvluro hJnd$ lo a third pgrty •nd the amount due lo settle the obligallon can be measvred or eslimaled reliably. Creditors 8nd provi$K*ns 8f• nomally r•cognlzed al Ihe5r settlomenl amount aft•r allowng for any trado di9coun19 due. Voluntary in¢om• endowmènt Fund 2024 R•striet•d Funds 2024 Total Funds 2024 Totsl Funds 2023 Dortatlon8 Grants 81.499 81,499 1.520.095 37,383 70.293,184 1.520.095 Volunt8ry Income 1,520.095 81,499 1,601.594 70,330,567 In 2023 U7,383 of voluntary In¢orn w8• attributable lo the roslricled fund. Pagel 16
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) {A Company Ilmitqd by guarantee) Notes to the financlal 8tat•ments for lh• yéar ond•d 31 De¢•mb•r 2024 Inv•$lmont Income Endowment Fund 2024 R•strict•d Fund$ 2024 Total Funds 2024 Total Funds 2023 Dividends 8nd Intsresl lol9n li81ed inveslmenls 4.037.331 4,037,331 718,348 In 2023 811 of th• Invgslmenl Ineomg was aWibutable to Ihe reslrKl•d fund. Ral$ing Funds Endowrnent Fund 2024 R•$lricl•d Funds 2024 Totsl Funds 2024 Total Funds 20Z3 Inv•slm•nl managem•nl fees 237.467 237,467 112,010 In 2023, all ol the •xpondfjtur8 In r•l4li&) lo rablng funds wa$ #ttributabl• lo Ihe rylrl¢t8d fund. Grants Approv•d Endowment Fund 2024 R•slrlcted Funds 2024 TDt*l Funds 2024 Total Funds 2023 Found¥tlon lor the Parks and Res¢ws ol Col8 d'lvoire {FPRCII 4.140,799 4,410,799 5.153.011 In 2023. all ol the 9ranls approved were attribut8ble lo the endowmtnl fund. Other costs Endowm•nt Fund 2024 Rè$trietèd Funds 2024 Tolal Fund$ 2024 Total Funds 2023 Accountancy cost8 Audlt remuneratlon TnJ8le8s lees Interest fee$ Cusiody fees Olhei general expenses 28,468 27.Q24 13.272 14,2631 86.734 428.400 26,468 27,024 13,272 14.263) 86,734 428.400 21,758 15,625 16.649} 40.723 295.533 576.636 576.636 3fj6.990 In 2023, 66.990 of Ihe other coslg wère attrlbutablé lo the restricted fund. Pa9e | 17
Foundation for the Parks and Reserves of Ccite d'lvoire (FPRCI-UK) (A company. limbtgd by 9uaranlo9) Notes to the financial statements for the year ended 31 December 2024 Analys1$ of r•$our¢¢$ expended by •xp¢nditur• typo Total Funds 2024 Totsl Funds .2023 Grants approved Inveslmeril management cix8ts Olher.tosls 4,140.799 237,467 576,636 5,153,011 112,010 366,990 Totsl expendiluie 4,954,902 5.632,011 Trustèes, and k•y managemprit During 2023.. no trustees were pald or received any other beri8fits from 8mploymenl with the charitable 'company.12023 énll}. Th8 Iiu51ee5 dld not havè any expense8 reimbursed during th& year12Q23.' énlll The key mana9emenl of the Gharitable company comprlses the Iruslees end the Executive Manager, as noted 'on paga 1. No key management tec8lved any romynerélien during the year {2023.' Nil) Nel lTh¢ome fgr th'i year 2024 2023 Nel incomg rs staled after charging.. Audil fee Other fees fo 4udiloi3 27,024 15,625 Page | 18
Foundation for the Parks and Reserves of Cote d'lvoire (FPRC141K) IA company Ilmlted by 9uarantee) Notes to the financial ststemenls for Ihe year ended 31 December 2024 10. Inv¢stmènts Total M•rk•t v*lu• Al 1 January 2024 Fixed assets Investments Current a$t$ inve$lmenls 57.234,573 7 567 522 Addttlons Disrx)sal$ Gainsloossesl on investments Qa$h balance as ai 31 December 2024 Funds gained I (used) Foreign exchange movemenl 247,231,188 (206,364.5351 3.710.410 275.598 1723,244) {7,740,867) Al 31 Dec8mber 2024 101.190,84S Split as follows.. Fix8d assets vestMeIS Current assels Investmenls 101.190.645 275,598 101,190.645 Historical cost 93,806.850 'The funds gainod balanc8 01 É8,415,7SI 12023.. lunds used of é2,589,8591 is a balance of income ganoral8d from the FQrtlolio, less expense being oul ol the Poftrolio. logelher with cash bola4rK variances vthich havenl been T1¥$tea yet Th8 lor•lgn exchange mo¥•m•nt h&8 from the v•rious ¢urffjncl•$ hold wlthin lh¢ porrfolio. The lollowlThJ inveslmen18 h85 8 mgrkel value in èxc¢s8 015% 01 lh8 lolAI markel vo• ol Inv8stm?nl8.' Mark Value at 31 Drtemr 2024 Proportlon of total % FIERA GLOBAL Eouify FUND-CLASS C FIEFIA GL MLTI-SEC INC- CLASS A 32.791.794 35.469.891 32.4% 35.10/ty 60.261,685 67.5'h Pa9e119
Foundation for the Parks and Reserves of .Cote d'lvoire (FPRCI-UK) (A company Ilmlted by guarantee} Notes to the financial statements for the year ended 31 December 2024 D¢btors 2024 2023 Debtors Prepaymenls and.accrued iiicome 31.852 4.9,426 12. Creditors: Amounts falling due within one year 2024 2023. 14S.739 124,092 Pagfr | 20
Foundation for thé Parks and Reserves of Cote d'lvoire (FPRCI-UK) (A company limited by guarantee) 13, stst•m•nl ol fynds Brought Forward Incomlng Resources Resourc•s Expend•d Galn llossesl Transfers Carrlod Fonvard Endowfflent funds r•1 Nalionol Parf¢ 8vb. acc(1 23.566,534 11.368.557) 1.102,333 23,JOO.310 Comoé NaIlon Pwk subv•ccounl 22,415,424 11,079.5281 874.577 22.210.473 ny San9bé NJtlonal p¥$ iub- o¢¢ounl Tai.Sapo sU8cCo{lI BarKo sub-a¢¢ount Natswg11o de sub- 1599,5941 432.71$ 8,093.82S ,260,704 Corrklor 2,818.60S 244.551 (335,7WJ) 144,6691 2.438,146 18,491 263.042 Bouèm 4ccounl Ré$eTrg Naiurnllo d• Cavalty su&¥¢eounl Tr•ns¥•rn•l sub- •cc4unl GuKhel lu cc(Juni GuKhet Su account 1196.0911 214,699 5,516.561 S,499,953 4,999.953 1gS.4471 192,807 5,097.314 5,499.953 1104.9911 210,839 5,805,800 15,000,0 13S8.800) 736,703 15,3TI,902 1,520,095 128,0851 1,492,010 88.305.677 1.520,095 14.140.799) 3.710,410 89.395,363 R8strict•d lund8 T¥1 N¥tn¥1 Park su ac¢ouTht S,$81.282 1,164,015 1232,544) 6,S12,753 Cornoé N•ltoTh•l Park 1.417,590 968.229 1166,gS71 2,216.662 A2b9ny S•ngbé N4lional P¥th8 •U a¢¢ounl Taksapo 973.286 274,039 168,2011 1,1ai,108 Corridgr 9,434 175,041 135,9041 12.626) 508,S71 8•nc4 sutr8c¢ount Oihtw resithaea runLIs RèseNè Naiurdle de sub- 15761 1.888 4.666 (7821 248.343 140,1S31 207.408 acMunl Rol•¢ NaluM¢ d• Cavally sub.aceounl Trangvernal sv oc¢c4ml GuiGhel Makove sub- acc1 Gui¢h¢t Cathne su aeumjnt Olher Findirq5 (7151 228,694 136,7251 141.2081 191,254 (7821 252,431 210,441 {2,0251 692,432 1108,4971 581,910 28,238 P2881 181.OCKJI 25,950 39.954 81,500 40,454 8,376,648 4,118.830 1814.1031 11,681.375 T•t•l ol fund• gq6B2,325 S,638.925 14.954.901) 3.710.410 101,076,758 Page121
Foundation for the Parks and Reserves of Cbte d'lvolre (FPRC14JK) IA eompany lirnlled by guarant••l Notes to the Ilnancial Statements lor the year endèd 31 December 2024 13. Statem•nt of funds - ntInUed Stat•mMt of funds- Prior y••r Bmu9ht Fornard Incgming R•$ourc•i R•8our¢e• Exp•nd•d Ginsl Iloss•sl Tran8tsr• Carrled Forward endowmenl fund• Tai Natsonal Park sUaLWUnt 3.331.830 21.040,$00 IJ,207.6601 401,864 23,S66,S34 Comoè National Park SU8¢¢0nI 6,153.657 16,886,033 1953.7941 329,528 22,415,424 A249ny Sangbo Nalional Parks sub- 8c¢oufl Tai-sapo
ub-accounl
eanco suount Reserve Naturelle de 80s59m8lie Reserve Natu11? de Cavol Trinsvetsal 8,181,622 294.023 {604,1171 389.176 8.260.704 Corridor 3.978.598 1,072.741 28 5,499,953 {2,387.4401 154,706 2.818.60S 235.280 9.243 244,551 5,499,953 4,999,953 4,999,953 5,499,953 15,000,OLM) 5.499.953 15,000,000 Guich81 Mgktre 21,880.987 70,293,184 5,153,011) 1,284.517 88,305.677 Restrlcted funds T•1 Nalioml Park iub-aCC4)unl Comoè N8tlonal Park sumccounl Azagny Sangbé Nalional Partrs sub- ac(>)unl Tai-sapo su8CCoUnt Banco Su•¢¢¢unt R¢serv• NatLtrtlle .de BO$Mati Reserve Naiurelle de Cavally Transvers•1 Guichel Makore .Olh8r restrid•d fvnds 5,468,903 219,272 1106,893) 5,581.282 1,317.209 211,24S (110.8641 1.417.590 897,963 184,690 (109.3851 973.268 Coftidor 378,068 12.1801 98,541 4,600 1107,1751 {2.9981 17821 369,434 1576) 1782} {7151 (7821 12,0251 1715} {782) (2.025) 39.954 37.383 137,383) 39.gS4 8.099,917 755,731 1479,IXIO} 8,378,648 Total ol fundi 29,980.904 71,048,915 15.632.011) 1.284.517 98.682,325 Purposes ol endowmenl funds Tai National Park sub-accounl.. This was a grant for the exclusive purpose of financlng Ihe recurrlng costs of m•nagin9 Ihe Tai Nai¢on81 Park, a protected 8rea in Ihe Republi¢ ol Col• d'lvolre that was declared as a Page | 22
Foundation for the Parks and Reserves of Cote d'lvoire (FPRcIK) (A company Ilmited by guarantee) National Park in 1972 and declared as a UNESCO Worfd Heiitagfj Sile in 1982. The fund will be invesleij in pprpelulty. and Ils Inleresl, Income, dlvldends and galns wlll be transferred lo the Fondgllon POLtr lès Par¢s 01 ReseNes de Colè d'lvolre. a not for profil organvLaiion estoblished in the Cot• d'lvoire purguanl kj that counlry's law no 2002-102 lating to the managemènt and fiftanung ol nab'onal parks and nature reserves. or will be feinvesled lo increase the eapitsl of the fund. Co"moé Netional Park svb-account.. This was a.granl for the exduslve purpose ol financlng the rerrIng costs of managin9 the Com(* Nalional Part, 8 protecled area in the RUbliC of Cote d'lvoiie. Ih81 was declared as a National Park In 19642 and declared as a UNESCO Wortd Harilage Sile. The fund will be invested in pefpeluily, and its interest. ineoma, drvidends and gains will be Iransferrecj lo Ihe Fondalion pour les Parcs et ReseNes de Cote d'lvoire. a not lor profit organrLalion èslablishe(l in the Cole d'lvoire pursuant lo that CAiunlry'$ law no 2002-102 resallng lo the management and finanong of national p8rks and nalure reserves, or wlll ba relnvested lo Increa50 lh• ¢apstsl ol the lund. Page | 22
Foundation for the Parks and Reserves of Cote d'lvoire (FPRCI-UK) IA company limited by guaranteè) Notes to the financial statements for the year ended 31 December 2024 1& Statement of funds - contlnued A2agny S8ngbé National Parks 8ub•ac¢ount: This was a grant for Ihe exchjsive purpose of financing the recurring costs of managlng the Azagny and Mont Sangbe Nallonal Path. hvo protècted area in the Rèpublic of Cote d'lvoire Th8 lund will be investèd in perpetuity, and ils inlerest, income. dividends and gains will be Ir8nsf8rred lo the Forboalion pour les Parcs 81 ReseNes de Cote d'lvoirè, a not for profll or9anlzallon established In the Cote d'lvoife pursuant to that country's law no 2002-102 felallno to the managemenl and finaneing of national paths arKI nature res8Ne$, or will be r•inve91ed to increase the cap+tal of Ihtr lund. Tal- Sapo Corrl¢Jor sub-¢9yn1= The grants will be used lo Implement the projecl to establish an ecolo91¢01 ¢orfdor belween the natnal parks of Tai and Sapo. 8anco sub.occounl". The gr8nl will be used lo piolect and manage the Banco national park in è sustainable way with Ihè participatlon of the actors eoncamod In order lo engure It8 •nvlrorwnentsi, r•crnatron#l •nd •dueatlonal roh. Réserve Nalurelle d8 Bossémab"é sub-8ecounl.. During the last Ivorian-German negollauons, the Fed8r•l Republlc.of Ggmiany agrsed lo provlde support for th$ consgNallon ol the n?b'onal parks of C810 d'lvoire. Thus, the additional funding mobilized Irom Gemian cooperallon was used lo= sel up an endowmenl fvnd for the Bossémalié Nalu Reserye an initial capital ol flve million five hundred Ihovsand Euros, in ordor lo cover recurfng w¥lS. Réserve Nalurelle de Cav8lly sub-ac¢ount'. A wlndow w8$ also set up for thè m8nag$m•nt of th& Cavally Nalure Reserve wlih an Snlllal ¢8pithI of fwe million euroi. Transversal suce0unt'. lo ¢over Certain Inv•slmonl oxp&nses ol national parks and resèrv68. a transversal •ndowm6nt fund was sel up wilh an inillal capilal of Ilve mSlllon five hundred thousand euros, Gulchel Makore 6ub-accotsnt.' As part ol cooperatlon wllh the Fr¢nch RepLsbllc. Cole d'lvoire h88 benefiled from bjnding lor the con6ervation ol its nallonal parks ond r8servo$. Thus. Ihe r•¢ufrlng Costs ol ih? MOKORE prolecl, whlch brings together flve parks an¢J re88ryeJ, 11 be covered by Ihe MAKORE ¢ndowmenl fund. Purpofj•s f*f r•¥trt¢l•d t¥nd Unril th8 ènd of the payment schedule lor debl swaps agreements for both the Tai Nallonal Park 8nd for Iho Comoé Nallonal Park. fun(Mn9 for variou8 recurrent costs wlll be from lh• discretlonary 8¢counl. 14. Analysls of Det assets b•twe•n funds Ehdowment Fuhd 2024 Restrleted Funds 2024 Unr•stricled Fund$ 2024 Tèt•l Funds 2024 2024 Fixod a88è1 inv•stm•nts Current assals credito due wllhln on• yèar 89.119,785 275,598 11,79S.262 31.852 {145,7391 100.91S,047 307.450 1145,7391 89.395,383 11.181.375 101.076.758 Analysls of n•t M••t• b•twMn lund•- Prlor y••i 2023 Endowrnent Fund 2023 R•strid•d Funds 2023 Unrestrlcted Fund$ 2023 Tolal Funds 2023 Fixed ¥s$el inv¢$lmenls Currènl assets Credilor5 due withln one year 48.783,259 39.522.418 8,451.314 49.426 1124.092) 57,234,573 39,571,844 1124.092) 88.305.677 8.376.648 96,682.325 Page | 23
Foundation for the Parks.and Reserves of ¢ote d'lvoire (FPRC14JK) .(A company limited by guarantee) Notes to the finan¢lal statèments for the year ended 31 December 2024 15. Relatgd p4rty transa¢tlon8 During the yegr, gwls 'of É4.140.798.58 12023: É5,,153.011) Te pa-Kl lo F.cwndalion ftir..th8 Parks RèseNes of Cole d'lvoire IFP.RCII,. a charily wilh common tru$tee8. 1& Rèeon¢lllation ¢f net movement In lunds to net eash flow from optrntln9 •¢tiviti•$ 2024 2023 Nél incothe (Gains) on inveslmen Investmenl incomo {Inease) Idecre85e in debtots Decr¢asè I lincreasel in credllorg 4.394,433 66,701.421 13,710,410) {1,284,518) 13,258,95S1 1691.0911 17.574 112,6401 121.6471 {49,473) Nel cash ftows Irom opeollng acuvlties 12,579,005> 64,663,699 Page124