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 th￿8 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 D1￿Clor 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 CO￿P1ed 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 ac￿rdanCe 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 cons1slen￿y,.
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 sarvi￿s 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 $lgnifi¢ant accounting policies. The
financSal reporting Iramework that ha5 been applied In their P￿parall0n Is applicable law and Unlled Kingdom A¢counlin9
Stsndards, induding Financial Reporting Siandard 102 'The Flnancial Reportlng Stsnd8rO applic8ble in the UK and
Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice).
In our oplnlon. the financial stslements..
givg a Irue and la5r vrew of th? slate ol tho charilgble company's 8ffalrs a8 al 31 oKern￿r 2024 And of its
Incoming rewurces and application of fesources, for the year then ended,.
hav¢ been properly pr•par8d in accordanG• wilh United Kingdom Generally A¢￿PIe￿ A¢GounliNJ Practlce,. and
hov8 been Prep￿r￿ in accordan￿ wlh tho requirèmenls of tho Companies AGI 2006.
Ba8ls lor oplnlon
We conduded our audll In accordance with Inlemalional Slandards on Auditing (UK) IISAS IUK}l and appli￿ble law. Our
responsibifilres under those standards are further described in Ihg Audilorfs reopon¥ibililies for the audll of the finanGlal
stattrnènls section ol our report. We are independent of the Charllablè company In accordance wilh the elhieal
roqulrernents that are relgvanl lo our audll of the finandal slalemenls In the Urf. Including thè FRC'S Ethlcal Sl8ndard
and we have lulNled our other elhkal re8ponsibilities In accordance with Ih•se requirernents. We believe that the audit
evidence we have obtaSned is sufficient and appropriate to provide a basls for our opinion.
Conclu$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 I￿uded 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 mate￿IlY 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
le￿rt lo you il, in ¢￿r opinlon..
adequat8 acr￿un11n9 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 r￿nC*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 MISS￿leMen￿ 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 M￿h1 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$
S￿lUtOry 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 Decern￿r 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 aCcO￿nCe 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 lnvp3lr￿nts
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 eon*l8t 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￿$S of the regislefèd orfiee is given in the charity information on
page 1 of these financial slaiemenls. Th& nature of the tharity's operalions and principal activilies *e sei
out on Pa￿ 2.
bl
Basls of pr•paralion of financial statements
The chafily conslilules a public benefjl entity as defined by FRS 102. The flnanclal statemènts have been
prepared in acwrdanco wilh Accountin9 and RewrtSng by Ch8rilies.' Sialemenl of Recommended Praclice
applicabl• lo tharits'es preparing their accounls in accordance with the Financi81 Reporting Standard
?ppli¢able In the UK and Republlc ol Ireland IFRS 1021 issued on 16 July 2014, the Financial Reporting
Standard 8pplicable Ihe United Klngdom and Republlc ol Ireland IFRS 1021, the ChAriti88 kt. the
Companles Act 2006 and UK Genèrally Aecopted Praclice as il appli95 Irom l January 2017.
The financial sl*l•m•nl$ •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 acCoun￿ng 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 aMO￿le￿ 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$l. Th• Iru8le•s have consldered tho lèvel of funds h6ld and lh8 expected l&vel ol
Incomo ind gxpendllurè for 12 monlhs from authoftsln9 these financial s181emenls. The budgèl•d In¢ome
nd expendrture Is sufficlenl wlih level of reserves lor th• chadty lo b8 able to contlAu4 as ¥ ooino
conc•m.
The cuffenl economlc dlmale has begn ￿en inlo consideration when perfomilng th8 going con￿rn
8$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
fina￿181 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 b￿fi 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 ￿$1 r4 qLt8niifioble and
measurnble. No Income is rewnised whère there Is no financial enst bome by Ihe Ihlfd party.
Exp¢ndl¢uro
AJI expend51ure is accounted for on an accruals basis and has b•en in¢ludeeJ under expense calegorl¢s thai
aggregate all costs for allocation lo actlvities. Where cost cannot be 01￿ClY allribuled lo particular aclivities
thèy h#vo b••n allocatèd on a basls consislenl with the use ol Ihe resovrces.
Support costs are Iho8& that ass181 tho work of th• ¢hartly bul do not d11¢¢￿Y feprosent charflable a¢llvlbe$
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 I￿0¥ and expgnolture on charitabl8 aclivittes on a ba*'s consislenl ￿th use of
lh• resou￿•s.
The anBly￿S 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$ ex￿nditUre 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$ivoly lo charilable
purpos•s.
Inv•¥tm•nts
InveBlm&nts are iecognlsod Initially at fair value whlch is norm8lly the transaction prfce excludlng'lr8nsacbon
C051s. Subseouently, they are Measured at fèlr valua wllh changgs rewnis8d In 'n&l galns I Ilossesl on
Inveslmenls. In the SOFA if the sharas arg publicly traded or their fair valu8 can olhernise be mpasuieLI
reliably.
Current assel investments afe short term highly liquid investments and are tr*ld •t 14lr value. These Includ•
Cash on dep0511 and cash equivalents with a malurily of less than one year.
k)
Debtors
Prepaymenls are valued al the amounl prepald. Accrued Income Is measufed al the amount due to be
rèc•ivétl.
Cash at bank and in hand
C8$h 81 bank and ca6h in hand K*dude$ 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
lo￿l9n 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$h balance as ai 31 December 2024
Funds gained I (used)
Foreign exchange movemenl
247,231,188
(206,364.5351
3.710.410
275.598
1723,244)
{7,740,867)
Al 31 Dec8mber 2024
101.190,84S
Split as follows..
Fix8d assets ￿vestMe￿IS
Current assels Investmenls
101.190.645
275,598
101,190.645
Historical cost
93,806.850
'The funds gainod balanc8 01 É8,415,7SI 12023.. lunds used of é2,589,8591 is a balance of income ganoral8d
from the FQrtlolio, less expense being oul ol the Poftrolio. logelher with cash bola4rK variances vthich havenl
been T￿1￿¥￿$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
Drtem￿r
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
sU￿8cCo{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¥t￿n¥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•￿¢ Nalu￿M¢ d•
Cavally sub.aceounl
Trangvernal
sv
oc¢c4ml
GuiGhel Makove sub-
acc￿￿1
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
G*insl
Iloss•sl
Tran8tsr•
Carrled
Forward
endowmenl fund•
Tai Natsonal Park
sU￿aLWUnt
3.331.830
21.040,$00
IJ,207.6601
401,864
23,S66,S34
Comoè
National
Park SU￿8¢¢0￿nI
6,153.657
16,886,033
1953.7941
329,528
22,415,424
A249ny
Sangbo
Nalional Parks sub-
8c¢ouf*l
Tai-sapo
#ub-accounl
eanco su￿￿ount
Reserve
Naturelle
de 80s59m8lie
Reserve
Natu￿11?
de Cavol
Trinsvetsal
8,181,622
294.023
{604,1171
389.176
8.260.704
Corridor
3.978.598
1,072.741
28
5,499,953
{2,387.4401
154,706
2.818.60S
235.280
9.243
244,551
5,499,953
4,999,953
4,999,953
5,499,953
15,000,OLM)
5.499.953
15,000,000
Guich81 Mgktre
21,880.987
70,293,184
5,153,011)
1,284.517
88,305.677
Restrlcted funds
T•1 Nalioml Park
iub-aCC4)unl
Comoè
N8tlonal
Park sumccounl
Azagny
Sangbé
Nalional Partrs sub-
ac(>)unl
Tai-sapo
su￿8CCoUnt
Banco Su￿•¢¢¢unt
R¢serv•
NatLtrtlle
.de BO￿$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 (FPRcI￿K)
(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 re￿rrIng costs
of managin9 the Com(* Nalional Part, 8 protecled area in the R￿UbliC 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$, or will be r•inve91ed to increase the cap+tal of Ihtr lund. Tal-
Sapo Corrl¢Jor sub-￿¢9yn1= The grants will be used lo Implement the projecl to establish an ecolo91¢01
¢orfdor belween the nat￿nal parks of Tai and Sapo. 8anco sub.occounl". The gr8nl will be used lo piolect
and manage the Banco national park in è sustainable way with Ihè participatlon of the actors eoncamod In
order lo engure It8 •nvlrorwnentsi, r•crnatron#l •nd •dueatlonal roh.
Réserve Nalurelle d8 Bossémab"é sub-8ecounl.. During the last Ivorian-German negollauons, the Fed8r•l
Republlc.of Ggmiany agrsed lo provlde support for th$ 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$m•nt of th& Cavally
Nalure Reserve wlih an Snlllal ¢8pithI of fwe million euroi.
Transversal su￿ce0unt'. lo ¢over Certain Inv•slmonl oxp&nses ol national parks and resèrv68. a transversal
•ndowm6nt fund was sel up wilh an inillal capilal of Ilve mSlllon five hundred thousand euros,
Gulchel Makore 6ub-accotsnt.' As part ol cooperatlon wllh the Fr¢nch RepLsbllc. Cole d'lvoire h88 benefiled
from bjnding lor the con6ervation ol its nallonal parks ond r8servo$. 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
{In￿ease) 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