BioGuinea Foundation (A company limited by guarante¢) TRUSTEES. REPORT AND FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2020 CothpaDy Registration P40.: 757424S Charitv Dumber: 1146130 BIOGUIi¥EA FOUNDATION REFEREiYCE AND ADMSNISTRATITr"E DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 21120 Trnstees (by 31 Dee 2020} Paul Sitgcl. Chaiman of the Bo#rd syl￿￿e Govei Sarah Forster Hepworth Ibrahima Thiam Y%'es de So)"e COMpa￿Y regigtr4tioTh 7)74245 ChArity number I l46l30 Registered office 10 Queen Si Place London EC4R I BI.. Llniied KipgdoTn. Held Office in Cuinea Biss1 ii)Ciuinea Tr.'oundaiion, IBAP Buildin8 Av¢nid2 tknm Setiitnio Arturo FerrazzA Bissa Guinea Bissau Secretary: Bates Wells 10 Queen St Place Lundon F.C'.4R IBE United Kingdom. Avdltor: Hdvsrnacintyre LLP 10 Queen Street Plaee London. EC4R )AG UTrit￿ Kingdoyn Solseltors: Bates Iliells 10 Queen Street Place London, LC4R IBE United Kingdo Ir24 BIOGUIiYEA FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER2020 Report ofthe Tr¥$trts for the year endi*g 31 Deetmbtr 2019 The Board of TrustCC5 ofthe BioGuints Found￿]0￿ (the Foundati¢)n) has the honor to preseni this rerrfTrrt COll51Sting of yn dnnual progress rewrt and a financial rcFrt)rt for the b.car o)ded Dect7nbeT 31. 2020. This rqK)rt was prepared to meet the requiremcnts for a Trusiees re￿rt and aLYounts for Ctsmpanies Act pury)0%5. The fittattciaj 5tatemettts compl)" with the Charitie% Act 2011. the CorHpanies Aa ?(M)6. the Memorandum and Articles of As50cidllOlI: and Accouniing aThd RewrtiDg b)" Charities: S￿￿￿ent of Recommended Practice applicabl¢ to chaTltics prewng their acLYTrunts tn accordance the Fit)at)ctal Reporting Standard applicable ITI Ihc UK and Republic of Ireland IFRS 1021. Th¢ iMP￿t$ of Covid-19 on FBG and the ITrsiitu* for Bi(Kliversily lrt Pro￿t￿ AT¢as (IBAPI haNe marked the year 2020. The Foundaiion and IBAP therefore obliged io implement adaptation m&￿￿re5 in OTdeF ￿ Coniinuc pcraiing. Both ivere forc£d to close their otTices due to pandLYnic risks and adopt a rcrno* s)"stem for decision iaking in ordcr ￿ minamize thc impaci on their ac[1￿1￿¢s. In spite of the wdejnic's imwdcts. si8nificani PD8ress in 2020 should bc noted. The Foundation d1sbllrs￿i 45.rffjo Euros to allo1% IBAP to continue field actii'ittes and tmproyc ¥ts int¢n"eniiort c2paeitlC5 rclating to the grant agretmeTri signed in 2019 with the Foundation. the grant led ￿ definiie progr¢55 on park management and governance. sur¥'¢illance, eommunity ¥tion& alld olYic¢ maintenance that atyect both Orarkgo 8nd Urok parks b￿1 also IBAP'S headqllarter. In the area of fundraising. the Foundati¢)n obtained nem. financial SUp￿rt from the MAVA Foundation to 5UPIKIrt its furtdraising effo[￿ improve its i0mm￿nICall0￿ Ènd strengthcrs its staff ￿"1th the rtcruiunent of a Projeci otTJcer. The Foutjdation has recrnited ConscrvaiÉoft Capital to mobilize nem. funds. F4]ndraisÉng strategies and targets were defined and an a¢tiort plan e#abli5htyl. The FouTHlation h#5 %iÈrted implementation from 2020. On the contribution of the GEF51UNDpnBAP pro.ject io the F.ndoiiTh¢nt of ihe Foundation. diSbu￿ement was delayed due to the need to re￿is¢ some of the Foundation's tools and ga through ￿paCIt). assessments conducted by the UNDP. Il¢nce. UNDP h&s &Xtend￿ the duration of the projed 08reement ivith IBAP tts allom, the release of thi5 capital fund in 20?1. The Foundation also changed IL% ASS￿ Manager b>. app)iniing Picllt Bank of S￿l￿erland to replw Raihtx)nes Inveslment MBnagement in the IJK. As a re5uIL the ini'esuneni FK)li¢s re￿tse￿ in 2020 all funds m8na8 by Rathbortes transferred (o BaThq￿¢ Picfrt. In ternis of Go*emance: the Geoeral Assembl) #nd the Board of TTU5ttt5 ii'el¢omed neil, membeT5- Syli ie Goyet fomierl) Dsrector was appointed as a nthv Member of the General Assembl% and Y%'¢s dc Sove. was apw)irtt(xl as a De￿ Director. Accustomed to holding an arLThual ph!'51eal me￿in8 in Guinea Bissaw the Board swtched to virtual mode with quartrrly mttting Despite these tmproN'¢m¢rtts. there retnain imp)rtani thallen8ts io bc addressed and effoTts lo Ee PUTsucd in order IO inLrcase the 5hort-. medium- and long-tcrn) financial ¢apacst)' of the foundtttiott regarding the attomplishment of its mission. Paul Robert Siegel. Chairnian of the l>oard 3124 BIOGUINEA FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 {CONT.) Introducti￿n The Board of TNstees of the BioGuinrJ Foundation (The Foundation) has the honor lo present thi5 rewirt consi5tlDg of an annual pro8res5 T¢W)rt and a finartcial reFx)rt for the %"tr3r ended Dettmt*r 31: 2019. This rqK>rt il'as wq)ared to meet the requirements for a"fnLS￿S TerM)rt and accounts for CoTnpanies Acl purposes. The fjnancial staiement5 comply the ChaTities Ad 2011. the Companies Ac1 2006: the Memorandum And Articles of A550Ci2tion, attd Accouttting and Rewrtiftg b), Charit¥rs: Statement i)f Rccommended Pra¢iice appIl￿ble to Charities preparing their aecounis in accordartct i¥ith the Finas)cial Rerorting Standard applicable in the UK and Republic of Ireland (FRS 1021 IseLx>fKi bulletin effedive Januan" 2019). lkne l.oundation is a Companv limit￿ by Guarantee and &Je5 not haTrc share cJpital. It 15 governed and man2ged by tn independent Board of Tru5t¢es. and an ExC￿ti￿C SecretaTiat ii.ith a small ieam in charge of its daN-T￿d•Y operdliolls. The Foundalit)n is a compan). limited b!. euaTantee 80i'erned by its Memorandum and ATiicles of Asw¢iBtioTh dattyj 72 M8rch 2011. It is regi5tertsl ￿ a charitv with the Charity Commission. The Charit), ha5 thie¢ MernbeTS. The procedure5 for the apFK)intmtht and Tdirement of Trusiees s¢i oul in the Articles ofAsxiciation IArtiel&s 24- 271. To ensure a kn'ell-balanced Board. the Articles idertiifj four categortes of Tru51ees.' A.. International Ifn)m Intematior*al Ins¢iiviion or Organization51 IJ: NaLional fn)m civil 50cietN. NGO, or pris'ate sedor or for skxcific Yaluable profile C.. Represcntatii'e of Ministries InomÈn*ed bj Govrmmentl D: PeN>n i*ith strong ex￿rtiSe releTrani ts) the Foundation Mi￿10￿. The Board of Trustees 15 chaired bv Dr Pwl Robert Si¢gel. N•¥ Truslee5 ¥e provided 3n orientation tKiefing by the Exeujtive s￿retarV artdlor a member of the Board and all legal documents. governance wlicies attd trKyIs. This col'er5 inler Glio infoTtning them of the contrnt of the Memorandum and Articles ofAssociation. the govemanee S￿dUreS and funclioning of the Foundation s orgaos And committees. decision-making LX)nsU1￿1on proces￿5. In addition. all Tnjstees are invtted kn ¥Éend the physica] annual ptsrtner meeting of ￿th IBAP the Foundaiion itself, which are held joinil). to allow the Trustees io fami15arize themselNes firsthand with the contexi 2nd challenge5 facing the execuiion ot-the Foundation's mission ]]] Guinea Bh55au. Under nomial circusnstsftces. the Board metnbers or8a5Jize a ph!"sieal mttting on¢c a vear ITL Guinea Bissau. ¢oupled wsth the Tneeting of the Found8tkOrt and IBAP partners. For 2020. thi5 ph>siul meeting CO￿ld not take place because of the pandernic in Covid-19. However. io ac(Y)Mm￿l￿e thi& the Board OTgHniztd three I'irtual me¢tings ￿1th ils Trnste¢s and the Executike Tealn. The Articles estsblssh that mee¢ings uskn8 Sk}￿ or available technolo8)' ma> be organized a¢¢ording to the needs and the lirnit¢iJ re50ur(ts ofthc Charity. The Fouftdation's Execut1￿£ secretari￿ 15 reswnsible for the da1-t(￿d2). management of the Foundation. in¢ludin8 5tTaic8ic plannin8.. representation. f5nanee Tn#na8emenL human rt50urces matta8emeTIL 8nd implemen¢ation of decisions made b>" the B02rd (including grdnt51. An Investmettt Committee IICI Co￿.¢[￿rtg all iTt7¥esknent rnanagmenl ISSU￿ b85 been put in pla￿ Duties include inier alia making recomm¢ndaiions io the Board (In%"tsimcnt objectives and tKJlities. Ini'cstsnent Manager (IMI recruiiTneDI, etc.). app]Y)iing investmL￿ts instyumcnÉ5 use4J the IM. liaising ii'ith the IM. keepiDg an eye on the cost ofr the IM. The fr¢ou¢nc)' of the mceÈings of the IC 15 deierniined bN its members and approi.cd b!" the Board. A tninimum ol t￿0 meetTngs a year has seL w'ith od me£lin8 ju511fi￿ M. the ntt£ts issue to be d&alt wtth. '5'Tus¢ec members of ihe IC are nol remunLfdied Vihertss Aih"5sm or Exe¢ulive mcmbeT5 are paid in line li ith their s¢Thices or ¢Dga8ement corttraets. 4124 BIOGUINEA FOUNDATiof4 TRUSTEES, AiYNUAL REPORT FOR THE YEAR EF4DED 31 DECEMBER 2020 (COYT.) Rgluied rli¢s (Andc(￿o ralioiry skiih oiher or None ot our trustees receiNe remuneration or other benefit from their work with the charity. Connectt¢)n be￿.e¢n a tFUStee and ￿tti￿r manager of the charity with other ¥ttsTS swxificall). gol'ern￿ by" a C4)nflict-of-Interest Poli¢y. ol¥ r senior sla For ihe ke). staff of the Executt>c Secretariat. during the current or￿110na[i71t1Qn phase of ihe F.Kecutii'e Team of (he Ftsundation comprise5 an International Eie¢utti"e Secrttar¥ and ni'o Naiionals= An Adtninistraiii'e and Financial Offiter and a Projects Offieer apw>intd in September 2020. At presenL the Foundation 15 Still being operationajized limited iime-bound projwt fvndit)g. Despite this, local peT30nnel are now on emploNment contr4cts. The Found&ion's huTnan resources w)lie¥ will e￿o￿ve once the inl'estrneni revenue flo￿"$ are able ￿ meet the financial needs of the Foundalion ar￿ the or8aTii121ion has achicw long-iem fjllancial sthbiliij. ()hjectibes..-Ictii iti¢5. Publir Benefil Risk Ilallx2tmeni eciives "rhe objects of the Charii!. are.. l. To promote for the benerit of the public. the cortseTrotLon. proiwtlon and improN'¢Enent of the natural environFDent and bi￿liverSitY of Guinea-Biwu. wtth [￿Ority. r(Ku5 on Guinea-Bissau's naiiona] s}'stem of prO￿ted are&s. 2. To promot4 for the bcncfit of the publio sustainable detrelopnent that sypwjtls the o)nserv&ion of b1￿1￿,tr5itV in Guinta-Bissau in particular the proiected arvds anwor other 8rea5 of 5ignifi&qni eLt)logical cOr55c￿.atlOn an(Vor biulogieal tmportance including.. l.l.l. The prescrvalion. constTraiion and the prowioD of the envimnment the susuinable use of nalural rey)ur¢e%. and 1.12. The relief ol- wJi'¢rty atKI the improvemenl orth¢ rondilitsns of life for the benetit of rK)pulations living in and aroL¢nd areas and other arvds of Signifi￿nI ecologi￿￿ a>nsen."ation andlor biological imw>rtance. To ath'8nc£ the ￿u[?[1￿￿ of the publÉc ots ￿vIro￿Menta[ issues including the biodivusit)'y LX)ns&vation, SUSL9inabililv and management of GuirKa-Bissau's Fffoteded arfas 8n¢Yor other areas of significant e£ologicai conseTh'aiion andlor biological irntx)rtane¢. Su5¢sinabledeieloptn*xt is defined as "dev¢lopmeni w.hich rneets the nee4J5 of the present withoutcompromising the abilit) of fulurtgeneralionsto tnect their Aclivi The Foundation ii'ill pwvidt fundin8 tti suptx)rt a I"ariets' of activitie5 lÈnked to the a¢tsinment of the aEK>ve-Tnentioned objectivcs, such as inier alia implem￿1￿1]￿ft of prote£ted ar￿ managemeftt plans: S￿5¢5 and ttalurkl hdbitat conseTration, protection. irnprovemenL and monitoring: research tO￿J5Clj on (x)nseTratiom and cnvironmcntal prO￿¢t10n., ¢ftvironmentslly fri¢ndl) suslainable o)mmunity' d¢￿e10pment illltiaiji'￿ a￿'ar¢￿esS raÈsink. knoi¥ledge di55eminaiion. and enTrirt)rtrnentsl ¢x5ucation. Publlc Bent The Chari￿ confiThs that the Trustees hai'e complied i%ith the dutits in section 17 of the Charities Aet 2011 to ha￿e du¢ regard lo public benefit guidance ￿b)ished b)" the Comtni5sion in dekninin8 the activi￿ undeFtsken ￿. the charity- Risk ,Illlna emenl.. 1'h¢ Foundation identified tvpes of risks." risks related to opv*it)n$: disburstmujt delaJ5 according to Covid potential impaLis' on &)rK>rs operation& 3tLd those related to the Prosp￿ for firtancial 8roith. This is m8inly rrisk of not ￿sing 5UtTi¢irnt funds in 2021 sin¢¢ Fundrdi5ing r5 dwndeni on in￿rnational eondilions that reouire time to be successful. Although the Foundation"s oper*ions are exF*eted to be funded for the rtext fil'e l'ears through a grant currentlj being negotiated ￿'1th dotK)rk gro%ith ol the end0￿ment fund dL￿d5. on achieving more succe55 sn fundrdising. To this end. the Fouftdation has ￿E28¢d the w4'i￿S of a professitsrtal fundrdising Organization. C¢)nseTration Capitsl. The Charit)" i5 now fOoL￿1 on multiple prospects in or(kr io Mill8a￿ risks. 5124 BIOGUINEA FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (cowr.) Ir, over the wursc of the Vtrdr& the Found*ion fails to a¢hieNe its en&)iiTreni fund tstgets. accumulaieil income and projeci tund5 i*ill be used to tn¢et operaiions and io proi.idc grdnts. In ￿dition. The Foundation in panncrship il'iih IBAP. the ndlional Forks auihority. are ￿e￿￿￿10nS1o sell car￿￿ utdits bj Novanber 2021. wkth a PTOPQrtion ot'ihc salcs de51ined for the endoiiThenL Our lol Once again, Tan>a Yudelman Bioch dedicatd an enornious anw)unt of ber time pro bono in 5UPWIrt of the FouDd3tion s Board, General A￿eMb]Y. and I￿￿0[$. Circle mttttng& strategic and mana8ctn￿l plannin& and fundraising. Two major ¢leTnents describe the Ll)Tr*Xi of interventiots of the FourMJation in 2020. namely the Coi'i&19 p￿deMiC and its Impac￿ limiting the acl*%'iti¢s of thr Protaxed Areas apd those ol the Foundation on the one hand. and ihe EK)li¢i¢al challenges of Guin￿ after the pr￿￿dential elections of 2019 I4"hieh bring ne￿. challenges to the 80I'emment to regain iRternational crvjibiliry ¢)n the other. The Foundation's acwvtiies have fotused ￿ those that o]low it to ￿r￿Olidate ils oi*rations and prepart for a Ileveloptnent ph3se tn)m 2(r2l despite this Ertri￿j of p￿deMiC. Piloi rani rienc'e or ProieciedAreaF The piloi grant mecharsism stsrted irE 2019 ￿7th the suptth of the ￿E￿Ch Global EnNironmenl Facility IFFEM) for a total atnount ot 300,0(K) rvft)s irt favour of p￿)l￿ta areas in Guintra Bissau. FBG released a fiT5t trxtsche ol l(Kl,O(K) uros to IBAP in 2019 and 45,0(K> Euros in 2020. This e.xperi¢nce tsrgets three comtK)ncnts: the managernaji of Or8ngo NatM)nal Park and Urok Community MaTine Protecled Are4 and the stren￿hen1Thg of IBAPS headquèrtets. Significani achievements have been ob5CTved at th¢ 51te5 1Th"ond keeping the two IBAP p8Tks op￿￿lO￿al during the ditTILult tKriod of the pandemic and supwrting IB.APs certtral he￿￿qUarterS. Park e￿[ ndGoi The FFEM orant managed M ihe FBG targets mainli the Orango NP (ONPI and Urok CoTDmuniry Marine Protected Ar¢8 (Urok CMPAI. IN"herc local cotnTnUllittes and IBAP MDrk ￿gether to proTn(Trtr biodii'ersitj con5ervalion #nd SU5tsinable developmeni. Both Tnarine parks are in the Bijagos ATchÉpela£o. w'hich is in the proce55 Ot. becoming g UNESCO Wor]d Heritage Site. The Umk. CMPA and ONP are homc to intrmationallj 1ft)p￿ mammal. repiile and bird specie& including thc C&￿lan Twn Stema ia). the Gre%-headed Gull (Larus cinhote halug). the Senegalese Pam)i (Poicc halus SL'ne alusl alld the threataEed Parroi Psiitacus erithacu5 timnehl. The). aTe also home ￿ TK>pulaiions of hipt¥Trk ishich. uThlike theiT freshmyter counieTP3rt&. loi't the ocean. sth'eTal species of monkcvs. African tnanatres and reptiles. such &8 sta ts]rtles. Of the S￿'¢n S￿leS of w utnles that exist in the ￿or1¢ fjvc of them I'requeni thc beache5 of thv ONP. Surveillance.. Durin4 ?020. the tram of the pa￿ c(xThplttul 33 Surycill￿¢e missions in ONP ond 44 Urok CMPA, coTr¢ring a ts)ial 8rea of 212.735 Fla. Additio#al golar p*ttels ID tbe Parks: Solar rAne15 were reinforced in order ￿ improve the work ￿ndITiOnS of txysonnel in Orango dnd Urok Park"s. IBAP beAdquarter Infr￿truc￿Te improytd.. As an in51itutioDal supm the granl from FBG FFEM allowed IBAP iTnPFove 0￿1¢¢￿ in Bissau. Entrynce £aLes. twfs and driN"ers comparlments hai"¢ bEen rqmired. It should be noted that different projeLts and eE]vironment pannffl such the GCCA+ European Union ProjecL the Intemaiional Union for Con&enaiion ot"Naturc Otri¢e-Gyinea Bissau. BioGyirtea Foundation F.xeculi￿e Team and the NGO WmeTinha have their otTices tn the IBAP Ixjildkng. Community livelihoiKis amproved: 109 iiomcn famas fn)m F.tigo8a and Anc8iw killages ivere 5UPPXtrrted throu8h Ihc AD5M, an &swciation ot ￿OrneA. in pathership with IBAP. The FBG granl was a]lotsted i'la IBAP io purthabe gardening equipmenl w'iih the of incming pnxluction and improving famil) income aDd tt) sllppTrrt children '$ eduotion and h¢alth. ASthough ihe local kniel ￿MetiMeS Ix])"s small quanutie5 of vegetables irtcluding0ni￿￿ tomato&. siyeei pepper. c8m)L attd lettuce: nearlN all the vegetables pr(KlucuE were used f(K familj consumption aRd 6124 BIOCUINEA FOUNDATION TRVSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (CONT.) diversili diets. Since the vision and ihe objtrtsves ofthe project MEre rrt)t fjjlly xhi¢ve4 additiona] WPTK>rt ￿11 Ee nc¢de(L and qua]itk control strengihened. School rehabTlitatioD". the FBCT-FFEM grant ftsr IBAP SUp￿rted the rehabili￿10￿ of 2 classrooms storage txilitie5 and the school Dire¢%or's 0￿1¢¢ ITh the Community of Gan(Y60. Onc ￿1r4]lat &sr£ct w not¢ is that the locaj communiiitheneficiar) hired a contracitsr itself for the rehabilitation. IBAP ttleased the fi]nd5 dir¢LU! li) the contractor based on the prosress. I'ht school rehabiliiatiorj impn)1.￿ conditions for sch￿1 children ii'ith tnore comfortai)le 5tud>"ing condition. 106 childTcn benefI￿d frotn the Tehabilitsiion. amongA them 48 are 8ir15 aTtd 58 arc boy5. 'The improi'cd ￿h0O1$ motivated kid5 and their parents io Tnake use of the facil¥ti¢ Supply ot drinking TrYat¢r". With the sutv>rt of FBG-FFEM. IBAP construrtton with ￿MMUnI1*e$ constrncted a drinking water i*ell for the i illa8e of Witc. The m.ell is clean and traditionallN fencd. Thc community" 15 saiisfied with ihe project and agreed to set a PaVTtLtnt mechani5fft ip order to ensuTC the meintenance of ihe infTaStrllLture. PTi¢ln8 h&$ alread) been dcb'eloped among Communiti￿ for the ￿￿ter- 2 b￿lAyI2)I30 liler each) for 2) CFA la bit less than 0.04E}. As a result of the sa]e of water the Community ha8 Saved I l.O(O Francs CFA I-lrf) for well maintenance. Sllpport to fir¢ vietlms, communitits.. Due ￿ fir¢. man! houses de5tTO%"ed irt Anbuduth and Uite i'tlla8es. in Orango. 99 and 17 famili￿ r¢spceti)'cli' in the villages rceeii'ed clothes rtom the IBAP and FBG-FFEM grant. rnmunii). of Artcabuduco a150 t*nefite4J froTn SUAX>rt ITh the foTrn of dothin& ￿ hetp recover from a fire that destroyed many houKs and their ￿nIa]I In ternis of governance. Ihe General A&8anbly {GA) w.e1￿Med n•Y members ￿1th the inlegTa¢ion of SvlNie Goyet in 2090 M"ho complded ii¥o ternis on the Board of Trust¢e5. Thus the GA rK)w includes th￿e indtviduals: Paul Ro￿rt Siegel, Paulo fernanilo GOMLS and Syltrie Go)'CL The Board a150 apwinied a new Caieeory C llntern2tional) rfforx)sed by the Circle in the p¢r50R of Yve5 de So)e. UNDP RegioDal Technical Advisor- EcO￿'S[cmS and BiodiN"ewsity & Policv AdTrisor- Nature. Climatc and Ener&v, Bel8ium. Thc Board Continues to seek a new member with an inve51tn¢Tht skills and exwieTKC for 2021 ts) strengthen its Investmeni Committrt. Organizationallv limiicd b¥ the COVID rneasu￿ on ir&iematiorEal trAiel. as in1¥￿u¢cd alx>Ne. the B0￿d held three vinual meetings in 2020. How"e%"tr, the Chair of tht Board and the Execuli￿e ￿rethry aik)ptd a mortthlN meding ts) review decision implemen￿lon 8nd progrtss. In *ldition. a remote paymerti approval 5y5*m has appli￿. Finally.. thc 2019 AeciNJnts M'ere auditrd in 2020 bv H2ysmxinty¥r and filed with ComrAnie5 House. Following the ts￿￿1￿g of bank aCLx>unt5 linN"estsneni and treasury aceounts) with Pictri Bank in Sii'it7.crland in 2019. thc Foundation's Board aprrf)intcd this B3nk" as th¢ neM" Assd Manager of the BioGuinea Foundation in place of Rath￿ne5 lttiestment M3nagement Cornpanl. As a FewlL a]1 invesuneni funds managed by ItathE*)p¢5 were tran5ttrr¢d to SwitzerlarJ¢ in Au8U5t ?020. The Foundaiion's invtStment p)lic)' h&s been mtsed to acujrnrn￿ate this chaTrgc. To this enil the FBG has ap￿intsd Jame5 Mone>'_K! rle to mak¢ the necessary uwlales to the In￿eStMent Policy. Ihe Tertns ofReterenee of the Invertmeni Cotnmitte¢ %ndto representthe FBG in dI￿uS510￿s on investment strategie5 with Pieiet Bank. Various ac¢ions related to fundraising have beeaj ￿ltsa￿j during ?O?O and are ongoin& Tht Foundation doc5 not fundTaise from the general public. Rather. all FBG'5 fundraLsin8 elTort5 are f(used on bilater￿ and multilaoral (e.g.. French Goi'ernmenL World Bank) and private philanthropi¢ institutions le.g.. MAVA FosJnd&ion). li sh(H]Id be noied thaL no complaints have be￿ kxlged w'ith the Foundation Mith regths io its fundraising practi(*s. GEF-UYDP Contribution: oier the COUT5f of the re¥KYting )ear. the FBG M'otted to meet new ¢￿dItionS Tcque4(ed b). UNDP in 2019. to enable the lon8-aM7ited transfer ol LISD IJIM).O(K) of GF.F resot]Tces into the FJICI endowment fund. This induded: compldion of UNDP Partnership C3￿cliY A￿sment T￿1. completion ot. a third- 7124 BIOGUIP4EA FOUNDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (CONT.) party financial rnanagtment catAeit)" assessment (aka HAcf micrfrasSek￿nentl. signature of a Re5tK>nsible Party. Agreemcnt bc¢i%ten FBG and UNDP: 2nd the rnision of the Foundaiion's CJrant Manual to follo1￿ best inlcmational practice and satisli. 5FKcific UFiDP requireTnents. In additson, the l."FJCI Donors" Circle {DCI sibmed a Mernorandustj of UndeTStznding iiith the l."Bti 15oard alloiiing the DC w rKorKss¢ 3 poieniial new Trustce for Ihe B(llrd consideration. As i resulL the Dorttsrs. Circle nominaied recommend￿ YTrts de So)'c from UNDP tt> the Board as a Trustee. To a]lo%¥ the time to complete the pro(ws and transfer. the IBAPIFBGIUNDPIGEF project txtended bv osje Nearto 3 I Au8usÈ 2021. The release of the GEF-UNDP contribution is anticipated by" th￿. Fundraising SllPPOrt projett: Ne801iatd in 2019, fvndraising sUp￿rt M'as obtsina1 tn 2020 frorn the MAVA Foundaiion lor an 8rnowit of 12i.Iy)O Ev￿5 to be used over l The objedivc of this supw>rt is io enable the FBG to %tren8then itselt-fiTvallti￿I). Thanks to this fundin8. the Foundotion engaged Conservation Capithl. a spe¢ia]rst fundraising eompany. 10 SLiPPOrt it in vartOU5 Im￿)rtant ￿ndraIsEng area& including Analysis of fundrdising ￿p￿rt)Mit1¢ Delinition of fundraisin8 Strdte8ie5 aTwJ targets: bil&teral 8nd multi18teral. priN8te foundations: private sector a* national innovatii'e fijnd Mechanisms. Dekelopment of action plans. Data￿e ol"rM)teniial donor& Strength¢ning of commurhication twls useful for fundraising. Durin8 next step¥ it is pla[￿ed with Conservation Capital to wepare biddin8 d(Nxments for the dIffer￿t targets identifi￿ during ihc ana]y515 of rel¢vzni orwrtunitir& In additioTh. the Foundation h05 b￿n refledin? on its f￿alK]a1 mid and k)n84trm projection5 tt> ensure fvndrdising objeeiiN'es dnd stralegies adequa*ly meet its needs. Blu¢ C&rbon-REDfv projett.. A&SlA￿ Wa)'CarknTh. the Founda¢ion regiyera the Communits" Ba5¢d Avoidal Detore5tation Project RF.Dt>k M'ithin the VERRA Volunthry Cartx)n Standards Pl￿ttin￿. This is a pttliTninaTh' stsge toivards the sale ofi. the available cathn units. Unc¢ FBG signed a Contr￿ M"5th ConseTr8tion Capitsl. variou5 partncT5hip RF.DD+ oprxiTtsJnitl￿ have been allaJ!"zed and shornliAed for the ￿M[￿¥t￿l4]i￿lofi ofthe 300:0(X) &erified carbon units availabl¢= South P(>le Compani". EN'erland. Wild5ife V4oTk'& Wav CathTh Kinorné. The Foundation i&ill undertake dttp discussions and negotiations ￿ 5elcct the fival pa￿eds) for this ftTSt ￿¢5 phASe. lThe tirst partn¢tship ii'iih tyukc UniY¢Tsity resulted irE the $%'mb)lic sale of 2.(￿ tons coktracted between this UniNersiN and IBAP, Ins￿a￿ of l.(MK> tQD5 as iniliallv planned. GEF 5-UNDP.. In &ddition to the ab)ve mentioned GEF5-EndOl￿enI ContribuiNyJL thts project supported part of the Foundation's operating w. An e¥lension of the projf&J thr•iott h&$ bttn thided by UNDP and IBAP. Thus, the project is schfyjuled to elo5¢ on 31 Augu￿ 2021. MAVA institutlollAI support: This ts)ntribuiion rTrfu￿neeS FBG opa*ing ￿sts with the GEF5-/UNDPIIBAP projttt until 2021. FFEM Pdot Gr•nt proieetr. as mentioned alKbYe, th¢ FouThdation disbursed 45.IMJO E4Jros of grants in 2020. The balaD¢e of l55..(K) Euros will be releas￿ in 2021 to complete thc thIFation of three )'ears. Together. these thr¢e proje(ts eovered almostthe enttre annual grant OW&ion u)stof Ihe Foundation for 2020. In order to 5UPPOrt its marketing and hmdrai5ing objL%ilI'ÉS. the Found￿70￿ hire4J a (yJnsu]tsnt based in the UK ¢0 &ssist IA redesi8ning its infomiational bTochure 8nd Irt51ityUOE)al Preseniation of the Foundation. In addition, &8 a member of the Consortium (Jf African Fund for the EnvirouTttht (CAFÉ) nenvorL the FBG contribuied ￿ the upjating the praaiL71 standards for the Ma[￿eT￿¢￿t of Conservatiorj Trust Funds piloted by the Con5¢rvgtion Financt Allion￿ finaiiz•J anil {Jissemina￿￿l in 2020. 8r24 BIOGUINEA FOUIYDATION TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED31 DECEMBER2020 ICONT.) I'he 0￿ratIonS of the Foundalion We￿ mei thanks to the GEFSILfNDPIEBAP pmject and the MAV A Instituliot)al Support Pmject. The fiTthncial supry)rt of 125.0(Kk from MAVA H85 rel¢as¢d itt full iwhen the wntTacl signed ¢rtablin8 the Founi5ation ts) mttt its rash needs. How•'er. due to the Covid-19 pandemic. bank5 in Guifft￿ Rissau reviewed iheir procedure5 M"hi¢h haNe betx)me veri This rewlttd in frequent delavs for the internaiiotsal payment. The Founda¢ion h&5 strengihened its executive l¢am with the rccTUitmtni of a Pmjttt OITicer. In addition, the -consultant" status of the IOLXI staff w&schanged to-emplo>ee" ￿cordIng to the laws of Guin￿ Bissau. The curr￿1 5tsff is now eomposed of people: Executivt SecTdaTh". Administrati￿¢ and Financial Manager. AT Project offi￿r. Organizatiottally. due to the pand¢mic, the staff combines raTH)te Ivo￿ and PTrsen¢e in the offic£ at￿rdiThg to fortnai limitatiw& priorities and emugencie5. During the v¢ar ended 31 Deecmkr 2020, th¢ atrtount reeeivtd from FFEM EUR I.(YX),(MJ) on DeceTn￿r 2019, w&8 translcrred to the endowineni fund. The FoUr￿8u0A also received EUR 124,(Xll quivatent frorn the MAVA Foundation w fvnd fundraising activities atKI fn)m the GEF S￿NDp Projcel EUR 78,0?7 for financing otffllional aLtivilie5. At iht end ofDecember 2020. the ￿¢81 &*8ets less CUT￿ liabilitits presen￿1 a balance of EUR 3 ??2.655 equii'A]tn¢. The main cost it¢TnS mainiained do￿1)￿"ard trends compaTtsJ to ihe previous year. except for statytosts due mainly to Ihe re¢ogniiion of Social 5c¢urity dcbis dating back tts th¢ 2014 firt8ncial year ￿)rding to the Guinea Bissau lakns. Inty"e51meni/*ssts m*na2emtni In 2020. Rathbones, mandate as Asset Manager of FBG¥ i￿￿¢5¢m￿lI ￿rtfolio ￿'&S terniThated. The Board appDinted PIC￿ Bank in its place. On 26 Jul) 2020 lthc date that the w)rtfolio w&$ liquidated). the amouni of the investmeni rtfolio with Rathtrthes amOu￿¢d to £1,551830 or EUR 1.708268 equivalen￿ From 31 DeMn￿ 2019 to 26 July 2020. thc R8thbone Core Investment Fund f()r Charitie5 out￿on￿¢d its bendunark itt re[￿l￿e *rms, reuirning-2.4% in £-ierm5 VeT5U5 the Fund's ￿Nn￿￿¥t¢ index ￿chmark of-33V￿ but the Fund undvpdoTtned the long-tcrm orget of RPl+4V• which was e5tirnated to te +3.l•h o¥'er the It) e-iernis. the Fu￿j rdurned -9.oyo OV¢T ihe wiod versus the composite inikx bthLhmark of -9.9% (the E strengthened %'ttsus the £ by +6.Th 14.hich d￿reciated returns for a e- based inNe%turl. Irtsual investments irhto the Pi¢tet GloEAI Sustainable Cffjjil {EUR) and the Pictel Global EnVIry￿rn￿1&l OppoTtyniti¢s {EUR} stTat¢gie5 h&ve been made from Augu￿ th NovemFKr 2020. Ibe 0￿c￿lI TX)rtfolio valtje * the beginning of th¢ 9124 BI(KVINEA FOUNDATION TRUSTEES. AP41YUAL REPORT FOR THE YEAR ENDED JI DECEMBER 21120 {CONT.) r¢laiioTrship with Pi¢td w&s EUR 2:720.i82 atxl the ovv811 8C(x)uni thjwed a p)sitsve return of + 8.60QA M'ith 4 Y4]u￿l￿n at the end of 2020 of EUR 2,984.954. The Piaet Global Su5tairtable Crsjii FWMI wforn)ed -1.3% in the ￿rtfolIO for the iThve5t¢d wi(xl in 2020. whereby Ihc 2 half of 2020 was a Chall￿gIng envinmmcnl in th¢ Credit VL%. The FurMI itself w)dcr[￿orrned its ben¢hmark sndex bTr' 4).37010 for the ￿(￿j Sir￿ AugusL 2020 with a 054% higher i.01￿11]ty. The Pl￿¢¢ Global ETriironmentai Owrtunilies Fund pcrforned 415.5*b in the [￿rtfOliO for the invested peFiod in 2020: whereby the markcts haTre been tavorable in the half of 2020 10lloii.ing the thallaEgiTkg markets in the first half of 2020 during the stsrt of the global pandemic. The F￿d itself out￿f0M7￿j its trtnchtnark index by. 4.990/• for the period 5its¢¢ Au8USt 2020 ￿7th a slighilj hi8hff ￿010($ll¢) of 2.4Y The Investment tK>licy w&$ revised in May 2020. The Trustees planned io r•'ise 51 in 2021 ￿'1th a new portfolio allocaiioft and once a ttew Trustee with strortg tAnktng a[￿ investrncnts EXp￿IenCeS tockground to chasr the Foundation'5 Investment Committ¢e joins the Board. The Temis of Referefi￿ of the Investment Commi¢tre also ivere pre￿red. It should be noted that the inTresthieni FK>liey has retaill￿ the folioi¥ing objt*iives With its p)lie)'. the Charity" maintained the tsrgets an avcTa8e annual Tdurn of UK RP1+4%, measured in Tolling 3, 5- and 10-Jear period5. Rt5ene¥ poli¢ The Foundation has alwa)s considered impl¢tnen¢LIi8 a reserve ￿lley. However, il is Ix8it)nin8 to generate a low lffi'el of income from ats first eniknwTh#)i. The Found&ion has theref¢)re decided ty maintsin flexibiliiy in the ￿tUre use of this income. tsyeciall}' because of the uncertaintv dlle to Covi&19. The irKome is presendy held tn a spe¢tfi¢ account with Pi¢tei Bank. or the y&9r 2021 tht medium Iqm. the FOuftda￿ will adapt its Ot*rati118 mode to th¢ of the global P9ndemic. The Board decided to have a fo¢L5S on the follomryng prifftiies: inlLnsify futNJraisipg xlivitits Isell REDD+ vrrified cartKTrn units b>, DeLrrnFKr 2021) strengthening communicatiort I￿]S IbrnKhur¢s: website) manage ongosDg projeths io deliN"¢r th¢ oulPULslresults rnainthin fleKtbilitr OPLTations to the changing context of CoYid-19 and ensur¢ adequate ¢(M)rditbqtion de5Plte the ren]ot¢ OTtrdiiOn. D&qpiie the Covid silu81ion and fknaThcial un¢tstiiThty at interDational Ic%'el. the Tnjstees wnsider that The Foundation h&$ Ihe ability. to continuc its work a going roncem. The Charlty has the financial rey)uttts io mcet ils owations alld the Trusttts believe they ￿111 be sufficient to continue &$ a going ￿￿C£[[l. With project fundsn8 budget asjd the in¢ome generated b) the Inv*stment& The h&s the alMI?l) ¢0 med its low level of fornETd fi￿p￿ditu￿ tt>mmiiments. The I(￿4 BIOGUIP4EA FOUNDATION TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER2020 (CONT.) charity theTcfor¢ continues ￿ adopi the goin8 basis In its financial s(atmenL8. The financial statements do include the adjustments thai ￿OUld Te5uIt if the ch￿t>. ii'ere unable ts) continue as a going oinceTn. The Trustees are re5wbnsible for prep8rin8 the TrLtsiees' Re￿)rt and the financi￿ sraten)eDts in accordance with applicable lali. and Uniied Kingdom Accx)ury¢ing SthndaTd5 {Uniia Kingdorn Generk]li' A￿pted Attountln8 Prdcticel. Company law reqdires the .1 TUSILYS to prq￿ fi￿￿cla] ￿￿￿ents for each fiN3ncial Nedr i%hich gii".c a true and faiT view of the 5ts)t¢ ot. alTasr5 of the charÈthble Lxhmpanj and ol the incomin8 resources and application ot rcsourcc including the income and exwiditure. olthe charitabk (x)mpan>' for that }.￿r. In PTep8ring these financial statemenl lh¢ Trustees are required tu: S¢lcct suitable a¢counEing ￿1￿cleS and th¢TL aFvl> them consistendy Obsm'¢ the tnethods and principles in the CharitLes Swement of Reox>tnmaMled Practtee (SORPI. Make judgemenis and tslimaies that are rtrdsonable and pnKi•]L Sthic ii"hetheT applicable UK Accounting 5tsndards have b¢¢D follow& 9Jbject to any material depar￿￿¢$ discli)sed and e.xplaiTred tn the firtancial ststetncn￿ ond Prepare thr financial statrTEJents on the going concern FA515 unl￿$ it is inappropriate io presume that the charitable comydn>' will coHtirtue in bJ5infffj. The Tru5trts are res￿nsIble for keeping accounting rttords that disc105e i%'ith ￿$0￿3b]e accuracy & an) time of th¢ fioanLial positson vf the charitablc romtran! and epable them io ensure that the fmancial statements compl). with the Comydrties Aa 2(K)6. Thtri are al￿ r¢spx)nsible for *feguardit)g the assets of the charitable company and hence for taking reax)nable step5 forthe and ddeaion of frwd art41 olhu irre8ularitit5. 5x) far &% theTrustee5 are aware: al There is no re]evant infomialion of ￿1)I(b the charithle c(￿npa￿Y'5 audittTrr is unall"a￿: b) The Trustees hake taken 811 the steps that the) ought to hai'e tsken to make thernselves #Mzre of any relevant informaliott artd to e5tablith th• thc auditots are aii.are of that inf0m￿10ft. BIOCUINEA FOUNDATION TRUSTEES. AIYIYUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 20211 {CONT.) 'rhe Members of the comrrany guaranLee to contriiwte an amount not ex(wJing £1 to the &s5ets of the ¢harity in the event of a th￿ding up In PTeparin8 this TetX)rt the T￿￿¢¢$ have taken wjvantage of the small compan5¢s" exemptions provided by seAion 415A of the Cotnp8nies Act 2(K)6. This retK)rt was wroved by the Trns*es on 26 Sep￿m￿r 2021 atKI Sign￿ on behalÉby". Paul Robert Siegel Chaimian of the Board BIOGUINEA FOVNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF B[(￿Ul￿EA FOUNDATION Opinion We hav¢ auditrd the financial slakments of BioGuinea foundation for the i'eaT enda Jl December ?020 }￿hich CL)mprise the Statement of Financial Acii*tike& the Balance SheeL the Statetnent of Cash Floiis atid notES io the rinancial ststetnlnts. includiTrg a summaTr of Signifi￿nI xcounting w>licie& The financial rewkrting frdmew'ork that has been ¥pplied in Iheir prep3fdlivn is app)i￿ble laii. and UniTuI Kingdom _4ccounting StsDdard& including Financial R¢FK>rting Standard 102 Tk Fimvrlal Reporiing Si￿￿rd applicttble in the DK Reptsblic of Ireland Iunited Kingdorn (ienerdlls Accepted Ar￿U0¢in8 Prdcticel. In our opinion. the finartcial statements: gi%"e a true and fair of the 5ta* of the charitabl¢ cownywiy's 2tTairs of 31 De¢ember 2020 ar￿ of the charitable compani s net moi'em•Tr¢ in fijndk including the income and expenditure. for the I'car then ended; h8pe been wowly pr¢pred in acu)rdwce ivith Unit¢>A Kingdom Generall)" Aectpted Aecounting Prn¢tice: have been pr¢rAred in a¢¢On1￿ce with the re4uirements ofthe Companies Act 21M)6. B85is for opinion We COEJduct¢d our audit tn ac(xJthLY wth InÈemaiith181 Stsndards on Audtting (UK) IISAS (UK)) and applioable law. Our r¢spoDsibilitics undcr thos¢ sL￿dardS arc further ￿e￿bed in the Auditor s restK)nsibilitLts lor the dudil ol- the financial ststements section of our reporL W'e are iTrdyndenL ot.the charity" in accordance ii.ith the ethical requiremenL% that are T￿le￿an1 to our audii of thL financial stsiemertis in the UK, including th¢ FRC'S Ethical staT￿art and M'e hai'c fulfilled our othcT ethical re5p)nsibilLILe5 in accordance Mith thcse rwuirernctrtk We ￿lI￿e that the audit tvidthee we hai'e obtained 15 SuffJ¢ie￿t and appmpTia* io proi ide a Iwis for opinion. Con¢lllsions relating to going toncern In audiiin8 the finantial siaiement& M'e bave CO￿l￿]ed the trustre's use of the going cotJ¢em tAsis of aceounting in the preparation ofthe financial sw&nents Ès apmi&e. BJsed on the WOTk we has'e FÉrforn)ed. hai e noi idLYItifi￿ Tnotrrial uncertainties relating to ev¢Dts or wnditioThs that. individually or ￿)lleCtive1￿. ma). east significani iknubi on the charitsble oirnpan)"'s's abili1& to contin￿¢ as a 80ing ¢on¢ern for a PEri(Kl of ai least twelve mtsnths tinm ii'hen the firwicial ￿￿tem￿ts are authori5ed for i55ue. Our responsibilities and the re5￿TIsib]lilie5 of the directors ￿1th ]v4)ux ￿ going Ll)neern are (le￿ri1*￿ in the rel￿ant 5e¢tions of thi5 report. Other inffjrjttatlon I'he Ilustees are r¢5tK)nsiblc for the othcr inforniation. The tsther infom)ation o)mprise5 the infomaiion included in the T￿st￿ Annual RctM)rU Our opinion on the finart¢ial ststements d025 no( coiei Ihe other ir¢fomiation and: tticesx to the e¥ientotherwi5e explicitl). stated in our reixJrL we TKpi express an> forni ot a5suran¢e wn¢lusion thertvn. In connection 14.ith our audil ot the fiTwicial $￿emen￿ our wsibilit!, is lo rewj the oih¢r inlorniation and. kn doing so, consider whether thc othff ipfom)ation is materkailv ineonsisient M'ith the financial ￿Al¢ments or our kno1￿7¢dgt obtained in the audit or otheni.ise ap￿arS to bE matrriall). misststed. If Vlt identify. such matrrial In￿n_$iS1e￿eteS or appwent maierial mi55tsieMen￿ are required ty d¢trmine knheth￿ there is a rnaterid Fnisstatement in the finan¢ial siaternents or a m8tcrial missuiement of the otheT tnfomaiion. Ir. based on the *"ork- we haN"e perfortned, we wnclude thai ihere is a tnaterial mis5tstwnent of this other infonnation, we aTt required to r¢w>rt that facL We have t￿thin8 to report in this regard. Opinions on other matters prescribed by the Ctsmp*Dks Ad 21 In our opiniun. on the undertaken in the coutse ofthc audi1= the inforniali￿ given in the Trustces AnnLka] Rwrt (￿hIch include5 the direcic>rs' rewrt prepara for th¢ PUryK>5es of companv law) for the fjnanual )'¢ar for ￿th1¢h the firtanctal statrments are Prepar￿ is eonsisient wilh the financial 5tstetnett(& and the directors. rewrt tncluded within the Trustff5" Annual Rqx)rt have bffn in accordancc Mith applicable legal requirements. Matters ox which *r¢ required to report by exttpt¥)u In the light ot the knoii'ledge 2nd undtt5tsrtding of the charttable ¢omwii and enviTOntn¢Di obtsitted in the course of the audiL we have not idenufitd rnaleTiai m5ssia1￿7LYl1S Ln the Ttuslees" Annual R¢FQrt Iwhi¢h inLX)rporate5 the directors retK)rtI. l3r24 BIOGUINEA FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF B1￿ul￿￿￿ FOUNDATION (eotytlti￿edI We have noihing to Tewkrt in res￿ ofthe following matters relation ts> whith the Companses Ad 2(M)6 r4uires us io report to >ou it-. in OLEr optnion.. adequatc aLYountin8 records has¢ EKht tteTh kfpt bj the charithblc wrnpapN: ()[ the charitable Corn￿￿ financia] siatcrnents are noi in agreemenl ivith the accounting re{￿lS and rets]rns: or certain discIosuTe5 oftrustees ￿M￿neratIon specifi¢d b%" laii" are made. or ive hai"¢ not receil'ed all the inforniation and explanaiions wc requi￿ for our audit: or th¢ ￿lSte¢S %VeT¢ not cntitled io the fipaR¢ial sthtrments in a¢4)rd￿Ce with the Small companies. regime and take adi'antage of thr small cotnwLes' &xemptions in prepaTing the lrnstee5' reF¥lrt arKI from the T&]uiremeTrt to PTepare a strdtegi¢ TeFofL Re5ponslblTritle5 oftriisttts for the financial stxtemtnts A5 explaincd more fullTr in the trusiee$' JEsry>Trsibilitie% statrment ￿t ￿tst on twge 10. the InJ￿te5 {who arr a]w the direciors ot the chun￿ble compani. for the pIr￿SeS of comFw)' la￿.> are re5ponssble for the prepardiion of thc tinancial stat¢Tnents and for bein8 Satistied th* they eii'e a true and fair l.le￿, and for such int¢m31 ¢otttn)l &s the trust¢e5 ddemiinc is necessat). ￿ ¢nable the preparati(>n of fitw)cia] $￿eMeALS are free fwm m*erial mi5slaternent. whether due to fraud or error. In preparin8 the fiTwicial statements: the tnJsiee5 are re5tK)tt5ible for &sscssing the charilable companv s ability to oniinue &% a going ¢ortCLYn, di5c105in& as applieable. tnauers rela￿￿ ￿ going and using ihe going wncern basis of accounting uftlL55 the tyusiees either intvKI ts) liquida(e the charitable wmpan). OT to cease operatsons. or have no realtstic altrmative but so. Auditor's responsibilities for the sudit of the finxtttiil statemtnts Our objectives aTC to obtain r￿￿nable assuratsce ab)ui iithether the fiDan¢ial sfatttn￿ts as a whole flee fJ¥)m matCTial mi¥t2temenL i%'he¢her due to fravd ()r ern)r. and ts> issue an aydiior s report that includes our opinion. R&isonable assurance is a hi8h lei'el of wurance. but l5 not a guaTantee thai an audi( conducted in accordance with ISAS {UKI iyill alM"ai"s deieth a tnatcrial Missthieme￿t iyhen it MissLatements can arise fwm frdud or error and are cor*sideTtd Tnatrrial if. indii'iduailw or in the aggrega￿. thej could rt4sMhably be ¢xpryxtyJ to ittflyence the tCOTK)mi¢ decisions ul'user% taken on the tQ5is of financial siaternen Irregularitie& including fraud. are instattces of non-¢ompli2nce M'ith laws attd regul￿10￿$. Wt design procedures in line with our responsibiliti¢& outlined a￿￿1%,C. ts) detLtt material misstalmtnts in respeci of irrcgularities. including fraud. The extent to which our Poced￿ are Ca[￿ble0[ d￿￿tIng irregulaTilie& including fraud is detaild below: Ba5cd on our unde￿nding of the chatitsble comrAnY and the 5&Lor in i4,hich il ￿T￿rat¢s. Ive idcniified that the princtpal risks of non-cotnpliante wilh la￿3 and regul*sons Tel￿ed u) regulats>T)" requircmcnts of the CharitS' Commission, and i%"e ￿nsider￿ the extent to Hthid) rtott-compliance mighi have a material effe(t on the fIn￿LIa1 statcments. We also consideresting inappr()priaie journal entries and Tn8nagement bias in certain accountiTr¢ ellimates aThd judgements such a5 the inwme recognition polio wplied to grant income. Audit PToc£dure5 ptrformed ￿. the engagemcnt tea¥B inclutsl: Inspecting correswnthe appropriate re8ui*oE5 and auth)ritke5" D]￿U55]0nS with management including 0￿SideratIOn of knowi or knstance5 of DOn-￿MPlI8net ith laws and Tegulatiotk and frdud. Evaluaiin8 Manage1n￿l.$ conlrols designed to prevcnt and detect irregulorities., Re￿IeW vf minutes of Board mee(iThgs: Identifying and it￿￿ng journals. bn FBrtitsklar iownal entric5 ￿7th Unusl￿] account wMbIn￿l0 p)stings ￿. unusual US¢T5 or Véith unusual de5cription& and Challenging as5umptiorLS and judgements made b)" managemeni in their critical acLy)unliTh8 e5timat¢4 including Teview of ho￿. granl inwme has beak reco8n5sts1 al the i'w erKI. A further 4Jesttiption of our ￿5￿>t)sibIlItI£5 for the audit of the fiTran¢ial ststements is IoL*toJ on the Financial Rewrting Council's website It: I￿}￿71..frC.o dilo . This description fonn5 part of our auditor's 14124 BIOGUINEA FOUNDATION INDEPETr4DENT AUDITORS, REPORT TO THE TRUSTEES OF BIOGUIIYEA FOUNDATION {continued) Ust of our report This report is made solelv io the eharitable Lxmpan¥'s member& &s a Erf￿.. Tll accordan(* with Chapter 3 of Part )6 of the Companies Aci 21M)6. Our aud¢1 M'OTk has been under￿k¢n so that Me might stste to the ch8rit#ble comFranv's memb¢r5 those matters we are requir&1 ts) statr to them an Auditovs rerK)rt and for no othtt purrM)se. To the fullest extent perrnitted bv law. we do Th)1 accepl ￿ tssume r¢5tAinsibilih" to anN"one other than the charirable U>Tnpany and thc hatitable comtwy's members Is a tMNJy. forour audit worl fiTrrthi5 rqx)rL or forthe opinions we have fomie Stei'en HarFer ISellsoT Statutth). Auditor) For dnd on behalt of Ilajsmathntyre l.LP: Stawtory Auditor& 10 Queen Street Placc. Lon£k)n-FC4R IAG Date.. 28 September 2021 15124 BIOGUINEA FOUNDATION STATEMENT OF FINAP4CIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 202(1 EndoweAI RtstTitted FuBd5 Unrestricte Totsl 2f1211 Tot*1 2D19 Notes INCOME AND ENDOWMENTS FROM Endowed donaiion Projed fundin8 Investment Incvme I.(K>O.O(M) 393.739 I24.￿12 78.028 202.930 2.?73} 7i,7i5 2273 86.6()9 TOTAL INCOME 124,902 21)0.657 1,480048 EXPENDITURE ON Rai5in8 fund5 Charitable acti%'itics (8i.130) 46.4161 14.9441 160.(MH 206.720 264.199 TOTAL EXPENDITURE 160,(K>4 289.850 264.199 P4ET IEXPENDITUREY INCOME BEFORE GAINS ON INVESTMENTS 14.944) {84.2491 189.1931 1.216.149 Gains on investments 170.394 170.394 150,585 iYET MOVEMEP4T IF4 170.394 842491 1.366.734 Totsl funds brought tor¥vard ' TOTAL FUNDS AT31 De¢ember 2020 2.814.5 87,7￿) 2)9.194 3.141.454 ],774.7?0 2.984.954 82.756 154.945 3222 3,14J,454 No separn* Sununary. Income E*pendiiure AcwuTri h85 bEen ptsdlltal as this SLgLemenl irKorrxHat¢5 all 1￿CoMe 3nd F.xpenditure. Net iftcome for the pUr￿se$ of CornpTries Act 20¢kn excludes income aThd ext*ndithTe in re5peci of ¢ndtswneni fiEnd5. The ststeTnent or rtnanei85 xtivitie5 includes ail gain5 aTbd1055¢S Tttogniz&l in the >'e4r. All amounts ￿late ts) L))ntinuhn8 operntioii There were T￿ rttognized 8ains or l(tysses for thc jtar t￿ded 31 D¢ttmt*T 2020 and yw erthd 31 Decanber 2019 other than those shoMiJ akni'e. The notes on pages 17 to 22 forni r*rt of t￿¢ finattcial statrments. 16n4 BIOGUIWEA FOUNDATION BALANCE SHEET AS AT31 DECEMBER 20211 31 Drttjllber 2D20 31 Dctetyber 2019 Note FIXED ASSETS Fixed assets 18.640 27.822 Investments i.(X)1.169 CURRENT ASSETS T￿b￿[S C&%h at the bank 176.019 l.226.85l CRbDITORS: amount due within one Vfar 141.4651 {14,3881 NET CURRENT A&SETS 134.725 1.212.463 TOTAL ASSETS LESS CURREP4T LIABILITIES 332a655 3,141,454 CHARITY FUNDS Rr51ri¢led fund5 Unr¢stricted funds Endowed fun(is 8?.756 154.945 2.984.954 J322,6S5 87.7(X> 239.194 2.814.irf) 3.141.454 The financial staicmcnts were apprO￿ed and 8uthorizd for issue by the Board and wue signed on its behalf on 26 September 2021. Paul Roben Siegel Chaimian ot-the Board 'The no￿ on pages 18 to 22 forn) part of these financia] yatements. Company Rew5tratson No.: 7)74245 17124 BIOGUINEA FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 21120 2020 2019 Net casb flows from OPtrn￿￿g attlvities (s3,1(￿) 1.230.949 Cash IIow5 frnrn investlllg *ctiYitie5 rqel iniestments acquiral Purchase of propert%. plant and cquitment Net eash provided by/ (used in) invtStiAg #ttiwities {997.7271 186.tA191 17.0001 193,(A)91 {997.727) CAsb mov¢ments in the year 11.050.833 1.137J40 Cash and Lwh equiva]ents * the beginning of the .226.852 89,512 CAsh ¥Jnd e4$b ¢4uivaieDts at th¢ ¢ttd •f the wiod 176,019 1224852 Reconcili4tton tsf tset tsovement i# fwids Net moveTnent in funds Net gdin on investments Depreciation charg¢ Ilncre&seilDecr¢ase in dL*)ior5 Increase in ¢rryliiors 1.366.734 (I505851 (1703941 9.181 2.800 1,744 27.077 1S3,106) J331K949 AnAlysis of egsh *Dd eqDiv*lellts Casb held at bank 176.019 1.226,852 176,019 1,226,8$2 The not¢s on pages 18 to 22 form part of tk5e financial wI￿eThts. 18124 BIOGUINEA FOUNDATION IYOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JI DECEMBER 2020 ACCOUNTING POLICIL8 1.1 Basi5 of PTtpar8tlon of fv*0¢581 $t%temeDts The financial ststements hake prepartd in aceordance iiith Aetounting and ReFK)rting Charities.. StateTnent of Recomtn¢nded Prxtice applicable w chariuts pr￿￿￿8 their accounts in accordatjce ￿7th the Financial Rerorting Standord appltcable in the UK and Republic of Ireland - (Chartties SORP 11.'Rg1021. s¢¢nnd ediiion etTe¢iii'e l JaTruaTh 20191. the Financia5 Rep)rfing StsndaTd applicable in the UK and Republic of I￿7and {FRS 1021 and the Companies Act 21M)6. The charitv mt%ts the definition of a public ¢nlil} FRS 102. Assets aThd liabilities aft initially r¢cogniT£d at hi5tOTical o)Si L)r transa￿loll value urÉless othfn%ise in thc relevant &X¥￿￿tIng FX)licy note& The finanual 5tatemfflts are prerAred in Eun) ￿hleh És the functional currency ofthe charity. Gtiittg C0￿cern The Board of Trustees is of the opiniolt the ¢hariTh h&s adequate re5wrces to o)niinue opuational existence for the for￿eeable future ÈtMI there are tnaterial LLncatstntie5 regaTdin8 th¢ Trust's ability to do so as noted (>rt page 10. .2 Compan). status The Lompani is a Ffftvale ￿M¥￿￿). IiTThited bv suardntee and con5¢qUtDt]j not have share capithl. In the event of the compan) bein8 wound up. the liabiliti" in re4*tt of the guardntee is limÉted to £1 PEr member of ihe 1.3 Fund *¢£ountiDg G￿er￿1 and O￿TatIOnal fvthds are unre5trict¥J fimds Mthich are available for at the diwrdion of the Trustees in rtherdnce of the g•)erai objectiV¢5 of the comtAny and which have TLO¢ been ¢Jesi8t)ated for other purFK>ses. Desi8nated lunds comprise uThruth¢¢tsJ funds that h￿"¢ 3e¢ ￿ld¢ M. the Boan1 of Trustees for particular pUrF0￿s. The aim and use of each designated fund aTe sei ovi Èn the nts￿S tsTr the linancia] statements. The Board maN'. if necessarv. change the rtstriciions. Re5triLxed funds are fund5 whirh ar¢ ts) u5cd in ￿rd￿(% with wific re5trkctions imEK)sed b>. donors or which have ￿en rais￿ b)" tht u)mpan)' for parti¢ular pJrp)ses. The CO￿ of raisEng aod admittisLering such funds 8re charged against the specific "rhe aim arad use of each restric￿1 furtd are set out in the ntstt5 10 the financial statements. Endomynent fupds are Frtrnjanent fwids that must ￿ Ini,f*￿ Viith the income us&J to fimd th¢ operatin8 eosts of the Charity uniil li ￿ fully opffttional. InTre5tment income. gains and los￿ are all, I'olunie¢T& tknated wvites or facilttie& ￿knith cOm￿Se ￿lte* are included in iwJm¢ at x vduation which ts an limatr of the financial borne M the dI￿Or i%tJere suth a a>si i5 qu•ilifiable meagJrable. No incthne is rtcognised where there i5 fin*)cial cox iw)rn¢ by" a third FArty. 19124 BIOGUIP4EA FOUNDATIO1¥ NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED31 DECEMBER202 leontinued) Income t&x recoverdblt in relation to th)n*ions receii'ed Gift Aid or deeds of tovenattt is recognized ai the time ot the É*)natson. InLx)me w re￿￿"¢1#ble in relation to invcsthieni income is Fecognized ￿ the time the invesim¢nl irtLome is rweiiable. 1.5 Expendits All ciF￿ndIture is aecounttsj for on an xcnw15 basis a￿1 has be£n included ￿nder expense categorie% that {tggr￿ate all Lxlsts for allocation fo activities. Where r05ts (*rtn￿ directly atsrllwt￿{ p&rticular ac11￿ille> they hai'e been allooted on a basis c(bnsisient Mith the use of the r￿ure£S. Govtynance cos¢s or ￿s1 of charttable aeutrtties are tIK>se connection with admintststion of the QTnpanv and compliance iTrith Constitutional and sL*uts)ry m]uiremer¥ts. Shtsrt-tem emploTree benefit& includin8 so¢ial securitv are recwi5¢d 8$ an expu)se in the period in M'hi¢h the seriice is reeeived. 1.6 Taxatiott The Lhariiy is exempt fmm charitsble activitit& 1.7 TaTrgible fixed ass¢ts Tangibl¢ fixed assets are stated st ¢ost le&s deprttiation. Dw¢i&i¢)rt is providtd at rdtes calcylaieil to Myitc off the CO￿ of fixed assets le&$ iheit t￿lmated residual va]ueovtrtheir ex[￿cted useful lives on the foll¢)win8 base5". Fumilure, fittÉngs and equipmeni- 3 )"£ar5 1.8 E$timxtes *nd judttment Estimates and judgements ar¢ coDtsnu3]l%" ekaluated and aTe ba%d on h5stori￿1 eX￿¢nCe and other f3ciors. iacluding t￿￿¢taIlOn5 of futt]re ￿'ents that are itli¢ied io ￿ reasonable under ihe a￿um$1￿1le$. Although ihe5e estimaics are ba5¢d ott ihe tr￿SteeS. b¢5¢ kno￿le￿￿e ofthe amouThL ¢vcnts or ￿liOnS, actual results ultirnatelj differ from iheye rstimatth The tru5ttts dl) ftoi considtt there to aJ]j esiimatrs and judgL￿e￿ts ii.hich ma). hai.'e a material impact tsf the flnaneial stat¢Thents. 1.9 FiiiAncio1 lJstrnments The Charity only has financial &ssets and fin8D¢ta] liabtlities of a kind qualify" as l)8sic financial instruments. FJa5i¢ finanual instnjments. including trade and other debtOT5 and creditor5 are iniiially TecogTriz£d at tran5artion valu¢ and sub5equeE)ily mtasured ai their settkmeni value. The FH)rtfolio of in￿eStMents held b). the charity is included at lair ￿8]ut. ANALYSISOF INCOME 211211 2(119 FFEM endoilment fund MA VA project funding UNDP FFEM projert fisndin8 Donaiion InveS￿ent inLome I,IXM).(KK> 92.927 l(K>.812 21M).(KKI I24.￿12 7&ff28 12273} 86,&19 Total 1.480J48 20124 BIOGUINEA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JI DECEMBER 20211 leoDtinutdl 3. COST OF CHAIUTABLE ACTIVITIES 21120 21119 Direct thsts- Consultsnts Direct costs- Other Support costs 108.i87 132.861 48.41>2 79.716 127.747 56,735 Totsl 264,199 Z020 2(119 Stsff eo$ts Salaries and w78es Swial 5¢¢Urity ￿sts 26.936 18Jly) Total 4iJ3S SUPPORT COSTS ConsultaTrcy Governante 2020 Charttsble activities 14,556 19.542 48.402 Cons￿lts]1￿Y Costs GovernaDce Office Costs 2019 Charitable ac¢svities 26.086 1&659 11.w) 56.735 Supw>rt wsts arc the costs of cfJtral ￿t￿nIg*￿e￿L The average numb￿0[ employees of the Charity during the)'w W85 112019: 0). The totsi benefits of the Ke)" mana8¢m¢nt puxbnnel of the 4*arity were É8&81612019: é79,381}. The key Tnanagement t£ry>nnel comprise the Excculive S•. and Financial & Adrninist¥ative Offi(zr. D￿ring the year: Trusiees received aTty remw)eMion. beiJefiLS in kind or reiMi￿r$ernen( of expenses. (2019.. nill. The 0￿￿811ft8 SUTpIu5 IS stated aftercharging". 2020 21119 Depreciation Auditors remvnerdiion 9.182 14.3(H 10.2)) 11.9(A> 2ir24 BSOGUINEA FOUNDATION NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2020 {coNtittlledl TANGIBLE FIXED ASSETS: fittings and equiprnent COST At 01 January 2ff20 Additions As at 31 D￿9 1,901.56 l33J81 30693YJ As xt 31 December 2020 As at 31 December 2019 DEBTORS: Prepayments & accrned income 171 171 22124 BIOGUINEA FOUNDATION NOTES TO THE FINANCIAL STATEMEP4TS FOR THE YEAR ENDED 31 DECEMBER 2020 {colltittlled} A$ at 31 December 21)2 As #t 31 Dettmber CREDITORS: 2019 A¢crua15 Other creditOTS 55.869 ?5.)96 14,388 41.46S 14J88 & STATEMENT OF FUNDS Brougbt Forw%rd Carried Forward 2020 *rÈd gains Exp¢ndit•re End￿￿ed funds Re5trieted tunds Unrestricted funds TOTAL 2,814.560 87.7(KJ 2)9.194 170.394 I24.￿2 7i.7ii 2.984.954 82.7)6 154.945 3222.655 (129.8461 1160.IK)41 289 Brought For%v¥rd Incomt and gaius Carrled Fon¥#rd 2019 pthditllre Endo￿¢0 funds Restricted tunds Unre5thcied funds TOTAL .663.975 ?47 110.498 .774,720 1.150J85 21M).(XJ) 780.348 2.814.560 87.7 239.194 3,141,454 (112.i471 (151.6521 1264,199 1.630.933 The balance on r¢5knCted fund5 ar(Ise from (knnor-funded projecL& for some Cxwdi￿re is still io incuTred in the next financial )'ear ia partiutlar for financing the partner.s activiti(s on the ground. AN.4LI'SIS OF YET ASSETS BETWEEN FUNDS Endowed Funds Re51ritted F•Bds U￿restri￿¢ Funds Total at 31 Dttember 2020 Fixed Assets cu￿e￿I assets Creditot5: due ￿1th1n (me year 2.984.954 102,976 93.434 {41.4651 3.087,930 176,190 (41.465) 82,756 TOTAL 2.984.954 82.756 154.945 3322,655 E￿d•Wed Fuo Rtstrltted UTrTe5trictf FuDd5 Futtds Total at 31 Dettmber 2019 Fixed Assets Current assets CreditnT5.' due within one year ,814.560 114.431 139.151 {14:388) -928,991 1.226,851 114.388) 87.7 TOTAL 2*14 239 194 3 141.454 23124 BIOGUINEA FOVNDATION NOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20211 Itontlnuedl 10. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2019 Year ended Ullrtstrltted 31 Detember Fllttds 2019 Endowed Funds R¢5tricted Funds INCOMING FROM ChAritable aotlvliles Endowed donation Projea funding In￿e5th]e￿t IDcom¢ l.lK￿,o￿j I,(K)O.(K)O 39J.739 21MI.(X>O 193.739 86.609 TOTAL If4COME I,IM)O.(MX> 2(K).(XX) 280,348 1,480.348 EXPENDITURE Expenditure o charitable activit¥es l 12J47) 87.453 1151.652) ]?8.696 264.199 1216.149 IYET SURPLUS i.(MJO.o￿) Gain3 I+IILosses {-) on investsnents I50J85 150,585 NET MOVEMENT IN FLINDS 1,150.585 87.453 128.696 1.366.734 Total funds brough¢ foT%iard 1.663.975 247 110498 1 774,720 TOTAL FU'Tr4DSAT31 DecesDb¢r 21119 2014J60 ,7WJ 239,194 3.141.454 24124