**Charity registration number 1146130** **Company registration number 7574245 (England and Wales)** ## **BIOGUINEA FOUNDATION** **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **BIOGUINEA FOUNDATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees (by 31 Dec 2022)**|Paul Siegel, Chairman of the Board| |---|---| ||Ibrahima Thiam| ||Miles Geldard| ||Camila Monteiro| |**Charity number**|1146130| |**Company number**|7574245| |**Registered office**|10 Queen Street Place| ||London| ||EC4R 1BE| |**Head Office in Guinea Bissau**|BioGuinea Foundation, IBAP Building| ||Avenida Dom Settimio Arturo Ferrazzetta, Bissau| ||Guinea Bissau| |**Secretary**|Bates Wells| ||10 Queen Street Place| ||London| ||EC4R 1BE| |**Auditor**|Richard Place Dobson Services Limited| ||Ground Floor| ||1 - 7 Station Road| ||Crawley| ||West Sussex| ||RH10 1HT| |**Solicitors**|Bates Wells| ||10 Queen Street Place| ||London| ||EC4R 1BE| ## **BIOGUINEA FOUNDATION** ## **CONTENTS** ||**Page**| |---|---| |Chairmans Statement|1| |Trustees' report|2 - 8| |Statement of trustees' responsibilities|9| |Independent auditor's report|10 - 12| |Statement of financial activities|13 - 14| |Balance sheet|15 - 16| |Statement of cash flows|17| |Notes to the financial statements|18 - 28| BIOGUIIYEA FOUNDATIOIY CHAlliMANS STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022 2022 was • paTEicularly Iwtsy year t¥*th¢ Foundati(m. not Trr tem ofthc that htrt Jnark¢d )w. Ixrt also in toms of the intcn5ity of th¢ artivitiw the Co%id-19 amd Ukr*inr war impx OA) thc A5s¢¢ MaDascm¢ni sidc, whcrr4s Pictd of aL*ievtyJ * real of cl￿ to 15% itk 2021 io • cIMllcnging ¢nviti>tttnenL the FBG 21)22 w45.21.5P/& This Vds ary uDprdictsblc rrsult itillucnLul by mhi*ly the two cvtnts and th¢ir¢ffcaworlthd¢. Howevtt. the Fthmda¢TroTr was very *ctive rA w￿1¥¢ in Fwthising in 2022. ITr fa* with the MAVA Fwojt¢t to be rnpleted in 2022, the aniitspAtrd ¢nd of all MAVA fipKlin8 #m￿¢¢d for 2022. and the c7osur¢ FFEM proj#( ID carly 2024. the FBG'S fiyJthi$ing effirts bave accclt¥thL FIVE m*jw athlcvr*￿￿ fAaDd outr. thc 4*cc&%fiJl salts of th¢ availablt iillits from the Commwty B*std Avoided D¥fNtsW"￿ REDDk (over USD 4M) ￿ bebalf oflBAP, MAVA a8reerDeTrt -in prirkciplc- fi￿ a new yatsi to str￿th¢O thc Lyitsl of the with thrtt mLIli￿ Ellros bcforr its closure, the receipt ot'SI J(KJ.TrNI tT£fft Conservation IntcrnaiitwVGEF5 PToJecL C￿￿]d￿8b1t PTO8Tess14s also m the wcpftrntion ot'the WACA.WoTld Bank S ytats-ryoiect whieh wll sijywi the F¢)Undati￿,1 for th¢ period 2023- 2027 a6 w¢ll as on thc pr¢paratiuJ of thc Bh* Aclica Fwid-PRCM w08ra￿ whith vrfill be an owortynity fty the Gernwy CO￿￿1 ar￿s. Mui¢ovu. thc Fuundaiion advanccd No oe8vtiri1iLM￿.' all Proic£4 aud J*w ￿0¢￿til￿ from IbE With res￿ to GovernanK •ll the Gthval A&￿n14y. the Bwd of Tntsttcs and th¢ Inv¢•n￿l Cammitttt . we 8blE to hold thtirfftedin85 MrbJ•Uy ID rtview the iiwauoti of the F(￿la￿ti￿ tom*ke key mtegic decisioThÉ and to thr implemenWi¢)n vf the 2U22 WL¥kpJoN Tht fmaociaj Audi[ fLY thc 2021 fi*c41 ye4r •od the fikn8 of FBG'sAccounts Dnd Re￿1 for the UKAuthwitits were 8U¢¢C56fi￿Y &hi¢ved Howrr. BiveD the war ID UkTJiDr Ivthich iw Fwiiie6) •Jd th¢ fa¢e of iDt¢m*Liollg] c4thew mjiti¢Ain flrKibiliry tu d¢aJ with p￿ettE11] issu**Unrestricted**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**2022**
**2022**
**2022**
**Notes**
**€**
**€**
**€**
**Income from:**
Donations and legacies
**3**
-
-
1,331,081
Charitable activities
**4**
771,937
-
-
Investments
**5**
17,531
-
-
**Total income and endowments**
789,468
-
1,331,081
**Expenditure on:**
Raising funds
**6**
-
405,730
-
Charitable activities
**7**
372,406
10,771
-
**Total expenditure**
372,406
416,501
-
Net gains/(losses) on investments
**12**
-
-
(742,088)
**Net movement in funds**
417,062
(416,501)
588,993
**Net movement in funds**
417,062
(416,501)
588,993
Fund balances at 1 January 2022
121,752
450,327
3,451,743
**Fund balances at 31 December 2022**
538,814
33,826
4,040,736|**Total**
**2022**
**€**
1,331,081
771,937
17,531
2,120,549
405,730
383,177
788,907
(742,088)
589,554
589,554
4,023,822
4,613,376|**Total**
**2021**
**€**
-
531,771
13,093| |---|---|---| |||544,864| |||42,289| |||168,197| |||210,486| |||466,789| |||801,167
801,167
3,222,655| |||4,023,822| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. page 13 ## **BIOGUINEA FOUNDATION** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**Prior financial year**
**Unrestricted**
**Restricted**
**Endowment**
**funds**
**funds**
**funds**
**2021**
**2021**
**2021**
**Notes**
**€**
**€**
**€**
**Income from:**
Charitable activities
**4**
102,218
429,553
-
Investments
**5**
13,093
-
-
**Total income and endowments**
115,311
429,553
-
**Expenditure on:**
Raising funds
**6**
-
42,289
-
Charitable activities
**7**
148,504
19,693
-
**Total expenditure**
148,504
61,982
-
Net gains/(losses) on investments
**12**
-
-
466,789
**Net movement in funds**
(33,193)
367,571
466,789
Fund balances at 1 January 2021
154,945
82,756
2,984,954
**Fund balances at 31 December 2021**
121,752
450,327
3,451,743|**Total**
**2021**
**€**
531,771
13,093| |---|---| ||544,864| ||42,289| ||168,197| ||210,486| ||466,789| ||801,167
3,222,655| ||4,023,822| page 14 ## **BIOGUINEA FOUNDATION** ## **BALANCE SHEET** ## _**AS AT 31 DECEMBER 2022**_ |**Notes**
**Fixed assets**
Tangible assets
**14**
Investments
**15**
**Current assets**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within one**
**year**
**17**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after more**
**than one year**
**18**
**Net assets**
**Capital funds**
Endowment funds - general
**19**
**Income funds**
Restricted funds
**20**
Unrestricted funds|**2022**
**€**
**€**
23,029
3,825,054
3,848,083
1,066
3,896,987
3,898,053
(45,010)
3,853,043
7,701,126
(3,087,750)
4,613,376
4,040,736
33,826
538,814
4,613,376|**2021**
**€**
-
482,122
482,122
(25,657)|**€**
34,371
3,532,986| |---|---|---|---| ||||3,567,357
456,465| ||||4,023,822
-| ||||4,023,822| ||||3,451,743
450,327
121,752| ||||4,023,822| page 15 BIOGUIIYEA FOUI¥DATIO BALANCE SHEET (cO￿rINUED) ASA T3J DECEVBER 2022 the year ended 31 De¢¢mbcr 2021 ¥lthou8h allth[h￿ bern (aTrirdiHx tmOer5t£liL¥J 144 of the Clwiits Att 2011. C￿￿￿1¢$ Act 2(W thÈye4rin qu¢#im in vrith 47& Thr5¢ fittancial 5tatcrncnty h•v¢ been w¢pvrd in •taWd￿ with thE to C¢¥np￿1gS 5ubiKt to th¢ mall x¥4 Plul Si¢gcl, of thE BL*rd pagt 16 ## **BIOGUINEA FOUNDATION** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**2022**
**Notes**
**€**
**€**
**Cash flows from operating activities**
Cash generated from operations
**23**
4,431,490
**Investing activities**
Purchase of tangible fixed assets
-
Purchase of investments
(1,351,706)
Proceeds from disposal of investments
317,550
Investment income received
17,531
**Net cash used in investing activities**
(1,016,625)
**Net cash used in financing activities**
-
**Net increase in cash and cash equivalents**
3,414,865
Cash and cash equivalents at beginning of year
482,122
**Cash and cash equivalents at end of year**
3,896,987|**2021**
**€**
(25,015)
-
3,093
13,093|**€**
314,932
(8,829)
-
306,103
176,019
482,122| |---|---|---| page 17 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **1 Accounting policies** ## **Charity information** BioGuinea Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Queen Street Place, London, EC4R 1BE. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's memorandum and articles, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest €. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. page 18 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **1 Accounting policies** **(Continued)** ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings Straight line over 3 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. page 19 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **1 Accounting policies** **(Continued)** ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **3 Donations and legacies** ||**Endowment**|**Total**| |---|---|---| ||**funds**|| ||**general**|| ||**2022**|**2021**| ||**€**|**€**| |GEF / CI endowment fund|1,331,081|-| page 20 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**4**
**5**
**6**|**Charitable activities**
**Unrestricted**
**Income**
**Unrestricted**
**Income**
**2022**
**2021**
**€**
**€**
Projects funding
771,937
531,771
**Analysis by fund**
Unrestricted funds
771,937
102,218
Restricted funds
-
429,553
**Investments**
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2022**
**2021**
**€**
**€**
Investment portfolio income
17,531
13,093
**Raising funds**
**Restricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**€**
**€**
Fundraising and publicity
Seeking donations, grants and legacies
405,730
42,289
405,730
42,289|**Charitable activities**
**Unrestricted**
**Income**
**Unrestricted**
**Income**
**2022**
**2021**
**€**
**€**
Projects funding
771,937
531,771
**Analysis by fund**
Unrestricted funds
771,937
102,218
Restricted funds
-
429,553
**Investments**
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**2022**
**2021**
**€**
**€**
Investment portfolio income
17,531
13,093
**Raising funds**
**Restricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**€**
**€**
Fundraising and publicity
Seeking donations, grants and legacies
405,730
42,289
405,730
42,289| |---|---|---| |||42,289| page 21 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **7 Charitable activities** |**Direct costs -**
**Consultants**
**Direct costs -**
**Other**
**2022**
**2022**
**€**
**€**
Staff costs
50,857
-
Travels, ateliers &
meetings
-
10,665
Internal consultants
63,252
-
Training
-
-
Annual membership
contribution - CAFÉ
-
2,557
114,109
13,222
Grant funding of activities
(see note 8)
-
202,800
Share of support costs (see
note 9)
15,589
-
Share of governance costs
(see note 9)
37,457
-
167,155
216,022
**Analysis by fund**
Unrestricted funds
156,384
216,022
Restricted funds
10,771
-
167,155
216,022|**Total**
**2022**
**Direct costs -**
**Consultants**
**Direct costs -**
**Other**
**2021**
**2021**
**€**
**€**
**€**
50,857
42,142
-
10,665
-
775
63,252
63,252
-
-
381
-
2,557
-
2,225
127,331
105,775
3,000
202,800
-
-
15,589
13,064
-
37,457
46,358
-
383,177
165,197
3,000
372,406
145,504
3,000
10,771
19,693
-
383,177
165,197
3,000|**Total**
**2021**
**€**
42,142
775
63,252
381
2,225| |---|---|---| |||108,775
-
13,064
46,358| |||168,197| |||148,504
19,693| |||168,197| ## **8 Grants payable** ||**Direct costs -**|**2021**| |---|---|---| ||**Other**|| ||**2022**|| ||**€**|**€**| |Grants to institutions:||| |Other|202,800|-| page 22 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **9 Support costs** |**Support costs**
**Governance**
**costs**
**€**
**€**
Depreciation
11,342
-
Services
840
-
Communication
743
-
Ads & insertions
396
-
Office consumable
152
-
Fuels and lubricants
1,170
-
FOREX movements
85
-
Miscellaneous
861
-
External consultants
-
9,425
Audit fees
-
13,634
Bank charges
-
9,553
Tax and fees
-
4,845
15,589
37,457
Analysed between
Charitable activities
15,589
37,457|**2022 Support costs**
**Governance**
**costs**
**€**
**€**
**€**
11,342
9,284
-
840
916
-
743
785
-
396
220
-
152
797
-
1,170
900
-
85
71
-
861
91
-
9,425
-
20,853
13,634
-
13,260
9,553
-
5,030
4,845
-
7,215
53,046
13,064
46,358
53,046
13,064
46,358|**2021**
**€**
9,284
916
785
220
797
900
71
91
20,853
13,260
5,030
7,215| |---|---|---| |||59,422| |||59,422| Governance costs includes payments to the auditors of €13,634 (2021- €13,260) for audit fees. ## **10 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **11 Employees and key management personnel** The average monthly number of employees during the year was: ||**2022**|**2021**| |---|---|---| ||**Number**|**Number**| ||3|2| |**Employment costs**|**2022**|**2021**| ||**€**|**€**| |Wages and salaries|40,243|36,426| |Social security costs|10,614|5,716| ||50,857|42,142| page 23 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **11 Employees and key management personnel** ## **(Continued)** The total benefits of the key management personnel of the charity were €86,407 (2021: €99,678). The key management personnel comprise the Executive Secretary and Financial & Administrative Officer. No employees earned more than €70,000 in either the current or prior year. There were no employees whose annual remuneration was more than €60,000. ## **12 Net gains/(losses) on investments** ||**Endowment**|**Endowment**| |---|---|---| ||**funds**|**funds**| ||**general**|**general**| ||**2022**|**2021**| ||**€**|**€**| |Revaluation of investments|(742,088)|466,789| ## **13 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. ## **14 Tangible fixed assets** |**Tangible fixed assets**|| |---|---| ||**Fixtures and fittings**| ||**€**| |**Cost**|| |At 1 January 2022|95,099| |At 31 December 2022|95,099| |**Depreciation and impairment**|| |At 1 January 2022|60,728| |Depreciation charged in the year|11,342| |At 31 December 2022|72,070| |**Carrying amount**|| |At 31 December 2022|23,029| |At 31 December 2021|34,371| page 24 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **15 Fixed asset investments** ||**Listed**| |---|---| ||**investments**| ||**€**| |**Cost or valuation**|| |At 1 January 2022|3,532,986| |Additions|1,351,706| |Valuation changes|(742,088)| |Disposals|(317,550)| |At 31 December 2022|3,825,054| |**Carrying amount**|| |At 31 December 2022|3,825,054| |At 31 December 2021|3,532,986| The investment portfolios include cash balances consisting of US Dollar balance of $1,300,000 (€1,218,084), a Euro balance of €47,149, and a Euro balance of €2,879. The historical cost of investments was €2,938,208 (2021: €2,898,076). |**16**
**Debtors**
**Amounts falling due within one year:**
Prepayments and accrued income
**17**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Accruals and deferred income|**2022**
**€**
1,066
**2022**
**€**
26,455
2,195
16,360
45,010|**2021**
**€**
-| |---|---|---| |||**2021**
**€**
9,835
-
15,822| |||25,657| page 25 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **18 Creditors: amounts falling due after more than one year** |**Creditors: amounts falling due after more than one**|**year**|| |---|---|---| ||**2022**|**2021**| ||**€**|**€**| |Other creditors|3,087,750|-| Other creditors includes €3,087,750 owed to IBAP (Institute of Biodiversity of Protected Areas), a Guinea-Bissau state owned entity. Funds are held on behalf of IBAP in a Swiss investment account, to be distributed according to a Benefit Sharing Agreement which has not yet been finalised. ## **19 Endowment funds** Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. |**Balance at**
**1 January 2021**
**€**
**Permanent endowments**
Investment portfolio
2,984,954
2,984,954|**Investment**
**gains/losses**
**Balance at**
**1 January 2022**
**€**
**€**
466,789
3,451,743
466,789
3,451,743|**Movement in funds**
**Incoming**
**resources**
**Investment**
**gains/losses**
**Balance at**
**31 December**
**2022**
**€**
**€**
**€**
1,331,081
(742,088)
4,040,736
1,331,081
(742,088)
4,040,736|**Movement in funds**
**Incoming**
**resources**
**Investment**
**gains/losses**
**Balance at**
**31 December**
**2022**
**€**
**€**
**€**
1,331,081
(742,088)
4,040,736
1,331,081
(742,088)
4,040,736| |---|---|---|---| ||||4,040,736| ## **20 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: ||||**Movement in funds**|**Movement in funds**|||| |---|---|---|---|---|---|---|---| |||**Balance at**|**Incoming**|**Resources**|**Balance at**|**Resources**|**Balance at**| ||**1**|**January 2021**|**resources**|**expended**|**1 January 2022**|**expended**|**31 December**| ||||||||**2022**| |||**€**|**€**|**€**|**€**|**€**|**€**| |Biodiversity in Guinea-Bissau||82,756|429,553|(61,982)|450,327|(416,501)|33,826| page 26 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**21**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2022**
**2022**
**2022**
**2022**
**2021**
**2021**
**2021**
**€**
**€**
**€**
**€**
**€**
**€**
**€**
Fund balances at 31 December 2022 are represented by:
Tangible assets
23,029
-
-
23,029
34,371
-
-
Investments
-
-
3,825,054
3,825,054
81,243
-
3,451,743
Current assets/(liabilities)
3,603,535
33,826
215,682
3,853,043
6,138
450,327
-
Long term liabilities
(3,087,750)
-
-
(3,087,750)
-
-
-
538,814
33,826
4,040,736
4,613,376
121,752
450,327
3,451,743|**Total**
**2021**
**€**
34,371
3,532,986
456,465
-| |---|---| ||4,023,822| page 27 ## **BIOGUINEA FOUNDATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **22 Related party transactions** There were no disclosable related party transactions during the year (2021 - none). |**23**
**Cash generated from operations**
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Cash generated from operations**|**2022**
**€**
589,554
(17,531)
742,088
11,342
(1,066)
3,107,103
4,431,490|**2021**
**€**
801,167
(13,093)
(466,789)
9,284
171
(15,808)
314,932| |---|---|---| ## **24 Analysis of changes in net funds** The charity had no debt during the year. ## **25 Non-audit services provided by auditor** In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements page 28