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← Caribbean Biodiversity Fund

2020-09-30-accounts

Caribbean Biodiversity Fund Financial Statements Year ended 30 September 2020

Charity registration number: 1149889 Company registration number: 08204716

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2020

Contents

Page
Charity Reference and Administrative Details 1
Trustees’ Report (Including Directors’ Report and Strategic Report) 2 - 13
Independent Auditor’s Report 14 - 16
Statement of Financial Activities (Including Income and Expenditure Account) 17 - 18
Balance Sheet 19
Statement of Cash Flows 20
Notes to the Financial Statements 21 - 30

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2020

Charity registration number 1149889 Company registration number 08204716 Trustees Mrs Kelley Botswick-Toote Mr Garry Gore Ms Lisa Grant Mr Sixto Inchaustegui Ms Brenda John Mr Michael John Dr Jen Mackensen Mr George Mason Mrs Eleanor Phillips Ms Karolin Troubetzkoy Chief executive officer Yabanex Batista Registered office 3[rd] floor 1 Ashley Road Altrincham Cheshire WA14 2DT Principal place of business 6 Colonial Hill Plaza Thompson Blvd. P.O. Box CB 11398 Nassau The Bahamas Auditor Azets Audit Services Gladstone House 77-79 High Street Egham TW20 9HY Solicitor Ropes & Gray LLP 5 New Street Square London EC4A 3BF Investment managers Metzler -Payden 333 South Grand Avenue Los Angeles California 90071

Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue New York

1

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

The Trustees present their report and the audited financial statements of the charity for the year ended 30 September 2020. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 (effective 1 January 2019).

Trustees of the charity

The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows:

Mr Noorani Azeez resigned 3 June 2020 Mrs Kelley Botswick-Toote appointed 11 December 2020 Mr Garry Gore Ms Lisa Grant Mr Sixto Inchaustegui Ms Brenda John appointed 11 December 2020 Mr Michael John Dr Jen Mackensen Mr George Mason Mrs Eleanor Phillips Ms Karolin Troubetzkoy appointed 2 October 2020

Objectives and activities

The Caribbean Biodiversity Fund (CBF) is a regional environmental fund whose objective is to promote for the benefit of the public the conservation, protection, management and expansion of the National Protected Areas Systems of the Participating Countries by providing a sustainable flow of funds to support, without limitation, enforcement, infrastructure, monitoring needs and other activities that contribute substantially to the conservation, protection and maintenance of biodiversity within the National Protected Areas Systems or any other area of environmental significance of the Participating Countries. Currently, the CBF has two programs: (i) the Conservation Finance Program, anchored by a ~US$80 million endowment fund and (ii) the Climate Change Program, focused on Ecosystem-based Adaptation (EbA), with a US$50 million sinking fund.

The CBF, along with a set of National Conservation Trust Funds (NCTFs), form the Caribbean Sustainable Finance Architecture (the Architecture) which aims to mobilise financial resources for conservation in the Caribbean. As the regional partner of the Architecture, and in addition to its key sustainable financial resources focussed mission, the CBF also plays several roles directed at improving the enabling conditions of its partners and grantees. The CBF convenes meetings of diverse stakeholder groups to advance dialogue on common issues; builds the capacity of grantees, including partner national funds, their grantees and host governments; raises awareness at the regional and international level of the importance of a sustained flow of resources for conserving the Caribbean’s natural resources for a sustainable future; and serves as a forum for regional coordination and cooperation.

Fund-raising Standards Information

The Foundation is not actively engaged in fund raising activities which would require registration with the UK Fundraising Regulator.

Public benefit statement

The Trustees have referred to the guidance contained within the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives. As indicated in the CBF Articles of Association, the CBF was established for the benefit of the public as it promotes the conservation, protection, management and expansion of the National Protected Areas Systems of the Participating Countries.

Achievements and performance

During fiscal year 2020 the CBF activities and key achievements included the following:

2

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Overall Governance and Operations

A. CBF Board

B. CBF Annual Meeting

The 8[th] CBF Annual Meeting took place virtually due to the COVID-19 Pandemic, on August 4[th] and 5[th] , 2020. This meeting also served as the 38[th] Board Meeting of the CBF.

Key topics discussed included:

C. Committees

Operations

A. Key Institutional Documents Approved:

B. Legal Structure

Strategic Plan and Fundraising Strategy

3

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Table I: CBF Endowment Deposits - KFW up to September 2020

Endowment Endowment
Donor Sub-Account Amount (USD)
KFW Cuba 8,903,104.00
Dominica 2,782,220.00
Guyana 5,564,440.00
Haiti 10,572,436.00
Totals 27,882,200.00

Table II: CBF EbA Facility Deposit up to September 2020

EbA Facility EbA Facility EbA Facility
Donor Deposit
Date Organzation Amount (US)
08/23/2017 KFW 26,502,638.25
10/06/2017 KFW 889.76
12/31/2019 KFW 22,384,592.53
Totals 48,888,120.54

Conservation Finance Programme

Eligibility requests for Partnership Agreements were also received from the NCTFs listed below. At least three of these are expected to be signed in the first quarter of FY21:

4

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Table III: NCTFs payments up to September 2020
Date Amount NCTF and Payment #
08/10/2019 92,657.78 SVGCF CBF Partnership Agreement Payment
1 Tranche 1
05/12/2019 105,476.57 NCTFJ Partnership Agreement Payment 1
Tranche 1
05/12/2019 189,968.59 Fondo MARENA Partnership Agreement
Payment 2 Tranche 2
13/05/2020 209,364.29 Fondo MARENA Partnership Agreement
Payment 3 Tranche 1
13/05/2020 94,373.93 SLUNCF Partnership Agreement Payment 3
Tranche 1
13/05/2020 97,408.53 GSDTF Partnership Agreement Payment 1
Tranche 1
06/08/2020 92,657.78 SVGCF Partnership Agreement Payment 1
Tranche 1
15/09/2020 105,479.99 NCTFJ Partnership Agreement Payment 1
Tranche 2

5

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Table IV: NCTFs Establishment Progress (as of October 2020)

Climate Adaptation Programme – EbA Facility

6

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Partnerships

Year Ahead - CBF FY2021 Annual Work Plan

The CBF’s FY2021 Annual Work Plan (October 1[st] , 2020 – September 30[th] , 2021), as approved during the 8[th] CBF Annual Meeting, with a focus on the following key strategic areas of action (summary of Annual Work Plan key actions):

Financial Review

CBF Endowment Performance

As of September 30th, 2020, the CBF Endowment account total assets were $74,406,064.56. Graph 1 below shows the historical CBF Endowment market value since the inception of investments through September 30[th] , 2020.

7

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Graph I: Historical CBF Endowment Market Value Performance

The Endowment has disbursed at total of $1,810,384.04 in Pre-financing Agreements, $883,588.00 in Partnership Agreements and $150,000.00 for Other Grants Agreement, totalling $2,843,972.04 up to September 30, 2020.

Table V: CBF Endowment Disbursements Record

As of September 30[th] , 2020, the CBF EbA Facility has disbursed $128,242.80 under the Project Preparation Grants agreements and $1,941,593.79 under regular Grants for implementation, totalling $2,069,836.59. The fund is expected to be fully disbursed by 2025. This Facility also contributes to the CBF operations budget.

8

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Table VI: CBF EbA Facility Disbursements Record

Investment Policies

Currently the CBF has two investment policies, one for the CBF Endowment and one for the CBF EbA Facility. The policies include the guidelines for each of the fund’s investment strategies. The CBF Finance Committee is tasked with oversight of investments performance.

Investments results and compliance with the CBF Investment Policy is monitored by the CBF Board and its Finance Committee and periodically discussed with the investment managers in order to evaluate results and decide upon any necessary changes to the investment strategy.

Secretariat Operational Budget

The CBF Secretariat had, as approved by the Board, an operational budget of US$747,930.00 for FY20 from with the Endowment contributing $382,100.00 and the EbA Facility $365,830.00, as amended by the Board.

Reserves Policy

The CBF Endowment, is currently funded by KfW (the German Development Bank), The Nature Conservancy (TNC), and the Global Environment Facility (GEF). As of September 2020, an additional total of US$27 million has been deposited to the CBF Endowment as per the pledge made by KFW. As part of its management strategy, the CBF has established an endowment investment strategy aimed at achieving a total of 7% returns on investments. The CBF will pay to the National Conservation Trust Funds (NCTFs) a total of up to 4% return on investments based on a 36-month average value of each Participating Country Sub-Account.

While subject to market behaviour, the CBF Endowment investment strategy is designed to keep in place the CBF capital and allow for payments to the NCTFs and also support the Secretariat operations. In addition, the CBF has established an Operations Reserve as a sub-account within the CBF Endowment, as this reserve builds-up, it will bring additional stability to its operations funding base.

The CBF EbA Facility is currently funded by KfW. As of September 30, 2020, the KFW has deposited US$48 Million under the EbA Facility. This is a sinking fund and is expected to be fully expendable by 2025.The EbA Facility also contributes to the operational budget thus also securing the institutional sustainability.

9

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Principal Risks and Uncertainties

The CBF Board has recognized the importance of having a Risk Registry and strategies to manage all risks associated with the CBF including financial, reputational, and others. An amended Risk Registry was approved in March 2020. The Risk Registry will serve as a key management tool for the CBF Board and its CEO.

CBF FY2020 finances and programmatic activities were impacted by the COVID-19 pandemic. More specifically:

As the CBF is not dependent on fundraising from individuals and has a solid financial base through its endowment and sinking fund, the operations and activities of the CBF are expected to continue their implementation throughout FY21 and beyond albeit with some delays.

Structure, governance, and management

Established in September 2012, the CBF was incorporated as a UK Registered Company and subsequently registered as a UK Registered Charity. Its main governing documents are its Memorandum and Articles of Association and its Principal Operational Manual.

The CBF is governed by the Board of Directors, composed of one director appointed by the German Development Bank (KfW), one director appointed by The Nature Conservancy (TNC) and directors appointed by the National Conservation Trust Funds, once they sign the Partnership Agreement according to established CBF Endowment Policies and Procedures. In accordance with CBF governing documents, a majority of the Board shall not be affiliated with the governments of any of the Participating Countries and must be representatives of civil society. As of September 2020, the Board was composed of seven (7) Directors.

A CBF Secretariat is tasked with carrying out all day-to-day operations of the CBF and headed by a Chief Executive Officer. Board and Technical Committees can be established by the Board to assist with specific tasks. The organizational chart below shows the structure of the CBF as well as how the CBF interacts with its major stakeholders.

10

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

CBF Governance Chart

(as of September 2020)

Financial instruments

The CBF is structured as an umbrella fund with permanent and non-permanent funding. It currently works through two main instruments: i) an endowment for conservation priorities (the “Endowment”), and ii) a sinking fund for ecosystem-based adaptation (the “EbA Facility”). Currently, the CBF manages about US$130 million through these two instruments. Each of the financial instruments is respectively the key instruments of the CBF Conservation Finance Program and the Climate Adaptation Program. Each includes a set of participating countries. Participating countries are defined as countries or territories for which the CBF already has earmarked resources or are eligible for funding according to a financial instrument or program. Observer countries are those countries or territories that have been granted observer status within the CBF but for which resources still need to be identified or relevant agreements have not been signed yet.

Conservation Finance Program – the Endowment

The CBF was originally established with approximately US$42 million of initial financial commitments to capitalize its Endowment Fund. Partner donors to date include the Government of Germany through KfW, The Nature Conservancy (TNC), and the Global Environment Facility (GEF) through the World Bank and the United Nations Development Program (UNDP). A portion of the Endowment is earmarked for each of its participating countries. These partners have also provided important technical assistance in the development of the Architecture.

In December 2019, the CBF and KfW signed a separate agreement (CBF Endowment III) for (a) the additional capitalization of the Recipient’s endowment fund for potential new member countries and (b) capacity building and support measures to the benefit of the CBF and its partner National Conservation Trust Funds. The new financing friom KfW will (i) increase the capital basis of the CBF Endowment Fund, split-up into the respective sub-account of up to four new member countries (Haiti, Dominica, Cuba and Guyana), and (ii) finance capacity building and support measures to the benefit of the CBF and its partner NCTFs.

The Separate Agreement also included emergency response funds for the NCTF of Bahamas (Bahamas Protected Areas Fund (BPAF)) in order to remedy impacts of Hurricane “Dorian” that affected them in September 2019.

11

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Current CBF Endowment participating, and observer countries include:

The CBF channels funding from its Endowment Fund each year to the NCTFs that have been declared eligible to receive support and that have signed a Partnership Agreement with the CBF. The transfer of funds is governed by the terms and conditions set out in such agreements. One of the CBF’s key principles is that national partner funds must create new, sustainable revenue that provides a match to the CBF payments. In FY20, the CBF approved a Match Requirement Policy that establishes the requirement, pursuant to each Partnership Agreement to match the sums disbursed by way of each payment by the CBF under the relevant Agreement. The ability of the NCTF to satisfy the Matching Requirement is one of the evaluation criteria under the CBF’s Eligibility Policy and Procedures. Each NCTF must satisfy the Matching Requirement in accordance with this policy. The policy is part of the CBF Endowment Operational Manual and shall be included as an annex in all Partnership Agreements, as amended from time to time, including as required on, about or following the date of this policy in order to bring it into effect. The match revenue sources could be private and/or public.

Climate Adaption Programme – the EbA Facility

In December 2016 and in partnership with the Government of Germany through KfW, the CBF established a €25m fund for Ecosystem-based Adaptation (EbA) to climate change. In December 2019, the CBF received a 20 Million Euros Top-Up for the EbA Facility from the Government of Germany through Kfw. The EbA Facility is a sinking fund designed to award grants that support actions on climate change adaptation and poverty alleviation through biodiversity conservation and ecosystems management. The grants aim to assist organisations in beneficiary countries in their on-the-ground efforts to maintain and increase resilience and reduce the vulnerability of ecosystems and people in the face of the adverse effects of climate change. The KfW resources in the EbA Facility are to be programmed and disbursed during the 2018-2022 period. Projects are identified through open call for proposals (CfPs). Four (4) such CfPs are planned for the current lifetime of the Facility.

CBF EbA Facility participating countries that are eligible include:

Other countries that can benefit include Barbados, The Bahamas, St. Christopher & Nevis, Trinidad & Tobago, if they are included in regional projects where the eligible countries are in three-quarters majority.

12

Caribbean Biodiversity Fund

Trustees’ Report (Including Directors Report)

Year ended 30 September 2020

Trustees’ responsibilities

The Trustees (who are also directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

As far as each of the Trustees is aware:

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415a of the Companies Act 2006. Preparing the accounts for a small company does not require the preparation of a Strategic Report, however, much of the typical content of a Strategic Report is included withing the Trustees Report.

On behalf of the board

Dr Jen Mackensen Trustee

………………… 2021

13

Caribbean Biodiversity Fund

Independent Auditor’s Report to the Trustees of Caribbean Biodiversity Fund

Year ended 30 September 2020

Opinion

We have audited the financial statements of the Caribbean Biodiversity Fund (the ‘charitable company’) for the year ended 30 September 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

14

Caribbean Biodiversity Fund

Independent Auditor’s Report to the Trustees of Caribbean Biodiversity Fund

Year ended 30 September 2020

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

15

Caribbean Biodiversity Fund

Independent Auditor’s Report to the Trustees of Caribbean Biodiversity Fund

Year ended 30 September 2020

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Creasey (Senior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Auditor Chartered Accountants Egham

24 June 2021 Date:…………….…….

16

Caribbean Biodiversity Fund

Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 30 September 2020

Note
Income and endowments
from:
Charitable activities
2
Investments
3
Total income and
endowments
Expenditure on:
Raising funds – cost of
managing investments
Charitable activities
4
Total expenditure
Net gains on investments
15
Net (expenditure) / income
Transfers between funds
15
Net movement in funds
15
Reconciliation of funds:
Total funds brought forward
15
Total funds carried forward
15		 2020
Unrestricted
funds
Endowment funds
Total
$ $ $ -
50,206,793
50,206,793
-
2,796,486
2,796,486
-
53,003,279
53,003,279
-
468,981
468,981
563,316
3,767,937
4,331,253
563,316
4,236,918
4,800,234
-
1,946,964
1,946,964
(563,316)
50,713,325
50,150,009
563,316
(563,316)
-
-
50,150,009
50,150,009
-
75,161,462
75,161,462
-
125,311,471
125,311,471		 2019
Total
$ 4,000,000
1,695,424
5,695,424
283,947
1,561,176
1,845,123
1,953,713
5,804,014
-
5,804,014
69,357,448
75,161,462

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

The notes on pages 21 to 30 form part of these financial statements.

17

Caribbean Biodiversity Fund

Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 30 September 2019

2019 2018
Unrestricted Endowment
funds funds Total Total
Note $ $ $ $
Income and endowments from:
Charitable activities 2 - 4,000,000 4,000,000 2,730,454
Investments 3 - 1,695,424 1,695,424 1,597,271
Total income and endowments - 5,695,424 5,695,424 4,327,725
Expenditure on:
Raising funds – cost of managing
investments - 283,947 283,947 356,474
Charitable activities 4 536,925 1,024,251 1,561,176 598,792
Total expenditure 536,925 1,308,198 1,845,123 955,266
Net gains on investments 15 - 1,953,713 1,953,713 762,139
Net (expenditure) / income (536,925) 6,340,939 5,804,014 4,134,598
Transfers between funds 15 536,925 (536,925) - -
Net movement in funds 15 - 5,804,014 5,804,014 4,134,598
Reconciliation of funds:
Total funds brought forward 15 - 69,357,448 69,357,448 65,222,850
Total funds carried forward 15 - 75,161,462 75,161,462 69,357,448

18

Caribbean Biodiversity Fund

Balance Sheet

As at 30 September 2020

Note
Fixed assets
Tangible assets
10
Investments
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
14
Net assets
Charity Funds
Endowment funds
15
Unrestricted funds
15
Total charity funds
15		 2020
$ 7,473
124,306,543
124,314,016
343,411
781,437
1,124,848
(107,393)
1,017,455
125,331,471
(20,000)
125,311,471
125,311,471
-
125,311,471		 2019
$ 3,790
72,603,118
72,606,908
775,892
2,555,319
3,331,211
(756,657)
2,574,554
75,181,462
(20,000)
75,161,462
75,161,462
-
75,161,462

The financial statements were approved and authorised for issue by the Board and signed on behalf of the board of trustees.

Dr Jen Mackensen, Trustee

…………………………….2021

The notes on pages 21 to 30 form part of these financial statements.

Company registration number: 08204716

19

Caribbean Biodiversity Fund

Statement of Cash Flows

Year ended 30 September 2020

Cash flow from operating activities
Cash flow from investing activities
Payments to acquire investments
Receipts from sales of investments
Payments to acquired tangible fixed assets
Investment income received
Net cash flow from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 October 2019
Cash and cash equivalents at 30 September 2020
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 30 September 2020
Analysis of changes in net funds
Cash at bank and in hand		 2020
2019
Note
$ $ 16
45,192,117
2,260,529
(91,086,143)
(93,521,814)
41,329,682
90,969,208
(6,024)
(4,345)
2,796,486
1,695,424
(46,965,999)
(861,527)
(1,773,882)
1,399,002
2,555,319
1,156,317
781,437
2,555,319
781,437
2,555,319
781,437
2,555,319
At 1
October
2019
Cash flows
$ $ $ 2,555,319
(1,773,882)
781,437		 2020
2019
Note
$ $ 16
45,192,117
2,260,529
(91,086,143)
(93,521,814)
41,329,682
90,969,208
(6,024)
(4,345)
2,796,486
1,695,424
(46,965,999)
(861,527)
(1,773,882)
1,399,002
2,555,319
1,156,317
781,437
2,555,319
781,437
2,555,319
781,437
2,555,319
At 1
October
2019
Cash flows
$ $ $ 2,555,319
(1,773,882)
781,437
2,555,319 (1,773,882)
781,437

The notes on pages 21 to 30 form part of these financial statements.

20

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

1 Summary of significant accounting policies

General information and basis of preparation

Caribbean Biodiversity Fund is a private charitable company, limited by guarantee and registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are described in the Trustees’ Annual Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in US dollars which is the functional currency of the charity and rounded to the nearest $.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the charity, as described in note 15 to the financial statements. 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 investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes and includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Expenditure recognition and allocation

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to

21

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Governance costs include those costs incurred in the governance of the charity. These costs include costs related to statutory audit together with legal and professional fees and the costs of trustee meetings.

Support costs are allocated to the direct costs incurred on the charity’s activities.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and fittings

25-33% on cost

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains /(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

22

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. Notwithstanding the impact of Covid-19 since the year end on investment values (as set out in the Trustees Report on page 9), the budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

No material judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies in these financial statements.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not believe there are any assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next financial year.

2 Funding for charitable activities

Grant income – KfW
Grant income - TNC		 Unrestricted
Endowment
2020
$ $ $ -
50,206,793
50,206,793
-
-
-
-
50,206,793
50,206,793		 2019
$ -
4,000,000
4,000,000

All current and prior year grant income was in respect of the Endowment fund.

3 Income from investments

Interest and dividends
haritable activities
Conservation Finance Program - grants
Conservation Finance Program – other
costs
EbA Program - grants
Support costs (note 5)
Governance costs (note 6)		 Unrestricted
Endowment
2020
$ $ $ -
2,796,486
2,796,486
-
2,796,486
2,796,486
Unrestricted
Endowment
2020
$ $ $ -
1,629,977
1,629,977
-
67,815
67,815
-
2,070,145
2,070,145
567,529
-
567,529
(4,213)
-
(4,213)
563,316
3,767,937
4,331,253		 2019
$ 1,695,424
1,695,424
2019
$ 1,024,251
-
462,613
74,312
1,561,176

4 Charitable activities

23

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

5 Support costs

Staff and contractor costs
Travel costs
Office costs
Insurance
Foreign exchange loss		 Unrestricted
Endowment
2020
$ $ $ 407,255
-
407,255
120,508
-
120,508
31,198
-
31,198
5,324
-
5,324
3,244
-
3,244
567,529
-
567,529		 2019
$ 351,913
129,195
36,806
4,148
(59,449)
462,613

6 Governance costs

overnance costs
Audit fee
Accountancy fees
Legal fees
Other professional fees
Depreciation		 2020
$ 10,379
31,740
4,468
(53,141)
2,341
(4,213)		 2019
$ 18,000
26,000
4,934
24,823
555
74,312

24

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

7 Grants

Grant expenditure during the year was as follows:

Conservation Finance Program
St Vincent and the Grenadines Conservation Fund
BPAF
SCNCF
National Conservation Trust Fund of Jamaica
Grenada Sustainable Development Trust Fund
Fondo MARENA
Marine Ecosystem Protected AT
St. Lucia National Conservation
EbA Program
Biodiversite Ministere de'lEnvi
CATIE
Fauna & Flora International
Fundacion Grupo Puntacana
Fundacion Sur Futuro
GRENCODA
IDDI
IICA
J/P Haitian Relief Organization
Mona Informatix Ltd
REDDOM
St. Lucia National Trust
Sustainable Grenadines Inc
UWI CERMES
UWI Dept. Science & Technology
Total grants awarded
8
Net income for the year
Net income is stated after charging / (crediting):
Depreciation of tangible fixed assets
Net (gains) / losses on foreign exchange
Audit fees		 2020
$ 370,316
150,000
45,000
338,545
232,409
399,333
-
94,374
1,629,977
10,000
133,520
101,262
173,742
10,000
88,607
472,000
470,662
33,336
109,000
205,952
141,925
10,000
100,139
10,000
2,070,145
3,700,122
2020
$ 2,341
3,243
10,379		 2019
$ -
-
-
-
350,194
175,644
498,413
1,024,251
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,024,251
2019
$ 555
(59,449)
18,000

25

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

9 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2019: $Nil).

The total amount of key management remuneration amounted to $297,280 (2019: $331,418). The Trust considers its key management personnel compromise the trustees, Chief Executive Officer and Program managers.

The trustees did not have any expenses reimbursed during the year (2019 - $nil).

10 Tangible fixed assets

Cost or valuation:
At 1 October 2019
Additions
Disposals
At 30 September 2020
Depreciation:
At 1 October 2019
Charge for the year
At 30 September 2020
Net book value:
At 30 September 2020
At 30 September 2019		 Fixtures,
fittings and
equipment
Total
$ $ 6,677
6,677
6,024
6,024
-
-
12,701
12,701
2,887
2,887
2,341
2,341
5,228
5,228
7,473
3,790
3,790
3,790

11 Fixed asset investments

Cost or valuation
At 1 October 2019
Additions
Disposals
Realised investment losses
Unrealised investment gains
At 30 September 2020
Carrying amount:
At 30 September 2020
At 30 September 2019		 Listed
investments
Total
$ $ 72,603,118
72,603,118
91,086,143
91,086,143
(41,329,682)
(41,329,682)
(849,597)
(849,597)
2,796,561
2,796,561
124,306,543
124,306,542
124,306,543
124,306,543
72,603,118
72,603,118

26

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

Investments at fair value compromise:

Equities
Securities		 2020
$ 57,868,070
66,438,473
124,306,543		 2019
$ 34,097,211
38,505,907
72,603,118
The fair value of listed investments is determined by reference to the quoted price for identical The fair value of listed investments is determined by reference to the quoted price for identical assets in
an active market at the balance sheet date.
12 Debtors
2020 2019
$ $
Prepayments 142,930 602,295
Accrued income 200,481 173,597
343,411 775,892
13 Creditors: amounts falling due within one year
2020 2019
$ $
Trade creditors 107,393 756,657
107,393 756,657
14 Creditors: amounts falling due after more than one year
2020 2019
$ $
Other creditors 20,000 20,000
20,000 20,000

27

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

15 Fund reconciliation

Unrestricted funds

Unrestricted
Unrestricted		 At 1
October
2019
Income
Expenditure
Transfers
Gains /
(losses)
At 30
September
2020
$ $ $ $ $ $ -
-
(563,316)
563,316
-
-
-
-
(563,316)
563,316
-
-
At 1
October
2018
Income
Expenditure
Transfers
Gains /
(losses)
At 30
September
2019
$ $ $ $ $ $ -
-
(536,925)
536,925
-
-
-
-
(536,925)
536,925
-
-

Restricted funds

Endowment
Endowment		 At 1
October
2019
Income
Expenditure
Transfers
Gains /
(losses)
At 30
September
2020
$ $ $ $ $ $ 75,161,462 53,003,279
(4,236,918)
(563,316)
1,946,964 125,311,471
75,161,462 53,003,279
(4,236,918)
(563,316)
1,946,964 125,311,471
At 1
October
2018
Income
Expenditure
Transfers
Gains /
(losses)
At 30
September
2019
$ $ $ $ $ $ 69,357,448
5,695,424
(1,308,198)
(536,925)
1,953,713
75,161,462
69,357,448
5,695,424
(1,308,198)
(536,925)
1,953,713
75,161,462

Endowment funds

The purpose of the endowment funds are to provide a sustainable flow of funds to contribute to the conservation, protection and maintenance of biodiversity within the National Protected Areas Systems and other areas of environmental significance of the 8 participating countries, being Antigua and Barbuda, The Bahamas, Dominican Republic, Grenada, Jamaica, Saint Kitts & Nevis, Saint Lucia and Saint Vincent & the Grenadines. Endowment funds allocations to each country respond or are informed by a number of factors including the size of the country, financial gaps, assessments for the protected area systems and the donor’s policies and priorities. The funds are currently invested enbloc to obtain the best possible return and once distribution to the individual participating countries sub-accounts takes place, this information will be disclosed on a participating country basis.

28

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

Gross movements between funds relate to movement from unrestricted funds to endowment funds.

All net assets are attributable to the Endowment fund.

16 Reconciliation of net income to net cash flow from operating activities

Net income for the year
Depreciation and impairment of tangible fixed assets
Investment income receivable
Gains on investments
(Increase) in debtors
Increase in creditors
Net cash flow from operating activities		 2020
$ 50,150,009
2,341
(2,796,486)
(1,946,964)
432,481
(649,264)
45,192,117		 2019
$ 5,804,014
555
(1,695,424)
(1,953,713)
(115,451)
220,548
2,260,529

17 Company limited by guarantee

The company is limited by guarantee and as such does not have share capital. In the event of winding up, each member has guaranteed to contribute to a maximum of £10 to meet the liabilities of the company.

18 Related party transactions

Two of the directors of the company are appointed representatives from the organisations providing the endowment funds. Mr Jens Mackensen was appointed by the German Development Bank (KfW) and Ms Eleanor Philips was appointed by The Nature Conservancy (“TNC”).

During the year, KfW made contributions to the endowment fund and EBA facility of $27,822,200 (2019: $nil) and of $22,384,593 (2019: $nil) respectively.

TNC made contributions to the endowment fund of $nil (2019: $4,000,000). It also incurred and recharged disbursements on behalf of the Fund amounting to $290 (2019: $220,548) including $nil levied by TNC under an administrative support services agreement. Repayments to TNC totalled $756,368 (2019: $nil). The amount due to TNC at the year-end was $nil (2019: $756,657).

Six directors of the company are appointed representatives from organisations receiving grants under partnership agreements. Details of the connections and of amounts remitted to each organisation are set out below.


set out below.
Director Organisation Payment to
organisation (2020)		 Payment to
organisation (2019)
Mr N Aziz St
Lucia
National
Conservation Fund		 $94,374 $296,768
Mr G Gore Marine
Ecosystem
Protected Area Trust		 $90,000 $80,619
Ms L Grant National
Conservation
Trust Fund of Jamaica		 $210,956 $60,000
Mr S Inchaustegui Fondo MARENA $399,333 $350,194

29

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2020

Mr M John St
Vincent
and
the
Grenadines Conservation
Fund		 $230,316 $90,000
Mr G Mason Grenada
Sustainable
Development Trust Fund		 $142,409 $90,000

19 Post balance sheet events

The impact of Covid-19 on the Foundation is discussed in the Trustees’ Report.

20 Financial instruments

The carrying amounts of the charity’s financial instruments are as follows:

Financial instruments
The carrying amounts of the charity’s financial instruments are		 as follows:
2020 2019
$ $
Financial assets
Measured at fair value through net income:
- Fixed asset listed investments (note 11) 124,306,542 72,603,118
Debt instruments measured at amortised cost:
- Cash at bank and in hand 781,437 2,555,319
Financial liabilities
Measured at amortised cost
- Trade creditors (note 13) 107,393 756,657
- Other creditors (note 14) 20,000 20,000
127,393 776,657
The income, expenses, net gains and net losses attributable the charity’s financial instruments are
summarised as follows:
2020 2019
$ $
Income and expense
Financial assets measured at fair value through net income 1,285,803 686,470
Financial assets measured at amortised cost 1,505,307 1,008,954
Net gains and losses (including changes in fair value)
Realised gains/(losses) on investment assets (849,597) 964,038
Unrealised gains/(losses) on investment assets 2,796,561 989,675

21 Presentation currency

The financial statements are presented in US dollars ($) which reflects the functional currency of the Fund. The exchange rates applied in these financial statements were as follows:

2020 2019
$ $
Sterling
Year end rate $1: £0.7742 $1: £0.8129
Average rate $1: £0.7847 $1: £0.7859

30

Caribbean Biodiversity Fund

Management information

Year ended 30 September 2020

The following pages do not form part of the audited financial statements

31

Caribbean Biodiversity Fund

Management information

Year ended 30 September 2020

Statement of Financial Activities – expressed in British Pounds

Note
Income and endowments from:
Charitable activities
A
Investments
Total income and endowments
Expenditure on:
Raising funds – cost of managing
investments
Charitable activities
B
Total expenditure
Net gains on investments
Net income / (expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2020
Unrestricted
funds
Endowment funds
Total
£
£
£
-
39,396,450
39,396,450
-
2,194,356
2,194,356
-
41,590,807
41,590,807
-
368,002
368,002
442,025
6,400,414
6,842,439
442,025
6,768,416
7,210,441
-
1,527,751
1,527,751
(442,025)
36,350,142
35,908,117
442,025
(442,025)
-
-
35,908,117
35,908,117
-
61,101,759
61,101,759
-
97,009,876
97,009,876		 2019
Total
£
3,143,550
1,332,413
4,475,963
223,150
(2,096,965)
(1,873,815)
1,535,399
7,885,176
-
7,885,176
53,216,583
61,101,759

32

Caribbean Biodiversity Fund

Management information

Year ended 30 September 2020

Balance sheet – expressed in British pounds

Fixed assets
Tangible assets
Investments
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
Net assets
Charity Funds
Endowment funds
Unrestricted funds
Total charity funds		 2020
£
5,785
96,231,910
96,237,695
265,852
604,949
870,801
(83,138)
787,663
97,025,358
(15,4832)
97,009,876
97,009,876
-
97,009,876		 2019
£
3,081
59,021,979
59,025,060
630,754
2,077,321
2,708,075
(615,117)
2,092,958
61,118,018
(16,259)
61,101,759
61,101,759
-
61,101,759

33

Caribbean Biodiversity Fund

Management information

Year ended 30 September 2020

Notes to the Statement of Financial Activities – expressed in British Pounds

A Funding for charitable activities

Grant income – KfW
Grant income - TNC
B
Charitable activities
Conservation Finance Program
Conservation Finance Program
other costs
EbA Program - grants
Support costs
Governance costs		 Unrestricted
Endowment
2020
£
£
£
-
39.396.450
39,396,450
-
-
-
-
39,396,450
39,396,450
Unrestricted
Endowment
2020
£
£
£
-
1,279,016
1,279,016
-
53,213
53,213
-
1,624,409
1,624,409
445,331
3,443,776
3,889,107
(3,306)
-
(3,306)
442,025
6,400,414
6,842,439		 2019
£
-
3,143,550-
3,143,550
– 2019
£
804,946
(2,960,312)
58,401
(2,096,965)

C Grants

Grant expenditure during the year was as follows:

Conservation Finance Program - Fondo MARENA
Conservation Finance Program - Marine Ecosystem Protected AT
Conservation Finance Program - St. Lucia National Conservation
Conservation Finance Program - St Vincent and the Grenadines
Conservation Fund
Conservation Finance Program - BPAF
Conservation Finance Program - SCNCF
Conservation Finance Program - National Conservation Trust
Fund of Jamaica
Conservation Finance Program - Grenada Sustainable
Development Trust Fund
EbA Program - Biodiversite Ministere de'lEnvi
EbA Program - CATIE
EbA Program - Fauna & Flora International
EbA Program - Fundacion Grupo Puntacana
EbA Program - Fundacion Sur Futuro
EbA Program - GRENCODA
EbA Program - IDDI
EbA Program - IICA
EbA Program - J/P Haitian Relief Organization
EbA Program - Mona Informatix Ltd
EbA Program - REDDOM
EbA Program - St. Lucia National Trust
EbA Program - Sustainable Grenadines Inc
EbA Program - UWI CERMES
EbA Program - UWI Dept. Science & Technology		 2020
£
313,350

-
74,054
290,581
117,702
35,311
265,651
182,367
7,847
104,771
79,459
136,332
7,847
69,528
370,371
369,321
26,158
85,531
161,607
111,366
7,847
78,577
7,847
2,903,425		 2019
£
275,213
138,036
391,697
804,946

34

Caribbean Biodiversity Fund

Management information

Year ended 30 September 2020

D Support costs

upport costs
Staff and contractor costs
Travel costs
Office costs
Insurance
Foreign exchange loss		 Unrestricted
Endowment
2020
£
£
£
319,566
-
319,566
94,561
-
94,561
24,480
-
24,480
4,178
-
4,178
2,546
3,443,776
3,446,322
445,331
3,443,776
3,889,107		 2019
£
276,564
101,533
28,925
3,260
(3,370,594)
(2,960,312)

E Governance costs

Governance costs
Audit fee
Accountancy fees
Legal fees
Other professional fees
Depreciation		 2020
£
8,144
24,906
4,178
(41,699)
1,837
(3,306)		 2019
£
14,146
20,433
3,878
19,508
436
58,401

35