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← Caribbean Biodiversity Fund

2021-09-30-accounts

Caribbean Biodiversity Fund Financial Statements Year ended 30 September 2021

Charity registration number: 1149889 Company registration number: 08204716

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Contents

Page
Charity Reference and Administrative Details
Trustees’ Report (Including Directors’ Report and Strategic Report) 1 - 13
Independent Auditor’s Report 14 - 17
Statement of Financial Activities (Including Income and Expenditure Account) 18 - 19
Balance Sheet 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 - 32

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Charity registration number 1149889 Company registration number 08204716 Trustees Ms Brenda Boddie-John Mrs Kelley Botswick-Toote Mr Garry Gore Ms Lisa Grant Mr Sixto Inchaustegui Mr Michael John Mrs Petipha Lewis Dr Jen Mackensen Mrs Eleanor Phillips Mr Huswald Timothée Ms Karolin Troubetzkoy Chief executive officer Mr Yabanex Batista (to July 31, 2021) Mrs Karen McDonald Gayle (Acting to September 2021) 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

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

The Trustees present their report and the audited financial statements of the charity for the year ended 30 September 2021. 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:

Ms Brenda Boddie-John Mrs Kelley Botswick-Toote Mr Garry Gore Ms Lisa Grant Mr Sixto Inchaustegui Mrs Petipha Lewis Appointed 15 September 2021 Mr Michael John Dr Jen Mackensen Mr George Mason Resigned 28 February 2021 Mrs Eleanor Phillips Mr Huswald Timothée Appointed 18 March 2021 Ms Karolin Troubetzkoy

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 an endowment fund and (ii) the Climate Change Program, focused on Ecosystem-based Adaptation (EbA), with a 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 2021, the CBF’s activities and key achievements included the following:

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Overall Governance and Operations

A. CBF Board

B. CBF Annual Meeting

The 9[th] CBF Annual Meeting took place virtually due to the COVID-19 Pandemic, on September 15, 2020. This meeting also served as the 44[th] Board Meeting of the CBF.

Key topics discussed included:

C. Committees

Finance Committee Meetings - A total of four (4) CBF Finance Committee Meetings took place in FY21:

Operations

A. Key Institutional Documents Approved:

B. Legal Structure

2 also served as 44th CBF Board Meeting

1Extraordinary Board Meeting

3

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

also continued to work on the process related to registration in the United States of America process as a 501(c)3. Their 501(c)4 registration is current.

D . Programmes Conservation Finance Programme

Endowment Fund

Countries and their process towards CBF-eligible NCTFs made important progress in FY21 in their grant-making and operational systems. Table 1 below shows progress through a set of key milestones.

Table 1 - NCTFs Dashboard tracking establishment progress (as of September 2021)

▪ Partnership Agreements

4

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Climate Adaptation Programme

Ecosystem-based Adaptation Facility

5

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Figure 1 - CBF EbA Projects by Country: 1CfP and 2CfP

Figure 2 - CBF EbA Investment by Country: 1CfP and 2CfP

Partnerships & Projects

Year Ahead - CBF FY2022 Annual Work Plan

The CBF’s FY2022 Work Plan is being developed under the Governance and Strategic Plan consultancy. It is also useful for the new CBF CEO to be involved in the approval of the Work Plan. The CBF Secretariat presented the follow priorities for FY2022 to the CBF Board ahead of the final work plan:

6

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

  - Gender Review

  - Communications revisit

  - Project Management and Tracking System

7

Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Financial Review

CBF Endowment Performance

As of September 30, 2021, the CBF Endowment Account assets totalled US$84,083,596.07. Figure 3 below shows the historical CBF Endowment market value since the inception of investments through September 30, 2021.

Figure 3 - Historical CBF Endowment Market Value Performance to Sept. 30, 2021

The Endowment has disbursed at total of US$1,008,588.00 in Pre-financing Agreements, US$ 2,988,578.81 in Partnership Agreements and US$650,000.00 in Other Grants Agreement, totalling US$4,647,166.81 up to September 30, 2021. See Table 2 for details.

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

NCTFs Country Partnership
Agreement (US)		 Pre-finance
Agreement
(US)		 Other
Agreement
(US)		 Total
(US)
BPAF The Bahamas $69,696.94 $550,000.00 $609,696.94
Fondo
MARENA		 Dominican
Republic		 $1,119,117.29 1,119,117.29
GSDTF Grenada $97,408.53 $175,000.00 $272,408.53
MEPA Antigua & Barbuda $161,288.55 $185,000.00 $346,288.55
NCTFJ Jamaica $335,833.67 $127,588.00 $463,421.67
SCNCF St. Kits & Nevis $101,278.79 $175,000.00 $276,278.79
SLUNCF St. Lucia $621,560.35 $161,000.00 $782,560.35
SVGCF St. Vincent & the
Grenadines		 $286,469.69 $185,000.00 $571,469.69
FHB Haiti $205,925.00 $205,925.00
Grant Totals **$2,988,578.81 ** $1,008,588.00 $650,000.00 **$4,647,166.81 **

Table 2 - CBF Endowment Disbursements Record

As of September 30, 2021, the CBF EbA Facility has disbursed US$265,672.26 under the Project Preparation Grants agreements and US$5,703,314.33 under regular Grants for implementation, totalling US$ 5,968,986.59. The 2025 end date for the Facility is under review given delays in implementation. This Facility also contributes to the CBF operations budget.

Actual Payment Type
Grantees Grant eparation Gra Grand Total
Biodiversite Ministere de l'Environnment, Haiti $10,000.00 $10,000.00
CATIE $123,520.00 $10,000.00 $133,520.00
Fauna & Flora International $347,208.26 $9,650.00 $356,858.26
Fundacion Grupo Puntacana $389,325.59 $10,000.00 $399,325.59
Fundacion Sur Futuro $10,000.00 $10,000.00
Grenada CDA $466,888.66 $9,480.00 $476,368.66
IDDI $1,203,121.42 $10,000.00 $1,213,121.42
IICA $460,662.00 $10,000.00 $470,662.00
J/P Haitian Relif Organization $26,027.10 $7,310.00 $33,337.10
Mona Informatix Ltd $603,405.20 $10,000.00 $613,405.20
REDDOM $860,357.65 $9,802.80 $870,160.45
SLNT $141,925.00 $141,925.00
Sustainable Grenadines Inc $19,817.78 $19,817.78
UWI CERMES $144,146.77 $2,000.00 $146,146.77
UWI Dept. Science & Technology $10,000.00 $10,000.00
FUNDACIÓN PLENITUD $9,000.00 $9,000.00
Deutsche Welthungerhilfe e. V. $9,650.00 $9,650.00
Netherlands Red Cross $9,940.00 $9,940.00
Smith Warner International Limited $10,000.00 $10,000.00
Instituto Tecnológico de Santo Domingo $10,000.00 $10,000.00
Wildlife Conservation Society $10,000.00 $10,000.00
The Ocean Foundation $199,103.60 $10,000.00 $209,103.60
The Centre for Livelihoods, Ecosystems, Energy, Adaptation and Resilience in the Caribbean Ltd. (CLEAR) $207,125.63 $1,850.00 $208,975.63
Windward Islands Research and Education Foundationn (WINDREF) $106,575.20 $10,000.00 $116,575.20
Mercy Corps $10,000.00 $10,000.00
Caribbean Natural Resources Institute $7,500.00 $7,500.00
Caribbean Community Climate Change Centre $10,000.00 $10,000.00
Pan American Development Foundation (PADF) $237,185.00 $10,000.00 $247,185.00
J/P Haitian Relief Organization $52,327.17 $52,327.17
REDDOM 2 $134,410.08 $9,671.68 $144,081.76
Grand Total **$5,703,314.33 ** **$265,672.26 ** $5,968,986.59

Table 3 - CBF EbA Facility Disbursements Record

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Investment Policies

Currently the CBF has two Investment Policies, one for the CBF Endowment Fund and one for the CBF EbA Facility’s Sinking Fund. Investment results and compliance with the CBF Investment Policy is monitored by the CBF Board and its Finance Committee. The CBF Finance Committee oversees investment performance and is supported by 2 Investment Managers – one for each Fund. Investment Managers are restricted to investments that falls under the ESG guidelines as defined by MSCI.

Secretariat Operational Budget

The CBF Secretariat had an operational budget of US$879,689.80 for FY21 with the Endowment Fund contributing US$398,424.80 and the EbA Facility US$481,265.00, as amended by the CBF Board.

Reserves Policy

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.

As of September 30, 2021, the KFW had deposited US$48 Million under the EbA Facility. As a sinking fund, the EbA Facility is expected to be fully expended. The original proposed date of final expenditure was 2025 but this is under review. The EbA Facility also contributes to the operational budget.

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 FY2021 finance and programmatic activities, that were impacted by the COVID-19 pandemic, saw a steady increase pace in implementation as territories evolved from full lockdowns to implementing COVID protocol measures. The CBF operations virtually and the work of the institution never ceased.

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. The Board is composed of 11 directors. They have been nominated by the donors KfW (1) and TNC (1), and Caribbean NCTFs (9). In accordance with CBF governing documents, most of the Board shall not be affiliated with any Government. As of September 2021, the Board was composed of nine (9) Directors and two (2) Member Directors.

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

The CEO acts as the head of, and with assistance of, the CBF Secretariat. The CBF Program Managers oversee the financial instruments and assets and principally reports through the CEO to the Board. The CBF Board and Technical Committees were 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

figure 4 - CBF Governance Chart (as of September 2021)

Financial instruments

The CBF is structured as an umbrella fund with a range of funding sources - permanent and non-permanent. It currently works through two main instruments: i) an endowment for conservation priorities (the “Endowment Fund”), 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 Conservation Finance Program and the Climate Change Program.

Conservation Finance Program – the Endowment

The CBF Endowment fund currently maintains the following 12 Country Sub-Accounts:

In addition, a Sub-Account for CBF operations is managed and CBF is actively investigated sources for funding other new Sub-Accounts.

For the Conservation Finance Program, the CBF channels funding from the relevant Country Sub-account of its Endowment Fund each year, to the Country’s Partner NCTF that has been confirmed eligible to receive funding through a Partnership Agreement with the CBF. The transfer of funds is governed by the terms and

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

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. 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 being identified through four (4) open call for proposals (CfPs), of which two (2) had been completed by FY2021.

CBF EbA Facility eligible participating countries are:

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.

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:

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

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 within the Trustees Report.

On behalf of the board

Eleanor Phillips Trustee

………………… 2022 15 June,

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

Opinion

We have audited the financial statements of the Caribbean Biodiversity Fund (the ‘charitable company’) for the year ended 30 September 2021 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

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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.

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

We have nothing to report in this regard.

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.

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Caribbean Biodiversity Fund

Financial Statements

Year ended 30 September 2021

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

16 June 2022 Date:…………….…….

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Caribbean Biodiversity Fund

Statement of Financial Activities (Including Income and Expenditure Account)

Year ended 30 September 2021

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		 2021
Unrestricted
funds
Endowment
funds
Total
$ $ $ -
755,000
755,000
-
3,008,858
3,008,858
-
3,763,858
3,763,858
-
523,382
523,382
671,649
5,676,392
6,348,041
671,649
6,199,774
6,871,423
-
12,545,261
12,545,261
(671,649)
10,109,345
9,437,696
671,649
(671,649)
-
-
9,437,696
9,437,696
-
125,311,471
125,311,471
-
134,749,167
134,749,167		 2020
Total
$ 50,206,793
2,796,486
53,003,279
468,981
4,331,253
4,800,234
1,946,964
50,150,009
-
50,150,009
75,161,462
125,311,471

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 22 to 32 form part of these financial statements.

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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

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Caribbean Biodiversity Fund

Balance Sheet

As at 30 September 2021

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		 2021
$ 8,178
128,391,238
128,399,416
193,812
6,210,829
6,404,641
(34,890)
6,349,751
134,749,167
(20,000)
134,749,167
134,749,167
-
134,749,167		 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

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

Eleanor Phillips, Trustee

…………………………….2022 15th June,

The notes on pages 22 to 32 form part of these financial statements.

Company registration number: 08204716

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Caribbean Biodiversity Fund

Statement of Cash Flows

Year ended 30 September 2021

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 2020
Cash and cash equivalents at 30 September 2021
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 30 September 2021
Analysis of changes in net funds
Cash at bank and in hand		 2021
2020
Note
$ $ 16
(6,036,517)
45,192,117
(50,435,961)
(91,086,143)
58,896,527
41,329,682
(3,515)
(6,024)
3,008,858
2,796,486
11,465,909
(46,965,999)
5,429,392
(1,773,882)
781,437
2,555,319
6,210,829
781,437
6,210,829
781,437
6,210,829
781,437
At 1
October
2020
Cash flows
At 30 Sep 2021
$ $ $ 781,437
5,429,392
6,210,829		 2021
2020
Note
$ $ 16
(6,036,517)
45,192,117
(50,435,961)
(91,086,143)
58,896,527
41,329,682
(3,515)
(6,024)
3,008,858
2,796,486
11,465,909
(46,965,999)
5,429,392
(1,773,882)
781,437
2,555,319
6,210,829
781,437
6,210,829
781,437
6,210,829
781,437
At 1
October
2020
Cash flows
At 30 Sep 2021
$ $ $ 781,437
5,429,392
6,210,829
781,437 5,429,392
6,210,829

The notes on pages 22 to 32 form part of these financial statements.

21

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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

22

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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.

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 worldwide events since the year end on investment values, the budgeted income and

23

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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
Event sponsorship income		 Unrestricted
Endowment
2021
$ $ $ -
-
-
-
750,000
755,000
-
5,000
-
-
755,000
755,000		 2020
$ 50,206,793
-
-
50,206,793

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

3 Income from investments

Interest and dividends Unrestricted
Endowment
2021
$ $ $ -
3,008,858
3,008,858
-
3,008,858
3,008,858		 2020
$ 2,796,486
2,796,486

4 Charitable activities

Conservation Finance Program - grants
Conservation Finance Program – other
costs
EbA Program - grants
EbA Program- other costs
Support costs (note 5)
Governance costs (note 6)		 Unrestricted
Endowment
2021
$ $ $ -
1,543,644
1,543,644
-
99,374
99,374
-
3,987,127
3,987,127
-
46,247
46,247
574,261
-
574,261
97,388
-
97,388
671,649
5,676,392
6,348,041		 2020
$ 1,629,977
67,815
2,070,145
-
567,529
(4,213)
4,331,253

24

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

5 Support costs

Staff and contractor costs
Travel costs
Office costs
Insurance
Foreign exchange loss		 Unrestricted
Endowment
2021
$ $ $ 426,445
-
426,445
24,265
-
24,265
88,710
-
88,710
10,943
-
10,943
23,898
-
23,898
574,261
-
574,261		 2020
$ 407,255
120,508
31,198
5,324
3,244
567,529

6 Governance costs

overnance costs
Audit fees
Accountancy fees
Legal fees
Other professional fees
Depreciation		 2021
$ 25,000
25,102
14,340
30,136
2,810
97,388		 2020
$ 20,379
21,740
4,468
(53,141)
2,341
(4,213)

25

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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
Haiti (FHB)
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
CLEAR
Fundacion Plenitud
Smith Warner
The Ocean Foundation
Netherlands Red Cross
IT Santo Domingo
WINDREF
Wildlife Conservation Society
Agro Action
Mercy Corps
CCCCC
CNRI
PADF
UWI Dept. Science & Technology
Total grants awarded		 2021
$ 201,154
400,000
186,279
124,877
40,000
209,364
80,644
95,401
205,925
1,543,644
-
-
255,907
225,583
-
387,761
741,122
-
52,327
504,405
844,185
-
9,818
98,139
208,976
9,000
10,000
209,104
9,940
10,000
116,575
10,000
9,650
10,000
10,000
7,500
247,135
-
3,987,127
5,530,771		 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

26

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

8 Net income for the year

Net income is stated after charging / (crediting):

2021 2020
$ $
Depreciation of tangible fixed assets 2,810 2,341
Net (gains) / losses on foreign exchange 23,898 3,243
Audit fees 25,000 20,379

9 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2020: $Nil).

The total amount of key management remuneration amounted to $293,337 (2020: $297,280). 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 (2020 - $nil).

10 Tangible fixed assets

Cost or valuation:
At 1 October 2020
Additions
Disposals
At 30 September 2021
Depreciation:
At 1 October 2020
Charge for the year
At 30 September 2021
Net book value:
At 30 September 2021
At 30 September 2020		 Fixtures,
fittings and
equipment
Total
$ $ 12,701
12,701
3,515
3,515
-
-
16,216
16,216
5,228
5,228
2,810
2,810
8,038
8,038
8,178
8,178
7,473
7,473

27

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

11 Fixed asset investments

Cost or valuation
At 1 October 2020
Additions
Disposals
Realised investment losses
Unrealised investment gains
At 30 September 2021
Carrying amount:
At 30 September 2021
At 30 September 2020
Investments at fair value compromise:
Equities
Securities		 Listed
investments
$ 124,306,543
50,435,961
(58,896,527)
5,365,454
7,179,807		 Total
$ 124,306,543
50,435,961
(58,896,527)
5,365,454
7,179,807
128,391,238
128,391,238
124,306,543
2020
$ 57,868,070
66,438,473
128,391,238
128,391,238
124,306,543
2021
$ 63,358,332
65,032,906
128,391,238
124,306,543

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

Prepayments
Accrued income
13
Creditors: amounts falling due within one year
Trade creditors
14
Creditors: amounts falling due after more than one year
Other creditors		 2021
$ 10,326
183,486
193,812
2020
$ 34,890
34,890
2021
$ 20,000
20,000		 2020
$ 142,930
200,481
343,411
2020
$ 107,393
107,393
2020
$ 20,000
20,000

28

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

15 Fund reconciliation Unrestricted funds

Unrestricted
Unrestricted		 1 October
2020
Income
Expenditure
Transfers
Gains /
(losses)
30 September
2021
$ $ $ $ $ $ -
-
(671,649)
671,649
-
-
-
-
(671.649)
671,649
-
-
1 October
2019
Income
Expenditure
Transfers
Gains /
(losses)
30 September
2020
$ $ $ $ $ $ -
-
(563,316)
563,316
-
-
-
-
(563,316)
563,316
-
-

Endowment funds

Conservation
Finance
Program
endowment
Climate
Adaption
Program EbA
Facility Fund		 1 October
2020
Income
Expenditure
Transfers
Gains /
(losses)
30 September
2021
$ $ $ $ $ $ 74,738,714
2,727,897
(1,775,520)
(671,649)
9,306,315
84,325,758
50,572,757
1,035,961
(4,424,255)
-
3,238,946
50,423,409
125,311,471
3,763,858
(6,199,774)
(671,649)
12,545,261
134,749,167
Conservation
Finance
Program
endowment
Climate
Adaption
Program EbA
Facility Fund		 1 October
2019
Income
Expenditure
Transfers
Gains /
(losses)
30 September
2020
$ $ $ $ $ $ 47,508,790
29,622,828
(1,400,496)
(563,316)
(429,092)
74,738,714
27,652,672
23,380,451
(2,836,422)
-
2,376,056
50,572,757
75,161,462
53,003,279
(4,236,918)
(563,316)
1,946,964
125,311,471

29

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

Analysis of funds

Conservation Finance Program

The purpose of the endowment fund is 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.

Climate Adaption Program – the EbA Facility Fund

The EbA Facility is a sinking fund designed to award grants that support actions on climate change adaption and poverty alleviation through biodiversity conservation and ecosystems management.

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

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)/decrease in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities		 2021
$ 9,437,696
2,810
(3,008,858)
(12,545,261)
149,599
(72,503)
(6,036,517)		 2020
$ 50,150,009
2,341
(2,796,486)
(1,946,964)
432,481
(649,264)
45,192,117

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 $nil (2020: $27,822,200) and of $nil (2020: $22,384,593) respectively.

TNC made contributions to the endowment fund of $755,000 (202019: $nil). Repayments to TNC totalled $nil (2020: $756,368). The amount due to TNC at the year-end was $nil (2020: $nil).

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.

30

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

Director Organisation Payment to
organisation (2021)		 Payment to
organisation (2020)
Mr G Gore Marine
Ecosystem
ProtectedAreaTrust		 $80,644 $90,000
Ms L Grant National
Conservation
Trust Fund of Jamaica		 $124,877 $210,956
MrSInchaustegui FondoMARENA $209,364 $399,333
Mr M John St
Vincent
and
the
Grenadines Conservation
Fund		 $201,154 $230,316
Mr G Mason Grenada
Sustainable
Development Trust Fund		 $40,000 $142,409
Mr HuswaldTimothee Haitian BiodiversityFund $205,925 -
Ms Karolin Troubetzkoy Saint
Lucian
National
Conversation Fund		 $189,774 $94,374
Ms Brenda Boddie-John St Christopher and Nevis
Conservation Foundation		 $186,279 -
Ms Kelly Bostwick-Toote Bahamas Protected Area $459,697 -

19 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:
2021 2020
$ $
Financial assets
Measured at fair value through net income:
- Fixed asset listed investments (note 11) 128,391,238 124,306,542
Debt instruments measured at amortised cost:
- Cash at bank and in hand 6,210,829 781,437
Financial liabilities
Measured at amortised cost
- Trade creditors (note 13) 34,890 107,393
- Other creditors (note 14) 20,000 20,000
54,890 127,393
The income, expenses, net gains and net losses attributable the charity’s financial instruments are
summarised as follows:
2021 2020
$ $
Income and expense
Financial assets measured at fair value through net income 1,493,441 1,285,803
Financial assets measured at amortised cost 1,514,249 1,505,307
Net gains and losses (including changes in fair value)
Realised gains/(losses) on investment assets 7,179,807 (849,597)
Unrealised gains/(losses) on investment assets 5,365,454 2,796,561

31

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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:

2021 2020
$ $
Sterling
Year end rate $1: £0.7742 $1: £0.8129
Average rate $1: £0.7847 $1: £0.7859

32

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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

33

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

Statement of Financial Activities – expressed in British Pounds

2021 2020
Unrestricted Endowment funds
funds Total Total
Note £ £ £ £
Income and endowments from:
Charitable activities A - 551,884 551,884 39,396,450
Investments - 2,199,392 2,199,392 2,194,356
Total income and endowments - 2,751,276 2,751,276 41,590,807
Expenditure on:
Raising funds – cost of managing - 382,578 382,578 368,002
investments
Charitable activities B 490,956 8,003,366 8,494,322 6,842,439
Total expenditure 490,956 8,385,944 8,876,900 7,210,441
Net gains on investments - 9,170,239 9,170,239 1,527,751
Net income / (expenditure) (490,956) 3,535,571 3,044,615 35,908,117
Transfers between funds 490,956 490,956 - -
Net movement in funds - 3,044,615 3,044,615 35,908,117
Reconciliation of funds:
Total funds brought forward - 97,009,876 97,009,876 61,101,759
Total funds carried forward - 100,054,491 100,054,491 97,009,876

34

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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		 2021
£
6,072
95,333,576
95.339.648
143,910
4,611,690
4,755,600
(25,907)
4,729,693
100,069,341
(14,850)
100,054,491
100,054,491
-
100,054,491		 2020
£
5,785
96,231,910
96,237,695
265,852
604,949
870,801
(83,138)
787,663
97,025,358
(15,482)
97,009,876
97,009,876
-
97,009,876

35

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

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

A Funding for charitable activities

Unrestricted
Endowment
2021
£
£
£
Grant income – KfW
-
-
-
Grant income - TNC
-
548,229
548,229
Event sponsorship income
-
3,655
3,655
-
551,884
551,884
B
Charitable activities
Unrestricted
Endowment
2021
£
£
£
Conservation Finance Program
-
1,128,361
1,128,361
Conservation Finance Program –
other costs
-
72,640
72,640
EbA Program - grants
-
2,914,480
2,914,480
EbA Program- other costs
33,805
33,805
Support costs
419,769
3,854,080
4,273,849
Governance costs
71,188
-
71,188
490,957
8,003,366 8,494,322
C
Grants
Grant expenditure during the year was as follows:
2021
£
Conservation Finance Program - Fondo MARENA
153,039
Conservation Finance Program - Marine Ecosystem Protected AT
58,949
Conservation Finance Program - St. Lucia National Conservation
69,735
Conservation Finance Program - St Vincent and the Grenadines
Conservation Fund
147,038
Conservation Finance Program - BPAF
292,389
Conservation Finance Program - SCNCF
136,165
Conservation Finance Program - National Conservation Trust
Fund of Jamaica
91,282
Conservation Finance Program - Grenada Sustainable
Development Trust Fund
29,239
Conservation Finance Program - Haiti (FHB)
150,525
EbA Program - Biodiversite Ministere de'lEnvi
-
EbA Program - CATIE
-
EbA Program - Fauna & Flora International
187,061
EbA Program - Fundacion Grupo Puntacana
164,443
EbA Program - Fundacion Sur Futuro
-
EbA Program - GRENCODA
283,895
EbA Program - IDDI
541,740
EbA Program - IICA
-
EbA Program - J/P Haitian Relief Organization
38,250
EbA Program - Mona Informatix Ltd
368,706
EbA Program - REDDOM
617,076
EbA Program - St. Lucia National Trust
-
EbA Program - Sustainable Grenadines Inc
7,177
EbA Program - UWI CERMES
71,737		 2020
£
39,396,450
-
-
39,396,450
2020
£
1,279,016
53,213
1,624,409
-
3,889,107
(3,306)
6,842,439
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

36

Caribbean Biodiversity Fund

Notes to the Financial Statements

Year ended 30 September 2021

EbA Program – CLEAR
EbA Program - Fundacion Plenitud
EbA Program - Smith Warner
EbA Program - The Ocean Foundation
EbA Program - Netherlands Red Cross
EbA Program - IT Santo Domingo
EbA Program - WINDREF
EbA Program - Wildlife Conservation Society
EbA Program - Agro Action
EbA Program - Mercy Corps
EbA Program - CCCCC
EbA Program - CNRI
EbA Program - PADF
EbA Program - UWI Dept. Science & Technology
upport costs
Unrestricted
Endowment
£
£
Staff and contractor costs
311,719
-
Travel costs
17,737
-
Office costs
64,845
-
Insurance
7,999
-
Foreign exchange loss
17,469
3,854,080
419,769
3,854,080
overnance costs
Audit fees
Accountancy fees
Legal fees
Other professional fees
Depreciation		 EbA Program – CLEAR
EbA Program - Fundacion Plenitud
EbA Program - Smith Warner
EbA Program - The Ocean Foundation
EbA Program - Netherlands Red Cross
EbA Program - IT Santo Domingo
EbA Program - WINDREF
EbA Program - Wildlife Conservation Society
EbA Program - Agro Action
EbA Program - Mercy Corps
EbA Program - CCCCC
EbA Program - CNRI
EbA Program - PADF
EbA Program - UWI Dept. Science & Technology
upport costs
Unrestricted
Endowment
£
£
Staff and contractor costs
311,719
-
Travel costs
17,737
-
Office costs
64,845
-
Insurance
7,999
-
Foreign exchange loss
17,469
3,854,080
419,769
3,854,080
overnance costs
Audit fees
Accountancy fees
Legal fees
Other professional fees
Depreciation		 152,756
6,579
7,310
152,849
7,266
7,310
85,213
7,310
7,054
7,310
7,310
5,482
180,649
-
4,042,844
2021
£
311,719
17,737
64,845
7,999
3,871,549
4,273,849
2021
£
18,274
18,349
10,482
22,029
2,054
71,188		 -
-
-
-
-
-
-
-
-
-
-
-
-
7,847
2,903,425
2020
£
319,566
94,561
24,480
4,178
3,446,322
419,769
3,854,080		 3,889,107
2020
£
18,144
14,906
4,178
(41,699)
1,837
(3,306)

D Support costs

E Governance costs

37