Zoho Sign pr￿M￿l K)." 2L￿BAFQ￿aUF0￿RUoQJ￿EHfyIFRNW￿-J￿1N1JZlD￿P*Wjmxo Caribbean.Biodiversity Fund Financial Statements Year ended 30 September 2023 Charity registration number.. 1149889 Company registration number. 08204716 •)￿R59s2• 2711112024 COMPANIES HOUSE 21 1129 Zoho Sign Dc¢umeM ID.. 2WBAF(ftCKXJPQKREzIBQJHEH&4FRIVW*JM4P￿zLoWP￿1QNXo Contsnts Pag• Charity Rel￿er￿e and Adminislr8tive Delails Trustees. Report Ilncluding Dyectors. Report and strateg￿ Rewt) 2-19 Irthpendent Auditorf5 Report Statement of Fin8ncial Acti￿￿5 {l￿vdIr￿j Inc(Mne and Expenditure Account) 20-22 23-24 Balance Sheel 25 Statement of Cash Fl 26 Notes to the Financial Stslements 27-38 Zoho Syn 0￿UmentIo.. 20C8AFCW)UPQKREZIBQJHEH6AFRIWI*JM4PAIZLDKPAI•>iXO Caribbean Biodiverslty Fund Charlty Reference and Adm¢nistrative D•tails Year ended 30 Septgmber 2023 Ch¥rlty Roglstrallon Nurnb•r 1149889 Company Reglstration Numb•r 08204716 Tru$t•es Ms. Lisa Grant Mr. s￿10 Inchaustegui Mr. Michael John Mr. Luis Miguel Gutterrez Ms. Anne-lsabelle Bonrfassi Ms. Karolin Twbetzkoy Mrs. Brenda Boddie-John Mr. G￿n Bannister Mr. Cuitis Bemard Mrs. Petipha Lewis Mr. Albert Arfinglon Pa Mr Joth Singh Ms. Melanie PkTwk Chlef Executlve Officer Mrs. Karen McDonokl Gayle R•gl¥tw•d Offle• 3rf Floor 1 Ashley Road Allrincham Cheshi WA14 2DT Prlnclpal Plo¢e of Buslness 70 Hall Way Tree Road Kingston sai￿ AThlrew Jamaica Auditor Aze15 A￿j11 ser￿￿s Gladstone House 77-79 Hyh Street Egharn Solicitsr Ropes & Gray LLP 5 New Street Square LoThJon EC4A 38F Investment Managors Metthr*ayden 333 South Grand Aver Los Angeles Calrfomi8 90071 Deutsth Bar* Trust Company Amwicas Deutsche Bank Wealth Management 345 Park Avenue New Yo Zthj Span DorAThWiID'. 20CeAFc6(￿upQ￿REZ1BQJHEH6AFl￿VW￿J￿u￿zLDw*￿>IxO Caribbean Biodivorsity Fund Trust￿. Report (Including Directors Report) Year ended 30 Septembor 2023 Trustees wesent their report and the audited finanual slalements of the Charity for Ihe year ended 30 September 2023. The financial statements have been p￿pared in accordancE with the accounting policies set out in notes to the accounts arKI compty wilh the ¢harty's goveming document, the Charities A¢t 2011 and Ac¢ounlin9 and Reportin9 by Charities.. Slatement of Recomfflended PraCt￿e applicable to charitie5 preparin9 their accounts in accordancewith the Financial Reporb"ng Standard appliCa￿e in the UK 8nd Republic of Ireland (effective 1 January 20191. Trustees of th• Charity The directors of the ¢haritable company a￿ its trustees for purposes of charity18w. The trustees who have served durirwj the year and pn'or to the year*nd (September 30. 20231 wEre as foll¢)WS: Mrs. Karolin Troubetzkoy 2. Mrs. Brenda Boddie￿Ohn 3. Ms. Lisa Grant 4. Mr. Sixto Inchaustegui 5. Mr. Michael John 6. Mrs. Petipha Le%*is 7. Mr. Glenn Bannister 8. Ms. Shenique Albury-smith reappointed Chairper50n February 17. 2023 reappointed Seplember 23. 2023 reappointed May 23, 2023 reappointed September 22, 2023 app)inted Juty 1. 2022 8ppxJinle(l De¢ember 17. 2022. resigned January 12, 2024 app)inted November 9, 2022 appointed September 23, 2022 resigned September 28, 2023 resvJned November 9. 2022 resigned November 9. 2022 apwHnted Juty 4, 2023 appynted January 12, 2024 apwnted March 15. 2024 9. . Mr. LUIS-M￿ye1 Guliérrez 10. Ms. Anne•lsabelle Bonrfassi 11. Mr. Curtis 8emard 12. Mrs. Elean¢y Phillips 13. Dr. Jens Mackensen 14. Mr Albert Arfington Paul 15. Mr Jolh Singh 16. Ms Melanie McTurk Obi•ctiv•s and A￿1ville$ The Caribbean Biodiversty Fund ICBF) is a ￿gIonal umbrella environmentsl fund that impiernents innovative solutions and consolidates re9ional rLJnservalion irnpacts in. the Caribbean through a range of financial inslrumenls. The Caribbean BiodiveNty Fund works in the laThJ. ￿￿ter and ecosystems in 13 countrie5 across the region. The wsion for the organwtion is to incjude more countries in the fulure. Their programs and projects ale natural solutions to the dimate and b￿Ne[s￿ crises so that Caribbean and 115 environment thrive. Currently, the CBF has three programs.. {il Conservalion Finance Program. anchored by an endowment fund, lill the Climate Change Program. anthored by an Ec05y5tem-ba5ed Adaptslion {EbAI Facility, with 8 sinking lund and lili) the Natuffj-Based EcOr￿￿ p￿raM, anchored by an Athar￿ing Circular Economy (ACE) Facility. wilh a sinking fixKI. The CBF. aloNJ a set of National Conservation Trust Funds {NCTFsl. form the Caribbean Sustainable Finance Architecture {Ihe Arthilectu￿) vthieh aims to mobilise fin8ncial resources for conservation in the Caribbean. As the reg￿nal partner of the Architec1u￿. and in addition to its key sustainable finance mission. the CBF also plays sevwal roles ￿1￿cled at improving the enabling conditions of its partners and grantees. from all its Programs. The CBF comienes meetings of dplerse stakeholder group5 to advance dialogue on common issues. builds the ￿pa¢ity of grantees. I￿ludIng partner nat￿1 funds. iheir grantees and host govemmeTts" raises awareness at the regKJnal and intemational level of the importance of a sustsined flow of resour¢es for conserving the CarÈbbean's natural resources for a sustainable fijture; and serve5 as a foruTn for regional coordination and coopw8tion. Fundraising Standards Inlomiation The CBF is not activety engaged in fundraising acts￿ *+bith would require registration wilh the UK Fundraising Regulator. Public Benefrt SLitefflent The Trustees have ￿ferred lo the guKlance contained within the Charty CommissK)n's general guidance on publi¢ benefit when revwng our aims aThl objectives. As Thlicated in the C8F Artides of Association. the C8'F Zoho S*n Oo¢um*ii ID.. 2rwo&c¥)UPQKREZIBQJHEH6AFRIVW&JM4WZLCWh14QHXO Caribbean Biodiversity Fund Trustees. Report (Including Directors Report) Yoar ended 30 Septèmber 2023 vras estsblished for the benefft of the public a5 it promotes the conservation, protection. management. and expansion of Ihe Nabonal Protected Areas Systems and key Conservati￿ areas in Ihe Caribbean wilh regional and Intemat￿al pathers. A¢hlevwn?nts and P•rfornw￿* During fiscal year 2023 (Oct 1. 2022 to Sept 30. 2023}. the CBPS activilies and kty achievements included Ihg following= Overall Gov•rnanc• and Operations A. CBF Board At the end of FY23 the C8F Board was composed of nine appointea and ¥*ill make a fin81 recLNnmendation by the end of caSeThJ8r year 2023 for r￿xt steps. 3. Anligua and 8arbuda: The first partnersh￿ A9reement in Anligua and Bart)uda wth the Marine Ecosystems Proteded Areas Twst IMEPA) expired in Jon 2023, after 5.5 years. Unfortunalety, as of September 2023. MEPA vrds unable to meet the requirements for signing a second Partnership Agreement. Requiremenls consisted mainty in Ihe preparation of an A¢lion Plan based on the End of Carlbbean Blodlversity Fund Trustees, Report {In¢ludlng Dlrectors Report) Year ended 30 Soptember 2023 Agreement EvalUat￿n performed in June 2022. In total. the MEPA requested and reG8ived from the CBF Endowmenl a total of USD 268.077 {up to Payment #21. NCTF Payments The CBF made nine (gi Pwtnership Agreement Pa￿ents in FY23 for a totsl of USD 5,539,178.35 nce Incepti￿b. See Table 2 for further detsib. USD 453,077.55 MEPA Tn 185.0 {(kl 2016, Jan 2018. Feb 2020. May 2021) NIA 161288.55 (Nov 2018 1 M￿h 2021) 119J93.88 {Feb 20211 May 2023 I(￿,789. IF¢b 2022) BPAF l J9J93.88 DNcfF 40.1ThI{Oct 2022 ljuly 20?31 NIA 40.(K)O.00 Fondo MARENA 320.451.54 10th20171C 2018) l94.817.06 (May 20201 Matth 2022) 192.720.IKI 2022 1 March 2023 411.850.98 (July 20211 Jan 2023 379.937.18 (Awil l D 2019) 217232.(K) (July 2022 1 De¢ 2022) 418.728.58 (May 20201 May 2021) 110.852 (soy 20?31 225.032 Isryt 2022 1 Apnl 2023} lJ69.181.30 GSTDF 175.oc {i*t 2016. Jar. 2018. Feb 2020. May 20211 NA 697.901.06 GPAT 191720.00 NA 2233￿.{￿> (Aug 20231 739.40¢.98 FHB AFD 93264.(Xb (Aug 20231 Enthwm NCTFJ 127.588.00 ((kl 2016. Jan 2018. Feb 2020, May 2021) 21Q956.56 (D￿ 2019 1 Sept 2020) 249.75421 {April l D 20211 277,659.IlJ (Nov 20r2 1 Aug 20231 865.957.77 SCNCF 175.0(M) {Jan 2019. March at￿Y Oct 2020, Feb 20211 161,(MXI (Nov 2016, D 2017, Mgy a￿1 (kt 20181 201557.58 (Ftb 20211 May 2023) 161.472.(A) (Mareh l 0¢12018) 377557.58 SLUNCF 17A123.62 {M*¢b / Sepi 2019) 188.747.87 (M8yI( 2020) I￿.8(￿).)7 (Maylo 2021) 198.8( IAuglD 2022) SI￿.052.(￿l (Junc 20231 1,177,002.00 SVGCF 185.OLKI (D￿ 2017, Nov 2018. July 2019. Augus12020) 185.315.56 {Od 20191 Aug 202.30827 (May 20211 May 107242. (Jan 2023) 672.623.83 %539.171J5 TOTAL Pr¢-Flw¢t TOTALOTNER USD I,J5fy.•lQ•vdSL Viw¢•T4•dfhE GrEMd6w51JSD 1,16ts.000.00 Table 2- NCTFS Paymenl SIM￿Jary (as of September 2033) Zolm) S*n t¥Jr￿m￿l ID.. 20cWO&CQUPQKREZWJHEFWRIVW*JWk¢llLD￿￿*jHxo Carlbbean Blodiverslty Fund Trustees, Report (Including Dlrectors Report) Year ended 30 September 2023 In August 2023. FHB (Haiti) recei¥ed Pa￿ent 1 from the designated FHB - AFD Endowment (Agreement signed November 20211 SUtTraC￿Unt. This AFD endowment ensures Ihe matching requiremenl for FHB as established in the CBF Matching requirement p￿￿y. For efficw. FHB re￿ved this Payment 1 together with Payment 2 from the CBF EndowmenL Other Grant Agreements CBF has disburs&J a totsl of USD 210.000 in addibonal grants during thi5 fiscal year, bringing the overall disbursement to USD 1,2eO.O￿ to BPAF1100Qh disbursed) and USD 200.000.1]O to SVGCF1100Yp disbursedl since th8 signing of these specral relief grants in 2020 for Hurricane Dofian relief efforts aThJ 2021 lor the Saint Wincentand the Grenadines Cowrvalion Fund w)kani grant relief. ' fvfrfinanciry Agreements The pre-finance Agreement wth Dominica wa5 signed in Septemkr 2022. The first P8yment wa5 made in October 2022 (USD 20.0000.CKJ) and the second in July 2023 (USD 20.000.001. Total Annual Disbursements to NCTF 2kl 1.SIA 1M SOOK 2016 2017 2018 2019 2020 2021 2022 2023 TOT*L • TOTAL PA5 O Pr8-financirwJ • Rekf& Remry Table 3- NCTFS TolalAnnualDl5bL￿MeAl5 (as ofseplember 20231 2oho S￿Th DOCUM￿ ID.. 2DCBAFrfrcouPrJKREzIBatrEpwRMV￿m¢￿1J2L[wANQ￿Xo Carlbboan B40diverslty Fund Trustees. Report (Including Dlrectors Report) Year ended 30 Septembgr 2023 Pr￿1￿*￿tI￿9 ri•ymÈni 1" PaymÈnt 2 P¥ym¢rf 3 Payment 4 Payment 5. payrnent 6 ". MEPA TtsJ$t' Antsgua anè- IBarbuda Y•s,. 68hama¥." CU8A 8D.- Ooiniryca i, ,Domirycan¥".. .ReFiuL¥lie- ',Fondo MARENA, INO Jamaica SI-.￿71$ andr . Ne￿$ ' tr:SCNCF:'?" SLUNCF Si. Vineern and:. Table 4 - NCTFS Dashboard trackjngpaymenis pro￿$$ (as ol Sepiember 2023) 11. Reglonal projects supportiw the Caribbean susts1n•b￿ Fln•nce Ar¢hltectur• under the Conuntatlon Fln•n¢• Program: aribbe ional Archttecture for BKJdivers Objective.. Ensu￿ that the conseN8b"on of ecosystems in Caribbean region has sustainable and sufficient resources. Comy)nents'. (il ￿nsOl￿dall0n in the Archttecture financialty and technicalty for conservation in the Caribbean. lill the m3lrttenari.￿ and ￿$tOra￿.0n of b￿dWerSty aThJ natural resour￿. This project is designed lo support National Conservabon Trust Funds INCTFS) and CBF in a consolidation phase and ultimately ensure their financial and instslulional sustainability. based on the (￿ntatIonS and recornmendations of the Sustsinabilty Action Plan for Ihe Arthitecture. Tafgel counlries". Anl]gua and Barbuda. LknlnI￿n Republic. Dominica, Grenada, GLryana, H811i, Jamaica, Saint Kitts and Nevis. Saint Lucia. Saint Vincent and the G￿nadIneS, The 88hamès, French tetrilories IGLodeloupe, Martinique, F￿rtch Guiana. St. Martin and St. Barthélemy) Project duralion.. S years {2022 - 20261, ¥woved eaty 2022. Agreement b8trwe8n AFD and CBF signed in March 2022. Donors and budgel: 4 million Euros from AFD I FFEM 2. Pro ect 2.. The Caribbean O nIzat￿lnS for a Resilient Environment CORE Objective.. Slrenglhening kno￿ed9e and ¢apacity of enmronmental and women rights organrLations {POtenli81 grantees of the NCTFS) related to the in￿rporat￿ of Indusive Gender Responsiveness in (Natu￿ Based Climate Solutions and specifically ecosystem-based ajaptation IEbA). Climate Change ICC), and Circular Economy ICE) initiatives. through technical assislance {TAI cfft key C￿ such as EbA, CC, CE, gender, and grant making Ipmposal vnitsng, elc.). among others. T￿et counlries: Belvze. Dominica. Guyana. Jamaica. Saint Luua. and Saint Vincent and the Grenadines, Suriname Project ¢Juralion: 4 years {scheduled for 2023 - 2027). Proied proposal approved by the dI￿Ly in December 2022. Agreement between C8F and Global Affair5 Canad8 sKJned in April 2023. Budget donor. CAD 8 million (USD 5.93 MI (Global Affairs Canada) 3. Pro'ect 3.. The USAID Sustainable Financi F￿ Caribbean R ional Conservation The objective of the project is lo ensure thai the conseryation of ecosystems in th& Caribbean region is safeguarded through sustain8ble financing. Thi5 wll be &hieved through cap8(ity building of the National Conservation Tnjsl Funds in different tOPTh. such as grant-making. monilorirrfJ and evalualion. 20￿ Swjn Dowment ID.. 20CBAF(&C¥JKKREZIBQJHEH&AFRIVW*JM4WZLOWAWJHXO Carlbbean Blodlv•rslty Fund Trustees. Report (Including Directors Report) Year ended 30 September 2023 Target countries.. Antigua and Barbuda. Dominican Rewblic. Dominica, Grenada, Gvyana. Haiti. Jamaica. Saint Kitts and Nevis. Saint Luua. Saint vincent and the Grenadines. The Bahamas. Project duration.. 5 years (sthedule(I for 202>20281. The Agreemenl belween CBF and USAIO was signed in August 2023. Budgel and ￿￿or. USD 4 million {USAID). 4. Pro ecl 4.. Csribbean Blue Econom Finanun n 81uEFin Objective. This project will Wofk wilh the CBF lo movethe concept ofthe 'Blue Econory into praclieal spheres. 11 will work to identify and educate on Blue Economy opportunities. in particular in the post pandemic reactivab.on for small and medium enterprises and how they Can be utilEetJ for sustainable finar￿Ing in the insular Caribbean. {1) identrfy sources of Sustainab￿ e￿nomIC value in marine aTrJ coastsl areas.. and {iil support the develowenl of long4em financing solutions for their conservation. Target ¢ounlries'. Saint Lucia, Dominiczn Re￿￿111¢. Sainl Virwit ar#Y the Grenadines, The Bahamas. Grenada Proiecl duration.. 4 years Is¢heduled for 2023-20271. Prowsal approved by the GEF in December 2022, Agreement to be ggned in Decembw 2023. Bu(iget and dorKf. USD 6 Milli￿ IGEF) 5. Pro ect 5.. Effective Marine Pr Area Activibes for rib an EMPAC Objective: This (￿poSed proje¢t V*ryll be implemenled by the CBF 7Mth finan¢ial and le¢hni¢al support from the BILte Nature Alliance I'The Al￿nCe,}. The project is en￿S￿ned to lal extend the CCI a5 the polrtical vehicle to calatyze MPA implementation within the region and {b} develop a Mariii e Protecled Area Facjlity for sustainable financing mechanism under CBF. Enabling partnerships for a Caribbean Action Plan towards achieving sustainable funded. effective marine management. Target countries.. regional Caribb Project duration: 3 yews {2023 - 2026). Project ¢￿tract A9reement signed be￿￿en CBF Conservation Inlern8tion81 lon behalf of ￿ve Nature Aliance) in May 2023. Oonors and budget.. Blue Nature AlIk9r￿. USD 0.75 million Cllmal• Chang• Program Eeosysknbased Adaoation (EbA) Faelllty Pa ments The EbA Facdity has disbursed a totsl of USD 17.303.848.84 to its grantees and beneficiaries since inception. A total ol USD 431,669.87 was distyJrsed under Proposal Prep8r8tion Gtanls {PPGs) for four Calls for Proposals 11 CfP. 2 CIP. 3 CIP and 4 CIPI and a total of USD 16.872.178.97 for approved and swJned Grant Ag[eeff￿nts. Calls for Pro 15 7 CfP.. Undef the 1st Call for Prq)osal, the C8F disbursed a lotsl of USD 10.255.144.42 for Grant Agreements already in force for FY23. The total disbursements since inception totalled to USD 10.383,697.22 {Ind￿ing 128,552.80 PPGI. Annual Wttrk plans including bu¢Jgel and a Pr￿￿￿ment plan We￿ apr￿Ved fc* 11 of 11 grantees from 1 CfP. Semi-annual Technical and Financial Reports were received from all 11 1 CIP granlees. 2 CfP.. Eohl projects under the 2 CIP vwe approved. and the C8F disbursed USD 137,379.46 for the Proposal p￿paration Grant {PPG) and USD 4.747.018.43 for Grant Agffjements approved FY23. All applicants s9ned grant agreements from 2CfP. 3 CfP.. The Third Call for Propx)sals was launched on August 31. 2021. The CBF disbursed a totsl of USD 70.000.￿ for the Proposal Preparation Granl {PPGI and USD 1.870.016.12 for 8 Grant Agreements approved FY23. 4 CKP. The Fourth Call for ProFosal was launched on Thursday November 17. 2022 al the UNFCCC COP27 sKle event "Ecosyslem-based Adaptation in vulnerable rural communilies experiences from Haiti, Cuba and the DR. in Sham el Sheikh, November 17, 2022. The CBF disbursed USD 95.737.61 for ten of e￿ Proposal Prep8ration Grant IPPG} received; only seven signed Grant Agreements. Figures 1 and 2 below show the distributi￿ of C8F EbA proj￿￿ from 1 CfP and 4 CfP by Invest￿nt and by country respectiv*. Zoho Sp3n Docwml D". 2CCBAFC6CX)UPQKRUBQJHEHeNFRIWI&JM4klJZLDeopAN(IHXO Carlbbean 8lodlversity Fund Trusteos, Report Ilncluding Directors Report) Y•ar ended 30 Septemb•r 2023 Approved EbA Projects Prlmorybeneficiaries Secondarybeneficiaries io.0 -I,IiiL_ •ICfP •2CfP •3CfP. •4CfP F&ur* l - CBFEbA Pro*ds by Couniry." Fow C￿$ Ptrjposals EbA Gront IUSD million) 14 12 io F￿￿re 2. CBF EbA Convnille(Y Inveslmentper Country 10 Zoho thment10.' 2LfW(W￿PoKREZIBaJHEH&IFRmv￿jm41AjZl0QLV1NQHXo Carlbbean Biodlvorslty Fund Trustees. Report (Includlng Directors Report) Year ended 30 Septernber 2023 Tho Nalur•4ased Economies Program- Advancing Circular Economy (ACE) Fa¢llity The firsl CIP under the ACE Facility is scheduled for C￿MmenCernent in June 2024. As such. there are no asso¢iated 9ranlee payments assoaated with this re￿Ing ￿riod. Expenses to date (USD 30.894.001 are attributed to staffing of the Program WKI Asset Management CA)sts. P•rtnèrshlps & Proiècts Yèar Ahead - CBF FY23 Annual Worft Plan The CBF'S FY23 Wofk Plan was deveh)ped in at￿rdance with the GovemarKe and Strategic Plan Consuliancy mpleled in FY22. The CBF Secrelariat presented the following priryibes for FY23 to the CBF 8oard ahead of the ffinal work plan.. 1) InstilulK)n*'. Human Resources Re(￿ltment of the follo￿ng posts.. Program M8nager- ACE Facility Technical Officer- CRAB Project L&￿er Tethnical Officer- CORE Project Leader Finance Offttr Administrab"ve Asgstsnl ComMun￿li0n Assistant Prc¥nolK)ns.' Finance Off￿ to Serior Finance orficer Administrative As&stanl to Program Officer. CNtseNation Finance Program ultències InveSt￿nI Consultart.. the consultant's examirbed the CBF ErKlowment investmenl account and coThJucted a capal?ty4>ui￿in9 workshop viilh the NCTF on the fundamentals of investment. Cuba Consu118nls". A Ictal and intemati¢fftal c¢J)suttani We￿ engaged to explore oplions on setting up an NCTF in Cuba. RedLac Event Planner.. The consullant is *￿TkIr￿j ￿ry1h the CBF and the SLUNCF on pfanning the Latin American a￿1 the Caribbean Network of Environmontsl Funds IRedLac) congress lo be held in October 2024 in Saint Luaa. Monikning. Evaluation 8nd Leaming Annu81 Reports 2) conse￿ation Finance Ftrogram ICFP) A. Endowment Signin9 of first Partnership Agreement the DominKa Nation81 Conservation Trust Fund IDNCTFI in l)e¢ember2022. and vAth the hiring ofthe first CEO in January 2023. &gnin9 of second Partnership Agreement befvfftn CBF and Saint Lucia National Conservaknon Fund ISLUNCFI in FebnJ8ry 2023 Haiti Sub-accourtt- Wortd Bank corttribuied EURO 3 million to CBF Endowment Hoili SLtsacc￿nt in February 2023 B. Regional Projects SUFWtirvJ the Caribbèan Sustsinable Finance Architecture ICSFA) under the CFP.. 1. AFO I FFEM- Agreement signed in March 2022. Funding is EUR 4 M (USD 4.3 M). Caribbean Regional Archilectvre for B￿liversIty (CRAB). 2. Govemment of Canada - Consolidation of Regional Enwronmentsl Funds and Organizalions in the Caribbean {CORE}- Approved in December 2022 aThJ Agreement sHJned in April 2023. GAC contribution: CAD 8 million (USD 5.88 Ml Zoho S*n ID-. 2DCBAFC6OQUPOKREZIB0￿E￿￿RIwI￿-J￿1￿zLDWA￿HX0 Caribbean Blodlverslty Fund Trustees, Report (Including Directors Report) Year ended 30 September 2023 3. USAID Sustainable Financ#￿ Fty Caribbean Regional Consen￿lion - submitted October 2020. and approved in Ihe beginring of 2023. Agreement Sig￿ in Au9usI 2023. USAID contribution: USD 4 M 4. ￿ue NabJre Allian￿. Effedive Marine Proleded Area Actiwties for Caribbean {EMPAC): Enabling partnerships for a Caribbean Aclw Plan tobydrds ach￿ing suslainably funded. effective marne management. Approved and Contract Agreement signed be￿een C8F and Conservation Intemational in May 2023. Blue Nature AIlh?r￿e contribution.. USD 750.000 for three years. 31 Climate Change Progr￿ - Ecosystem-based Adèptalion Facilty 1s1 CfP Projects Key Indicator targets advanury o Projects closing oul Report review and extraction of less(￿5 leamt 2nd CIP Projects Accelerated disbursement of fvnds for implementslion Effictenl flow of financin9 8nd technical support for implemenlalK)n First tsvo projects th￿ng ¢yJt 3rd CfP Projects Eight prc¥ects approved: seven <¥ant Agreements signed ImplemenlalK)n initiated and suppts1ed le8m 1st and 2nd financial disbursements to grantees 4th CIP Prqects Fourth CfP Launched (Nov 20221 E￿wen concept notes shortlisted o Ten Project Preparation Grants awarded and paid Prciect selection adVar￿ing Moniloring. Evaluation and Leaming Verification of woiect Implementat￿ - sile visits to by EbA Team and virtual mini- conferences WoTkshcps- Mid-TeTm Evaluation wEbin* ￿ PortfolKJ An8ty$L8 Operational Manual Review Sdection of new Program Officers Environmentsl orn1 S(xral m￿ageMent Syslem IESMS) rolled out wth 3rd and 4th CIP Financial Review CBF Endowm•nt P•rlorman¢• As of September 30. 2023. the CBF Endowment Account assets totalled USD 81,087.167. Figure 3 below shows the historical CBF Endowment market value s¥)ce inceptYJn of investments through September 30. 2023.. 3- Hist￿1¢&1 CBFEndow¥wni Mwkei PerfL¥martrc• io Se￿. X). 2023 12 Caribbean Biodivorsity Fund Trustees. Report Ilncludlng Dlroctors Report) Year ended 30 Septembor 2023 The Endowmenl has disbursed al lotsl of USD 1.048.588.00 in Pre-finanang Agreements, USD 5.866,380 In Partnership Agreements and USD 1.360.000 in Other Grants Agreement. lolalling USD 8,274,968 up lo Seplembw 30, 2023. See Table_2 for delails. NCTFS Country Partnership Pre-finance Other Agreement (VSI Agr•ement A9r•emont (us) {us) $1.260.000.00', Total ius PAF The Baharnas $119.393.88 $1,379,393.88 ' ondo ARENA minican Republtc $1.569.181.2 $1.569.181.30 SDTF 'Grenada M12.049.06' $175.000.0 $268.077. $185,000.0 $752.312.1 127.588.0 $587.049.06 $453,077.5 $879,900.17 MEPA ntvJua & Barbuda Jamalca CTFJ NCF ainl Kitts & Nevis 202,557.58 51,01 S,818. $594.865.8 $175,000.0 $161.000.00 $185,000.0 $ $ 377.557.58 $1.176,818.66 $879,865.83 LUNCF Saint Lucia VGCF aint Vincent & the renadines $100.1)00.O HB aili $ 739.404.98 $ 192.720. $739.404.98 $ 192.720.00 $40,000.00 $8,274.969.01 PAT uyana min DNCTF $ 40.000. $5.866.384 $1.048.588. $1,360.000. Table 2- CBF Endowment Disbursements Record rant Totals EGosy5tem 8ased Adaplation Fa¢ilAty As of September 30. 2023. the CBF EbA Faulity has disbursed USD 431.669 under the Project Prep8r8tion Giants agreemenls and USD 16.872.178 under regular Grants for implementstion. totalling USD 17.303.849. This F&ilty 81so contribu¢es to the CBF operations budgel. Zrthp Svan Dxumeni ID.. 2DCBAFQN)QUPQKREZIBIUIEFwRNW&JkMWZLDKPWK￿XO Caribbean Biodivorsity Fund Trustees. Report {Including Directors Report) Year ended 30 September 2023 EMF•11]￿ Gmrf ltyJlvEtslte Mlnls¢ere de IYftrflry*rnenL *laltl Carft**#nC*mmuffdty aimlie 04r¢e Cem CaiiE*ean NJwr41 IltsArtes Ir6tituie CAMÉ io.(xx)c io,rth.th) 311,395.70 791476.50 CORE Cornmwdtythar*ed ￿1111 Efl(rt EVE5the WelthwyerNlfe e. V. & FILva $￿￿(Ic￿GrUpD FVNDAaON PLE11￿ljD Sur F llo,(￿). 9.650.(•J B47.725.7S 6B7570.36 9,(b)).ai 194146.47 lo,￿￿.(4? 76[1￿.6? 1320,(bXI.(I> FUNDAM GrerAda ITIA IFAC ITS￿￿rtOr0￿COd￿ Santocum IntemD¥rAial F0deA¥￿ ol the RtdCoThs VP Hol￿an Rellel O a￿￿tIaTI VP Rellf O Merryctyps ￿l￿Stry01 Blup&Grttn Ec*w. Mona lThformafjx Ltd t4etr*daTrJ5 Aed tirAs OECS Crynfftls￿￿ Small lo,0￿. Io,ts￿.( JllO,174.40 33337.10 lo,0￿. io,r>)). Ltth,oxi.(iJ ?2J,963.ttt 1531,702.&1 ?,172.66 9,564.9S 80.Ico.r 6J5J86.32 ftEDrthA AEDDOM 056 AECt(Qa 2 AlthmwKIVale*adErnyIRVA) SLNT Smlth Warner Umlthd taIN￿e Grew￿r￿ 1¢ ThE CenEre fcf U¥Yllk•a5. E(05￿￿M5. Erffjy. *thOatlun •rwJ Rosllleru Irthlhe CarfbbRan Ltd l(LEAJII ThE Lknan FOU￿1￿ uré*tsity ol the wesi kn*ts UWI IIAMES ilwl Qt &T 3￿.539.￿1 2U.LDJ.r Z6L486.10 599.791.40 44I3C•J.8J 210.CO). 209.￿.50 425A64.10 w¢wc WI1￿11* Ctysefyalkns￿￿Y W1￿&￿*T0 Is18r4s Rese•r¢h •r4Cth#¥tknFty*•l)Ot Gr•r4 T•i•l Table 3- CBF EbA F*ilrfy Disbwsemenis Record Investment Policies Currently the CBF has three Invesknwt Polioes. one frA the CBF Endowment Fund. one for the CBF EbA Facilty's Sinking Fund and one for the ACE Facilty's Sinkin9 Fund. Investment re$uMs and compliance wrth the CBF Investment Poliw is monilored by the ceF B08rd and its Finance Committee. The CBF Finance CoFnmittee oversees inveslment performance an(J is Sup[￿ed by 2 Investment Managers - one for'lhe Endowment Fund and another for the EbA and ACE Facilities Sinking Funds. Each Investment Mana9er is restricled lo investments that fall under the ESG guKlelines stipulated in each fvnd's Inve*mgnt Policy ststement IIPSI. 14 Zoho Sw Do¢UM￿l ID.. 2DcBAFWQUPQKRFZIBQJPEHWRIVIV4￿m1WZLD￿Il¥%1x0 . Carlbbean Biodlverslty Fund Trustees. Report (Including Directors Report) Year ended 30 September 2023 Sgcfalarlat Opgratlonal Budget The CBF Secretariat had an operational budget of USD 2.265.4f>9.98 for FY23 with the Endtswmenl Fund ontributiThJ USD 420.521.82, the CRAB Project USO 722.93).00. the EbA Facility USD 803,465.15, the ACE Facility USD 318.493.01. as amended by the CBF Board. R•serv•s Policy The CBF Endowment inveslrnent strategy is desKJned to keep in place the C8F Ca￿al aThJ allow for payments lo Ihe NCTFS and also support the Secretarial operations. In ad¢Jition. the CBF has established an Operations Reserve as a sU￿accOunt w￿thin the CBF EThJThvment. as this reserve builds-up. it wll bring 8ddrtion81 stability to its operations funding base. As of Seplernber 30. 2023. the Kfw h&J deposited USD 10 ￿￿kOn under the ACE Facility. The ACE Facility also conlribules lo the operational budget. Principal Risk$ and Unc•rtainti•s The C8F Board has recognized the importance of hawn9 a Risk Regisby and strategies to ma￿ge all risks associated vAth the CBF in¢t￿lIng finanual. ￿putatiOnal. and others. An amended Risk Registy was approved in March 2020. The Risk Registry wll serve as a key management tool for the CBF Board and ils CEO. Stru￿￿r*. gov•manc•. and m•n•gement Eslablished in September 2012. the CBF was inco￿1[ated as a UK Re9islered Company and subsequently registe￿￿ as a UK Registered Charity. Its main goveming documents are ils Memorandum aThJ Articles of Association and its Princip￿ Operational Manual. The C8F is govemed by Ihe Board of Directcrfs. The Board 15 composed of 11 directors. They have been n￿Inated by the donors KIW111 and TNC11). and Caribbean NCTFs19). In accorda￿ wilh CBF goveming doCbF￿nts. most of the Board shall not be affiliated with any Govemment. As of Septern..￿r 2023. the Board was composed of nine191 Directors and ￿ {21 Member Direclvs. The CEO acts as the head of. and with assistsrte rrf. the CBF SecTetsriaL The CBF Program Man8gers lead technical owsight and overall management of the finan¢aal instruments and wincipalty rgport through the CEO to the 8oard and relevant donNs. The CBF P4)ard and Committees were est8blished by the Board lo assist th specffic tasks. The organizational chart below shovo the stwclure of the CBF as well as how the CBF interacts with its major slakeholders. 15 Zoho S*n Document1Tr. 2DC8AFC6cKxJpfJKREZ181XTrIEH6AFRIVW4Ak14WWA￿•￿IxO Carlbbean Blodlversity Fund Trustees, Report {Includlng Directors Report) Year anded 30 Seplember 2023 Flnan¢i•l Instrnm•nts The CBF is structured as an umbrella fund with a range of funding sourc£s- permanent and non-pemianenl. 11 Cufrenlty Wofks through three main instnjments". il an enth)wment for conservatK)n priorit￿S (the 'Endowment Fund'l. li} a sinking fund for ec0sys1em￿aSed adaptat￿n Ilhe "EbA Facility") and. iiil a sinking fund for the advancing circulareconomy Ilhe ACE Facdty'l. Addrtton lo the main sources the CBF B imple￿￿ntIng projects under the Conservation Fhnance Program. Currentty. the CBF manages about USO 180 million through these in-.tTuments and projects. Each of ihe finartial instruments resFeclively the i.¥y instruments of the Conservation FinarKe Program. the Climate CharwJe Program aThJ the Nature Based Economie5 Program. Conswvafyon Finan¢e Program The Endowment Fund The CBF Endowment Fund currenuy rnaintans the following 12 County Sub-Accounts: Antigu8 and Barbuda Guyana The 8aharna5 Jamaica Saint Kitts and News S8inl Lucia Saint Vincent arKY Ihe Grenadines DominKa Dominican Republ Grenada In addition, a Sub-Account fijnded by the Agence Francaise de Development IAFD} was ¢reated as match requ1￿Ment for FHB and a sU￿AccoUnt for CBF operations is managed and CBF is actively invesligaling sources lor funding other ne4V Sutr￿A¢COUnts. For the Conservation Finance Program. Ihe CBF thanne& funthng trom the relevant County Sub-accounl of rts Endowment Fund each year, to the Country's Partner NCTF that has been confimied eligible to re¢eivo funding through a Partnership Agreement wth C8F. The transfer of luNJs is govemed by the temis and condition5 set out in such Agreements. One of the C8F's key principles is that nth'¢)nal partner fLtnd$ must create new. sustsinable revenue that prowdes a matth to Ihe CBF payments. Projects supportlnl the CSFA In the reporting period, the CBF repthts actfft Partnership A￿eernents 7Mth 10 Nati[￿01 Conservalion Twsl Funds INCTFs}. These agreements have facililaled, to date. the disbufsement of over USD 8.44 million from the C8Ps ConseNab"on Finance Program. sw)porling w)servalion activibes across ts region. The NCTFS. these agreements, have reported 8 lolal of 79 grantee projects to date. including relief projects for the Bahamas and St. ￿l￿ent and the G￿nadIn¢$. The totsl commttted or spent on these projects amounts lo USD 4.011.034.00.1n a(trJ￿on to Ihese [￿je¢l$. To dale. USD 1.048.588.00 has been disbursed 16 ZO￿ Syn [s)￿m￿ ID.. 2t£BAFQKQVPQI(REZIBQJHEH6AFRNW-6-Jk14MJZLOW*MJHXO Carlbbean Blodlversity Fund Trustees, Report {In¢ludlng Directo￿ Report) Year ended 30 September 2023 under pre-financing Agreements to initiate the conservation trusllunds. covering actiwties such as hiring a CEO and c8pacity building. Approximaldy 25% of the ￿￿￿$ disbLtrsed to the NCTFS. encompassing both Partnership Agreements and relief grants. have been all￿ated for operat*)nal expenses, aligning with the terms of the CBF Partnership Agreement. It is note￿￿rthY that this infomiati¢)n is compiled based on progres5 reports submbtted by the NCTFS. Furthennore we note the sonthe Tiue.. Caribbean Regional Architecture for Bic*Jiver5ity (CRAB) The overall objective of the CRAB project is lo consdidate the Caribbean Sustsinable Finance Architecture. financially and lechnully for conseN8tion in the Caribtean, lo supporL in Ihe Song lenm. the maintenance and restor81ion of biodiversty and natural resources. This projecl is designed lo support National Conservation Trust Funds {NCTFs} and C8F in a consolidation phase and ultimalety ensure their financial and institutional sustsinability. based on the orientstKJns and recommendations of the Sustainability Action Plan for the Caribbean Sustainable Finance Architethire. One of the oulputs is supporting the NCTFS in implementing an E&S framework system. Major acComplishm￿ts ach￿Ved indude the hirry of the project cor*dinator a5 of L)ecember 2022 and the signirbg of 8 sub-a9￿ernent with the OECS on rmpleThEntst•)n of Bro-Bk* ch8rft v81ue charns. focusirw on queen conch. seamoss arKI sargassum. Tille: The Caribbean Organizations for- Resilient Enwronmenl (CORE} Objective: st￿n9thenIng knoyledge and ¢apa¢ity of enwronmenlal and women rigttts Organizat￿n$ (Fthntial grantees of the NCTFS) related to the incorporaiion of Induswe Gender Responsrve in Nbcs (Nature Based Climate Soluts'onsl and specifically ecosyslem-based ad8Ptation {EbA). Climate Change (CCI. and Circular E¢(*￿￿Y ICE) iniliatives, through technical assislance {TAI M key concepts s￿h as EbA. CC. CE. gender. and 9r8nt-making {prop05al writing, elc.). am¢)ng olhers. Approved by the donor in December 2022. The Agreement between CBF and Global Affairs Canada was signed in April 2023. In a(Jdition to the Caribbean NCTFS. ts¥o r￿l-e8F countries wll also have access lo the innovative IGR for Nature-base<¢ Climate.Solul*)n (Nbcs) tools developed through CORE. through the NCTF neN¥ork (under the Ktw project): SurinaiTre arKI Belize. T￿e. The USAID Susfainable Financing Fcff Caribbean Regional Conservalm Objective.. The objective of ￿ proieci is lo ensure that the conservation of ecosystems in the Caribbean is safeguarded through Sustainab￿ fin￿ing. This wll be achieved through capacity building of the N8b"on81 Conservation Trust Funds in different tcyics. such 8s grant-making. monitoring and evaluation. et¢_ The Agreement between CBF and USAID was signed in August 2023. and the first action will be the hiring of project coordinator. Climate Change Program In December 2016. in partnership the GovemmentofGemianythrough Ktw. the CBF established a EURO 25 million sinking fvnd for E¢osystem4Jased Adaptation IEbA} lo dimate change. known as the EbA Facility. This initiative received an additional EURO 20 millTron from KIW in December 2019, broadening ils S￿pe. The resources in the EbA Facility V￿re inrfially planned fof disbursemenl bets¥een 2018 and 2025. with projects identif￿d through four open Calls for Proposals {CIPs}. The EbA Facility is designed to award grants that support actions on ¢limate ehange a¢Japtstron and povety allewab.on throu9h biodiversity conservation arKI ecosystems management. The 9rants aim to assist organisations in b8nefi¢iary countries in their on.the-ground efforts lo maintain and increase resiller￿ and reduce ts Yuk￿ra￿￿'1ty of ecosystems and people in the face of the adverse effects of dimate change. CBF EbA Facility eligible paityaling countries are.. Antigua & Barbuda Cuba DonNnica Dominican Republic Grenada Haiti Jamaica Mwtserrat Saint Lucia Saint Wincenl & the G￿nadineS 17 ZcthD Sun DorJJment ID.. 2DcW(WJUPQKREZ18athEH6AFRIW*-JW￿ELoWANf￿o Caribb•an Biodlverslty Fund Trustees. Report Ilncluding Directorn Report) Year ended 30 September 2023 Other Caribbean territories that can be￿ include Barbados. The 8ah8mas. Saint Christopher & Nevis. Trinidad & Tobago. onty if they a￿ irtluded in regio￿1 projects Nthere eligible countries are in three-quarters majority. The NatUrn*8ased E¢onomles Progr•m In October2022 in partnership wlh the Govemmenl of Germany lon behalf of the Federal Ministry for Ewnomic Cooperation and Development) thrcwh Kfw. the CBF estsblished a EURO 25.7mlUSD 28.3m sinking fund lor Sustainable Financing Mechanisms for Marir￿ Protection in the Caribbean {A(fvancing Circular Economy (ACE) Facilty). The ACE Facility is desigr*d to award grants that support sustainable interventions thal contribute to the re￿￿tion of marine litter in the Caribbean by promoting the rircular economy among public and private a¢￿$. The ACE Faulity Nwth public a￿1 private sector partners as well as other Caribbean s18keholders to fund projects thal promote and appty practical circular eCOr￿nY prinrjples lo minimsze, prevenl or remove waste entering the m8rir* environment ar￿Or removing marine litter. This is to be achieved by investments in equipment and infrastrudure but also generati￿ of dala aTrJ knO￿edge. policy support and educaiion of consumers. The Ktw resoUr￿S in the ACE Facifity were iniliany programmed to be disbursed betr￿en 2023 and 2028. Projects are being it1entified through ts¥o open Call for Proposals {CIPs}, which are SChedu￿d for June 2024 and June 2025. The geographical fc#)Js of the ACE F8calty ts on the following countries of ts insular Caribbean.. Cuba Dominica Domin4c8n Rep￿11¢ Grenada Haiti Jamaica Montserrat St. Luua St. Vincent and the Grenadines Trustees. Responsibilities The Trustees {wtho are also d￿e¢IC￿S of Ihe Foundation for Ihe purposes of c¢)mpany18w) are responsibk for preparing the Trustees, Report (including the Strategic Report) and the financial slatements in xcordance with applicable law and regulations. Company law requires the Trustees lo p￿Pa￿ financtal ststements for each financial year. Under that law. the Trustees have ekcted to prepare the ffinancial slatements in accordance with United Kingdom's Generaly Accepted Accounting Pract￿ (United Kingdom Accounting Standards arKI appliCa￿e law). Under company law. the Trustees must not approve the financial statements unless are satisfied thal they give o true and fair vw of the State of affairs of the charitable comparry arKI of the incomirvJ res￿ree$ and application of resources. in¢ludiThJ the inccffle a￿1 expeTr*ture. of Ihe chariLibte company for that perN)d. In prep8ring these finanual stslements. the Trustees are required to.. select suitable accounting policies and Ihen apply them ￿nSIStenty. observe the melh(Kls arffl prinoples in the Chorities SORP FRS 102: make judgements and a￿unting estimates that a￿ reasonable arKI prudent" state vknether applicable UK Accounting Stsndards have teen followed. subject to any material departures disclosed and explained in the finanaal stslemenls", prepare financial stslements on the going concem basis wibess it is inaFpropr&4te to presume that the charitsble company wll Continue in business. The Truslees are ￿ponsib￿ for kewng 8¢*quate accountiig records Ihat are suffiCi￿t to show and explain the chantsble company's tranS¥t￿n$ and dis¢lose with reasonable accuracy at any time the financial position of the Company and enable Ihem to ensure thal the ffinanoal slatements comply wilh the Companies Act 2006. They are also responsible for s3feguar(ling the assets of the charitable company and hence for taking reasonabl8 sleps for the yevention aThJ detection ol frawj a￿1 other irrwAarilies As lar as each of Ihe Trustees is awrare: there is no relevant audrt informatw)n QfWh￿h the CharIL￿￿e company's auditors 8re unaware." and 18 Z¢￿? S¥n fkscument10.. 2[￿BAFt60QuPaKAEZI￿QJ￿ETrwRI￿l￿-J￿4￿ZLcl•JP*WaHxo Carlbbean Biodiverslty Fund Trustees, Report {In¢luding Dlrectors Report) Year ended 30 September 2023 the Tnjstees have tsken all steps that IW ought to have tsken lo make themselves aware of any relevant audit infomiation and to establish that the auditors are avrdre of that information. In preparing this report, the Tnjstees have taken advanlage of the small companies. exemptions providetJ by Section 415a of the Companies Act 2006. Preparing the accounts for a small company does not require the preparation of a Strategic RetMJrt. h¢)we￿. much of the typical C(￿tent of a Strategic Re￿rt is inclLKled bwthin Trustees Report. On behow ofthe CBF Board of Diredrys en Glenn Bannister Trustee ond Dirgctc 19 . Zc*o SKJn Docurnent 2oC8AF(ftCK)UPQlfREZIBQJHEHWRivw4•i￿f￿PAHQfr Independent Audltorfs Report to the Members of the Carlbbean Biodlverslty Fund Year ended 30 September 2023 OplnloTr We have audr(ed the financial statements of the Caribbean 8￿￿eTSty Fund (the 'ehaTiable eompany I for the year ended 30 September 2023 v#hÉch comprise the Stslement of Financial Activrties, Ihe Balance Sheet, the Statement of Cash Flov*8 and Notes to the Financial Statements. induding a summary of significant a￿)untIng pOI￿leS. The finanrAal reporting frarnev￿rk thal has been applied in their preparation is applicable law and Unrted Kingdom Accounting Stsndards, indutying Financial Reporting StaThYard 102 'The Financial Reporting Stsndard appluble in the UK and Republic of Ireland, (Unrted Kingdom Generally Accepted ACco￿￿n9 Pract￿e). In our opinion. the financial statements.. give a true and fair of the slate of the charitable company's affairs as al 30 Septwrthr 2023 and of its incoming resources and application of resources. for the year then ended.. have been property prepared in accnrdance *ith United lQngdc*n Generally Accepted Accounting Pr8clice.' a￿1 have been Prepared in accordance with Ihe requirements of the Companies Act 2006. Basis fol opinion We conducted our audit in aCCordar￿e with Inlemational Standards on AuditirrfJ {UKI {ISAs IUKII and applicable law. Our responsibil￿8$ under those standards arefurther described in theAudilols respon5ibilrtie5 for Ihe audit of the financial statements section of our rem. We are independent ofthe charitable company in a￿Ordance wth the ethical. requirements that are relewant to our audit of the financial 5talemen15 in the UK, including the FRC'S Ethical Standard, and we have fulhlled our other eth￿al respon6ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo promde a b8sis for Lwr opinion. Conclusions relating to going COn￿M In audrting the financral slalemerts. we have concluded that the tfUStees' use of Ihe goir@ ¢oncern basis of accounting n Ihe weparation of the firwKial slatements 15 appropriate. Based on Ihe work we have F*rformed, we haNTr Tr)t hIentif￿d any materi31 urtertainties relating to events or conditions Ihat. indiwdually or collectivety. may cast Significant doubt on the company's 8bility lo continue as a going concem for a per￿ of al least monlh5 frrmn when the finanoal sts1en￿ts are authorised for issue. ()Jr responsibilibes aThJ the responsilxlities of the trustees *ith respect to going concem are d￿ribed in the relevant sections of this reporL Oth•r Informatlon The other infomiation ￿MPriseS the infomiation included in the amual reporL other than the financial ststemenls and ourauditorfs report thereon. Thetruslees are responsible foTthe other information. Our opinion on the financial ststements th)es not cover the other inlormalion and. except lo the extent otherwise explicidy slated in our report. v* do exp￿$$ anyfomi of asswance condusion ther80n. r responsibilty is to read the other infomialion and. in so. consider vthether the other information is materially inconsislenl the finanual 51alements. ¢y our k￿elIge obtained in th& course of the audit or otherwise appears to be materialty misstated. If we idenbfy such material inconsisten¢ies or app0￿nI material misststemenls, we a￿ wuired to detemine whetr*T the￿ is a material misstalemenl in the financial ststemenls themselves. If, based on the W￿rk we have Ferfomed, we conclu(le Ihal there is a material misstslernent of this olh8r infomiation. ￿ are requre(I to report that fact. We hav8 nothing to report in tth regard. Ztho SignC*Jwment ID.. 2L￿￿lFC￿CQVPOKREZIBQJHEH&IFRMv4￿￿1AQLD9jpA￿lF Independent Audito￿5 Report to the Members of the Carlbbean Blodlvefslty Fund Year ended 30 Septwnbor 2023 Opinions on oth•r matt•rs pr•s¢rib•d by th¢ Compani•s Act 2006 In cw opinion. based (x) the undertaken in the course of the audit the information gNen in Ihe trustees. repor( whth includes the directors. report wepared for the purpK)se5 of company law, for the finanoal year for the financial slalemenls are prepa￿d is consislenl with the financial stslements.. and the ￿1￿Clor$, report InCh￿d wthin the trustees. report has been prepared in a￿ordanCe with applicable Wl requirements. Mattws on whlch we ar• r•quirnd to report by excèption In Ihe light of the kn¢)wledge and understarKling of the charitable company and ils environment obtsined in the course of the audit. we have not idenlthed Mater￿ mbsslalemenls in the diiecloTs' report included ￿￿thIn the trustaes, report. We have nothing lo report in respect ol the loUth4irKJ matters in relation to which the corn￿ni&S Act 2LX)6 reqUI￿S us to report to you il. in our opinitin.. adequate accounling records have not been kept. or retums adewate for our audit have not been received frorn branches r￿1 wsited by u5: or the financial statements are not in agreement y￿h the accounting records and retums: or certain di5cbsures of t￿￿tees. remuneration speCrf￿d by Lgw are not made., or we have not rgceived all the informalion and explanatiorts we require for our audit: or the trustee5 were ￿t ents￿ed to prepare the finanaal statements in accordance with the smam companies regime and take advantage of the small conyanies. exemptK>n$ ￿ preparing the trustees. report arKI from the requirement to prepare a strategic report. Responslbllltlos of trusteès As explained more fulty within the Intstees, responsbilities Statement. tnjstees (who are aL80 the directors of the charitable company lorthe purposes ofcompany Liw) are responsible for the preparation ofthe financial statements and for being satisfied that they give a true and lair wew. and for such internal control that the trustees determine 15 necessary to enable the pwiaration ol finan(xal statements that are free from material misstatement. whether due to fral￿ or error. In preparing the financial statements, the tru5tee5 are responsible for assessing the charitable company's abilty to continue as a going cor￿M, disdosing, as aPpI￿￿e. matters related to going concern and using the going concem basis of accounling. unless the Iwstees either intend to IvJu*Jale the charitable company, cease opefations. or have no reaistic aliemative but lo do so. AudStorfs responsibilRl•s for Ihe audlt of th• financlal slatwnents Ourobiectives are lo oblain reaSc￿8b1e aSSU￿¢e aboutwhether the financial stalements as 8 whole are free from material misslalement. whether due to fraud or error. ar¥J to issue an audrtorfs report thai includes our opinion. Reasonable assurance is a high level of assu[ar￿ bLrt is not a guarantee that an audit conducted in a￿OrdanCe with ISAS (UK) will 0￿yS del￿t a malerial misststementvthen it exists. Misstatements. can arise from ftaud or error arKJ a￿ considered material rf. indiwdually or in the aggregate. they could reasonably be expecled to influence the ecoTh)mK decisi(M)s of usets tsken on the basis of Ihese financial ststements. Extent to whlch the audft was considered capabl• of det•etir¥J irregularltles, Incl￿lIng fraud Irregularities, indudiThJ fraud. are instances of non-comp11ar￿ laws and regulations. We design procedures in line wrth our responsibilit￿s. ¢YJt￿ned above and on the Financsal Rep)rting CowKil'$ website. to detect material misststements in ￿SpeCt of irwulanties. induding fraud. 21 Zoho Svan rx)wm8nt 10.. 20CBAFI&OQUPQKREzIBQJHEH6AFRW￿m4￿ILDKvwfr￿O Caribboan Biodiv•rsity Fund Slatemont of Financial Activities Oncludlng Irbcome and Exp¢ndlture Account) Year ended 30 September 2023 We obtsin arKI uptlale our urtderstarKling of: ts entity. its aclmties. its ¢cffitrol enwronment. and1￿(elY future developnents, including in relation to the bgal aTrJ reguktory fram8v•￿Ik applicable and h¢)w the entty is complying with that framework. Based on Ihis urKkrstsThJing.' we identify and assess the risks of material misstalemenl of the financial statements Iwhether due to fraud or error). design and perfomi audit procedures responswe to those risks. and obtain audit evidence that is sUffiC￿nt and appropriate to provide a basis for OUT ¢Jpinion. This includes consideration of the risk of acts ty the enlity thal were contrary to appticable laws and regulations. i￿audIng fraud. In respor￿e lo the risk of irrewlarities arKI r￿n•COmPlIar￿e with laws and regulatwjns. includiThJ fraud, we designed procedures ￿lch included: Enquiry of management and those charged govemance arothj actual aThJ potential libgation and claims as well as actual, suspected and alleged fraud,. Reviewing minutes of meetings of those charged wilh sKJvemance'. Assessing the extent of compliance wth the laws arKI regulations considered to h¥ve a direct material effect on the fiAan¢i815talements or the operation5 of ihe company through enquiry and inspection; Reviewing finèncial statement disc105ure5 arKI le5b.ng to supporting ¢Sxumenlalion to assess compli￿ce wth applicable laws 8nd regulations: and Perfomiing avdit work over the risk of m8nagement bi8s ar#Y override of controls, Includlng testlng of joumal entries and other adjustments for akwropnaleness. evalu8tin9 the tKJsiness rationale of s•Jniknnt transaclions outsi¢* the nomial course of buwness and reviwng accounting estimates for indicat￿S of Fthntial bras. 8ecau$e of the inherent limitaliorts of an audit. there is a risk that will rKJt detect all irregularities, including those leading to a msi: ' ari41 misstatement in the financial statements or non-compliancE with regulation. Ti pis risk increases the more that compliance vAth a law or regulation is removed from the events and transactions reflecle(J in.the financial statements. as we ￿TrI1 be less likely to become aware of instances of non- coM￿lance. The risk of not delectiTrJ a material misstatefflent resultin9 from fraud 15 higher than for one resulling from error. as tral￿ may invofve collusion. f￿gery. intentional omissions, mi5repTesenlations, or the override of inlemal control. A further description of our ffjsponsibilit*s is available on Ihe Financial Reporting Council's website at: htlpsJA￿.frC.org.ukl8￿jiIor$r0s￿)￿b1l￿tres. Thus descripbon forms part of our a￿th1o￿5 report. Use of our report This report is made solety to the ¢hori1oble corryany's members. as a bc*. in accordance with Chapter 3 01 Part 16 of the Companies Act 2CQ6. Our aL*Jr( has been undertaken so that we might state to the charitable CoMpan￿S rnembeTS those matters we are required to state to them in an auditorfs report and for other purpose. To Ihe ful￿1 extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable tL)mpany arKI the thariiatle companys members as a body, for audit work,"for this report, orfor the opinions we have formed. Paul Creasey (Sènior Stslulory Auclitorl For and on behaff of A¥ets ALKls1 Ser￿( Statutory Auditor Chartered ACC￿ntsnts Egham 2024 22 Zoho SlgnDopJmw¢ D.. 2DCBAFc6oOup¢XREZ18QJHEH&4FRIVW*A14kiR￿￿4OFIXo Caribbean Biodivorslty Fund Statement of Financlal Activities (Including Income and Expendlture Account) Year ended 30 Sepl•mbor 2023 2023 2022 Totsl Total Income and endowments from: Charilable acliMties Investments 13.936.543 3,686.396 13.936.543 3.686,390 1,126.081 2.839.$83 Totsl incomfr and endowments 17.622.939 17.622.939 3,965.664 Expenditure on: Raising funds- cost of managing inveslments Charitable activrties 426.840 8:S91.097 426.840 9.657,893 555,933 8.863.665 1.1x6.796 Total expenditure 1.C66.796 9.017.937 10.084.733 9,419.598 Net gain51{thses) on inve51menls 15 8.444.783 8.444.783 (13.755.448) N¢t (expendlturel l.Incom• {1,066.796} 1S.981989 (19.209,3821 Transfors bolwe¢n funds 15 1.066.796 1.066,796 N•t mov•m•nt in funds 15 15.982.989 15.981989 (19.209.382) Re¢on¢ilia¢ion of funds: Total funds brought foTrv3rd 15 115.539.785 115.539.785 134.749.167 Total funds carrl8d ftwward 15 131.522.774 131.522.774 115.539,785 All income expendilure derive from ￿n11n￿ng acti￿￿5. The statement of fin￿￿81 actiwiw I￿eS all gains arKI thses recogni5ed during the yw. The notes on pages 27 to 38 form part of these finanoal statements. .23 Zoho SwJn 00WthI10.. 2DC8AFc6oovpaKREZIBWHEH6AFRIVW*Jm4kUZLOW*￿a￿xO Carlbbean Blodlvorslty Fund Statement of Flnancial Activities (Including Incom• and Eynditure Account) Year ended 30 September 2022 2022 2021 un￿StrICted Endtrwment furKIs fund5 Total Total Incom and endowm•nts from: Chaiitable actmties Inveslments 1.126.081 2.839,583 1,126,081 2.839.583 755,000 3.008.858 Totsl Income ond •ndowments 3.965.664 3.965.664 3,763.858 Exp•ndltur• on: Raising funds~ cost of rnana9ing investments Charitable activities 555.933 7,424.244 555.933 8.863.665 523.382 6,348.041 1.439.421 Totsl expgndlt 1.439.421 7.980.177 9A19.598 6.871,423 Net {Ios5e5ygains on investrnenls 15 {13.755.448) 113,755,448) 12.545.261 Net {expenditure) l inc¢)m• (1.439.42',) (17.769.961} 119209.382) 9.437.696 Transfers between funds 15 1.439,421 1,439.421 N•t mov•m•nt in funds 15 {19,209,382) 119209.382) 9,437.696 Reconclliatlon ol funds: Totsl funds brought forward 15 134.749.167 134.749.167 125.311,471 Total funds carri•d forward 15 115.539,785 115.539.785 134.749,167 24 Zoh) &Jn Document ID.. 2DCBAF(&CMXJPQKREzIBQJHEtrWRMV4￿m4wzlDKpAfvwjFixo ar[b￿an Blodlversity Fund Balance Sheet As at 30 September 2023 2023 2022 Fixed ass•ts Tangible assets Investments 10 18,542 113.603,406 12.078 lo2,995.￿3 113,621.948 103,007,641 Currgnt a￿•tS Debt(￿S Cash and cash equivalents 12 296.688 28.095.985 143,540 22.178,344 28.392.673 22.321,884 Creditors: wnounts falling due wlthln one ￿ar 13 110A71N71 (9,769,740) Net current assets 17.920.826 12,552.144 Total 8sse•s less ¢urr•nt l•d>ilitit$ 131,542.774 I15.SS9,785 Credltor8'. •mounts falllng due after morè than one year 14 120,000) 120,0001 131.522.774 115.539,785 Charlty F.unds Endowment funds Unrestrtcl&.a fijnds 131,522.774 115,539,785 15 Total ¢h•dty funds 15 131,522,774 115,539.785 The financial statements were approved ￿ aulhorised for issue by the Board and signed on behaN of the b)ard of trustees. Glenn Bannister- Trustee aThJ Director Nov 22 2024 15.'18 EO54 The notes on pages 27 to 38 forn part ol Ihese financial slalements. Company registration number.. 08204716 25 Zoho Slgn c*￿mIni ID.. 2Dc8AFC&CX)LPOKREZIBaJHEWRIWAt*AMPiQLO￿PANrj￿XO Caribbean Biodiversity Fund Statement of Cashfi¢)ws Year •nded 30 September 2023 2023 2022 Cash flow from operating activiti 16 8,582,813 11.680,297 Cash flow from Investlng actlvitl•s Payments lo acquire investments Receipts from sales of investsnents Payments to acquire tangible fixed assets Receipts on sale ol tangible fixed assets Investment income received (105.108.415) 115.934,982 112.508 {1CQ,482.879} 101.938.070 (7.8671 312 2.839.582 3.686.395 Net flow from investlng actfvftles 14.500.454 4.287,218 Net Increase in cash and equival•nts 5.917.641 15.967.515 Cash and cash •quival•nts at 1 October 2022 22.178.344 6.210.829 Cash and cash •quivalonts at 30 S•pt•mbef 2023 28.095.985 22.178.344 Cash and cash •qulvalents conslsls of: Cash ?Lbank and in hand Treasui.y bills Cash and cash •qUi￿1*nts at 30 S¢plomb•f 2023 6.115,735 21.980,250 28.095.985 2.454.175 19,724.169 22.178.344 Analysls of chang•s In net funds At 1'0cic*w2022 Cash At 30 Septsmbtr 2023 Cash and cash equivalents 22.178.344 5.917.641 28,095.985 22,178.344 5.917,641 28,095.985 noles ￿ pages 28 10 39 form pwt of these finanaal sL*ments. Zoho Sign clor￿MentIo.. 2oC8AFc6ooupaKREZI￿EP￿RIVw*￿m1WzLD￿HxjPlXO Carlbbean BlOdI￿rSIty Fund Notss to the financlal slatomonts Year ond•d 30 September 2023 Sumrnary of Signifi￿11 ac¢ountlng polkles Gen•ro1 Inforniotlon and basls of prnparatlon Caribbean Biodiversity Fund is a private tharilable company. limtted by guarantee and regislered in England and Wales. The address of the registered office is gNen in the tharity Informatic￿ on page 1 of these financial stslemenls. The nalure of the d￿nty'S operations and principal aclNities are described Wi the Truste￿. Annual R8porL The charity constslules a Pul￿1¢ benefrt entity as defined by FRS 102. The financial slatemenls have been prepared in accordance wth Accounb"ng ar￿ ReporbNJ by Ch8rilies.' Slatement of Recommended Practice ap￿iCable to charilies preparing their a￿Unts in accordarKe wth the Financial Reporting Standard applicable in th? UK and Republic of Ireland issued in Oetober 2019. the Finan¢ial Reporting Standard applicable in the United Kingdom and Republ￿ of Ireland IFRS 1021, the Companies Act 2006 and UK Generally Accepted Accwnting Practice. The finanaal ststemenls are P￿pared on a going concem basis urKler the historical cost convention, mrxlified lo include certain items at fair value. The financial ststements are presented in US dollars which is the functional currency of the charity and rwnded lo the nearest $. The s*3nificant accourfing policies applied in the prep8ralion of tr￿se financral slalements a￿ Sel out below. These policies have beert consistenlty applied to all years presented unles5 Othewse ststed. Funds Unrestricled furKJs are avaiLqble for use at the discrelion of the Irustees in furtherance of the general objectives of the charity and which have not been designated forother Fw*)ses. Endowment funds represent Ihose asseis vthich must be held pemanenlfy by the chartty, as described in note 15 lo the financial stslemenls. In(¥)me arising rm Ihe endowynent funds can be used in accordance wth the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investment5 form part of the fund. Inveslment management Ch￿geS and legal adwce relating to the fvnd are charged against the fund. Income recognition All incorning resources we induded w) the Statement of Financial ktivities (SOFA) when the charity is legalty entitled to the income after any perfOrmar￿ conditions have been mel. The amount cen be measured Teliabty. and bt is probable Ihal the income will be received. Inveslmenl income is eamed Ihrou9h holding assets for investment purFK)ses and includes dividends and interest. Where it is not Pf8clicable to identfy investment management costs incuThed wlhin a scheme VAth reas(ma￿e accuracy. Ihe investment inco￿￿ is rewted nel of these costs. 11 is included when the amount can be measured reliabty. Interest in¢om8 ks re¢ognised using Ihe effeth've interest method, and diwdend and rent income is ￿ognised a$ the charty's rtght to receive payment is estsblished. Expendlture recognltion •nd allo&*lon All expenditure is accounted for on an accruals basis and has been classrf*d urKler headings that 8ggregate all costs related to the ￿tegOry. EXp￿dIture is rectrjnised vthere there is a legal or constructive oblwabon lo make payments to third parties, it is prctstAe that the setuement will be required. and the amount of the otAigation can be meastwed reliably. Irrecoverabl8 VAT is Charged as an expense aga¥tst the xtiwty for which expenditure arose. Grants p8y8ble lo third parties a￿ within the charitable objectives. Where uncondilion81 grants are offered, this is accrued as soon as the reopient is notrfied of the grant. as thi% gwes rise lo a reasonable expedat*)n that the recipient wll T￿e4Ve Ihe grants. Where grants a￿ conditional relating to 27 zo￿? SlgTh ID.. 2￿￿O￿￿UPC￿REz18QJfvEH&￿FRlw•&J￿1￿ZLD￿￿NXO Caribbean Biodiversity Fund Notes to the Financial Statsments Year ended 30 September 2023 performance. the grant is ihen onty accrued when any unfvffilled conditions are oulwd8 of the control of the chanty. Govemance costs include those Costs incurred in the go¥eman¢e of Ihe ¢harity. These Costs include cLJsts related to statutory audit iogether legal and professional fees anLI the costs of Iruslee meetings. Support costs are alk￿ated to the direct costs incurred on th8 charty's activities. T¥ngibl¢ fix•d assets Tangible fixed assets are stsled at cosl c* valua11￿ less xcumulaled depreciation and accumulaled impaiment kn5se$. Cost inckKles costs directy attr1￿ble lo making the 8ssel capable of wrating as intended. Depreciation is prowded on all tangible fixed assets. at rates calculated to I￿lte off the cost. less estimated residual value. of each asset ¢)n a system3b"¢ basis over its expected useful life as follows.. Fixiures and fillings 2&33% C￿ cost Investments Investments are recognised initially at fair whK* is nom81ty the trans8ct￿n prte excluding tranSa￿￿n costs. Subsequentty. they are measured al fair value with changes recognised in 'net gains Illossesl on inveslmenls. in the SOFA rf the shares a￿ publidy lrnded, or their far value ¢an otherwise be measured reli8bty. Other investments a￿ measu￿￿ at cost less impaimient. D•btors and creditors r•c••vabl• I payabl• wilhin on• y•ar Deblors and creditors no stated ir.west rate and receivable or payable within one year are recorded at tran￿1￿)n price. Any lossés from impaimient are recognised in expenditure. Impaimlent Assets not measured al fair value a￿ reviewed for any indication that the assel moy be impaired al each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash gew8ting unil, is esb"maled and ¢ompared lo the Carrwng amount. Where the carrying amount exceeds its recoverable amount. an impainnent loss is recognised in profil or Ios5 unles5 the asset 15 carried at a revalued amount Whe￿ the impairment k)ss is a revaluati￿ decrease. Provlslons Provisions are recognised vthen the charity has an obligation at the ba￿nce sheet dale as a result of a past event. it is probable that an ouffiow of economic benefits will be required in settlement and the 8moiml can be reliabty estimated. Foreign currency Foreign currency tran&￿tiOnS are initralty rewjnised by apptying lo the ft*eign currency amount Ihe swl exchange rale bets¥een the fvnclional currery and the loreHJn currency at the date of the transactton. monet￿ assets and liabilities den¢)minated in a foreign Cu￿er￿ al the balance sheet date are translated using the dosir¥J rate. Tax The tharity is on exempt charity wthin the meaning of schethble 3 of the Charitses Act 2011. is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the definition of 8 tharitstAe cornpany for UK corporntion tax purtK)ses. 28 ' Zolyj SvJnUrKwn8nt ID.. 2DC8NFc&C￿uPQK￿8aJHE￿Rlwl4AM4WZLD￿￿￿1HxO Carlbbean 8lodlverslty Fund Notes to the Flnancial Slatements Year ended 30 September 2023 Golng Co￿¢r￿ The fin8rKial statements have been prepwed ￿ a going concem basis as the truslees believe ihal r material uncertaint￿$ ￿$1. The trustees have ¢onshlered the level offvnd5 held and the expected level of income and expenditure for 12 months from aulhoriyng these financial ststements. Nots¥ithstanding the impacl of worldwAde events $i￿e the year erKI on investment values. the budgeted income and expenditure is suff￿lent ￿ryth the level of ffjserves for the charity lo be able to continue as a going concem. Judg¢m•nl$ and k•y sour¢•$ of estimation uncertainty No material judgements {apart from those involving estimates) have been made in ts pr¢xess of applying the above accounting policies in ihese financial statements. The tharity makes eslimates and asSumpli¢Y￿ con¢erThng the future. The resulting 8ccountin9 eslimales will, by definition, 5eld¢)m equal the re￿ted 8cbJal ￿sLI11$. The directors do not believe there are any assumptions that havea significant riskofcausirvJ a malerial ajjuslment to the carying amounts of assets and liabilities in the next financial year. Funding for ch•ritabl• actsvits•s 2023 2022 Grant income- KIW DEvelopment Bank Grant income- Micronesia ConseNancy Trust IMCTI Grant income- United Nab.￿#1$ Environment Programme IUNEPI Grant in￿me- Fonds Francais L'Enwronnement mOThY￿1 IAFDIFFEMI Grant income- The Ocean FoLrndation Grant income- Global Affairs Canada Grant income- Conservation International Grant income- AdwdncArMJ Qrcular Economy (ACE} Grant income- (ENDI IBRD Trust funds 160,081 22.500 142.5 801,0 5,000 369.123 369.123 46.420 46,420 10.516,OCQ 10.516.000 3.Crf)O.(M)o 3.000.000 13,936.543 13.936.543 1.126.081 All current and prior year grant income vras ￿ respecl of the En(knwnent funds. In￿me from Investm•nts 2022 Interest and dividends 3,686.396 3.686.396 2.839.583 3.686,396 3.686.396 2.839,583 29 Zctho Dowmenl10.. 20C8AFO&OQUPQIViEZIBQJHEH6AFRNW&Jk14IAJZLtWPNQHXO Caribbean Biodiversity Fund Notes to the Financial Slalomonts Year ended 30 Septeffl￿r 2023 Charhable activlties 2022 Conswvation Finarte PT(*3rwn - gr8nts Conservation Finance Pr(*Jram- other costs EbA Prograrn - grants EbA Program- other costs ACE Program- grants ACE Program- other costs Othef Progr8m- grants Other Progr8m- other costs Support costs {note 51 Govemance costs {Th)te 6) 2.366.031 2.366.031 94.234 5.556.915 5,556.915 157.591 157.591 1,358,680 126,401 5,757,688 33.886 15.000 132,589 1,340,212 99,209 416.326 416.326 983,725 83,071 983.725 83.071 1.066.￿ 8.591.097 9.657M93 8,863,66S Support costs 2023 Staff and conlraclor Cost$ Travel costs Office costs Insur3rKe Fc*effjn exchange loss 531,118 357.228 59.423 35.956 531.118 357.228 59.423 35.956 402,560 181.388 65,199 14,968 676,097 983.725 963.725 1,340,212 Govwnanu ￿$ts 2022 Audit fee5 Accounlanry fees Legal fee5 Other professional fees Depreciation 26.772 35,000 5,206 1,260 54,088 3.655 50.255 83,071 99,209 Zoho Slgn t4)￿Ment ID.. 20CWc&OQiTrQI(JIEZI8QJtrEH6AF￿VW4A￿￿￿D￿ht4aTrlxO Caribbean Biodivorsity Fund Notes to Ihe Financial Statements Year ended 30 September 2023 Grants Grant expendrture duriThJ the year was as follthys: 2023 2022 Conservation Financ* Pr ram St Vbncenl and the Grenadines Corwvation Fw BPAF SCNCF Nati￿al Conservation Trust FurHI of JaMa￿a 207.242 200,000 101,279 277.659 219.468 101.154 400.000 124,877 206,025 Grenada Sustainable Development Tntst FuThJ Fondo MARENA MEPA Trust St. Lucia National Conseryation Fund Haiti Biodiversty Fund IFH8} Bahamas protected areas lund Dominica National Conservation Trust Fund Guy8na Protected Areas C(MnmissK 225.032 225.032 106.789 194,803 199.455 533.479 169.697 40.000 192.720 2J66.031 1.358.680 EbA CATIE Fauna & Fbra Inlemational Funda¢ion Gruw pun1￿￿* GRENCOOA IDDI IICA JIP Haitian Rel￿f Organvzation Mon8 Informatix Lld REDOOM Sl. Lucia National Trust Sustainable Grenadines I UWI CERMES Livelihoods, Ecosystems, Energy FFC Fundacion Plenitud Smith Warner Intemation81 The Ocean Foundation Netherlands Red Cross IT Santo tkniingo WINDREF Wildlrfe ConseNation Sc¢iety PADF Caribbean Natural ReS￿r¢e IFRC Flchmond Vale Academy Ministry of Agricullure WCMC UWI Dept. Science & Techrnh)gy OECS 658.956 291,545 288.245 199,323 284.822 10.000 323.894 568.379 114.995 409.330 696,879 774.033 10,000 271.599 671.091 198,614 241.668 261.350 287.678 503.138 10.000 554.069 403,539 620.689 244.063 150.139 20.000 9.000 200.000 265.725 64.365 10,000 10.000 10,000 10,000 10.000 199.901 1.101.563 10.000 10.000 356.011 5.576.915 Dominicana Fundaoon Sur Futu 5.757.688 31 ZO￿) Sign D￿mentIo.. 2DcWc6ooupaKREZIBI￿1EF￿￿Vw*J￿l1k￿￿L0WJPA1￿IXo Carlbb•an Blodlverslty Fund Notos lo th• Flnanclal Stat*ments Y•ar ènd•d 30 Seplomber 2023 2023 2022 ORRA MAR Furnj Mechanism Develo ent National Conservation Trust Fund of Jamaica St Lucia Nabonal Conservation Fund St. vincent and the Grenadines Conse￿￿ Fund ram 5.0 5.000 5.000 15.000 Total grants awarded 7.922.946 7,131,368 Al the year-end. Ihe ch8rtty had commrtted to pay further grant awards totalling $5.5 million (2022.. $8.7 million} under Ihe EbA Program and $2.3 million (2022.. $1.3 million) under the Endowment Pr(xJr8m. Not Income for the year Net income is stated after charging l (cred￿￿j}.. 2023 2022 Depreciation of tangible fixed assets Net losses on foreign ex¢thange Audit fves 3.655 676.097 35.000 26.772 Tr￿t••$' ond key manag•m•nt personnol r•muMrnllon and oxpen The trust￿ nwther received norwaNed any"remuneration during year {2022: SNill. The lotsl amount of key management remuneralion amounted b $117.750 (2022.. S116.2501. The Trust considers its key management personnel compnse of the Trustees and the Chief Executive The trustees did not have any expenses reNnlxxsed during the year (2022: SNil). 10 Tanglble flx•d ass•ts Fixtures. fittings and equipment Total Cost or valuation: Al 1 October 2022 Ad¢Jilions AI 30 Septembw 2023 21.050 12,508 33.558 21.050 12.508 33.558 Depreciation.. At 1 Oclobef 2022 Charge lor the ye At 30 September 2023 8.972 8.972 6.044 15,016 15.016 Nel book value.. At 30 September 2023 18,542 18.542 At 30 September 2022 12,078 12.078 32 Caribboan Biodiversity Fund Notos to th• FinanGial Statements Year ended 30 S¢plember 2023 11 FSxed asset Investments. Listed inveslments Totsl Cost or valuation At 1 October 2022 Addilions Disposals - Realised invéstment gains Unrealised investment losses 102,995,563 102.995,563 105.108.415 105.108.415 (115.934.982) (115.934,982) (1.038,3981 (1,038,398) 22.472.808 22,472,808 113.603.406 113.603.406 carr￿ng amount.. AI 30 Seplernber 2023 113.603.406 113.603.406 AI 30 September 2022 Investments al fair value comw¢mise'. 102.995.563 102.995.563 2023 2022 Equilies Securilies 52.1B3.976 61.419.431 113,603.407 57.976.858 45,018,705 102,995.563 The fair value of listed invesbnents i8 determY*d by ￿fe￿￿e o the quoted price fy identical asset5 in an active marf(et at the balan￿ sheet date. Funds held a5 agent During the ye¥r, snil 12023: $11,319.503 1É10 million) recep4ed from the Agence Francaise De Developpement I'AFD"), to hold on behalf of the Haitian BK>(INersty Fund I'FHB"). These funds have been investe118s part of the Entlowment investment portFolK). Cumulalive inveslment losses on the prirKipa sum amounted to $842.025 al the ye¥ erKI. A ¢reditor of $10,471,478 {2022: $9.728.7401 lo FHB. being the value of the pri￿Apa1 adjusted for investment losses. is indLKled in Other creth.tors in note 13. 12 D•btors 2023 2022 p￿paYments Accrued income 11,182 285,506 296,688 12,317 131,223 143.540 Caribbean Blodlversity Fund Not•s to the Financial Slat•ments YoaT ended 30 Septembor 2023 13 Crnd•t¢rn: amounts falllng duo within on• ye 2023 2022 Tr* ueditors Other Creditors 41,000 9,728,740 9.769,740 10.471,478 10.471.847 14 Creditors: amounts falling due after rnore than on• year 2023 2022 Other creditors 20.000 20.000 20,000 20,000 15 Fund r¢¢on¢•liation Unrnstrided funds 1 (knt*r 2022 Gains I {losses) 30 Septemb•r 2023 IrKome Expenditure Transfer5 Unrestricted 11,066.796) 1,066,796 1 Cttotw 2021 Gains I {kJsses) 30 September 2022 I￿orne ExF*ndituw Transfers Un￿51￿cted {1.439.421) 1.439.421 {1.439.421) 1,439.421 Zoho s￿]n Ckathment10.. 2DCèAFLYQUPQKREZI8QJHEH&IFRIWI&WWZLDWMQMXO Carlbboan Biodiv•rsity Fund Notes to the Financlal Statements Year ended 30 Soptembor 2023 Endo*in•nt lund¥ 1 thiober 2022 Gains I Ilossesl 30 September 2023 IrKome Expenditure Trdnsfers 74.811,389 5232,238 13.461.023) (423.517) 4,922,080 81.081,167 Finance Program Endovrnenl Climate Adaplion Program EbA Facility Fund A￿ Facility (Xher funds 39,9)9.986 1.219.671 15.&56.914} (486.977) 3.9)0.063 38.585,829 0 10.755.487 818.410 415.543 (38.9571 (117.345) 22.640 10.739,170 1.116.608 115.539.785 17.622.939 (9.017.937) {1.066.7961 8.444.783 131.522.774 1 Ocicthf 2021 Gains I I￿sSes) 30 Seytember 2022 Iw>me Expenditu￿ Tr8nsfers Conservation Finance Program- Endowmenl Fun 84.325.758 2.100,586 (1.381,378) (792,158) (9,441.4191 74,811,389 Clirnate Adaption Program EbA Facility Fund .423,409 899.078 {6.451.209} (647.2631 14.314.029) 39.909.986 Other funds 986.OLK) (147.590) 818.410 134.749.167 3.%5.664 {7.980.1771 {1.439,4211 {13.755,4481 115.539.785 Conservatlon Finance PvogramTh the Endtr￿n*nt Fund The purpose of Ihe en(knrnent fund Es lo provide a sustsinable Ilow of funds lo contribute to the ¢C815ervation, protectKJn and maintenance of biodiversity within the Nalional Protected Areas Systems and other areas of environmentsl Signif￿rte of the 8 participating countrTres. behng., Antigua and Barbuda, The Bahamas, Dominican Republic. Grerwlè, Jamaica. Saint ￿"tt5 & Nevis, Saint Lucia and Saint Vincent & the ￿en¥(lInes. ENJThYnenl funds allocations to each county respwd or are 35 lo￿ SvJn DcKww)I ID." 2￿BAF(￿rcQuPaKREz1BOJHe￿￿RlV￿*￿14l￿JZLDWAP¥j￿xO Caribbean Biodiver51ty Fund Notes to the Flnanclal Statements Year ended 30 Septom￿r 2023 infomied by a number of factors including". the size of the counlry. financial gaps. assessments for the prolecled area systems and the donor's polie*s and priorities. The funds afe cuffendy invested en- bloc lo obtain the best possible ￿turn and once distribution lo the w)dividu81 part¢ipaling countries sub-accwnts take5 pthe. this Informat￿ be disclosed on a participaliThJ county basis. Cllmale Adaptlon Pmgram-lhe EbA Fxlllty Fund The EbA Faulity is 8 ￿nkIng fund designed to award grants that SUFPOrt actions on climate change aclaplion and povety alleviation through bi(Kliversity conservation and ecosystems management. Gross movements befv￿n funds ￿late to movement from unrestricted lo endowment furKIs. Th• Nalur•-Bas•d Economi•s Program- th• Advancing Circular E￿nOMY {ACE) Facillty The ot4'ective of the ACE Facility i8 contrbuted to the reduction of marine liller in the insular Caribbean. ACE facility works wrlh publ￿ and private sedor partners as well a5 other Caribbean stakeholders to fund projects that promote and appty praclical clrcular economy prirKiples lo minimize, Prevent or Temove waste enterin9 the marine enwronment andlor removing marine litter. This 1$ lo be achieved by inveslmenl in equipment and infraslruthire but also general of dala arKI knowledge. policy support arKI education of customers. 16 Re￿nCIlIatIOn of net Income lo net ¢•sh flow from opernling actlvitles 2023 2022 Net irKomel(expendilwel for Ihe ye 15.9B2.989 (19,209,382) Oweoati Investment income rec*vatle Losses {Gainsl on investments (Increaseyd￿Tea$e in debtors Increase1(de￿o$8l in ¢yeditors 6.044 13.686,3951 {21,434,4101 1153,148) 702.107 3.655 12.839,583} 23.940.484 50.273 9.734,850 Net cash fkml from cyerating acti¥ilies . (8,582,813) 11.680.297 17 Company Ilmlted by guaranteg The company is limitetl by guar8nlee and as such does not have share capitsl. In Ihe event of winding up, eath member has guaranteed lo contribLrte to a maximum of £10 to rr£et the l￿bili(￿eS of the company. Zoho &gn DLYJJment ID.. 2DCBAF(ft¢JJUPQKREZIBQ￿EHslFRwd-1A￿1I￿2LowN￿aFIXo Carlbb•an Blodlversity Fund Noles to the Flnancial Stst•monts Year ended 30 Septembor 2023 18 R•l*•d party transactions T¥w of the directors of the company are aFwnte11 represenlatives from Ihe organisations providing the endowrnenl funds. Mr Jens Mackensen vras appointed by the German Deveklpmenl Bank IKIWI and Ms Eleanor Philips wa$ appointed by The Nature Conservarw I'TNC"). Mr Mackensen resigned during the year and was replaced by Mr M Guiterrez. Ms Philips resigned during the year arKI was replaced ty Ms S Smith, resigned on 12 January 20241 and was replaced by Jolh s￿h. [￿11n9 the year the company received $10.516.00012022.. $160.0811 from Development Bank. Nine directors of the company a￿ appointed representstives from organisations recewTng 9rants under Partnership agreements. Detsils of the ¢onnecth)ns and of amounts rernilte(I to each organisation are set out bebjw. Director Organisation Payment to nisation Payment to anisation 2023 2022 $106.789 Mr G Gore Mari Protected Tnjsl NalN)nal Conservatic Tru81 Fund of Jwna Fondo MARENA St VsnLznt and the Gren•Jtnes Con5ervab Fund Gren￿13 Svstai￿Aè Deveb) ment Tnjst Fund Haitian BiLKJww5ity FLiThJ Ms L Grani S138,￿j $129,877 Mr S I￿$t Mr M John Ess ui $225.032 $100.1 $225,032 $1C6.154 MrG￿￿￿&ms Pety"F Lws k4r Huswalo Timolhee & Is Anne-lsabelle Bonrfas Ms Karoln Trou1￿0y $110.852 $206,025 $327.554 IFHB} Saint LUCI￿ COnVe￿t￿￿ Fund St Christopher arn1 Nev conSetyat￿ FtyJn¢JatK)n DNCTF Bahamas Protecled Area $99,403 $199.803 Ms Bwda Pojdiethhn 51fy).052 $nil Mr Albert Arf. on Paul Mr Glenn 8aMisier $169.697 $400 000 37 Caribbean Biodlverslty Fund Notes 10 tho Flnancial SL*ements Year ended 30 Seplember 2023 19 FIna￿la1 instruments The carryirvj amounts of the ch¥Ws financial instrumerts are as fol¢)ws.' 2023 2022 Finon¢ial assets Measured al fair value through ir￿Me.. - Fixed asset listed invesbnents (note 111 113.603A06 102,995,563 Debt instrwnents measured at amthsed cost - Cash at bank and in hand 28.095.985 22.178.344 Financial liatslities Measured at fair value through net income". - Other creditors {note 13) 10.471AT8 9.728.740 Measured at amrytisod cost - Trade creditors {note 13) - Other creditors (note 14) 41.000 20.000 61.000 20.000 20.369 The income. expenses. n•t gan$ and net kn5ses attrtiuwik the charity's financol instruments are summarised as foll0v￿". 2023 2022 Income expense Financial assets measured at fair value Itwh net i￿ome 3.686.395 2,839.582 Net gains and losses (irtduding chws in fair vduej Rea5ised g8ins on investrnent assets Unrealised (losses) gains on In￿lMent assets (1.038.398) 11.069.936 553,456 114,308.904) 20 Presentation curroncy The financial statements are presente¢J in US d￿1315 {$1 ￿lch reflecls the functional currency of the Fund. The exchange rates appl*d in these financrdl statements V•we as follo￿. 2023 2022 Sterling Year-end rate Average rale $1: £0.8182 $1: £0.B165 $1.. £0.8903 $1.. £0.7831