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2021-12-31-accounts

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

Registered number: 08287815 Charity number: 1153809

LA FONDATION DES SAVANES OUEST-AFRICAINES

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1 - 2
Trustees' report 3 - 13
Independent auditors' report on the financial statements 14 - 17
Statement of financial activities 18
Balance sheet 19 - 20
Statement of cash flows 21
Notes to the financial statements 22 - 37

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees Roger Semako DAH-ACHINANON (resigned 23 April 2022) Paul De ORNELLAS (resigned 23 April 2022) Arsene Mahougnon DANSOU Clet Albin FELIHO Sabi Moussa SOULE Gunter ROOS Etotepe Aikpemi SOGBOHOSSOU Yoffou Agathe AFFOUGNON Remi HEFOUME Servais ADJOVI, Chairman (appointed 22 April 2022) Andrew FOWLER (appointed 22 April 2022)

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

Company registered number 08287815 Charity registered number 1153809 Registered office 10 Queen Street Place London EC4R 1BE Principal operating 04 BP 1378 office Cotonou Benin Executive Manager Alfred Koffi ALLOGNINOUWA Independent auditors Wellers Accountants Statutory Auditors 8 King Edward Street Oxford OX1 4HL Investment Managers Mercer Tower Place West London EC3R 5BU

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report together with the audited financial statements of the company for the year from 1st January 2021 to 31 December 2021. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities, and preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) as amended by Update Bulletin 1 (effective 1 January 2019).

Since the company qualifies as small under section 283, the strategic report required of medium and large compagnies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

Objectives and activities

a. Purposes of the charity

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit and in particular to its supplementary public benefit guidance.

The Charity’s objects are to:

2) Promote for public benefit sustainable development and education and research into the physical and natural environment of the following protected areas, particularly (but not exclusively) through the promotion of an environment sustainable management of natural resources and biodiversity:

The principal objectives of the Charity are to promote and provide financial support for the conservation, preservation and sustainable development of Protected Areas in the W-Arly-Pendjari (WAP) ecological complex. The FSOA contribute to the preservation of the WAP, the first cross-border complex in west Africa, became UNESCO World Heritage since July 2017.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

b. Main activities for achieving objectives

2021 being the first year of the Charity's Strategic Development Plan (2021-2030), the reporting has been adjusted to the orientations and planning, based on the new impact matrix of the FSOA. on December 31st, 2021, the overall physical execution rate of its annual workplan was estimated at 89%.

Fundraisin g:

Management of funds collected :

Operational governance of the "sub-regional” FSOA:

Financing and monitoring of operations for the benefit of the Transboundary Biosphere Reserves of the WAP Complex

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

the Operations Manual.

Strategical Sub-Regional Governance of WAP Complex

The Trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the charity’s aims and objectives and in planning their activities.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Objectives and activities (continued)

Achievements and performance

a. Main achievements

In 2021, the Pendjari Biosphere Reserve was granted FCFA 444 million (677 K€), carrying FSOA’s assistance to 2.22 billion FCFA (3.39 M€) since 2016, for the law enforcement (salaries of the rangers and operation of the patrols), the maintenance of the tracks and the elaboration of a community development plan in the periphery.

FSOA’s commitments for the W-Benin Transboundary Biosphere Reserve in 2021 were FCFA 466 million (710 K€), bringing the total support since 2019 to 2.77 billion FCFA (4.22 M€) for its rehabilitation and development.

Based on the revised Operations Manual, capacity building sessions were held with OFINAP teams in Burkina Faso in September 2021 and APN in Benin in October 2021 for a better presentation of grants applications.

A feasibility study for the securing, rehabilitation, and development of the national parks of Arly and W Burkina Faso has declined a Priority Intervention Plan (PIP) for the period from July 1st, 2021, to December 31, 2022, for a total budget of €9.8 million. The results of the feasibility study have not yet been validated by the Burkinabe authorities.

The Priority Intervention Plan in W-Niger, started with funding from the European Union (€2 million) and the RBT-WAP/GIC-WAP program (€2 million). A first contingent of 30 Nigerien rangers has been recruited and received an APN training at the Alfakoara headquarters (Benin).

An verification visit was carried out by the Trustees at the PNP on April 16, 2021, to appreciate the execution rate of activities and infrastructures achieved with FSOA granting. The delegation FSOA could appreciate the accessibility to the park facilitated by the tracks built and maintained in all seasons. A working session in the national park allowed to evaluate the collaboration with APN and the prospects s. Incident reports reported in 2020 have been analysed and a request for additional information/documentation has been sent to APN for some of them concerning both to the PNP and to PNW-Benin.

The FSOA, who initiated the Contact-Group of TFPs intervening in the WAP, organized two meetings during the year on: i) the security situation of the complex; ii) the Support Initiative for the sustainable development of the WAP complex. This project aimed at a regional strategy for the rehabilitation of the integrity of the WAP will be implemented by the FSOA with funding from UNESCO (Norwegian funds).

A joint workshop on the regionalization of the FSOA financial mechanism and the sustainable management of the WAP allowed to check progress by country. New commitments were made by the representatives of Burkina Faso and Niger in order to accelerate the process for which a new roadmap was jointly adopted on the basis of the recommendations of the workshop

The FSOA regularly contributed and took an active part in the Annual General Assemblies. The mandate of the FSOA on the executive committee of the African Consortium of Environmental Funds (CAFE) was renewed in 2021.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Achievements and performance (continued)

b. Performance of fundraising activities

Daily activities conducted during this year were mainly:

AFD has decided to limit the Support Project to the FSOA (PASOA) to Benin with an allocation of €8 million and a project fund of €2 million. A feasibility study should start at the beginning of 2022.

In view of the inter-governmental negotiations, the FSOA proposed to the competent authorities of Burkina Faso, a note for the mobilization of €20 million in endowment funds and €7 million in project funds. The consultations have been postponed until 2022.

In Niger, a first subscription of 62 MXOF (95 K€) was announced. The transfer of the amount is still pending. From another side, The FSOA is meant by the KfW for the management of 10 - 30 M€ for reforestation on the outskirts of W-Niger within the framework of the special initiative "a world without hunger" of the BMZ.

The FFEM has validated the Support Project to FSOA (PASOA) for €2 million while maintaining the original regional approach. The next step will be a Project Engagement Note.

c. Investment policy and performance

The year 2021, saw enough disruption in the financial markets and closed with an exceptional annual performance of 20.81% YTD, and a portfolio amounting to nearly 35 billion FCFA (around 53 M€). More specifically: the accumulation of a gross gain of nearly 12 billion FCFA (18 M€) by the overall portfolio of the FSOA since the first investments in 2015, which means. a performance of 51.66% with an annual average of 6.55 % (Benin window)

On December 31st, 2021, the result of the FSOA shows an overage of FCFA 2,822,730,675 (EUR 4,303,225.17). The positive result generated, for the 2021 financial year by the FSOA, is mainly composed of income from offshore investments and interest from term deposit investments in Benin.

Term deposits at a rate of 6% with local banks have been consolidated with a third deposit bank and stand at around €7 million at the end of 2021, allocated as follows:

To starting financing of the activities of the Foundation with equity (FSOA own funds) in 2022 following the closure of the Sustainable Management Project for North Benin Reserves, a transfer of 1.61 billion FCFA (2.45 M€) was made from London to Paris.

Efforts are still to be made by the portfolio manager Mercer to respect the strategic allocation of the investment policy, because a strong overweighting of equities is noted with more than 55% against a target of 35%.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The main objective of managing the WASF Portfolio is to balance the desire to increase capital over the long term with meeting the grant needs to be met by the WASF in the medium term.

As of 2022, an annual disbursement of between €1.2 and €1.8 million (± 20%) is planned on the total return of the portfolio, in order to cover the administrative costs of the FSOA and the subsidies that it will have to regularly grant. to cover recurring RBT-WAP management costs.

In the 2021-2030 investment policie, the interest generated by onshore investments will primarily finance the operating costs of the DE-FSOA, in FCFA, to reduce the effects of any currency fluctuation and protect against currency risks.

A "Financial Reserve" Policy has the advantage of real transparency on the funds available, which allows to secure the financing operations of the FSOA by ensuring the availability of funds and the predictability of disbursements. The Foundation will thus be able to better control the activities grants that constitute the core of its mission, without fearing the alterations of the global economy.

Based on the results of the management of the FSOA's offshore portfolio, the reserve building procedures are as follows:

  1. Amounts placed in reserve = Net earnings for year N-1 (December 31) = Gross nominal earnings for year N-1 - (Gross nominal earnings N-1 * inflation rate in the Euro zone N-1).

  2. At the start of year N, the Board of Directors asks the assets manager, by liquidating portfolio positions, to transfer the net gains for year N-1 to a “reserves” account, opened in the a bank in Benin.

  3. The "reserves" account is similar to a sinking fund exclusively intended to supply the FSOA subsidy accounts, on the basis of the decisions to award subsidies for year N.

  4. Ceiling of reserves = 2*(Total expenditure in years N-1 and N-2).

  5. The annual surplus of the "reserves" account, after funding the operating and subsidies account, will be placed, on the decision of the Board, in term deposits or short-term bonds, in the WAP countries.

  6. The specific situation of the “reserves” account is reported quarterly to the Board of Trustees.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

c. Risk management

The Trustees have assessed the major risks to which the company is exposed, those related to finances of the company, and established system and procedures to manage those risks.

Variability of investment return on the permanent endowment constitute the charity’s major financial risk and the recent extreme volatility in world stock markets (During the last quarter 2018) has demonstrated this risk. To mitigate the endangerment, the Charity has a diversified portfolio of investments in different currencies. The Charity's assets manager is Mercer Limited, authorised, and regulated by the Financial Conduct Authority. An investment Committee was established to oversee the performance of the asset manager and provides guidance to the trustees in investment decisions and risk. The performance of the Investment Manager (Mercer) and the Investment Policy were frequently monitored with support from international financial expert.

All investments comply with the Charity's investment policy.

Structure, governance and management

a. Constitution

“La Fondation des Savanes Ouest-Africaines” (FSOA) was set up by a Memorandum of Association on 4 October 2012, and is registered as a company limited by guarantee on 9 November 2012.

The company acquired charitable status on 13 September 2013 under number 1153809.

b. Methods of appointment or election of Trustees

The subscribers (representatives designated by Beninese Ministry in charge of Finance and International Union for Conservation of Nature - IUCN) shall each appoint one Trustee (which may be themselves or a representative of their respective organisation) who shall be notified to the register of Companies as the first Trustees of the Charity. A Trustee appointed under this way will serve until he or she is replaced by the member who initially appointed him or her. Any appointment or replacement shall be by notice in writing lodged at the registered office of the charity and signed by an authorised officer or representative of the member making the appointment or replacement.

Following incorporation of the charity, up to seven Trustees shall be appointed by majority decision of the subscribers/members so that there are always at least five Trustees. These Trustees will be proposed by the organisation, department, or sector they represent, and shall serve for a fixed term of not less than one year and no more than three years and may be reappointed by majority decision of the members for a second fixed term of not more than three years. At no time should there be most representatives from Beninese government.

Regarding the governing bodies, the mandate of the Trustee representing KfW on the Board was renewed; the Articles of Associations revised to take into account the increase in the number of institutional members of the GA-FSOA were adopted by the Board and the 9th annual General Assembly of the Members held on 23rd July 2021.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management (continued)

c. Policies and procedures adopted for the induction and training of Trustees

The Charity does not yet have in place a formal policy for induction and training of its staff.

The FSOA accountant was trained on the tax measures contained in the Beninese Finance Law for management 2021. ERM (Environmental Resources Management), the firm which supported the design of the FSOA ESMS, trained all staff on E&S concepts and the use of its ESMS. (10 P/D). The present Trustees and the staff of the Foundation attended the Mercer training on financial asset management, which took place the 10/12/2021 (2 P/D).

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Structure, governance and management (continued)

d. Organisational structure and decision making

The management of the company is the responsibility of the Trustees who are appointed under the terms of the Articles of Association (b.). The trustees may exercise all the powers of the Charity unless they are subject to any restrictions imposed by the Companies Act, the Articles of Association or any special resolutions.

Trustees must be persons who are widely acknowledged to have expertise in one or more of the following fields: biodiversity conservation, finance, law, business, or fundraising. The Board of Trustees is composed of:

The Founding Members held their 9th statutory Annual General Assembly from which issued five special resolutions: i) Approval to the Trustees for their management of the financial year ended December 31, 2020; ii) Approval of the 2020 audited accounts; iii) Renewal of the mandate of the Director representing KfW; iv) Adoption of the revised Statutes; v) Increase in the number of institutional members of the AG-FSOA.

the Board of Trustees met for the three (3) statutory sessions of the CA and have been requested for three (3) online consultations. A total of 43 decisions and 5 resolutions were taken by the Trustees. The strategic decisions taken related to (i) the adoption of the revised investment policy; ii) adoption of the revised articles of association; iii) adoption of the revised Operations Manual; iv) adoption of the environmental policy and an Environmental and Social Management System (ESMS); and (vi) extension of technical assistance in view of the challenges of operationalizing the financial mechanism at the sub-regional level.

The register of Trustees has been updated with the Commission House and the Charity Commission and put online.

FSOA continued to work in line with the Articles of association, throughout the year. The daily management of the activities of the Charity are undertaken by an Executive manager, supported by a technical advisor supplied by the German cooperation and the human resources of the Executive Direction are now complete and stable.

To increase the technical performance of the Executive Direction, an operations manager was recruited in the first half of 2021 following a rigorous process entrusted to a specialized firm. The Board of Trustees set up an ad hoc committee during its 24th session on 13.12.21 for an in-depth global analysis of the working context of Executive Direction staff for concrete proposals.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Plans for future periods

2022 should be used to move forward on the major projects of the second year of the Foundation's Strategic Development Plan:

The year 2022 should also be used to mobilize the membership fees for Niger.

Members' liability

The Members of the company guarantee to contribute an amount not exceeding €10 to the assets of the company in the event of winding up.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . 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 company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Auditors

The auditors, Wellers, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

_________ Servais ADJOVI President of the Board Date: 27-09-22

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LA FONDATION DES SAVANES OUESTAFRICAINES

Opinion

We have audited the financial statements of La Fondation Des Savanes Ouest-Africaines (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Trustees' 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 charitable 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 Trustees with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LA FONDATION DES SAVANES OUESTAFRICAINES (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 our 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 Trustees' report.

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

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LA FONDATION DES SAVANES OUESTAFRICAINES (CONTINUED)

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.

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LA FONDATION DES SAVANES OUESTAFRICAINES (CONTINUED)

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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Christina Nawrocki (Senior statutory auditor)

for and on behalf of

Wellers

Accountants Statutory Auditors 8 King Edward Street Oxford OX1 4HL

27-09-22 Date:

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021

Note
Income and endowments from:
Donations and legacies
4
Investments
5
Total income and endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Endowment
funds
2021
€
-
-
-
254,200
-
254,200
(254,200)
8,831,483
8,577,283
42,660,147
8,577,283
51,237,430		 Restricted
funds
2021
€
1,569,377
932,852
2,502,229
-
1,574,552
1,574,552
927,677
-
927,677
819,504
927,677
1,747,181		 Total
funds
2021
€
1,569,377
932,852
2,502,229
254,200
1,574,552
1,828,752
673,477
8,831,483
9,504,960
43,479,651
9,504,960
52,984,611		 Total
funds
2020
€
4,253,243
634,266
4,887,509
216,400
3,991,099
4,207,499
680,010
2,240,934
2,920,944
40,558,707
2,920,944
43,479,651

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 22 to 37 form part of these financial statements.

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DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee) REGISTERED NUMBER: 08287815

BALANCE SHEET AS AT 31 DECEMBER 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
16
Restricted funds
16
Unrestricted funds
16
Total funds		 128,461
9,742,874
9,871,335
(10,113)		 2021
€
24,612
43,098,777
43,123,389
9,861,222
52,984,611
52,984,611
52,984,611
51,237,430
1,747,181
-
52,984,611		 274,064
5,231,493
5,505,557
(9,395)		 2020
€
36,296
37,947,193
37,983,489
5,496,162
43,479,651
43,479,651
43,479,651
42,660,147
819,504
-
43,479,651

Page 19

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee) REGISTERED NUMBER: 08287815

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Servais ADJOVI President of the board Date: 27-09-22

The notes on pages 22 to 37 form part of these financial statements.

Page 20

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 22 to 37 form part of these financial statements		 2021
€
(106,945)
932,852
5,575
28,568,163
(24,888,264)
4,618,326
-
4,511,381
5,231,493
9,742,874		 2020
€
(216,579)
634,266
-
19,665,804
(19,826,173)
473,897
-
257,318
4,974,175
5,231,493

Page 21

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1. General information

La Fondation Des Savanes Ouest-Africaines is a private company limited by guarantee, incorporated in England and Wales, registration number 08287815. The address of its principle place of business is 04 BP 1278, Cotonou, Benin.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

La Fondation Des Savanes Ouest-Africaines meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

Page 22

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.3 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

2.4 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of financial activities as the related expenditure is incurred.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Foreign currency translation

Functional and presentation currency

The Company's functional curreny is the West African CFA franc (XOF). The presentational currency of the financial statements is the Euro (EUR).

Transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into euros at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into euros at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing €1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 23

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Motor vehicles - 25% Reducing balance
Fixtures and fittings - 15% Reducing balance
Office equipment - 15% Reducing balance
Computer equipment - 40% Reducing balance

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.12 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 24

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.13 Fund accounting

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Page 25

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Income from donations and legacies

Government grants
Grants
Government grants
5.
Investment income
Investment income - listed investments
Investment income - local cash
Investment income - listed investments
Investment income - local cash		 Endowment
funds
2021
€
-
Endowment
funds
2020
€
228,000
-
228,000		 Restricted
funds
2021
€
1,569,377
Restricted
funds
2020
€
-
4,025,243
4,025,243
Restricted
funds
2021
€
524,301
408,551
932,852
Restricted
funds
2020
€
376,770
257,496
634,266		 Total
funds
2021
€
1,569,377
Total
funds
2020
€
228,000
4,025,243
4,253,243
Total
funds
2021
€
524,301
408,551
932,852
Total
funds
2020
€
376,770
257,496
634,266

Page 26

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

6. Investment management costs

Investment management fees
Investment management fees		 Endowment
funds
2021
€
254,200
Endowment
funds
2020
€
216,400		 Total
funds
2021
€
254,200
Total
funds
2020
€
216,400

Page 27

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

7. Analysis of expenditure on charitable activities

Summary by fund type

Biodiversity Conservation
Biodiversity Conservation		 Restricted
funds
2021
€
1,574,552
Restricted
funds
2020
€
3,991,099		 Total
funds
2021
€
1,574,552
Total
funds
2020
€
3,991,099

8. Analysis of expenditure by activities

Biodiversity Conservation
Biodiversity Conservation		 Activities
undertaken
directly
2021
€
1,369,286
Activities
undertaken
directly
2020
€
3,829,271		 Support
costs
2021
€
205,266
Support
costs
2020
€
161,828		 Total
funds
2021
€
1,574,552
Total
funds
2020
€
3,991,099

Page 28

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Biodiversity
Conservation
2021
€
Grants awarded
1,369,286
Biodiversity
Conservation
2020
€
Grants awarded
3,829,271
Analysis of support costs
Biodiversity
Conservation
2021
€
Staff costs
163,523
Depreciation
7,865
Office costs
2,193
Travel
8,382
Bank charges
84
Sundry costs
(1,848)
Governance costs
25,067
205,266		 Total
funds
2021
€
1,369,286
Total
funds
2020
€
3,829,271
Total
funds
2021
€
163,523
7,865
2,193
8,382
84
(1,848)
25,067
205,266

Page 29

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs
Depreciation
Office costs
Travel
Bank charges
Other expenses
Governance costs
9.
Auditors' remuneration
Fees payable to the company's auditor for the audit of the company's
annual accounts
Fees payable to the company's auditor in respect of:
All non-audit services not included above
10.
Staff costs
Wages and salaries		 Biodiversity
Conservation
2020
€
113,364
11,716
4,571
5,994
395
2,839
22,949
161,828
2021
€
10,113
5,354
2021
€
163,523
163,523		 Total
funds
2020
€
113,364
11,716
4,571
5,994
395
2,839
22,949
161,828
2020
€
9,971
5,278
2020
€
113,364
113,364

The average number of persons employed by the company during the year was as follows:

2021 2020
No. No.
Administration 2 2

Page 30

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10. Staff costs (continued)

No employee received remuneration amounting to more than €60,000 in either year.

The key management of the company are as follows:

Alfred Koffi ALLOGNINOUWA (Executive Director) Marcel Comlan DANSI (Accountant) Thecle Hermione LOKONON (Administrative Assistant)

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - €NIL) .

During the year ended 31 December 2021, expenses totalling € 3,903 were reimbursed or paid directly to 4 Trustees (2020 - €NIL to Trustee) .

Page 31

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12. Tangible fixed assets

Cost or valuation
At 1 January 2021
Disposals
At 31 December 2021
Depreciation
At 1 January 2021
Charge for the year
On disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Motor
vehicles
€
74,357
(21,917)
52,440
41,041
7,374
(18,098)
30,317
22,123
33,316		 Fixtures and
fittings
€
6,601
-
6,601
4,215
358
-
4,573
2,028
2,386		 Office
equipment
€
1,125
-
1,125
706
63
-
769
356
419		 Computer
equipment
€
4,505
-
4,505
4,330
70
-
4,400
105
175		 Total
€
86,588
(21,917)
64,671
50,292
7,865
(18,098)
40,059
24,612
36,296

Page 32

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13.
Fixed asset investments
Cost or valuation
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020
14.
Debtors
Due within one year
Prepayments and accrued income
15.
Creditors: Amounts falling due within one year
Accruals and deferred income		 2021
€
128,461
128,461
2021
€
10,113		 Listed
investments
€
37,947,193
24,888,264
(23,348,859)
3,612,179
43,098,777
43,098,777
37,947,193
2020
€
274,064
274,064
2020
€
9,395

Page 33

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

16. Statement of funds

Statement of funds - current year

Endowment funds
Endowment Funds - all funds
Restricted funds
Restricted Fund
Total of funds		 Balance at 1
January
2021
€
42,660,147
819,504
43,479,651		 Income
€
-
2,502,229
2,502,229		 Expenditure
€
(254,200)
(1,574,552)
(1,828,752)		 Gains/
(Losses)
€
8,831,483
-
8,831,483		 Balance at
31
December
2021
€
51,237,430
1,747,181
52,984,611

Page 34

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

16. Statement of funds (continued)

Statement of funds - prior year

Endowment funds
Endowment Funds - all funds
Restricted funds
Restricted Fund
Total of funds		 Balance at
1 January
2020
€
40,407,613
151,094
40,558,707		 Income
€
228,000
4,659,509
4,887,509		 Expenditure
€
(216,400)
(3,991,099)
(4,207,499)		 Gains/
(Losses)
€
2,240,934
-
2,240,934		 Balance at
31
December
2020
€
42,660,147
819,504
43,479,651

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2021
€
-
43,098,777
8,138,653
-
51,237,430		 Restricted
funds
2021
€
24,612
-
1,732,682
(10,113)
1,747,181		 Total
funds
2021
€
24,612
43,098,777
9,871,335
(10,113)
52,984,611

Page 35

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2020
€
-
37,947,193
4,712,954
-
42,660,147		 Restricted
funds
2020
€
36,296
-
792,603
(9,395)
819,504		 Total
funds
2020
€
36,296
37,947,193
5,505,557
(9,395)
43,479,651
18.
Reconciliation of net movement in funds to net cash flow from operating activities
2021
€
Net income for the year (as per Statement of Financial Activities)
9,504,960
Adjustments for:
Depreciation charges
7,865
Losses on investments
(8,831,483)
Dividends, interests and rents from investments
(932,852)
Loss/(profit) on the sale of fixed assets
(1,756)
Decrease/(increase) in debtors
145,603
Increase in creditors
718
Net cash used in operating activities
(106,945)
19.
Analysis of cash and cash equivalents
2021
€
Cash in hand
9,742,874
Total cash and cash equivalents
9,742,874		 2020
€
2,920,944
11,716
(2,240,935)
(634,266)
-
(274,064)
26
(216,579)
2020
€
5,231,493
5,231,493

Page 36

DocuSign Envelope ID: 7973DD54-1C93-49BA-B206-38515FDE7258

LA FONDATION DES SAVANES OUEST-AFRICAINES (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. Analysis of changes in net debt

Cash at bank and in hand At 1
January
2021
€
5,231,493
5,231,493		 Cash flows
€
4,511,381
4,511,381		 At 31
December
2021
€
9,742,874
9,742,874

Page 37