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← La Fondation Des Savanes Ouest-Africaines

2024-12-31-accounts

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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 2024

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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
Trustees' report 2 - 14
Independent auditors' report on the financial statements 15 - 19
Statement of financial activities 20
Balance sheet 21 - 22
Statement of cash flows 23
Notes to the financial statements 24 - 40

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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 2024

Trustees Clet Albin FELIHO (resigned 23 April 2025)
Sabi Moussa SOULE (resigned 23 April 2025)
Etotepe Aikpemi SOGBOHOSSOU (resigned 23 April 2025)
Yoffou Agathe AFFOUGNON (resigned 23 April 2025)
Servais ADJOVI, Chairman and President of the Board
Andrew FOWLER
Kerstin LAABS (resigned 23 December 2024)
Benoit DOAMBA (resigned 23 December 2024)
Akpedje Yisegnon Hughes Oscar ILOKOSSO
Barnabe KABORE
Hamadou NOUFFOU
Martine Evelyne Adjobi DA SILVA AHOUANTO (appointed 23 April 2025)
Rosalie OUOBA (appointed 23 April 2025)
Oumarou SIDDO (appointed 23 April 2025)
Brice SINSIN (appointed 23 April 2025)
Mamadou BATIENE (appointed 23 December 2024)
Stephanie KURSTEN-CAMARA (appointed 23 December 2024)
Company registered
number
08287815
Charity registered
number
1153809
Registered office
10 Queen Street Place
London
EC4R 1BE
Principal operating
office
04 BP 1378
Cotonou
Benin
Executive Manager
Alfred Koffi ALLOGNINOUWA
Independent auditors
Wellers
Accountants
8 King Edward Street
Oxford
OX1 4HL
Investment Managers
Mercer
Tower Place West
London
EC3R 5BU

Page 1

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the audited financial statements of the company for the year from 1st January 2024 to 31st December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. 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 January 2022).

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Purposes of the charity

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

The Charity’s objectives are to:

The main 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: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

b. Main activities for achieving objectives

The 2024 Annual Work Plan and Budget of FSOA has been 80% completed due to geopolitical reasons in the areas of operations. The overall budget execution rate was in line with the year's performance, with 69% of the budget spent.

At the end of 2024, FSOA had an endowment fund/capital raised exceeding €83 million (54.5 billion XOF). The 2025 target (€65 million) has been surpassed, but significant fundraising efforts remain necessary to reach the 2030 targets. The Burkinabè and Nigerien governments have mobilized their financial contributions to the FSOA endowment fund and have fully paid their statutory membership fees, thus becoming full members of the FSOA.

Fundraising:

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: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Objectives and activities (continued)

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.

Achievements and performance

a. Main achievements

The implementation of the 2024 Annual Work Plan and Budget of the FSOA was primarily based on fundraising, strengthening the institutional presence of the FSOA in Burkina Faso and Niger, and supporting National Park managers and Peripheral Transition areas to carry out conservation and community development activities.

The total amount of grants awarded in 2024 to Benin's National Parks for their core zones exceeded €1.1 million , or 735 million XOF (341 million XOF for the Pendjari National Park and 394 million XOF for the W National Park - Benin). An allocation of €560,000 (50% of the total grant amount) was dedicated to funding activities carried out by NGOs and other stakeholders in the WAP's Peripheral Transition Areas.

In 2024, funding dedicated to communities on the periphery of National Parks exceeded 33% of FSOA's total funding. All funded projects, where necessary (classified B and B+), underwent an Environmental and Social Impact Assessment and an Environmental and Social Management Plan. The two Beninese National Parks within the WAP complex have adopted a multi-year ESMP outlining mitigation and compensatory measures, which are subject to annual monitoring.

In 2024, the FSOA continued its support to the supervisory administrations of the three countries sharing the WAP Complex to monitor and implement the roadmap of recommendations and commitments of the States parties, resulting from the 2nd Council of Ministers organized in Cotonou on June 23, 2023. Its actions have contributed notably to:

A first working session was held to identify the ways of operationalizing the partnership with CENAGREF, with a view to renewing the MoU between the FSOA, APN and the MCVT, expiring in December 2024.

To meet the AFD's requirements for transparency and fair competition, the FSOA introduced a new step in its methodological guide of calls for projects in the WAP-protected areas , and two (2) Calls for Expressions of Interest (CEI) were launched in 2024 by the FSOA, respectively on July 31 in Kandi for stakeholders in the W- Benin National Park protected area and on August 15 in Niamey for stakeholders in the W-Niger National Park protected area. This step resulted in the submission of a total of thirty-one (31) project concept notes for evaluation, including twenty-three (23) for Niger and eight (8) for Benin.

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

The Beninese Grant Award Committee (GAC) held five (5) meetings during the year to: i) analyse the project documents for the 2024 grant program in the priority intervention zones of the North Benin Biosphere Reserves, ii) evaluate Contextual of project concept notes submitted under the PASOA-AFD call for projects, and iii) validate APN funding requests for the W-Benin and Pendjari National Parks in 2025.

To achieve its objectives of supporting communities living along the Nigerien component of the WAP, the FSOA benefited from the support of KfW through the financing of the Project to Support the Operationalization of the Niger Desk (PAGN). In this regard, the FSOA launched a Call for Expressions of Interest for Projects on August 15, 2024, in Niamey.

As part of the AFD's PASOA program, a "third-party observer" the LASDEL research laboratory was mobilized to support the monitoring of funded activities on the ground and their impacts, particularly environmental and social, and to monitor respect for human rights and the conflict sensitivity of the interventions, according to the "action research" principle, allowing for the adjustment of intervention methods as needed. The terms of reference for the recruitment of this service provider have been finalized and validated internally and by the AFD.

As of December 31, 2024, all operators had satisfactorily met these conditions and received their first payment. Regarding the inclusion of FSOA projects in the digital platform for remote and real-time monitoring of activities (I-Know), which is essential, FSOA signed a framework partnership agreement with the House of Turtles, the hub manager.

A joint monitoring mission for the PASOA and PAGN projects, involving KfW, AFD, FFEM, and FSOA, took place from November 18 to 23, 2024 , in northern Benin. This joint mission included visits and discussions with field operators. The FSOA's SGES (Social and Environmental Management System) has been reviewed by KfW and AFD to improve the project categorization guide.

The FSOA organized a meeting of the Technical and Financial Partners Contact Group (GC-PTF) on 25th November 2024, to harmonize visions and intervention methods in and around the WAP area.

The FSOA participated, as a member, to the CAFE Executive Committee meeting in Arusha, Tanzania in August 2024 and to the 14th Annual General Assembly of the network, from 2nd to 6th September 2024.

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

b. Performance of fundraising activities

At the end of the period under review, the total amount of endowment funds granted to FSOA amounted to nearly 54.6 billion XOF (approximately €83.3 million).

During 2024, a national specialist in communication was recruited to support FSOA in implementing its communication/fundraising strategy and developing the tools planned for it.

The 2025 target (€65 million) has been exceeded. The Beninese and regional funding windows have reached 80% of their target allocations, the Niger funding window has already reached 100%, and the Burkinabe funding window has less than 30% of its minimum target.

To improve its visibility, FSOA mobilized Beninese national television to provide media coverage of the signing ceremonies for the financing agreements with stakeholders in the outlying areas, in Tanguiéta on April 25, and the call for expressions of interest for projects in Kandi on 31st July 2024.

In the frame of the Benin and German intergovernmental consultations held on 26th November 2024, in Cotonou, FSOA, together with CENAGREF, prepared a presentation on the biodiversity sector with a request to increase the capital of the FSOA's Benin window to reach its target of 36 billion XOF (€55 million), representing an additional 7.2 billion XOF (€11 million).

A funding request for the benefit of FSOA for the conservation of biodiversity in the WAP transboundary biosphere reserve was submitted to the Nordic Development Fund on February 9, 2024, but the Foundation's request was rejected. The NDF is an international financial organization that focuses on climate change-related activities and development in low-income countries.

Like the French Cooperation agency, Germany suspended all its funding to Niger on July 26, 2023. However, based on the advocacy efforts undertaken by FSOA at the end of 2023, the BMZ (German Federal Ministry for Economic Cooperation and Development) agreed to authorize the use of a portion of the project funds (maximum €900,000) exclusively for activities benefiting the communities living along the W-Niger River, with non-state actors.

FSOA began a series of meetings in Cotonou with representatives of donors and national institutions: the Embassy of the Kingdom of the Netherlands, the Embassy of Belgium in Benin, the Economic and Social Council, the World Bank mission, etc.

The terms of reference and program for a fundraising mission planned for Europe were finalized, and initial contacts were made for the period of December 9-13. However, during the discussions, the chosen period was deemed unsuitable, and the trip was therefore postponed to February 2025.

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance (continued)

c. Investment policy and performance

As of December 31, 2024, the performance of the FSOA portfolio is characterized by i) a year-to-date return of 11.8%, and ii) a portfolio under management of approximately XOF 70 billion (or €106.78 million).

Since the beginning of the year, returns have been excellent, at 11.8% year-to-date, bringing the portfolio under management to over XOF 70 billion (€106,782,779). On 31st December 2024, the unrealized capital gains amounted to more than XOF 18 billion (€28.5 million, of which €10.4 million for the period under review), accumulated since the start of investments (June 2015), representing a total gross gain of approximately XOF 15.5 billion (€23.5 million), after deducting the funds disbursed and used (realized capital gains or income used) for grants and the operation of the Foundation.

The net gain above inflation was approximately XOF 9.2 billion (€14.1 million), with a Harmonized Index of Consumer Prices of 2.4% for the euro zone, and 0.4% in Benin, since the beginning of 2024.

On 31st December 2024, the portfolio remained overexposed to the "quoted equities" segment (+9.2% compared to the target) due to the lack of reinvestment in real estate and private equities. All other asset classes are in line with their strategic allocation, following the signing of an amendment to the Mercer management contract, which allowed for the readjustment of the high-yield bonds versus mixed funds ratios.

During the period under review, the FSOA continued its progressive investments in government securities markets in the WAEMU zone, reaching an amount of 2.6 billion XOF (3.9 million euros), representing more than 13% of the onshore portfolio as of 31st December 2024.

The financial resources made available for park grants and the operation of the FSOA were 83% utilized, representing an amount of XOF 3.10 billion (€4.71 million).

Based on close monitoring of the amortization schedules, FSOA reinvested the second coupon payment from the BOAD investment (111,929,201 XOF) as soon as available. Furthermore, in collaboration with SGI-AGI, it sought out investment opportunities in advance to minimize unproductive time, which allowed it, during the period under review, to subscribe to:

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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

Since 2022, the FSOA funds its grants and overhead from the income of its assets under management. The general expenses of the Foundation are borne by each counter, in proportion to their endowment funds mobilized. For 2024, the commitments for the Nigerien and regional counters are recorded, but the share dedicated to overheads will be covered from the expected project funds.

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 Y-1 (December 31) = Gross nominal earnings for year Y-1 - (Gross nominal earnings Y-1 * inflation rate in the Euro zone Y-1).

  2. At the start of year Y, 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 Y.

  4. Ceiling of reserves = 2x(Total expenditure in years Y-1).

  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.

In its investment policy, FSOA has made environmental, social, and governance (ESG) commitments, with a significant portion of its portfolio (60%) invested in assets rated 1 or 2 in the ESG classification. This means that 60% of the assets are expected to have positive or minimal social and environmental impacts.

The first transfers from the PITCH funds were beneficial because onshore investments outperformed UK real estate returns. Conversely, transfers from funds directly managed by Mercer resulted in some opportunity costs, as offshore returns were significantly higher than onshore returns. However, on average, these costs, estimated at €4,300 on 31st December 2024, are relatively minor, and the transfers contribute to the overall stability of the portfolio.

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

c. Risk management

They 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 2022) 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.

It is noted that no funding was granted by the FSOA to the PNP in 2017 at the beginning of the management delegation to APN, followed by a remarkable peak in 2019 at the start of interventions in PNW-Benin with the financing of the feasibility study, the aerial inventory, and especially the Priority Intervention Program (PIP).

A slight downward trend was observed from 2023 onwards due to the launch of the direct support approach to operators in the surrounding areas , who were funded to the tune of XOF 367.16 million from the project's own funds by the end of the period under review.

In accordance with the provisions of the investment policy and based on the earnings for the year 2022, the Board of Directors decided to make investment income available to cover grants and overhead expenses, amounting to XOF 1,384,725,227 (EUR 2,111,000), broken down as follows:

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.

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

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, two new Trustees representing KfW and UICN on the Board were appointed, and the chairman of the board of directors, who had reached the end of his term, was replaced.

The Articles of Associations revised to take into account the increase in the number of institutional members of the GA-FSOA adopted by the Board and the 9th annual General Assembly of the Members were submitted to registration of the local authorities in Benin.

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, but:

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 representatives of/from:

The 14th Annual General Assembly of the FSOA was held on 23rd December 2024, with important written resolutions relating to the appointment of new representatives from Burkina Faso and KFW to the Board of Directors and the selection of a new auditor for the FSOA starting with the 2023 financial year.

The Executive Manager of FSOA has made a strong commitment to "regionalizing" its governance bodies. During the year, these bodies met 15 times and are now composed of 14 Beninese, 8 Burkinabe, and 7 Nigerien members.

The Board of Directors regularly held its three (3) ordinary sessions with important decisions including the designation of Resident Representatives of the FSOA in Burkina Faso and Niger.

The Board of Directors established an ad hoc committee which interviewed all shortlisted candidates for the RAF (18/01/2024) and CO (22/01/2024) positions. Following these interviews, two candidates were selected as Administrative and Finance Responsible and Operations Officer .

The Investment Committee (IC) was very active with four (4) annual meetings and online consultations, especially for requests relating to reinvestments of expired UMOA bond loan coupons.

The Grant Award Committee (COS) met five (5) times during the year and validated in particular the reports on the use of 2023 grants and the draft funding requests for 2025.

The Executive Management functioned to the satisfaction of the Board of Directors and the two technical committees whose decisions were diligently implemented.

The register of Trustees has been updated with Companies 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.

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management (continued)

A new organization chart (appearing in the Manual of Procedures) as well as the specifications of additional staff (Operations Manager (CO), Administrative and Financial Manager (RAF), Regional Mission Manager (CMR) were presented to the Administrators. All governance and operational management tools have been adapted to the regionality of the FSOA, including the Administrative and Accounting Procedures Manual and the Manual of Operations.

The new Operations Coordinator for FSOA took office in May 2024. This additional human resource is essential in a context of heavy workload within DE-FSOA, particularly with the simultaneous management of two projects. From August 15 to 17, FSOA organized training in this area for stakeholders in the WAP-Benin area, and especially for its PC. KfW also suggested that regular exchanges be organized with their E&S officer.

The terms of reference for the Regional Project Officer (RPO), whose recruitment is underway as part of the PASOA project, have been approved by AFD. This new staff member will be based in Niamey and will be responsible for coordinating the tripartite agreement for the harmonized management of the WAP Transboundary Biosphere Reserve, as well as monitoring the activities that will be carried out in the W-Niger area, financed by KfW's PAGN project, with the agreement of AFD.

The fixed-term employment contract of the Administrative Assistant to the Director, which had expired, has been renewed for a period of three (3) years. The same applies to the Executive Director's contract, which has also been renewed for a period of three (3) years.

In February 2024, a call for expressions of interest was launched to create the 2024 directory of service providers and suppliers for the FSOA. Following this process, BERGES CONSULTING was contracted to compile the data and set up an operational, computerized database. The Executive Management now has access to this database and a user guide for the directory to facilitate procurement procedures.

Technical assistance was mobilized by FSOA through the Eco-Consult office, funded by KfW, as part of the PAGN program. This service includes 36 person-months of assistance, comprising 30 person-months of longterm international technical assistance and 6 person-months of short-term assistance, over the period from February 2023 to January 2026.

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Plans for future periods

Members' liability

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

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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.

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

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

_________ Servais ADJOVI President of the Board Date: 15-12-25

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Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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 2024 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.

Page 15

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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:

Page 16

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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.

Page 17

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

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

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:

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, health and safety and employment law.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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.

Page 18

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

LA FONDATION DES SAVANES OUEST-AFRICAINES

(A company limited by guarantee)

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

Christina Nawrocki (Senior statutory auditor) for and on behalf of Wellers

Accountants Statutory Auditors 8 King Edward Street Oxford OX1 4HL

Date: 22-12-25

Page 19

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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 2024

Note
Income and endowments from:
Donations and legacies
4
Investments
5
Total income and endowments
Expenditure on:
Investment management costs
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
2024
€
-
-
-
35,332
-
35,332
(35,332)
9,327,242
9,291,910
92,836,909
9,291,910
102,128,819		 Restricted
funds
2024
€
800,000
2,054,618
2,854,618
-
1,746,760
1,746,760
1,107,858
-
1,107,858
4,168,524
1,107,858
5,276,382		 Total
funds
2024
€
800,000
2,054,618
2,854,618
35,332
1,746,760
1,782,092
1,072,526
9,327,242
10,399,768
97,005,433
10,399,768
107,405,201		 Total
funds
2023
€
28,237,120
1,552,144
29,789,264
36,986
1,533,976
1,570,962
28,218,302
4,367,545
32,585,847
64,419,586
32,585,847
97,005,433

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

The notes on pages 24 to 40 form part of these financial statements.

Page 20

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
18
Restricted funds
18
Total funds		 249,034
25,276,779
1,709,211
27,235,024
(61,150)		 2024
€
24,783
80,206,544
80,231,327
27,173,874
107,405,201
107,405,201
102,128,819
5,276,382
107,405,201		 351,398
26,475,886
1,960,758
28,788,042
(19,364)		 2023
€
25,566
68,211,189
68,236,755
28,768,678
97,005,433
97,005,433
92,836,909
4,168,524
97,005,433

Page 21

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

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: 15-12-25

The notes on pages 24 to 40 form part of these financial statements.

Page 22

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

LA FONDATION DES SAVANES OUEST-AFRICAINES

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Investment in cash deposits
Net cash provided by/(used in) 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 24 to 40 form part of these financial statements		 2024
€
(831,089)
2,054,618
(6,657)
6,501,849
(9,169,374)
1,199,107
579,543
-
(251,546)
1,960,758
1,709,212		 2023
€
26,640,552
1,552,144
(1,140)
7,289,723
(39,485,042)
(14,214,851)
(44,859,166)
-
(18,218,614)
20,179,372
1,960,758

Page 23

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

La Fondation Des Savanes Ouest-Africaines is a private company limited by guarantee, incorporated in England and Wales.

The company's registration number is 08287815.

The company's 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), 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 Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue a going concern.

2.3 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.

Page 24

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 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.

All expenditure is inclusive of irrecoverable VAT.

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 currency 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.

Page 25

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

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.

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 basis:

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.

Page 26

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

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.

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 relate to the valuation of investments.

Critical areas of judgment:

There are no significant areas of judgement other than those involving estimation.

Page 27

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from donations and legacies

Grants
Grants
5.
Investment income
Investment income - listed investments
Investment income - current asset investments
Investment income - listed investments
Investment income - current asset investments		 Endowment
funds
2024
€
-
Endowment
funds
2023
€
28,000,000		 Restricted
funds
2024
€
800,000
Restricted
funds
2023
€
237,120
Restricted
funds
2024
€
608,922
1,445,696
2,054,618
Restricted
funds
2023
€
362,877
1,189,267
1,552,144		 Total
funds
2024
€
800,000
Total
funds
2023
€
28,237,120
Total
funds
2024
€
608,922
1,445,696
2,054,618
Total
funds
2023
€
362,877
1,189,267
1,552,144

Page 28

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Investment management costs

Investment management fees
Investment management fees		 Endowment
funds
2024
€
35,332
Endowment
funds
2023
€
36,986		 Total
funds
2024
€
35,332
Total
funds
2023
€
36,986

Page 29

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure on charitable activities

Summary by fund type

Biodiversity Conservation
Biodiversity Conservation		 Restricted
funds
2024
€
1,746,760
Restricted
funds
2023
€
1,533,976		 Total
2024
€
1,746,760
Total
2023
€
1,533,976

8. Analysis of expenditure by activities

Biodiversity Conservation
Biodiversity Conservation		 Activities
undertaken
directly
2024
€
1,287,182
Activities
undertaken
directly
2023
€
1,094,808		 Support
costs
2024
€
459,578
Support
costs
2023
€
439,168		 Total
funds
2024
€
1,746,760
Total
funds
2023
€
1,533,976

Page 30

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Biodiversity
Conservatio
n
2024
€
Grants awarded
1,287,182
Biodiversity
Conservation
2023
€
Grants awarded
1,094,808
Analysis of support costs
Biodiversity
Conservatio
n
2024
€
Staff costs
96,526
Depreciation
7,440
Office costs
4,849
Travel
6,035
Consultancy
4,483
Operation costs
209,601
Foreign exchange (gain)/loss
5,651
Sundry costs
2,709
Governance costs
122,284
459,578		 Total
funds
2024
€
1,287,182
Total
funds
2023
€
1,094,808
Total
funds
2024
€
96,526
7,440
4,849
6,035
4,483
209,601
5,651
2,709
122,284
459,578

Page 31

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Biodiversity
Conservation
2023
€
Staff costs
60,814
Depreciation
7,934
Office costs
5,410
Travel
11,951
Consultancy
33,700
Operation costs
216,094
Bank charges
768
Foreign exchange (gain)/loss
32,870
Other expenses
52
Governance costs
69,575
439,168
9.
Auditors' remuneration
2024
€
Fees payable to the company's auditor for the audit of the company's
annual accounts
21,102
Fees payable to the company's auditor in respect of:
All non-audit services not included above
11,023
10.
Staff costs
2024
€
Wages and salaries
96,526
96,526		 Total
funds
2023
€
60,814
7,934
5,410
11,951
33,700
216,094
768
32,870
52
69,575
439,168
2023
€
18,967
10,058
2023
€
60,814
60,814

Page 32

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Staff costs (continued)

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

2024 2023
No. No.
Administration 4 3

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)

The total employment benefits of the key management personnel of the company were €51,805 (2023 - €51,805).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - €NIL) .

During the year ended 31 December 2024, expenses totalling € 8,940 were reimbursed or paid directly to 7 Trustees (2023 - €8,460 to 7 Trustees) . The expenses related to travel and meeting costs.

Page 33

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Motor
vehicles
€
66,120
-
66,120
43,416
5,676
49,092
17,028
22,704		 Fixtures and
fittings
€
6,601
2,035
8,636
5,136
346
5,482
3,154
1,465		 Office
equipment
€
1,125
-
1,125
868
38
906
219
257		 Computer
equipment
€
5,645
4,622
10,267
4,505
1,380
5,885
4,382
1,140		 Total
€
79,491
6,657
86,148
53,925
7,440
61,365
24,783
25,566

Page 34

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluations
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
14.
Debtors
Due within one year
Prepayments and accrued income
15.
Current asset investments
Unlisted investments (liquid)		 Listed
investments
€
66,653,795
6,755,012
(6,146,344)
9,181,983
76,444,446
76,444,446
66,653,795		 Unlisted
investments
€
1,557,394
2,414,362
(295,822)
86,164
3,762,098
3,762,098
1,557,394
2024
€
249,034
249,034
2024
€
25,276,779		 Total
€
68,211,189
9,169,374
(6,442,166)
9,268,147
80,206,544
80,206,544
68,211,189
2023
€
351,398
351,398
2023
€
26,475,886

Page 35

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Creditors: Amounts falling due within one year

2024 2023
€ €
Accruals and deferred income 61,150 19,364

17. Prior year adjustments

During the year, there have been no prior period adjustments.

Page 36

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. 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
2024
€
92,836,909
4,168,524
97,005,433		 Income
€
-
2,854,618
2,854,618		 Expenditure
€
(35,919)
(1,746,760)
(1,782,679)		 Gains/
(Losses)
€
9,327,829
-
9,327,829		 Balance at
31
December
2024
€
102,128,819
5,276,382
107,405,201

Page 37

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. 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
2023
€
60,506,350
3,913,236
64,419,586		 Income
€
28,000,000
1,789,264
29,789,264		 Expenditure
€
(36,986)
(1,533,976)
(1,570,962)		 Gains/
(Losses)
€
4,367,545
-
4,367,545		 Balance at
31
December
2023
€
92,836,909
4,168,524
97,005,433

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2024
€
-
80,206,544
21,922,275
-
102,128,819		 Restricted
funds
2024
€
24,783
-
5,312,749
(61,150)
5,276,382		 Total
funds
2024
€
24,783
80,206,544
27,235,024
(61,150)
107,405,201

Page 38

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2023
€
-
68,211,189
24,370,432
-
92,581,621		 Restricted
funds
2023
€
25,566
-
4,417,610
(19,364)
4,423,812		 Total
funds
2023
€
25,566
68,211,189
28,788,042
(19,364)
97,005,433
20.
Reconciliation of net movement in funds to net cash flow from operating activities
2024
€
Net income for the period (as per Statement of Financial Activities)
10,399,768
Adjustments for:
Depreciation charges
7,440
Losses on investments
(9,327,829)
Dividends, interests and rents from investments
(2,054,618)
Decrease/(increase) in debtors
102,364
Increase in creditors
41,786
Net cash provided by/(used in) operating activities
(831,089)
21.
Analysis of cash and cash equivalents
2024
€
Cash in hand
1,709,212
Total cash and cash equivalents
1,709,212		 2023
€
32,585,847
7,934
(4,322,495)
(1,552,144)
(88,370)
9,780
26,640,552
2023
€
1,960,758
1,960,758

Page 39

Docusign Envelope ID: B94C09CD-9DDF-4925-8C32-5A9D28D284F6

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

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

22. Analysis of changes in net debt

Cash at bank and in hand
Liquid investments		 At 1
January
2024
€
1,960,758
26,475,886
28,436,644		 Cash flows
€
(251,547)
(1,199,106)
(1,450,653)		 At 31
December
2024
€
1,709,211
25,276,780
26,985,991

23. Related party transactions

The company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the company at 31 December 2024.

Page 40