Company Number: 08794664 Charity Number: 1157294 ## The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Report and financial statements For the year ended 31 December 2024 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Contents For the year ended 31 December 2024 Reference and administrative information ....................................................................... 1 Trustees’ annual report .................................................................................................. 3 Independent auditor’s report ........................................................................................ 43 Statement of financial activities (incorporating an income and expenditure account) .... 49 Balance sheet ............................................................................................................... 50 Notes to the financial statements ................................................................................. 51 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Reference and administrative information For the year ended 31 December 2024 Company number 08794664 Charity number 1157294 Registered office and operational address Office 605, Albert House, 256-260 Old St, London EC1V 9DD Country of registration England & Wales Country of incorporation United Kingdom Trustees Trustees (who are also directors of The Okapi fund for nature conservation in the Democratic Republic of Congo for the purposes of company law) who served during 2024 were as follows: Victor Kabengele wa Kadilu (Chair) Patrick Welby (until 20[th] October 2024) Robert Craig (as of 20[th] October 2024) Yvette Shabani (resigned the 5[th] September 2024) Britta Oltmann (until 5 September 2024) Kerstin Laabs (as of 17 december 2024) Samy Mankoto Dieudonné Musibono Agnès Kasongo Gloria Assimbo Beto Nyongolo Executive Director Guillaume Gervais de Rouville Administrative Karen Kibanga Assistant Solicitors Sedulo, Office 605, Albert House, 256-260 Old St, London EC1V 9DD 1 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Reference and administrative information For the year ended 31 December 2024 |Auditor
|Sayer Vincent LLP| |---|---| ||Chartered Accountants and Statutory Auditors| ||110 Golden Lane| ||LONDON| ||EC1Y 0TG| |Investment Manager|Evelyn Partner Investment (formerly named| ||“Smith & Williamson Investment Management”)| ||25 Moorgate| ||LONDON| ||EC2R 6AY| 2 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The trustees present their report and the audited financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. ## Objectives and Activities Purposes and aims As set out in the Charity’s Articles of Association, its purposes are to promote for the benefit of the public, the conservation, protection and improvement of the natural environment and biodiversity of the Democratic Republic of the Congo (DRC), with priority focus on DRC's national system of protected areas. Specifically, it aims to: i) Promote, for the benefit of the public, sustainable development that supports the conservation of biodiversity in DRC, in particular the protected areas and/or other conservation areas of significant ecological value and/or significant biological importance including: (a) The preservation, conservation and the protection of the environment and the sustainable use of natural resources; and (b) The relief of poverty and the improvement of the conditions of life for the benefit of populations living in and around protected areas and other areas of significant ecological conservation and/or significant biological importance. ii) Advance the education of the public on environmental issues including the 3 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 biodiversity, conservation, sustainability and management of DRC's protected areas and/or other areas of significant ecological conservation and/or significant biological importance. The trustees periodically review the aims, objectives and activities of the charity and have always reaffirmed the purpose and aims as noted here. It is additionally affirmed that the trustees have had regard to the Charity Commission’s guidance on public benefit. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives that have been set. 4 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Achievements and performance The Charity's activities and achievements during 2024 have been concentrated on the following items : (i) continue efforts to increase the Okapi Fund's endowment funds, (ii) prepare and carry out new disbursements in favor of the Protected Areas while monitoring previous financing, (iii) selection of new protected areas eligible for support from the Okapi Fund, (iv) opening of a Carbon Desk and a Community Forestry Desk, (v) launch of the recruitment process for a new Executive Director, (vi) carry out field missions and participate in international events to strengthen our knowledge and capacities and reinforce links with the various biodiversity stakeholders, (vii) monitor financial markets in a particularly volatile period. ## Fundraising In early 2024, the Fonds Français pour l’Envionnement Mondial (FFEM) joined forces with AFD to co-finance an additional 2 to 3 million euros. A Project Information Note (PIN) was drawn up in April 2024 to initiate the procedure with the FFEM. The dossier was examined by consultants in June/July 2024 who assessed its relevance. The consultants' final report is very positive and recommends that the maximum amount of funding be allocated to the Okapi Fund. However, the final decision will be more political than technical, as AFD/FFEM funding is earmarked for the Kahuzi-Biega National Park. The situation within the park since January 2025 is particularly difficult due to the presence of M23 rebels in or near the park. In this context, the AFD has decided to postpone its final decision until the end of September 2025. At the same time, the Fonds Okapi strengthened its role in the development of the IPLC Forest Facility (IFF), a new funding initiative led by Rainforest Foundation Norway and financed by the Bezos Earth Fund. The Fund participated in multiple working sessions, culminating in its official designation in November 2024 as the preferred financial mechanism to channel IFF funds to local forest communities. This decision was validated by the Fonds Okapi Board in December 2024 and 5 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 marks a turning point in expanding the Fund’s reach beyond traditional protected area support (see below next section for more details). The idea behind this new desk is to attract private and public funding for community forestry and position the Okapi Fund as the natural funding channel for this type of project. Furthermore, discussions with the Rawbank culminated in the drafting of a concept note for the creation of a dedicated 'Carbon Desk' within the Fonds Okapi (see below next section for more details). This unit, envisioned as a financing conduit for carbon credit projects aligned with biodiversity goals, received approval from the Board in December 2024. Initial responses to questions from Rawbank’s risk department were provided in October 2024, and both parties aim to identify pilot projects in 2025. The idea behind this new desk is to attract CSR funds from private sector companies in the DRC to finance carbon projects with a high social and environmental impact. Relations with the Bezos Earth Fund remained active throughout the year. The Fund submitted a concept note in Q1 and held several meetings in Kinshasa and Cali (Colombia) to present its potential role in regional conservation finance architecture. Further engagements with the Fund’s U.S.-based leadership are planned before the end of 2025. ## Funding of Protected Areas In 2024, only one national park received financial support from the Okapi Fund: The Garamba National Park (GNP). The Kahuzi-Biega National Park (KBNP) was unable to receive funds from us for reasons that will be explained below. In March 2024, the Board of Trustees adopted the grant program for 2024, which includes: (i) a grant of US$300,000 to GNP and (ii) US$500,000 to KBNP. Funding are granted once all eligibility conditions have been met. The GNP received its funds in July 2024. The Board of Directors authorized a second disbursement of US$200,000 to the Garamba National Park to cover unexpected funding gaps. This brings the total amount disbursed to the Garamba National Park in 2024 to US$500,000. 6 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## The Garamba national Park As a reminder, the Okapi Fund disbursed US$220,000 in favor of the PNG in December 2022. In 2023 we disbursed US$250,000 to the PNG. In 2024, a further US$500,000 was provided. The funds were disbursed once the audit had been carried out by KPMG and deemed satisfactory by Fonds Okapi. The Executive Director went to Garamba in March 2024 for a follow-up visit to see what had been achieved on the ground following the Okapi Fund financing. It emerged from this visit that the GNP is carrying out its activities satisfactorily and in accordance with the requirements of our grant agreement. ## The Kahuzi-Biega National Park The first funds (US$ 350 000) were disbursed in December 2023, and were received by the beneficiary (Wildelife Conservation Society – “WCS”) in January 2024, but to cover expenses for 2023. We carried out a due diligence mission at WCS's regional headquarters in Kigali and at PNKB (Bukavu and Tshivanga) between November 8 and 15, 2023. On several occasions prior to our mission, we had deplored a lack of communication, responsiveness and transparency in exchanges with WCS teams. This observation had also been made by the KfW teams who had visited the PNKB a few months earlier. In the absence of satisfactory reporting (lack of information and average quality) from the PNKB, we were unable to disburse the amounts allocated to the park for 2024 (US$500,000). We finally obtained the missing information, although its quality was still not up to the standard we would expect from an organization such as WCS. The report submitted by WCS on environmental, social, and human rights actions is merely an Excel document providing a timeline of actions implemented with very little detail on what has already been accomplished. 7 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 Discussions on funding for 2024 were nevertheless resumed in December 2024: we have offered WCS the choice between (i) funding actions already undertaken in 2024 but for which funds have not yet been disbursed, or (ii) no longer dealing with funding for 2024 and instead examining the funding required for 2025. Just as discussions were about to lead to a funding opportunity, unfortunately the security situation deteriorated considerably in the park due to an offensive by the M23 armed group in the town of Bukavu and in the vicinity of the park. The park had to suspend its activities, which had not resumed normal operations at the time of writing this report. As things stand, it is therefore not possible to finance the PNKB's activities. However, recent peace agreements signed under the auspices of the United States could pave the way for a resumption of activities before the end of 2025. The Okapi Fund continues to monitor the situation and is ready to resume its funding if the security situation allows. If funding for the PNKB proves impossible in the near future, the Okapi Fund has already considered extending its funding to other protected areas in order to continue its biodiversity financing activities in the DRC (see next section on the selection of new parks). The positive aspect of the Okapi Fund's operations in relation to PNKB is that we have demonstrated a rigorous process for disbursing funds: the Okapi Fund does not disburse funds if it believes that the conditions are not met, either for reasons related to the governance of the potential beneficiary or due to the security situation in which the beneficiary operates. This demonstrates the seriousness of the Okapi Fund's disbursement process. Selection of new protected areas Selection of a Third Protected Area: A Strategic Expansion During 2024, the Okapi Fund embarked on a comprehensive process to identify and select a third protected area for our conservation portfolio. This strategic expansion reflects both our growing financial capacity and our commitment to maximizing conservation impact across the Democratic Republic of Congo. 8 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## The Selection Journey The Board of Directors initially identified three promising candidates for potential support: the Salonga, Lomami, and Maïko National Parks. Each represented unique conservation opportunities and challenges within the DRC's vast protected area network. Our Grant Allocation Committee (COS) undertook a thorough due diligence process throughout the year, engaging directly with park management teams and conducting detailed assessments of each candidate's eligibility and funding requirements. All three areas demonstrated strong conservation value and met our formal eligibility criteria. ## A Challenging Choice The selection process revealed the complexity of conservation funding decisions. While Salonga National Park showed promise, our analysis determined that it already enjoys substantial funding commitments for the coming years, leaving no significant funding gaps where the Okapi Fund could add meaningful value. This left us with a compelling but difficult choice between Lomami and Maïko National Parks. Lomami presented a more stable operational environment with established management structures and fewer security concerns, though its funding needs were more modest. Maïko, by contrast, offered an exceptional landscape with enormous conservation potential but faced significant security challenges and required substantial capacity building support. ## An Innovative Solution Rather than limiting ourselves to a single choice, our strong financial position— with over $11 million in realized gains since inception—enabled us to pursue a more ambitious approach. In December 2024, the Board approved an innovative dual-track strategy that will see both parks join our portfolio: Lomami National Park has received support, with an initial allocation of $250,000 in June 2025. This rapid deployment reflects the park's readiness to effectively utilize funding and our confidence in its management capacity. 9 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 Maïko National Park has also received funding support in September 2025 with an initial allocation of US$ 140,000. ## Looking Forward This strategic expansion positions the Okapi Fund to support four protected areas simultaneously, significantly amplifying our conservation impact. The phased implementation approach ensures we maintain our rigorous standards for environmental, social, and human rights safeguards while responding to the urgent conservation needs across the DRC. This selection process exemplifies our commitment to evidence-based decisionmaking and strategic patience—choosing long-term conservation impact over expedient solutions. As we enter 2025, we look forward to deepening our partnerships with these exceptional protected areas and advancing our shared conservation mission. ## Carbon Desk and a Community Forestry Desk Development of New Specialized Windows: Expanding Our Conservation Impact In 2024, the Okapi Fund embarked on an ambitious expansion strategy, developing two specialized funding windows that represent a significant evolution in our approach to conservation financing in the Democratic Republic of Congo. Carbon Window: Bridging Climate Action and Conservation The Carbon Window emerged from extensive discussions with Rawbank and represents our strategic entry into the carbon finance sector. This initiative aims to attract diversified investors to carbon credit projects while maintaining our rigorous ESG standards and expanding our assets under management to $100 million within three years. The window is designed to appeal to two distinct investor categories: philanthropic foundations seeking high-impact projects without direct financial returns, and corporations utilizing CSR budgets to offset emissions and enhance their environmental credentials. Projects financed through this window will deliver significant co-benefits for local communities, including job creation, 10 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 infrastructure development, and improved food security, while simultaneously advancing biodiversity conservation and climate resilience. Community Forestry Window: Empowering Indigenous Peoples and Local Communities The Community Forestry Window represents perhaps our most significant strategic development, emerging from our selection as the preferred vehicle for implementing the IPLC Forests Facility by Rainforest Foundation Norway and other international partners. This designation came following our successful participation in COP 16 Biodiversity in Cali, where we demonstrated our capacity to channel funding directly to Indigenous Peoples and Local Communities (IPLCs) for forest conservation. The window addresses a critical gap in conservation financing: supporting the Indigenous Peoples in the DRC who have historically been the most effective guardians of the country's high-integrity forests. Recent legal advances, including President Tshisekedi's historic 2022 law protecting indigenous peoples' rights, have created unprecedented opportunities for scaling community-based conservation. Through a comprehensive Memorandum of Understanding with the Community Forest Fund (FCF), we have established a dedicated "FCF Window" within the Okapi Fund that maintains clear financial separation while leveraging our institutional infrastructure. This arrangement preserves FCF's autonomy in selecting beneficiaries while ensuring rigorous governance and transparency standards. The framework addresses two urgent parallel needs: protecting remaining blocks of high-integrity forests and supporting land tenure regimes that empower local communities. Activities include direct assistance for sustainable development projects, strengthening IPLC involvement in protected area management, and providing advocacy support for more effective engagement in land-use planning. Operational Excellence and Future Vision Both windows benefit from shared infrastructure and expertise while maintaining distinct governance structures and funding streams. Both Windows leverages our existing investment management platform through Evelyn Partners. 11 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 These developments position the Okapi Fund at the forefront of innovative conservation finance, creating pathways for diverse funding sources to support conservation while maintaining our commitment to environmental and social safeguards. The windows represent a natural evolution of our mission, enabling us to serve as both an endowment fund for protected areas and a sophisticated intermediary for specialized conservation finance mechanisms. Looking ahead, these windows provide the foundation for achieving our ambitious goal of managing $100 million in assets while directly supporting Indigenous Peoples and Local Communities who serve as the primary guardians of the DRC's irreplaceable ecosystems. This multi-faceted approach exemplifies our commitment to scalable, sustainable conservation finance that honors both environmental imperatives and social justice principles. In order to implement these two new desks, the Okapi Fund plans to recruit consultants in 2025 to support their development. ## Recruitment process for a new Executive Director In 2024-2025, the Okapi Fund undertook a thorough and methodical process to identify and select a new Executive Director, demonstrating our commitment to transparent governance and strategic leadership continuity. ## The Succession Journey The process began in August 2024 when our current Executive Director, Guillaume Gervais de Rouville, announced his intention to conclude his mandate during the second half of 2025. Recognizing the critical importance of executive leadership to our mission, the Board of Directors initiated a comprehensive recruitment process at its September 19, 2024 session. ## Professional Search Partnership The Board entrusted the Executive Committee with selecting a specialized recruitment agency through a competitive tender process. Four firms were invited to submit proposals—two local Kinshasa-based agencies (Hodari and Bensizwe) and two international firms (Michael Page and Vidal Associates). Following a rigorous evaluation, Michael Page was selected for their international reach, 12 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 proven track record in executive placements, and understanding of our sector's unique requirements. The recruitment brief specifically required the inclusion of at least two Congolese candidates with international experience, reflecting our commitment to local leadership development while maintaining global standards of excellence. ## Structured Selection Process A dedicated Recruitment Committee was established, expanding the Executive Committee to include Board member Samy Mankoto. The final committee comprised the Fund President, the Executive Director, and four Board members (Agnès Kasongo, Samy Mankoto, Kerstin Laabs, and Robert Craig), ensuring diverse perspectives and rigorous evaluation standards. The initial candidate pool yielded a shortlist of ten qualified applicants by January 2025. However, the committee's high standards led to the decision to extend the search period until February 28, 2025, ultimately expanding the candidate pool to sixteen applicants. ## Rigorous Evaluation Framework Six exceptional candidates advanced to the final interview stage, conducted via videoconference over three days in March 2025. Each candidate participated in hour-long structured interviews using standardized evaluation grids and question frameworks developed collaboratively by committee members. This systematic approach ensured consistent, objective assessment across all candidates while allowing for comprehensive evaluation of technical competencies, leadership capabilities, and cultural fit with our mission and values. ## Final Selection and Validation Rather than conducting second interviews, the committee organized an in-person meeting in Kinshasa between the leading candidate, Christian Miasuekama, and available committee members. This informal yet substantive discussion allowed for deeper assessment of interpersonal dynamics and cultural alignment. 13 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The positive outcomes of this meeting reinforced the committee's confidence in their selection. Following contractual negotiations on March 26, 2025, the committee unanimously endorsed Christian Miasuekama's appointment, pending Board approval and KfW non-objection. ## Excellence in Governance This recruitment process exemplifies our commitment to governance excellence, demonstrating several key principles that guide our operations: Transparency and Accountability : Every stage was documented, with comprehensive records maintained for Board and donor oversight, including evaluation grids, interview frameworks, and detailed progress reports. Inclusive Decision-Making : The expanded committee structure ensured diverse perspectives while maintaining efficient decision-making processes. Professional Standards : Engaging international recruitment expertise while prioritizing local capacity development reflects our commitment to both global best practices and regional leadership. Strategic Patience : The decision to extend the search timeline demonstrates our priority for finding the right candidate over expedient closure. The appointment of Christian Miasuekama represents a strategic investment in leadership continuity that will guide the Okapi Fund through its next phase of growth. His selection through this rigorous process ensures that our new Executive Director possesses not only the technical competencies required for the role but also the leadership vision necessary to advance our conservation mission in an increasingly complex operating environment. This succession process positions the Okapi Fund for continued excellence in conservation finance and protected area support throughout the Democratic Republic of Congo. 14 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 Fiels missions & International Engagement : Strengthening Conservation Networks in 2024 Throughout 2024, the Okapi Fund pursued an active program of field missions and international participation, demonstrating our commitment to hands-on conservation support and strategic network building within the global biodiversity community. Field Missions - Direct Conservation Support: Our most significant field mission took us to Garamba National Park (March 2030, 2024), where we conducted comprehensive monitoring of our grant allocations and conservation impact. This ten-day mission served multiple strategic purposes: verifying implementation of funded activities on the ground, assessing overall park management effectiveness, and engaging with new leadership teams following recent management transitions. The mission revealed satisfactory progress despite weather-related delays that had postponed expert deployments by two months due to late 2023 flooding. We were able to accompany and engage extensively with two key consultants implementing our Environmental and Social Action Plan: Baptiste Martin, who was establishing an effective grievance mechanism for the park, and Thomas Mantete, who was developing comprehensive environmental, social, and human rights action plans. This field engagement allowed us to finalize the third grant convention covering Garamba's 2024 operational expenses while ensuring our funding aligned with demonstrated conservation needs and management capacity. The mission exemplified our commitment to evidence-based grantmaking through direct field verification rather than relying solely on desk-based reporting. International Conference Participation: COP 16 Biodiversity - Cali, Colombia (October 21-24, 2024) Our participation in COP 16 represented a strategic milestone in positioning the Okapi Fund within global conservation finance networks. The mission achieved two critical objectives that would shape our future development. 15 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 First, we participated in a high-profile panel alongside Rainforest Foundation Norway, Earth Bezos Fund, WCS, ICCN, and the World Bank, focusing on community forestry and the Indigenous Peoples and Local Communities (IPLC) Forest Facility. This panel allowed us to articulate our role in supporting community-based conservation while demonstrating our capacity to operate at international scales. Second, we held targeted meetings with the Director of Rainforest Foundation Norway and representatives from the Earth Bezos Fund, clarifying our potential role in implementing the IPLC Forests Facility. These discussions proved pivotal, as we were subsequently informed in November 2024 of our selection as the preferred vehicle for implementing this major international initiative. Additionally, we engaged with Global Environment Facility representatives regarding potential endowment fund financing, exploring opportunities to diversify our funding base through multilateral channels. CAFE Network Annual Assembly - Namibia (August/September 2024) As active members of the Conservation Trust Funds network (CAFE), we participated in the annual assembly in Namibia, contributing to strategic planning and knowledge sharing among African conservation trust funds. This engagement reinforced our position within the regional conservation finance community while allowing us to share experiences and learn from peer institutions across the continent. Bridge Steering Committee - Paris (June 12-14, 2024) Our participation in the Bridge project steering committee meetings in Paris demonstrated our engagement with innovative conservation finance mechanisms. These sessions involved reviewing project progress, making strategic decisions, and reporting to the French Global Environment Facility (FFEM), reinforcing our relationships with key European funders. Strategic Network Building: London and Paris Mission (November 18-22, 2024) 16 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 This comprehensive mission across two European capitals exemplified our systematic approach to stakeholder engagement and fundraising. In London, we held productive discussions with Rawbank's Board of Directors regarding our Carbon Desk initiative, explored fundraising event possibilities with Evelyn Partners, and met with potential new board members including Robert Craig and representatives from Tribe Impact Capital. The Tribe Impact Capital meeting proved particularly strategic, introducing opportunities to develop an impact-focused endowment fund that could attract different types of donors through corporate social responsibility channels, expanding our funding base beyond traditional conservation donors. In Paris, we advanced multiple strategic relationships simultaneously: finalizing discussions with AFD/FFEM regarding our feasibility study, exploring collaboration opportunities with Véolia Foundation and Amundi for our Carbon Desk initiative, and potentially securing FFEM support for organizing the CAFE Annual Assembly in Kinshasa. Knowledge Building and Capacity Enhancement: Evelyn Partners Portfolio Review - Kinshasa (April 28-29, 2024) We hosted our investment management partners for an intensive two-day session in Kinshasa, combining portfolio review with strategic planning. This unique approach of bringing international expertise to our operational base allowed for comprehensive evaluation of our investment strategy while demonstrating our commitment to local presence and regional engagement. The sessions covered macroeconomic updates, asset class education, portfolio performance analysis, and ESG considerations, while exploring opportunities for African market investments and policy adjustments. This direct engagement enhanced our financial management capabilities while maintaining our focus on conservation outcomes. Strategic Impact and Future Positioning: These field missions and international engagements achieved several critical outcomes that positioned the Okapi Fund for enhanced impact: 17 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - Enhanced Credibility : Our field presence and international participation demonstrated our operational capacity and strategic vision to both beneficiaries and funders, establishing us as a serious player in conservation finance. - Network Expansion : Systematic engagement with diverse stakeholders— from park managers to international donors—expanded our influence and created new partnership opportunities. - Knowledge Integration : Direct field experience informed our grantmaking while international exposure brought global best practices to our local operations. - Strategic Positioning : Our selection as the preferred vehicle for implementing the IPLC Forests Facility represents the culmination of sustained relationship building and demonstrated competence. Looking forward, these activities have established the foundation for the Okapi Fund's evolution from a specialized endowment fund supporting protected areas to a sophisticated conservation finance intermediary capable of managing complex, multi-stakeholder initiatives while maintaining our commitment to rigorous field-based impact assessment. ## Financial review Source of capitalisation & financial resources No new additional Endowment Funds were received in 2024. We continued to receive operational funds (to cover our running costs) from KfW in 2024. As a reminder, 1 million euros as funds to support operational costs of the Okapi Funds from 2023 to end of 2024 where made available at the end of 2022 through the procedure of renewed demands. In 2024, the Charity received support from KFW as follows: 18 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - 127 022,80 euros, March 13, 2024 to cover the period from January to June 2024 (under the Second Separated Convention between KfW and Fonds Okapi). - 236 193,69 euros, July 17, 2024 to cover the period from July to December 2024 (under the Second Separated Convention between KfW and Fonds Okapi). - USD 157 537 received in November 2023 recognised as deferred income at year-end. The 2024 financial accounts therefore report the Charity receiving funding in 2024 from one source: - KFW (The German Development Bank). ## Resource utilisation framework The investment policy followed by the Okapi Fund has been developed to be fully compliant with the recommended Practice Standards for Asset Management (standards 1-9) as set out by the Conservation Finance Alliance and best practice guidance in the annual Conservation Trust Investment Survey published by WCS. Furthermore, the Okapi Fund follows the World Bank's Environmental and Social Framework and the World Bank Group's general and sector-specific Environmental, Health and Safety Guidelines. As the Okapi Fund is a charitable entity dedicated to environmental conservation, the investments made by the investment manager must not be inconsistent with the objectives of the charity. The investment of the funds, inclusive of all investment instruments, are subject to SRI (Socially Responsible Investing) sectoral filtering and compliance with the ESG and responsible investing policies and detailed exclusions listed in the Investment Policy statement. The capitalisation funds received from KfW at the end of 2019 and from The World bank in January 2020 were transfer to our Endowment Fund. These funds have been progressively invested in the financial markets by our portfolio manager, Smith & Williamson (now Evelyn Partners), in accordance with our Investment Policy Statement and under the supervision of our Investment Committee. 19 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The Endowment Fund holds Okapi Fund’s longer-term investment assets and the returns from these assets provide resources that the Okapi Fund can deploy in furtherance of its charitable aims. The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely Euro 14 million received in December 2019, are treated as: - Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). - Expendable Endowment Funds for the value of EURO 14 million less the amount mentioned above (14M euros less the 7.4M US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). The additional endowment funds received from KfW in December 2022 and in December 2023 are treated as Permanent Endowment Funds. The Portfolio in 2024 The portfolio has seen (i) a performance of +12.48% in 2024 and (iii) a performance of +31% since the receipt of the endowment funds in December 2019. The portfolio's average annual return over the last five years is +6.2%. At the time of writing, the total potential capital gain is + 16 million US$ (since December 2019). This amount is sufficient to ensure both : 1. A conservative reserve policy and 2. Increased disbursements to protected areas over the next few years. 20 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - Overall, our portfolio's performance over the last five years places us in the Top 5 of Nature Conservancy Trust Funds in Africa. Assets under management amounted to US$ 64.78m at December 31, 2024. At December 31, 2024, the portfolio was broken down as follows: - 0.1% Cash and cash equivalents - 29.2% bonds, - 67.7% equities - 1.7% other investments. The portfolio's currency exposure was as follows (at December 31, 2024): - 82.67% to US$ assets - 3.20% in Euros (mainly cash not yet converted) - 10.71% to Sterling assets - 3.42% in other currencies Generally speaking, these were not very significant movements in terms of the composition of our portfolio during the year 2024. The year 2024 in review : - Overall, our portfolio had a very positive year (+12.4% growth). - It was a solid year, with US dominance (particularly in megacap and technology) as a major theme, although there were some divergences between the Magnificent 7 stocks (the winners being notably Apple and Amazon, with Microsoft lagging relatively behind and Tesla eventually recovering, albeit after considerable volatility). - Gold gained almost 30% over the year, although it cannot be held in the portfolio. Conversely, the energy sector was not very interesting in 2024. - 2024 was a very mixed year for European markets and sectors, with luxury goods (a Chinese story) and some healthcare stocks struggling, although German company SAP (Germany) has had solid results since our purchase last year. - Asia remains unattractive, with China struggling to implement its fiscal rescue plans and revive its economy. 21 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - In bonds, we have kept a relatively short maturity, given concerns about Trump's impact on US debt levels. With the risk of inflation remaining high, our TIPS continue to play an important role in offsetting potential inflation. Outlook for 2025: 1. Financial markets: - Post-US election outlook: generally positive, with lower taxes and signs that US companies are best placed to continue growing while preserving, or even increasing, their profit margins. - The profit margins of major US companies are likely to continue to be seen as very positive, driving the equity market higher. - The general outlook for the equity sector looks rather encouraging. - With Trump, however, there is a risk of inflation if tariff policy towards other countries (Mexico, Canada, China, Europe, etc.) is not brought under control. - To counter the risk of inflation: maintain significant positions in TIPS (Treasury inflation-protected securities). - AI is a sector to watch for the opportunities it could offer, but it is still in a consolidation phase and market reversals in this sector are likely in the short term. - Asia continues to show signs of fragility. - In view of the tariff war that Trump may want to wage, we must remain cautious in our investments with regard to the Asian market. 2. Impact Funds: We have begun to discuss with members of the IC and EC the possibility of opening an Endowment Fund oriented towards impact financial investments. For the moment, our endowment funds are invested according to an investment policy that gives us a great deal of latitude as to the nature of the activities of the companies whose shares we acquire. These companies, for the most part, while having a good overall ESG rating, are not companies with an environmental or social impact. 22 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 It would be interesting for the Okapi Fund to explore the possibility of opening, alongside its current endowment fund, an impact fund that could attract other types of donors (notably through corporate CSR funds). ## Total Return Approach Adopted In the first half of 2021, the Okapi Fund decided to adopt the Total Return Approach, by taking the following resolution voted unanimously by the members present: - The Board of Trustees of the Okapi Fund has fully considered the Total Return Report and has resolved to adopt a resolution under Section 104(A) of the Charities Act 2011 to apply a total return approach to investment in accordance with the relevant regulations as follows: ## Total return for the Okapi Fund Permanent Endowment Fund investment. This resolution identifies the Permanent Endowment Fund as the relevant fund that will be subject to total return investment. As of 31 December 2020, the value of the relevant fund consists of: _1._ The Investment Fund consisting of original capital contributions from donors of USD 14,793,588 _2._ The unapplied total return of USD 1,941,892. This is based on the valuation of the endowment capital contributions received and the total unapplied return retained in the relevant fund, as at 31 December 2020. The Total Return Report was written and submitted to the Board members by a recognized expert in the field, James Money-Kyrle. It was on the basis of this report that the Trustees made their informed decision regarding the adoption of the Total Return approach. No changes in our approach were made in 2024. 23 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Principal risks and uncertainties The Trustees have considered the risks that the Charity faces as of the date of this trustees’ report. Having reviewed these risks and the steps being taken, the trustees are confident that these risks are being managed appropriately. In 2020, a risk register was set up. This risk register records risks as they arise and indicates the measures that are taken to mitigate or eliminate them. This register is kept up to date at all times and is available in our office. It is shared with the trustees at each meeting of the Board of Directors who review the Risk Assessment Report. In 2023, two Risk Assessment Reports were compiled by the Executive Director, discussed, reviewed and approved by the trustees before and during the Board meetings. In 2024, another Risk Assessment Report was sent to the Trustees in early January: it also covers part of the year 2023. Following this 2024 report, it was deemed appropriate to include the risk report in the Executive Director's activity reports in order to share information more regularly and in a broader context. As a result, risk information is now included in each of the Executive Director's quarterly reports. ## In 2024 The main risks faced during the Year 2024, and mitigating measures being taken, are described in the following sections. The main risks reported and reviewed in (or in relation to) 2024 were as follows: - Operational risks; - Governance risks; - Financial Risks; - Fiscal Risks; - Fraud Risks; - Reputational Risks. 24 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 ## Operational risks The most significant operational risks identified were the following: 1. the implementation of its fund disbursement activities to finance projects in accordance with its purpose. 2. the continuity of the Okapi Fund's operational management following the announcement by the Executive Director in August 2024 of his wish to step down. ## Regarding point 1.: The main risk in this respect concerned funding for the PNKB. As mentioned above, we had encountered difficulties in obtaining important information prior to our support for the Park. It was deemed necessary to take the time to assess the risks of our support for the PNKB and to define our terms of engagement and the activities we would be willing to fund: it is better to take the time to consider these aspects than to rush into funding that could cause us further problems (see below in the section on reputational risks). As mentioned earlier, we were unable to finance the PNKB in 2024 due to structural governance issues within the park. However, as also indicated, we have expanded the number of parks eligible for Okapi Fund financing, which will enable us to continue our activities as planned. In addition, we are working closely with KfW to find a solution for financing the PNKB. The security situation locally is also the subject of particular attention on our part. ## Regarding point 2.: As mentioned above, a recruitment process for a new Executive Director was launched in October 2024, resulting in the selection of a new Executive Director who took up his duties on July 7, 2025. The outgoing Executive Director has agreed to provide a three-month transition period and will therefore conclude his activities with the Okapi Fund at the end of September 2025. ## Governance risks Board Member Replacement Challenge 25 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 The replacement of Board member Yvette Shabani remained an ongoing administrative process throughout 2024. Despite regular follow-ups with stakeholder Azarias Ruberwa, progress remained limited. However, this situation posed no significant operational consequences, as we continued functioning effectively with eight Board members instead of nine, maintaining full decisionmaking capacity and governance oversight. During the year, we adopted a pragmatic approach by requesting authorization to contact the Ministry of Finance directly for candidate nominations, reversing the traditional selection process to expedite resolution. We will therefore ask the Ministry of Finance to propose names, which will then be approved by Mr. Ruberwa (and not the other way around). Investment Committee Participation Low participation from our external Investment Committee member presented governance challenges due to conflicting professional commitments. While we actively sought replacement candidates, including outreach to qualified professionals like Edwige Takassi, the non-remunerated nature of the position limited candidate interest. This risk was effectively mitigated through rigorous daily portfolio monitoring and close collaboration with our investment management partner, Evelyn Partners, ensuring no compromise in our financial oversight capabilities. ## Financial risks The main financial risk identified in 2024 is the risk of a decrease in the value of our portfolio. It represents the main risk identified during the year 2024 and the beginning of 2025. There were three main factors which affected the financial markets and therefore had the potential to affect the value of our portfolio in 2023: 1. The election of the President Trump in the USA. 2. Inflation. 26 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 3. The wars in the Middle East. ## However: - The tensions linked to the trade wars initiated by President Trump seem to have been absorbed by the financial markets. - Since beginning of 2024 we did not see real signs of inflation. - The market is digesting the situation in the Middle East well for the time being. In order to reduce the risk of a decline in portfolio value affecting our ability to fulfill our core mission - to disburse funds in favor of protected areas - we pursue a rigorous reserves policy to ensure that we have access to sufficient liquidity to honor our commitments to protected areas and also to finance the operating costs of the Okapi Fund (see reserves policy below). ## Fiscal risks As we explained in all of our Quarterly Activity Reports to the Trustees (Rapports d’Activités Trimestriels), we decided to make a provision in our accounts for the payment of the IER (the exceptional tax on the income of expatriate staff), but not to pay it to the tax authorities as proposed by our accountants. Indeed, our lawyer, in his tax analysis of the Asbls (Not-for-profit organisations), had clearly indicated to us that this tax was not applicable to our situation. The tax rate of the IER is 25% on the remuneration (after deduction of those parts of the remuneration which are not subject to taxation) and monthly the additional cost of this tax would be in the order of US$3,000. We therefore decided to provision the amounts corresponding to the IER until we had a clear answer from the tax authorities. In order to resolve this recurring issue we have undertaken two parallel approaches: 1. During the bilateral discussions between Germany and the DRC on biodiversity funding, it was written into the final minutes that the DRC would recognize the Okapi Fund's rights to the tax exemptions that charities normally enjoy; 27 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 2. We were able to meet with the Minister of Finance in December 2023, who should make it possible to move the file forward in a favorable manner. However, these measures were insufficient and did not prevent the Okapi Fund from receiving a letter of adjustment from the tax authorities on this matter in March 2025. IER Tax Settlement: Resolution of Fiscal Compliance Issues The tax administration claimed outstanding IER arrears accompanied by penalties and late payment interest dating back to 2020. While awaiting the interministerial decree (from the Ministry of Planning and Ministry of Finance) that would formally recognize our right to fiscal exemptions, we had prudently provisioned the corresponding amounts in our accounting since 2020. The original claim totaled $256,000 USD, representing a significant financial exposure that threatened our operational capacity and conservation mission. Our approach centered on demonstrating our good faith efforts and the administrative obstacles beyond our control. We presented compelling arguments to the tax administration: Documented Due Diligence : We provided evidence of our continuous efforts with the Ministries of Planning and Finance since 2020, including regular documented follow-ups that demonstrated our commitment to resolving the matter. Bilateral Recognition : We highlighted that our fiscal challenges had been raised twice during Germany-DRC bilateral discussions, where the DRC had agreed to support us in obtaining these legal exemptions, demonstrating the international dimension of our status. Administrative Responsibility : We emphasized our lack of responsibility for the administrative delays that prevented timely resolution of our exemption status. After multiple exchanges with fiscal authorities, we achieved a significant breakthrough in our negotiations. The tax administration agreed to abandon their demands concerning penalties and late payment interest—the most punitive aspects of their original claim. 28 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 In exchange, we committed to promptly settle the base IER taxes that were the subject of the tax assessment, demonstrating our willingness to cooperate within reasonable parameters. The negotiated resolution reduced our total payment obligation from $256,000 USD to $122,000 —a reduction of more than 50% that saved the organization $134,000 USD. This outcome validated our strategy of principled engagement while protecting organizational resources. This resolution demonstrates several important principles: - Principled Negotiation : Our approach of acknowledging legitimate obligations while challenging unreasonable penalties proved effective in achieving a balanced outcome. - Institutional Protection : The significant reduction in our financial exposure preserved resources for our conservation mission while maintaining compliance with fiscal obligations. - Precedent Setting : This settlement establishes important precedents for how international conservation organizations can navigate complex fiscal environments while protecting their operational capacity. The successful resolution of this matter eliminates a major financial uncertainty that had affected our operations since 2020. The $134,000 USD in savings represents resources that can now be dedicated directly to conservation activities rather than administrative penalties. This outcome also demonstrates the effectiveness of patient, strategic engagement with regulatory authorities, showing that persistence and principled advocacy can yield significant results even in challenging administrative environments. The resolution provides closure to a complex matter while reinforcing our commitment to fiscal compliance and responsible organizational management in the DRC's evolving regulatory landscape. Fraud risks We have identified three levels of fraud risk: 29 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 1. Risks at the level of the funds managed by the Okapi Fund 2. Risks at the level of the funds managed by the portfolio manager 3. Risks at the level of the funds managed by the beneficiaries of the funds received from the Okapi Fund 1. Risks at the level of funds managed by the Okapi Fund The risks of misappropriation of funds are limited because of the disbursement procedure that we follow: 1. For electronic transfers: For each disbursement, the ED must enter the amounts on the bank's platform and two trustees must approve the disbursement. Each payment must be supported by a document (invoice, fee, etc.). 2. Regarding cash disbursements: Each disbursement must be pre-approved by the ED, documented by the DAA and reported in a cash tracking document. In addition, we have both a post-payment audit performed by accountants under Ohada law (the Organization for the Harmonization of Business Law in Africa), by BMCG and under UK accounting law by Sayer Vincent. Finally, two types of audits are carried out each year: (i) one to control the expenses made from the budget coming from KfW (carried out by JMB in DRC and required by KfW) and (ii) the other one carried out by a special team of Sayer Vincent for a statory audit on the accounts. 2. Risks at the level of the funds managed by the portfolio manager Fraud risks at this level are managed by Evelyn Partners' internal procedures. We have not conducted an audit of their procedures, but to date the UK supervisory authorities have not, to our knowledge, raised any concerns about the possibility of fraud. 3. Risks at the level of funds managed by recipients of Okapi Fund funds In order to limit the possibility of fraud in the funds disbursed to the Protected Areas, we have put in place the following two principles: 1. Disburse funds according to planned instalments that reflect needs for a couple of months – rather than one single payment for the full year; 30 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 2. The grants are transferred to a reputable international NGO that implements projects on the ground: this is the case with Garamba NP, where the funds and management of the PA are the direct responsibility of the NGO African Parks Congo, a subsidiary of African Parks Networks from South Africa; 3. Conduct an audit of disbursed funds by an internationally recognized auditor. The Garamba NP funds were audited by KPMG in March 2023 (first disbursement) and in May 2024 (second disbursement). In addition, in the grant agreement with the grantee, we are imposing strict financial reporting requirements to limit the possibility of fraud. Finally, at least once a year, we will conduct an audit of the use of funds in the field with the recipient's accounting and financial departments. Proposed solution: (i) funds transferred to a reputable international NGO; (ii) audit by a reputable international firm; (iii) audit by us on site. Reputationnal risks The main reputational risks we face in the DRC are related to the management of Protected Areas by our grantees in relation to the following main issues: 1. Embezzlement of granted funds 2. Conflicts with local populations and indigenous peoples 3. Human rights abuses in the context of anti-poaching operations On the first point, we can refer to the discussion above on the Risks of Fraud. Regarding conflicts with indigenous people and local populations, we have identified two types of potential conflicts that could affect our reputation as a funder of PA managers: 1. Conflicts between populations and/or uncontrolled indigenous people 2. Conflicts between the PA and indigenous populations and/or people On the first point: the risk is indirect insofar as, in principal, the responsibility of the PA is not engaged. If this is nevertheless the case, the risk is that of the consequences of conflicts on the image of the PA manager and, as a result, on our own reputation. 31 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 On the second point: This risk exists and is quite high insofar as PAs are generally not very isolated from the activities of indigenous populations and/or people. There can be all sorts of conflicts: human-wildlife conflicts, conflicts over economic activities developed in the buffer zones, conflicts over the park's boundaries, over access to park resources, etc. Within each PA, procedures are put in place to limit the consequences of these conflicts and to try to find an adequate and early response. In particular, a grievance mechanism is put in place, which is normally mandatory. When this is not the case, the Okapi Fund imposes the establishment of such a mechanism with a precise implementation schedule. Regarding human rights abuses in Anti-Poaching operations, the reputational risk is very high: - Such risks have been raised and documented for the PNKB by several NGOs - The consequences for donors have been very serious, particularly in terms of their reputation with the general public To address this risk, but more importantly to improve the situation and ensure that these events no longer happen in the future, the Okapi Fund has mandated that environmental, social and human rights due diligence be conducted before any disbursement to a PA. In addition, the due diligence requires a very specific environmental, social, and human rights action plan from the potential recipient of our grants. The Okapi Fund is responsible for monitoring the recipient's compliance with this plan. Finally, a significant portion of our grants are directly aimed at addressing human rights issues in and around the target PA. Adopted solution: (i) Approve funding that addresses and mitigates these risks; (ii) Implement strict environmental, social, and human rights safeguards in PAs; (iii) Ensure regular and thorough human rights monitoring; and (iv) Make successive disbursements contingent on progress on these issues by recipients. In 2025 More generally, the risks faced by the Okapi Fund in the coming months are mainly threefold: 32 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 1. A financial risk due to the volatile nature of financial markets. Due to this permanent situation, the Okapi Fund, in particular through its Investment Committee and thanks to very regular communication with its portfolio manager (Evelyn Partners), is particularly attentive to financial risks and closely follows the evolution of financial indices on a daily basis. 2. A country risk, as the DRC is a highly unstable country, both politically and economically. The members of the Okapi Fund (Trustees & the executive direction) are therefore very attentive to political and economic developments in the country in order to be able to anticipate as far as possible any risk that might arise for its activities or its members or partners. In particular, the Okapi Fund closely monitors the situation in the Protected Areas, which are sometimes located in low security zones, by checking very regularly with its partners or the various stakeholders with whom the Okapi Fund is in contact to find out what the health and safety situation is on the ground. 3. Reputational risk: Due to accusations of human rights abuses in some protected areas against park officials, including Kahuzi-Biega-Biega National Park, there is a risk that if we fund this park, we will be associated with the accusations against the park if the issues raised have not been resolved and significant human rights safeguards have not been implemented in the park. On these points, the Okapi Fund is particularly vigilant and monitors the implementation of environmental, social and human rights measures recommended by the due diligence carried out at its request in December 2022 by the international consulting firm IBIS. Prior to any new disbursement, we check that the initial grant conditions are still met. Regarding Point 1 above, in order to mitigate its potential impact: - a. We maintain a significant position in liquid money market securities as long as the prospects of a financial and economic crisis are high; - b. We will maintain an adequate financial reserve policy to enable us to meet our financial commitments over 2025 and 2026. 33 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Reserves policy and going concern The first capitalization funds (endowment funds) received by the Okapi Fund were invested in the financial markets in the first half of 2020 and the first disbursements in favor of a protected area took place in December 2022. Since 2019, KfW has provided funding for the operational running of the Okapi Fund of EUR 2 millions. Depending on our needs, and based on the forecast financial statements, we can draw on these funds for periods of 6 months by making a duly documented application to KfW (by showing, in particular, that expenditures during the previous period were spent in accordance with the financial forecasts). The first 1 million was committed by KfW in 2019 and was exhausted in June of 2022. The second 1 million was committed by KfW in October 2022 with a view to covering operational costs of the Okapi Funds starting in January 2023 (until the end of 2024). In the interval (from June 2022 to December 2022) the Okapi Fund used funding from revenues generated by the Endowment Funds (in two instalments of 160 000 US$ each). The KfW's operational budget has not yet been exhausted and can be used in 2025 if necessary. From 2025 onwards, the Okapi Fund could also draw on its own resources (income generated by the Endowment Funds) to finance its operating costs. At the date of this report, the excellent condition of our portfolio allows us to envisage financing from our own resources without difficulty and without compromising our commitments to protected areas. The Okapi Fund needs to maintain sufficient free reserves to match this long-term funding commitment. The reserves policy is set to ensure we can deliver on our vision and mission and ensure our work is protected from the risk of disruption at short notice due to a lack of available funds, whilst at the same time ensuring we do not retain income for longer than required. 34 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 As part of effective financial management, the Okapi Fund holds reserves to ensure we can: - Manage financial risk. There are a range of risks we face, including the risk of an unforeseen drop in income due to unpredictable investment returns or unbudgeted increases in expenditure. - Meet our long-term grant commitments and funding plans. We have calculated that an appropriate reserves range for the Okapi Fund is USD $2.5 to 3 million, which is broken down as follows: |We have calculated that an appropriate reserves range for the Okapi Fund
$2.5 to 3 million, which is broken down as follows:|is USD| |---|---| |Reserves range|US $m| |Financial risk|0.5| |Grant commitments and long-term plans|2| |Minimum level|2.5| |Range|0.5| |Maximum level|3| This equates to between 12- and 18-months charitable activities (such as funding of commitments to national parks) and operating and administration expenses. The Okapi Fund’s Reserves for the Year ended 31[st] December is: |The Okapi Fund’s Reserves for the Year ended|31stDecember is:| |---|---| |Okapi Funds Statement|2024| ||US $000| |Unrestricted Funds|-102| |Restricted Funds|0| |Designated Funds|0| |Permanent Endowment|45,940| |Unapplied Total Return|8,348| |Expendable Endowment|10,587| |Total Funds1|64,681| 1 Total Funds include Unrestricted, Restricted, Designated and both Permanent and Expendable endowment. 35 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 |Okapi Fund ‘Free’ Reserves for the Year to 31st|2024| |---|---| |December|| ||US $000| |Free Reserves2|8,243| |Ratio of Free Reserves to Annual Operating|0.3| |Expenditure3|| The Okapi Fund reserves provide financial stability and the means for the longterm development and delivery of the Okapi Fund’s charitable activity. We intend to target our reserves at a level which is equivalent to 18[th] months of operating expenditure (covering grants and operational costs) due to the longterm nature of the Okapi Fund’s activity and the volatility of investment returns that provide the Okapi Fund’s principal source of income. The amount of Free Reserves at the end of 2024 is sufficient to meet the requirements of our reserves policy. In addition, at the end of September 2025, the date of writing of this report, our portfolio has appreciated significantly since the beginning of the year, which reinforces our current capacity to meet our reserve requirements. The Board will regularly review the amount of reserves that are required to ensure that they are able to meet all the Okapi Fund’s continuing obligations and plans. The Okapi Fund has access to expendable endowment of over USD $10.587 million, and therefore has more than adequate reserves to meet all operational and grants commitments for the foreseeable future. When a transfer from the UTR to the Income Fund is approved by the Board, the sum transferred remains part of the Free reserves as Unrestricted Funds until spent. 2 Free Reserves are composed of Unrestricted Funds and Unapplied Total Return less tangible fixed assets US$ and any designated grant commitments (not yet determined for 2026). 3 Operating expenditure covers charitable activities and administration expenses. 36 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Plans for the future Looking forward to 2025, the main goals and activities of the Charity for 2025 are as follows (an Annual Activity Plan for 2025 has been developed by the management team and approved by the Trustees in December 2024): - Pursuing Financing: Among our main activities in 2025, there are the disbursements in favor of the Garamba National Park (US$500,000 already disbursed as of the date of this report), in favor of the Salonga National Park (US$300,000 disbursed in March 2025), for the Lomami PN (US$250,000 disbursed in June 2025) and for the Maïko PN (US$140,000 US$ to be disbursed in July 2025). - Fundraising: In 2025 we will continue our efforts to broaden our donor base. We will follow the guidelines of the ambitious scenario of our fundraising strategy, which aims to reach a portfolio of assets under management of US$ 86 million by 2027. Among the most promising avenues are discussions with the AFD and the FFEM on the one hand, and those with the private sector through the Rawbank and the Bezos Earth Fund (through Rainforest Foundation Norway and the Forestery Community Desk) on the other. - The new Executive Director: The new Executive Director took up his duties on July 7, 2025, and will be supported by the former Executive Director until the end of September 2025. A transition program has been developed and approved by the Board of Directors, which will oversee its implementation. - The effective establishment of new Desks: Carbon Desk and Community Forestry Desk. These two activities will require the recruitment of new resources during the second half of 2025. - Impact fund: Explore the opportunity to create an impact fund. Alongside the endowment fund, the Okapi Fund will explore the opportunity to open an impact fund whose financing, in addition to disbursements, could have an environmental and social impact. 37 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 ##  Other: - Determine the Grant Program for the year 2026 (With the support of the Grant Awarding Committee). - Develop a Fraud Prevention Policy in accordance with the requirements of the Charity Commission. - Evaluate the relevance and practicability of our environmental procedures and our operational manual. - Evaluate the impact of our financial support on the achievement of our purpose. ## Small fundraising statement We do not raise funds from the general public. However, we plan to increase the base of our endowment funds and restricted funds over the next few years and plan to meet with potential institutional and private donors in the coming months (this process has started in September 2020). Our fundraising strategy for the coming years was approved by the Trustees in June 2023. We did not conduct fundraising activities with the general public in 2024 and incurred no expenditure in raising income. As we have not conducted any fundraising activities with the general public in 2024, we have not been confronted with any compliance issues or complaints of any kind. ## Structure, governance and management The Charity is a charitable company limited by guarantee, incorporated on 28 November 2013 and registered as a charity on 3 June 2014. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed by its Articles of Association. All trustees give their time voluntarily and receive no benefits from the charity. The Charity reimburses trustees for expenses incurred in carrying out their trustee duties, providing such expenses are reasonable and properly incurred. Please see note five to the accounts for more information. 38 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 In accordance with its Articles of Association, the Okapi Fund has delegated its day-to-day management to the Executive Committee and the Executive Director: 9.2 Subject to the Articles, the Directors may delegate the implementation of their decisions or day to day management of the affairs of the Charity to any person or committee. ## 11. Delegation of day to day management powers In the case of delegation of the day to day management of the Charity to a chief executive or other manager or managers: 11.1 The delegated power shall be to manage the Charity by implementing the policy and strategy adopted by and within a budget approved by the Directors and (if applicable) to advise the Directors in relation to such policy, strategy and budget; 11.2 The Directors shall provide any manager with a description of his or her role and the extent of his or her authority; and 11.3 Any manager must report regularly to the Directors on the activities undertaken in managing the Charity and provide them regularly with management accounts which are sufficient to explain the financial position of the Charity. The functioning of the Executive Committee and its powers are detailed in the Internal Regulations of the Okapi Fund (Règlement Intérieur) adopted by the Board of Trustees: Article 12: Duties of the Executive Committee. 12.1 The Executive Committee intervenes to take decisions on immediate operational matters, which require urgency, for which the orientations of the Board of Directors are normally necessary, but which do not necessarily require the Board of Directors to be held. The Executive Committee shall not be responsible for any of the functions or powers that cannot be delegated to the Committees by the Board of Directors in accordance with Article 9.3 of the Articles of Association. 39 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 The remuneration of the Executive Director is set by the Board of Trustees. The main factors taken into account for the remuneration of the Executive Director were the following: 1. The international and particular profile of the candidate. 2. The very high cost of living in the DRC. 3. Risks associated with the position, due to the political and economic instability of the country. The amount of the compensation and benefits were determined in consultation with Michael Page, the company mandated to select the Executive Director, based on the remuneration of equivalent positions for international profiles that evolve in a difficult context and where the cost of living is one of the highest in the world. The amount of the remuneration is also justified by the political and economic instability of the DRC, particularly in the regions where the Protected Areas under the focus of the Okapi Fund are located (the Executive Director will visit them from time to time). The current Executive Director was appointed by the Board of Trustees. His duties are detailed in his employment contract and in the Manual of Administrative and Accounting Procedures Manual, both approved by the Board of Trustees. ## Appointment of Trustees The appointment of Trustees is covered in detail in the Charity’s Articles of Association (see Articles 25-28). The Articles allow for the Charity to have a minimum of 7 and a maximum of 9 trustees (or directors, as they are called in the Articles). At the end of 2024 there were 8 (2023: 9) Trustees in office. As mentioned above, the Okapi Fund replaced a number of Trustees in November 2022. Two Trustees were replaced in October and December 2024. ## Related parties and relationships with other organisations The Okapi Fund has no formally established relationship with any organisation outside of KfW, the World Bank and the ICCN. Details on related parties with KfW and ICCN are provided in Note 7 of the accounts. 40 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 KfW provided some funds and has one of its employees as a member of the Board in the person of Britta Oltmann (she is both the Director of the KfW Office in Kinshasa and a Trustee for the Fund). ## Statement of responsibilities of the trustees The Trustees (who are also directors of The Okapi Fund for Nature Conservation in the Democratic Republic of Congo for the purposes of company law) are responsible for preparing the trustees’ annual 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - Select suitable accounting policies and then apply them consistently. - Observe the methods and principles in the Charities SORP. - Make judgements and estimates that are reasonable and prudent. - State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - There is no relevant audit information of which the charitable company’s auditor is unaware. 41 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 - The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Auditor Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity. The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. The Trustees’ annual report has been approved by the trustees on 29 September 2025 and signed on their behalf by Victor Kabengele Wa Kadilu, Chairman of the Okapi Trust Fund’s Board of Trustees 42 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 ## Opinion We have audited the financial statements of The Okapi Fund for Nature Conservation in the Democratic Republic of Congo (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: - Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended - Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice - Have been prepared in accordance with the requirements of the Companies Act 2006 ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 43 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 ## 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 Okapi Fund for Nature Conservation in the Democratic Republic of Congo'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. ## Other Information The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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. 44 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report ## For the year ended 31 December 2024 ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - The information given in the trustees’ annual report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - The trustees’ annual report has been prepared in accordance with applicable legal requirements. ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - The financial statements are not in agreement with the accounting records and returns; or - Certain disclosures of trustees’ remuneration specified by law are not made; or - We have not received all the information and explanations we require for our audit; or - The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 45 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report ## For the year ended 31 December 2024 ## Responsibilities of trustees As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 are set out below. 46 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report For the year ended 31 December 2024 ## Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations. - We inspected the minutes of meetings of those charged with governance. - We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. - We reviewed any reports made to regulators. - We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 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 47 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Noelia Serrano (Senior statutory auditor) ## Date: 29 September 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG 48 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Statement of financial activities ## For the year ended 31 December 2024 |Unrestricted
Note
$ Income from:
2
551,502
Other income
-
3
-
551,502
4
61,912
4
995,219
1,057,132
5
(505,630)
500,000
(5,630)
9
-
1,669
(3,961)
Reconciliation of funds:
(98,139)
(102,100)
Investment income
Total funds carried forward
Total income
Expenditure on:
Total funds brought forward
Gains on investments
Donations
Cost of raising funds
Net movement in funds
Net income before gains and (losses)
Total expenditure
Charitable activities
Project expenses
Gains/ (losses) on foreign exchange
Net income for the year
Transfers between funds|Unrestricted
Note
$ Income from:
2
551,502
Other income
-
3
-
551,502
4
61,912
4
995,219
1,057,132
5
(505,630)
500,000
(5,630)
9
-
1,669
(3,961)
Reconciliation of funds:
(98,139)
(102,100)
Investment income
Total funds carried forward
Total income
Expenditure on:
Total funds brought forward
Gains on investments
Donations
Cost of raising funds
Net movement in funds
Net income before gains and (losses)
Total expenditure
Charitable activities
Project expenses
Gains/ (losses) on foreign exchange
Net income for the year
Transfers between funds|Endowment
$ -
-
953,699|2024
Total
$ 551,502
-
953,699|Unrestricted
$ 347,580
21,504
-|Endowment
$ 27,056,125
-
455,916|2023
Total
$ 27,403,705
21,504
455,916| |---|---|---|---|---|---|---| ||551,502|953,699|1,505,201|369,084|27,512,041|27,881,125| ||61,912
995,219|253,565
-|315,477
995,219|48,983
1,041,593|129,343
-|178,326
1,041,593| ||1,057,132|253,565|1,310,697|1,090,576|129,343|1,219,919| ||(505,630)
500,000|700,134
(500,000)|194,505
-|(721,492)
600,000|27,382,698
(600,000)|26,661,206
-| ||(5,630)
-
1,669|200,134
6,618,237
11,400|194,505
6,618,237
13,069|(121,492)
-
(2,568)|26,782,698
3,282,042
(99,761)|26,661,206
3,282,042
(102,329)| ||(3,961)
(98,139)|6,829,771
57,954,194|6,825,811
57,856,055|(124,060)
25,921|29,964,979
27,989,215|29,840,919
28,015,136| ||(102,100)|64,783,966|64,681,866|(98,139)|57,954,194|57,856,055| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements. 49 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Balance sheet ## Company number: 08794664 ## As at 31 December 2024 |Note
Non current assets:
Tangible assets
10
Investments
9
Current assets:
11
Liabilities:
12
15
16
Restricted funds:
Unrestricted funds
Net current assets
Creditors: amounts falling due within one year
The funds of the charity:
Total net assets
Provisions for liabilities
Total charity funds
Endowment Fund
Cash at bank and in hand
Debtors|14,644
79,174|2024
$ 3,132
64,783,427|2023
$ 8,691
58,303,655| |---|---|---|---| |||64,786,559
16,177
(120,870)|58,312,346
33,881
83,544| ||93,818
(77,641)||117,425
(573,716)| ||||(456,291)
-| |||64,681,866|57,856,055| |||64,783,966
(102,100)|57,954,194
(98,139)| |||64,681,866|57,856,055| Approved by the trustees on 29 September 2025 and signed on their behalf by Victor Kabengele Wa Kadilu, Chairman of the Okapi Trust Fund’s Board of Trustees 50 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Statement of cash flows For the year ended 31 December 2024 |Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|$ $ 29,840,919
6,832
(3,282,042)
(455,916)
(2,253)
224,082
-
26,331,622
(56,631,344)
27,651,221
455,916
1,947,725
(26,576,482)
(244,860)
328,404
83,544
2023|$ $ 29,840,919
6,832
(3,282,042)
(455,916)
(2,253)
224,082
-
26,331,622
(56,631,344)
27,651,221
455,916
1,947,725
(26,576,482)
(244,860)
328,404
83,544
2023| |---|---|---|---|---| |||(1,096,535)
1,092,164||26,331,622
(26,576,482)| |||||| |||(4,370)
83,544||(244,860)
328,404| |||79,174||83,544| 51 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 1 Accounting policies ## a) Statutory information The Okapi Fund for Nature Conservation in The Democratic Republic of Congo is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 10 Queen Street Place, London, EC4R 1BE. - b) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102). The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements 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. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. - c) Public benefit entity The charity meets the definition of a public benefit entity under FRS 102. - d) Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Since 2019, KfW has provided funding for the operational running of the Okapi Fund of EUR 2 million. Depending on our needs, and based on the forecast financial statements, we can draw on these funds for periods of 6 months by making a duly documented application to KfW (by showing, in particular, that expenditures during the previous period were spent in accordance with the financial forecasts). The first EUR 1 million was committed by KfW in 2019 and was exhausted in June of 2022. The second EUR 1 million was committed by KfW in October 2022 with a view to covering operational costs of the Okapi Funds starting in January 2023 (until the beginning of 2025). In the interval (from June 2022 to December 2022) the Okapi Fund used funding from revenues generated by the Endowment Funds (in two instalments of 160 000 US$ each). Finally, (i) our operating expenses (annual budget) are well controlled and known (they do not vary significantly from one year to the next) and (ii) we adopt a conservative reserve policy each year to ensure that we have sufficient liquid assets available at all times should the need arise. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. - e) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. - f) Expenditure and irrecoverable VAT - Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 52 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 1 Accounting policies (continued) ## g) Grants payable Grants payable are made to third parties in accordance with the charity's governing documents. These grants are charged to the statement of financial activities in the year in which the offer is conveyed to the recipient. ## h) Listed investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments. Trustees adopt a total return approach, under which the target is to achieve total return (net of fees) of 4% above RPI inflation, allowing the fund to withdraw from the portfolio to either income funds or trust for investment to contribute to its running costs each year. Investment income is allocated to the endowment funds when receivable. Withdrawals from the endowment funds are shown as transfers between funds. Within the year annualised total return (net of fees) of 10.9% was achieved. ## i) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## j) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## k) Fixed assets Items of equipment are capitalised where purchased. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. The depreciation rates of fixed assets are as follows: - Computer equipment - 3 years straight line - Fixtures and Fittings - 4 years straight line  Motor Vehicles - 4 years straight line ## l) Financial instruments The charity 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. ## m) Foreign exchange policy Transactions in foreign currencies are translated at the average rate for the year using HMRC rates. All exchange gains/losses are charged to the statement of financial activities and separately disclosed. ## n) Presentational currency The financial statements are presented in United States Dollars. The functional currency is between United States Dollars, Euros and Congolese Franc. - o) Funds The restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. The unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. The endowment funds include permanent endowment funds, where the capital must be retained, and expendable endowment funds, which can be converted into income at the discretion of the Trustees. The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely EUR 14 million received in December 2019, are treated as: - Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). - Expendable Endowment Funds for the value of EUR 14 million less the amount mentioned above (EUR 14M – 7.4M US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). The Okapi Fund received no new permanent endowments in 2024 (2023: EUR 25 million). 53 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 2 Income from donations and legacies |KfW
Donations:|Unrestricted
$ 551,502|Endowment
$ -|2024
Total
$ 551,502|2023
Total
$ 27,403,705| |---|---|---|---|---| ||551,502|-|551,502|27,403,705| In 2023, $27,056,125 of donations were endowment funds and $347,580 were unrestricted. - 3 Income from investments |Income from investments||||| |---|---|---|---|---| |Dividends|Unrestricted
$ -|Endowment
$ 953,699|2024
Total
$ 953,699|2023
Total
$ 455,916| ||-|953,699|953,699|455,916| All income from the prior year was related to the endowment funds. |4
Reconciliations of grants payable:
Commitments at 1 January 2024
Grants approved in the year
African Parks Congo
WCS
Grants payable for the year
Grants paid during the year
Commitments at 31 December 2024
Grants payable|$ 500,000
-|2024
$ 350,000
500,000
(850,000)|$ 250,000
350,000|2023
$ -
600,000
(250,000)| |---|---|---|---|---| |||||| |||-||350,000| ## 5a Analysis of expenditure (current year) |Support and Governance costs
Investment manager's fees
Admin and Rent
Accountancy and audit
Total expenditure 2024
Trustees' expenses
Staff Costs (note 7)
Depreciation expense
Other expenses
Consultancy
Legal fees
Grants (note 4)|Cost of
raising
funds
$ 24,102
-
-
-
9,686
-
-
253,564
3,943
-|Charitable
activities -
project
expenses
$ 96,408
500,000
-
-
-
-
-
-
15,771
-|Support
costs
$ 72,306
-
-
-
75,690
-
5,559
-
11,828
-|Governance
costs
$ 48,204
-
-
3,394
-
50,009
-
-
128,755
11,480|2024
Total
$ 241,019
500,000
-
3,394
85,375
50,009
5,559
253,564
160,296
11,480|2023
Total
$ 256,281
600,000
8,999
2,984
89,997
71,627
6,832
129,343
45,820
8,036| |---|---|---|---|---|---|---| ||291,294
24,184|612,178
383,041|165,382
(165,382)|241,842
(241,842)|1,310,696
-|1,219,919
-| ||315,477|995,219|-|-|1,310,696|1,219,919| 54 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 5b Analysis of expenditure (prior year) |Analysis of expenditure (prior year)|||||| |---|---|---|---|---|---| |Support and Governance costs
Total expenditure 2023
Trustees' expenses
Consultancy
Legal fees
Other expenses
Staff Costs (note 7)
Investment manager's fees
Accountancy and audit
IT Costs
Depreciation expense
Admin and Rent
Grants (note 4)|Cost of
raising funds
$ 26,432
-
-
-
9,000
-
-
-
129,343
-
-|Charitable
activities -
project
expenses
$ 105,727
600,000
-
-
-
-
-
-
-
-
-|Support
costs
$ 71,259
-
8,999
-
80,997
-
-
6,832
-
45,820
-|Governance
costs
$ 52,863
-
-
2,984
-
71,627
-
-
-
-
8,036|2023
Total
$ 256,281
600,000
8,999
2,984
89,997
71,627
-
6,832
129,343
45,820
8,036| ||164,775
13,551|705,727
335,866|213,907
(213,907)|135,510
(135,510)|1,219,919
-| ||178,326|1,041,593|-|-|1,219,919| - 6 Net income for the year This is stated after charging: |This is stated after charging:||| |---|---|---| ||2024|2023| ||$|$| |Trustees' reimbursed expenses|11,480|8,036| |Foreign exchange (gain)/loss|(13,069)|102,329| |Auditor's remuneration (excluding VAT):||| |Audit|19,948|18,908| |Other services|6,394|6,112| 55 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 - 7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: |Staff costs were as follows:||| |---|---|---| |Salaries and wages
Social security costs|2024
$ 218,249
22,770|2023
$ 244,286
11,995| ||241,019|256,281| The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between: |
during the year between:||| |---|---|---| ||2024|2023| ||No.|No.| |$193,842- $206,628|1|-| |$206,629 - $220,403|-|1| Gross salaries, social security, and employer pension contributions for key management personnel this year were $237,618 (2023: $209,334). The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: $nil). No charity trustee received payment for professional or other services supplied to the charity (2023: $nil). Trustee expenses of $11,480 were incurred in 2024 by 1 trustee (2023: $8,036 by 2 trustees) in relation to travel and subsistence costs. The average number of employees (head count based on number of staff employed) during the year was 3 (2023: 3). ## 8 Related party transactions Britta Oltmann is the head of the KfW bureau in Kinshasa and a Trustee for the Fund. During the year 2024, Okapi received $551k from KfW. The Okapi Fund also received 25 million euros in permanent endowments in December 2023. Jean-Philippe Waterschoot, who was a trustee (until December 2022), is the CEO of TEXAF. TEXAF is the parent company of COTEX, from whom the Okapi Fund is leasing their office. The lease was agreed on an arm's length basis and Jean-Philippe Waterschoot is not a signatory on the lease. A total of US$ 25,672 was paid by the Okapi Fund to COTEX in the year (2023: $23,096). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. ## 9 Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 56 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 |10a
Permanent
Endowment
$ At beginning of the reporting period or date of resolution:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Movements in the reporting period:
Investment return: dividends and interest
-
Investment return: realised and unrealised gains
-
Less: Investment management costs
-
Total
-
Unapplied total return allocated to income in the reporting period
-
Net movements in reporting period
-
At end of the reporting period:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Fair value at the end of the year
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
As of 19 September 2025, the total value of the investment portfolio is approximately $69.1.m.
Cash held by investment broker pending reinvestment
Listed investments (current year)|10a
Permanent
Endowment
$ At beginning of the reporting period or date of resolution:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Movements in the reporting period:
Investment return: dividends and interest
-
Investment return: realised and unrealised gains
-
Less: Investment management costs
-
Total
-
Unapplied total return allocated to income in the reporting period
-
Net movements in reporting period
-
At end of the reporting period:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Fair value at the end of the year
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
As of 19 September 2025, the total value of the investment portfolio is approximately $69.1.m.
Cash held by investment broker pending reinvestment
Listed investments (current year)|2024
$ 58,123,021
28,855,746
(28,888,723)
6,618,237|2023
$ 25,860,856
56,631,344
(27,651,221)
3,282,042| |---|---|---|---| |||64,708,281
75,146|58,123,021
180,634| |||64,783,427|58,303,655| |||
Unapplied Total
Return
$
-
2,671,125|
Total
$ 45,939,953
2,671,125| ||45,939,953|2,671,125|48,611,078| ||-
-
-|804,958
5,586,042
(214,018)|804,958
5,586,042
(214,018)| ||-|6,176,982|6,176,982| ||-|(500,000)|(500,000)| ||-|5,676,982|5,676,982| ||45,939,953
-|-
8,348,107|45,939,953
8,348,107| ||45,939,953|8,348,107|54,288,060| 57 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 |10b
At beginning of the reporting period or date of resolution:
Gift component permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Investment return: dividends and interest
Investment return: realised and unrealised gains and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the reporting period
Net movements in reporting period
At end of the reporting period:
Gift component permanent endowment
Unapplied total return
Total
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
Cash held by investment broker pending reinvestment
Listed investments (prior year)
Fair value at the end of the year|Permanent
Endowment
$ 18,883,828
-|2023
$ 25,860,856
56,631,344
(27,651,221)
3,282,042|2022
$
27,999,362

11,966,566
(10,076,863)
(4,028,209)| |---|---|---|---| |||58,123,021
180,634|
25,860,856

2,128,359| |||58,303,655|
27,989,215| |||
Unapplied Total
Return
$ -
217,449|
Total
$ 18,883,828
217,449| ||18,883,828|217,449|19,101,277| ||27,056,125
-
-
-|-
385,481
2,777,555
(109,360)|27,056,125
385,481
2,777,555
(109,360)| ||27,056,125|3,053,676|30,109,801| ||-|(600,000)|(600,000)| ||27,056,125|2,453,676|29,509,801| ||45,939,953
-|-
2,671,125|45,939,953
2,671,125| ||45,939,953|2,671,125|48,611,078| 58 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 11 Tangible fixed assets |Tangible fixed assets||||| |---|---|---|---|---| |At the start of the year
At the end of the year
Depreciation
Net book value
At the end of the year
At the end of the year
Additions in year
Cost
At the start of the year
At the start of the year
Charge for the year|Motor vehicles
$ 25,418
-|Fixtures and fittings
$ 4,135
-|Computer
equipment
$ 2,953
-|
Total
$ 32,506
-| ||25,418|4,135|2,953|32,506| ||17,931
4,665|3,129
696|2,755
198|23,815
5,559| ||22,596|3,825|2,953|29,374| ||2,822|310|-|3,132| ||7,487|1,006|198|8,691| All of the above assets are used for charitable purposes. ## 12 Debtors |Debtors||| |---|---|---| |Trade debtor
Prepayments|2024
$ 7,456
7,188|2023
$ 5,650
28,231| ||14,644|33,881| 59 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 13 Creditors: amounts falling due within one year |Creditors: amounts falling due within one year||| |---|---|---| |Payroll creditor
Trade creditors
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Deferred income
Deferred income comprises funds received in advance from KFW for activity to take place in 2024.
Accruals
Deferred income (note 14)
Grants payable|2024
$ -
58,438
19,203
-
-|2023
$ 24,156
16,324
25,699
350,000
157,537| ||77,641|573,716| ||2024
$ 157,537
(157,537)
-|2023
$ 293,272
(293,272)
157,537| ||-|157,537| - 14 Deferred income 15 Provisions for liabilities Provisions for liabilities comprises the balance of the agreement with tax authorities for IER tax. |Provisions for liabilities
Provisions for liabilities comprises the balance of the agreement with tax authorities for IER tax.||| |---|---|---| |Balance at the beginning of the year
Increase in provision in the year
Balance at the end of the year|2024
£
-
120,870|2023
£
-
-| ||120,870|-| 16a Analysis of net assets between funds (current year) |Analysis of net assets between funds (prior year)
Fixed assets
Investments
Net assets at 31 December 2024
Fixed assets
Net current assets
Net current assets
Net assets at 31 December 2023
Investments|General unrestricted
$ 3,132
-
(105,232)|Endowment
$ -
64,783,427
540|
Total
funds
$ 3,132
64,783,427
(104,692)| |---|---|---|---| ||(102,100)|64,783,966|64,681,866| ||General unrestricted
$ 8,691
-
(106,830)|Endowment
$ -
58,303,655
(349,461)|
Total
funds
$ 8,691
58,303,655
(456,291)| ||(98,139)|57,954,194|57,856,055| 16b Analysis of net assets between funds (prior year) 60 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 17a Movements in funds (current year) |General funds
Restricted funds:
Total funds
Permanent Endowment
Unrestricted funds:
Expendable Endowment|At 1 January
2024
$ 48,611,078
9,343,117|
Incoming
resources &
gains
$ 6,391,000
1,192,336|

Outgoing resources
& losses
$ (214,018)
(39,546)|
Transfers
$ (500,000)
-|
At 31
December
2024
$ 54,288,060
10,495,907| |---|---|---|---|---|---| ||57,954,194|7,583,336|(253,564)|(500,000)|64,783,966| ||(98,139)|551,502|(1,055,463)|500,000|(102,100)| ||57,856,055|8,134,838|(1,309,027)|-|64,681,866| 17b Movements in funds (prior year) |General funds
Total funds
Restricted funds:
Expendable Endowment
Permanent Endowment
Unrestricted funds:|At 1 January
2023
19,101,277
8,887,938|
Incoming
resources &
gains
$ 30,219,161
574,922|

Outgoing resources
& losses
$ (109,360)
(119,743)|
Transfers
$ (600,000)
-|
At 31
December
2023
$ 48,611,078
9,343,117| |---|---|---|---|---|---| ||27,989,215
25,921|30,794,083
369,084|(229,104)
(1,093,144)|(600,000)
600,000|57,954,194
(98,139)| ||28,015,136|31,163,167|(1,322,248)|-|57,856,055| ## Purposes of Endowment funds The Okapi Fund has received funding from KfW and the World Bank to support the pursuit of its charitable objectives. The endowment fund is intended to generate significant, stable and predictable financial resources for the management of selected protected areas in the DRC, with a focus on sustainably financing the management costs of Parc National Kahuzi-Biega (PNKB) and the Parc National Garamba (PNG). The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely EUR 14 million received in December 2019, are treated as: Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). Expendable Endowment Funds for the value of EUR 14 million less the amount mentioned above (EUR 14 million – 7.4million US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Evelyn Partners). We also received an additional EUR 4 million from KfW in December 2022, and EUR 25 million from KfW in 2023, which are to be treated as Permanent Endowment Funds. 61 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 18 Operating lease commitments payable as a lessee The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods: |
periods:||| |---|---|---| |Less than one year|2024
2023
$ $ 11,754
11,728
Property|| ||11,754|11,728| ## 19 Contingent Liability There are additional taxes for Expatriate employees within the DRC. Okapi should not have to pay these taxes due to its charitable status, however the charity has chosen to book these costs each year. It is important to mention that we also have a commitment on the part of the DRC to officially recognize the exemption, this commitment appearing in two minutes resulting from bilateral discussions between the DRC and Germany which took place in 2022 and 2023. Accounting provisions for 2024 amount to $120,870. ## 20 Legal status of the charity The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to $1.28. 62 Company Number: 08794664 Charity Number: 1157294 ## The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Report and financial statements For the year ended 31 December 2024 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Contents For the year ended 31 December 2024 Reference and administrative information ....................................................................... 1 Trustees’ annual report .................................................................................................. 3 Independent auditor’s report ........................................................................................ 43 Statement of financial activities (incorporating an income and expenditure account) .... 49 Balance sheet ............................................................................................................... 50 Notes to the financial statements ................................................................................. 51 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Reference and administrative information For the year ended 31 December 2024 Company number 08794664 Charity number 1157294 Registered office and operational address Office 605, Albert House, 256-260 Old St, London EC1V 9DD Country of registration England & Wales Country of incorporation United Kingdom Trustees Trustees (who are also directors of The Okapi fund for nature conservation in the Democratic Republic of Congo for the purposes of company law) who served during 2024 were as follows: Victor Kabengele wa Kadilu (Chair) Patrick Welby (until 20[th] October 2024) Robert Craig (as of 20[th] October 2024) Yvette Shabani (resigned the 5[th] September 2024) Britta Oltmann (until 5 September 2024) Kerstin Laabs (as of 17 december 2024) Samy Mankoto Dieudonné Musibono Agnès Kasongo Gloria Assimbo Beto Nyongolo Executive Director Guillaume Gervais de Rouville Administrative Karen Kibanga Assistant Solicitors Sedulo, Office 605, Albert House, 256-260 Old St, London EC1V 9DD 1 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Reference and administrative information For the year ended 31 December 2024 |Auditor
|Sayer Vincent LLP| |---|---| ||Chartered Accountants and Statutory Auditors| ||110 Golden Lane| ||LONDON| ||EC1Y 0TG| |Investment Manager|Evelyn Partner Investment (formerly named| ||“Smith & Williamson Investment Management”)| ||25 Moorgate| ||LONDON| ||EC2R 6AY| 2 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The trustees present their report and the audited financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. ## Objectives and Activities Purposes and aims As set out in the Charity’s Articles of Association, its purposes are to promote for the benefit of the public, the conservation, protection and improvement of the natural environment and biodiversity of the Democratic Republic of the Congo (DRC), with priority focus on DRC's national system of protected areas. Specifically, it aims to: i) Promote, for the benefit of the public, sustainable development that supports the conservation of biodiversity in DRC, in particular the protected areas and/or other conservation areas of significant ecological value and/or significant biological importance including: (a) The preservation, conservation and the protection of the environment and the sustainable use of natural resources; and (b) The relief of poverty and the improvement of the conditions of life for the benefit of populations living in and around protected areas and other areas of significant ecological conservation and/or significant biological importance. ii) Advance the education of the public on environmental issues including the 3 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 biodiversity, conservation, sustainability and management of DRC's protected areas and/or other areas of significant ecological conservation and/or significant biological importance. The trustees periodically review the aims, objectives and activities of the charity and have always reaffirmed the purpose and aims as noted here. It is additionally affirmed that the trustees have had regard to the Charity Commission’s guidance on public benefit. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives that have been set. 4 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Achievements and performance The Charity's activities and achievements during 2024 have been concentrated on the following items : (i) continue efforts to increase the Okapi Fund's endowment funds, (ii) prepare and carry out new disbursements in favor of the Protected Areas while monitoring previous financing, (iii) selection of new protected areas eligible for support from the Okapi Fund, (iv) opening of a Carbon Desk and a Community Forestry Desk, (v) launch of the recruitment process for a new Executive Director, (vi) carry out field missions and participate in international events to strengthen our knowledge and capacities and reinforce links with the various biodiversity stakeholders, (vii) monitor financial markets in a particularly volatile period. ## Fundraising In early 2024, the Fonds Français pour l’Envionnement Mondial (FFEM) joined forces with AFD to co-finance an additional 2 to 3 million euros. A Project Information Note (PIN) was drawn up in April 2024 to initiate the procedure with the FFEM. The dossier was examined by consultants in June/July 2024 who assessed its relevance. The consultants' final report is very positive and recommends that the maximum amount of funding be allocated to the Okapi Fund. However, the final decision will be more political than technical, as AFD/FFEM funding is earmarked for the Kahuzi-Biega National Park. The situation within the park since January 2025 is particularly difficult due to the presence of M23 rebels in or near the park. In this context, the AFD has decided to postpone its final decision until the end of September 2025. At the same time, the Fonds Okapi strengthened its role in the development of the IPLC Forest Facility (IFF), a new funding initiative led by Rainforest Foundation Norway and financed by the Bezos Earth Fund. The Fund participated in multiple working sessions, culminating in its official designation in November 2024 as the preferred financial mechanism to channel IFF funds to local forest communities. This decision was validated by the Fonds Okapi Board in December 2024 and 5 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 marks a turning point in expanding the Fund’s reach beyond traditional protected area support (see below next section for more details). The idea behind this new desk is to attract private and public funding for community forestry and position the Okapi Fund as the natural funding channel for this type of project. Furthermore, discussions with the Rawbank culminated in the drafting of a concept note for the creation of a dedicated 'Carbon Desk' within the Fonds Okapi (see below next section for more details). This unit, envisioned as a financing conduit for carbon credit projects aligned with biodiversity goals, received approval from the Board in December 2024. Initial responses to questions from Rawbank’s risk department were provided in October 2024, and both parties aim to identify pilot projects in 2025. The idea behind this new desk is to attract CSR funds from private sector companies in the DRC to finance carbon projects with a high social and environmental impact. Relations with the Bezos Earth Fund remained active throughout the year. The Fund submitted a concept note in Q1 and held several meetings in Kinshasa and Cali (Colombia) to present its potential role in regional conservation finance architecture. Further engagements with the Fund’s U.S.-based leadership are planned before the end of 2025. ## Funding of Protected Areas In 2024, only one national park received financial support from the Okapi Fund: The Garamba National Park (GNP). The Kahuzi-Biega National Park (KBNP) was unable to receive funds from us for reasons that will be explained below. In March 2024, the Board of Trustees adopted the grant program for 2024, which includes: (i) a grant of US$300,000 to GNP and (ii) US$500,000 to KBNP. Funding are granted once all eligibility conditions have been met. The GNP received its funds in July 2024. The Board of Directors authorized a second disbursement of US$200,000 to the Garamba National Park to cover unexpected funding gaps. This brings the total amount disbursed to the Garamba National Park in 2024 to US$500,000. 6 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## The Garamba national Park As a reminder, the Okapi Fund disbursed US$220,000 in favor of the PNG in December 2022. In 2023 we disbursed US$250,000 to the PNG. In 2024, a further US$500,000 was provided. The funds were disbursed once the audit had been carried out by KPMG and deemed satisfactory by Fonds Okapi. The Executive Director went to Garamba in March 2024 for a follow-up visit to see what had been achieved on the ground following the Okapi Fund financing. It emerged from this visit that the GNP is carrying out its activities satisfactorily and in accordance with the requirements of our grant agreement. ## The Kahuzi-Biega National Park The first funds (US$ 350 000) were disbursed in December 2023, and were received by the beneficiary (Wildelife Conservation Society – “WCS”) in January 2024, but to cover expenses for 2023. We carried out a due diligence mission at WCS's regional headquarters in Kigali and at PNKB (Bukavu and Tshivanga) between November 8 and 15, 2023. On several occasions prior to our mission, we had deplored a lack of communication, responsiveness and transparency in exchanges with WCS teams. This observation had also been made by the KfW teams who had visited the PNKB a few months earlier. In the absence of satisfactory reporting (lack of information and average quality) from the PNKB, we were unable to disburse the amounts allocated to the park for 2024 (US$500,000). We finally obtained the missing information, although its quality was still not up to the standard we would expect from an organization such as WCS. The report submitted by WCS on environmental, social, and human rights actions is merely an Excel document providing a timeline of actions implemented with very little detail on what has already been accomplished. 7 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 Discussions on funding for 2024 were nevertheless resumed in December 2024: we have offered WCS the choice between (i) funding actions already undertaken in 2024 but for which funds have not yet been disbursed, or (ii) no longer dealing with funding for 2024 and instead examining the funding required for 2025. Just as discussions were about to lead to a funding opportunity, unfortunately the security situation deteriorated considerably in the park due to an offensive by the M23 armed group in the town of Bukavu and in the vicinity of the park. The park had to suspend its activities, which had not resumed normal operations at the time of writing this report. As things stand, it is therefore not possible to finance the PNKB's activities. However, recent peace agreements signed under the auspices of the United States could pave the way for a resumption of activities before the end of 2025. The Okapi Fund continues to monitor the situation and is ready to resume its funding if the security situation allows. If funding for the PNKB proves impossible in the near future, the Okapi Fund has already considered extending its funding to other protected areas in order to continue its biodiversity financing activities in the DRC (see next section on the selection of new parks). The positive aspect of the Okapi Fund's operations in relation to PNKB is that we have demonstrated a rigorous process for disbursing funds: the Okapi Fund does not disburse funds if it believes that the conditions are not met, either for reasons related to the governance of the potential beneficiary or due to the security situation in which the beneficiary operates. This demonstrates the seriousness of the Okapi Fund's disbursement process. Selection of new protected areas Selection of a Third Protected Area: A Strategic Expansion During 2024, the Okapi Fund embarked on a comprehensive process to identify and select a third protected area for our conservation portfolio. This strategic expansion reflects both our growing financial capacity and our commitment to maximizing conservation impact across the Democratic Republic of Congo. 8 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## The Selection Journey The Board of Directors initially identified three promising candidates for potential support: the Salonga, Lomami, and Maïko National Parks. Each represented unique conservation opportunities and challenges within the DRC's vast protected area network. Our Grant Allocation Committee (COS) undertook a thorough due diligence process throughout the year, engaging directly with park management teams and conducting detailed assessments of each candidate's eligibility and funding requirements. All three areas demonstrated strong conservation value and met our formal eligibility criteria. ## A Challenging Choice The selection process revealed the complexity of conservation funding decisions. While Salonga National Park showed promise, our analysis determined that it already enjoys substantial funding commitments for the coming years, leaving no significant funding gaps where the Okapi Fund could add meaningful value. This left us with a compelling but difficult choice between Lomami and Maïko National Parks. Lomami presented a more stable operational environment with established management structures and fewer security concerns, though its funding needs were more modest. Maïko, by contrast, offered an exceptional landscape with enormous conservation potential but faced significant security challenges and required substantial capacity building support. ## An Innovative Solution Rather than limiting ourselves to a single choice, our strong financial position— with over $11 million in realized gains since inception—enabled us to pursue a more ambitious approach. In December 2024, the Board approved an innovative dual-track strategy that will see both parks join our portfolio: Lomami National Park has received support, with an initial allocation of $250,000 in June 2025. This rapid deployment reflects the park's readiness to effectively utilize funding and our confidence in its management capacity. 9 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 Maïko National Park has also received funding support in September 2025 with an initial allocation of US$ 140,000. ## Looking Forward This strategic expansion positions the Okapi Fund to support four protected areas simultaneously, significantly amplifying our conservation impact. The phased implementation approach ensures we maintain our rigorous standards for environmental, social, and human rights safeguards while responding to the urgent conservation needs across the DRC. This selection process exemplifies our commitment to evidence-based decisionmaking and strategic patience—choosing long-term conservation impact over expedient solutions. As we enter 2025, we look forward to deepening our partnerships with these exceptional protected areas and advancing our shared conservation mission. ## Carbon Desk and a Community Forestry Desk Development of New Specialized Windows: Expanding Our Conservation Impact In 2024, the Okapi Fund embarked on an ambitious expansion strategy, developing two specialized funding windows that represent a significant evolution in our approach to conservation financing in the Democratic Republic of Congo. Carbon Window: Bridging Climate Action and Conservation The Carbon Window emerged from extensive discussions with Rawbank and represents our strategic entry into the carbon finance sector. This initiative aims to attract diversified investors to carbon credit projects while maintaining our rigorous ESG standards and expanding our assets under management to $100 million within three years. The window is designed to appeal to two distinct investor categories: philanthropic foundations seeking high-impact projects without direct financial returns, and corporations utilizing CSR budgets to offset emissions and enhance their environmental credentials. Projects financed through this window will deliver significant co-benefits for local communities, including job creation, 10 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 infrastructure development, and improved food security, while simultaneously advancing biodiversity conservation and climate resilience. Community Forestry Window: Empowering Indigenous Peoples and Local Communities The Community Forestry Window represents perhaps our most significant strategic development, emerging from our selection as the preferred vehicle for implementing the IPLC Forests Facility by Rainforest Foundation Norway and other international partners. This designation came following our successful participation in COP 16 Biodiversity in Cali, where we demonstrated our capacity to channel funding directly to Indigenous Peoples and Local Communities (IPLCs) for forest conservation. The window addresses a critical gap in conservation financing: supporting the Indigenous Peoples in the DRC who have historically been the most effective guardians of the country's high-integrity forests. Recent legal advances, including President Tshisekedi's historic 2022 law protecting indigenous peoples' rights, have created unprecedented opportunities for scaling community-based conservation. Through a comprehensive Memorandum of Understanding with the Community Forest Fund (FCF), we have established a dedicated "FCF Window" within the Okapi Fund that maintains clear financial separation while leveraging our institutional infrastructure. This arrangement preserves FCF's autonomy in selecting beneficiaries while ensuring rigorous governance and transparency standards. The framework addresses two urgent parallel needs: protecting remaining blocks of high-integrity forests and supporting land tenure regimes that empower local communities. Activities include direct assistance for sustainable development projects, strengthening IPLC involvement in protected area management, and providing advocacy support for more effective engagement in land-use planning. Operational Excellence and Future Vision Both windows benefit from shared infrastructure and expertise while maintaining distinct governance structures and funding streams. Both Windows leverages our existing investment management platform through Evelyn Partners. 11 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 These developments position the Okapi Fund at the forefront of innovative conservation finance, creating pathways for diverse funding sources to support conservation while maintaining our commitment to environmental and social safeguards. The windows represent a natural evolution of our mission, enabling us to serve as both an endowment fund for protected areas and a sophisticated intermediary for specialized conservation finance mechanisms. Looking ahead, these windows provide the foundation for achieving our ambitious goal of managing $100 million in assets while directly supporting Indigenous Peoples and Local Communities who serve as the primary guardians of the DRC's irreplaceable ecosystems. This multi-faceted approach exemplifies our commitment to scalable, sustainable conservation finance that honors both environmental imperatives and social justice principles. In order to implement these two new desks, the Okapi Fund plans to recruit consultants in 2025 to support their development. ## Recruitment process for a new Executive Director In 2024-2025, the Okapi Fund undertook a thorough and methodical process to identify and select a new Executive Director, demonstrating our commitment to transparent governance and strategic leadership continuity. ## The Succession Journey The process began in August 2024 when our current Executive Director, Guillaume Gervais de Rouville, announced his intention to conclude his mandate during the second half of 2025. Recognizing the critical importance of executive leadership to our mission, the Board of Directors initiated a comprehensive recruitment process at its September 19, 2024 session. ## Professional Search Partnership The Board entrusted the Executive Committee with selecting a specialized recruitment agency through a competitive tender process. Four firms were invited to submit proposals—two local Kinshasa-based agencies (Hodari and Bensizwe) and two international firms (Michael Page and Vidal Associates). Following a rigorous evaluation, Michael Page was selected for their international reach, 12 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 proven track record in executive placements, and understanding of our sector's unique requirements. The recruitment brief specifically required the inclusion of at least two Congolese candidates with international experience, reflecting our commitment to local leadership development while maintaining global standards of excellence. ## Structured Selection Process A dedicated Recruitment Committee was established, expanding the Executive Committee to include Board member Samy Mankoto. The final committee comprised the Fund President, the Executive Director, and four Board members (Agnès Kasongo, Samy Mankoto, Kerstin Laabs, and Robert Craig), ensuring diverse perspectives and rigorous evaluation standards. The initial candidate pool yielded a shortlist of ten qualified applicants by January 2025. However, the committee's high standards led to the decision to extend the search period until February 28, 2025, ultimately expanding the candidate pool to sixteen applicants. ## Rigorous Evaluation Framework Six exceptional candidates advanced to the final interview stage, conducted via videoconference over three days in March 2025. Each candidate participated in hour-long structured interviews using standardized evaluation grids and question frameworks developed collaboratively by committee members. This systematic approach ensured consistent, objective assessment across all candidates while allowing for comprehensive evaluation of technical competencies, leadership capabilities, and cultural fit with our mission and values. ## Final Selection and Validation Rather than conducting second interviews, the committee organized an in-person meeting in Kinshasa between the leading candidate, Christian Miasuekama, and available committee members. This informal yet substantive discussion allowed for deeper assessment of interpersonal dynamics and cultural alignment. 13 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The positive outcomes of this meeting reinforced the committee's confidence in their selection. Following contractual negotiations on March 26, 2025, the committee unanimously endorsed Christian Miasuekama's appointment, pending Board approval and KfW non-objection. ## Excellence in Governance This recruitment process exemplifies our commitment to governance excellence, demonstrating several key principles that guide our operations: Transparency and Accountability : Every stage was documented, with comprehensive records maintained for Board and donor oversight, including evaluation grids, interview frameworks, and detailed progress reports. Inclusive Decision-Making : The expanded committee structure ensured diverse perspectives while maintaining efficient decision-making processes. Professional Standards : Engaging international recruitment expertise while prioritizing local capacity development reflects our commitment to both global best practices and regional leadership. Strategic Patience : The decision to extend the search timeline demonstrates our priority for finding the right candidate over expedient closure. The appointment of Christian Miasuekama represents a strategic investment in leadership continuity that will guide the Okapi Fund through its next phase of growth. His selection through this rigorous process ensures that our new Executive Director possesses not only the technical competencies required for the role but also the leadership vision necessary to advance our conservation mission in an increasingly complex operating environment. This succession process positions the Okapi Fund for continued excellence in conservation finance and protected area support throughout the Democratic Republic of Congo. 14 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 Fiels missions & International Engagement : Strengthening Conservation Networks in 2024 Throughout 2024, the Okapi Fund pursued an active program of field missions and international participation, demonstrating our commitment to hands-on conservation support and strategic network building within the global biodiversity community. Field Missions - Direct Conservation Support: Our most significant field mission took us to Garamba National Park (March 2030, 2024), where we conducted comprehensive monitoring of our grant allocations and conservation impact. This ten-day mission served multiple strategic purposes: verifying implementation of funded activities on the ground, assessing overall park management effectiveness, and engaging with new leadership teams following recent management transitions. The mission revealed satisfactory progress despite weather-related delays that had postponed expert deployments by two months due to late 2023 flooding. We were able to accompany and engage extensively with two key consultants implementing our Environmental and Social Action Plan: Baptiste Martin, who was establishing an effective grievance mechanism for the park, and Thomas Mantete, who was developing comprehensive environmental, social, and human rights action plans. This field engagement allowed us to finalize the third grant convention covering Garamba's 2024 operational expenses while ensuring our funding aligned with demonstrated conservation needs and management capacity. The mission exemplified our commitment to evidence-based grantmaking through direct field verification rather than relying solely on desk-based reporting. International Conference Participation: COP 16 Biodiversity - Cali, Colombia (October 21-24, 2024) Our participation in COP 16 represented a strategic milestone in positioning the Okapi Fund within global conservation finance networks. The mission achieved two critical objectives that would shape our future development. 15 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 First, we participated in a high-profile panel alongside Rainforest Foundation Norway, Earth Bezos Fund, WCS, ICCN, and the World Bank, focusing on community forestry and the Indigenous Peoples and Local Communities (IPLC) Forest Facility. This panel allowed us to articulate our role in supporting community-based conservation while demonstrating our capacity to operate at international scales. Second, we held targeted meetings with the Director of Rainforest Foundation Norway and representatives from the Earth Bezos Fund, clarifying our potential role in implementing the IPLC Forests Facility. These discussions proved pivotal, as we were subsequently informed in November 2024 of our selection as the preferred vehicle for implementing this major international initiative. Additionally, we engaged with Global Environment Facility representatives regarding potential endowment fund financing, exploring opportunities to diversify our funding base through multilateral channels. CAFE Network Annual Assembly - Namibia (August/September 2024) As active members of the Conservation Trust Funds network (CAFE), we participated in the annual assembly in Namibia, contributing to strategic planning and knowledge sharing among African conservation trust funds. This engagement reinforced our position within the regional conservation finance community while allowing us to share experiences and learn from peer institutions across the continent. Bridge Steering Committee - Paris (June 12-14, 2024) Our participation in the Bridge project steering committee meetings in Paris demonstrated our engagement with innovative conservation finance mechanisms. These sessions involved reviewing project progress, making strategic decisions, and reporting to the French Global Environment Facility (FFEM), reinforcing our relationships with key European funders. Strategic Network Building: London and Paris Mission (November 18-22, 2024) 16 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 This comprehensive mission across two European capitals exemplified our systematic approach to stakeholder engagement and fundraising. In London, we held productive discussions with Rawbank's Board of Directors regarding our Carbon Desk initiative, explored fundraising event possibilities with Evelyn Partners, and met with potential new board members including Robert Craig and representatives from Tribe Impact Capital. The Tribe Impact Capital meeting proved particularly strategic, introducing opportunities to develop an impact-focused endowment fund that could attract different types of donors through corporate social responsibility channels, expanding our funding base beyond traditional conservation donors. In Paris, we advanced multiple strategic relationships simultaneously: finalizing discussions with AFD/FFEM regarding our feasibility study, exploring collaboration opportunities with Véolia Foundation and Amundi for our Carbon Desk initiative, and potentially securing FFEM support for organizing the CAFE Annual Assembly in Kinshasa. Knowledge Building and Capacity Enhancement: Evelyn Partners Portfolio Review - Kinshasa (April 28-29, 2024) We hosted our investment management partners for an intensive two-day session in Kinshasa, combining portfolio review with strategic planning. This unique approach of bringing international expertise to our operational base allowed for comprehensive evaluation of our investment strategy while demonstrating our commitment to local presence and regional engagement. The sessions covered macroeconomic updates, asset class education, portfolio performance analysis, and ESG considerations, while exploring opportunities for African market investments and policy adjustments. This direct engagement enhanced our financial management capabilities while maintaining our focus on conservation outcomes. Strategic Impact and Future Positioning: These field missions and international engagements achieved several critical outcomes that positioned the Okapi Fund for enhanced impact: 17 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - Enhanced Credibility : Our field presence and international participation demonstrated our operational capacity and strategic vision to both beneficiaries and funders, establishing us as a serious player in conservation finance. - Network Expansion : Systematic engagement with diverse stakeholders— from park managers to international donors—expanded our influence and created new partnership opportunities. - Knowledge Integration : Direct field experience informed our grantmaking while international exposure brought global best practices to our local operations. - Strategic Positioning : Our selection as the preferred vehicle for implementing the IPLC Forests Facility represents the culmination of sustained relationship building and demonstrated competence. Looking forward, these activities have established the foundation for the Okapi Fund's evolution from a specialized endowment fund supporting protected areas to a sophisticated conservation finance intermediary capable of managing complex, multi-stakeholder initiatives while maintaining our commitment to rigorous field-based impact assessment. ## Financial review Source of capitalisation & financial resources No new additional Endowment Funds were received in 2024. We continued to receive operational funds (to cover our running costs) from KfW in 2024. As a reminder, 1 million euros as funds to support operational costs of the Okapi Funds from 2023 to end of 2024 where made available at the end of 2022 through the procedure of renewed demands. In 2024, the Charity received support from KFW as follows: 18 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - 127 022,80 euros, March 13, 2024 to cover the period from January to June 2024 (under the Second Separated Convention between KfW and Fonds Okapi). - 236 193,69 euros, July 17, 2024 to cover the period from July to December 2024 (under the Second Separated Convention between KfW and Fonds Okapi). - USD 157 537 received in November 2023 recognised as deferred income at year-end. The 2024 financial accounts therefore report the Charity receiving funding in 2024 from one source: - KFW (The German Development Bank). ## Resource utilisation framework The investment policy followed by the Okapi Fund has been developed to be fully compliant with the recommended Practice Standards for Asset Management (standards 1-9) as set out by the Conservation Finance Alliance and best practice guidance in the annual Conservation Trust Investment Survey published by WCS. Furthermore, the Okapi Fund follows the World Bank's Environmental and Social Framework and the World Bank Group's general and sector-specific Environmental, Health and Safety Guidelines. As the Okapi Fund is a charitable entity dedicated to environmental conservation, the investments made by the investment manager must not be inconsistent with the objectives of the charity. The investment of the funds, inclusive of all investment instruments, are subject to SRI (Socially Responsible Investing) sectoral filtering and compliance with the ESG and responsible investing policies and detailed exclusions listed in the Investment Policy statement. The capitalisation funds received from KfW at the end of 2019 and from The World bank in January 2020 were transfer to our Endowment Fund. These funds have been progressively invested in the financial markets by our portfolio manager, Smith & Williamson (now Evelyn Partners), in accordance with our Investment Policy Statement and under the supervision of our Investment Committee. 19 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The Endowment Fund holds Okapi Fund’s longer-term investment assets and the returns from these assets provide resources that the Okapi Fund can deploy in furtherance of its charitable aims. The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely Euro 14 million received in December 2019, are treated as: - Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). - Expendable Endowment Funds for the value of EURO 14 million less the amount mentioned above (14M euros less the 7.4M US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). The additional endowment funds received from KfW in December 2022 and in December 2023 are treated as Permanent Endowment Funds. The Portfolio in 2024 The portfolio has seen (i) a performance of +12.48% in 2024 and (iii) a performance of +31% since the receipt of the endowment funds in December 2019. The portfolio's average annual return over the last five years is +6.2%. At the time of writing, the total potential capital gain is + 16 million US$ (since December 2019). This amount is sufficient to ensure both : 1. A conservative reserve policy and 2. Increased disbursements to protected areas over the next few years. 20 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - Overall, our portfolio's performance over the last five years places us in the Top 5 of Nature Conservancy Trust Funds in Africa. Assets under management amounted to US$ 64.78m at December 31, 2024. At December 31, 2024, the portfolio was broken down as follows: - 0.1% Cash and cash equivalents - 29.2% bonds, - 67.7% equities - 1.7% other investments. The portfolio's currency exposure was as follows (at December 31, 2024): - 82.67% to US$ assets - 3.20% in Euros (mainly cash not yet converted) - 10.71% to Sterling assets - 3.42% in other currencies Generally speaking, these were not very significant movements in terms of the composition of our portfolio during the year 2024. The year 2024 in review : - Overall, our portfolio had a very positive year (+12.4% growth). - It was a solid year, with US dominance (particularly in megacap and technology) as a major theme, although there were some divergences between the Magnificent 7 stocks (the winners being notably Apple and Amazon, with Microsoft lagging relatively behind and Tesla eventually recovering, albeit after considerable volatility). - Gold gained almost 30% over the year, although it cannot be held in the portfolio. Conversely, the energy sector was not very interesting in 2024. - 2024 was a very mixed year for European markets and sectors, with luxury goods (a Chinese story) and some healthcare stocks struggling, although German company SAP (Germany) has had solid results since our purchase last year. - Asia remains unattractive, with China struggling to implement its fiscal rescue plans and revive its economy. 21 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - In bonds, we have kept a relatively short maturity, given concerns about Trump's impact on US debt levels. With the risk of inflation remaining high, our TIPS continue to play an important role in offsetting potential inflation. Outlook for 2025: 1. Financial markets: - Post-US election outlook: generally positive, with lower taxes and signs that US companies are best placed to continue growing while preserving, or even increasing, their profit margins. - The profit margins of major US companies are likely to continue to be seen as very positive, driving the equity market higher. - The general outlook for the equity sector looks rather encouraging. - With Trump, however, there is a risk of inflation if tariff policy towards other countries (Mexico, Canada, China, Europe, etc.) is not brought under control. - To counter the risk of inflation: maintain significant positions in TIPS (Treasury inflation-protected securities). - AI is a sector to watch for the opportunities it could offer, but it is still in a consolidation phase and market reversals in this sector are likely in the short term. - Asia continues to show signs of fragility. - In view of the tariff war that Trump may want to wage, we must remain cautious in our investments with regard to the Asian market. 2. Impact Funds: We have begun to discuss with members of the IC and EC the possibility of opening an Endowment Fund oriented towards impact financial investments. For the moment, our endowment funds are invested according to an investment policy that gives us a great deal of latitude as to the nature of the activities of the companies whose shares we acquire. These companies, for the most part, while having a good overall ESG rating, are not companies with an environmental or social impact. 22 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 It would be interesting for the Okapi Fund to explore the possibility of opening, alongside its current endowment fund, an impact fund that could attract other types of donors (notably through corporate CSR funds). ## Total Return Approach Adopted In the first half of 2021, the Okapi Fund decided to adopt the Total Return Approach, by taking the following resolution voted unanimously by the members present: - The Board of Trustees of the Okapi Fund has fully considered the Total Return Report and has resolved to adopt a resolution under Section 104(A) of the Charities Act 2011 to apply a total return approach to investment in accordance with the relevant regulations as follows: ## Total return for the Okapi Fund Permanent Endowment Fund investment. This resolution identifies the Permanent Endowment Fund as the relevant fund that will be subject to total return investment. As of 31 December 2020, the value of the relevant fund consists of: _1._ The Investment Fund consisting of original capital contributions from donors of USD 14,793,588 _2._ The unapplied total return of USD 1,941,892. This is based on the valuation of the endowment capital contributions received and the total unapplied return retained in the relevant fund, as at 31 December 2020. The Total Return Report was written and submitted to the Board members by a recognized expert in the field, James Money-Kyrle. It was on the basis of this report that the Trustees made their informed decision regarding the adoption of the Total Return approach. No changes in our approach were made in 2024. 23 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Principal risks and uncertainties The Trustees have considered the risks that the Charity faces as of the date of this trustees’ report. Having reviewed these risks and the steps being taken, the trustees are confident that these risks are being managed appropriately. In 2020, a risk register was set up. This risk register records risks as they arise and indicates the measures that are taken to mitigate or eliminate them. This register is kept up to date at all times and is available in our office. It is shared with the trustees at each meeting of the Board of Directors who review the Risk Assessment Report. In 2023, two Risk Assessment Reports were compiled by the Executive Director, discussed, reviewed and approved by the trustees before and during the Board meetings. In 2024, another Risk Assessment Report was sent to the Trustees in early January: it also covers part of the year 2023. Following this 2024 report, it was deemed appropriate to include the risk report in the Executive Director's activity reports in order to share information more regularly and in a broader context. As a result, risk information is now included in each of the Executive Director's quarterly reports. ## In 2024 The main risks faced during the Year 2024, and mitigating measures being taken, are described in the following sections. The main risks reported and reviewed in (or in relation to) 2024 were as follows: - Operational risks; - Governance risks; - Financial Risks; - Fiscal Risks; - Fraud Risks; - Reputational Risks. 24 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 ## Operational risks The most significant operational risks identified were the following: 1. the implementation of its fund disbursement activities to finance projects in accordance with its purpose. 2. the continuity of the Okapi Fund's operational management following the announcement by the Executive Director in August 2024 of his wish to step down. ## Regarding point 1.: The main risk in this respect concerned funding for the PNKB. As mentioned above, we had encountered difficulties in obtaining important information prior to our support for the Park. It was deemed necessary to take the time to assess the risks of our support for the PNKB and to define our terms of engagement and the activities we would be willing to fund: it is better to take the time to consider these aspects than to rush into funding that could cause us further problems (see below in the section on reputational risks). As mentioned earlier, we were unable to finance the PNKB in 2024 due to structural governance issues within the park. However, as also indicated, we have expanded the number of parks eligible for Okapi Fund financing, which will enable us to continue our activities as planned. In addition, we are working closely with KfW to find a solution for financing the PNKB. The security situation locally is also the subject of particular attention on our part. ## Regarding point 2.: As mentioned above, a recruitment process for a new Executive Director was launched in October 2024, resulting in the selection of a new Executive Director who took up his duties on July 7, 2025. The outgoing Executive Director has agreed to provide a three-month transition period and will therefore conclude his activities with the Okapi Fund at the end of September 2025. ## Governance risks Board Member Replacement Challenge 25 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 The replacement of Board member Yvette Shabani remained an ongoing administrative process throughout 2024. Despite regular follow-ups with stakeholder Azarias Ruberwa, progress remained limited. However, this situation posed no significant operational consequences, as we continued functioning effectively with eight Board members instead of nine, maintaining full decisionmaking capacity and governance oversight. During the year, we adopted a pragmatic approach by requesting authorization to contact the Ministry of Finance directly for candidate nominations, reversing the traditional selection process to expedite resolution. We will therefore ask the Ministry of Finance to propose names, which will then be approved by Mr. Ruberwa (and not the other way around). Investment Committee Participation Low participation from our external Investment Committee member presented governance challenges due to conflicting professional commitments. While we actively sought replacement candidates, including outreach to qualified professionals like Edwige Takassi, the non-remunerated nature of the position limited candidate interest. This risk was effectively mitigated through rigorous daily portfolio monitoring and close collaboration with our investment management partner, Evelyn Partners, ensuring no compromise in our financial oversight capabilities. ## Financial risks The main financial risk identified in 2024 is the risk of a decrease in the value of our portfolio. It represents the main risk identified during the year 2024 and the beginning of 2025. There were three main factors which affected the financial markets and therefore had the potential to affect the value of our portfolio in 2023: 1. The election of the President Trump in the USA. 2. Inflation. 26 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 3. The wars in the Middle East. ## However: - The tensions linked to the trade wars initiated by President Trump seem to have been absorbed by the financial markets. - Since beginning of 2024 we did not see real signs of inflation. - The market is digesting the situation in the Middle East well for the time being. In order to reduce the risk of a decline in portfolio value affecting our ability to fulfill our core mission - to disburse funds in favor of protected areas - we pursue a rigorous reserves policy to ensure that we have access to sufficient liquidity to honor our commitments to protected areas and also to finance the operating costs of the Okapi Fund (see reserves policy below). ## Fiscal risks As we explained in all of our Quarterly Activity Reports to the Trustees (Rapports d’Activités Trimestriels), we decided to make a provision in our accounts for the payment of the IER (the exceptional tax on the income of expatriate staff), but not to pay it to the tax authorities as proposed by our accountants. Indeed, our lawyer, in his tax analysis of the Asbls (Not-for-profit organisations), had clearly indicated to us that this tax was not applicable to our situation. The tax rate of the IER is 25% on the remuneration (after deduction of those parts of the remuneration which are not subject to taxation) and monthly the additional cost of this tax would be in the order of US$3,000. We therefore decided to provision the amounts corresponding to the IER until we had a clear answer from the tax authorities. In order to resolve this recurring issue we have undertaken two parallel approaches: 1. During the bilateral discussions between Germany and the DRC on biodiversity funding, it was written into the final minutes that the DRC would recognize the Okapi Fund's rights to the tax exemptions that charities normally enjoy; 27 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 2. We were able to meet with the Minister of Finance in December 2023, who should make it possible to move the file forward in a favorable manner. However, these measures were insufficient and did not prevent the Okapi Fund from receiving a letter of adjustment from the tax authorities on this matter in March 2025. IER Tax Settlement: Resolution of Fiscal Compliance Issues The tax administration claimed outstanding IER arrears accompanied by penalties and late payment interest dating back to 2020. While awaiting the interministerial decree (from the Ministry of Planning and Ministry of Finance) that would formally recognize our right to fiscal exemptions, we had prudently provisioned the corresponding amounts in our accounting since 2020. The original claim totaled $256,000 USD, representing a significant financial exposure that threatened our operational capacity and conservation mission. Our approach centered on demonstrating our good faith efforts and the administrative obstacles beyond our control. We presented compelling arguments to the tax administration: Documented Due Diligence : We provided evidence of our continuous efforts with the Ministries of Planning and Finance since 2020, including regular documented follow-ups that demonstrated our commitment to resolving the matter. Bilateral Recognition : We highlighted that our fiscal challenges had been raised twice during Germany-DRC bilateral discussions, where the DRC had agreed to support us in obtaining these legal exemptions, demonstrating the international dimension of our status. Administrative Responsibility : We emphasized our lack of responsibility for the administrative delays that prevented timely resolution of our exemption status. After multiple exchanges with fiscal authorities, we achieved a significant breakthrough in our negotiations. The tax administration agreed to abandon their demands concerning penalties and late payment interest—the most punitive aspects of their original claim. 28 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 In exchange, we committed to promptly settle the base IER taxes that were the subject of the tax assessment, demonstrating our willingness to cooperate within reasonable parameters. The negotiated resolution reduced our total payment obligation from $256,000 USD to $122,000 —a reduction of more than 50% that saved the organization $134,000 USD. This outcome validated our strategy of principled engagement while protecting organizational resources. This resolution demonstrates several important principles: - Principled Negotiation : Our approach of acknowledging legitimate obligations while challenging unreasonable penalties proved effective in achieving a balanced outcome. - Institutional Protection : The significant reduction in our financial exposure preserved resources for our conservation mission while maintaining compliance with fiscal obligations. - Precedent Setting : This settlement establishes important precedents for how international conservation organizations can navigate complex fiscal environments while protecting their operational capacity. The successful resolution of this matter eliminates a major financial uncertainty that had affected our operations since 2020. The $134,000 USD in savings represents resources that can now be dedicated directly to conservation activities rather than administrative penalties. This outcome also demonstrates the effectiveness of patient, strategic engagement with regulatory authorities, showing that persistence and principled advocacy can yield significant results even in challenging administrative environments. The resolution provides closure to a complex matter while reinforcing our commitment to fiscal compliance and responsible organizational management in the DRC's evolving regulatory landscape. Fraud risks We have identified three levels of fraud risk: 29 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 1. Risks at the level of the funds managed by the Okapi Fund 2. Risks at the level of the funds managed by the portfolio manager 3. Risks at the level of the funds managed by the beneficiaries of the funds received from the Okapi Fund 1. Risks at the level of funds managed by the Okapi Fund The risks of misappropriation of funds are limited because of the disbursement procedure that we follow: 1. For electronic transfers: For each disbursement, the ED must enter the amounts on the bank's platform and two trustees must approve the disbursement. Each payment must be supported by a document (invoice, fee, etc.). 2. Regarding cash disbursements: Each disbursement must be pre-approved by the ED, documented by the DAA and reported in a cash tracking document. In addition, we have both a post-payment audit performed by accountants under Ohada law (the Organization for the Harmonization of Business Law in Africa), by BMCG and under UK accounting law by Sayer Vincent. Finally, two types of audits are carried out each year: (i) one to control the expenses made from the budget coming from KfW (carried out by JMB in DRC and required by KfW) and (ii) the other one carried out by a special team of Sayer Vincent for a statory audit on the accounts. 2. Risks at the level of the funds managed by the portfolio manager Fraud risks at this level are managed by Evelyn Partners' internal procedures. We have not conducted an audit of their procedures, but to date the UK supervisory authorities have not, to our knowledge, raised any concerns about the possibility of fraud. 3. Risks at the level of funds managed by recipients of Okapi Fund funds In order to limit the possibility of fraud in the funds disbursed to the Protected Areas, we have put in place the following two principles: 1. Disburse funds according to planned instalments that reflect needs for a couple of months – rather than one single payment for the full year; 30 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 2. The grants are transferred to a reputable international NGO that implements projects on the ground: this is the case with Garamba NP, where the funds and management of the PA are the direct responsibility of the NGO African Parks Congo, a subsidiary of African Parks Networks from South Africa; 3. Conduct an audit of disbursed funds by an internationally recognized auditor. The Garamba NP funds were audited by KPMG in March 2023 (first disbursement) and in May 2024 (second disbursement). In addition, in the grant agreement with the grantee, we are imposing strict financial reporting requirements to limit the possibility of fraud. Finally, at least once a year, we will conduct an audit of the use of funds in the field with the recipient's accounting and financial departments. Proposed solution: (i) funds transferred to a reputable international NGO; (ii) audit by a reputable international firm; (iii) audit by us on site. Reputationnal risks The main reputational risks we face in the DRC are related to the management of Protected Areas by our grantees in relation to the following main issues: 1. Embezzlement of granted funds 2. Conflicts with local populations and indigenous peoples 3. Human rights abuses in the context of anti-poaching operations On the first point, we can refer to the discussion above on the Risks of Fraud. Regarding conflicts with indigenous people and local populations, we have identified two types of potential conflicts that could affect our reputation as a funder of PA managers: 1. Conflicts between populations and/or uncontrolled indigenous people 2. Conflicts between the PA and indigenous populations and/or people On the first point: the risk is indirect insofar as, in principal, the responsibility of the PA is not engaged. If this is nevertheless the case, the risk is that of the consequences of conflicts on the image of the PA manager and, as a result, on our own reputation. 31 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 On the second point: This risk exists and is quite high insofar as PAs are generally not very isolated from the activities of indigenous populations and/or people. There can be all sorts of conflicts: human-wildlife conflicts, conflicts over economic activities developed in the buffer zones, conflicts over the park's boundaries, over access to park resources, etc. Within each PA, procedures are put in place to limit the consequences of these conflicts and to try to find an adequate and early response. In particular, a grievance mechanism is put in place, which is normally mandatory. When this is not the case, the Okapi Fund imposes the establishment of such a mechanism with a precise implementation schedule. Regarding human rights abuses in Anti-Poaching operations, the reputational risk is very high: - Such risks have been raised and documented for the PNKB by several NGOs - The consequences for donors have been very serious, particularly in terms of their reputation with the general public To address this risk, but more importantly to improve the situation and ensure that these events no longer happen in the future, the Okapi Fund has mandated that environmental, social and human rights due diligence be conducted before any disbursement to a PA. In addition, the due diligence requires a very specific environmental, social, and human rights action plan from the potential recipient of our grants. The Okapi Fund is responsible for monitoring the recipient's compliance with this plan. Finally, a significant portion of our grants are directly aimed at addressing human rights issues in and around the target PA. Adopted solution: (i) Approve funding that addresses and mitigates these risks; (ii) Implement strict environmental, social, and human rights safeguards in PAs; (iii) Ensure regular and thorough human rights monitoring; and (iv) Make successive disbursements contingent on progress on these issues by recipients. In 2025 More generally, the risks faced by the Okapi Fund in the coming months are mainly threefold: 32 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 1. A financial risk due to the volatile nature of financial markets. Due to this permanent situation, the Okapi Fund, in particular through its Investment Committee and thanks to very regular communication with its portfolio manager (Evelyn Partners), is particularly attentive to financial risks and closely follows the evolution of financial indices on a daily basis. 2. A country risk, as the DRC is a highly unstable country, both politically and economically. The members of the Okapi Fund (Trustees & the executive direction) are therefore very attentive to political and economic developments in the country in order to be able to anticipate as far as possible any risk that might arise for its activities or its members or partners. In particular, the Okapi Fund closely monitors the situation in the Protected Areas, which are sometimes located in low security zones, by checking very regularly with its partners or the various stakeholders with whom the Okapi Fund is in contact to find out what the health and safety situation is on the ground. 3. Reputational risk: Due to accusations of human rights abuses in some protected areas against park officials, including Kahuzi-Biega-Biega National Park, there is a risk that if we fund this park, we will be associated with the accusations against the park if the issues raised have not been resolved and significant human rights safeguards have not been implemented in the park. On these points, the Okapi Fund is particularly vigilant and monitors the implementation of environmental, social and human rights measures recommended by the due diligence carried out at its request in December 2022 by the international consulting firm IBIS. Prior to any new disbursement, we check that the initial grant conditions are still met. Regarding Point 1 above, in order to mitigate its potential impact: - a. We maintain a significant position in liquid money market securities as long as the prospects of a financial and economic crisis are high; - b. We will maintain an adequate financial reserve policy to enable us to meet our financial commitments over 2025 and 2026. 33 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Reserves policy and going concern The first capitalization funds (endowment funds) received by the Okapi Fund were invested in the financial markets in the first half of 2020 and the first disbursements in favor of a protected area took place in December 2022. Since 2019, KfW has provided funding for the operational running of the Okapi Fund of EUR 2 millions. Depending on our needs, and based on the forecast financial statements, we can draw on these funds for periods of 6 months by making a duly documented application to KfW (by showing, in particular, that expenditures during the previous period were spent in accordance with the financial forecasts). The first 1 million was committed by KfW in 2019 and was exhausted in June of 2022. The second 1 million was committed by KfW in October 2022 with a view to covering operational costs of the Okapi Funds starting in January 2023 (until the end of 2024). In the interval (from June 2022 to December 2022) the Okapi Fund used funding from revenues generated by the Endowment Funds (in two instalments of 160 000 US$ each). The KfW's operational budget has not yet been exhausted and can be used in 2025 if necessary. From 2025 onwards, the Okapi Fund could also draw on its own resources (income generated by the Endowment Funds) to finance its operating costs. At the date of this report, the excellent condition of our portfolio allows us to envisage financing from our own resources without difficulty and without compromising our commitments to protected areas. The Okapi Fund needs to maintain sufficient free reserves to match this long-term funding commitment. The reserves policy is set to ensure we can deliver on our vision and mission and ensure our work is protected from the risk of disruption at short notice due to a lack of available funds, whilst at the same time ensuring we do not retain income for longer than required. 34 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 As part of effective financial management, the Okapi Fund holds reserves to ensure we can: - Manage financial risk. There are a range of risks we face, including the risk of an unforeseen drop in income due to unpredictable investment returns or unbudgeted increases in expenditure. - Meet our long-term grant commitments and funding plans. We have calculated that an appropriate reserves range for the Okapi Fund is USD $2.5 to 3 million, which is broken down as follows: |We have calculated that an appropriate reserves range for the Okapi Fund
$2.5 to 3 million, which is broken down as follows:|is USD| |---|---| |Reserves range|US $m| |Financial risk|0.5| |Grant commitments and long-term plans|2| |Minimum level|2.5| |Range|0.5| |Maximum level|3| This equates to between 12- and 18-months charitable activities (such as funding of commitments to national parks) and operating and administration expenses. The Okapi Fund’s Reserves for the Year ended 31[st] December is: |The Okapi Fund’s Reserves for the Year ended|31stDecember is:| |---|---| |Okapi Funds Statement|2024| ||US $000| |Unrestricted Funds|-102| |Restricted Funds|0| |Designated Funds|0| |Permanent Endowment|45,940| |Unapplied Total Return|8,348| |Expendable Endowment|10,587| |Total Funds1|64,681| 1 Total Funds include Unrestricted, Restricted, Designated and both Permanent and Expendable endowment. 35 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 |Okapi Fund ‘Free’ Reserves for the Year to 31st|2024| |---|---| |December|| ||US $000| |Free Reserves2|8,243| |Ratio of Free Reserves to Annual Operating|0.3| |Expenditure3|| The Okapi Fund reserves provide financial stability and the means for the longterm development and delivery of the Okapi Fund’s charitable activity. We intend to target our reserves at a level which is equivalent to 18[th] months of operating expenditure (covering grants and operational costs) due to the longterm nature of the Okapi Fund’s activity and the volatility of investment returns that provide the Okapi Fund’s principal source of income. The amount of Free Reserves at the end of 2024 is sufficient to meet the requirements of our reserves policy. In addition, at the end of September 2025, the date of writing of this report, our portfolio has appreciated significantly since the beginning of the year, which reinforces our current capacity to meet our reserve requirements. The Board will regularly review the amount of reserves that are required to ensure that they are able to meet all the Okapi Fund’s continuing obligations and plans. The Okapi Fund has access to expendable endowment of over USD $10.587 million, and therefore has more than adequate reserves to meet all operational and grants commitments for the foreseeable future. When a transfer from the UTR to the Income Fund is approved by the Board, the sum transferred remains part of the Free reserves as Unrestricted Funds until spent. 2 Free Reserves are composed of Unrestricted Funds and Unapplied Total Return less tangible fixed assets US$ and any designated grant commitments (not yet determined for 2026). 3 Operating expenditure covers charitable activities and administration expenses. 36 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Plans for the future Looking forward to 2025, the main goals and activities of the Charity for 2025 are as follows (an Annual Activity Plan for 2025 has been developed by the management team and approved by the Trustees in December 2024): - Pursuing Financing: Among our main activities in 2025, there are the disbursements in favor of the Garamba National Park (US$500,000 already disbursed as of the date of this report), in favor of the Salonga National Park (US$300,000 disbursed in March 2025), for the Lomami PN (US$250,000 disbursed in June 2025) and for the Maïko PN (US$140,000 US$ to be disbursed in July 2025). - Fundraising: In 2025 we will continue our efforts to broaden our donor base. We will follow the guidelines of the ambitious scenario of our fundraising strategy, which aims to reach a portfolio of assets under management of US$ 86 million by 2027. Among the most promising avenues are discussions with the AFD and the FFEM on the one hand, and those with the private sector through the Rawbank and the Bezos Earth Fund (through Rainforest Foundation Norway and the Forestery Community Desk) on the other. - The new Executive Director: The new Executive Director took up his duties on July 7, 2025, and will be supported by the former Executive Director until the end of September 2025. A transition program has been developed and approved by the Board of Directors, which will oversee its implementation. - The effective establishment of new Desks: Carbon Desk and Community Forestry Desk. These two activities will require the recruitment of new resources during the second half of 2025. - Impact fund: Explore the opportunity to create an impact fund. Alongside the endowment fund, the Okapi Fund will explore the opportunity to open an impact fund whose financing, in addition to disbursements, could have an environmental and social impact. 37 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 ##  Other: - Determine the Grant Program for the year 2026 (With the support of the Grant Awarding Committee). - Develop a Fraud Prevention Policy in accordance with the requirements of the Charity Commission. - Evaluate the relevance and practicability of our environmental procedures and our operational manual. - Evaluate the impact of our financial support on the achievement of our purpose. ## Small fundraising statement We do not raise funds from the general public. However, we plan to increase the base of our endowment funds and restricted funds over the next few years and plan to meet with potential institutional and private donors in the coming months (this process has started in September 2020). Our fundraising strategy for the coming years was approved by the Trustees in June 2023. We did not conduct fundraising activities with the general public in 2024 and incurred no expenditure in raising income. As we have not conducted any fundraising activities with the general public in 2024, we have not been confronted with any compliance issues or complaints of any kind. ## Structure, governance and management The Charity is a charitable company limited by guarantee, incorporated on 28 November 2013 and registered as a charity on 3 June 2014. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed by its Articles of Association. All trustees give their time voluntarily and receive no benefits from the charity. The Charity reimburses trustees for expenses incurred in carrying out their trustee duties, providing such expenses are reasonable and properly incurred. Please see note five to the accounts for more information. 38 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 In accordance with its Articles of Association, the Okapi Fund has delegated its day-to-day management to the Executive Committee and the Executive Director: 9.2 Subject to the Articles, the Directors may delegate the implementation of their decisions or day to day management of the affairs of the Charity to any person or committee. ## 11. Delegation of day to day management powers In the case of delegation of the day to day management of the Charity to a chief executive or other manager or managers: 11.1 The delegated power shall be to manage the Charity by implementing the policy and strategy adopted by and within a budget approved by the Directors and (if applicable) to advise the Directors in relation to such policy, strategy and budget; 11.2 The Directors shall provide any manager with a description of his or her role and the extent of his or her authority; and 11.3 Any manager must report regularly to the Directors on the activities undertaken in managing the Charity and provide them regularly with management accounts which are sufficient to explain the financial position of the Charity. The functioning of the Executive Committee and its powers are detailed in the Internal Regulations of the Okapi Fund (Règlement Intérieur) adopted by the Board of Trustees: Article 12: Duties of the Executive Committee. 12.1 The Executive Committee intervenes to take decisions on immediate operational matters, which require urgency, for which the orientations of the Board of Directors are normally necessary, but which do not necessarily require the Board of Directors to be held. The Executive Committee shall not be responsible for any of the functions or powers that cannot be delegated to the Committees by the Board of Directors in accordance with Article 9.3 of the Articles of Association. 39 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 The remuneration of the Executive Director is set by the Board of Trustees. The main factors taken into account for the remuneration of the Executive Director were the following: 1. The international and particular profile of the candidate. 2. The very high cost of living in the DRC. 3. Risks associated with the position, due to the political and economic instability of the country. The amount of the compensation and benefits were determined in consultation with Michael Page, the company mandated to select the Executive Director, based on the remuneration of equivalent positions for international profiles that evolve in a difficult context and where the cost of living is one of the highest in the world. The amount of the remuneration is also justified by the political and economic instability of the DRC, particularly in the regions where the Protected Areas under the focus of the Okapi Fund are located (the Executive Director will visit them from time to time). The current Executive Director was appointed by the Board of Trustees. His duties are detailed in his employment contract and in the Manual of Administrative and Accounting Procedures Manual, both approved by the Board of Trustees. ## Appointment of Trustees The appointment of Trustees is covered in detail in the Charity’s Articles of Association (see Articles 25-28). The Articles allow for the Charity to have a minimum of 7 and a maximum of 9 trustees (or directors, as they are called in the Articles). At the end of 2024 there were 8 (2023: 9) Trustees in office. As mentioned above, the Okapi Fund replaced a number of Trustees in November 2022. Two Trustees were replaced in October and December 2024. ## Related parties and relationships with other organisations The Okapi Fund has no formally established relationship with any organisation outside of KfW, the World Bank and the ICCN. Details on related parties with KfW and ICCN are provided in Note 7 of the accounts. 40 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 KfW provided some funds and has one of its employees as a member of the Board in the person of Britta Oltmann (she is both the Director of the KfW Office in Kinshasa and a Trustee for the Fund). ## Statement of responsibilities of the trustees The Trustees (who are also directors of The Okapi Fund for Nature Conservation in the Democratic Republic of Congo for the purposes of company law) are responsible for preparing the trustees’ annual 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - Select suitable accounting policies and then apply them consistently. - Observe the methods and principles in the Charities SORP. - Make judgements and estimates that are reasonable and prudent. - State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - There is no relevant audit information of which the charitable company’s auditor is unaware. 41 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 - The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Auditor Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity. The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. The Trustees’ annual report has been approved by the trustees on 29 September 2025 and signed on their behalf by Victor Kabengele Wa Kadilu, Chairman of the Okapi Trust Fund’s Board of Trustees 42 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 ## Opinion We have audited the financial statements of The Okapi Fund for Nature Conservation in the Democratic Republic of Congo (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: - Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended - Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice - Have been prepared in accordance with the requirements of the Companies Act 2006 ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 43 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 ## 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 Okapi Fund for Nature Conservation in the Democratic Republic of Congo'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. ## Other Information The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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. 44 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report ## For the year ended 31 December 2024 ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - The information given in the trustees’ annual report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - The trustees’ annual report has been prepared in accordance with applicable legal requirements. ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - The financial statements are not in agreement with the accounting records and returns; or - Certain disclosures of trustees’ remuneration specified by law are not made; or - We have not received all the information and explanations we require for our audit; or - The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 45 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report ## For the year ended 31 December 2024 ## Responsibilities of trustees As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 are set out below. 46 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report For the year ended 31 December 2024 ## Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations. - We inspected the minutes of meetings of those charged with governance. - We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. - We reviewed any reports made to regulators. - We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 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 47 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Noelia Serrano (Senior statutory auditor) ## Date: 29 September 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG 48 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Statement of financial activities ## For the year ended 31 December 2024 |Unrestricted
Note
$ Income from:
2
551,502
Other income
-
3
-
551,502
4
61,912
4
995,219
1,057,132
5
(505,630)
500,000
(5,630)
9
-
1,669
(3,961)
Reconciliation of funds:
(98,139)
(102,100)
Investment income
Total funds carried forward
Total income
Expenditure on:
Total funds brought forward
Gains on investments
Donations
Cost of raising funds
Net movement in funds
Net income before gains and (losses)
Total expenditure
Charitable activities
Project expenses
Gains/ (losses) on foreign exchange
Net income for the year
Transfers between funds|Unrestricted
Note
$ Income from:
2
551,502
Other income
-
3
-
551,502
4
61,912
4
995,219
1,057,132
5
(505,630)
500,000
(5,630)
9
-
1,669
(3,961)
Reconciliation of funds:
(98,139)
(102,100)
Investment income
Total funds carried forward
Total income
Expenditure on:
Total funds brought forward
Gains on investments
Donations
Cost of raising funds
Net movement in funds
Net income before gains and (losses)
Total expenditure
Charitable activities
Project expenses
Gains/ (losses) on foreign exchange
Net income for the year
Transfers between funds|Endowment
$ -
-
953,699|2024
Total
$ 551,502
-
953,699|Unrestricted
$ 347,580
21,504
-|Endowment
$ 27,056,125
-
455,916|2023
Total
$ 27,403,705
21,504
455,916| |---|---|---|---|---|---|---| ||551,502|953,699|1,505,201|369,084|27,512,041|27,881,125| ||61,912
995,219|253,565
-|315,477
995,219|48,983
1,041,593|129,343
-|178,326
1,041,593| ||1,057,132|253,565|1,310,697|1,090,576|129,343|1,219,919| ||(505,630)
500,000|700,134
(500,000)|194,505
-|(721,492)
600,000|27,382,698
(600,000)|26,661,206
-| ||(5,630)
-
1,669|200,134
6,618,237
11,400|194,505
6,618,237
13,069|(121,492)
-
(2,568)|26,782,698
3,282,042
(99,761)|26,661,206
3,282,042
(102,329)| ||(3,961)
(98,139)|6,829,771
57,954,194|6,825,811
57,856,055|(124,060)
25,921|29,964,979
27,989,215|29,840,919
28,015,136| ||(102,100)|64,783,966|64,681,866|(98,139)|57,954,194|57,856,055| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements. 49 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Balance sheet ## Company number: 08794664 ## As at 31 December 2024 |Note
Non current assets:
Tangible assets
10
Investments
9
Current assets:
11
Liabilities:
12
15
16
Restricted funds:
Unrestricted funds
Net current assets
Creditors: amounts falling due within one year
The funds of the charity:
Total net assets
Provisions for liabilities
Total charity funds
Endowment Fund
Cash at bank and in hand
Debtors|14,644
79,174|2024
$ 3,132
64,783,427|2023
$ 8,691
58,303,655| |---|---|---|---| |||64,786,559
16,177
(120,870)|58,312,346
33,881
83,544| ||93,818
(77,641)||117,425
(573,716)| ||||(456,291)
-| |||64,681,866|57,856,055| |||64,783,966
(102,100)|57,954,194
(98,139)| |||64,681,866|57,856,055| Approved by the trustees on 29 September 2025 and signed on their behalf by Victor Kabengele Wa Kadilu, Chairman of the Okapi Trust Fund’s Board of Trustees 50 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Statement of cash flows For the year ended 31 December 2024 |Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|$ $ 29,840,919
6,832
(3,282,042)
(455,916)
(2,253)
224,082
-
26,331,622
(56,631,344)
27,651,221
455,916
1,947,725
(26,576,482)
(244,860)
328,404
83,544
2023|$ $ 29,840,919
6,832
(3,282,042)
(455,916)
(2,253)
224,082
-
26,331,622
(56,631,344)
27,651,221
455,916
1,947,725
(26,576,482)
(244,860)
328,404
83,544
2023| |---|---|---|---|---| |||(1,096,535)
1,092,164||26,331,622
(26,576,482)| |||||| |||(4,370)
83,544||(244,860)
328,404| |||79,174||83,544| 51 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 1 Accounting policies ## a) Statutory information The Okapi Fund for Nature Conservation in The Democratic Republic of Congo is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 10 Queen Street Place, London, EC4R 1BE. - b) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102). The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements 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. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. - c) Public benefit entity The charity meets the definition of a public benefit entity under FRS 102. - d) Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Since 2019, KfW has provided funding for the operational running of the Okapi Fund of EUR 2 million. Depending on our needs, and based on the forecast financial statements, we can draw on these funds for periods of 6 months by making a duly documented application to KfW (by showing, in particular, that expenditures during the previous period were spent in accordance with the financial forecasts). The first EUR 1 million was committed by KfW in 2019 and was exhausted in June of 2022. The second EUR 1 million was committed by KfW in October 2022 with a view to covering operational costs of the Okapi Funds starting in January 2023 (until the beginning of 2025). In the interval (from June 2022 to December 2022) the Okapi Fund used funding from revenues generated by the Endowment Funds (in two instalments of 160 000 US$ each). Finally, (i) our operating expenses (annual budget) are well controlled and known (they do not vary significantly from one year to the next) and (ii) we adopt a conservative reserve policy each year to ensure that we have sufficient liquid assets available at all times should the need arise. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. - e) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. - f) Expenditure and irrecoverable VAT - Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 52 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 1 Accounting policies (continued) ## g) Grants payable Grants payable are made to third parties in accordance with the charity's governing documents. These grants are charged to the statement of financial activities in the year in which the offer is conveyed to the recipient. ## h) Listed investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments. Trustees adopt a total return approach, under which the target is to achieve total return (net of fees) of 4% above RPI inflation, allowing the fund to withdraw from the portfolio to either income funds or trust for investment to contribute to its running costs each year. Investment income is allocated to the endowment funds when receivable. Withdrawals from the endowment funds are shown as transfers between funds. Within the year annualised total return (net of fees) of 10.9% was achieved. ## i) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## j) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## k) Fixed assets Items of equipment are capitalised where purchased. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. The depreciation rates of fixed assets are as follows: - Computer equipment - 3 years straight line - Fixtures and Fittings - 4 years straight line  Motor Vehicles - 4 years straight line ## l) Financial instruments The charity 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. ## m) Foreign exchange policy Transactions in foreign currencies are translated at the average rate for the year using HMRC rates. All exchange gains/losses are charged to the statement of financial activities and separately disclosed. ## n) Presentational currency The financial statements are presented in United States Dollars. The functional currency is between United States Dollars, Euros and Congolese Franc. - o) Funds The restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. The unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. The endowment funds include permanent endowment funds, where the capital must be retained, and expendable endowment funds, which can be converted into income at the discretion of the Trustees. The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely EUR 14 million received in December 2019, are treated as: - Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). - Expendable Endowment Funds for the value of EUR 14 million less the amount mentioned above (EUR 14M – 7.4M US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). The Okapi Fund received no new permanent endowments in 2024 (2023: EUR 25 million). 53 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 2 Income from donations and legacies |KfW
Donations:|Unrestricted
$ 551,502|Endowment
$ -|2024
Total
$ 551,502|2023
Total
$ 27,403,705| |---|---|---|---|---| ||551,502|-|551,502|27,403,705| In 2023, $27,056,125 of donations were endowment funds and $347,580 were unrestricted. - 3 Income from investments |Income from investments||||| |---|---|---|---|---| |Dividends|Unrestricted
$ -|Endowment
$ 953,699|2024
Total
$ 953,699|2023
Total
$ 455,916| ||-|953,699|953,699|455,916| All income from the prior year was related to the endowment funds. |4
Reconciliations of grants payable:
Commitments at 1 January 2024
Grants approved in the year
African Parks Congo
WCS
Grants payable for the year
Grants paid during the year
Commitments at 31 December 2024
Grants payable|$ 500,000
-|2024
$ 350,000
500,000
(850,000)|$ 250,000
350,000|2023
$ -
600,000
(250,000)| |---|---|---|---|---| |||||| |||-||350,000| ## 5a Analysis of expenditure (current year) |Support and Governance costs
Investment manager's fees
Admin and Rent
Accountancy and audit
Total expenditure 2024
Trustees' expenses
Staff Costs (note 7)
Depreciation expense
Other expenses
Consultancy
Legal fees
Grants (note 4)|Cost of
raising
funds
$ 24,102
-
-
-
9,686
-
-
253,564
3,943
-|Charitable
activities -
project
expenses
$ 96,408
500,000
-
-
-
-
-
-
15,771
-|Support
costs
$ 72,306
-
-
-
75,690
-
5,559
-
11,828
-|Governance
costs
$ 48,204
-
-
3,394
-
50,009
-
-
128,755
11,480|2024
Total
$ 241,019
500,000
-
3,394
85,375
50,009
5,559
253,564
160,296
11,480|2023
Total
$ 256,281
600,000
8,999
2,984
89,997
71,627
6,832
129,343
45,820
8,036| |---|---|---|---|---|---|---| ||291,294
24,184|612,178
383,041|165,382
(165,382)|241,842
(241,842)|1,310,696
-|1,219,919
-| ||315,477|995,219|-|-|1,310,696|1,219,919| 54 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 5b Analysis of expenditure (prior year) |Analysis of expenditure (prior year)|||||| |---|---|---|---|---|---| |Support and Governance costs
Total expenditure 2023
Trustees' expenses
Consultancy
Legal fees
Other expenses
Staff Costs (note 7)
Investment manager's fees
Accountancy and audit
IT Costs
Depreciation expense
Admin and Rent
Grants (note 4)|Cost of
raising funds
$ 26,432
-
-
-
9,000
-
-
-
129,343
-
-|Charitable
activities -
project
expenses
$ 105,727
600,000
-
-
-
-
-
-
-
-
-|Support
costs
$ 71,259
-
8,999
-
80,997
-
-
6,832
-
45,820
-|Governance
costs
$ 52,863
-
-
2,984
-
71,627
-
-
-
-
8,036|2023
Total
$ 256,281
600,000
8,999
2,984
89,997
71,627
-
6,832
129,343
45,820
8,036| ||164,775
13,551|705,727
335,866|213,907
(213,907)|135,510
(135,510)|1,219,919
-| ||178,326|1,041,593|-|-|1,219,919| - 6 Net income for the year This is stated after charging: |This is stated after charging:||| |---|---|---| ||2024|2023| ||$|$| |Trustees' reimbursed expenses|11,480|8,036| |Foreign exchange (gain)/loss|(13,069)|102,329| |Auditor's remuneration (excluding VAT):||| |Audit|19,948|18,908| |Other services|6,394|6,112| 55 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 - 7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: |Staff costs were as follows:||| |---|---|---| |Salaries and wages
Social security costs|2024
$ 218,249
22,770|2023
$ 244,286
11,995| ||241,019|256,281| The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between: |
during the year between:||| |---|---|---| ||2024|2023| ||No.|No.| |$193,842- $206,628|1|-| |$206,629 - $220,403|-|1| Gross salaries, social security, and employer pension contributions for key management personnel this year were $237,618 (2023: $209,334). The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: $nil). No charity trustee received payment for professional or other services supplied to the charity (2023: $nil). Trustee expenses of $11,480 were incurred in 2024 by 1 trustee (2023: $8,036 by 2 trustees) in relation to travel and subsistence costs. The average number of employees (head count based on number of staff employed) during the year was 3 (2023: 3). ## 8 Related party transactions Britta Oltmann is the head of the KfW bureau in Kinshasa and a Trustee for the Fund. During the year 2024, Okapi received $551k from KfW. The Okapi Fund also received 25 million euros in permanent endowments in December 2023. Jean-Philippe Waterschoot, who was a trustee (until December 2022), is the CEO of TEXAF. TEXAF is the parent company of COTEX, from whom the Okapi Fund is leasing their office. The lease was agreed on an arm's length basis and Jean-Philippe Waterschoot is not a signatory on the lease. A total of US$ 25,672 was paid by the Okapi Fund to COTEX in the year (2023: $23,096). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. ## 9 Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 56 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 |10a
Permanent
Endowment
$ At beginning of the reporting period or date of resolution:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Movements in the reporting period:
Investment return: dividends and interest
-
Investment return: realised and unrealised gains
-
Less: Investment management costs
-
Total
-
Unapplied total return allocated to income in the reporting period
-
Net movements in reporting period
-
At end of the reporting period:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Fair value at the end of the year
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
As of 19 September 2025, the total value of the investment portfolio is approximately $69.1.m.
Cash held by investment broker pending reinvestment
Listed investments (current year)|10a
Permanent
Endowment
$ At beginning of the reporting period or date of resolution:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Movements in the reporting period:
Investment return: dividends and interest
-
Investment return: realised and unrealised gains
-
Less: Investment management costs
-
Total
-
Unapplied total return allocated to income in the reporting period
-
Net movements in reporting period
-
At end of the reporting period:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Fair value at the end of the year
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
As of 19 September 2025, the total value of the investment portfolio is approximately $69.1.m.
Cash held by investment broker pending reinvestment
Listed investments (current year)|2024
$ 58,123,021
28,855,746
(28,888,723)
6,618,237|2023
$ 25,860,856
56,631,344
(27,651,221)
3,282,042| |---|---|---|---| |||64,708,281
75,146|58,123,021
180,634| |||64,783,427|58,303,655| |||
Unapplied Total
Return
$
-
2,671,125|
Total
$ 45,939,953
2,671,125| ||45,939,953|2,671,125|48,611,078| ||-
-
-|804,958
5,586,042
(214,018)|804,958
5,586,042
(214,018)| ||-|6,176,982|6,176,982| ||-|(500,000)|(500,000)| ||-|5,676,982|5,676,982| ||45,939,953
-|-
8,348,107|45,939,953
8,348,107| ||45,939,953|8,348,107|54,288,060| 57 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 |10b
At beginning of the reporting period or date of resolution:
Gift component permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Investment return: dividends and interest
Investment return: realised and unrealised gains and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the reporting period
Net movements in reporting period
At end of the reporting period:
Gift component permanent endowment
Unapplied total return
Total
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
Cash held by investment broker pending reinvestment
Listed investments (prior year)
Fair value at the end of the year|Permanent
Endowment
$ 18,883,828
-|2023
$ 25,860,856
56,631,344
(27,651,221)
3,282,042|2022
$
27,999,362

11,966,566
(10,076,863)
(4,028,209)| |---|---|---|---| |||58,123,021
180,634|
25,860,856

2,128,359| |||58,303,655|
27,989,215| |||
Unapplied Total
Return
$ -
217,449|
Total
$ 18,883,828
217,449| ||18,883,828|217,449|19,101,277| ||27,056,125
-
-
-|-
385,481
2,777,555
(109,360)|27,056,125
385,481
2,777,555
(109,360)| ||27,056,125|3,053,676|30,109,801| ||-|(600,000)|(600,000)| ||27,056,125|2,453,676|29,509,801| ||45,939,953
-|-
2,671,125|45,939,953
2,671,125| ||45,939,953|2,671,125|48,611,078| 58 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 11 Tangible fixed assets |Tangible fixed assets||||| |---|---|---|---|---| |At the start of the year
At the end of the year
Depreciation
Net book value
At the end of the year
At the end of the year
Additions in year
Cost
At the start of the year
At the start of the year
Charge for the year|Motor vehicles
$ 25,418
-|Fixtures and fittings
$ 4,135
-|Computer
equipment
$ 2,953
-|
Total
$ 32,506
-| ||25,418|4,135|2,953|32,506| ||17,931
4,665|3,129
696|2,755
198|23,815
5,559| ||22,596|3,825|2,953|29,374| ||2,822|310|-|3,132| ||7,487|1,006|198|8,691| All of the above assets are used for charitable purposes. ## 12 Debtors |Debtors||| |---|---|---| |Trade debtor
Prepayments|2024
$ 7,456
7,188|2023
$ 5,650
28,231| ||14,644|33,881| 59 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 13 Creditors: amounts falling due within one year |Creditors: amounts falling due within one year||| |---|---|---| |Payroll creditor
Trade creditors
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Deferred income
Deferred income comprises funds received in advance from KFW for activity to take place in 2024.
Accruals
Deferred income (note 14)
Grants payable|2024
$ -
58,438
19,203
-
-|2023
$ 24,156
16,324
25,699
350,000
157,537| ||77,641|573,716| ||2024
$ 157,537
(157,537)
-|2023
$ 293,272
(293,272)
157,537| ||-|157,537| - 14 Deferred income 15 Provisions for liabilities Provisions for liabilities comprises the balance of the agreement with tax authorities for IER tax. |Provisions for liabilities
Provisions for liabilities comprises the balance of the agreement with tax authorities for IER tax.||| |---|---|---| |Balance at the beginning of the year
Increase in provision in the year
Balance at the end of the year|2024
£
-
120,870|2023
£
-
-| ||120,870|-| 16a Analysis of net assets between funds (current year) |Analysis of net assets between funds (prior year)
Fixed assets
Investments
Net assets at 31 December 2024
Fixed assets
Net current assets
Net current assets
Net assets at 31 December 2023
Investments|General unrestricted
$ 3,132
-
(105,232)|Endowment
$ -
64,783,427
540|
Total
funds
$ 3,132
64,783,427
(104,692)| |---|---|---|---| ||(102,100)|64,783,966|64,681,866| ||General unrestricted
$ 8,691
-
(106,830)|Endowment
$ -
58,303,655
(349,461)|
Total
funds
$ 8,691
58,303,655
(456,291)| ||(98,139)|57,954,194|57,856,055| 16b Analysis of net assets between funds (prior year) 60 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 17a Movements in funds (current year) |General funds
Restricted funds:
Total funds
Permanent Endowment
Unrestricted funds:
Expendable Endowment|At 1 January
2024
$ 48,611,078
9,343,117|
Incoming
resources &
gains
$ 6,391,000
1,192,336|

Outgoing resources
& losses
$ (214,018)
(39,546)|
Transfers
$ (500,000)
-|
At 31
December
2024
$ 54,288,060
10,495,907| |---|---|---|---|---|---| ||57,954,194|7,583,336|(253,564)|(500,000)|64,783,966| ||(98,139)|551,502|(1,055,463)|500,000|(102,100)| ||57,856,055|8,134,838|(1,309,027)|-|64,681,866| 17b Movements in funds (prior year) |General funds
Total funds
Restricted funds:
Expendable Endowment
Permanent Endowment
Unrestricted funds:|At 1 January
2023
19,101,277
8,887,938|
Incoming
resources &
gains
$ 30,219,161
574,922|

Outgoing resources
& losses
$ (109,360)
(119,743)|
Transfers
$ (600,000)
-|
At 31
December
2023
$ 48,611,078
9,343,117| |---|---|---|---|---|---| ||27,989,215
25,921|30,794,083
369,084|(229,104)
(1,093,144)|(600,000)
600,000|57,954,194
(98,139)| ||28,015,136|31,163,167|(1,322,248)|-|57,856,055| ## Purposes of Endowment funds The Okapi Fund has received funding from KfW and the World Bank to support the pursuit of its charitable objectives. The endowment fund is intended to generate significant, stable and predictable financial resources for the management of selected protected areas in the DRC, with a focus on sustainably financing the management costs of Parc National Kahuzi-Biega (PNKB) and the Parc National Garamba (PNG). The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely EUR 14 million received in December 2019, are treated as: Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). Expendable Endowment Funds for the value of EUR 14 million less the amount mentioned above (EUR 14 million – 7.4million US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Evelyn Partners). We also received an additional EUR 4 million from KfW in December 2022, and EUR 25 million from KfW in 2023, which are to be treated as Permanent Endowment Funds. 61 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 18 Operating lease commitments payable as a lessee The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods: |
periods:||| |---|---|---| |Less than one year|2024
2023
$ $ 11,754
11,728
Property|| ||11,754|11,728| ## 19 Contingent Liability There are additional taxes for Expatriate employees within the DRC. Okapi should not have to pay these taxes due to its charitable status, however the charity has chosen to book these costs each year. It is important to mention that we also have a commitment on the part of the DRC to officially recognize the exemption, this commitment appearing in two minutes resulting from bilateral discussions between the DRC and Germany which took place in 2022 and 2023. Accounting provisions for 2024 amount to $120,870. ## 20 Legal status of the charity The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to $1.28. 62 Company Number: 08794664 Charity Number: 1157294 ## The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Report and financial statements For the year ended 31 December 2024 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Contents For the year ended 31 December 2024 Reference and administrative information ....................................................................... 1 Trustees’ annual report .................................................................................................. 3 Independent auditor’s report ........................................................................................ 43 Statement of financial activities (incorporating an income and expenditure account) .... 49 Balance sheet ............................................................................................................... 50 Notes to the financial statements ................................................................................. 51 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Reference and administrative information For the year ended 31 December 2024 Company number 08794664 Charity number 1157294 Registered office and operational address Office 605, Albert House, 256-260 Old St, London EC1V 9DD Country of registration England & Wales Country of incorporation United Kingdom Trustees Trustees (who are also directors of The Okapi fund for nature conservation in the Democratic Republic of Congo for the purposes of company law) who served during 2024 were as follows: Victor Kabengele wa Kadilu (Chair) Patrick Welby (until 20[th] October 2024) Robert Craig (as of 20[th] October 2024) Yvette Shabani (resigned the 5[th] September 2024) Britta Oltmann (until 5 September 2024) Kerstin Laabs (as of 17 december 2024) Samy Mankoto Dieudonné Musibono Agnès Kasongo Gloria Assimbo Beto Nyongolo Executive Director Guillaume Gervais de Rouville Administrative Karen Kibanga Assistant Solicitors Sedulo, Office 605, Albert House, 256-260 Old St, London EC1V 9DD 1 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Reference and administrative information For the year ended 31 December 2024 |Auditor
|Sayer Vincent LLP| |---|---| ||Chartered Accountants and Statutory Auditors| ||110 Golden Lane| ||LONDON| ||EC1Y 0TG| |Investment Manager|Evelyn Partner Investment (formerly named| ||“Smith & Williamson Investment Management”)| ||25 Moorgate| ||LONDON| ||EC2R 6AY| 2 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The trustees present their report and the audited financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. ## Objectives and Activities Purposes and aims As set out in the Charity’s Articles of Association, its purposes are to promote for the benefit of the public, the conservation, protection and improvement of the natural environment and biodiversity of the Democratic Republic of the Congo (DRC), with priority focus on DRC's national system of protected areas. Specifically, it aims to: i) Promote, for the benefit of the public, sustainable development that supports the conservation of biodiversity in DRC, in particular the protected areas and/or other conservation areas of significant ecological value and/or significant biological importance including: (a) The preservation, conservation and the protection of the environment and the sustainable use of natural resources; and (b) The relief of poverty and the improvement of the conditions of life for the benefit of populations living in and around protected areas and other areas of significant ecological conservation and/or significant biological importance. ii) Advance the education of the public on environmental issues including the 3 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 biodiversity, conservation, sustainability and management of DRC's protected areas and/or other areas of significant ecological conservation and/or significant biological importance. The trustees periodically review the aims, objectives and activities of the charity and have always reaffirmed the purpose and aims as noted here. It is additionally affirmed that the trustees have had regard to the Charity Commission’s guidance on public benefit. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees have considered how planned activities will contribute to the aims and objectives that have been set. 4 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Achievements and performance The Charity's activities and achievements during 2024 have been concentrated on the following items : (i) continue efforts to increase the Okapi Fund's endowment funds, (ii) prepare and carry out new disbursements in favor of the Protected Areas while monitoring previous financing, (iii) selection of new protected areas eligible for support from the Okapi Fund, (iv) opening of a Carbon Desk and a Community Forestry Desk, (v) launch of the recruitment process for a new Executive Director, (vi) carry out field missions and participate in international events to strengthen our knowledge and capacities and reinforce links with the various biodiversity stakeholders, (vii) monitor financial markets in a particularly volatile period. ## Fundraising In early 2024, the Fonds Français pour l’Envionnement Mondial (FFEM) joined forces with AFD to co-finance an additional 2 to 3 million euros. A Project Information Note (PIN) was drawn up in April 2024 to initiate the procedure with the FFEM. The dossier was examined by consultants in June/July 2024 who assessed its relevance. The consultants' final report is very positive and recommends that the maximum amount of funding be allocated to the Okapi Fund. However, the final decision will be more political than technical, as AFD/FFEM funding is earmarked for the Kahuzi-Biega National Park. The situation within the park since January 2025 is particularly difficult due to the presence of M23 rebels in or near the park. In this context, the AFD has decided to postpone its final decision until the end of September 2025. At the same time, the Fonds Okapi strengthened its role in the development of the IPLC Forest Facility (IFF), a new funding initiative led by Rainforest Foundation Norway and financed by the Bezos Earth Fund. The Fund participated in multiple working sessions, culminating in its official designation in November 2024 as the preferred financial mechanism to channel IFF funds to local forest communities. This decision was validated by the Fonds Okapi Board in December 2024 and 5 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 marks a turning point in expanding the Fund’s reach beyond traditional protected area support (see below next section for more details). The idea behind this new desk is to attract private and public funding for community forestry and position the Okapi Fund as the natural funding channel for this type of project. Furthermore, discussions with the Rawbank culminated in the drafting of a concept note for the creation of a dedicated 'Carbon Desk' within the Fonds Okapi (see below next section for more details). This unit, envisioned as a financing conduit for carbon credit projects aligned with biodiversity goals, received approval from the Board in December 2024. Initial responses to questions from Rawbank’s risk department were provided in October 2024, and both parties aim to identify pilot projects in 2025. The idea behind this new desk is to attract CSR funds from private sector companies in the DRC to finance carbon projects with a high social and environmental impact. Relations with the Bezos Earth Fund remained active throughout the year. The Fund submitted a concept note in Q1 and held several meetings in Kinshasa and Cali (Colombia) to present its potential role in regional conservation finance architecture. Further engagements with the Fund’s U.S.-based leadership are planned before the end of 2025. ## Funding of Protected Areas In 2024, only one national park received financial support from the Okapi Fund: The Garamba National Park (GNP). The Kahuzi-Biega National Park (KBNP) was unable to receive funds from us for reasons that will be explained below. In March 2024, the Board of Trustees adopted the grant program for 2024, which includes: (i) a grant of US$300,000 to GNP and (ii) US$500,000 to KBNP. Funding are granted once all eligibility conditions have been met. The GNP received its funds in July 2024. The Board of Directors authorized a second disbursement of US$200,000 to the Garamba National Park to cover unexpected funding gaps. This brings the total amount disbursed to the Garamba National Park in 2024 to US$500,000. 6 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## The Garamba national Park As a reminder, the Okapi Fund disbursed US$220,000 in favor of the PNG in December 2022. In 2023 we disbursed US$250,000 to the PNG. In 2024, a further US$500,000 was provided. The funds were disbursed once the audit had been carried out by KPMG and deemed satisfactory by Fonds Okapi. The Executive Director went to Garamba in March 2024 for a follow-up visit to see what had been achieved on the ground following the Okapi Fund financing. It emerged from this visit that the GNP is carrying out its activities satisfactorily and in accordance with the requirements of our grant agreement. ## The Kahuzi-Biega National Park The first funds (US$ 350 000) were disbursed in December 2023, and were received by the beneficiary (Wildelife Conservation Society – “WCS”) in January 2024, but to cover expenses for 2023. We carried out a due diligence mission at WCS's regional headquarters in Kigali and at PNKB (Bukavu and Tshivanga) between November 8 and 15, 2023. On several occasions prior to our mission, we had deplored a lack of communication, responsiveness and transparency in exchanges with WCS teams. This observation had also been made by the KfW teams who had visited the PNKB a few months earlier. In the absence of satisfactory reporting (lack of information and average quality) from the PNKB, we were unable to disburse the amounts allocated to the park for 2024 (US$500,000). We finally obtained the missing information, although its quality was still not up to the standard we would expect from an organization such as WCS. The report submitted by WCS on environmental, social, and human rights actions is merely an Excel document providing a timeline of actions implemented with very little detail on what has already been accomplished. 7 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 Discussions on funding for 2024 were nevertheless resumed in December 2024: we have offered WCS the choice between (i) funding actions already undertaken in 2024 but for which funds have not yet been disbursed, or (ii) no longer dealing with funding for 2024 and instead examining the funding required for 2025. Just as discussions were about to lead to a funding opportunity, unfortunately the security situation deteriorated considerably in the park due to an offensive by the M23 armed group in the town of Bukavu and in the vicinity of the park. The park had to suspend its activities, which had not resumed normal operations at the time of writing this report. As things stand, it is therefore not possible to finance the PNKB's activities. However, recent peace agreements signed under the auspices of the United States could pave the way for a resumption of activities before the end of 2025. The Okapi Fund continues to monitor the situation and is ready to resume its funding if the security situation allows. If funding for the PNKB proves impossible in the near future, the Okapi Fund has already considered extending its funding to other protected areas in order to continue its biodiversity financing activities in the DRC (see next section on the selection of new parks). The positive aspect of the Okapi Fund's operations in relation to PNKB is that we have demonstrated a rigorous process for disbursing funds: the Okapi Fund does not disburse funds if it believes that the conditions are not met, either for reasons related to the governance of the potential beneficiary or due to the security situation in which the beneficiary operates. This demonstrates the seriousness of the Okapi Fund's disbursement process. Selection of new protected areas Selection of a Third Protected Area: A Strategic Expansion During 2024, the Okapi Fund embarked on a comprehensive process to identify and select a third protected area for our conservation portfolio. This strategic expansion reflects both our growing financial capacity and our commitment to maximizing conservation impact across the Democratic Republic of Congo. 8 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## The Selection Journey The Board of Directors initially identified three promising candidates for potential support: the Salonga, Lomami, and Maïko National Parks. Each represented unique conservation opportunities and challenges within the DRC's vast protected area network. Our Grant Allocation Committee (COS) undertook a thorough due diligence process throughout the year, engaging directly with park management teams and conducting detailed assessments of each candidate's eligibility and funding requirements. All three areas demonstrated strong conservation value and met our formal eligibility criteria. ## A Challenging Choice The selection process revealed the complexity of conservation funding decisions. While Salonga National Park showed promise, our analysis determined that it already enjoys substantial funding commitments for the coming years, leaving no significant funding gaps where the Okapi Fund could add meaningful value. This left us with a compelling but difficult choice between Lomami and Maïko National Parks. Lomami presented a more stable operational environment with established management structures and fewer security concerns, though its funding needs were more modest. Maïko, by contrast, offered an exceptional landscape with enormous conservation potential but faced significant security challenges and required substantial capacity building support. ## An Innovative Solution Rather than limiting ourselves to a single choice, our strong financial position— with over $11 million in realized gains since inception—enabled us to pursue a more ambitious approach. In December 2024, the Board approved an innovative dual-track strategy that will see both parks join our portfolio: Lomami National Park has received support, with an initial allocation of $250,000 in June 2025. This rapid deployment reflects the park's readiness to effectively utilize funding and our confidence in its management capacity. 9 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 Maïko National Park has also received funding support in September 2025 with an initial allocation of US$ 140,000. ## Looking Forward This strategic expansion positions the Okapi Fund to support four protected areas simultaneously, significantly amplifying our conservation impact. The phased implementation approach ensures we maintain our rigorous standards for environmental, social, and human rights safeguards while responding to the urgent conservation needs across the DRC. This selection process exemplifies our commitment to evidence-based decisionmaking and strategic patience—choosing long-term conservation impact over expedient solutions. As we enter 2025, we look forward to deepening our partnerships with these exceptional protected areas and advancing our shared conservation mission. ## Carbon Desk and a Community Forestry Desk Development of New Specialized Windows: Expanding Our Conservation Impact In 2024, the Okapi Fund embarked on an ambitious expansion strategy, developing two specialized funding windows that represent a significant evolution in our approach to conservation financing in the Democratic Republic of Congo. Carbon Window: Bridging Climate Action and Conservation The Carbon Window emerged from extensive discussions with Rawbank and represents our strategic entry into the carbon finance sector. This initiative aims to attract diversified investors to carbon credit projects while maintaining our rigorous ESG standards and expanding our assets under management to $100 million within three years. The window is designed to appeal to two distinct investor categories: philanthropic foundations seeking high-impact projects without direct financial returns, and corporations utilizing CSR budgets to offset emissions and enhance their environmental credentials. Projects financed through this window will deliver significant co-benefits for local communities, including job creation, 10 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 infrastructure development, and improved food security, while simultaneously advancing biodiversity conservation and climate resilience. Community Forestry Window: Empowering Indigenous Peoples and Local Communities The Community Forestry Window represents perhaps our most significant strategic development, emerging from our selection as the preferred vehicle for implementing the IPLC Forests Facility by Rainforest Foundation Norway and other international partners. This designation came following our successful participation in COP 16 Biodiversity in Cali, where we demonstrated our capacity to channel funding directly to Indigenous Peoples and Local Communities (IPLCs) for forest conservation. The window addresses a critical gap in conservation financing: supporting the Indigenous Peoples in the DRC who have historically been the most effective guardians of the country's high-integrity forests. Recent legal advances, including President Tshisekedi's historic 2022 law protecting indigenous peoples' rights, have created unprecedented opportunities for scaling community-based conservation. Through a comprehensive Memorandum of Understanding with the Community Forest Fund (FCF), we have established a dedicated "FCF Window" within the Okapi Fund that maintains clear financial separation while leveraging our institutional infrastructure. This arrangement preserves FCF's autonomy in selecting beneficiaries while ensuring rigorous governance and transparency standards. The framework addresses two urgent parallel needs: protecting remaining blocks of high-integrity forests and supporting land tenure regimes that empower local communities. Activities include direct assistance for sustainable development projects, strengthening IPLC involvement in protected area management, and providing advocacy support for more effective engagement in land-use planning. Operational Excellence and Future Vision Both windows benefit from shared infrastructure and expertise while maintaining distinct governance structures and funding streams. Both Windows leverages our existing investment management platform through Evelyn Partners. 11 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 These developments position the Okapi Fund at the forefront of innovative conservation finance, creating pathways for diverse funding sources to support conservation while maintaining our commitment to environmental and social safeguards. The windows represent a natural evolution of our mission, enabling us to serve as both an endowment fund for protected areas and a sophisticated intermediary for specialized conservation finance mechanisms. Looking ahead, these windows provide the foundation for achieving our ambitious goal of managing $100 million in assets while directly supporting Indigenous Peoples and Local Communities who serve as the primary guardians of the DRC's irreplaceable ecosystems. This multi-faceted approach exemplifies our commitment to scalable, sustainable conservation finance that honors both environmental imperatives and social justice principles. In order to implement these two new desks, the Okapi Fund plans to recruit consultants in 2025 to support their development. ## Recruitment process for a new Executive Director In 2024-2025, the Okapi Fund undertook a thorough and methodical process to identify and select a new Executive Director, demonstrating our commitment to transparent governance and strategic leadership continuity. ## The Succession Journey The process began in August 2024 when our current Executive Director, Guillaume Gervais de Rouville, announced his intention to conclude his mandate during the second half of 2025. Recognizing the critical importance of executive leadership to our mission, the Board of Directors initiated a comprehensive recruitment process at its September 19, 2024 session. ## Professional Search Partnership The Board entrusted the Executive Committee with selecting a specialized recruitment agency through a competitive tender process. Four firms were invited to submit proposals—two local Kinshasa-based agencies (Hodari and Bensizwe) and two international firms (Michael Page and Vidal Associates). Following a rigorous evaluation, Michael Page was selected for their international reach, 12 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 proven track record in executive placements, and understanding of our sector's unique requirements. The recruitment brief specifically required the inclusion of at least two Congolese candidates with international experience, reflecting our commitment to local leadership development while maintaining global standards of excellence. ## Structured Selection Process A dedicated Recruitment Committee was established, expanding the Executive Committee to include Board member Samy Mankoto. The final committee comprised the Fund President, the Executive Director, and four Board members (Agnès Kasongo, Samy Mankoto, Kerstin Laabs, and Robert Craig), ensuring diverse perspectives and rigorous evaluation standards. The initial candidate pool yielded a shortlist of ten qualified applicants by January 2025. However, the committee's high standards led to the decision to extend the search period until February 28, 2025, ultimately expanding the candidate pool to sixteen applicants. ## Rigorous Evaluation Framework Six exceptional candidates advanced to the final interview stage, conducted via videoconference over three days in March 2025. Each candidate participated in hour-long structured interviews using standardized evaluation grids and question frameworks developed collaboratively by committee members. This systematic approach ensured consistent, objective assessment across all candidates while allowing for comprehensive evaluation of technical competencies, leadership capabilities, and cultural fit with our mission and values. ## Final Selection and Validation Rather than conducting second interviews, the committee organized an in-person meeting in Kinshasa between the leading candidate, Christian Miasuekama, and available committee members. This informal yet substantive discussion allowed for deeper assessment of interpersonal dynamics and cultural alignment. 13 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The positive outcomes of this meeting reinforced the committee's confidence in their selection. Following contractual negotiations on March 26, 2025, the committee unanimously endorsed Christian Miasuekama's appointment, pending Board approval and KfW non-objection. ## Excellence in Governance This recruitment process exemplifies our commitment to governance excellence, demonstrating several key principles that guide our operations: Transparency and Accountability : Every stage was documented, with comprehensive records maintained for Board and donor oversight, including evaluation grids, interview frameworks, and detailed progress reports. Inclusive Decision-Making : The expanded committee structure ensured diverse perspectives while maintaining efficient decision-making processes. Professional Standards : Engaging international recruitment expertise while prioritizing local capacity development reflects our commitment to both global best practices and regional leadership. Strategic Patience : The decision to extend the search timeline demonstrates our priority for finding the right candidate over expedient closure. The appointment of Christian Miasuekama represents a strategic investment in leadership continuity that will guide the Okapi Fund through its next phase of growth. His selection through this rigorous process ensures that our new Executive Director possesses not only the technical competencies required for the role but also the leadership vision necessary to advance our conservation mission in an increasingly complex operating environment. This succession process positions the Okapi Fund for continued excellence in conservation finance and protected area support throughout the Democratic Republic of Congo. 14 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 Fiels missions & International Engagement : Strengthening Conservation Networks in 2024 Throughout 2024, the Okapi Fund pursued an active program of field missions and international participation, demonstrating our commitment to hands-on conservation support and strategic network building within the global biodiversity community. Field Missions - Direct Conservation Support: Our most significant field mission took us to Garamba National Park (March 2030, 2024), where we conducted comprehensive monitoring of our grant allocations and conservation impact. This ten-day mission served multiple strategic purposes: verifying implementation of funded activities on the ground, assessing overall park management effectiveness, and engaging with new leadership teams following recent management transitions. The mission revealed satisfactory progress despite weather-related delays that had postponed expert deployments by two months due to late 2023 flooding. We were able to accompany and engage extensively with two key consultants implementing our Environmental and Social Action Plan: Baptiste Martin, who was establishing an effective grievance mechanism for the park, and Thomas Mantete, who was developing comprehensive environmental, social, and human rights action plans. This field engagement allowed us to finalize the third grant convention covering Garamba's 2024 operational expenses while ensuring our funding aligned with demonstrated conservation needs and management capacity. The mission exemplified our commitment to evidence-based grantmaking through direct field verification rather than relying solely on desk-based reporting. International Conference Participation: COP 16 Biodiversity - Cali, Colombia (October 21-24, 2024) Our participation in COP 16 represented a strategic milestone in positioning the Okapi Fund within global conservation finance networks. The mission achieved two critical objectives that would shape our future development. 15 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 First, we participated in a high-profile panel alongside Rainforest Foundation Norway, Earth Bezos Fund, WCS, ICCN, and the World Bank, focusing on community forestry and the Indigenous Peoples and Local Communities (IPLC) Forest Facility. This panel allowed us to articulate our role in supporting community-based conservation while demonstrating our capacity to operate at international scales. Second, we held targeted meetings with the Director of Rainforest Foundation Norway and representatives from the Earth Bezos Fund, clarifying our potential role in implementing the IPLC Forests Facility. These discussions proved pivotal, as we were subsequently informed in November 2024 of our selection as the preferred vehicle for implementing this major international initiative. Additionally, we engaged with Global Environment Facility representatives regarding potential endowment fund financing, exploring opportunities to diversify our funding base through multilateral channels. CAFE Network Annual Assembly - Namibia (August/September 2024) As active members of the Conservation Trust Funds network (CAFE), we participated in the annual assembly in Namibia, contributing to strategic planning and knowledge sharing among African conservation trust funds. This engagement reinforced our position within the regional conservation finance community while allowing us to share experiences and learn from peer institutions across the continent. Bridge Steering Committee - Paris (June 12-14, 2024) Our participation in the Bridge project steering committee meetings in Paris demonstrated our engagement with innovative conservation finance mechanisms. These sessions involved reviewing project progress, making strategic decisions, and reporting to the French Global Environment Facility (FFEM), reinforcing our relationships with key European funders. Strategic Network Building: London and Paris Mission (November 18-22, 2024) 16 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 This comprehensive mission across two European capitals exemplified our systematic approach to stakeholder engagement and fundraising. In London, we held productive discussions with Rawbank's Board of Directors regarding our Carbon Desk initiative, explored fundraising event possibilities with Evelyn Partners, and met with potential new board members including Robert Craig and representatives from Tribe Impact Capital. The Tribe Impact Capital meeting proved particularly strategic, introducing opportunities to develop an impact-focused endowment fund that could attract different types of donors through corporate social responsibility channels, expanding our funding base beyond traditional conservation donors. In Paris, we advanced multiple strategic relationships simultaneously: finalizing discussions with AFD/FFEM regarding our feasibility study, exploring collaboration opportunities with Véolia Foundation and Amundi for our Carbon Desk initiative, and potentially securing FFEM support for organizing the CAFE Annual Assembly in Kinshasa. Knowledge Building and Capacity Enhancement: Evelyn Partners Portfolio Review - Kinshasa (April 28-29, 2024) We hosted our investment management partners for an intensive two-day session in Kinshasa, combining portfolio review with strategic planning. This unique approach of bringing international expertise to our operational base allowed for comprehensive evaluation of our investment strategy while demonstrating our commitment to local presence and regional engagement. The sessions covered macroeconomic updates, asset class education, portfolio performance analysis, and ESG considerations, while exploring opportunities for African market investments and policy adjustments. This direct engagement enhanced our financial management capabilities while maintaining our focus on conservation outcomes. Strategic Impact and Future Positioning: These field missions and international engagements achieved several critical outcomes that positioned the Okapi Fund for enhanced impact: 17 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - Enhanced Credibility : Our field presence and international participation demonstrated our operational capacity and strategic vision to both beneficiaries and funders, establishing us as a serious player in conservation finance. - Network Expansion : Systematic engagement with diverse stakeholders— from park managers to international donors—expanded our influence and created new partnership opportunities. - Knowledge Integration : Direct field experience informed our grantmaking while international exposure brought global best practices to our local operations. - Strategic Positioning : Our selection as the preferred vehicle for implementing the IPLC Forests Facility represents the culmination of sustained relationship building and demonstrated competence. Looking forward, these activities have established the foundation for the Okapi Fund's evolution from a specialized endowment fund supporting protected areas to a sophisticated conservation finance intermediary capable of managing complex, multi-stakeholder initiatives while maintaining our commitment to rigorous field-based impact assessment. ## Financial review Source of capitalisation & financial resources No new additional Endowment Funds were received in 2024. We continued to receive operational funds (to cover our running costs) from KfW in 2024. As a reminder, 1 million euros as funds to support operational costs of the Okapi Funds from 2023 to end of 2024 where made available at the end of 2022 through the procedure of renewed demands. In 2024, the Charity received support from KFW as follows: 18 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - 127 022,80 euros, March 13, 2024 to cover the period from January to June 2024 (under the Second Separated Convention between KfW and Fonds Okapi). - 236 193,69 euros, July 17, 2024 to cover the period from July to December 2024 (under the Second Separated Convention between KfW and Fonds Okapi). - USD 157 537 received in November 2023 recognised as deferred income at year-end. The 2024 financial accounts therefore report the Charity receiving funding in 2024 from one source: - KFW (The German Development Bank). ## Resource utilisation framework The investment policy followed by the Okapi Fund has been developed to be fully compliant with the recommended Practice Standards for Asset Management (standards 1-9) as set out by the Conservation Finance Alliance and best practice guidance in the annual Conservation Trust Investment Survey published by WCS. Furthermore, the Okapi Fund follows the World Bank's Environmental and Social Framework and the World Bank Group's general and sector-specific Environmental, Health and Safety Guidelines. As the Okapi Fund is a charitable entity dedicated to environmental conservation, the investments made by the investment manager must not be inconsistent with the objectives of the charity. The investment of the funds, inclusive of all investment instruments, are subject to SRI (Socially Responsible Investing) sectoral filtering and compliance with the ESG and responsible investing policies and detailed exclusions listed in the Investment Policy statement. The capitalisation funds received from KfW at the end of 2019 and from The World bank in January 2020 were transfer to our Endowment Fund. These funds have been progressively invested in the financial markets by our portfolio manager, Smith & Williamson (now Evelyn Partners), in accordance with our Investment Policy Statement and under the supervision of our Investment Committee. 19 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 The Endowment Fund holds Okapi Fund’s longer-term investment assets and the returns from these assets provide resources that the Okapi Fund can deploy in furtherance of its charitable aims. The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely Euro 14 million received in December 2019, are treated as: - Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). - Expendable Endowment Funds for the value of EURO 14 million less the amount mentioned above (14M euros less the 7.4M US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). The additional endowment funds received from KfW in December 2022 and in December 2023 are treated as Permanent Endowment Funds. The Portfolio in 2024 The portfolio has seen (i) a performance of +12.48% in 2024 and (iii) a performance of +31% since the receipt of the endowment funds in December 2019. The portfolio's average annual return over the last five years is +6.2%. At the time of writing, the total potential capital gain is + 16 million US$ (since December 2019). This amount is sufficient to ensure both : 1. A conservative reserve policy and 2. Increased disbursements to protected areas over the next few years. 20 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - Overall, our portfolio's performance over the last five years places us in the Top 5 of Nature Conservancy Trust Funds in Africa. Assets under management amounted to US$ 64.78m at December 31, 2024. At December 31, 2024, the portfolio was broken down as follows: - 0.1% Cash and cash equivalents - 29.2% bonds, - 67.7% equities - 1.7% other investments. The portfolio's currency exposure was as follows (at December 31, 2024): - 82.67% to US$ assets - 3.20% in Euros (mainly cash not yet converted) - 10.71% to Sterling assets - 3.42% in other currencies Generally speaking, these were not very significant movements in terms of the composition of our portfolio during the year 2024. The year 2024 in review : - Overall, our portfolio had a very positive year (+12.4% growth). - It was a solid year, with US dominance (particularly in megacap and technology) as a major theme, although there were some divergences between the Magnificent 7 stocks (the winners being notably Apple and Amazon, with Microsoft lagging relatively behind and Tesla eventually recovering, albeit after considerable volatility). - Gold gained almost 30% over the year, although it cannot be held in the portfolio. Conversely, the energy sector was not very interesting in 2024. - 2024 was a very mixed year for European markets and sectors, with luxury goods (a Chinese story) and some healthcare stocks struggling, although German company SAP (Germany) has had solid results since our purchase last year. - Asia remains unattractive, with China struggling to implement its fiscal rescue plans and revive its economy. 21 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 - In bonds, we have kept a relatively short maturity, given concerns about Trump's impact on US debt levels. With the risk of inflation remaining high, our TIPS continue to play an important role in offsetting potential inflation. Outlook for 2025: 1. Financial markets: - Post-US election outlook: generally positive, with lower taxes and signs that US companies are best placed to continue growing while preserving, or even increasing, their profit margins. - The profit margins of major US companies are likely to continue to be seen as very positive, driving the equity market higher. - The general outlook for the equity sector looks rather encouraging. - With Trump, however, there is a risk of inflation if tariff policy towards other countries (Mexico, Canada, China, Europe, etc.) is not brought under control. - To counter the risk of inflation: maintain significant positions in TIPS (Treasury inflation-protected securities). - AI is a sector to watch for the opportunities it could offer, but it is still in a consolidation phase and market reversals in this sector are likely in the short term. - Asia continues to show signs of fragility. - In view of the tariff war that Trump may want to wage, we must remain cautious in our investments with regard to the Asian market. 2. Impact Funds: We have begun to discuss with members of the IC and EC the possibility of opening an Endowment Fund oriented towards impact financial investments. For the moment, our endowment funds are invested according to an investment policy that gives us a great deal of latitude as to the nature of the activities of the companies whose shares we acquire. These companies, for the most part, while having a good overall ESG rating, are not companies with an environmental or social impact. 22 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 It would be interesting for the Okapi Fund to explore the possibility of opening, alongside its current endowment fund, an impact fund that could attract other types of donors (notably through corporate CSR funds). ## Total Return Approach Adopted In the first half of 2021, the Okapi Fund decided to adopt the Total Return Approach, by taking the following resolution voted unanimously by the members present: - The Board of Trustees of the Okapi Fund has fully considered the Total Return Report and has resolved to adopt a resolution under Section 104(A) of the Charities Act 2011 to apply a total return approach to investment in accordance with the relevant regulations as follows: ## Total return for the Okapi Fund Permanent Endowment Fund investment. This resolution identifies the Permanent Endowment Fund as the relevant fund that will be subject to total return investment. As of 31 December 2020, the value of the relevant fund consists of: _1._ The Investment Fund consisting of original capital contributions from donors of USD 14,793,588 _2._ The unapplied total return of USD 1,941,892. This is based on the valuation of the endowment capital contributions received and the total unapplied return retained in the relevant fund, as at 31 December 2020. The Total Return Report was written and submitted to the Board members by a recognized expert in the field, James Money-Kyrle. It was on the basis of this report that the Trustees made their informed decision regarding the adoption of the Total Return approach. No changes in our approach were made in 2024. 23 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Principal risks and uncertainties The Trustees have considered the risks that the Charity faces as of the date of this trustees’ report. Having reviewed these risks and the steps being taken, the trustees are confident that these risks are being managed appropriately. In 2020, a risk register was set up. This risk register records risks as they arise and indicates the measures that are taken to mitigate or eliminate them. This register is kept up to date at all times and is available in our office. It is shared with the trustees at each meeting of the Board of Directors who review the Risk Assessment Report. In 2023, two Risk Assessment Reports were compiled by the Executive Director, discussed, reviewed and approved by the trustees before and during the Board meetings. In 2024, another Risk Assessment Report was sent to the Trustees in early January: it also covers part of the year 2023. Following this 2024 report, it was deemed appropriate to include the risk report in the Executive Director's activity reports in order to share information more regularly and in a broader context. As a result, risk information is now included in each of the Executive Director's quarterly reports. ## In 2024 The main risks faced during the Year 2024, and mitigating measures being taken, are described in the following sections. The main risks reported and reviewed in (or in relation to) 2024 were as follows: - Operational risks; - Governance risks; - Financial Risks; - Fiscal Risks; - Fraud Risks; - Reputational Risks. 24 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 ## Operational risks The most significant operational risks identified were the following: 1. the implementation of its fund disbursement activities to finance projects in accordance with its purpose. 2. the continuity of the Okapi Fund's operational management following the announcement by the Executive Director in August 2024 of his wish to step down. ## Regarding point 1.: The main risk in this respect concerned funding for the PNKB. As mentioned above, we had encountered difficulties in obtaining important information prior to our support for the Park. It was deemed necessary to take the time to assess the risks of our support for the PNKB and to define our terms of engagement and the activities we would be willing to fund: it is better to take the time to consider these aspects than to rush into funding that could cause us further problems (see below in the section on reputational risks). As mentioned earlier, we were unable to finance the PNKB in 2024 due to structural governance issues within the park. However, as also indicated, we have expanded the number of parks eligible for Okapi Fund financing, which will enable us to continue our activities as planned. In addition, we are working closely with KfW to find a solution for financing the PNKB. The security situation locally is also the subject of particular attention on our part. ## Regarding point 2.: As mentioned above, a recruitment process for a new Executive Director was launched in October 2024, resulting in the selection of a new Executive Director who took up his duties on July 7, 2025. The outgoing Executive Director has agreed to provide a three-month transition period and will therefore conclude his activities with the Okapi Fund at the end of September 2025. ## Governance risks Board Member Replacement Challenge 25 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 The replacement of Board member Yvette Shabani remained an ongoing administrative process throughout 2024. Despite regular follow-ups with stakeholder Azarias Ruberwa, progress remained limited. However, this situation posed no significant operational consequences, as we continued functioning effectively with eight Board members instead of nine, maintaining full decisionmaking capacity and governance oversight. During the year, we adopted a pragmatic approach by requesting authorization to contact the Ministry of Finance directly for candidate nominations, reversing the traditional selection process to expedite resolution. We will therefore ask the Ministry of Finance to propose names, which will then be approved by Mr. Ruberwa (and not the other way around). Investment Committee Participation Low participation from our external Investment Committee member presented governance challenges due to conflicting professional commitments. While we actively sought replacement candidates, including outreach to qualified professionals like Edwige Takassi, the non-remunerated nature of the position limited candidate interest. This risk was effectively mitigated through rigorous daily portfolio monitoring and close collaboration with our investment management partner, Evelyn Partners, ensuring no compromise in our financial oversight capabilities. ## Financial risks The main financial risk identified in 2024 is the risk of a decrease in the value of our portfolio. It represents the main risk identified during the year 2024 and the beginning of 2025. There were three main factors which affected the financial markets and therefore had the potential to affect the value of our portfolio in 2023: 1. The election of the President Trump in the USA. 2. Inflation. 26 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 3. The wars in the Middle East. ## However: - The tensions linked to the trade wars initiated by President Trump seem to have been absorbed by the financial markets. - Since beginning of 2024 we did not see real signs of inflation. - The market is digesting the situation in the Middle East well for the time being. In order to reduce the risk of a decline in portfolio value affecting our ability to fulfill our core mission - to disburse funds in favor of protected areas - we pursue a rigorous reserves policy to ensure that we have access to sufficient liquidity to honor our commitments to protected areas and also to finance the operating costs of the Okapi Fund (see reserves policy below). ## Fiscal risks As we explained in all of our Quarterly Activity Reports to the Trustees (Rapports d’Activités Trimestriels), we decided to make a provision in our accounts for the payment of the IER (the exceptional tax on the income of expatriate staff), but not to pay it to the tax authorities as proposed by our accountants. Indeed, our lawyer, in his tax analysis of the Asbls (Not-for-profit organisations), had clearly indicated to us that this tax was not applicable to our situation. The tax rate of the IER is 25% on the remuneration (after deduction of those parts of the remuneration which are not subject to taxation) and monthly the additional cost of this tax would be in the order of US$3,000. We therefore decided to provision the amounts corresponding to the IER until we had a clear answer from the tax authorities. In order to resolve this recurring issue we have undertaken two parallel approaches: 1. During the bilateral discussions between Germany and the DRC on biodiversity funding, it was written into the final minutes that the DRC would recognize the Okapi Fund's rights to the tax exemptions that charities normally enjoy; 27 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 2. We were able to meet with the Minister of Finance in December 2023, who should make it possible to move the file forward in a favorable manner. However, these measures were insufficient and did not prevent the Okapi Fund from receiving a letter of adjustment from the tax authorities on this matter in March 2025. IER Tax Settlement: Resolution of Fiscal Compliance Issues The tax administration claimed outstanding IER arrears accompanied by penalties and late payment interest dating back to 2020. While awaiting the interministerial decree (from the Ministry of Planning and Ministry of Finance) that would formally recognize our right to fiscal exemptions, we had prudently provisioned the corresponding amounts in our accounting since 2020. The original claim totaled $256,000 USD, representing a significant financial exposure that threatened our operational capacity and conservation mission. Our approach centered on demonstrating our good faith efforts and the administrative obstacles beyond our control. We presented compelling arguments to the tax administration: Documented Due Diligence : We provided evidence of our continuous efforts with the Ministries of Planning and Finance since 2020, including regular documented follow-ups that demonstrated our commitment to resolving the matter. Bilateral Recognition : We highlighted that our fiscal challenges had been raised twice during Germany-DRC bilateral discussions, where the DRC had agreed to support us in obtaining these legal exemptions, demonstrating the international dimension of our status. Administrative Responsibility : We emphasized our lack of responsibility for the administrative delays that prevented timely resolution of our exemption status. After multiple exchanges with fiscal authorities, we achieved a significant breakthrough in our negotiations. The tax administration agreed to abandon their demands concerning penalties and late payment interest—the most punitive aspects of their original claim. 28 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 In exchange, we committed to promptly settle the base IER taxes that were the subject of the tax assessment, demonstrating our willingness to cooperate within reasonable parameters. The negotiated resolution reduced our total payment obligation from $256,000 USD to $122,000 —a reduction of more than 50% that saved the organization $134,000 USD. This outcome validated our strategy of principled engagement while protecting organizational resources. This resolution demonstrates several important principles: - Principled Negotiation : Our approach of acknowledging legitimate obligations while challenging unreasonable penalties proved effective in achieving a balanced outcome. - Institutional Protection : The significant reduction in our financial exposure preserved resources for our conservation mission while maintaining compliance with fiscal obligations. - Precedent Setting : This settlement establishes important precedents for how international conservation organizations can navigate complex fiscal environments while protecting their operational capacity. The successful resolution of this matter eliminates a major financial uncertainty that had affected our operations since 2020. The $134,000 USD in savings represents resources that can now be dedicated directly to conservation activities rather than administrative penalties. This outcome also demonstrates the effectiveness of patient, strategic engagement with regulatory authorities, showing that persistence and principled advocacy can yield significant results even in challenging administrative environments. The resolution provides closure to a complex matter while reinforcing our commitment to fiscal compliance and responsible organizational management in the DRC's evolving regulatory landscape. Fraud risks We have identified three levels of fraud risk: 29 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 1. Risks at the level of the funds managed by the Okapi Fund 2. Risks at the level of the funds managed by the portfolio manager 3. Risks at the level of the funds managed by the beneficiaries of the funds received from the Okapi Fund 1. Risks at the level of funds managed by the Okapi Fund The risks of misappropriation of funds are limited because of the disbursement procedure that we follow: 1. For electronic transfers: For each disbursement, the ED must enter the amounts on the bank's platform and two trustees must approve the disbursement. Each payment must be supported by a document (invoice, fee, etc.). 2. Regarding cash disbursements: Each disbursement must be pre-approved by the ED, documented by the DAA and reported in a cash tracking document. In addition, we have both a post-payment audit performed by accountants under Ohada law (the Organization for the Harmonization of Business Law in Africa), by BMCG and under UK accounting law by Sayer Vincent. Finally, two types of audits are carried out each year: (i) one to control the expenses made from the budget coming from KfW (carried out by JMB in DRC and required by KfW) and (ii) the other one carried out by a special team of Sayer Vincent for a statory audit on the accounts. 2. Risks at the level of the funds managed by the portfolio manager Fraud risks at this level are managed by Evelyn Partners' internal procedures. We have not conducted an audit of their procedures, but to date the UK supervisory authorities have not, to our knowledge, raised any concerns about the possibility of fraud. 3. Risks at the level of funds managed by recipients of Okapi Fund funds In order to limit the possibility of fraud in the funds disbursed to the Protected Areas, we have put in place the following two principles: 1. Disburse funds according to planned instalments that reflect needs for a couple of months – rather than one single payment for the full year; 30 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 2. The grants are transferred to a reputable international NGO that implements projects on the ground: this is the case with Garamba NP, where the funds and management of the PA are the direct responsibility of the NGO African Parks Congo, a subsidiary of African Parks Networks from South Africa; 3. Conduct an audit of disbursed funds by an internationally recognized auditor. The Garamba NP funds were audited by KPMG in March 2023 (first disbursement) and in May 2024 (second disbursement). In addition, in the grant agreement with the grantee, we are imposing strict financial reporting requirements to limit the possibility of fraud. Finally, at least once a year, we will conduct an audit of the use of funds in the field with the recipient's accounting and financial departments. Proposed solution: (i) funds transferred to a reputable international NGO; (ii) audit by a reputable international firm; (iii) audit by us on site. Reputationnal risks The main reputational risks we face in the DRC are related to the management of Protected Areas by our grantees in relation to the following main issues: 1. Embezzlement of granted funds 2. Conflicts with local populations and indigenous peoples 3. Human rights abuses in the context of anti-poaching operations On the first point, we can refer to the discussion above on the Risks of Fraud. Regarding conflicts with indigenous people and local populations, we have identified two types of potential conflicts that could affect our reputation as a funder of PA managers: 1. Conflicts between populations and/or uncontrolled indigenous people 2. Conflicts between the PA and indigenous populations and/or people On the first point: the risk is indirect insofar as, in principal, the responsibility of the PA is not engaged. If this is nevertheless the case, the risk is that of the consequences of conflicts on the image of the PA manager and, as a result, on our own reputation. 31 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 On the second point: This risk exists and is quite high insofar as PAs are generally not very isolated from the activities of indigenous populations and/or people. There can be all sorts of conflicts: human-wildlife conflicts, conflicts over economic activities developed in the buffer zones, conflicts over the park's boundaries, over access to park resources, etc. Within each PA, procedures are put in place to limit the consequences of these conflicts and to try to find an adequate and early response. In particular, a grievance mechanism is put in place, which is normally mandatory. When this is not the case, the Okapi Fund imposes the establishment of such a mechanism with a precise implementation schedule. Regarding human rights abuses in Anti-Poaching operations, the reputational risk is very high: - Such risks have been raised and documented for the PNKB by several NGOs - The consequences for donors have been very serious, particularly in terms of their reputation with the general public To address this risk, but more importantly to improve the situation and ensure that these events no longer happen in the future, the Okapi Fund has mandated that environmental, social and human rights due diligence be conducted before any disbursement to a PA. In addition, the due diligence requires a very specific environmental, social, and human rights action plan from the potential recipient of our grants. The Okapi Fund is responsible for monitoring the recipient's compliance with this plan. Finally, a significant portion of our grants are directly aimed at addressing human rights issues in and around the target PA. Adopted solution: (i) Approve funding that addresses and mitigates these risks; (ii) Implement strict environmental, social, and human rights safeguards in PAs; (iii) Ensure regular and thorough human rights monitoring; and (iv) Make successive disbursements contingent on progress on these issues by recipients. In 2025 More generally, the risks faced by the Okapi Fund in the coming months are mainly threefold: 32 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 1. A financial risk due to the volatile nature of financial markets. Due to this permanent situation, the Okapi Fund, in particular through its Investment Committee and thanks to very regular communication with its portfolio manager (Evelyn Partners), is particularly attentive to financial risks and closely follows the evolution of financial indices on a daily basis. 2. A country risk, as the DRC is a highly unstable country, both politically and economically. The members of the Okapi Fund (Trustees & the executive direction) are therefore very attentive to political and economic developments in the country in order to be able to anticipate as far as possible any risk that might arise for its activities or its members or partners. In particular, the Okapi Fund closely monitors the situation in the Protected Areas, which are sometimes located in low security zones, by checking very regularly with its partners or the various stakeholders with whom the Okapi Fund is in contact to find out what the health and safety situation is on the ground. 3. Reputational risk: Due to accusations of human rights abuses in some protected areas against park officials, including Kahuzi-Biega-Biega National Park, there is a risk that if we fund this park, we will be associated with the accusations against the park if the issues raised have not been resolved and significant human rights safeguards have not been implemented in the park. On these points, the Okapi Fund is particularly vigilant and monitors the implementation of environmental, social and human rights measures recommended by the due diligence carried out at its request in December 2022 by the international consulting firm IBIS. Prior to any new disbursement, we check that the initial grant conditions are still met. Regarding Point 1 above, in order to mitigate its potential impact: - a. We maintain a significant position in liquid money market securities as long as the prospects of a financial and economic crisis are high; - b. We will maintain an adequate financial reserve policy to enable us to meet our financial commitments over 2025 and 2026. 33 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Reserves policy and going concern The first capitalization funds (endowment funds) received by the Okapi Fund were invested in the financial markets in the first half of 2020 and the first disbursements in favor of a protected area took place in December 2022. Since 2019, KfW has provided funding for the operational running of the Okapi Fund of EUR 2 millions. Depending on our needs, and based on the forecast financial statements, we can draw on these funds for periods of 6 months by making a duly documented application to KfW (by showing, in particular, that expenditures during the previous period were spent in accordance with the financial forecasts). The first 1 million was committed by KfW in 2019 and was exhausted in June of 2022. The second 1 million was committed by KfW in October 2022 with a view to covering operational costs of the Okapi Funds starting in January 2023 (until the end of 2024). In the interval (from June 2022 to December 2022) the Okapi Fund used funding from revenues generated by the Endowment Funds (in two instalments of 160 000 US$ each). The KfW's operational budget has not yet been exhausted and can be used in 2025 if necessary. From 2025 onwards, the Okapi Fund could also draw on its own resources (income generated by the Endowment Funds) to finance its operating costs. At the date of this report, the excellent condition of our portfolio allows us to envisage financing from our own resources without difficulty and without compromising our commitments to protected areas. The Okapi Fund needs to maintain sufficient free reserves to match this long-term funding commitment. The reserves policy is set to ensure we can deliver on our vision and mission and ensure our work is protected from the risk of disruption at short notice due to a lack of available funds, whilst at the same time ensuring we do not retain income for longer than required. 34 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 As part of effective financial management, the Okapi Fund holds reserves to ensure we can: - Manage financial risk. There are a range of risks we face, including the risk of an unforeseen drop in income due to unpredictable investment returns or unbudgeted increases in expenditure. - Meet our long-term grant commitments and funding plans. We have calculated that an appropriate reserves range for the Okapi Fund is USD $2.5 to 3 million, which is broken down as follows: |We have calculated that an appropriate reserves range for the Okapi Fund
$2.5 to 3 million, which is broken down as follows:|is USD| |---|---| |Reserves range|US $m| |Financial risk|0.5| |Grant commitments and long-term plans|2| |Minimum level|2.5| |Range|0.5| |Maximum level|3| This equates to between 12- and 18-months charitable activities (such as funding of commitments to national parks) and operating and administration expenses. The Okapi Fund’s Reserves for the Year ended 31[st] December is: |The Okapi Fund’s Reserves for the Year ended|31stDecember is:| |---|---| |Okapi Funds Statement|2024| ||US $000| |Unrestricted Funds|-102| |Restricted Funds|0| |Designated Funds|0| |Permanent Endowment|45,940| |Unapplied Total Return|8,348| |Expendable Endowment|10,587| |Total Funds1|64,681| 1 Total Funds include Unrestricted, Restricted, Designated and both Permanent and Expendable endowment. 35 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 |Okapi Fund ‘Free’ Reserves for the Year to 31st|2024| |---|---| |December|| ||US $000| |Free Reserves2|8,243| |Ratio of Free Reserves to Annual Operating|0.3| |Expenditure3|| The Okapi Fund reserves provide financial stability and the means for the longterm development and delivery of the Okapi Fund’s charitable activity. We intend to target our reserves at a level which is equivalent to 18[th] months of operating expenditure (covering grants and operational costs) due to the longterm nature of the Okapi Fund’s activity and the volatility of investment returns that provide the Okapi Fund’s principal source of income. The amount of Free Reserves at the end of 2024 is sufficient to meet the requirements of our reserves policy. In addition, at the end of September 2025, the date of writing of this report, our portfolio has appreciated significantly since the beginning of the year, which reinforces our current capacity to meet our reserve requirements. The Board will regularly review the amount of reserves that are required to ensure that they are able to meet all the Okapi Fund’s continuing obligations and plans. The Okapi Fund has access to expendable endowment of over USD $10.587 million, and therefore has more than adequate reserves to meet all operational and grants commitments for the foreseeable future. When a transfer from the UTR to the Income Fund is approved by the Board, the sum transferred remains part of the Free reserves as Unrestricted Funds until spent. 2 Free Reserves are composed of Unrestricted Funds and Unapplied Total Return less tangible fixed assets US$ and any designated grant commitments (not yet determined for 2026). 3 Operating expenditure covers charitable activities and administration expenses. 36 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 ## Plans for the future Looking forward to 2025, the main goals and activities of the Charity for 2025 are as follows (an Annual Activity Plan for 2025 has been developed by the management team and approved by the Trustees in December 2024): - Pursuing Financing: Among our main activities in 2025, there are the disbursements in favor of the Garamba National Park (US$500,000 already disbursed as of the date of this report), in favor of the Salonga National Park (US$300,000 disbursed in March 2025), for the Lomami PN (US$250,000 disbursed in June 2025) and for the Maïko PN (US$140,000 US$ to be disbursed in July 2025). - Fundraising: In 2025 we will continue our efforts to broaden our donor base. We will follow the guidelines of the ambitious scenario of our fundraising strategy, which aims to reach a portfolio of assets under management of US$ 86 million by 2027. Among the most promising avenues are discussions with the AFD and the FFEM on the one hand, and those with the private sector through the Rawbank and the Bezos Earth Fund (through Rainforest Foundation Norway and the Forestery Community Desk) on the other. - The new Executive Director: The new Executive Director took up his duties on July 7, 2025, and will be supported by the former Executive Director until the end of September 2025. A transition program has been developed and approved by the Board of Directors, which will oversee its implementation. - The effective establishment of new Desks: Carbon Desk and Community Forestry Desk. These two activities will require the recruitment of new resources during the second half of 2025. - Impact fund: Explore the opportunity to create an impact fund. Alongside the endowment fund, the Okapi Fund will explore the opportunity to open an impact fund whose financing, in addition to disbursements, could have an environmental and social impact. 37 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report ## For the year ended 31 December 2024 ##  Other: - Determine the Grant Program for the year 2026 (With the support of the Grant Awarding Committee). - Develop a Fraud Prevention Policy in accordance with the requirements of the Charity Commission. - Evaluate the relevance and practicability of our environmental procedures and our operational manual. - Evaluate the impact of our financial support on the achievement of our purpose. ## Small fundraising statement We do not raise funds from the general public. However, we plan to increase the base of our endowment funds and restricted funds over the next few years and plan to meet with potential institutional and private donors in the coming months (this process has started in September 2020). Our fundraising strategy for the coming years was approved by the Trustees in June 2023. We did not conduct fundraising activities with the general public in 2024 and incurred no expenditure in raising income. As we have not conducted any fundraising activities with the general public in 2024, we have not been confronted with any compliance issues or complaints of any kind. ## Structure, governance and management The Charity is a charitable company limited by guarantee, incorporated on 28 November 2013 and registered as a charity on 3 June 2014. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed by its Articles of Association. All trustees give their time voluntarily and receive no benefits from the charity. The Charity reimburses trustees for expenses incurred in carrying out their trustee duties, providing such expenses are reasonable and properly incurred. Please see note five to the accounts for more information. 38 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 In accordance with its Articles of Association, the Okapi Fund has delegated its day-to-day management to the Executive Committee and the Executive Director: 9.2 Subject to the Articles, the Directors may delegate the implementation of their decisions or day to day management of the affairs of the Charity to any person or committee. ## 11. Delegation of day to day management powers In the case of delegation of the day to day management of the Charity to a chief executive or other manager or managers: 11.1 The delegated power shall be to manage the Charity by implementing the policy and strategy adopted by and within a budget approved by the Directors and (if applicable) to advise the Directors in relation to such policy, strategy and budget; 11.2 The Directors shall provide any manager with a description of his or her role and the extent of his or her authority; and 11.3 Any manager must report regularly to the Directors on the activities undertaken in managing the Charity and provide them regularly with management accounts which are sufficient to explain the financial position of the Charity. The functioning of the Executive Committee and its powers are detailed in the Internal Regulations of the Okapi Fund (Règlement Intérieur) adopted by the Board of Trustees: Article 12: Duties of the Executive Committee. 12.1 The Executive Committee intervenes to take decisions on immediate operational matters, which require urgency, for which the orientations of the Board of Directors are normally necessary, but which do not necessarily require the Board of Directors to be held. The Executive Committee shall not be responsible for any of the functions or powers that cannot be delegated to the Committees by the Board of Directors in accordance with Article 9.3 of the Articles of Association. 39 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Trustees’ annual report For the year ended 31 December 2024 The remuneration of the Executive Director is set by the Board of Trustees. The main factors taken into account for the remuneration of the Executive Director were the following: 1. The international and particular profile of the candidate. 2. The very high cost of living in the DRC. 3. Risks associated with the position, due to the political and economic instability of the country. The amount of the compensation and benefits were determined in consultation with Michael Page, the company mandated to select the Executive Director, based on the remuneration of equivalent positions for international profiles that evolve in a difficult context and where the cost of living is one of the highest in the world. The amount of the remuneration is also justified by the political and economic instability of the DRC, particularly in the regions where the Protected Areas under the focus of the Okapi Fund are located (the Executive Director will visit them from time to time). The current Executive Director was appointed by the Board of Trustees. His duties are detailed in his employment contract and in the Manual of Administrative and Accounting Procedures Manual, both approved by the Board of Trustees. ## Appointment of Trustees The appointment of Trustees is covered in detail in the Charity’s Articles of Association (see Articles 25-28). The Articles allow for the Charity to have a minimum of 7 and a maximum of 9 trustees (or directors, as they are called in the Articles). At the end of 2024 there were 8 (2023: 9) Trustees in office. As mentioned above, the Okapi Fund replaced a number of Trustees in November 2022. Two Trustees were replaced in October and December 2024. ## Related parties and relationships with other organisations The Okapi Fund has no formally established relationship with any organisation outside of KfW, the World Bank and the ICCN. Details on related parties with KfW and ICCN are provided in Note 7 of the accounts. 40 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 KfW provided some funds and has one of its employees as a member of the Board in the person of Britta Oltmann (she is both the Director of the KfW Office in Kinshasa and a Trustee for the Fund). ## Statement of responsibilities of the trustees The Trustees (who are also directors of The Okapi Fund for Nature Conservation in the Democratic Republic of Congo for the purposes of company law) are responsible for preparing the trustees’ annual 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 year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: - Select suitable accounting policies and then apply them consistently. - Observe the methods and principles in the Charities SORP. - Make judgements and estimates that are reasonable and prudent. - State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - There is no relevant audit information of which the charitable company’s auditor is unaware. 41 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Trustees’ annual report For the year ended 31 December 2024 - The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Auditor Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity. The Trustees’ annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. The Trustees’ annual report has been approved by the trustees on 29 September 2025 and signed on their behalf by Victor Kabengele Wa Kadilu, Chairman of the Okapi Trust Fund’s Board of Trustees 42 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 ## Opinion We have audited the financial statements of The Okapi Fund for Nature Conservation in the Democratic Republic of Congo (the ‘charitable company’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: - Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended - Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice - Have been prepared in accordance with the requirements of the Companies Act 2006 ## Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 43 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 ## 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 Okapi Fund for Nature Conservation in the Democratic Republic of Congo'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. ## Other Information The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s 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. 44 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report ## For the year ended 31 December 2024 ## Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - The information given in the trustees’ annual report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - The trustees’ annual report has been prepared in accordance with applicable legal requirements. ## Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - The financial statements are not in agreement with the accounting records and returns; or - Certain disclosures of trustees’ remuneration specified by law are not made; or - We have not received all the information and explanations we require for our audit; or - The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report. 45 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report ## For the year ended 31 December 2024 ## Responsibilities of trustees As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 are set out below. 46 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo ## Independent auditor’s report For the year ended 31 December 2024 ## Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations. - We inspected the minutes of meetings of those charged with governance. - We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. - We reviewed any reports made to regulators. - We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 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 47 The Okapi Fund for Nature Conservation in the Democratic Republic of Congo Independent auditor’s report For the year ended 31 December 2024 irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Noelia Serrano (Senior statutory auditor) ## Date: 29 September 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG 48 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Statement of financial activities ## For the year ended 31 December 2024 |Unrestricted
Note
$ Income from:
2
551,502
Other income
-
3
-
551,502
4
61,912
4
995,219
1,057,132
5
(505,630)
500,000
(5,630)
9
-
1,669
(3,961)
Reconciliation of funds:
(98,139)
(102,100)
Investment income
Total funds carried forward
Total income
Expenditure on:
Total funds brought forward
Gains on investments
Donations
Cost of raising funds
Net movement in funds
Net income before gains and (losses)
Total expenditure
Charitable activities
Project expenses
Gains/ (losses) on foreign exchange
Net income for the year
Transfers between funds|Unrestricted
Note
$ Income from:
2
551,502
Other income
-
3
-
551,502
4
61,912
4
995,219
1,057,132
5
(505,630)
500,000
(5,630)
9
-
1,669
(3,961)
Reconciliation of funds:
(98,139)
(102,100)
Investment income
Total funds carried forward
Total income
Expenditure on:
Total funds brought forward
Gains on investments
Donations
Cost of raising funds
Net movement in funds
Net income before gains and (losses)
Total expenditure
Charitable activities
Project expenses
Gains/ (losses) on foreign exchange
Net income for the year
Transfers between funds|Endowment
$ -
-
953,699|2024
Total
$ 551,502
-
953,699|Unrestricted
$ 347,580
21,504
-|Endowment
$ 27,056,125
-
455,916|2023
Total
$ 27,403,705
21,504
455,916| |---|---|---|---|---|---|---| ||551,502|953,699|1,505,201|369,084|27,512,041|27,881,125| ||61,912
995,219|253,565
-|315,477
995,219|48,983
1,041,593|129,343
-|178,326
1,041,593| ||1,057,132|253,565|1,310,697|1,090,576|129,343|1,219,919| ||(505,630)
500,000|700,134
(500,000)|194,505
-|(721,492)
600,000|27,382,698
(600,000)|26,661,206
-| ||(5,630)
-
1,669|200,134
6,618,237
11,400|194,505
6,618,237
13,069|(121,492)
-
(2,568)|26,782,698
3,282,042
(99,761)|26,661,206
3,282,042
(102,329)| ||(3,961)
(98,139)|6,829,771
57,954,194|6,825,811
57,856,055|(124,060)
25,921|29,964,979
27,989,215|29,840,919
28,015,136| ||(102,100)|64,783,966|64,681,866|(98,139)|57,954,194|57,856,055| All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 15 to the financial statements. 49 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Balance sheet ## Company number: 08794664 ## As at 31 December 2024 |Note
Non current assets:
Tangible assets
10
Investments
9
Current assets:
11
Liabilities:
12
15
16
Restricted funds:
Unrestricted funds
Net current assets
Creditors: amounts falling due within one year
The funds of the charity:
Total net assets
Provisions for liabilities
Total charity funds
Endowment Fund
Cash at bank and in hand
Debtors|14,644
79,174|2024
$ 3,132
64,783,427|2023
$ 8,691
58,303,655| |---|---|---|---| |||64,786,559
16,177
(120,870)|58,312,346
33,881
83,544| ||93,818
(77,641)||117,425
(573,716)| ||||(456,291)
-| |||64,681,866|57,856,055| |||64,783,966
(102,100)|57,954,194
(98,139)| |||64,681,866|57,856,055| Approved by the trustees on 29 September 2025 and signed on their behalf by Victor Kabengele Wa Kadilu, Chairman of the Okapi Trust Fund’s Board of Trustees 50 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Statement of cash flows For the year ended 31 December 2024 |Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|Note
$ $ Cash flows from operating activities
Net income for the reporting period
6,825,811
(as per the statement of financial activities)
Depreciation charges
5,559
(Gains) on investments
(6,618,237)
Income from investments
(953,699)
Decrease / (Increase) in debtors
19,237
(Decrease) / Increase in creditors
(496,075)
Increase in provisions
120,870
Net cash (used in)/provided by operating activities
(1,096,535)
(28,855,746)
Proceeds from sale of investments
28,888,723
Income from investments
953,699
105,488
1,092,164
(4,370)
83,544
79,174
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Purchase of investments
Movement in cash held by investment manager
Net cash provided by / (used in) investing activities
2024
Cash flows from investing activities:|$ $ 29,840,919
6,832
(3,282,042)
(455,916)
(2,253)
224,082
-
26,331,622
(56,631,344)
27,651,221
455,916
1,947,725
(26,576,482)
(244,860)
328,404
83,544
2023|$ $ 29,840,919
6,832
(3,282,042)
(455,916)
(2,253)
224,082
-
26,331,622
(56,631,344)
27,651,221
455,916
1,947,725
(26,576,482)
(244,860)
328,404
83,544
2023| |---|---|---|---|---| |||(1,096,535)
1,092,164||26,331,622
(26,576,482)| |||||| |||(4,370)
83,544||(244,860)
328,404| |||79,174||83,544| 51 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 1 Accounting policies ## a) Statutory information The Okapi Fund for Nature Conservation in The Democratic Republic of Congo is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address is 10 Queen Street Place, London, EC4R 1BE. - b) Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102). The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements 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. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. - c) Public benefit entity The charity meets the definition of a public benefit entity under FRS 102. - d) Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Since 2019, KfW has provided funding for the operational running of the Okapi Fund of EUR 2 million. Depending on our needs, and based on the forecast financial statements, we can draw on these funds for periods of 6 months by making a duly documented application to KfW (by showing, in particular, that expenditures during the previous period were spent in accordance with the financial forecasts). The first EUR 1 million was committed by KfW in 2019 and was exhausted in June of 2022. The second EUR 1 million was committed by KfW in October 2022 with a view to covering operational costs of the Okapi Funds starting in January 2023 (until the beginning of 2025). In the interval (from June 2022 to December 2022) the Okapi Fund used funding from revenues generated by the Endowment Funds (in two instalments of 160 000 US$ each). Finally, (i) our operating expenses (annual budget) are well controlled and known (they do not vary significantly from one year to the next) and (ii) we adopt a conservative reserve policy each year to ensure that we have sufficient liquid assets available at all times should the need arise. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. - e) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. - f) Expenditure and irrecoverable VAT - Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 52 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 1 Accounting policies (continued) ## g) Grants payable Grants payable are made to third parties in accordance with the charity's governing documents. These grants are charged to the statement of financial activities in the year in which the offer is conveyed to the recipient. ## h) Listed investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments. Trustees adopt a total return approach, under which the target is to achieve total return (net of fees) of 4% above RPI inflation, allowing the fund to withdraw from the portfolio to either income funds or trust for investment to contribute to its running costs each year. Investment income is allocated to the endowment funds when receivable. Withdrawals from the endowment funds are shown as transfers between funds. Within the year annualised total return (net of fees) of 10.9% was achieved. ## i) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## j) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## k) Fixed assets Items of equipment are capitalised where purchased. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life. The depreciation rates of fixed assets are as follows: - Computer equipment - 3 years straight line - Fixtures and Fittings - 4 years straight line  Motor Vehicles - 4 years straight line ## l) Financial instruments The charity 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. ## m) Foreign exchange policy Transactions in foreign currencies are translated at the average rate for the year using HMRC rates. All exchange gains/losses are charged to the statement of financial activities and separately disclosed. ## n) Presentational currency The financial statements are presented in United States Dollars. The functional currency is between United States Dollars, Euros and Congolese Franc. - o) Funds The restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. The unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. The endowment funds include permanent endowment funds, where the capital must be retained, and expendable endowment funds, which can be converted into income at the discretion of the Trustees. The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely EUR 14 million received in December 2019, are treated as: - Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). - Expendable Endowment Funds for the value of EUR 14 million less the amount mentioned above (EUR 14M – 7.4M US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). The Okapi Fund received no new permanent endowments in 2024 (2023: EUR 25 million). 53 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 2 Income from donations and legacies |KfW
Donations:|Unrestricted
$ 551,502|Endowment
$ -|2024
Total
$ 551,502|2023
Total
$ 27,403,705| |---|---|---|---|---| ||551,502|-|551,502|27,403,705| In 2023, $27,056,125 of donations were endowment funds and $347,580 were unrestricted. - 3 Income from investments |Income from investments||||| |---|---|---|---|---| |Dividends|Unrestricted
$ -|Endowment
$ 953,699|2024
Total
$ 953,699|2023
Total
$ 455,916| ||-|953,699|953,699|455,916| All income from the prior year was related to the endowment funds. |4
Reconciliations of grants payable:
Commitments at 1 January 2024
Grants approved in the year
African Parks Congo
WCS
Grants payable for the year
Grants paid during the year
Commitments at 31 December 2024
Grants payable|$ 500,000
-|2024
$ 350,000
500,000
(850,000)|$ 250,000
350,000|2023
$ -
600,000
(250,000)| |---|---|---|---|---| |||||| |||-||350,000| ## 5a Analysis of expenditure (current year) |Support and Governance costs
Investment manager's fees
Admin and Rent
Accountancy and audit
Total expenditure 2024
Trustees' expenses
Staff Costs (note 7)
Depreciation expense
Other expenses
Consultancy
Legal fees
Grants (note 4)|Cost of
raising
funds
$ 24,102
-
-
-
9,686
-
-
253,564
3,943
-|Charitable
activities -
project
expenses
$ 96,408
500,000
-
-
-
-
-
-
15,771
-|Support
costs
$ 72,306
-
-
-
75,690
-
5,559
-
11,828
-|Governance
costs
$ 48,204
-
-
3,394
-
50,009
-
-
128,755
11,480|2024
Total
$ 241,019
500,000
-
3,394
85,375
50,009
5,559
253,564
160,296
11,480|2023
Total
$ 256,281
600,000
8,999
2,984
89,997
71,627
6,832
129,343
45,820
8,036| |---|---|---|---|---|---|---| ||291,294
24,184|612,178
383,041|165,382
(165,382)|241,842
(241,842)|1,310,696
-|1,219,919
-| ||315,477|995,219|-|-|1,310,696|1,219,919| 54 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 - 5b Analysis of expenditure (prior year) |Analysis of expenditure (prior year)|||||| |---|---|---|---|---|---| |Support and Governance costs
Total expenditure 2023
Trustees' expenses
Consultancy
Legal fees
Other expenses
Staff Costs (note 7)
Investment manager's fees
Accountancy and audit
IT Costs
Depreciation expense
Admin and Rent
Grants (note 4)|Cost of
raising funds
$ 26,432
-
-
-
9,000
-
-
-
129,343
-
-|Charitable
activities -
project
expenses
$ 105,727
600,000
-
-
-
-
-
-
-
-
-|Support
costs
$ 71,259
-
8,999
-
80,997
-
-
6,832
-
45,820
-|Governance
costs
$ 52,863
-
-
2,984
-
71,627
-
-
-
-
8,036|2023
Total
$ 256,281
600,000
8,999
2,984
89,997
71,627
-
6,832
129,343
45,820
8,036| ||164,775
13,551|705,727
335,866|213,907
(213,907)|135,510
(135,510)|1,219,919
-| ||178,326|1,041,593|-|-|1,219,919| - 6 Net income for the year This is stated after charging: |This is stated after charging:||| |---|---|---| ||2024|2023| ||$|$| |Trustees' reimbursed expenses|11,480|8,036| |Foreign exchange (gain)/loss|(13,069)|102,329| |Auditor's remuneration (excluding VAT):||| |Audit|19,948|18,908| |Other services|6,394|6,112| 55 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 - 7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff costs were as follows: |Staff costs were as follows:||| |---|---|---| |Salaries and wages
Social security costs|2024
$ 218,249
22,770|2023
$ 244,286
11,995| ||241,019|256,281| The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between: |
during the year between:||| |---|---|---| ||2024|2023| ||No.|No.| |$193,842- $206,628|1|-| |$206,629 - $220,403|-|1| Gross salaries, social security, and employer pension contributions for key management personnel this year were $237,618 (2023: $209,334). The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: $nil). No charity trustee received payment for professional or other services supplied to the charity (2023: $nil). Trustee expenses of $11,480 were incurred in 2024 by 1 trustee (2023: $8,036 by 2 trustees) in relation to travel and subsistence costs. The average number of employees (head count based on number of staff employed) during the year was 3 (2023: 3). ## 8 Related party transactions Britta Oltmann is the head of the KfW bureau in Kinshasa and a Trustee for the Fund. During the year 2024, Okapi received $551k from KfW. The Okapi Fund also received 25 million euros in permanent endowments in December 2023. Jean-Philippe Waterschoot, who was a trustee (until December 2022), is the CEO of TEXAF. TEXAF is the parent company of COTEX, from whom the Okapi Fund is leasing their office. The lease was agreed on an arm's length basis and Jean-Philippe Waterschoot is not a signatory on the lease. A total of US$ 25,672 was paid by the Okapi Fund to COTEX in the year (2023: $23,096). There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. ## 9 Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 56 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 |10a
Permanent
Endowment
$ At beginning of the reporting period or date of resolution:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Movements in the reporting period:
Investment return: dividends and interest
-
Investment return: realised and unrealised gains
-
Less: Investment management costs
-
Total
-
Unapplied total return allocated to income in the reporting period
-
Net movements in reporting period
-
At end of the reporting period:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Fair value at the end of the year
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
As of 19 September 2025, the total value of the investment portfolio is approximately $69.1.m.
Cash held by investment broker pending reinvestment
Listed investments (current year)|10a
Permanent
Endowment
$ At beginning of the reporting period or date of resolution:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Movements in the reporting period:
Investment return: dividends and interest
-
Investment return: realised and unrealised gains
-
Less: Investment management costs
-
Total
-
Unapplied total return allocated to income in the reporting period
-
Net movements in reporting period
-
At end of the reporting period:
Gift component permanent endowment
45,939,953
Unapplied total return
-
Total
45,939,953
Fair value at the end of the year
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
As of 19 September 2025, the total value of the investment portfolio is approximately $69.1.m.
Cash held by investment broker pending reinvestment
Listed investments (current year)|2024
$ 58,123,021
28,855,746
(28,888,723)
6,618,237|2023
$ 25,860,856
56,631,344
(27,651,221)
3,282,042| |---|---|---|---| |||64,708,281
75,146|58,123,021
180,634| |||64,783,427|58,303,655| |||
Unapplied Total
Return
$
-
2,671,125|
Total
$ 45,939,953
2,671,125| ||45,939,953|2,671,125|48,611,078| ||-
-
-|804,958
5,586,042
(214,018)|804,958
5,586,042
(214,018)| ||-|6,176,982|6,176,982| ||-|(500,000)|(500,000)| ||-|5,676,982|5,676,982| ||45,939,953
-|-
8,348,107|45,939,953
8,348,107| ||45,939,953|8,348,107|54,288,060| 57 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 |10b
At beginning of the reporting period or date of resolution:
Gift component permanent endowment
Unapplied total return
Total
Movements in the reporting period:
Gift of endowment funds
Investment return: dividends and interest
Investment return: realised and unrealised gains and (losses)
Less: Investment management costs
Total
Unapplied total return allocated to income in the reporting period
Net movements in reporting period
At end of the reporting period:
Gift component permanent endowment
Unapplied total return
Total
Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain on change in fair value
Cash held by investment broker pending reinvestment
Listed investments (prior year)
Fair value at the end of the year|Permanent
Endowment
$ 18,883,828
-|2023
$ 25,860,856
56,631,344
(27,651,221)
3,282,042|2022
$
27,999,362

11,966,566
(10,076,863)
(4,028,209)| |---|---|---|---| |||58,123,021
180,634|
25,860,856

2,128,359| |||58,303,655|
27,989,215| |||
Unapplied Total
Return
$ -
217,449|
Total
$ 18,883,828
217,449| ||18,883,828|217,449|19,101,277| ||27,056,125
-
-
-|-
385,481
2,777,555
(109,360)|27,056,125
385,481
2,777,555
(109,360)| ||27,056,125|3,053,676|30,109,801| ||-|(600,000)|(600,000)| ||27,056,125|2,453,676|29,509,801| ||45,939,953
-|-
2,671,125|45,939,953
2,671,125| ||45,939,953|2,671,125|48,611,078| 58 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 11 Tangible fixed assets |Tangible fixed assets||||| |---|---|---|---|---| |At the start of the year
At the end of the year
Depreciation
Net book value
At the end of the year
At the end of the year
Additions in year
Cost
At the start of the year
At the start of the year
Charge for the year|Motor vehicles
$ 25,418
-|Fixtures and fittings
$ 4,135
-|Computer
equipment
$ 2,953
-|
Total
$ 32,506
-| ||25,418|4,135|2,953|32,506| ||17,931
4,665|3,129
696|2,755
198|23,815
5,559| ||22,596|3,825|2,953|29,374| ||2,822|310|-|3,132| ||7,487|1,006|198|8,691| All of the above assets are used for charitable purposes. ## 12 Debtors |Debtors||| |---|---|---| |Trade debtor
Prepayments|2024
$ 7,456
7,188|2023
$ 5,650
28,231| ||14,644|33,881| 59 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo Notes to the financial statements For the year ended 31 December 2024 13 Creditors: amounts falling due within one year |Creditors: amounts falling due within one year||| |---|---|---| |Payroll creditor
Trade creditors
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
Deferred income
Deferred income comprises funds received in advance from KFW for activity to take place in 2024.
Accruals
Deferred income (note 14)
Grants payable|2024
$ -
58,438
19,203
-
-|2023
$ 24,156
16,324
25,699
350,000
157,537| ||77,641|573,716| ||2024
$ 157,537
(157,537)
-|2023
$ 293,272
(293,272)
157,537| ||-|157,537| - 14 Deferred income 15 Provisions for liabilities Provisions for liabilities comprises the balance of the agreement with tax authorities for IER tax. |Provisions for liabilities
Provisions for liabilities comprises the balance of the agreement with tax authorities for IER tax.||| |---|---|---| |Balance at the beginning of the year
Increase in provision in the year
Balance at the end of the year|2024
£
-
120,870|2023
£
-
-| ||120,870|-| 16a Analysis of net assets between funds (current year) |Analysis of net assets between funds (prior year)
Fixed assets
Investments
Net assets at 31 December 2024
Fixed assets
Net current assets
Net current assets
Net assets at 31 December 2023
Investments|General unrestricted
$ 3,132
-
(105,232)|Endowment
$ -
64,783,427
540|
Total
funds
$ 3,132
64,783,427
(104,692)| |---|---|---|---| ||(102,100)|64,783,966|64,681,866| ||General unrestricted
$ 8,691
-
(106,830)|Endowment
$ -
58,303,655
(349,461)|
Total
funds
$ 8,691
58,303,655
(456,291)| ||(98,139)|57,954,194|57,856,055| 16b Analysis of net assets between funds (prior year) 60 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 17a Movements in funds (current year) |General funds
Restricted funds:
Total funds
Permanent Endowment
Unrestricted funds:
Expendable Endowment|At 1 January
2024
$ 48,611,078
9,343,117|
Incoming
resources &
gains
$ 6,391,000
1,192,336|

Outgoing resources
& losses
$ (214,018)
(39,546)|
Transfers
$ (500,000)
-|
At 31
December
2024
$ 54,288,060
10,495,907| |---|---|---|---|---|---| ||57,954,194|7,583,336|(253,564)|(500,000)|64,783,966| ||(98,139)|551,502|(1,055,463)|500,000|(102,100)| ||57,856,055|8,134,838|(1,309,027)|-|64,681,866| 17b Movements in funds (prior year) |General funds
Total funds
Restricted funds:
Expendable Endowment
Permanent Endowment
Unrestricted funds:|At 1 January
2023
19,101,277
8,887,938|
Incoming
resources &
gains
$ 30,219,161
574,922|

Outgoing resources
& losses
$ (109,360)
(119,743)|
Transfers
$ (600,000)
-|
At 31
December
2023
$ 48,611,078
9,343,117| |---|---|---|---|---|---| ||27,989,215
25,921|30,794,083
369,084|(229,104)
(1,093,144)|(600,000)
600,000|57,954,194
(98,139)| ||28,015,136|31,163,167|(1,322,248)|-|57,856,055| ## Purposes of Endowment funds The Okapi Fund has received funding from KfW and the World Bank to support the pursuit of its charitable objectives. The endowment fund is intended to generate significant, stable and predictable financial resources for the management of selected protected areas in the DRC, with a focus on sustainably financing the management costs of Parc National Kahuzi-Biega (PNKB) and the Parc National Garamba (PNG). The totality of the funds received from the World Bank (US$ 7.4 million) are treated as Permanent Endowment Funds according to the wishes expressed by the donor. Following the wishes of the donor, the funds received from KfW, namely EUR 14 million received in December 2019, are treated as: Permanent Endowment funds for the value of US$ 7.4 million (based on the conversion rate in effect on the date of receipt of funds in the accounts held with Smith & Williamson). Expendable Endowment Funds for the value of EUR 14 million less the amount mentioned above (EUR 14 million – 7.4million US$ based on the conversion rate in effect on the date of receipt of funds in the accounts held with Evelyn Partners). We also received an additional EUR 4 million from KfW in December 2022, and EUR 25 million from KfW in 2023, which are to be treated as Permanent Endowment Funds. 61 The Okapi Fund for Nature Conservation in The Democratic Republic of Congo ## Notes to the financial statements For the year ended 31 December 2024 ## 18 Operating lease commitments payable as a lessee The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods: |
periods:||| |---|---|---| |Less than one year|2024
2023
$ $ 11,754
11,728
Property|| ||11,754|11,728| ## 19 Contingent Liability There are additional taxes for Expatriate employees within the DRC. Okapi should not have to pay these taxes due to its charitable status, however the charity has chosen to book these costs each year. It is important to mention that we also have a commitment on the part of the DRC to officially recognize the exemption, this commitment appearing in two minutes resulting from bilateral discussions between the DRC and Germany which took place in 2022 and 2023. Accounting provisions for 2024 amount to $120,870. ## 20 Legal status of the charity The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to $1.28. 62