Lexique

AEPS Simplified water supply network AGR Revenue-generating activities AME Association of teaching mothers APE Association of parents of schoolchildren CCEB Head of a basic education district CE1 3nd year of primary school CE2 4th year of primary school CEB Basic education district CEG College of general education CEP Primary school certificate CIS Catering International Services CM1 5th year of primary school CM2 6th year of primary school COGES School management committee CP1 1st year primary school CP2 2nd year primary school CSPS Health and social promotion center CSR Corporate Social Responsibility CVD Village development adviser DPENA Provincial manager for national education and literacy DRENA Regional manager for national education and literacy ECOSAN Ecological sanitation MFP Multifunctional platform NGO Non-governmental organization OECD Organisation for Economic Co-operation and Development OSEP/C Organisation for sport and culture at primary school SDGs Sustainable development goals SOGOB Society of Obstetricians and Gynaecologists of UNDP United Nations Development Program

SEMAFO Foundation is a key economic player that places people and social development at the heart of its activities.

Who we are ...... 4 Message from the board and from the General Manager...... 5 Sectors of intervention in Burkina Faso ...... 7 ...... 8 Est region ...... 10 Projects per village as of 2009 ...... 12 This year’s achievements ...... 14 Some figures ...... 15 Our investments this year ...... 16 Financial report ...... 17 Education and training ...... 18 Agriculture and sustainable development ...... 22 Support for the population and for production ...... 28 Health ...... 33 2017-2018 Commitments ...... 36 Our partners...... 37 Financial statements ...... 38

Who we are

SEMAFO Foundation is a charitable organisation focused on As of January 1, 2016, our actions are aligned towards achievement helping West African countries, of the Sustainable Development Goals (SDGs) outlined by the General specifically communities in Assembly of the United Nations in September 2015. Although our Burkina Faso in the fight against activities relate to a number of the 17 target goals, we primary work on poverty. 6 goals: Inspired by the United Nations’ Sustainable Development Goals (SDGs) (2016-2030), the Foundation directs its activities to SDG 1 NO POVERTY where the need is greatest. SDG 5 GENDER EQUALITY

SDG 2 ZERO HUNGER SDG 6 CLEAN WATER AND SANITATION

SDG 4 QUALITY EDUCATION SDG 17 PARTNERSHIPS FOR THE GOALS

OUR MISSION Our mission is to support communities and offer an improved quality of life, notably in the regions where SEMAFO or one of its subsidiaries is present. We hopes to SEMAFO Foundation has been influence change through our actions, our investments in sustainable development projects and through education. compliant with Imagine Canada’s accreditation standards program as of OUR EMPLOYEES 2013. We apply these standards in Our team of 13 persons (Burkina Faso (10), Montreal (3)) works together in developing and supporting our projects in Burkina Faso. the following key areas: - Board governance OUR DONORS - Accountability and transparency Cash donations allow the Foundation to implement its sustainable development ac- tivities in multiple communities in Burkina Faso. Donations come from across the - Ethical fundraising world, but especially from Canada. Thanks to the donations, the Foundation was able - Personnel management to implement infrastructure development and revenue-generating projects (shea - Volunteer engagement products, sesame, beekeeping and agriculture), all of which directly improve the qual- ity of life of the Foundation’s beneficiaries.

OUR ZONES OF INTERVENTION Since 2008, the Foundation has been operating in West Africa, particularly in Burkina Faso and in Niger. In July 2015, the Foundation discontinued its activities in Niger and transferred its assets to Larassu, an NGO set up by its Nigerian employees. The cumulative data as of 2008 in this report therefore include those from Niger unless otherwise noted.

4 Message From the President of the Board and from the General Manager

Young, expanding labor forces represent major assets for economic growth, but pose challenges for education and job creation, particularly for young girls.

Certain legislative and social norms directly impact women and their development. According to OECD’s SIGI (Social Institutions and Gender Index) 2018 country study in Burkina Faso, it is difficult for women to access or own land, to have access to financial services or to justice, to inherit and even to venture out alone. Women’s civil liberties are significantly restricted, particularly in the Boucle du Mouhoun and Est Benoit Desormeaux regions which exhibit higher levels to other regions in Burkina Faso and remain President, significant in the three provinces where we intervene. It is notable that there is a lower CPA, CA level of discrimination among the better-educated population.

Just another good reason to invest heavily in education.

Again, this year, more than half of the budget or 62 %, was allocated to education. We built 21 classrooms, 13 of which in secondary schools, supported by water boreholes, desk-benches, handwashing stations, school kits and solar lamps to optimise student study conditions and to allow primary school graduates to continue their studies in their home village.

Furthermore, women were supported in developing revenue-generating activities such Chantal Guérin as sheep and poultry farming. The animal-fattening projects were so well received that General Manager, we plan to set up rabbit, layer poultry and hog farming projects in the 2018-2019 year. MBA In addition, awareness-raising campaigns on cervical cancer, early pregnancies and obstetrical fistula were carried out in a number of villages. « It is all We are truly grateful to everyone who has contributed to SEMAFO Foundation’s success. Your continued support ensures the same opportunities for tomorrow’s ahead of us. generations. The route Wishing you an inspiring read! is endless;

the further we go, the more it opens up in front of us. »

(Henri Miller)

BOARD OF DIRECTORS

Benoit Desormeaux Francine Sauriol Nora Farah Sébastien Josée Marcoux Vicky Munger Elie Justin Chantal Guérin President Vice-President Secretary and Beauchamp Director Director Ouedraogo General Manager Treasurer Director Director

5 6 Sectors of Intervention in Burkina Faso

1,492,874 people We’re Here  SEMAFO Foundation’s main impacted by our intervention sectors of intervention in as of 2009 Burkina Faso are the Boucle du Mouhoun region in the northwest, including the 155 cities and villages affected provinces of Mouhoun and  Balé; and the province of Tapoa in the Est region.  11 out of 13 regions reached

7 Region of Boucle du Mouhoun

107 towns and villages impacted in the sector

LégendeLegend: : Towns Villes andet villages villages accompagnés supported

8 The Boucle du Mouhoun region has a population of 1,821,059* inhabitants spread between 7 provinces. SEMAFO Foundation primarily operates in the provinces of Mouhoun and Balé, which have 902,772* and 670,689* inhabitants, respectively.

Source: Burkina Faso National Institute of Statistics and Demography (INSD), 2015 National Statistical Yearbook. *: Population projections

9 Est Region

34 towns and villages impacted in this sector

LégendeLegend: : Towns Villes andet villages villages accompagnés supported

10 SEMAFO Foundation began outreach activities in this area in 2015. The Est region has a population of 1,615,740* inhabitants spread between 5 provinces. The province of Tapoa where we primarily operate is home to 459,843* inhabitants living in 183 villages.

Source: Burkina Faso National Institute of Statistics and Demography (INSD), 2015 National Statistical Yearbook. *: Population projections

11

1 — Only lists the main projects supported by SEMAFO Foundation, not all projects

12 Legend: * Total number of librairies constructed and Invested in charitable projects refurbished, ** 2,009,003 items (donations) were distributed, *** 87,434 school kits were distributed, **** 7,057 solar lamps — schools, ***** 1,000 solar $11,381,000 (FCFA 4,859,681,310) lamps — villages

13 Our Achievements This Year

Infrastructures

21 Construction and repair of classrooms 5 Freshwater boreholes Projects 14 Latrines $1,024,262 (FCFA 437,718,897) Income generated by beneficiaries of our projects in Burkina Faso

Investment

School kits $1,464,063 (FCFA 625,154,169) Amount invested in charitable projects 13,513 School kits distributed

14 Facts and Figures Our Education-related Actions

Increased capacity by close to

From our first initiatives in education through June 30, 2018 in 6,400 places Burkina Faso: The project area involves 84 villages spread over 17 communes

5,863 CONSTRUCTION 72  classrooms  people impacted 34 2,500 RENOVATION  classrooms  people impacted $3,101,869 16,629 (FCFA 1,324,496,512) LATRINES  128  people impacted INVESTMENT IN EDUCATION FRESHWATER 13,000 13 people impacted* BOREHOLES  

15,663 HAND-WASHING 236 STATIONS   people impacted 10,245 DESK-BENCHES  1,115  people impacted 429 BICYCLES  429  people impacted * according to experts in village water systems, each water hole is used by an average of 1,000 persons

228,498 PEOPLE IMPACTED

15 Investments of the Year

- Construction of schools (21 classrooms) - Construction of 2 grain storage houses - Construction of 2 blocks of 4 latrines and 2 blocks of - Construction of a grain bank 3 latrines - Study to set up PITA project - Construction of 2 freshwater boreholes (integration center for agri-food transformation) - Distribution of 13,513 school kits - Training in soap production - Distribution of 2,211 solar lamps - Launch of sheep-fattening project - Distribution of 25 hand-washing stations - Support for market gardening - Distribution of 185 desk-benches - Support for beekeeping - Distribution of 109 bicycles - Support for poultry-raising (construction of 3 hatcheries) - Solar panel installation on a college of general education - Support for the production and commercialization of - Support for extra-curricular activities sesame - Support for school canteens - Support for the production and transformation of shea butter - Support to school gardens

$632,803 $229,510

77,983 people impacted 37,494 people impacted

- Specialized training in welding and electricity - Organisation of the 2nd pan-African congress on - Installation of 3 freshwater boreholes obstetrical fistula - Support for sanitation - Sensitization of young girls on early/unwanted - Support and training of women in use of multifunctional pregnancies platforms - Solar electrification of a CSPS (health center) - Support and training on land fertilization - Support for autistic children

- Support for women with obstetrical fistula - Support for cervical cancer prevention

$92,300 $69,642

79,586 people impacted 55,549 people impacted

16 Balance Sheet

Charitable expense breakdown* Boucle du Mouhoun Est Total expense

INVESTMENT CAD$ FCFA CAD$ FCFA CAD$ FCFA

Education 518,083 230,213,315 114,720 50,404,348 632,803 280,617,663 Agriculture and revenue-generating activities 153,108 66,226,482 76,402 33,352,307 229,510 99,578,789 Health 44,693 19,592,611 24,949 10,580,540 69,642 30,173 ,151 Community and production support 36,624 15,746,566 55,677 24,145,710 92,301 39,892,276 Total 752,508 331,778,974 271,748 118,482,905 1,024,256 450,261,879

MATERIAL DONATIONS Value of 60,826 items sent 17,358 7,411,857 Transportation costs borne by SEMAFO 10,418 4,448,480 Actual costs to Foundation 2,903 1,239,580 Subtotal 30,679 13,099,917 5% TOTAL 1,054,935 463,361,796

39% 15% *Indicated amounts do not include all expenses related to charitable projects such as salaries, travel and Education telecommunications. The amount invested in projects, excluding material donations, totaled $1,464,063 Health 9% (FCFA 625,154,169). (See page 34). Community support 7% Agriculture and RGA 22% Donations

Investment in charitable 5% projects* 36%

62%

Funds invested in charitable projects and donated items

$1,481,421 (FCFA 641,251,196)

17 EDUCATION AND TRAINING

CEG in Dangouna

Burkina Faso’s human development index (HDI) ranking is low relative to the rest of the world. According to the UNDP, its weakness is particularly pronounced in education. Specifically, although the mean years of schooling sits at 7.5 years glo- bally, the Burkinabe mean is 1.3 years. However, between 2005 and 2014, Burkina Faso saw its gross enrolment rate at primary level increase from 57% to 86.9%. Access to education improved from 20% in 2005 to 44.9 % in 2014 at primary level and from 5.6 % to 14% at secondary level.

INVESTMENT CONSTRUCTION OF CLASSROOMS, LATRINES, MATERIAL DONATIONS AND SINKING OF LIST OF PROJECTS In CAD$ In FCFA FRESHWATER BOREHOLES Boucle du Mouhoun region A school with full amenities benefits students and their Extra-curricular activities 8,317 3,461,200 academic success. This is the rationale for the Foundation’s renovation and construction of schools, CEGs and high schools, School canteens 16,549 7,022,000 fitted with latrines, water boreholes and hand-washing stations, Construction of classrooms 358,918 159,331,356 measures that augur well for the children’s future academic performance. School kits and solar lamps 69,360 30,469,199 School freshwater boreholes 27,716 13,623,334 Boucle du Mouhoun: This year, we built 18 classrooms, two of which were equipped with offices and storerooms, two with Specialized training 1,491 657,580 latrines, two with water boreholes and six with desk-benches. School gardens 1,933 819,666

Est: Construction of a school with 3 classrooms, an office, Latrines 15,508 6,952,380 storeroom and latrines in addition to supplying hand-washing stations to 6 schools. Desk-benches 7,741 3,445,600

Results generated: The construction of 21 classrooms, 2 water Bicycles 10,550 4,431,000 boreholes, 14 latrines, combined with 25 hand-washing stations Est region and 185 desk-benches ensured that 3,898 additional children Extra-curricular activities 2,443 1,032,000 had the amenities needed for their schooling, thus improving their chances of success. Construction of classrooms 85,695 37,627,565 Specialized training 11,388 5,068,000

School kits and solar lamps 3,458 1,505,177

Latrines 9,342 4,130,000 Classrooms built and Hand-washing facilities 1,601 709,106 renovated since 2009 Bicycles 793 332,500 in Burkina Faso 104 (Tax included) Total 632,803 280 617 663

18 “We would like to express our thanks to SEMAFO Foundation for SUPPORT FOR EXTRA-CURRICULAR ACTIVITIES giving our children proper classrooms and a water borehole that The OSEP/C (organisation of sport and culture at primary school has enabled them to plant trees in the school yard. Today, our level) stems from the will of the national educational authorities. children are close to us and we can supervise them.” However, its impact on students is clearly one of the more positive influences. Conscious of its benefits, SEMAFO Foundation decided Mr. Awe Awebou, principal of the CEG in to foster the success of the project, which, in addition to the sporting practice, provides a platform for reunions and closer relations among students.

SCHOOL CANTEEN PROJECT Boucle du Mouhoun: The Foundation supported 7 CEBs (basic The aim of the Foundation’s school canteen initiative was to education districts) in organising football tournaments in Bana, ensure that school children are given at least one meal per day. In Bondoukuy, Kona, Ouarkoye, , Safané and Yaho. A total of recent years, the Foundation has changed its method of support 14 shirts and 21 balls were donated. Furthermore, the Foundation to supplying food to help COGES monitor and manage the provided drinks for the prize-giving ceremony. Support was in-house school canteens. extended to the DRENA (regional districts in education and literacy) in Boucle du Mouhoun and to the DPENA (provincial Boucle du Mouhoun: During the 2017-2018 year, 3,033 students districts in education and literacy) in Balé, which received 6 from 14 schools obtained 95,884 meals through the donation of football shirts and 14 balls for their respective tournaments. 13 tonnes of rice and 800 liters of cooking oil. Est: The CEB in Partiaga received assistance in organising its Results generated: The school canteens played a substantial role tournament through the donation of 4 shirts and 8 balls. in increasing the student population and in their passing the CEP. The project, together with the school kit and bicycle projects, Results generated: Through the support for the OSEP/C, 8 CEBs receives overwhelming praise from parents and teachers for the were able to organise football finals thus offering young children significant impact it exerts on student study and living conditions. the opportunity to reach their potential in a spirit of solidarity and friendship. Some 16,000 people attended the tournaments, which “It’s a great benefit for students and parents alike, as the are keenly anticipated each year. canteens lead to better academic performance at the end of the year. We observe better student attendance in class and that instead of going home for lunch, some children choose to stay to better take in and learn their lessons.”

Mrs. Fatimata Konaté, teacher at the school of Blé

43,425

People impacted

Thanks to the Foundation’s support, the competitions enabled 52 villages to celebrate sport and culture through the OSEP/C 850,719 Meals served since 2009 In Burkina Faso

19 SCHOOL KITS The Foundation’s donation of school kits is one of the activities that parents of students most appreciate because of the level of The combination of our activities—the construction of relief they provide. The kits contain exercise books, a pencil case classrooms, school canteens, the distribution of school with chalk, erasers, pencil-sharpeners, pens, colouring pencils, a kits, hand-washing posts, desk-benches and bicycles, in ruler, a geometry and crayon set, as well as a slate for the smaller addition to the drinking water wells—enabled a number children. In addition, teachers receive boxes of chalk and CM2 of schools to achieve a 100% success rate in the CEP students obtain solar lamps. exams, notably in the Bissa– and Dangouna A Boucle du Mouhoun: This year, 12,796 students from 50 schools schools in 2017 and in the Sio school in 2018. were recipients of school kits and 2,125 students obtained solar lamps to help prepare for their CEP exam.

Est: In this region, 717 students from 4 primary schools received school kits and 86 received solar lamps.

Results generated: This year, 13,513 students from 54 primary schools received school kits and 2,211 students were provided with solar lamps. In addition, 224 teachers obtained boxes of chalk to ensure smooth-running of classes. Feedback from par- ents, students and teachers shows that the school kit initiative has an extremely positive effect on children’s performance because they have the supplies in time to study. It also encouraged some parents who were experiencing difficulties with payment of school fees, to enroll their children in school. From the teachers’ stand- point, since the Foundation commenced distributing school kits, classes resume in line with the legal date of October 1. In the past, the school re-opened about one month or more after this date as the necessary conditions were not generally met. It is also a source of happiness for schoolchildren like Awa Zan, a CM2 pupil who claims she “can start back to school with an easy mind and be hopeful about my chances of passing the CEP.”

71,457

school kits distributed in Burkina Faso since 2009

SCHOOL GARDENS This initiative was driven by a desire on the part of school princi- pals to offer students a learning environment. The activity falls within the scope of the APP (practical production activities) program in Burkina Faso that facilitates theoretical and practical learning for students. In addition to providing a learning environment, the aim of the project is to supply school canteens with the vegetables from the project and to sell any surplus.

Boucle du Mouhoun: This year, the school at Missakongo was selected to carry out the project. Following a series of discussions, a memorandum of understanding was completed to define the range of stakeholder responsibilities. As part of its assistance, the Foundation granted participants a full set of tools (fencing, watering cans, pickaxe, seedlings). The tooling enabled the APE and AME to safeguard the seedlings and to work in a more cost-effective manner. Furthermore, we are delighted to note that the APE and AME continued the project during the children’s school holidays.

20 SPECIALISED TRAINING The «building electricity/welding studies» project was launched to solve a real-life problem in the Boungou area and its surrounds. The shortage of building electricians and welders in the area need- 429 ed to be addressed in view of the population growth envisaged in the coming years. This is why the activity was designed to be voca- Bicycles have been distributed tional and will be rewarded by a certificate of professional qualifi- since 2013 in 65 locations cation (CQP) that should facilitate the young people’s access to the labour market.

Est: In this zone, five young out-of-school boys were chosen on the basis of specified criteria. On December 1, 2017, they enrolled in the École Polytechnique Privée du Faso (EPPF) in Ouagadougou for a period of two academic years. The goal of the project is that the training will enable participants to become skilled, operational workers in their respective trades. This will enable them to rise out of their poverty and vulnerability.

In the first study year, 4 out of the 5 students were in the welding program with the remaining 1 in the electricity program. The group has attended the theory and practical classes well, and in the exam, 4 of the 5 students gained their first year CQP.

BICYCLE PROJECT The bicycles are keenly appreciated by students who work extremely hard to earn the right to a bicycle. Their achievement is impressive given that their success depends solely on their work. Among the students, there is a strong sense of pride in their hard work. Recipients were screened using merit and needs criteria.

Boucle du Mouhoun: The Foundation donated 101 bicycles to 25 primary schools and to 14 CEGs (high schools).

Est: Students from three primary schools and 1 CEG benefited from the donation of 8 bicycles.

Sixty-two primary school pupils and 47 secondary school students were eased of the burden of a long walk to school. The Foundation also uses the project to motivate students by offering them the chance of better travel conditions to school, especially those students who live a distance from the school and whose parents lack the financial means to buy them a bicycle.

21 AGRICULTURE AND SUSTAINABLE DEVELOPMENT

Prize giving during the sesame debrief The term “Agriculture and RGA” encompasses all revenue-generating activities that are related to agriculture and farming. Among others, it includes sesame production, shea butter, poultry farming, beekeeping and market gardening in addition to the construction of grain credit and grain banks. Between 80% and 85% of all Burkinabe work in agriculture and farm- ing. This heading is directly aligned with SDG #1 (No poverty) and SDG #2 (Zero hunger).

SESAME PROJECT INVESTMENT The activity, which commenced in 2010 in the Boucle du Mouhoun and in 2016 in the Est region, continues to expand and LIST OF PROJECTS In CAD$ In FCFA improve on a yearly basis. This year, the Foundation’s training Boucle du Mouhoun region served again to better align producer cooperatives with the OHADA Treaty (Organisation for the harmonisation of African Beekeeping 12,507 5,279,500 business law) in order to solve legislative disparities between Poultry-raising 23,652 10,407,024 member states, thus facilitating bilateral trade ties. Cereal banks 21,937 9,439,419 Boucle du Mouhoun: For the 2017-2018 season, the 1,483 producers from 44 villages recorded in the Boucle du Mouhoun Food integration and processing 2,723 1,155,046 region planted an acreage of 2017.75 ha. Furthermore, each of Market gardening 38,162 16,821,100 the 30 producers who had excelled through good agricultural Shea 5,567 2,401,019 practice or through their involvement in the successful 2017- 2018 year, received agricultural supplies. A total of 6 carts, 6 Sesame 48,560 20,723,374 spades, 6 pickaxes, 12 wheelbarrows, 6 ploughs, 12 tarpaulin Est region sheets and 12 seed drills were donated. Beekeeping 14,278 6,147,133

Poultry-raising 39,373 17,383,383 Sheep-farming 8,865 3,799,768

Shea 3,604 1,530,900 Sesame 10,282 4,491,123

Total (Tax included) 229,510 99,578,789 $5,909,296 (FCFA 2,523,266,518)

Revenue generated by sesame producers from 2009 to 2018 22 Est: In this region, 113 producers from 9 villages planted an area of 53.25 hectares with organic sesame.

Results generated: Close to $940,000 (FCFA 400M) were generated during the 2017-2018 season by the 16,000 sesame producers in the 2 intervention zones. As the number of producers continues to grow, the groups will need to be better organised to comply with the new regulation. The latter will galvanise organisations into achieving results.

SHEA BUTTER PROJECT The production of shea butter and shea-based products are revenue-generating activities supported by SEMAFO Foundation. Of the seventeen villages involved, 13 are engaged in organic production in the communes of Bana, Bondoukuy, Kona, Pompoï, Safané and Yaho.

Boucle du Mouhoun: The project is run by the Gnogondèmè group in the village of Yona that produces cream and soap sold at SEMAFO mine sites as well as shea butter for international export.

The group regularly supports the health center and the Yona primary school as part of its community support program. Here is Est: In view of the success registered by the women of Yona, the what the treasurer had to say: villages of Boungou, Tatiangou and Tawori were canvassed on

“On a number of occasions, we have helped the CSPS and the establishment of a soap-making project. The survey incorporated primary school improve their work environment.” the women’s level of motivation and commitment, the presence of raw material (shea nuts) and the target market for the end Mrs. Safiatou Dao, sales representative product. Following the review, the village of Tatiangou was

selected and 15 women were picked. “Our group is thriving because thanks to the Foundation, we have a livelihood and a framework for mutual assistance. The Results generated: During the 2017-2018 period, the Yona people are now familiar with and have a strong appreciation women’s group from the region of Boucle du Mouhoun generated for our products. Our activities have also created business income of $11,100 (FCFA 4,740,018) from the sale of soap, opportunities for women collectors from other villages to earn creams, butter, oil cakes and nuts. In addition, the 1,395 female revenue. They are eager to sell us the nuts they collect. collectors from 17 villages realised proceeds of $23,216 What’s more, women from neighbouring villages would like us (FCFA 10,810,000) from the sale of shea nuts. to buy their nuts, but we can’t in view of the organic certification requirements.”

Mrs. Mariam Coulibaly, president

Over $468,385

(FCFA 200M )

Revenue generated by the women of the Shea project since 2010

23 BEEKEEPING PROJECT The project aims to improve the apiarian potential in the area and to empower beekeepers so that activities will continue in the absence of the Foundation.

Boucle du Mouhoun: We have implemented measures to improve the organisation and monitoring of beekeep- ers with the object of enhancing the major honeyflow yield. Members of the beekeeping centre have clearly endorsed the centre’s new vision and direction and remain proud of and convinced of the project’s profitability. The centre is fitted with carpentry equipment, and four members were trained in the making of beehives.

“This represents a new job opportunity for group members that will undoubtedly lift us out of poverty, and we intend to take full advantage of the Foundation’s guidance.”

Mr. Madou Dono, president of the Titayemba (union) group

Est: Thirty producers registered in this region and a series of meetings were held to explain the goals, the project requirements, as well as to set up a inter-village group office. The Foundation gave the group of 30 beekeepers the following equipment: 110 hives on stands, 10 pairs of boots and gloves, 10 smokers, 10 suits, 10 bee brushes and 10 hive tools. A visit was also paid to the Fondation ACRA, to discuss possible collaboration in the areas of training, selling honey and membership of the provincial association.

“Right now, we’re proud of having reorganised in line with the Foundation’s quidelines. You could say that we’re better organised than ever and we are starting to see the benefits. What’s more, the Foundation gave us new carpentry machines with which to make beehives. These will enable us to produce beehives and meet demands from other villages.”

Mr. Sona Sié, member of the Dangouna group

Results generated: During the campaign, the group in the region of Boucle du Mouhoun collected 474 kg of honey. After processing and packing, honey sales totalled $3,213 (FCFA 1,372,250) with 188 litres left in stock.

24 POULTRY-RAISING PROJECT The chicken-farming project is one of the most profitable women-led projects. Since its establishment by SEMAFO Foundation, the chicken hatchery at has become a reference standard. The quality of its chicken meat and its procurement markets have made the project a true success. Increasingly, it is becoming the main poultry supplier for the Mana Mine. The Foundation has been guiding the women of Somona from the outset and launched the same project together with 3 other women’s groups, in the village of Dangouna in the region of Boucle du Mouhoun and in the Boungou and Natongou villages in the Est region. The Foundation’s support involved construction of a chicken coop, donation of tools, meal, training, supervision by an agriculture technician and help in finding new clients.

Boucle du Mouhoun: This year, the Siguitimogoson group from Somona raised 5 batches of 500 chickens. The women’s group in Dangouna had 3 batches. Despite losses due to transport and diseases, the women generated total income of $18,765 (FCFA 8,012,550).

Est: The women’s group in Natongou is raising its second batch and the Boungou group is on its first batch of chickens. The initiative has enabled the groups to generate income of $8,080 (FCFA 3,450,120).

Results generated: Poultry farming is a very profitable activity that provides the women’s groups with a source of income to meet their needs. In all, the four women’s groups ordered 5,939 chicks and sold 4,600 chickens, yielding a success rate of 77.45%, which enabled the 92 direct beneficiaries to generate income of $26,845 (FCFA 11,462,670). Through their dedication and enthusiasm for the project, the women of Dangouna built a children’s creche with their own revenue. The Somona group completed construction of a slaughter shed and a manure pit and, once the ninth batch was underway and income had been distributed, two of the women ordered 100 chicks for their own account. The project resulted in $574 (FCFA 245,000) of gross income. Moreover, the Boungou and Natongou women’s groups in the Est region also constructed creches.

“We found work that is very interesting and helpful because we were previously unemployed. Now thanks to SEMAFO Foundation, we’ve something to do that earns us money. Through the Foundation’s assistance, we’ve gained experience and a savoir-faire that has become a business for us on top of our housework.”

Mrs. Korotomi Diallo, president of the Boungou group

$37,216

(FCFA 15,912,620)

Revenue generated in the first two years of the poultry-raising project

25

SHEEP-FARMING PROJECT In West Africa, for-profit ram farming is emerging as a popular activity in both rural and urban settings. The phenomenon is linked to the growing demand for good-quality meat concurrent with the population growth in urban areas. Demand spikes around the religious holiday periods (Tabaski, Christmas, etc.). It is our hope that the women will be able to convert our donated sheep into a business. This would enable them to continue buying and selling animals for fattening until they become financially self-sufficient. Their success would bring in other women who would receive the same level of support from the Foundation.

Est: Ten women from the village of Tambouangou were selected to launch the project. After completing the training sessions, each woman received three sheep, fattening material and the necessary items for project start-up (inputs, equipment, etc.) Results generated: In the first year, a total of $3,837 (FCFA 1,638,355) was generated in sales. Currently, the women have organised themselves into mutual support groups and are in the process of buying sheep for the second phase of fattening.

“We’re really enjoying the sheep-fattening activity and have followed the recommended technical guidelines for fattening and veterinary care. Thanks to the training, we can continue our work and even train up other women. After four months, the project generated sufficient income that allowed each of the participating women to buy at least 3 sheep with which to continue and sustain the work.”

Mrs. Séma YoaIi, group president

MARKET GARDENING Market gardening is one of the revenue-generating activities supported by SEMAFO Foundation and is mainly carried out in the villages of and Yona. A variety of crops are cultivated there. The project aims to improve long-term conditions for the households and producers involved. In addition to representing a source of income, the activity offers participants access to a wider range of foodstuffs with which to balance their diet.

Boucle du Mouhoun: At Fobiri, the Foundation funded extension of the 1.62 ha garden, sunk 4 wells and installed a fence. However, roll-out of the pump system, fair allocation of plots and group gardening work have been postponed until next year.

Results generated: The 240 Yona producers generated income of $6,909 (FCFA 2,950,000).

“Over the past few years, one hundred of us have been exploiting the spaces cleared by the Foundation. We grow a number or crops that we sell on the village market and in nearby villages. With the proceeds from my work, I bought a motor pump to improve my yield. Throughout the entire gardening season, water availability is problematic. There is insufficient water, and the shallow wells dry up very quickly.”

Mr. Soumana Lohié Gnanou, group president

GRAIN BANKS The grain bank project aims to help producers store their grain harvest with a view to their future sale at better market conditions. Moreover, the Foundation’s investment will allow the people to have a safe place to store their grain, and to protect them from deprivation during the hungry season.

Boucle du Mouhoun: The grain bank at Wona collected and stored 8 bags of grain to help start the delayed activities. Start-up of the project had been significantly delayed by insufficient working capital on the part of the women. Reviews are currently underway with the different participants to allow grain procurement to commence quickly during the winter season.

Est: In the Boungou area, 2 grain banks received and stored grain from beneficiaries who are the communities impacted by the mine. All in all, 1,555 bags were provided, impacting 2,491 people.

26 WARRANTAGE PROJECT Once the sesame has been produced, producers need to keep their stock in good condition if they are to resell at more favourable prices or have access to micro-credit institutions. The warrantage or inventory credit system pro- vides access to micro-credit institutions by allowing stored crops to be used as collateral for loans. These loans then allow households to fund their revenue-generating activities and by extension, improve their living condi- tions. It should be noted that the practice is commonly used with other crops such as maize and millet.

Boucle du Mouhoun: After training over 75 producers from Dora, and Kéra in warrantage, the Foundation presented the village of Dora with an inventory credit warehouse. Inventory credit initiatives in the area resulted in 842 100-kg multi-crop bags being stocked, based on an estimate of 2,567 bags. A credit of $10,515 (FCFA 4,490,000) has already been granted.

Est: As producers in the Boungou area have already sold their entire stock, it is expected that the 2018-2019 inventory credit project will be run in conjunction with the Tin Tua NGO. The funding was facilitated by the partner- ship established between SEMAFO Foundation and the Laafi Sira Kwieogo (LSK) microfinance institution.

27 COMMUNITY AND PRODUCTION SUPPORT

Inauguration of the freshwater borehole of Natongou Community and production support encompasses the full range of activities launched in support of communities that support communities generating income, which in turn improves their living conditions. The category includes the sewing center, the MFPPs involving women’s groups, micro-credit projects, in addition to sanitation and drinking water projects.

SEWING PROJECT INVESTMENT The sewing project was developed in response to the Boungou Mine’s need to provide employee work clothes. In view of the LIST OF PROJECTS thousands of work uniforms that needed to be produced, In CAD$ In FCFA SEMAFO Foundation used the opportunity to strengthen local Boucle du Mouhoun region dressmaker capacity so that they had the requisite skills to Sanitation 4,257 1,828,100 produce the mine uniforms. The goal of the project is to provide employment for the dressmakers even after the mine closes. Food donations 245 11,900

Est: During the 2017-2018 year, the 12 participants in the Freshwater borehole 15,566 6,901,346 sewing project attended several training sessions such as Training 14 6,000 practical workshops to provide them with best practices for cutting based on the pattern and the finish. MFP Project 16,541 6,999,220 Est region The range of contracts obtained by the dressmakers for the coming year will earn them a good sum of money that will Sewing center 3,304 1,384,950 enhance their living conditions. In the 2018-2019 year, the Freshwater borehole 36,130 15,721,360 group will take in $14,522 (FCFA 6,201,000) if everything runs smoothly. Specialised training 115 50,400 Sanitation and fertilisation 16,129 6,989,000

Total (Tax included) 92,301 39,892,276

28 Results generated : TRAINING IN MOTORCYCLE MECHANICS Using their enhanced skills, the center successfully completed 90 The “motorcycle mechanics” project was born out of the need to outfits for total income of $2,450 (FCFA 1,050,000). solve a real problem in the Boungou area and its surrounds in the Est region. Due to their artisanal mining activities, a significant “We are very aware and appreciative of the Foundation. It was , portion of the population travels around on new generation initially difficult, because we didn’t have any orders, but now 9 motorcycles. In parallel, due to the start-up of the Boungou Mine, we see that the work can lift us out of poverty.” many employees travel by motorcycle to work. However, Mr. Monalila Konaré, treasurer of the Findima group mechanics do not have the requisite level of training or the skills to repair the motorcycles when they break down. This training was intended to empower young school drop-outs already carrying out the trade, to be better equipped to repair the motorbikes. MULTIFUNCTIONAL PLATFORM PROJECT (MFPP) Multifunctional platforms are foundations of socio-economic Est: During the 45-day training course, the modules empowered development. Often the domain of women, they enable women to the 7 apprentices to troubleshoot and repair all two-wheel pursue revenue-generating activities and unite participants vehicles. On completion of the training, five of the seven apprentices set up shop on their own account. around the work. The MFP uses a diesel engine to operate energy- providing tools that grind grain and shea nuts, husk rice or maize, Results generated : charge batteries and weld etc. In 2012, SEMAFO Foundation began supporting communities in the region of Boucle du “Previously, I did some small-scale motorbike repairs, but Mouhoun, with focus on helping women’s groups set up MFPPs. A thanks to the Foundation’s training, I’ve improved my total of 10 groups that operate platforms benefit from the knowledge and increased my client base. Today, I earn over Foundation’s help. $14 (FCFA 6,000) per day and I can meet my family’s needs.”

Boucle du Mouhoun: Follow-up activities were conducted with the Mr. Remi Yonli, resident of Natongou women’s groups to find solutions for the MFPs that had broken down.

Despite several malfunctions, nine MFPs generated income of $3,781 (FCFA 1,614,410). The Foundation decided to help repair 6 MFPs run by purpose-driven groups like Bissa, , Dangouna, Fobiri, Koana and by acquiring millstones, alternators and other parts. The repairs have been made, and stakeholders are expected to be trained in September 2018.

$40,371 (FCFA 17,238,289)

Income generated by women operating MFPPs

29 HYGIENE AND FERTILISATION Inspired by the Koassanga Association’s success story in the commune of Ziniaré in the Plateau Central region of Burkina Faso, a project was set up to benefit the communities displaced by the Boungou Mine. The ecological latrines installed in 2016-2017 offer a simple, natural means of collecting urine and excrement, which by processing excrement separately, produce compost that can be used by farmers to improve their agricultural yield.

Est: During the year, 7 volunteers were selected to run the field-schools, each with a surface area of 0.25 ha. The Koassanga Association inspected each field. Awareness sessions on hygiene and sanitation were carried out by the association’s animators with the help of the Foundation’s personnel. In addition, a session was held to explain the use and advantages of the Ecosan latrines.

30

SANITATION AND DRINKING WATER SEMAFO Foundation extends its help to the areas of sanitation and drinking water. Its commitment stems from the population’s need to live in a healthy environment and to drink “healthily”. This is how the organisation was mandated to collect the garbage and manage a simplified water supply network in the area of Wona. In conjunc- tion with these achievements, the Foundation sunk fresh water boreholes in alignment with SDG 6.

Boucle du Mouhoun: During the 2017-2018 year, the women in the “Sannya” association successfully contin- ued their outreach activities with regard to hygiene and sanitation, waste collection and the sale of water from the mini-water supply network in the village of Wona. On the waste management side, the group registered income of $1,775 (FCFA 758,000) and received equipment for the “clean-up” day at Wona. The water manage- ment service brought in $4,836 (FCFA 2,065,150), and a freshwater borehole was offered to the village of Zienkuy.

Est: At Boungou, discussions are ongoing on the need to set up management committees and a monthly fee system with the view of setting up a fund to ensure maintenance of the AEPS (simplified water supply network) established by SEMAFO’s mine.

Results generated: Close to 300 people turned out, most of whom were young students from the Wona CEG, to pick up litter on a 2km radius around the village health center. Both the children and their parents came to learn about the importance of hygiene and environment for their health.

“For the past three years, the water sales and garbage collection initiatives have paid us a monthly salary. This allows us to engage in our own small business activities and to meet our family expenses. We can’t thank the Foundation enough for lifting us out of poverty. And, we’re determined to do our best not to disappoint our donor.”

Mrs. Zenabou Djiguemdé, president of the Sannya group

“There was an urgent, pressing need to sink the borehole. The borehole has been a source of real pleasure. It is operated by everyone, all day long without a break. The water is available in large quantities, and its quality has improved. In the village, at each ceremony, the elders bless the Foundation for bringing us the water.”

Mr. Gnissa Konaté, councillor for the village of Zienkuy

Freshwater boreholes built since 2009 37 in Burkina Faso

31 MICRO-CREDIT PROJECT The micro-credit system was launched in 2012 to give women access to credit to start up micro-projects with a view of their empowerment.

Boucle du Mouhoun: During the year, the Foundation lobbied its partner, La caisse populaire, to maintain a permanent host at Wona through which to enhance access to microfinance credit.

Results generated: The micro-credits enabled 368 women in the groups to obtain loans for their revenue-generating activities or to carry out micro-projects impacting more than 2,500 people. The total volume of credit awarded this year increased to $15,703 (FCFA 36,775,000), representing a 9.4% increase rate relative to the previous year. The creation of 2 new village banks (CV) in the areas of Kona and Mouala also boosted the number of CV from 29 to 31.

32 HEALTHCARE

Congress on obstetrical fistula, September 2017

Burkina Faso has set itself a number of public health challenges, particularly in the areas of maternal and child health. In spite of its efforts, however, some needs continue to go unmet. SEMAFO Foundation helps meet the challenges notably by supporting women in the prevention of cervical cancer, obstetrical fistula as well as autistic children.

SUPPORT FOR THE PREVENTION OF CERVICAL INVESTMENT CANCER LIST OF PROJECTS In CAD$ In FCFA By demonstrating its willingness to fight the disease, SEMAFO Foundation’s aim is to improve screening conditions and access Boucle du Mouhoun region to healthcare in order to reduce the resulting morbidity and Installation of solar panels 5,969 2,517,000 mortality. Support for autistic children 1,629 697,800 Boucle du Mouhoun: Using SEMAFO Foundation’s funding, the Support for women living with 22,651 10,097,811 Société des Gynécologues et Obstétriciens du Burkina Faso obstetrical fistula (SOGOB) carried out screening for pre-cancerous cervical cells in the villages of Yaho and Madou in partnership with the DAIZ and Cervical cancer prevention 14,444 6,280,000 PHARE associations. The initiative stemmed from a request by Est region the women in the commune of Yaho who had never previously been screened. CSPS refurbishment 24,949 10,580,540

Total (Tax included) 69,642 30,173,151 Results generated: Screening was carried out on 1,250 women in two areas. One woman received a positive VIA (Visual inspection with acetic acid (vinegar)) result and was treated with cryotherapy, and one case of cancer was given a referral.

“We very much welcome the Foundation’s screening activity, as the illness is frequently undiagnosed in our area. That explains our involvement - to mobilise as many women as possible.” 7,194 Mrs. Céline Gnessian, advisor to the Mayor Women screened for cervical cancer since 2011

33 SUPPORT FOR WOMEN LIVING WITH OBSTETRICAL FISTULA Obstetrical fistula is generally the result of a prolonged, difficult labour that ends up damaging the woman’s tissue. In most cases, the woman will suffer from severe incontinence leading to ulcers, infections and sometimes even to her death. In Africa and in Burkina Faso in particular, obstetrical fistula receives little media attention and is often concealed by its victims. Marginalisation of the disease resulted in RAMA Foundation and SEMAFO Foundation carrying out awareness-raising activities with regard to screening for the devastating condition. RAMA Foundation provides support for women suffering from obstetrical fistula to ensure they obtain the care needed to regain their dignity and social reintegration. SEMAFO Foundation decided to boost its support to women suffering from obstetrical fistula by expanding its activities with new partners.

Boucle du Mouhoun: The second pan-African conference on obstetrical fistula was held on September 28-29, 2017 with the following theme: the communities are committed to significantly reducing incidence of the affliction and have the main object of “sharing experiences and best practices in sensitizing, to contributing to healthcare access and monitoring policies for reintegration of women in developing countries in general, with a particular focus on Africa.” The congress, which was sponsored by Minister of Women, National Solidarity and Family of Burkina Faso, Mrs. Laure Zongo/Hien, by Mrs. Chantal Guérin, general manager of SEMAFO Foundation and Father Charlemagne Ouedraogo, brought together delegations from Mali, Madagascar, Benin, Niger, Senegal, Switzerland, France and Belgium in addition to a delegation of women and associations fighting obstetrical fistula from a number of provinces in Burkina Faso. Over and above this activity, the Foundation provided 6 tonnes of foodstuff (rice, beans and cooking oil) to beneficiaries 74,239 of the centre operated by RAMA Foundation. People affected by our healthcare projects in Burkina Faso since Results generated: A total of 315 people attended the congress. The work, which was 2009 carried out through a series of plenary sessions, culminated in a document supported by several countries that included recommendations and measures to take entitled, “Rallying call from Ouagadougou for the fight against obstetrical fistula in West Africa.”

34 REPAIR AND INSTALLATION OF SOLAR PANELS ON HEALTH CENTERS To improve the working conditions of health professionals, the Foundation in its strategic focus on healthcare, helps construct and improve the health setting of communities in Burkina Faso notably by installing solar panels for the good of the population.

Boucle du Mouhoun: After the health centers in Bana, Dangouna, Yona, Mana and Wona, this year it was the Fobiri health center’s turn to obtain solar lighting. Adama Barro, head-nurse of the CSPS, recognised the importance of the achievement and did not fail to mention the extreme difficulties she and her team had encountered in providing patient care due to insufficient lighting. More than 6,000 people from the 3 villages served by the CSPS will benefit from the facilities.

Est: The health center in Kalbouli was renovated as it was in a dilapidated state. The work involved repair of the nurse’s home.

Results generated:

“The new healthcare setting will benefit 17 villages including 4,000 households in the village of Kalbouli alone.”

Mr. Yacouba Yameogo, head nurse at the Kalbouli center

74,239

SUPPORT FOR AUTISTIC CHILDREN Autism is a group of neurodevelopmental disorders affecting brain functioning, immune and biological systems, that impairs people’s ability to recognise emotions, social conventions and emotional codes, in addition to causing emotional hypersensitivity and behavioral problems. Little known in Burkina Faso and often poorly diagnosed, autism needs special attention to ensure that children with the disorder receive optimal care.

Boucle du Mouhoun: The Foundation maintained its support of the École pour Personnes en Situation d’Autisme (EPSA) in Ouagadougou during the 2017-2018 year through the purchase of supply items for the centre including colour crayons, ink, glue, gouache paint, a clock, chronometer, camera, flute, mouth organ, Lego blocks, puzzles, balls, etc.

Results generated: Each year, a total of 15 people benefit from the Foundation’s help. By supporting the education of autistic children, SEMAFO Foundation is supporting poorly understood, often rejected children who deserve equal opportunities to go to school and thrive. Moreover, thanks to the Foundation’s support in the form of volunteer professionals specializing in autism and donations of specialist material, four children were able to attend mainstream schools.

RAISING AWARENESS ABOUT TEEN PREGNANCY Faced with an upsurge in unwanted pregnancies among young girls and the ensuing HIV infections, marital conflict and school dropouts by the girl victims, SEMAFO Foundation set itself the goal of establishing a project that promoted development of young girls.

Boucle du Mouhoun: In partnership with the DAIZ and PHARE associations, SEMAFO Foundation organised awareness-raising campaigns on early/unwanted pregnancies in schools and family planning in 2 villages in the Mana area and in 5 schools.

Results generated: More than 1,500 students were sensitised and have committed to zero pregnancies this academic year, and more than 800 people were made aware of the importance of family planning.

35 Our Commitments 2018-2019

Support for the production  of shea-based products

Support for the production  of honey and sesame

Poultry-raising  Distribution of school kits SERVING  THE POPULATION Support for  extra-curricular activities « The heart gives directions; the brain the solution and Construction of the body the implementation. »  classrooms

(Luis Fernandez) Rabbit, pig and laying hen  breeding projects

 Etc.

36 Our Partners Here and abroad

Partners in Canada - Collège Montmorency, department of fire safety - CESO-SACO (Canadian Executive Service Organisation) - Développement International Desjardins - The Foundation MMS (Mère du Monde en Santé/Healthy Mother of the World) - KARITEX, La Maison du Karité - Health Partners International Canada - SEMAFO Inc. - SOGC (The Society of Obstetricians and Gynaecologists of Canada) - TFO Canada

Partners in Burkina Faso - ANPHV (national association of green bean producers) - Association Burkinabé des Sages-femmes et des Maïeuticiens THE FOUNDATION - Association KIMI, an association for preventative health assistance - Caisse d’épargne LSK (Laafi Sira Kwieogo) places great value on the - DAIZ Burkina relationships it develops with its - EAA Burkina (Eau et Assainissement pour l’Afrique) partners. - Fédération des Caisses Populaires du Burkina Faso - Fondation RAMA By working together, SEMAFO - Fondation SUKA, active in the fields of health and education Foundation believes that we all - OCADES CARITAS (Catholic Organization for Development and Solidarity) hold the potential for change in - ONG TIN TUA, promotion du développement durable par la formation - PHARE (promoting sustainable development through training) our hands. - SEMAFO Burkina Faso - SOGOB (Société des Gynécologues et Obstétriciens du Burkina) - State of Burkina Faso - TOTAL Burkina

Other International Partners - Association Koassanga, promoting clean energy sources - Fondation ACRA (activities with social and economic impacts) - Jhpiego, for women’s needs - PNUD (United Nations Development Program) - SNV (Société Néerlandaise de Développement), Dutch development organisation - TOTAL - Zonta International, advancing the status of women worldwide

37 Financial statements For the periods ended June 30, 2018 and June 30, 2017

June 30, 2018 June 30, 2017 REVENUES CAD$ CAD$

Contribution from SEMAFO inc. 1,535,057 1,377,556 General contributions 332,739 177,538 Total 1,867,796 1,555,094

EXPENSES

Charitable Costs Projects 1,024,255 906,816 Professional fees, salaries and benefits 289,524 283,901 Depreciation of fixed assets 53,347 30,326 Travel expenses 19,561 19,021 Costs related to transport and storage of material donations 3,215 1,698 Rent 15,027 12,656 Awareness-raising 29,245 21,321 Information technology expenditures 3,046 3,363 Maintenance of rolling stock 14,303 13,154 Office supplies 1,495 1,113 Telecommunication expenses 3,764 3,587 Exchange rate gains and losses 5,757 (11,889) Other 1,524 1,858 Subtotal 1,464,063 1,286,925 Administrative Costs Salaries and benefits 107,915 100,782 Professional fees 22,274 18,244 Rent 3,744 3,091 Depreciation of fixed assets 1,226 1,100 Banking fees 1,180 789 Office supplies 1,386 625 Liability insurance 1,506 1,506 Telecommunication fees 490 520 Information technology expenditures 1,450 2,560 Other 2,462 2,182 Subtotal 143,633 131,399 Total 1,607,696 1,418,324 Excess of revenue over expenses 260,100 136,770 UNALLOCATED ASSETS AT THE BEGINNING OF THE PERIOD 638,772 502,002 UNALLOCATED ASSETS AT THE END OF THE PERIOD 898,872 638,772

38 Income generated by beneficiaries of our projects June 30, 2018 June 30, 2017 in Burkina Faso and Niger ASSETS CAD$ CAD$ since 2009

Cash 786,913 589,108 Accounts receivable 99,746 4,359 $7,640,883

Prepaid expenses 32,637 34,430 (FCFA 3,287,445,079) Stocks 6,001 24,907 Subtotal 925,297 652,804 Property and Equipment 117,363 161,965 Total 1,042,660 814,769

LIABILITIES Accounts payable and accrued liabilities 143,788 175,997 Subtotal 143,788 175,997

NET ASSETS During 2017-2018 Not assigned 898,872 638,772 SEMAFO FOUNDATION Total 1,042,660 814,769 Improved the quality of life of more than N. B. The data presented on this page have been taken from the audited financial statements and summarized. 579,218 persons

MANAGEMENT REPORT The financial statements have been the subject of a report by the Foundation’s auditor, Pricewaterhouse Coopers s.r.l./s.e.n.c.r.l, chartered accountants. Due to the difficulty in determining the fair market value of contributions received in the form of equipment and

services, they have not been reflected in the financial statements.

The Foundation’s management maintains a system of internal controls, designed to ensure that the accounts reflect its operations. For the 2017-2018 year, 91% of expenses relate to charitable projects.

Full financial statements are available at:

https://fondationsemafo.org/about/947-2/?lang=en

$1,286,925

$1,464,063 $1,103,735 2015-2016 2016-2017 2017-2018

Investment in sustainable development projects in Burkina Faso

39 SEMAFO Foundation 100, boul. Alexis-Nihon, 7th floor Saint-Laurent (Quebec) Canada H4M 2P3 Tel 514 744-4408 Toll-free 1 888 744-4408 Fax 514 744-2291 [email protected] www.fondationsemafo.org