Annual Report 2009-2010

2009 - 2010 ANNUAL REPORT Annual Report 2009 - 2010

Published by: The Protected Areas Conservation Trust

Design and Layout - Protected Areas Conservation Trust, Belize.

Printed in Belize, Central America

Printer: BRC Printing Ltd.

Front Cover Left: Child from community at Rio Blanco National Park Middle: Rio Blanco National Park Right: Scholarship Recipients 2009

Back Cover Left: Lemonal Village Middle Top: National Animal of Belize - Tapir Middle Bottom: National Plant of Belize - Black Orchid Right: Harpy Eagle

Mission, Vision and Guiding Principles...... i

Organizational Chart...... i

Board of Directors and Advisory Council...... ii

PACT Staff...... iii

Message from the Deputy Prime Minister, and Minister of Natural Resources and the Environment...... iv

Message from the Chair of the Board of Directors...... v

Message from the Executive Director...... vi

What is PACT?...... 1

Grants Program me...... 2 Grants Application, Selection and Approval Process...... 2 Large Grants Program...... 4 Small Grants Program...... 6 Support Grants...... 8 Capacity Building Program...... 10

PACT Foundation...... 13 MAR Fund...... 15 Environmental Donations...... 16

Financial Report...... 17 Audited Financial Report...... 19

This year’s featured Protected Area...... 33 Protected Areas List...... 34 Protected Areas Map...... 37 Vision PACT is a strategic partner in the funding, management, and sustainable development of Belize’s natural and cultural resources for the benefit of Belizeans and the global community.

Mission To contribute to the sustainable management and development of Belize’s natural and cultural heritage by providing effective funding support to protected areas.

Guiding Principles • Equity, transparency, accountability, and good governance are hall- marks of PACT • The success of PACT as a National Trust Fund is dependent on its ability to continuously grow the fund • Being responsive to protected areas and constituents’ needs is a permanent campaign of PACT • Networking and engagement with constituents on a local, national and global scale is indispensable for PACT to deliver its mission • PACT continuously sets new standards of efficiency in grant-making and delivery • Effective communications is a key function of the day to day operations of PACT PACT Organizational Chart

Advisory Council Board of Directors

Executive Director Standing Committees

Executive Assistant

Associate Director - Finance Associate Director Grants

Research and Accountant Administrative Officer Grants Program Clerk Information Officer

Senior Accounts Clerk Administrative Assistant Senior Grants Officer Grants Officer Grants Officer Grants Officer National Portfolio Northern Portfolio Southern Portfolio Capacity Building Project Accounts Clerk Office Assistant/ Driver

i The Board The Advisory Council

Mrs. Beverly Castillo Mr. James Azueta Chair Chair Ministry of Natural Resources & the Environment Natural Resources Management Background

Mr. David Craig Mr. Silvano Cobb Vice Chair Belize Fishermen Cooperative Association Belize Audubon Society Mr. Brian Woodye Mrs. Zita Perez Institute of Archaeology Department Ministry of Finance Mr. Martin Alegria Mrs. Tracy Panton Ministry of Natural Resources & the Environment Belize Tourism Board Ms. Laura Esquivel Ms. Candy Gonzalez J.D. Belize Tourism Board Belize Alliance of Conservation Non-Government Organization Dr. Phillip Morgan University of Belize Mrs. Jessie Young Community Based Organization Mr. Michael Singh Ministry of Tourism Dr. John Morris Institute of Archaeology Mr. Emil Mena Finance Expert Ms. Denise OcKey Belize National Tour Operators Association Ms. Janet Gibson Natural Resource Management Expert Mr. Peter Tonti Belize Tourism Industry Association Dr. Vincent Gillett Coastal Zone Management Authority & Institute Mr. Edilberto Romero Finance Expert

PACT Board, Current ii PACT Staff

Ms. Sharon Ramclam Ms. Christine Valerio Executive Director Grants Officer - Southern Portfolio

Mr. Kerry Belisle Mrs. Joyce Tun Associate Director - Finance Grants Officer - Northern Portfolio

Ms. Natalie Rosado Mr. Darrel Audinette Associate Director - Grants Grants Officer - Capacity Building Program

Mrs. Nayari Diaz Mr. Michael Pipersburgh Senior Grants Officer - National Portfolio Project Accounts Clerk

Ms. Angela Usher Ms. Vanessia Burke Accountant Executive Assistant

Mrs. Modesta Cal Ms. Lorena Ramirez Administrative Officer Grants Program Clerk

Ms. Deidra Smith Ms. Farrah Tingling Research and Information Officer Administrative Assistant

Mr. Mark Zelaya Mr. Kevin Maddison Senior Accounts Clerk Office Assistant/Driver PACT Staff, Current iii Message from the Deputy Prime Minister and Minister of Natural Resources and the Environment

I am pleased to present the Protected Areas Conservation Trust’s (PACT) 2009-2010 Annual Report. This year marked another productive year for PACT as it continues to successfully financially support the sustainable management and development of protected areas in Belize.

PACT’s success to date has been a collaborative effort and is achieved with the support of our stakeholders and partners in conservation and development. Specifically, I would like to acknowledge the Government of Belize, communities, non-government organizations, tourism partners, other funding organizations and the private sector for their continued commitment, vision and belief in the idea of the PACT. Today, the PACT serves as a model that demonstrates that public and private sector interests can coexist for the continued protection of our environment. Even today, the idea of a PACT is still novel in many parts of the world. Indeed, we have morphed from just a concept in 1991 into a viable and sustainable institution with proven capacity to direct financial resources towards the protection and conservation of Belize’s abundant natural resources.

Despite our successes, PACT realizes that Belize’s extensive protected areas system, with its diverse and complex management regimes and challenges require a PACT that is dynamic, creative, innovative and responsive to the needs of the stakeholders and the protected areas system. Thus, the PACT is now at an important point in its evolution where it must now assess its capacity as an institution to “promote the sustainable management of Belize’s Protected Areas” by ensuring that its programs and processes remain efficient, effective and relevant. Such an undertaking will require a comprehensive institutional assessment that will set the stage for strategic transformation of the PACT into the preeminent sustainable financing mechanism for conservation in Belize. Simultaneously, PACT will also commence the preparation of its third strategic plan to guide the institution into 2016. I sincerely hope that you will remain active partners and supporters of the PACT. I encourage you to join me, the PACT staff and Board as we embrace this strategic repositioning of the PACT and boldly move forward.

Honorable Gaspar Vega Deputy Prime Minister iv Message from the Chairperson of the Board of Directors

On behalf of the Board of Directors, I am pleased to share our 2009-2010 annual report. This fiscal year saw the culmination of a process of self-assessment and evaluation of the Protected Areas Conservation Trust (PACT) as we conducted our institutional assessment and development of our strategic plan 2011-2016. This exercise yielded strategic recommendations to improve the governance and operations of the PACT which will ensure that the organization is more effective and efficient in carrying out its mandate. The process of organizational restructuring has now commenced and we are excited to have the opportunity to engage our stakeholders in this process.

Notwithstanding the great task of restructuring, and with the new strategic plan charting the way forward, the PACT continued its service to our stakeholders and invested a total of over $2.3 million in project and capacity building grants. We continued the administration of the PACT Foundation, MARFund, and Oak Foundation grants, strengthening our partnerships and networks. We also continued our support to the Ministry of Natural Resources and Environment in the implementation of the National Protected Areas Policy and System Plan (NPAPSP) ensuring that this national effort continues to guide our investments.

As we take on this new chapter in our evolution, the PACT is now poised to propel itself into a more effective and meaningful partner in Belize’s development. On behalf of the Board of Directors, I wish to express our gratitude to all our stakeholders for your support throughout the year and invite you to embark with us on this new journey.

Beverly Castillo (Mrs.) Chairperson v Message from the Executive Director

Since its establishment 13 years ago, the Protected Areas Conservation Trust (PACT) has invested some $17 million in grant funding that has supported over 200 projects to various non-government organizations, including community-based grass roots organizations and government agencies. All these projects focus on conserving our natural heritage, and span the entire length and breadth of this beautiful country. PACT currently maintains an endowment that now stands at $3.6 million, and an additional $1.1 million in grants reserves.

With 94 declared protected areas in the country, the financial resources required to sustain them is considerable and remain a serious challenge for the PACT. Currently, PACT’s grants program has evolved to include 10 different grant types ranging from donations of $500 to large grants of up to $400,000.

PACT is at a period of determining our institutional capacity to ensure best implementation of our programs. Once this process is complete, PACT will be prepared to respond to the rapidly evolving challenges that constantly arise in protected areas financing and management. PACT has a proven track record of which it is extremely proud. I take this opportunity to thank our partners in conservation, our stakeholders, communities, the private sector, and the Government of Belize without which PACT simply would not exist. Today, the institution is a testament that divergent interests can come together, as they must, to find sustainable mechanisms to enable conservation to happen.

However, I recognize that there is ample room for improvement of the PACT; hence this undertaking. I sincerely hope that we all can continue to be proud of Our National Trust – A Home Grown Fund. As we move ahead in these economically challenging times, we must continue to forge strategic partnerships and explore innovative and creative mechanism to increase the ability of the PACT to diversify its funding base.

Sharon Ramclam Executive Director vi What is PACT?

The Protected Areas Conservation Trust (PACT) was established in 1996 as Belize’s national conservation Trust Fund. It was legally established as a statutory body after several years of consulta- tions and meetings with various non-governmental organizations, government departments, private sector and international conservation organizations. Source of Funding Revenue is derived from three main sources:

1. A conservation fee of BZ $7.50 (US $3.75) per visitor paid upon departure. 2. Twenty percent (20%) commission from Cruise Ship head tax. 3. Investments and donations from agencies, corporations and interested individuals. These constitute the primary source of funding for the Trust Fund. The revenue derived is invested back into the protected areas through PACT’s Grants Programme.

1 Grants Programme

The purpose of the PACT’s Grants Programme is to support protected areas projects through four funding areas: • Protected Areas Management and Conservation • Protected Areas Promotion and Development • Environmental Education and Awareness • Community Development around Protected Areas This programme has evolved over time to include small, large and capacity building grants. PACT offers grants on a competitive basis.

Recipients of Trust monies include registered organizations of protected areas, non-governmental organizations (NGO’s), community based organizations (CBO’s), and governmental agencies which are involved in the conservation and management—for sustainable use—of Belize’s natural resources. Grants Application, Selection and Approval Process All project applications submitted to PACT undergo three levels of screening: an eligibility screening process by PACT’s Internal Screening Committee (ISC), a technical evaluation by the Advisory Council (AC) and a final review by PACT’s Board of Directors (BoD) who then makes the final decision on all grants.

The first screening process by the ISC ensures the completeness of the application and general evaluation of the application. The Advisory Council then focuses on the technical merits, feasibility and relevance of the application to PACT’s mission, strategic plan, National Protected Areas Policy and Systems Plan (NPAPSP) and any other relevant policy. Lastly, projects recommended by the AC are presented to the BoD for final consideration.

2 Grants Application, Selection and Approval Process

Call for proposal

Grant Application Completeness and Agreement Submission eligibility by Project Officers Applic

Eligible 1st Disbursement Organization Technical a

Proposal tion Approved evaluation by ement Advisory Council a ag Project Reporting nd Approv n Implementation a Board Evaluation

nt m Site Visits/

a Monitoring and Meetings Evaluation Gr a l Subsequent Project Disbursement Completion

External Evaluation

3 Large Grants The Large Grants Program exists to offer well established and eligible organizations and agencies, financial support to implement large, multi-year projects that pursue PACT’s mission, goals and priorities. The program seeks to implement the National Protected Areas Policy and System Plan. Large Grants should leverage PACT funds for national and/or regional impact. Grants should range between $100,001 and $400,000 and must be implemented within a period of two years.

PACT awarded a new large grant valued at $236,189.10 to the Association of Protected Areas Management Organization (APAMO) in support of capacity building for improved protected areas management in Belize. In addition, PACT continues to administer ongoing large grants for the Belize Audubon Society (BAS), University of Belize (UB), Forest Department and the Fisheries Department as outlined below. Two projects were successfully closed this year. The major accomplishments for SATIIM’s project include the staffing of entrance stations, completion of over 26 inter-institutional patrols, establishment and implementation of a monitoring and evaluation system, environmental education sessions at village schools and an environmental school fair.

Table 1. List of Ongoing and New Large Grants Organization Title/ Duration Status Date Amount Description Approved Approved Forest Department Improving protected areas management in 6 years and 6th year Feb.10.2004 $889,989.98 Belize through the institutional strengthening 2 months of the biodiversity programme of the Forest Department Objectives 1. Provide strategic direction and guidance to the Forest Department’s programmes and sub-programmes 2. Provide direction for the effective administration and development of protected areas 3. Strengthen and revitalize the biodiversity management program of the Forest Department

Chiquibul National Park Friends for Conservation and Development

4 Table 1. List of Ongoing and New Large Grants Organization Title/ Duration Status Date Amount Description Approved Approved Belize Audubon Towards the sustainability of BAS managed 2 years 1st year Apr.8.2009 $455,501.55 Society (BAS) protected areas Objectives 1. To strengthen the central operational center within the Marine Reserve Network and stakeholders 2. To decrease illegal activities and promote safety at the marine reserves, co-management partners and operation center. 3. To increase public awareness on marine protected areas of Belize 4. To minimize user conflicts and abolish anchor damage in the protected marine areas and highly visited recreation areas 5. Enhancement of staff capacity in monitoring, research, enforcement, environmental education and public relations University of Belize Developing the University of Belize’s Natural 4 years and 4th year Jan.1.2006 $825,000.00 (UB) Resource Management (NRM) Program 4 months 1. To build capacity within the NRM Program which includes acquisition of equipment, computers, laboratories and transportation necessary to support teaching and project activities 2. To develop the UB campus and associated properties at middle long caye, hunting caye and calabash caye to provide quality education programs to both national and international students and to manage and conserve critical ecosystems and natural resources 3. To increase awareness, knowledge and support for the NRM Program through public awareness and promotional activities 4. To establish endowed chairs in Marine/Coastal Resource Management and Terrestrial/ Watershed Resource Management 5. To develop and promote research and projects that are of national priority and need in collaboration with governmental agencies, national organizations and communities involved in natural resource management Friends for Sustainable management programme for the 3 years and 3rd year Oct.6. 2006 $839,353.20 Conservation and core conservation of the Chiquibul Maya 8 months Development (FCD) Mountain key biodiversity area in Belize Objectives 1. To establish an administrative structure for the Chiquibul National Park 2. To develop and institute a cooperation building and public awareness strategy 3. To establish a viable and integrated sustainable management program 4. Reduce illegal incursions in the Chiquibul/ Maya Mountains key Biodiversity area Sarstoon Temash Implementation of the management plan for 2 years and Completed Aug.15.2007 $262,500.00 Institute for Indig- the Sarstoon Temash National Park 1 month enous Management (SATIIM) Objectives 1. To foster community cooperation and Sarstoon Temash regional cohesion 2. To develop a mechanism for identifying and protecting species at risk 3. To ensure all activities inside the national park do not impair the ecological integrity of the area Fisheries Towards the sustainability of the Marine 2 years 2nd year Mar.31.2009 $455,501.55 Department Reserve Network (MRN) in Belize Objectives 1. To strengthen the central operational center within the Marine Reserve Network and stakeholders 2. To decrease illegal activities and promote safety at the marine reserves, co-management partners and operation center 3. To increase public awareness on marine protected areas of Belize 4. To minimize user conflicts and abolish anchor damage in the protected marine areas and highly visited marine recreation areas standardized system for communication between the Fisheries Department, Marine Reserves and co-management partners 5. Enhance staff capacity in monitoring, research, enforcement, environmental education and public relations Association of Pro- Support for capacity building for improved 1 year and 3 1st year Feb.19.2010 $236,189.10 tected Area Manage- protected areas management in Belize months ment Organization (APAMO) Objectives 1. Increase the institutional capacity of at least 4 conservation CBO’s in four key governance and management areas. 2. Improve the management and conservation of 4 protected areas through increased capacity of at least 4 CBO’s Total $3,964,035.40 5 Small Grants Established in 1997, the Small Grants Program is the first grant program at PACT and provides financial support primarily to Community Based Organizations for protected areas management and conservation. Prospective grantees submit proposals in response to “Call for Proposals,” which are advertised at least once a year. Small Grants must be completed within one year and must be in the range of $10,001 to $100,000.

For this fiscal year (2009-2010), PACT awarded eight (8) small grants at a total value of $689,154. The grantees are detailed in the table below. BFCA’s project for the development of their strategic plan was successfully completed. Coastal Zone Management Authority and Institute’s project for the sustainable development of the Goff’s Caye Special Management Area (GCSMA) is near completion with 85 percent of the project already implemented.

Alternative Livelihood Solutions Open Day - Goff’s Caye Sarteneja Fishermen Association Coastal Zone Management Authority and Institute

Table 2. List of Small Grants for the period April 1, 2009 to March 31, 2010 Organization Title/ Duration Status Date Amount Description Approved Approved Belize Fishermen Development of a strategic plan for the BFCA 11 months Completed Apr.1.2009 $43,200.00 Cooperative As- to allow them to participate fully in the re- sociation (BFCA) source management process Objectives 1. Develop an appropriate and implementable strategic plan for the BFCA 2. Involve industry stakeholders in the development of the strategic plan 6 Table 2. List of Small Grants for the period April 1, 2009 to March 31, 2010 Organization Title/ Duration Status Date Amount Description Approved Approved Coastal Zone Man- The Sustainable development of the Goff’s 12 months Completed Apr.1.2009 $103,000.00 agement Authority Caye Special Management Area (GCSMA) and Institute Objectives 1. Build capacity to mitigate impact from tourist visits and severe weather events 2. Promote the sustainable use of Goff’s and other Cayes in the GCMA, including the resources and unique surrounding habitats 3. Monitor the user fee system implemented for the Goff’s Caye management area and expand fee collection system 4. Build support to enhance the public awareness program for the sustainable use of the GCMA Shipstern Nature Strengthening of SNR, a private protected 10 months Ongoing Dec.7.2009 $83,262.00 Reserve (SNR) area, as a critical component of the national protected areas system Objectives 1. Increase conservation effectiveness through the development of a 5 year management plan 2. Establish the Shipstern Nature Reserve Advisory Committee to provide input towards increased effectiveness 3. Strengthen the institution,through strategic planning, to provide clear vision, mission and strategies 4. Strengthened through the purchase of equipment and training to enable it to effectively communicate with its stakeholders Sarteneja Fishermen Developing long term alternative livelihood 12 months Ongoing Dec.7.2009 $102,992.00 Association (SFA) solutions for fishermen of Sarteneja Objectives 1. Fifty two SFA members (12 participant groups) - reduce their dependence on the marine resources through the establishment of pig rearing facilities, with relevant skills training 2. SFA will have increased institutional capacity for providing viable, long term alternative livelihood opportunities for its members Ca’ac Alenel Car Sa Developing and restoring buffer zones along 10 months Ongoing Dec.7.2009 $48,000.00 Nima the Rio Grande Objectives 1. Diminish the likelihood of flooding and increase the value of the riverbanks 2. Reinforce the importance of the 66ft buffer zone, promoting tourism in and around San Miguel Village Wafagua Pristine sea project 12 months Ongoing Dec.7.2009 $102,700.00 Nautical Safety Institute (WNSI) Objectives 1. Reduce incidents of marine pollution and seabed damage through education on safe and responsible boating and seamanship and waste disposal and management 2. Provide users of marine resources with ways to reduce pollution and negative impacts 3. Help to maintain Belize`s marine environment in a healthy condition Trial Farm Village Otro Benque/Trial Farm reforestation project 19 months Ongoing Dec.7.2009 $103,000.00 Council and recreational park uplifting Objectives 1. Improve existing park infrastructure to increase appeal and utility for area residents and students 2. Re-greening of the Otro Benque Park 3. Reforest the riparian portion of the New River adjacent to the Otro Benque Park to minimize flooding, erosion and sedi- mentation into the New River System 4. Promote environmental awareness of the roles and importance of riparian forests among area residents and students Green Reef A sport fish conservation plan for Belize 11 months Ongoing Dec.7.2009 $103,000.00 Objectives 1. Reduce habitat conservation in critical sites 2. Identify migratory destinations of the three sport fishes 3. Develop and implement public education campaign Total $689,154.00 7 Support Grants Through its Support Grants Program, PACT provides financial assistance to CBO’s and smaller, less established organizations and associations and groups, to develop and implement short term projects, activities or initiatives. These projects should contribute to the betterment of the environment and natural resources management. Maximum funding per contribution is $10,000 and projects must be for a period of six months or less.

This year PACT awarded twenty two (22) support grants as presented in the table below.

Mayflower Bocawina National Park Friends of Mayflower Bocawina National Park

Summer Camp Toledo Institute for Development and Environment Scout’s Recycling Project The Scouts Association of Belize

Table 3. List of Support Grants Approved for the period April 1, 2009 to March 31, 2010 Organization Title/ Duration Status Date Amount Description Approved Approved ECO-MAR Sea Turtle Expo 2009 3 months Completed Apr.22.2009 $7,500.00 Friends of Mayflower Replace the existing bridge crossing the Silk 4 months Completed Apr.27.2009 $10,000.00 Bocawina National Park Grass leading to the Antelope Trail Water Fall Association of Protect- Implementation of a comprehensive assess- 12 months Ongoing Apr.28.2009 $10,000.00 ed Area Management ment of the status of our protected areas Organizations (APAMO) 8 Table 3. List of Support Grants Approved for the period April 1, 2009 to March 31, 2010 Organization Title/ Duration Status Date Amount Description Approved Approved Toledo Institute for TIDE’s Summer Camp 1 month Completed May.6.2009 $6,307.00 Development and Environment (TIDE) Community Baboon To conduct an Audit of the CBSWCG account 7 months Completed May.18.2009 $5,870.00 Sanctuary Women’s and Capacity Building for CBSWCG members Conservation Group (CBSWCG) Friends of Mayflower Friends of Mayflower Bocawina National Park 10 days Completed Jul.1.2009 $156.00 Bocawina National Park wardens to attend a Police Constable training The Scouts Association Scouts - Recycling Project in Belize 10 months Ongoing Jul.15.2009 $9,976.00 of Belize Friends of Mayflower Antelope Trail re-diversion following Earth- 1 month Completed Jul.15.2009 $3,500.00 Bocawina National Park quake damages Toledo Development Bamboo Skills Training Camp 3 months Completed Aug.17.2009 $410.00 Corporation (TDC) APAMO Airing of a video on protected areas in Belize 2 months Completed Aug.17.2009 $9,979.00 on Channel 5, Plus TV, and Love TV Ya’axche Conservation Support to YCT Scholarship Program 12 months Ongoing Aug.25.2009 $5,000.00 Trust (YCT) Aguacate R.C. School Community Clean-up Project 8 months Ongoing Oct.5.2009 $1,955.00 Southern Environmental Development of a Comprehensive Financial 3 months Completed Oct.5.2009 $20,000.00 Association (SEA) Plan for SEA YCT The importance of Steep slope, riparian and 8 months Ongoing Oct.5.2009 $10,000.00 mangrove forests - A national awareness campaign Monkey Bay Wildlife Install a state of the art solar power electri- 1 month Completed Dec.1.2009 $9,859.00 Sanctuary cal supply system at Tobacco Caye Marine Research Station National Institute for Cul- Development of 1st Strategy plan for NICH 8 months Ongoing Feb.15.2010 $10,000.00 ture and History (NICH) ECO-MAR Implementation of the Belize Coral Watch 5 months Ongoing Feb.15.2010 $14,680.00 Program 2010 Friends of Swallow Caye Procurement of a Yamaha Boat engine and 3 months Ongoing Feb.15.2010 $15,000.00 (FOSC) Repairs to FOSC Boat Sarteneja Alliance for Purchase of Skiff and engine to strengthen- 8 months Ongoing Feb.15.2010 $20,000.00 Conservation and ing monitoring and surveillance/enforcement Development (SACD) within the Corozal Bay Wildlife Sanctuary Rio Blanco Mayan RBMA Transportation Support 3 months Ongoing Feb.15.2010 $1,034.00 Association (RBMA) Fisheries Department National Consultation Workshop for Fisheries 6 months Ongoing Feb.15.2010 $19,975.00 Department Regulation Legislative Review Rancho Dolores Spanish Creek Wildlife Sanctuary marketing, 12 months Ongoing Mar.26.2010 $600.00 Environmental and Promotion and Development Project - Finan- Development Co. Ltd. cial Sustainability Plan Total $191,801.00

9 Capacity Building Grants PACT seeks to build capacity of stakeholder organizations and individuals through the Capacity Building Program. The goal is to better equip stakeholders to carry out more effective management, advocacy, promotion, and protection of Belize’s natural and cultural resources. At present, PACT provides four (4) different capacity building grant types. These include Research Grants, Short-term Training Grants encompassing Workshop and Professional Development Grants, and Scholarship Grants. The Capacity Building Program also incorporates an internship program that facilitates the placement of interns from various local and international sources to local environmental NGOs, CBOs and governmental agencies.

Research Grants The purpose of Research Grants is to support research to establish an effective knowledge and information base providing baseline data for effective decision making in the management of the natural resources of Belize. These grants are provided to eligible Belizeans interested in conducting thesis research or to organizations conducting research in the establishment of site or system level baseline data relative to the protected area they manage. Research priority areas identified include, but are not limited to, ecosystems, biodiversity, habitats, species and community development. PACT continues to administer two ongoing Research Grants outlined in the table below.

Table 4. List of Ongoing Research Grants Individual Research Area Objective Duration Date Amount Approved Approved Faustino Long term patterns of To quantify the efforts of disturbance May.5.2008 - Nov.21.2007 $19,940.00 Chi recovery in mangrove from Hurricane Hattie and subse- Oct.31.2010 forests and island changes quent storms on the community and *Extension from hurricanes at Turneffe landscape level ecosystem dynamics in pending Atoll, Belize mangrove forest at Turneffe Atoll. Omar Spatial Ecology and To determine the population status of Dec.6.2007 - Nov.21.2007 $29,000.00 Figueroa Conservation of the Jaguar the jaguars in Central Belize in addi- Dec.31.2010 (Panthera Onca) in Belize tion to describing spatial and temporal *Extension parameters of the jaguars’ home range pending and movement Total $48,940.00 Short-term Training Grants Workshop and Professional Development The Short-term Training Grant for Workshop and Professional Development was established to enable administrative and technical staff, and decision-makers of eligible organizations to attend short-courses, conferences, workshops, seminars, or symposiums that are designed to strengthen their capacities to more effectively and efficiently manage Belize’s natural resources and protected areas. This year, Short-term Training Grants totaled $141,753.08.

10 Table 5. List of Workshop and Professional Development Grants for the period April 1, 2009 to March 31, 2010 Organization Title/ Objective Duration Date Amount Description Approved Approved Belize Tourism Third World Conference To promote and highlight Responsible Sep.14-Oct.25, May.6.2009 $30,000.00 Industry for Responsible Tourism Tourism Practices in Belize and host 2009 Association regional tourism stakeholders to pro- (BTIA) mote better networking Galen University Belize Wildlife Conserva- To first establish the BWCN, then to Aug.13-16.2009 Jul.6.2009 $6,000.00 tion Networking Confer- identify and host entities that work ence (BWCN) with wildlife in Belize and share information regarding current projects and issues related to wildlife conservation Fisheries Masters Degree Program To pursue a Masters Degree in Sep.7.2009- Jul.17.2009 $5,480.00 Department in Protected Areas Manage- Protected Areas Management and Eco- Sep.30.2010 ment and Eco-regional De- regional Development from the Univer- velopment - Kirah Forman sity for International Cooperation Belize Chapter- XIII Congress of the MSBC Successfully host the first MSBC con- Oct.24-31.2009 Oct.2.2009 $40,000.00 Mesoamerican gress in Belize for the exchange of re- Society for search and conservation project find- Biology and ings from the Mesoamerican region Conservation amongst institutions, professionals, and (MSBC) students involved in conservation Rio Blanco Ma- Capacity Building for RBMA To identify and implement a consul- Oct.27.2009- Oct.6.2010 $10,000.00 yan Association Board of Directors tancy for the training exercise Mar.22.2010 (RBMA) Toledo CPR/First Aid training for To conduct First Aid/CPR training Red Oct.28.2009- Oct.6.2010 $2,708.00 EcoTourism community site guides and Cross, Toledo Branch and hold execu- Mar.15.2010 Association district executive training/ tive training along with TEA AGM (TEA) orientation Cornerstone Cornerstone Christian To provide financial support to 5 CCA Oct.8.2009- Oct.8.2009 $3,000.00 Christian Academy support to five students for the current academic year Jul.13.2010 Academy (CCA) students National Federa- NFCBC Sensitization on To conduct a working session for the Oct.19.2009- Oct.19.2009 $3,965.00 tion of Com- Proposed Co-management sensitization of NFCBC members on Ongoing munity-Based Agreement the proposed co-management agree- Co-Managers ment framework. Steadfast Tour- STACA participation in XIII To participate and make a presentation Oct.27-29.2009 Oct.27.2009 $480.00 ism and Conser- MSBC congress on BBNP at the XIII MSBC Congress vation Associa- tion (STACA) Belize Hotel Global Marketing Initiative Implementation of the Global Market- Dec.14.2009- Nov.30.2009 $15,000.00 Association (GMI) ing Initiative Ongoing Ministry of Support to the Belizean To facilitate two delegates from the Dec.8.2009- Dec.8.2009 $5,610.08 Natural Delegation for the United Ministry for the UNFCCC: 15th Con- Ongoing Resources and Nations Framework Con- ference of Parties the Environment vention on Climate Change (MNRE) (UNFCCC): 15th Confer- ence of Parties Ministry of Nat- Support to MNRE Del- To facilitate the participation of the Mar.7-12,2010 Mar.2.2010 $19,510.00 ural Resources egation for the 3rd Meso- Belizean Delegation in the 3rd Me- and the Environ- american Protected Areas soamerican Congress on Protected ment (MNRE) Congress in Merida Areas Total $141,753.08 11 Scholarship Grants PACT’s Scholarship Grants provide financial assistance to Belizeans attending or accepted to attend recognized tertiary level institutions in Belize, abroad or through distance learning programs. PACT provides scholarships to pursue studies at the associate’s, bachelor’s and master’s level. Funding priorities are established based on analysis of the capacity needs of stakeholders. In addition to the responsive scholarship funding, PACT has been developing relationships or partnerships with key universities where it can leverage its funding. As a result of these efforts, PACT has identified some specific scholarships it publishes and awards on a yearly basis.

This year PACT awarded seven (7) scholarships, three (3) for pursuit of associate’s degrees, two (2) for pursuit of bachelor’s degree, and two (2) for pursuit of master’s degrees. The details are outlined in the table below.

Table 6. List of Scholarship Grants Approved for the period April 1, 2009 to March 31, 2010 Individual Program of Study Institution District Duration Date Amount Approved Approved Dorothy Choco Associate’s Degree - University of Belize Cayo Aug.17.2009 - Jul.16.2009 $6,000.00 Natural Resource Management May.20.2011 Ingrid Rodriguez Bachelor’s Degree - Galen University Cayo Sep.7.2009 - Jul.16.2009 $15,000.00 Environmental Science Apr.29.2011 Gedisa Avella Bachelor’s Degree - Galen University Cayo Sep.7.2009 - Jul.16.2009 $15,000.00 Environmental Science Apr.29.2011 Ramon Carcamo Master’s Degree - Business Galen University Cayo Sep.7.2009 - Jul.16.2009 $14,720.00 Administration, concentration in Apr.29.2011 Sustainable Development Herminio Sho Jr. Associate’s Degree - University of Belize Toledo Aug.17.2009 - Jul.16.2009 $6,000.00 Natural Resource Management Mar.11.2011 Anthony Mai Master’s Degree - Business Galen University Cayo Sep.7.2009 - Jul.16.2009 $7,360.00 Administration, concentration in Dec.31.2010 Sustainable Development Noe Verde Associate’s Degree - Saint John’s College Belize Aug.17.2009 - Jul.16.2009 $3,400.00 Environmental Science Junior College Dec.31.2010 Total $67,480.00

Scholarship Award Ceremony Scholarship recipients for this fiscal year 12 PACT Foundation The Government of Belize signed the Debt for Nature Swap with the US Government and local NGO’s on September 28th, 2001. This agreement required the US Government, with funds from The Nature Conservancy (TNC), to retire (US) $9 million in debt from the Government of Belize. In return, the Belizean Government would issue two bonds in the amount of (US) $7.2 million which would be used in collaboration with local NGO’s to protect valuable forests in the country. The local NGO’s were committed to conserve and manage tropical forests and use the endow- ments for continued conservation efforts. This agreement became known as the Tropical Forest Conservation Agreement (TFCA).

A product of this agreement was the creation of the PACT Foundation which was officially established in November 2004. The PACT Foundation, along with the Belize Audubon Society, Pro- gramme for Belize, and the Toledo Institute for Development and Environment are the beneficiaries of this first debt for nature swap. Through this agreement, these four organizations receive monthly contributions from the Government of Belize. The role of the PACT Foundation as per the TFCA was to establish an endowment account with the funds received from the Debt for Nature Swap and issue small grants from the interest income earned from this account. Recipients of these small grants would not include the non-government organizations partaking in this agreement.

Through this agreement, funding is provided to registered management organizations of terrestrial protected areas to carry out projects in the areas of general park management and protection, environmental education, equipment, training and research. Under the PACT Foundation grants program, prospective grantees submit proposals in response to “Calls for Proposals” which are advertised at least once a year for grants up to $39,000.00. The PACT Foundation is a separate legal entity from the PACT Trust, but the Trust serves as the administrator of the Foundation’s grants program.

At the third PACT Foundation grant award ceremony, a total of five grants were awarded valued at $163,500.00. The awardees are listed in the table below.

Rio Blanco National Park Environmental Conservation Education Rio Blanco Mayan Association Sarstoon Temash Institute for Indigenous Management 13 Table 8. List of PACT Foundation Grants Approved for the period April 1, 2009 to March 31, 2010 Organization Title/ Duration Status Date Amount Description Approved Approved Community Baboon Sanctuary Organizational capacity building 11 months Ongoing Sep.25.2009 $39,500.00 Women’s Conservation Group and education program (CBSWCG) Objectives 1. Design an efficient and transparent accounting system for CBS 2. Hire experienced and qualified staff that will contribute to the sustainablity of the CBS 3. Design a new operational manual for the CBSWCG 4. Capacity building for managing committee members and staffs 5. Assist the Forest Department and the CBS in enforcing the Wildlife Protection Act Forest and Marine Reserve Caye Caulker Forest Reserve 12 months Ongoing Sep.25.2009 $40,000.00 Association of Caye Caulker (CCFR) littoral forest and (FAMRACC) mangroves restoration and outreach - Phase II Objectives 1. Hire a project manager who will maintain the books, also present quarterly reports to the board at board meeting, assist in program development and be responsible for overall project management and reporting 2. Design, production, placement and maintenance of effective informative signs and printed materials for the experimental forest, trails and headquarters (HQ). 3. Advancement of status of experimental forests to include increase in size, diversity and number of plants living in CCFR, in addition to increase in size, number and density of Red Mangroves in fringing communities in the area Rio Blanco Mayan Association Park management and 13 months Ongoing Sep.25.2009 $40,000.00 (RBMA) community outreach for the RBMA Objectives 1. To continue to improve relationships with the communities and school through educational programs and providing solar powered computer systems to each of the two schools in the buffer communities 2. To continue to maintain and monitor Rio Blanco National Park 3. To continue to improve the capacity of RBMA to co-manage Rio Blanco National Park Sarstoon Temash Institute for Revision of the Sarstoon Temash 13 months Ongoing Sep.25.2009 $40,000.00 Indigenous Management National Park (STNP) (SATIIM) management plan Objectives 1. Produce an up-to-date park management plan that is in alignment with the National Protected Areas Policy and System Plan and that recognizes the new threats that the STNP faces 2. Provide environmental conservation education and outreach to the buffer communities and primary school 3. Produce an assessment of the outgoing Park Management Plan and submit the report to the Forest Department Rancho Dolores Environmental Spanish Creek Wildlife Sanctuary 12 months Ongoing Sep.25.2009 $4,000.00 and Development Company Ltd. marketing, promotion and development project Objective 1. To develop a financial sustainability plan Total $163,500.00

14 MAR Fund The Mesoamerican Reef Fund (MAR Fund) is a private, non-profit corporation created by four environmental funds from Belize, Guatemala, Honduras and México as a financial mechanism for conservation and adequate resource use in the Mesoamerican Reef Eco-region. The MAR Fund’s mission is to conserve the resources and natural processes in the Mesoamerican Reef region for the benefit of present and future generations, through management, technical and financial support for priority areas and issues such as water quality, sustainable tourism, sustainable fisheries and institutional strengthening.

Under the MAR Fund Grants Program, prospective grantees submit proposals in response to “Call for Proposals” which are advertised as least once a year for grants up to $40,000.00.

PACT serves as the administrator for the MAR Fund Grants Program in Belize and for the 2009- 2010 fiscal year two grants were awarded (December 2009) at a total value of $283,131.20.

Officers Monitoring Fishermen’s Catch Southern Environmental Association

Table 9. List of MAR Fund Projects Approved for the period April 1, 2009 to March 31, 2010 Organization Title/ Duration Status Date Amount Description Approved Approved Toledo Institute for Building the capacity of Fishermen 12 months Ongoing Dec.10.2009 $44,000.00 Development and Association for involvement in community Environment (TIDE) management of Port Honduras Marine Reserve (PHMR) Southern Environmen- Improving fisheries enforcement in 12 months Ongoing Dec.18.2009 $239,131.20 tal Association (SEA) Belize’s Southern Barrier Reef Total $283,131.20 15 Environmental Donations Through environmental donations, PACT provides financial assistance to eligible organizations, associations, groups and schools, to develop and implement projects, activities or initiatives that have arisen at short notice and fall outside the time-frame of PACT’s other grants, but within PACT’s priorities. Maximum funding per contribution is $5,000. This year, PACT awarded five environmental donations as listed below.

Dancing and Dining with Nature Earth Day Clean Up Belize Audubon Society Belize Audubon Society

Table 10. List of Environmental Donations Approved for the period April 1, 2009 to March 31, 2010 Organization Title/ Date Amount Description Approved Approved Belize Audubon Society Support BAS with “Dancing and Dining with Nature” an May.27.2009 $3,000.00 (BAS) event in celebration of BAS’ 40th Anniversary Belize Audubon Society Celebration of Earth Day under the theme “Solutions for Jun.1.2009 $8,000.00 (BAS) Climate Change” Rio Blanco Mayan Donation made to RBMA to assist with project manager Jun.18.2009 $1,050.00 Association (RBMA) services Community Baboon Sanc- Fallet A. Young Environmental Summer Program Jul.15.2009 $5,000.00 tuary Women’s Conserva- tion Group (CBSWCG) Trial Farm Village Council Trial Farm Annual Summer Camp Jul.17.2009 $5,000.00 Total $22,050.00 16 Financial Report

Fiscal year 2009 through 2010 spanned a period still reeling from the ripple effects and uncer- tainties of the global recession—of particular relevance for PACT was the impact on our local tourism industry since tourist arrivals accounts for just under 90 percent of the Trust’s revenues. Despite the prevailing conditions the Trust experienced only a small dislocation in conservation fee earnings while the gross revenues at $4,500,872 recorded a 12 percent increase relative to the previous year. This gain was largely attributable to a 29 percent increase in commissions earned from arriving cruise ship passengers. The improved revenue intake combined with a moderate de- cline in administrative expenses resulted in a net surplus after appropriations of some $780,310, a favorable shift of 27 percent compared to the year before.

The Trust was also able to convert this stronger fiscal position into greater direct support for the environment with a $574,827 increase in grants to various organizations in this year in com- parison to fiscal year 2008-2009. In addition, despite the conservative posture of most financial institutions, the PACT Endowment fund continued to enjoy a relatively good return and at year end the investment stood at a robust $3,597,672. This included an injection of $223,641 from this year’s revenues. Gains from this combined with improved cash on hand position, resulted in a 17 percent increase in the Trust’s Total Reserve and General Fund.

As we move forward we take a moment of pause to remind our stakeholders that the PACT’s financing mechanism requires multiple revenue collection points and succeeds only with the support and commitment of our manifold partners. Therefore, we thank all those organizations who have acted on our behalf. For the upcoming financial year we will continue to pursue a prudent and focused financial management approach as we explore new options to diversify our revenue streams and provide greater support to the Trust in succeeding at its core mission.

17 Distribution of Revenue and Expenditure

Revenue Distribution 2009 - 2010

Interest Earned - 12%

PACT Fees - 39%

Cruise Ships Commission - 48%

Other Income - 1%

Expenditure Distribution 2009 - 2010

Collection Agents Administrative Fees - 3%

Collection Agents Administrative Fees - 3% Administrative Expenese - 27% Administrative Expenses - 27%

ProgrammeProgramme Expenses - 43% Expenses - 43%

TransferTransfer to Endowment Fundto - 5%Endowment Fund - 5%

Institutional Assessment/Strategic Plan (2010Institutional-2015) - 3% Assessment/Strategic CommunicationPlan (2011 Stratetgy 2010 - - 2%2016) - 3%

Net Surplus After Appropriations - 17% Communication Strategy 2010 - 2%

Net Surplus After Appropriations - 17%

18 19 PROTECTED AREAS CONSERVATION TRUST Page 2

STATEMENTS OF FINANCIAL POSITION 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

Notes 2010 2009 Current assets:

Cash and bank 2, 3 1542,570 1126,570 Accounts receivable and prepayments 2, 4 1112,590 1021,443 Inventories 2, 5 254 254 2655,414 2148,267 Long-term asset:

Property and equipment 2, 6 716,629 818,129 Investments 2, 7 4861,816 4434,387 5578,445 5252,516

Total assets 8233,859 7400,783

Current liabilities:

Accounts payable and accruals 2, 8 184,925 71,763 Grants payable 2, 9 1018,122 1330,065

Total liabilities 1203,047 1401,828

NET ASSETS 7030,812 5998,955

Reserve and general fund:

Capital grants (page 4) 225,000 225,000 Endowment fund reserve (page 4) 3597,672 3282,547 General fund (page 4) 3208,140 2491,408

TOTAL RESERVE AND GENERAL FUND 7030,812 5998,955

Approved on behalf of the board

______Director

______Director Dated:

Auditor's report page 1.

The notes on pages 6 - 13 form an integral part of these financial statements. 20 PROTECTED AREAS CONSERVATION TRUST Page 3

STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

Notes 2010 2009

REVENUES

Conservation fees 1775,539 1863,756 Commissions 10 2146,458 1663,870 Interest income 552,476 483,276 Contributions and other income 26,399 2,224 4500,872 4013,126

LESS EXPENSES:

OPERATING EXPENSES:

Collection agents' administrative fees 125,775 130,476 Administrative expenses (Page 14) 1069,595 1490,139 Depreciation 136,810 198,696 1332,180 1819,311

PROGRAMME EXPENSES:

Maintenance of billboards and signs 12,570 - Non-environmental donations - 13,777 Environmental donations - 4,220 Project grants disbursed, net of unspent funds 1803,229 1184,580 Capacity building and scholarships 105,472 114,619 Research and information sharing - 8,000 PACT promotions and awareness education 42,526 51,204 1963,797 1376,400

Net surplus before appropriations 1204,895 817,415

Transfer to endowment fund (Page 4) 223,641 200,656

Extra-ordinary items:

Institutional assesment/strategic plan (2010-2015) 139,965 -

Communications strategy 2010 60,978 -

Net surplus after appropriations 780,310 616,759

The notes on pages 6 - 13 form an integral part of these financial statements. 21 PROTECTED AREAS CONSERVATION TRUST Page 4

STATEMENTS OF CHANGES IN EQUITY YEARS ENDED 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2010 2009

CAPITAL GRANTS

Land grant from Recondev, Belmopan

Belmopan registration section - Block 20 Parcel 6334 Valued by a qualified appraiser 225,000 225,000

ENDOWMENT FUND RESERVE

Balance brought forward 3282,547 2995,025

Additional appropriation from Interest earned on the Endowment Fund at 31st March 2009 / 2008 91,483 86,866 3374,030 3081,891

Transfer from General Fund 223,641 200,656

Adjustment: rounding 1 -

Balance carried forward 3597,672 3282,547

Section 30 of the Protected Areas Conservation Trust Act provides for the establishment of an Endowment Fund which shall receive no less than 5% of the total revenue derived from the Trust Fund during each fiscal year. The Endowment Fund shall be drawn on only in emergencies, contingencies and for such purposes as the Board of Directors may determnine and only upon the unanimous agreement of the full Board.

GENERAL FUND

General fund, beginning of year 2491,408 1961,515 Interest earned on endowment fund (91,483) (86,866) General fund restated 2399,925 1874,649 Net surplus (page 3) 1204,895 817,415 Transfer to endowment fund (223,641) (200,656) Prior year item 27,905 - Extra-ordinary expenses (200,943) - General fund, end of year 3208,140 2491,408

TOTAL RESERVES AND GENERAL FUND 7030,813 5998,955

The notes on pages 6 - 13 form an integral part of these financial statements. 22 PROTECTED AREAS CONSERVATION TRUST Page 5

STATEMENTS OF CASH FLOWS YEARS ENDED 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2010 2009

Cash flow from operating activities:

Net surplus before appropriations 1204,895 817,415 - Loss on disposal of assets - 7,003 - Depreciation 136,810 198,696 - Extraordinary items (200,943) - - Prior year item 27,905 - 1168,667 1023,114 Add/(less): (Increase) / decrease in accounts receivable and prepayments (91,147) 50,652 Increase / (decrease) in accounts payable and accruals 113,162 (32,890) (Decrease) in grants payable (311,943) (281,056) Decrease in inventories - 833 Net cash flow from operating activities 878,739 760,653

Cash flow from investing activities:

Proceeds from the disposal of assets - 3,024 Acquisition of assets (35,310) (15,531) (Increase) in investments (427,429) (313,765) Net cash flow (used by) investing activities (462,739) (326,272)

Net increase in cash and bank balances 416,000 434,381 Cash and bank balances at the beginning of the year 1126,570 692,189

Cash and bank balances at the end of the year 1542,570 1126,570

SUPPLEMENTAL INFORMATION

Non-cash transaction

Revaluation of land donated by RECONDEV - 225,000

The notes on pages 6 - 13 form an integral part of these financial statements. 23 PROTECTED AREAS CONSERVATION TRUST Page 6

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

1. STATUS

Protected Ares Conservation Trust (PACT) was established by statute under the Protected Areas Conservation Trust Act, Chapter 218 of the Laws of Belize, Revised 2000.

PACT is a non-profit organization whose primary objective is to encourage and promote the conservation and enhancement of the natural and cultural resources of Belize for the benefit and enjoyment of the present and future generations of Belizeans.

PACT is funded primarily from a conservation fee imposed under Section 33 of the Protected Areas Conservation Trust Act. The Organization also receives twenty percent of cruise ship passenger fees imposed under Section 21 of the Act. These fees are paid by visitors to Belize on their departure.

The principal office of PACT is located in Belmopan, Belize. The Organization employed 14 persons at 31st March 2010.

2. STATEMENT OF ACCOUNTING POLICIES

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board.

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Basis of preparation

In its financial report and presentations, the Organization consistently employs those accounting policies and practices which it believes most realistically portray results of operations.

The financial statements are prepared under the historical cost convention. The accounting policies set out below have been applied consistently to the periods presented in these financial statements.

The financial statements have been prepared on the going concern basis which assumes that the Organization will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing existence of the legislation that created the Organization. The financial statements do not include any adjustments that would result if the assumption should be invalid.

Cash and cash equivalents

Cash and cash equivalents includes cash on hand and deposits held on call with local banks.

-continues 24 PROTECTED AREAS CONSERVATION TRUST Page 7

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)

Foreign currencies

Transactions in foreign currencies during the period have been translated at the rates ruling on the dates of the transactions. Foreign currency balances outstanding at the date of the statement of financial position are shown at the rates ruling on that date. Gains and losses, both realized and unrealized, are included in the statements of comprehensive income.

Accounts receivable

Accounts receivable is carried at original amount due and is subsequently stated at amortized cost, less provision for impairment. A provision for impairment is established when there is objective evidence that the Organization will not be able to collect all amounts due according to the original terms of the agreement.

At 31st March 2010, the Organization had made no provisions for impairment of accounts receivable.

Inventories

Inventories are valued at the lower of cost and net realizable value, cost being determined on the "first-in, first out" (FIFO) basis.

Investments

Investments are stated at the lower of cost or market value.

Property, plant, and equipment

Property, plant and equipment are recorded at historical cost and are subsequently stated at depreciated value. Land is not depreciated; other assets are depreciated using the straight line method over their estimated useful lives as follows:

Building 40 years Furniture and fixtures 10 years Office equipment 3 -10 years Motor vehicles 4 years

Subsequent costs are included in the asset's carrying value or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits will flow to the Organization and the cost can be measured reliably. All other repairs and maintenance are charged to income during the financial period in which they are incurred.

When equipment are disposed of by sale or scrapping, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the statement of comprehensive income. - continues 25 PROTECTED AREAS CONSERVATION TRUST Page 8

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)

Property, plant, and equipment (continued)

Freehold land is stated at appraised market value as determined by a qualified valuator.

Trade and other payables

Trade and other payables are recognized on an accrual basis, when goods or services are received. Payables are recognized initially at fair value and subsequently measured at amortized cost.

Grants Payable

Grants payable consists of grants awarded by the Organization to various groups. Grants payable are recognized as an expense in the fiscal period in which they are approved and the contract agreements with the grantees are signed. The liability recorded is reduced when disbursements are made to the grantees.

Income recognition

The Organization receives income from a number of different sources and classifies the income based on the source of revenue. These categories include conservation fees, commissions, interest income, contributions and other income. Income is recorded on the accrual basis.

Grant income

Grants and donations received for research that are restricted in use by the donor are recorded as deferred income and recognized in the same period as the related expenses / payments are incurred.

Contributions received for the purchase of capital assets are amortized to income in amounts equal to the depreciation expense taken on these assets.

Other grants are recognized as income over the period agreed for receipt of the grant, subject to management's assessment of collectability. Support for future periods is recorded as deferred support.

All contributions are considered to be available for unrestricted use unless specifically restricted by the donor.

Interest income and expense

Interest income and expense are recognized in the statement of comprehensive income for all interest bearing instruments on the accrual basis using the effective yield method based on the actual purchase price. Interest income includes interest earned on fixed income investments.

-continues 26 PROTECTED AREAS CONSERVATION TRUST Page 9

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2. STATEMENT OF ACCOUNTING POLICIES (CONTINUED)

Expenses

Expenses are recognized on the accrual basis, when goods are received or services are rendered.

FINANCIAL RISK MANAGEMENT

The Organization's activities are exposed to a variety of financial risks: credit risk, liquidity risk and cash flow risk, market risk and marketing risk.

Credit Risk

Financial instruments which potentially subject PACT to concentrations of credit risk consist of cash accounts and investments placed in financial institutions. The Organization addresses this risk by placing its financial instruments with high quality financial institutions.

Liquidity risk and cash flow risk

The Organization is exposed to liquidity risk and cash flow risk which in this case is the risk that sufficient cash will not be available in the low tourist season to cover normal operating expenses and fixed costs, and also approving and disbursing of grants and the possibility that debtors (agents) may not be able to settle obligations to the Organization within the normal terms of trade. To manage this risk, the Organization uses prudent policies when evaluating proposals submitted.

Market risk

The Organization is exposed to market risk from changes in the tourism industry. If there is a decrease in tourist arrivals, then there is a reciprocal downward spiral in fees collected on behalf of the Organization. The Organization's operating and financing plans includes setting up reserves and other actions to minimize this uncertainty.

Marketing risk

The Organization is faced with increased marketing risks resulting from the tourism market that is largely seasonal. Additionally, economic and political events, natural disasters, epidemics and terrorist attacks may affect tourists' decisions to travel and impair the development of the Organization. The Organization works to minimize this uncertainty by investing in local and international tourism awareness campaigns relating to Belize and the environment.

2010 2009

3. CASH AND BANK

Cash and bank consist of the following:

Bank accounts 1542,141 1125,985 Cash on hand 429 585 1542,570 1126,570 27 PROTECTED AREAS CONSERVATION TRUST Page 10

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2010 2009

4. ACCOUNTS RECEIVABLE AND PREPAYMENTS

Accounts receivable and prepayments consist of the following:

Trade receivables 594,866 548,436 Interest receivable 427,611 383,545 Other receivables & prepayments 69,957 38,211 Staff loans 20,156 51,251

1112,590 1021,443

5. INVENTORIES

Inventories consist of the following:

Unused ticket books 254 254

6. PROPERTY AND EQUIPMENT

Property and equipment consists of the following:

Furniture, fittings and 2010 Land Motor vehicles equipment Total Cost

Cost at 31st March 2009 648,315 387,612 414,484 1450,411 Additions - - 35,310 35,310 Disposal - (93,460) - (93,460)

Cost at 31st March 2009 648,315 294,152 449,794 1392,260

Depreciation

Balance at 31st March 2009 68,026 246,495 317,761 632,282 Additions 8,500 78,508 49,802 136,810 Disposal - (93,460) (93,460)

Balance at 31st March 2009 76,526 325,003 274,103 675,632

Net Book Value at 31st March 2010 571,789 (30,852) 175,691 716,628

- continues PROTECTED AREAS CONSERVATION TRUST Page 11 28 PROTECTED AREAS CONSERVATION TRUST Page 11

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

6. PROPERTY AND EQUIPMENT (continued) Furniture, fittings and 2009 Land Motor vehicles equipment Total Cost

Cost at 31st March 2008 423,315 390,112 430,132 1243,559 Revaluation 225,000 - - 225,000 Additions - - 15,531 15,531 Disposal - (2,500) (31,179) (33,679)

Cost at 31st March 2009 648,315 387,612 414,484 1450,411

Depreciation

Balance at 31st March 2008 59,526 150,151 247,562 457,239 Additions 8,500 97,594 92,602 198,696 Disposal (1,250) (22,403) (23,653)

Balance at 31st March 2009 68,026 246,495 317,761 632,282

Net Book Value at 31st March 2009 580,289 141,117 96,723 818,129

Freehold land includes land donated to the Organization that is situated in Belmopan. This will be utilized for the construction of new offices for PACT. The land is recorded at market value as prepared by a qualified valuator. Construction of the new office has been deferred.

2010 2009 7. INVESTMENTS Investments consist of the following:

Term deposits 4861,816 4434,387

Term deposits include funds for the Endowment Fund amounting to $3,597,672 ( 2009 - 3,282,548). These funds are restricted - See page 4.

8. ACCOUNTS PAYABLE AND ACCRUALS Accounts payable and accruals consists of the following: Trade payable and accruals 7,490 24,833 Local Govt Tourism Development Fund 68,685 - Pact administration fees 16,325 16,025 Professional services 71,499 3,575 Utilities 2,427 1,759 Belize Bank Visa 7,272 - PAYE - 24,855 Social security 7 717 Contract tax 75 - Gratuity payable 11,146 - 184,925 71,763 29 PROTECTED AREAS CONSERVATION TRUST Page 12

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2010 2009 9. GRANTS PAYABLE

Grants payable consists of funds approved, but not disbursed, for the following projects:

Forest Department - Institutional Strengthening of the Biodiversity Management Program of the Forest Department 62,871 129,431 SATIIM - Sarstoon Temash National Park - 68,135 TIDE - Improving the Management of Payne's Creek National Park - 21,355 Belize Association of Private Protected Areas (BAPPA) - 3,000 Community Baboon Sanctuary Women's Conservation Group - 2,938 Indigenous People Conservation Alliance (IPCA) - 24,813 Aguascalientes Management Team - Protecting Biodiversity through Sustainable Income Generation - 1,469 Belize Audubon Society - Towards the Sustainability of BAS Managed Protected Areas 15,465 38,983 University of Belize - Developing the University of Belize's Natural Resource Management Program 28,920 212,079 Oak Foundation 77,475 297,355 Friends for Conservation & Development 66,417 276,127 Friends of Nature - 44,734 Ya'xche Conservation Trust - 67,092 Monkey Bay Wildlife Sanctuary - 10,490 Toledo Institute for Development and Environment(TIDE) - 5,110 Ministry of Natural Resources and Environment 4,766 37,039 Sarteneja Alliance for Conservation and Development - 27,780 Belize Fishermen Cooperative (BFCA) 3,009 - Coastal Zone Management Authority & Institute 3,995 Belize Fisheries Department - Natural Resource Management Program 326,686 APAMO 122,549 - Shipstern Nature Reserve (SNR) 59,547 - Sarteneja Fisherman Association (SFA) 43,564 - Ca'ac Alenel Car Sa Nima (San Miguel) 30,000 - Trial Farm Village Council 103,000 - Anthony Mai 2,735 - Astrid Bobadilla - 3,027 Diana Mai 2,510 7,926 Dorothy Choco 4,224 - Faustino Chi 936 936 Gail McNab 3,407 7,191 Gaspari Cordoba 27,640 27,640 Gedisa Avella 4,910 - Herminio Sho Jr. 4,839 - Sub-total 999,465 1314,650

-continues 30 PROTECTED AREAS CONSERVATION TRUST Page 13

NOTES TO THE FINANCIAL STATEMENTS 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2010 2009

9. GRANTS PAYABLE (continued)

Balance brought forward 999,465 1314,650

Ingrid Rodriquez 8,250 - Ivanna Waight 2,517 6,936 Jeneen Leiva - 2,496 Mainka Garcia - 1,969 Noe Verde 423 - Omar Figueroa 733 733 Ramon Carcamo 5,970 - Raul Chun 764 764 Yahaira Urbina - 2,517

1018,122 1330,065

10. COMMISSIONS

Commissions represent 20% of all cruise ship fees.

11. TAXATION

Section 38 of the Protected Areas Conservation Trust Act exempts PACT from income tax, property tax and stamp duty. Section 108 (1) (f) of the Income and Business Tax Act exempts the receipts of any charitable institution from the payment of business tax. PACT is subject to payment of GST to its registered suppliers.

12. FIDUCIARY ACTIVITIES

PACT performs a fiduciary function on three partnership grants, namely Proctected Areas Conservation Trust Foundation,The Mesoamerican Reef Fund and National Protected Areas Commission which are kept in a separate accounting system and are not disclosed in the PACT's financial statements as a project liability.

13. CONTINGENCY

An amendment to the Environment Protection Act in April 209 established the Environmental Management Fund. The Act now requires PACT to contribute 20% of its revenues to this fund. PACT did not make this contribution nor an accrual for the year ended 31st March 2010. PACT is presently in discussion with the Ministry of Natural Resources to reduce the required contribution to 5% and for it to commence in the current year, year ended 31st March 2011.

31 PROTECTED AREAS CONSERVATION TRUST Page 14

SCHEDULE OF EXPENSES YEARS ENDED 31ST MARCH 2010 AND 2009

All amounts are expressed in Belize dollars.

2010 2009

General and administrative:

Accounting and audit 30,765 12,800 Advertising 6,166 9,364 Bank charges 1,316 2,174 Board meetings 53,099 88,357 Cleaning 13,817 15,320 Computer services - 1,269 Dues, subscriptions and donations 16,548 16,386 Insurance 5,294 9,342 Legal fees 21,340 45,120 Loss on disposal - 7,003 Miscellaneous expenses - 889 Office stationery and supplies 39,749 49,664 Other professional fees 6,979 - Repairs and maintenance 21,290 15,339 Security services 2,501 - Social security contributions, employer 11,832 14,090 Staff benefits 223,756 322,465 Staff salaries 466,197 624,830 Staff training and exchanges 12,385 54,104 Travel and subsistence 17,696 32,895 Trust Advisory Council expenses 8,103 3,610 Utilities 42,976 48,359 Vehicle expenses 65,096 114,746 Website expenses 2,692 2,013

1069,595 1490,139

32 This year’s featured Protected Area...

Mayflower Bocawina National Park

Stann Creek District, Belize

Friends of Mayflower started as a community group out of Dangriga, formed as the members saw the need to protect and preserve the area. The Mayflower Bocawina National Park was declared a national park in 2001. Mayflower has over 7000 acres of tropical evergreen broadleaf forest found in a semi-mountainous terrain on a feeder road off mile six on the Southern Highway. PACT Project Mayan Sites Three Mayan sites are located in the park: Mayflower Plaza, Maintzunun Temple and T’au Witz. These three sites are still under excavation by the Mayflower Archeology Project. Archeologists predict once the excavation is complete the Mayflower site will rank as one of the largest in Belize.

Waterfalls There are many waterfalls in the park with the main ones being Bocawina Falls, Three Sisters Falls, and Antelope Falls—each uniquely different and pristine. Smaller waterfalls include Peck Falls and Big Drop Falls.

Wildlife Mayflower is home to an expanse of wildlife. Over 200 different species of birds have been sighted at Mayflower. You can expect to see the Keel Billed Motmot, trogans, parrots, toucans and macaws. Giant heliconia flower, sweet bunches of the Banana Musa Balbisiana fruit and wild jungle breadfruit are all native to the Mayflower area. The animals of the park include howler monkeys, coatimundis, anteaters, peccaries, deer, ocelots, agoutis, kinkajous, Northern tamanduams, several dozen species of bats, tapirs and the elusive jaguar.

Plan to visit? The visitor’s center is open to the public on a daily basis. You will meet Mr. Guzman and Mr. Pau, wardens of the park, who are always around to assist and inform visitors about the area. Trail and site maps are also available at the visitor’s center. Park services include hiking, day and night camping, bird watching and swimming in natural pools at the breathtaking waterfalls! Admission is BZ $2 for Belizeans and BZ $10 (US $5) for Non-Belizeans. 3933 Declared Protected Areas Name IUCN Documented of Belize Category area (acre)

Archaeological Reserves - Legislation: Ancient Monuments and Antiquities Act Altun Ha II 44.000 Cahal Pech II 22.390 Caracol II 25,000.000 Cerro Maya II 534.359 El Pilar II 1,997.000 Lamanai II 958.500 Nim Li Punit II 121.320 Santa Rita II 3.730 Xunantunich II 51.600 ______

Bird Sanctuaries - Legislation: Crown Lands Act Bird Caye IV 1.288 Doubloon Bank IV 3.690 Little Guana Caye IV 2.567 Los Salones IV 2.928 Man of War Caye IV 1.913 Monkey Caye IV 1.285 Un-named IV 1.066 ______

Forest Reserves - Legislation: Forests Act Caye Caulker VI 100.000 Chiquibul VI 147,810.000 Deep River VI 148,357.000 Freshwater Creek VI 78,574 Grants Work VI 28,069.000 Machaca VI 7,590.000 Manatee VI 3,119.000 Mango Creek 1 VI 90,425.000 Mango Creek 2 VI 10,523.049 Mango Creek 3 VI 213.000 Mango Creek 4 VI 4,800.000 Maya Mountain VI 14,670.000 Monkey Caye VI 41,741.000 Mountain Pine Ridge VI 1,460.000 Sibun VI 106,477.809 Sittee River VI 106,192.000 Swasey Bladen VI 93,920.000 Vaca VI 15,000.000 Aguas Turbias VI 40,375.000 ______

Mangrove Reserves - Legislation: National Lands Act St. George’s Caye 15.000

34 Declared Protected Areas Name IUCN Documented of Belize Category area (acre)

Marine Reserves - Legislation: Fisheries Act Bacalar Chico IV 15,577.000 Caye Caulker VI 9,669.948 Gladden Spit/ Silk Cayes IV 25,600.000 Glover’s Reef IV 86,652.097 Hol Chan II 4,036.625 Port Honduras IV 101,100.000 Sapodilla Cayes IV 33,401.000 Southwater Cayes IV 78,374.000 Caye Bokel, Turneffe Island Atoll IV 1,375.994 Dog Flea Caye, Tureffe Island Atoll IV 1,407.994 ______

National Parks - Legislation: National Parks System Act Bacalar Chico V 28,148.000 Billy Barquedier II 1,500.000 Chiquibul II 285,937.000 Five Blues Lake II 4,250.000 Gra Gra Lagoon II 1,197.000 Guanacastte II 51.500 Honey Camp II 7,772.000 Laughing Bird Caye II 10,119.000 Mayflower Bocawina II 7,565.610 Monkey Bay II 2,250.000 Noj Kaax Meen Eligio Panti II 14,124.300 Paynes Creek II 37,680.000 Peccary Hills II 10,744.000 Rio Blanco II 100.000 Sarstoon/ Temash II 41,000.000 St. Herman’s Blue Hole II 574.500 ______

Natural Monuments - Legislation: National Parks System Act Actun Tunichil Muknal Ia 455.000 Blue Hole III 1,023.000 Half Moon Caye II 9,700.000 Thousand Foot Fall III 1,290.000 Victoria Peak III 4,847.000 ______

Nature Reserves - Legislation: National Parks System Act Bladen Ia 99,673.800 Burdon Creek Ia 5,970.000 Tapir Mountain II 6,286.000

35 Declared Protected Name IUCN Documented Areas of Belize Category area (acre)

Private Reserves Aguacate Lagoon IV 283.900 Community Baboon Sanctuary IV 12,980.011 Golden Stream Corridor Preserve IV 15,000.000 Monkey Bay Wildlife Sanctuary IV 1,473.588 Rio Bravo Conservation & Management Area IV 259,134.152 Runaway Creek IV 7,123.800 Shipstern Nature Reserve IV 18,840.381 TIDE Block 127 IV 11,000.000 ______

Public Reserves - Legislation: National Lands Act Krooman Reserve 57.800 Dolphin Park II 0.688 Seine Bight Village 0.750 Cockroach Bay 19.988 Grants Land, Corozal District 0.820 ______

Spawning Aggregation Site Reserves - Legislation: Fisheries Act Emily or Caye Glory IV 1,343.995 Gladden Spit IV 3,590.396 Maugre Caye, Turneffe Atoll IV 1,918.224 Northern Two Cayes, Lighthouse Reef IV 927.313 Nicholas Caye, Sapodilla Cayes IV 1,663.993 Northern Glover’s Reef Atoll IV 1,799.193 Rise and Fall Bank, Sapodilla Cayes IV 4,249.583 Rocky Point, Ambergris Caye IV 1,404.794 Sandbore, Lighthouse Reef Atoll IV 1,279.995 Seal Caye, Sapodilla Cayes IV 1,599.994 South Point, Lighthouse Reef Atoll IV 1,343.995 ______

Wildlife Sanctuaries - Legislation: National Parks System Act Aguacaliente (Luha) IV 5,492.000 Cockscomb Basin IV 87,318.000 Corozal Bay IV 180,500.000 Crooked Tree IV 41,297.000 Gales Point IV 9,095.000 Spanish Creek IV 5,985.000 Swallow Caye IV 8,970.130

Note: S.R. & O - Statutory Rule & Order S. I - Statutory Instrument Documented Area may differ from the GIS area Private Reserves are only those recognized by the Forest Department Source: Land Information Centre, Land and Surveys Department 36 37 3 Mango Street City of Belmopan Cayo District, Belize Tel: +501 822 3637 Fax: +501 822 3759 Email: [email protected] Website: www.pactbelize.org