Letter from the MB of the Fund Manager

Dear reader,

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List of abbreviations

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Summary of accounting policies

The Dutch Fund for Climate and Development (DFCD) (the "Fund") is established as a consortium led by FMO with consortium partners SNV Netherlands Development Organisation (SNV), World Wildlife Fund for Nature (WWF-NL) and Climate Fund Managers (CFM)

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Consolidated statement of financial position

At December 31

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Consolidated statement of changes in fund capital

At December 31

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Consolidated statement of comprehensive income

At December 31

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Consolidated statement of cash flows

At December 31

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Notes to the special purpose consolidated annual accounts

The cash in bank accounts can be freely disposed of.

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Risk management

The risk management framework of the Dutch Fund for Climate and Development (“DFCD”, or “the Fund”) is based on two pillars: (i) prudent financial risk management, and (ii) preventing non-financial risks such as reputational risk, environmental,

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