ARC Ltd Integrated Annual Report 2023

TABLE OF CONTENTS	1
ABOUT THIS REPORT	2
2023 HIGHLIGHTS	3
TEN-YEAR REVIEW	4
2023 IN REVIEW	6
LEADERS IN BUSINESS, NURTURING AFRICAN TALENT AND INNOVATION	7
WHO WE ARE	9
OUR CAPITAL CLASSES	11
OUR FOOTPRINT	12
OUR MEMBER STATES	13
OUR OPERATING ENVIRONMENT	14
MESSAGE FROM THE CHAIRMAN, MR ABDOULIE JANNEH	15
CREATING VALUE	16
REPLICA PARTNER INTERVIEW: START NETWORK	18
RESILIENCE-FOCUSED RECOVERY AND RECONSTRUCTION	20
ARC LTD.’S ADVOCACY IN AFRICA AND BEYOND	22
MESSAGE FROM THE CEO, LESLEY NDLOVU	26
OUR STRATEGY	29
OUR BUSINESS MODEL - GEARED FOR VALUE CREATION	33
REPLICA PARTNER INTERVIEW: WFP	36
HIGHLIGHTS: NURTURING AFRICAN TALENT AND EDUCATION	40
OUR MATERIAL MATTERS AND RISKS	42
A LANDMARK US$11.7 MILLION PARTNERSHIP FOR FOOD SECURITY IN AFRICA	46
PARTNER INTERVIEW: UNHCR	48
NON-SOVEREIGN BUSINESS: MALAWI	50
NON-SOVEREIGN BUSINESS: DJIBOUTI	52
NON-SOVEREIGN BUSINESS: CÔTE D’IVOIRE	54
CASE STUDY: SENEGAL	56
HIGHLIGHTS: PAYOUTS IMPACT	60
MEMBER STATE INTERVIEW: MALI	62
CHIEF OPERATING OFFICER’S REPORT, ANGE CHITATE	64
FACILITATING DIALOGUE BETWEEN OUR MEMBERS AND PARTNERS	67
CHIEF UNDERWRITING OFFICER’S REPORT, MALVERN CHIRUME	70
DONOR PARTNER INTERVIEW	74
SAFEGUARDING VALUE	76
A DECADE OF PROTECTING AFRICA’S MOST VULNERABLE	79
OUR BOARD MEMBERS	82
OUR EXECUTIVE MANAGEMENT TEAM	85
AUDITED FINANCIAL STATEMENTS	87
INDEPENDENT AUDITOR’S REPORT	88
STATEMENT OF FINANCIAL POSITION	90
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME OR LOSS	91
STATEMENT OF CHANGES IN EQUITY	92
STATEMENT OF CASH FLOWS	93
NOTES TO FINANCIAL STATEMENTS	94

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