World Bank Document · 2018. 8. 15. · 6E Etage Immeuble Clairafrique,Rue Malenfant Dakar Plateau, BP 7642 Dakar, Senegal PKF Noble House 33 BijIlo Annex Bijilo P.O. Box 431 Banjul,

GrantThornton PKFAccountants &business advisers

NAWEC-Gambia Electricity Support ProjectMinistry of Energy

International Development AssociationCredit Number: 5787-GMI

Grant Number: D1140-GM2

Financial Statementsfor the year ended 31st December 2017

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Contents

PageGeneral information

1Project Management Report

2Independent Joint Auditors' Report

4Income Statement

6Statement of Financial Position

7Statement of Changes in Equity

8Statement of Cash Flows

9Notes to the Financial Statements

10Appendices


General information

Board of Directors

Aki Jeremiah Allen ChairmanSecretary General Office of The President Member

Lamin Camara Ministry of Finance MemberMod K Ceesay Ministry of Energy MemberTijan Bahoum Mechanical Engineer MemberBuba Janneh Financial Expert MemberCharles Mbye Representative from Private Sector MemberWilliam Shola Joiner Civil Engineer Member

Baba S Fatajo NAWEC, Managing Director MemberCompany Secretary Ms. Anna Dibba NAWEC, Company SecretaryAuditors

Grant Thornton (Senegal)6E Etage Immeuble Clairafrique,Rue Malenfant

Dakar Plateau, BP 7642Dakar, Senegal

PKFNoble House

33 BijIlo AnnexBijilo

P.O. Box 431Banjul, The Gambia

Bankers

Central Bank of The Gambia1-2 Ecowas Avenue

Banjul, The GambiaDonor

The World BankCorniche Ouest x

Rue David DiopBP 3296

Dakar, SenegalRegistered office

National Water and Electricity Company LtdMamady Manjang Highway

P.O. Box 609Banjul

The Gambia

1

GrantThornton PKFAccountanbq &business sdvisers

Project Management Report

The project management present their report and financial statements for the year ended 31st December 2017.Background

The objective of the Project is to increase the availability and reliability of electricity supply for existing customers.

The Project consists of the following parts:

A. Expansion of Available Generation Capacity at Kotu and Brikama

1 Replacing the existing Generator Number 8 (G8) and Generator Number I (Gl) heavy fuel oil engine at PowerHouse D of the Kctu power plant, and installing an additional second-hand heavy fuel oil engine (as group 7) atPower House I of the Brikama power plant.

2 Rehabilitating the group 1 engine of Power House I in the Brikama power plant.3 Rehabilitation of damaged electrical and mechanical equipment in Power Houses A, B and C of the Kotu powerplant in order to restore their functionality, provide operation reliability and improve the power plant's efficiencyB. Reduction of Technical and Commercial Losses in the Greater Banjul Area

1 Supporting a program of activities to upgrade and rehabilitate the transmission and distribution network in theGreater Banjul Area, including: (a) Installing new transformers and upgrading existing transformers; (b) replacingconductors, distribution feeder pillars and other auxiliaries; (c) upgrading and rehabilitating distribution systems;(d) replacing switchgears, and (e) installing capacitor banks.

2 Supporting a program of activities to improve electricity metering, including: (a) installing 300 smart meters and13,000 new prepayment meters; and (b) acquiring calibration equipment for meters.

C. Institutional Strengthening and Project Implementation Support

1 Strengthening the technical, financial management, procurement and managerial capacity of the ProjectImplementing Entity by assessing the Project Implementing Entity's capacity and carrying out the necessaryreforms, and identifying the requirements of an IT system that would integrate various areas of the ProjectImplementing Entity's business including accounting, billing, payroll and stock, and separating the electricity,water and sewerage accounts.

2 Acquiring and installing the IT system identified under Part C.1 above.

3 Providing technical assistance for the supervision of the carrying out of the activities under Parts A and B of theProject, including for: (a) verification of technical specifications and materials; (b) issuance of periodic advancereports; (c) supervision of commissioning activities; and (d) certification of project advance and periodicinvoicing t

4 Providing technical assistance to train staff of the Project Implementing Entity on SCADA systems, and carryingout strategic studies Including a study on the fiscal and financial restructuring for the Project Implementing Entity.

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5 Providing technical assistance to carry out external audits for the Project and for implementing the ESMP.State of Affairs

The state of the Project as at 31s December 2017 is set out in the attached financial statements.Statement of Project Management responsibilities

The Grant Agreement requires the project management to prepare financial statements for each financial year, whichgive a true and fair view of the state of affairs of the Project and of its surplus or defict for that period. In preparingthose financial statements, the project management is required to:

elect suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether applicable accounting standards have been followed, subject to any material departures disclosedand explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that theProject will continue in business.

The project management is responsible for keeping proper accounting records which disclose with reasonableaccuracy at any time the financial position of the project and to enable them to ensure that the financial statementscomply with International Financial Reporting Standards and the Grant Agreement They are also responsible forsafeguarding the assets of the Project and hence for taking reasonable steps for the prevention and detection offraud and other irregularities.

Post balance sheet events

There were no significant events since the year end, which could affect the results or financial position of the Project.By order of Project Management

Managing Director -

Date. ..... .

3


Independent Joint Auditors' ReportOpinion

We have audited the Financial Statements of NAWECGambia Electricity Support Project International DevelopmentAssociation Credit Number, 5787-GMI Grand Number: oi 140-GM2, which comprise the Statement of FinancialPosition as at 31st December 2017 and the Statement of Profit or Loss and Other Comprehensive Income, Statementof Changes in Equity and Statement of Cash Flows for the year then ended and notes to the Financial Statements,including a summary of significant accounting policies.In our opinion, the accompanying Financial Statements give a true and fair view of its financial performance and itscash flows for the year then ended in accordance with International Financial Reporting Standards and have beenpro pe rly pre pa red i n acco rda n ce with the P roj ect Ag reem e nt.Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities underthose standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Project in accordance with the International Ethics Standards Boardfor Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirementsthat are relevant to our audit of the financial statements in The Gambia, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the (ESBA Code. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our opinion.Other information

Management is responsible for the other information. The other information comprises the Project ManagementReport. The other information does not include the financial statements and our auditor's report thereon. Our opinionon the financial statements does not cover the other information and we do not express any form of assuranceconclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on thework we have performed, we concluded that there is a material misstatement of this other information, we arerequired to report that fact. We have nothing to report.

Responsibilities of management and Those Charged with Governance for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance withIFRSs, and for such internal control as management determines is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error. In preparing the financialstatements, management is responsible for assessing the Project's ability to continue as a going concern, disclosing,as applicable, matters related to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Thosecharged with governance are responsible for overseeing the Company's financial reporting process.

Auditors's responsibilities for the audit of the Financial Statements


Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free frommaterial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance withISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or In aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these financial statementsoAs part of an audit in accordance with ISAs, we exercise professional judgement and maintain professionalscepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,intentional omissions misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of thecompany's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates andrelated disclosures made by the management.

Conclude on the appropriateness of management's use of the going concern basis of accounting and, basedon the audit evidence obtained, whether a material uncertainty exists related to events or conditions that maycast significant doubt on the company's ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in theFinancial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor's report. However, future events or conditions maycause the company to cease to continue as a going concern,Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures,and whether the Financial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timingof the audit and significant audit findings, including any significant deficiencies in internal control that we identifyduring our audit.

The Engagement Partners on the audit resulting in this independent joint auditors report are Donald Charles Kayeand Abdoulaye Ndoye.

PKFGAccountants and business advisers Grant Thornton SenegalExperts-Comptables

Register Auditors Commissaires aux comptesBii/o, TtGambia Rue Malenfant, Immeuble Clairafrique 6 eme 6tage, Dakar

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Income statementfor the year ended 31st December 2017

2017 2016Notes USD ($) USD ($)Grant income related to capital 2 805,673 2,326Grant income 2 5,491,600 1953,483

6,297,273 1,955,814Less ExpensesOperation and Maintenance - Vehicles and motorcycles 1,387Other expenses 1,387Heavy Fuel5,1

Hev ul8,000,000 -Workshops and Seminars 8 02,520

Training - Local -522520Training - Overseas 2,2 3Air tickets

42,024 39934Fuel for vehicles and motor bikes 3,80Vehicle Insurance 35 69Depreciation 3 6Audit Fees 3 805,673 2,326Aui es5

25,894 10,789Per diem and Travel Time 502,84 1Bank Charges 08 .Consultancy Services

202,992 -Single Phase Prepayment Meters 20,992 .Other Expenses

259,492 -Foreign Exchange Loss 2,492 .3,611 -

Total Expenditure (9,870,514) (57,182)

(Deficit)ISurplus (3,573,241) 1,898,632

The attached notes form part of these financial statements

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Statement of Financial Positionfor the year ended 31st December 2017

2017 2016Assets Notes USD ($) USD ($)

Fixed AssetsVehicles 3 5,761,988 44,186Accounting Software 4 517,680 44,186

5,779,668 44186Current AssetsDirect Disbursement (IDA) 7 1,997,900Grant Receivable 8 11,008,400 18,50oo00Insurance Prepayment 6 1 8 5Cash and Bank 1,725,68 3

1,725,658,909,38614,731,958 18,409,421

Total Assets20,511,626 - 18,453,607

Equity and Liabilities

Accumulated (Deficit)/Surplus (1,674,609) 1898,632

Non-Current LiabilitiesDeferred Capital Grant

Dfreinoe9(i) 4,971,675 41,860Deferred Income 11,008,400 16500,000

15,980,075 16,541,860Current Liabilities

Deferred Capital Grant 26161 8Acrul

296,176 10,789Other Paal 9(i) 807,993 2,326Other Payables 5,101,991

6,206,160 13,115

Total equity and liabilities - ,-- -----20,511,626 18,453,607

These financial statements were approved by project management on ... . .... 2018 and signed on itsbeha

Project Coordinator

The attached notes form part of these financial statements 7

GrantThornton PKFAccountants &busfness advisers

Statement of Changes in Equityfor the year ended 31st December 2017

Share Revaluation RetainedCapital Reserve Earnings Total

At I January 2016 USD$ USD$ USD$ USD$

Prior year adjustment

Asset Revaluation

Surplus - 1,898,632 1,898,632

At 31 December 2016 -

1 898632At 1 January 2017 1,898,832 1,898,632Prior year adjustment

Asset Revaluation

Deficit- (3,573,241) (3,573,241)At 31 December 2017- (1,674,609) (1,674,609)


8


Statement of Cash Flowsfor the year ended 31st December 2017

2017 2016Cashflow from Operating activities USD USDCash Received

Cash Payments 517,660 2,000,000

Cash generated from operations (162,340) (44,102)

Exchange Gains/loss 355,320 1 955,898

Net cash generated from operating activities

Cash flows from Investing activities

Purchase of non current assets

Net cash used by investing activities (539,049) (46,512)

(539,049) (46,512)(Decrease)/increase in Cash and Cash equivalents (183,729) 1909,386Cash and Cash equivalents at beginning of the year 1,909,386Cash and Cash equivalents at end of the year 1,725,657 909,386


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Notes (forming part of the financial statements)1 Principal Accounting Policies

The project adopted the following accounting policies which have been consistently applied for items that areconsidered material in relation to the financial statements.

a) Accounting convention

The project adopted the following accounting policies which have been consistently applied for items that areconsidered material in relation to the financial statements.b) Direct disbursements

Disbursements made directly by the donor to beneficiaries are accounted for as deferred income and grantincome. Expenditure proposed for settlement by direct disbursements at the year end are recognised in thefinancial statements

c) Foreign currencies

Monetary assets and liabilites denominated in local currencies are converted at the rate of exchange ruling atthe balance sheet date. Transcations in local currencies are recorded at the rate ruling at the date oftranscation. Gains and losses on exchange are transferred to the income statement in the period in which theyarise.

d) Income tax

Income tax on the profit or total revenue for the period comprises current tax and is recognised in the incomestatement.

e) Employee benefits

Obligations for contributions to the Social Security Housing Finance Corporation administered retirementbenefit plan are recognised as expense in the Income Statement as incurred.

f) Provisions

A provision is recognised in the balance sheet when the company has a present obligation (legal orconstructive) as a result of a past event; It is probable that an outflow of resources embodying economicbenefits will be required to settle the obligation; and a reliable estimate can be made of the amount of theobligation.

g) Equipment and others

(i) Owned assets

Items of equipment and others are stated at cost less accumulated depreciation.

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(ii) Depreciation

Depreciation of property, plant and equipment is calculated and charged to the income statement byreference to the expected useful lives of the assets using Straight ine method at the following rates:Office equipment

20%Furniture and fittings 20%Motor vehicles 20%

20%(iii) Subsequent expenditure

Expenditure incurred to replace a component of an item of property, plant and equipment that isaccounted for separately, including major inspection and overhaul expenditure, is capitalised. Othersubsequent expenditure is capitalised only when it increases the future economic benefits embodied inthe item of property, plant and equipment. All other expenditure is recognised in the income statementas an expense as incurred.

h) Grant Income

Grant income is recognised when there is:1) Entitlement to the grant;

2) Virtual certainty that it will be received; and3) Sufficient measurability of the amount,

Unspent grants are shown on the balance sheet as liabilities.

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2 Grant income related to capital

Grant related to capital should be recognized initially as deferred income and transfer a portion each year tothe balance sheet, so offsetting the higher depreciation charges based on the original cost

2017 2016USD ($) USD ($)Cash received

657614,1Credit taken in prior years 6,587,661 46512Portion transferred to income statement (805,673) (2,326)

Deferred income 5,779,662 44,186

Grant related to other expenses should be recognized initially as deferred income and transfer a portioneach year to the income statement in accordance with the amount received into the designated account andthe direct disbursement.

oram repaieo

2017 2016USD ($) USD ($)Amount received into the designated account 517,660 2,$0),Direct disbursement 517,660 2

Less: Tangible asset 4(973,940Otericoe(46,512)Other income

5,491,600 1,953,488

12


3 Property, Plant and Equipment

CotPlant and Motor Office Office ElectricityCost Machinery Vehicles Equipment Furniture Network TotalUSD($) USD($) USD($) USD($) USD{$) USD($)At January ,2016 - 465126512Prior year adjustment - 46,651AdditionsRevaluation

At 31 December 2016 46,512 46,512DepreciationAt January 1, 2016Prior year adjustmentCharges for the year - 2,326 2,326Revaluation

2

At 31 December 2016 - 2,326 2,326

Not Book Value

At 31 December 2016 - 44,186 44,186At January 1, 2017Prior year adjustment - 46,512Additions 6,002100 5,906 238 512905 6,521149Revaluation 5

At 31 December 2017 6,002,100 46,512 5,906 238 512,905 6,67,61DepreciationAt January 1, 2017 - 2326326Prior year adjustment - 2,326Charges for the year 750,627 9,302 295 39 43084 803,347Revaluation

2

At 31 December 2017 750,627 11,628 295 39 43,084 805,673

Net Book Value

At 31 December 2017 5,251,473 34,884 5,611 198 469,821 5,761,988

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4 Intangible Assets - Software

Cost AccountingSoftware Total

USD($) USD($)At January 1, 2016Prior year adjustmentAdditionsRevaluation

At 31 December 2016

Depreciation

At January 1, 2016Prior year adjustmentCharges for the yearRevaluation

At 31 December 2016

Net Book Value

At 31 December 2016

At January 1, 2017Prior year adjustmentAdditionsRevaluation

20,000 20,000

20,000 20 000At 31 December 2017 20,000 20,000Depreciation

At January 1, 2017Prior year adjustmentCharge for the year 2,320 2,320Revaluation

At 31 December 2017 2,320 2,320

Net Book Value

At 31 December 2017 17,680 17,680

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5 Accruals

The financial statements have been prepared in accordance with International Accounting Standardsusiflg accruals basis of accounting.

This accrual relates to audit fees which is prorated on the basis of the number of months of the financialyear in relation to the contract period.

2017 2016USD ($) USD $

Balance brought forward 10,789Audit fees accrued for the year 25,894 10789Audit fees as per auditor financial proposal 2 1Accrued audit fees

36,683 10,789Other Accrual Listing Contract Amount

Amount Paid BalanceUSD ($) USD ($) USD ($)

Prepayment Meters 388,940 (350046) 38894Smart Meters

120,020 - 120,020 .Procurement Expert 213,312 (132,733) 80,579Debt Expert

80,000 (60,000) 20,000

802,272 (542,779) 269,493

296,176 10 789

6 Prepayment

2017 2016USD (s) USD($

Vehicle Insurance 104Amount due 2016 (Nov & Dec) (69)

35

7 Direct Disbursement

2017 2016USD($ USD($

Balance at startDirect disbursements 479Expenses through direct disbursement (2,976,039)

(2,973,039Balance at end of year 1,997,900.

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8 Grant Receivable and Defered IncomeGrant receivable is debited for the amount committed by the government of The Gambial and credited forthe amount received in the Designated account and direct disbursement

2017 2016USD ($) USD ($)Grant receivable at start of year 16,500,000 18,500000

Grant received in designated account (517,660) (2,000,000)Direct disbursement (17,660) (Grant Receivable/Deferred Income

11,008,400 - 16,500,000The whole of the grant committed by the government of Gambiais credited to deferred income and theamount received in the designated account and direct disbursement later debited.

9 Deferred Capital Grant9(i) Non Current

2017 2016USD($) USD($)

Net book value of tangible assetsNet book value of non tangible assets 17,680 4Depreciation of tangible assets 17,680Depreciation of non tangible assets (,3) (

(2,320)-4,971,675 - 41,860

9(ii) Current

2017 2016USD ($) USD ($)Depreciation of tangible assets

805,673 2,326Depreciation of non tangible assets

807,993 - 2 326

10 Salaries

The salaries of the staff working for the project are supported by NAWEC, Therefore no part of the projectsularies was charged to the project.

11 Taxation

Governmennt of The Gambia has granted the electricity supply project exemption from payment of all directtaxes.

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12 Capital Commitments

2017 2016

Authorised by Project Management and contracted for: USD($) USD (s)

Authorised by Project Management and but not contracted forPurchase of Wartsila GeneratorReplacement of generator 8 at Kotu Power Station 1,500,000 3,855,802Construction of Voltage lines

- 502,2191,500,000 6,710,021

13 Related party transactions

None of the directors and Project Management Staff who held office had a beneficial interest in the funds ofthe project

14 Contingent liabilities

There were no contingent liabilities at the end of the year.

15 Going concern

These financial statements have been prepared on a going concern basis. The project started on 26th May2016 and is expected to be completed on 25th May 2021,

17


Appendices

Appendix A List of fixed assets purchased

Appendix B SOE Withdrawal Schedule of the IDA

Appendix C List of Ineligible expenses


Appendix A- List of Fixed assets purchased

PURCHASE DATE ASSET CONDITION OF ASSET VALUE6-Jun-17 Accounting Software GoodUSD ($)8-Mar-17 Wartisia Generator Good 2,268,00021-Apr-17 Generator No.8 Good 3,734,0028-Aug-17 Kanuma Fass Voltage Line Good 298,65828-Aug-17 Farafenni /WJisia Voltage Line Good 214,24714-Mar-17 Office Fumbture Good 23829-Nov-17 Office Equipment Good

6,541,149

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Appendix C - List of inefigible expenses

Amount

USDInefigible expenditure

Total

Documents

World Bank Document · 2018. 8. 15. · 6E Etage Immeuble Clairafrique,Rue Malenfant Dakar Plateau, BP 7642 Dakar, Senegal PKF Noble House 33 BijIlo Annex Bijilo P.O. Box 431 Banjul,