iTITBITiTITH'ITlTn'fflTn'.ITJTlTIT JTJT.JTJTJTJTJTJTJTJTJTJTJTJTJTJl'JL Central Asia South Asia Electricity Transmission and Trade Project Multi-Donor Trust Fund, IBRD and IDA Grant Part A No. TF0A4614-KG and Part В No. TF0B2766-KG Financial statements F or the p eriod fro m 1 January 2021 to 31 D ecember 2021 i independent auditor’s report Building a better working world L, Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Multi-Donor Trust Fund, IBRD and IDA Grant S L a Part A No. TFOA 4614-KG and Part В No. TFOB 2766-KG Financial statements CONTENTS INDEPENDENT AUDITOR’S REPORT П FINANCIAL STATEMENTS Statement o f funds received and expenditures paid............................................................................................................................................... 1 Г1 Statement o f expenditures by project com ponents................................................................................................................................................ 3 Г NOTES TO THE FINANCIAL STATEMENTS Г 1. General inform ation........................................................................................................................................................................................... 4 2. Basis o f preparation of financial statements............................................................................................................................................... 5 Г 3. Summary o f significant accounting p o licies............................................................................................................................................... 5 4. Withdrawal applications reports..................................................................................................................................................................... 6 Г 5. Statement of designated account.................................................................................................................................................................... 7 6. Statement of financial position....................................................................................................................................................................... 7 7. Cash and cash equivalents................................................................................................................................................................................ 7 Г 8. Funds received...................................................................................................................................................................................................... 7 9. Expenditures p a id ................................................................................................................................................................................................9 Г 10. Undisbursed Grant F unds................................................................................................................................................................................ 9 11. Litigation..................................................................................................................................................................................................................9 ■ПГПГГГГГПГПГГГГГГ «Эрнст знд Янг Аудит» ЖЧК О ОО «Эрнст энд Янг Аудит» Ernst & Young Audit LLC ул. Токтогула, 125/1 ул. Токтогула, 125/1 Toktogui Str., 12S/1 ■ Бишкек ш., 720001 г Бишкек, 720001 Bishkek 720001 Building a better Кь|Ргыз Республикасы Кыргызская Республика . Kyrgyz Republic working world In d e p e n d e n t a u d it o r 's re p o rt To the M anagem ent of the O J S C "N a tio n a l E lectric Grid of K y r g y z s t a n " Opinion We have audited the financial statem ents of "C e ntral Asia - South Asia E le c tric ity Transmission and Trade P ro je c t" C A S A -1 0 0 0 , M u lti-D o n o r Trust Fund, Grants Part A No. T F O A 4 6 1 4 -K G and Part B. No. T F O B 276 6-KG (hereinafter, the " P r o je c t" ) , w hich com prise the statem ent of funds received and e xpenditures paid and statem ent of e xpenditures by pro je ct c o m po ne nts for the period from 1 J a n u a r y 2021 to 31 De ce m b e r 2021, and notes to the financial statem ents, including sh ort description of significant accounting policies. In our opinion, the a c c o m p a n yin g financial statem ents present fairly, in all m aterial respects, the cash receipts and p aym en ts on the P roject and its statem ent of funds by project com po ne nts for the period from 1 J a n u a r y 2021 to 31 D ecem ber 2021 prepared in accordance w ith the International Public Sector A c c o u n tin g Standard (herein after, the " I P S A S " ) Financial R e po rting under the Cash Basis of A c c o u n tin g issued by the International Public S e c to r A c c o u n tin g Standards Board of the International Federation of A c c o u n ta n ts and the relevant requ irem en ts of the Grant A g re e m e n t with M u lti-D on or Trust Fund Grants Part A No. T F O A 4 6 1 4 -K G and Part B. No. T F O B 2 76 6-K G between the O J S C National Electric Grid of K y rg yzs ta n and the International Developm ent Association and International Bank for R e c on stru ctio n and Developm ent. Basis for opinion We conducted o u r audit in accordance w ith International Standards on A u d itin g (IS A s ). O u r responsibilities under those standards are fu r th e r described in the A u d ito r's responsibilities for the audit of the financial statem ents section of o ur re p o rt. We are in dependent of the Project in accordance w ith the International Ethics Standards Board for A c c o u n ta n ts ' ( IE S B A ) International Code of Ethics for Professional Ac c o u n ta n ts (in c lu d in g International Independence Standards) ( IE S B A Code), and we have fulfilled our o th e r ethical responsibilities in accordance with the IESB A Code. We believe that the audit evidence we have obtained is sufficient and a p propriate to provide a basis for our opinion. A member firm of Ernst & Young Global Limited EY Building a better working world Responsibilities of management for the financial statements M anagem ent is responsible for the preparation and fair presentation of the financial statem ents in accordance w ith IP SA S, and for such internal control as m a n a g e m e n t dete rm ine s is necessary to enable the preparation of financial statem ents th at are free from m aterial m isstatem ent, w h e th e r due to fraud or error. In preparin g the financial statem ents, m an a g e m e n t is responsible for assessing the Project's ability to continue as a go in g concern, disclosing, as applicable, m atters related to go in g concern and using the go in g concern basis of accou ntin g unless m a n a g e m e n t eith er intends to liquidate the P ro je c to r to cease operations, or has no realistic a lte rn ative but to do so. Auditor's responsibilities for the audit of the financial statements O u r objectives are to obtain reasonable assurance about w h e th e r the financial statem ents as a w hole are free from m aterial m isstatem ent, w h e th e r due to fraud or error, and to issue an auditor's re po rt that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance w ith ISAs will always detect a material m isstatem ent w hen it exists. M isstatements can arise fro m fraud or e rro r and are considered m aterial if, in d ividually or in the a g gre ga te , th e y could re ason ab ly be expected to influence the e con om ic decisions of users taken on the basis of these financial statem ents. As part of an audit in a c c ordance w ith ISAs, we exe rcise professional ju d g m e n t and maintain professional skepticism th ro u g h o u t the audit. We also: ► Id e ntify and assess the risks of m aterial m isstatem e nt of the financial statem ents, w h e th e r due to fraud or e rro r, design and p e rfo rm audit pro c e d u re s re spon sive to th ose risks, and obtain audit evidence that is su fficient and a p p ro p ria te to p ro v id e a basis for o ur opinion. Th e risk of not d e te ctin g a m aterial m isstatem e nt resultin g fro m fraud is high e r than for one resulting fro m e rro r, as fraud m a y in volve collusion, f o r g e r y , in tentional omissions, m isrepre se ntatio n s, or the o ve rrid e of internal c o n trol. ► Obtain an unde rstan ding of internal c o n tro l re le van t to the audit in o rd e r to design audit p ro ce du re s that are app ro p ria te in the circu m stan ces, but not fo r the purpose of e xpre ssin g an opinion on the e ffective ne ss of the P ro je c t's internal con trol. ► Evaluate the a p p ropriaten e ss of a ccou ntin g policies used and the reasonableness of accou ntin g estim ates and related disclosures made b y m a n ag e m e nt. ► Conclude on the app rop ria ten e ss of m an a g e m e n t's use of the go in g con cern basis of a ccou ntin g and, based on the audit evidence obtained, w h e th e r a m aterial u n c e rta in ty exists related to events or conditions that m a y cast sign ifican t doubt on the Project's ability to continue as a going c on cern. If we conclude th at a m aterial u n c e rta in ty exists, we are re gu ired to draw a tte ntion in our a u dito r's re p o rt to the related disclosures in the financial statem en ts or, if such disclosures are in adequate, to m o d ify our opinion. O ur conclusions are based on the audit evid ence obtained up to the date of our au ditor's re p o rt. H o w e v e r, fu tu re even ts or cond ition s m ay cause the P ro je c t to cease to con tinu e as a going concern. ► Evaluate the overall p re sen tatio n, s tru c tu re and c on te n t of the financial statem ents, including the disclosures, and w h e th e r the financial state m en ts re p re s e n t the u n d e rlyin g transaction s and events in a m ann er that achieves fair p re sen tatio n. A member firm of Ernst & Young Global Limited EY Building a better working world We com m unicate w ith those charged w ith go ve rn a n c e re ga rd in g, a m o n g o the r m atters, the planned scope and tim ing of the audit and significant audit findings, including any significant deficiencies in internal control that we ide n tify durin g our audit. Paul Cpfin A u d ito r / General D irector Ernst & Young A u d it LLC Qualification certificate of the auditor: Series A, License to p e rfo rm audit activities series A N o .0366, registration n um be r N o .044 6 of № 0 0 3 6 re g istra tio n No. 0 06 5 dated Fe b ru ary 22, 2018 20 F e b ru a ry 201 0 issued by T h e State S e rv ic e fo r Financial Market R e gu latio n and Supe rvisio n under the G o v e rn m e n t of K y r g y z Republic To k to g u l S t r . , 125/1, BC " A v a n g a r d " , T o w e r В O ffice 3 0 9 -3 1 0 , 7 2 0 00 1, Bishkek, K y r g y z Republic 23 May 2022 A member firm of Ernst & Young Global Limited Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Multi-Donor Trust Fund, IBRD and IDA Grant Part A No. TF0A4614-KG and Part В No. TF0B2766-KG Financial statements STATEMENT OF FUNDS RECEIVED AND EXPENDITURES PAID For the period from 1 January 2021 to 31 December 2021 In US Dollars A ctual Budget Variance F or the F or the F or the For the For the F or the period from p eriod from p eriod from p eriod from period from period from 1 January 1 January 1 January 1 January 1 January 1 January 2021 to 2020 to 2021 to 2020 to 2021 to 2020 to 31 December 31 Decem ber 31 D ecem ber 31 Decem ber 31 D ecem ber 31 December D escription N ote 2021 2020 Cumulative 2021 2020 Cumulative 2021 2020 Cumulative Cash balance as of 1 January 2021 Designated account (IBRD and IDA, Grant Part A No. TF0A4614-KG) 67,722 96,245 Designated account (IBRD and IDA, Grant Part В No. TF0B2766-KG) _ Total cash balance 7 67,722 96,245 - - - - - - - Funds received Designated account (IBRD and IDA, Grant Part A No. TF0A4614-KG) 581,600 169,358 1,090,281 Direct payments 185,218 280,181 847,348 - — _ - _ — Designated account (IBRD and IDA, Grant Part В No. TF0B2766-KG) _ Direct payments - - - - - - - _ — Total funds received 8 766,818 449,539 1,937,629 - - - - - - Expenses incurred IBRD and IDA Grant No. TF0A4614-KG Consultants’ services 134,792 212,981 672,121 134,792 212,981 683,819 (11,698) Consultant engineering services 554,938 130,686 685,624 554,938 130,686 685,624 - _ _ Audit services 67,200 67,200 268,800 67,200 67,200 268,480 - — 320 Incremental operating costs 71,250 67,195 303,474 71,414 67,793 311,188 (164) (598) (7,714) Trainings - - 1,250 - - 1,300 - - (50) IBRD and IDA Grant No. TF0B2766-KG _ Total expenditure paid 9 828,180 478,062 1,931,269 828,344 478,660 1,950,411 (164) (598) (19,142) The accompanying notes on pages 4 to 9 are an integralpart o f thesefinancial statements. 1 Central Asia South Asia Electricity Transmission and Trade Project (CASA 1000) Multi-Donor Trust Fund, IBRD and IDA Grant Part A No. TF0A4614-KG and Part В No. TF0B2766-bCG Financial statements STATEMENT OF FUNDS RECEIVED AND EXPENDITURES PAID (continued) A ctual Budget Variance F or the F or the F or the F or the F or the F or the period from period from p eriod from p eriod from period from p eriod from 1 January 1 January 1 January 1 January 1 January 1 January 2021 to 2020 to 2021 to 2020 to 2021 to 2020 to 31 Decem ber 31 Decem ber 31 Decem ber 31 Decem ber 31 Decem ber 31 D ecem ber D escription Note 2021 2020 Cumulative 2021 2020 Cumulative 2021 2020 Cumulative Cash balance as of 31 December 2021 Designated account (IBRD and IDA, Grant Part A No. TF0A4614-KG) 6,360 67,722 - - - - Designated account (IBRD and IDA, Grant Part В No. TF0B2766-KG) Total cash balance 7 6,360 67,722 - - - - ___________________________ G. Duisheeva Financial Specialist o f Central Asia South Asia Electricity Transmission and Trade Project The accompanying notes on pages 4 to 9 are an integralpart o f thesefinancial statements. 2 Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Multi-Donor Trust Fund, IBRD and IDA Grant Part A No. TF0A4614-KG and Part В No. TF0B2766-KG Financial statements STATEMENT OF EXPENDITURES BY PROJECT COMPONENTS For the period from 1 January 2021 to 31 December 2021 In US Dollars A ctual Budget Variance F or the F or the F or the F or the F or the For the period from period from p eriod from period from p eriod from p eriod from 1 January 1 January 1 January 1 January 1 January 1 January 2021 to 2020 to 2021 to 2020 to 2021 to 2020 to 31 Decem ber 31 D ecem ber 31 D ecem ber 31 Decem ber 31 D ecem ber 31 Decem ber Project components Note 2021 2020 Cumulative 2021 2020 Cumulative 2021 2020 Cumulative Part B. Technical Assistance and Project Implementation Support 1. High Voltage AC Transmission Engineers 554,938 130,686 685,624 554,938 130,686 685,624 (11,698)- 2. Environment and Social Management Support 74,713 212,981 612,042 74,713 212,981 623,740 320 3. Audits and Financial and Revenue Management 67,200 67,200 268,800 67,200 67,200 268,480 4. Project Management Support 68,773 67,195 302,247 68,936 67,793 310,010 (163) (598) (7,763) 5. Coordination 2,'477 - 2,477 2,477 - 2,477 - — _ 6. Project Communication 57,756 - 57,756 57,756 - 57,756 — — _ 7. Capacity building 2,323 - 2,323 2,324 - 2,324 (1) — (1) Total expenditures 9 828,180 478,062 1,931,269 828,344 478,660 1,950,411 (164) (598) (19,142) _____ (S & f'___________________________ G. Duisheeva Financial Specialist of Central A sia South Asia Electricity Transmission and Trade Project The accompanying notes on pages 4 to 9 are an integralpart o f thesefinancial statements. 3 Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Notes to die financial statements Multi-Donor Trust Fund, IBRD and IDA Grant for the period from 1 January 2021 Part A No. TF0A4614-KG and Part В No. TF0B2766-KG to 31 December 2021 In US Dollars 1. General information Grant No. TF0A4614 — KG of the Central Asia — South Asia Electricity Transmission and Trade Project CASA-1000 (hereinafter —the “Project”) is implemented on the basis o f the signed Agreement on the provision o f grant No. TF0A4614 — KG o f 2 August 2017 between the National Electric Grid of Kyrgyzstan OJSC (hereinafter - the “Company”) and the International Bank for Reconstruction and Development, the International Development Association (hereinafter collectively referred to as the “W orld Bank”) acting as the administrator o f the CASA-1000 Multi Donor Trust Fund. According to this Agreement, the total amount o f grant funding will not exceed 1,000,000 (one million) US dollars. The grant is provided for technical assistance and support for the financing o f preparation for the implementation o f the Project. On 24 July 2019, the total amount of financing was increased to 3,000,000 (three million) US dollars by Amendment No. 1 for financing the Part В activities o f the Project. On 22 June 2020, by Amendment No. 2 to the above Grant Agreement, W orld Bank notified the Company o f the extending the Closing Date of the Grant until 31 March 2022 and allocation o f additional remaining funds from Multi-Donor Trust Fund as Part В o f the Grant No. TF0A2766-KG in the amount o f 1,566,820 (one million five hundred sixty-six thousand eight hundred twenty) US dollars. Thus, the total amount o f financing amounted to 4,566,820 (four million five hundred sixty six thousand eight hundred twenty) US dollars. Project management Project management is carried out by the General Agreement o f the Intergovernmental Council, the Agreement on the purchase o f electricity, Credit agreements with donor organizations, Debt obligations with the M inistry of Finance o f the Kyrgyz Republic, the Secretariat o f the Project, and in accordance with Decrees and Orders o f the Government o f the Kyrgyz Republic. Implementation o f the Project is carried out by the National Electric Grid o f Kyrgyzstan OJSC. Address o f the Company: Kyrgyz Republic, Bishkek, 326 Jibek Jo lu Avenue, 720040. Project objective The objective o f the Project is export o f electric energy from Kyrgyz Republic and Republic o f Tajikistan to Islamic Republic of Afghanistan and Islamic Republic of Pakistan. The Project consists o f 3 components: 1. Component A “Construction o f High Voltage Transmission Infrastructure”. 2. Component В “Technical Assistance and Project Implementation Support”. 3. Component С “Community Support Program”. The project implements the implementation o f Component В “Technical Assistance and Project Implementation Support”, which consists of the following parts: 1. High Voltage DC and High Voltage AC Transmission Engineers. 2. Environment and Social M anagement Support. 3. Audits and Financial and Revenue Management. 4. Project Management Support. 5. Coordination. 6. Project Communication. 7. Capacity building. The Grant Agreement sets the duration o f the Grant from 2 August 2017 to 31 March 2022 due to the increase in the amount of financing under the Grant to provide technical support for the implementation of the Project. The financial statements were approved for release by Project management on 23 M ay 2022. 4 Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Notes to the financial statements Multi-Donor Trust Fund, IBRD and IDA Grant for the period from 1 January 2021 Part A No. TF0A4614-KG and Part В No. TF0B2766-KG to 31 December 2021 In US Dollars 2. Basis of preparation of financial statements The financial statements are prepared in accordance with the International Public Sector Accounting Standard (hereafter — “IPSAS”) Financial Reporting under Cash Basis o f Accounting issued by the Public Sector Committee o f the International Federation o f Accountants and corresponding points of the Agreement on Grant Part A No. TF0A4614-KG and Part В No. TF0B2766-KG. The format o f the financial statements complies with the one used for the projects financed by the World Bank, that discloses the sources and uses funds in the framework of the Project. The financial statements consist o f the following: • Statement of funds received and expenditures paid; • Statement of expenditures by project components; • Notes to the financial statements, including short description o f significant accounting policies and other descriptive notes. Reporting currency The reporting currency o f the financial statements is US dollars (USD). Comparative information Comparative information is provided for the previous period for all numerical information in the financial statements and in the notes to the financial statements. 3. Summary of significant accounting policies Cash basis of accounting The financial statements are prepared on the cash basis of accounting. The cash basis of accounting recognizes transactions and events when cash (including cash equivalents) is received or paid by the Project. The financial statements, which are prepared on the cash basis o f accounting, provide users with information about the sources o f cash received during the reporting period, and which funds were used and about the balance o f funds at the reporting date. Foreign currency Cash receipts and payments in foreign currency are converted at USD exchange rate as at the date o f cash receipts and payments. The cash balance in foreign currency is reported using the exchange rate established by the National Bank o f Kyrgyz Republic (“N BKR”) at the reporting date. In preparing the financial statements, the following foreign exchange rates established by the NBKR, in relation to the national currency (Kyrgyz som), at the reporting date were used: 31 December 2021 84.7586 31 December 2020 82.6498 Cash and cash equivalents Cash and cash equivalents include cash in a foreign currency in a bank account. Taxes Calculation and payment o f individual income tax and social contributions to Social Fund from income o f local staff and foreign consultants are made in accordance with the requirements of the Tax Code of the Kyrgyz Republic and the Law of the Kyrgyz Republic On Tariffs o f Insurance Contributions. Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Notes to the financial statements Multi-Donor Trust Fund, IBRD and IDA Grant for the period from 1 January 2021 Part A No. TF0A4614-KG and Part В No. TF0B2766-KG to 31 December 2021 In US Dollars 3. Summary of significant accounting policies (continued) Grant financing Funds actually received tinder the grant are recognized in the reporting period in which they were actually received. Grant expenditures Project expenditures include non-consulting services, local and expatriate consulting services, training and operating costs. Expenditures are recognized in the period, in which they were actually paid. Budget of Grant The Grant budget is formed on the basis of Procurement Plan approved by the World Bank. Grant financing and uses of funds is carried out according to the Grant Agreement with the International Bank for Reconstruction and Development (hereinafter, the “IBRD”), and the International Development Association hereinafter —the “IDA”). The procurement plan is monitored in real time through (World Bank’s secure website “Client Connection” and the electronic procurement planning and monitoring system “STEP”. 4. Withdrawal applications reports Below is a report on withdrawal applications for the period from 1 January to 31 December 2021 and for the period from 1 January to 31 December 2020: Report on applications for the period from 1 January to 31 December 2021: Designated D irect account Source Withdrawal JVe paym ent (IBRD and IDA) Am ount Grant Part A No. TF0A 4614-KG No. 21 131,600 131,600 Grant Part A No. TF0A 4614-KG No. 22 66,680 - 66,680 Grant Part A No. TF0A 4614-KG No. 23 25,669 - 25,669 Grant Part A No. TF0A 4614-KG No. 24 - 100,000 100,000 Grant Part A No. TF0A 4614-KG No. 25 67,200 - 67,200 Grant Part A No. TF0A 4614-KG No. 26 - 350,000 350,000 Grant Part A No. TF0A 4614-KG No. 27 25,669 - 25,669 Total 185,218 581,600 766,818 Report on applications for the period from 1 January to 31 December 2020: Designated D irect account Source Withdrawal № paym ent (IBRD and IDA) Amount Grant Part A No. TF0A 4614-KG No. 13 54,476 54,476 Grant Part A No. TF0A 4614-KG No. 14 22,955 — 22,955 Grant Part A No. TF0A 4614-KG No. 15 34,435 — 34,435 Grant Part A No. TF0A 4614-KG No. 16 - 74,040 74,040 Grant Part A No. TF0A 4614-KG No. 17 67,200 — 67,200 Grant Part A No. TF0A 4614-KG No. 18 34,435 — 34,435 Grant Part A No. TF0A 4614-KG No. 19 - 95,318 95,318 Grant Part A No. TF0A 4614-KG No. 20 66,680 - 66,680 Total 280,181 169,358 449,539 6 Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Notes to the financial statements Multi-Donor Trust Fund, IBRD and IDA Grant for the period from 1 January 2021 Part A No. TF0A4614-KG and Part В No. TF0B2766-KG to 31 December 2021 In US Dollars 5. Statement of designated account Below is the statement o f the IBRD and IDA Designated Account for the year ended 31 December 2021: Designated account_____________________________________________________ Grant Part A No. TF0A4614-KG Bank account No. 1091820100040808 Bank “Optima Bank” OJSC Bishkek Central Branch Bank address 104/1 Kiev St., Bishkek, Kyrgyz Republic, 720040 Balance at 1 January 2020 96,245 Advance/replenishment during the reporting period (IBRD and IDA) 169,358 The expenditures paid (incurred) during the reporting period (197,881) Balance at 31 December 2020 67,722 Advance/replenishment during the reporting period (IBRD and IDA) 581,600 The expenditures paid (incurred) during the reporting period (642,962) Balance as of 31 December 2021 6,360 * During 2021, Part В o f Grant No. TF0B2766-KG was not received and used, fo r this reason the balances as o f 1Januaty 2021 and 31 December 2021 were nil. 6. Statement of financial position The statement of financial position o f the Project as o f 31 December 2021 and 31 December 2020 is presented below: 31 December 31 December 2021 2020 Assets Cash and cash equivalents 6,360 67,722 Accrued expenses 1,931,269 1,103,090 Total assets and expenditures 1,937,629 1,170,812 Financing IBRD and IDA Grant Part A No. TF0A4614-KG 1,937,629 1,170,812 Total financing 1,937,629 1,170,812 7. Cash and cash equivalents As o f 31 December 2021 and 31 December 2020, the article takes into account the balance o f unused cash in a Designated account: 31 December 31 December Description 2021 2020 Special account in US dollars 6,190 67,668 Transit account in national currency 144 28 Transit account in euro 26 26 Total 6,360 67,722 8. Funds received For the reporting period, the total amount of financing received under Part A of the Grant No. TF0A4614-KG amounted to 766,818 US dollars, including direct payments in the amount o f 185,218 US dollars. In the period from 1 January 2021 to 31 December 2021, Part В o f Grant No. TF0B2766-KG was not received and used. 7 Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Notes to the financial statements Multi-Donor Trust Fund, IBRD and IDA Grant for the period from 1 January 2021 Part A No. TF0A4614-KG and Part В No. TF0B2766-KG to 31 December 2021 In U S D ollars 8. Funds received (continued) The following is the financing received by payment methods: Am ount fo r the period from 1 January 2021 to 31 December Payment methods Date o f paym ent 2021 Direct payment 27 April 2021 66,680 Account replenishment 26 April 2021 131,600 Direct payment 21 M ay 2021 25,669 Account replenishment 24 June 2021 100,000 Direct payment 3 August 2021 67,200 Account replenishment 18 October 2021 350,000 Direct payment 12 October 2021 25,669 Total funds received 766,818 Amount fo r the period from 1 Januaryv 2020 to 31 December Payment methods Date o f paym ent 2020 Direct payment 22 January 2020 54,476 Direct payment 30 March 2020 22,956 Direct payment 12 M ay 2020 34,435 Account replenishment 15 June 2020 74,040 Direct payment 27 June 2020 67,200 Direct payment 30 June 2020 34,435 Account replenishment 14 September 2020 95,317 Direct payment 2 December 2020 66,680 Total funds received 449,539 * Direct payment represents payment made by the World Bank directly to the supplier. Central Asia South Asia Electricity Transmission and Trade Project (CASA-1000) Notes to the financial statements M ulti-Donor Trust Fund, IBRD and IDA Grant for the period from 1 January 2021 Part A No. TF0A4614-KG and Part В No. TF0B2766-KG to 31 December 2021 In US Dollars 9. Expenditures paid The article presents the eligible actual costs incurred, paid from the Grant funds in accordance with the approved Procurement Plan. The costs incurred by the Project are presented in the Statement o f Funds Received and Costs Incurred. Component costs are presented in the project component cost report. The grant funds are used in accordance with the approved Procurement Plan. For the period For the period from 1 January from 1 January 2021 to 2020 to 31 December 31 December Expenditures category 2021 2020 Consulting services Local consulting services 134,792 212,981 Consultant engineering services 554,938 130,686 Audit services 67,200 67,200 Total 756,930 410,867 Incremental operating costs and trainings Salary o f local consultants 47,046 43,951 Travel expenses 18,658 21,139 Bank commission 278 188 Acquisition o f furniture and office equipment* - - Other operating expenses 5,268 1,917 Subtotal 71,250 67,195 Total 828,180 478,062 * Furniture and office equipment are recognised by the Company as inventories and fixed assets in accordance with the accounting policies. As o f 31 December2021, the carrying amount of property, plant and equipment is 5,029 US dollars (as at 31 December 2020: 10,984 US dollars), where the cost is 14,244 US dollars and accumulated depreciation is 9,215 US dollars, inventory value is 1,583 US dollars. The acquisition included VAT o f2,922 US dollars. 10. Undisbursed Grant Funds As o f 31 December 2020, the funds of Part A o f the Grant No. TF0A4614-KG, including Part В o f No. TF0B2766-KG, were disbursed by 42.43% from 4,566,820 US dollars (as of 31 December 2020 - 25% from 4,566,820 US dollars), undisbursed funds in monetary terms amounted to 2,629,190 US dollars (as o f 31 December 2020 - 3,396,008 US dollars). 11. Litigation According to management’s opinion o f Project, there are no current legal proceedings or other outstanding claims, which could have a material negative effect on results o f operations or financial position of the Project, and which have not been disclosed in the financial statements. 9 E Y | B uildin g a b ette r w orking world EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. 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