Republic of Malawi MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALISATION PROJECT (AGCOM) PROJECT ID NO: P158434 IDA CREDIT NO: 60480-MW Financial Statements For the year ended 31St March, 2023 National Audit Office P0 Box 30045 Lilongwe September 2023 TABLE OF CONTENTS CONTENTS PAGE Controlling Officer's Report I Statement of Management Responsibilities 5 Auditor General's Report 6 Statement of Financial Position 9 Statement of Receipts and Payments 10 Designated Account Activity Statement 11 Notes to the Financial Statements 12-25 MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECT ID NO: P158434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2023 CONTROLLING OFFICER'S REPORT 1.0 Introduction The Ministry of Agriculture is implementing the Malawi Agriculture Commercialization Project (AGCOM) with funding from the International Development Agency (IDA) amounting to US$95 million (i.e., SDR70,100,000). The Project was approved on 23rd May 2017 while the Financing Agreement (FA) was signed on 2nd February 2018. The Project was declared effective on 1st June 2018. The original closing date of the Project was 31s May 2023 while the disbursement deadline date was 30th September 2023. The project was granted a no cost extension up to 31" May 2024 and the disbursement deadline was revised to 30th September 2024. 1.2 Project Development Objective (PDO) The Project Development Objective (PDO) is to increase commercialization of agriculture value chain products selected under the project. The PDO refers explicitly to value chain products selected under the project because the value chains to be supported are not determined in advance; AGCOM is purposely designed to allow the market to decide which value chains and buyers have strong prospective commercial linkages. This approach will prevent the project from confining its impact at the outset to a small number of producers in particular value chains. Agricultural value chain products are products of farms and agribusinesses, including crop, livestock, and fisheries products sold domestically or exported, with or without processing, depending on market requirements. Commercialization refers to the proportion of marketed production from targeted farms and the proportion of marketed agribusiness products from the selected value chains. 1.3 PDO level indicators The following Project indicators measure progress toward the PDO i. Increase in yield of selected commodities by producer organizations participating in productive alliances (crops, livestock, and fisheries, etc.) ii. Selected agricultural value chain products linked to markets iii. Producer groups that meet market specifications defined by off-takers (% of members' women) Increased value of gross sales by producer groups for products of agricultural value chains supported by the project 1.4 Project Components The above PDOs are being achieved through the Project's four components, namely: i. Building Productive Alliance. This component is supporting integration of small- scale, emerging farmers (defined as farmers cultivating not more than 8 ha) into value chains by improving their capacity to finance and execute productivity- 1 MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECT ID NO: P158434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 31T MARCH, 2023 enhancing investments and respond to the requirements of end-markets and buyers (off-takers). ii. Support Investment Enabling Services. This Component is focusing on organisation of Producer Organizations (POs), development of Productive Alliances (PAs), and advance access to markets (especially for mature PAs). Further this component is supporting improvements and trade environment that will both deepen and sustain market linkages and improve financing for PAs and POs. iii. Contingency Emergency Response. This Component focuses on establishment of a disaster recovery contingency fund that is triggered in the event of an eligible natural or human-induced crisis or emergency that has had (or is likely to have) major adverse socio-economic impacts during the life of the project. iv. Project Coordination and Management. This Component is financing and coordinating project implementation. The AGCOM PIU implemented key activities as well as fiduciary activities (including the management of finances and associated checks and balances, procurement contract management) with full oversight support provided by the members of the Project Technical Committee, Project Steering Committee, Ministry of Agriculture and other implementing agencies such as Ministry of Trade, MITC and MBS. 1.5 Key achievements during the year under review In the period under review April, 2022 to March, 2023 the project has made good implementation progress: Spread of the Productive Alliances (POs) and matching-grants funds disbursed by region The overall project target is to support the establishment and functioning of at least 200 Productive Alliances by May 2023. As at March, 2023, cumulatively 390 Productive Alliances (149 in the reporting period) have signed Grant Agreements after making their 10% (at least first tranche) matching contributions and are accessing matching grants. Out of the 390 Productive Alliances, 32 are women only and 19 youth only Producer Organisations. A total of 75,749 households (estimated 350,000 people) are direct beneficiaries, of which 59% are women, 41% are men, out of this 32% are youth. A majority of Productive Alliances (PAs) (208 PAs) are in the central region representing 55%; 109 (28%) in the south and 73 (22%) are in the north. In order to support the 390 sub-projects, the project has already committed a total of US$ 26.7 (MK27.6 billion). Regional breakdown is as follows: MWK 15,118,781,479.86 (55%) committed to the Southern region. MWK 8,205,255,691.04 (30%) in the Central Region and MWK 4,282,938,538.70 (15%) in the Northern region. AGCOM is supporting one mega- 2 MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECT ID NO: P 158434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST MARCH, 2023 farm producing sugarcane in Chikwawa called Katunga-Maseya (KAMA) with a sum of USD6 million, representing 60% of funds disbursed in the Southern region and approximately 30% of the total sum disbursed in matching grants. Press-Cane is the off-taker for KAMA. Progress on Last Mile Infrastructure (LMI) The project is implementing the first 6 Last Mile Infrastructure clusters that were cleared by the Bank. The six approved clusters include Nambuna irrigation scheme rehabilitation in Dedza, Kanjeza-Salankhuku irrigation scheme rehabilitation in Phalombe, Masenjere- Muona irrigation scheme rehabilitation in Chikwawa, Limphasa irrigation scheme rehabilitation in Nkhatabay, access road and running water for Nsanama Women in Machinga and Ntchisi-coffee and access road for Macadamia Helmaculs in Ntchisi. Implementation of the LMI is at different stages, although good progress is expected to be achieved after the rainy season. Progress on Partial Credit Guarantee (PCG) AGCOM is de-risking smallholder farmers by guaranteeing 70% of a working capital loan they can get from commercial banks. The loan would help facilitate operations in their production, marketing activities or even to top-up their matching grant contribution. The Malawi Agriculture Investment and Industrial Corporation (MAIIC) is the administrator for the PCG on behalf of AGCOM. MAIIC signed agreements with five interested and approved commercial banks (FDH, Standard Bank, My Bucks, NBS, and First Capital Bank) to anchor this facility, Despite the fact that the PCG has been functional for three years (since July, 2021), only 11 (eleven) AGCOM sub projects have accessed loans (approx. MK123.5 million) from the commercial banks using this facility. Only FDH and Standard Bank have facilitated these loans. Commercial banks insist on full loan cover and therefore forcing smallholder farmers to still secure collateral for the remaining 30% not covered by AGCOM. Project Disbursement and Expenditure As at 31st March, 2023 the overall cumulative disbursement of funds has increased to US$ 85,353,498 from US$73,045,155 reported in March, 2022. The cumulative disbursement rate is now at 89.85%, from 76.89% reported in March, 2022. Despite the increase, this cumulative disbursement rate (89.85%) is still low compared to the projected 100% by February 2023. The low disbursement rate is attributable to late start of the project, which resulted in delays in implementation of the Matching Grants and Last Mile Infrastructure. Bulk of AGCOM funds (US$ 43 million) were allocated to matching grants and the LMI. As at 31st March, 2023 overall cumulative expenditure stood at US$ 68,052,583 representing cumulative budget utilisation rate of 71.6% of the total project funds (US$ 95,000,000). This cumulative expenditure represents absorption rate of 79.7% of the disbursed funds (i.e., US$85,353,498). However, the trajectory in terms of disbursement and utilisation of funds is quite promising and on track bearing in mind that the project has now managed to establish a lot of PAs (390 PAs exceeding the project target of 200) to speed up utilisation of the matching grants. Also, all 6 (six) LMI clusters approved by the bank are being implementation. US$6m of the LMI has already been committed. Government requested for a reallocation of funds moving from categories that were deemed unlikely to fully utilize the 3 MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECT ID NO: P158434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1sT MARCH, 2023 funds by the end of the project period, to strategic categories that were assessed to have capacity to efficiently utilize these funds. AGCOM is already demonstrating positive impacts including promoting diversification and increasing commercialization of the agricultural commodities. A total of 32 (thirty-two) value chains are being supported under the project. However, to generate independently verified evidence of the socio-economic impact of the project, an external evaluation has been commissioned. Contingency Emergency Response Component (CERC) In April, 2022 the Government requested for a second Contingency Emergency Response Component (CERC) worthy US$3.7 million for purchase of seed and fertiliser in response to cyclone Ana that destroyed crops fields in the southern region. The CERC funds were deducted from other categories within the project. The activation of the new CERC resulted in adjustment of some project indicators and targets, especially for Component 3. The CERC was successfully implemented and closed in March, 2023. 1.6 Key challenges in the year under review During the year under review, the project experienced some administrative/operational, technical and financial challenges which included but not limited to the following: i. Effects of Inflation and devaluation: The May, 2022, 25% devaluation of the MK has put pressure on businesses due to the rising costs of goods and services. The rising costs undermined the approved budgets for the sub-projects. Coupled with the scarcity of forex, some delays, especially in procurement of imported goods and services, was experienced in the sub-project implementation. ii. Scarcity of fertilizer on the local market delayed CERC implementation. Dickxie V. Kampani SECRETARY FOR AGRICULTURE 4 MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECT ID NO: P158434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sT MARCH, 2023 STATEMENT OF MANAGEMENT RESPONSIBILITIES The management of Malawi Agricultural Commercialization Project is required to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the project as at the end of the financial year and of the operating results for that year. The management is also required to ensure that the project keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the project and enable them to ensure that the financial statements comply with the financial agreements and statutes. In preparing the financial statements the management accepts responsibility for the following: * Maintenance of proper accounting records; * Selection of suitable accounting policies and applying them consistently; * Making judgment and estimates that are reasonable and prudent; * Compliance with applicable accounting standards when preparing the Financial Statements, subject to any material departures being disclosed and explained in the financial statements. The management also accepts responsibility for taking such steps as are reasonably open to them to safeguard the assets of the project and to maintain adequate systems of internal controls to prevent and detect fraud and other irregularities. SECRETARY FOR AGRICULTURE NATIONAL PROJECT COORDINATOR 5 In reply please quote No ................................. Telephone: + 265 1 770 700 A NATIONAL AUDIT OFFICE Email: ifoiriai.ugo.nnyv P.O. BOX 30045 Website : LyiimogovIn CAPITAL CITY LILONGWE 3 All Communications should be addressed to: National Audit Office AUDITOR GENERAL'S REPORT TO THE SECRETARY FOR AGRICULTURE ON THE FINANCIAL STATEMENTS OF AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) ID NO: P158434 AND IDA CREDIT NO: 60480-MW FOR THE YEAR ENDED 31ST MARCH, 2023 Opinion I have audited the financial statements of the Agricultural Commercialization Project (AGCOM) comprising the Statement of Financial Position, Statement of Receipts and Payments and Statement of Designated Account Activity for the year ended 31st March, 2023 and the related notes to the accounts for the period then ended as set out on pages 9 to 27. In my opinion, the financial statements present fairly, in all material respects, the financial position of the Agricultural Commercialization Project (AGCOM) as at 31st March, 2023 in accordance with the International Public Sector Accounting Standards (IPSAS), Donor terms of agreement and financial provisions. Basis for Opinion I conducted my audit in accordance with International Standards of Supreme Audit Institutions (ISSAls). My responsibilities under those standards are firther described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Agricultural Commercialization Project (AGCOM) and the Ministry of Agriculture in accordance with the International Standards of Supreme Audit Institutions - Code of ethics (ISSAI 30) as promulgated by the International Organization of Supreme Audit Institutions (INTOSAI), and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Key Audit Matters Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the financial statements of the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters. 6 I have determined that there is no need to communicate key audit matters in my report due the nature of the audited entity. Responsibilities of Management for the Project's Financial Statements According to Section 107 (1) of the Public Finance Management Act, 2022, Management of Agricultural Commercialization Project (AGCOM) is responsible for the preparation and fair presentation of the financial statements in accordance with International Public Sector Accounting Standards (IPSAS) Financial Reporting under the Cash Basis of Accounting, Donor terms of agreement and financial provisions, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation of the financial statements that are free from material misstatements, whether due to fraud or error. Auditor's Responsibilities for the Audit of the Project's Financial Statements My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards of Supreme Audit Institutions (ISSAls) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Project's Financial Statements. As part of an audit in accordance with ISSAls, I exercise professional judgment and maintain professional skepticism throughout the audit. I also: * Identify and assess the risks of material misstatements of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting 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 are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * 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 that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. 7 I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. The engagement auditor on the audit resulting in this independent Auditor General's report is: Signature: ...... ....... THOMAS K.B. 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N р др' 4� р�р � N �>'э с�са �--� 00 � ,р� �о � оо oGi ir'i о0 � И � С� *�' ,у�" [� �.г v � � ,-� р � р r� .-ч .-. �у � � � и Сп1 гЛ И � N h�� И 00 _ т-i � � � оаа й м й и и С3� �П й С .mi � Г*� � [° � �• � N � N '� о �--- � � U ,_., f., � � � о х г�Ч с`rvq '� � а°i, � et Q;� � е� � �,-, т еу �r sэ и � � � � � г��п °м с�л r ° � � Н Гrу И `-' `�D � о � � ,`,�� оо` � en м � OCi � � С~1 � цS " �?, ci' t� � �^ рр � о Q � N �+ �.L� W ы �i � � W � � � � Q �� � � L•F Q-,' � W � Q 1р�° �о � �' "��' ° р С� Е� �W `�и �а' � � � � F-� �у W � �и =� � о�о W � ,� � Q � �О�� С� .� � {���[-' UF w � о я. � <С � о ���� W� � а `� � г�. � �, .., �^, �, � � � и � � Е-+ U � �' '�,.."/ �-�-1 �, � `� U � .�- й •a��i � ь�°�л � � F�+ '�7i '� � � U у� .� � cci л ч� r�л � W� �� д. .� г� � w � ° с,�-' р" й � Q� W� а"i я� � й о ек �� а � � д а-r � А:гА с� о с� а н w д д� �-+ w MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECTIDNO: P158434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 IIT MARCH, 2023 NOTES TO THE FINANCIAL STATEMENTS 1.0 ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these project financial statements are set out below: - 1.1 Basis of preparing the Financial Statements The Financial Statements have been prepared using the historical cost convention and in accordance with International Public Sector Accounting (IPSAS) with particular emphasis on cash basis financial reporting under the cash basis accounting. The cash basis accounting recognizes transactions and events only when cash is received or paid by the project. All receipts and payments received and made in the period are reflected in the financial statements. 1.2 Adoption of new Financial Statements Presentation The Statement of Financial Position in the current year has been revised with operating costs ceasing to be capitalized and instead recognized as a balancing expense to conform to TPSAS cash basis provisions. The adoption of this new presentation does not have any significant impact on the financial statement of the Ministry Project. 1.3 Foreign Currency Translation/Exchange gains/(Losses) Foreign currency translation for income and expenditure account items are converted using the actual exchange rate at the date of draw down. All local expenditures paid from the local accounts/currency are translated back to the US Dollar at the actual rate at which draw-down was converted at date of transfer from special account to local account. Where the expenditure cannot be fully met from the proceeds of a draw down, and part of the expenditure should be met from the proceeds of the subsequent draw down, which may have come at a different rate, the conversion rate of the total expenditure from the local currency to the US dollar is on First in First out (FIFO) basis. Thus, the preceding draw down should be exhausted before the subsequent draw down. Current assets and special fund balances are translated using the rate that was used at the time of receiving funds. 12 MINISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECT ID NO: P158434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2022 2.0 Foreign Exchange Gain/Loss There are neither foreign exchange gains nor losses because all receipt and payments are translated using the policy explained above. 3.0 Bank Balances The bank balances are the amounts that remained in the bank balances as at 31 March, 2023 for the three project bank accounts, namely, Foreign Currency Denominated Account, and Local Currency Denominated Account both of which are held at Reserve Bank of Malawi and the NBS (CCA) Operating Account. The breakdown of the bank balances is as follows: 2022/2023 2022/2023 2021/2022 2021/2022 Bank Closing Closing Closing Closing Account Balance Balance Balance Balance Account No. Name Bank (MWK) (USD) (MWK) (USD) Malawi Agricultural Commersalisa Reser tion Project - ve Foreign Bank Currency of Denominated Mala 13006240193 Account wi 8,535,661,620 14,059,376 7,698,391,242 9,980,531 Malawi Agricultural Commersalisa Reser tion Project - ve Local Bank Currency of Denominated Mala 13006240191 Account wi 1,947,307,120 1,897,156 1,268,793,433 1,554,132 Malawi Agricultural Commersalisa tion Project - NBS Operating Bank 18444321 Account Ltd - - - - Malawi Agricultural and Industrial Investment Corporation PCG (MAIIC) plc Funds 1,084,886,500 1,346,696 1,157,186,500 1,437,286 Total 11.567,855.2 114.311J75 1 13 � � � � v � "л и у � и и ��°.��р � с� ,а�о о �з � � � � � � � � � t�П r.�', • ; � '� � о � х., СЭ Ы7 � ° 'iJ йд �д s�г! �, 'v� а G3 п cv rn и �р�+ � о и_ ®о ^ -д v � й � '�' С� � �„ � � о �' ""� � � а N ГЧ т ,о ,_. и и и v 'б �. :-� � •й � � С�дг"'v � аз.� у�п°t � -� � � 'ro .�' А U _ � � � � � •� C,�j б � ,� о � � Г.� � � v � -� r и Г� � ;� R. � � м `л `7 � 4 а о °о п�S v � N cv �t � � � � � � � � ' � �i � s�', � v 4з � � U i.ч N •^�,р N Cll tб ,�" � и �.1 � �,�'., р �' А с°ч о �, � � � � � � � � � � н � ,�' о о а� � � � � � i � � � � а' � � � � `� � F�i � и � ^� а�� ��" �°�3 � С� � C�r, � г•� °,�' ° � ��`�' � � � и�° � ° р � � .� � W� W с '��� � А '''С�� д �ч-а � � �О ',� W о �д о »-� �, ��"� � �� Q '�' � � о� Ог�W � �� �� °' ��"' �� �` U � � ,� �..�' � "�� � � ' д v' � � й ед �; од +'�+ �-' G3 н � н� х� Г� Я s, � N'� � � а`�з� Ф � � �'��r`� �� � � �д�' 'аэ orZ;�� � � � йдй�`� �� � � � � � �,.., � � � � д а-' с.� �, С� �' ��Z� ° � �-' � о � �; <С � . � .� и `'_' � ��i- [-�-+ � � � � с°�i 3 � �., �+ д д � � ц © ® U�_йw � �д �� а �+ a�i'� сз � . � �а0.'Н � `��'� � � � � � � � � � � � � � � � � Q���' � � v�, а� � � п��э � `�,�, � � � � � � � �� � �� �1 � � ^ .�"Г�.' '-� � � vs ° °�"' � р � � � о � U � у � � � � � РΡ��, � � "д � О � fQ;-+ д� � . j 1-� � �� Q, ..��,. р � �' � у�е s.v„ аз � � � .��р� ® � �С � Г.� Q �, � © О С7 � �1 -� а� �r [-�+ U с�а � ！。깊「 Ф � � `г' оо о�0у а�о � � а�е� рр � .--� 0° � � [�Т� С��, � � �^ � � �° й Й М М � р�р ... р�р � .. � ё0 И �U N (", С-- � CW [� 4D е� о© и а� м о°, �г, ° � or т °�' � °° ю й м г'л м м м М О р N N N N � п� r� � � й �г Е--� �,�.,./: С`- рр � -��ч � � � N � � '�`ч �' о �' .� оо � Н � � � � � � W �,Н� д�� �� � �а� и � �, � Q � �а�, `Q v � 4 ц � � с�.� _ .г� гл � °�, �у ✓^ ,*..�' G '� � .� �ч' � � � +�-� � �" � � � � '� � � � � � � ш [ � � � д � N Qv�' '°г{ �} ns t� � °� W � гв � ,� '� "� � � s р'"j � 1-1 �^ � N � �б � ¢ N ' � � � � [д L�T c�i ' � � ���1� Lг г LL� � GrJ г`У�ч F+� C�i .'�,�'+ � W� хч ьТч C�i •� � N--i Н ����- ° � � � �, , � и ���� Г-а''1- д р д U � _й � О © р р й� U� р� � iU7 С�7 С�7 С�7 �,�а�` �� @W д Q � Q���i 3� 3� � 3� ��"�Q` ���� �_n�W� О � ���� � � у � � � � А � о � � а и� � r� м, м U � ег сч сч гч �, > ',� ' �д о о =� � м � � Ё `� �`�е, ° ° ' х �г U � М N N N � f*3 � � � �у �D V� �'V N � � csG ® д�0 � ~ � � � � � � ��� � � N � Ф �'-, r�v � � N `--' � `�r N � с`°ч � Е��р ® �, Q � w � � г� � ,� .� г-'��° � W �' " ��� � � Q�� � � с � � � � � � U � д � д � � � �д � .� � д � 'д о о .� � �ч � UЭ ¢7 д . ���� о � � � � � о ��_й W � � � � � Г�' � �L' о sэ С р �С �, U � � � � � ч�.t а' а � ��'��' � `�' ~ о гi UW� � А � Q д' � @ �w г-�г, MrNISTRY OF AGRICULTURE AGRICULTURAL COMMERCIALIZATION PROJECT (AGCOM) PROJECT ID NO: PI 58434 AND IDA CREDIT NO: 60480-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 IST MARCH, 2023 5.0 Payments Project payments are done in both foreign currencies and Malawi Kwacha through the Foreign Currency (USD) Designated Account and the NBS Credit Ceiling Authority operating account. Costs are recognized on actual payments. Foreign currency payments are accounted for at the exchange rate prevailing at the date of payment. Principal authority in translating the currency is the Reserve Bank of Malawi. 6.0 Depreciation Depreciation is not charged on assets when the Cash Basis method is used. The objective is to show how project funds have been utilized. 7.0 Taxation The Project costs funded under IDA Credit No 60480 - MW are "inclusive of taxes according to the Financing Agreement. 8.0 Property Plant & Equipment Property, Plant and Equipment are expensed in the project's books of accounts in the year of purchase and shown in the notes to the financial statements at the cost to the Project. The cost is the amount of funds actually paid. The breakdown of the cost of Property, Plant and Equipment for the year under review is as per schedule below: 2022/2023 2022/2023 2021/2022 2021/2022 Na USD MK USD Opening Balances 1,477,510,943 2,004,131 1,434,136,614 1,948,814 Office Furniture 12,028,625 15,341 Office Equipment 637,655,381 629,642 6,244,592 7,964 Genset 25,101,112 32,013 Non-Current Assets for the Year 637,655,381 629,642 43,374,329 55,317 Total Non-Current Assets 2,115,166,324 2,004,131 1,477,510,943 2,004,131 Opening Balances 28,573,404,737 37,488,539 22,029,312,150 29,433,083 Total Expenses for the year 27,350,014,853 27,930,270 6,544,092,587 8,055,456 Total operating Costs 55,923,419,590 65,418,809 28,573,404,737 37,488,540 18 rn � й � � с � й й с и м � г- `� сА м о -; и ао � �_ м и �r а е�®i '� г�'v оо й ао м И �b 1--- М +� СА l� б} а1] N *� �О N N С м цз м й ar cr � о i„� г®A�t о� о � � � й г°а � N �о � �а r0°а М N О N W .--� U ,�, � м й ГЧJ О й о�� � � �, �, � � f,�Ч 00 гТ 'ct' Ф 9G �h�, 4о и �.п tл *-� `�.J г � �.�,� �� С1' и � й 'д° `--�"�' � � N � t7 iV '��.+^ N � � � � � б� W М м Й д�+, w F-+ h Rt ,� QO 1£] �r� �r°� � р � � � О � f-� s-1 � N [м° b�Q � ��ГЭ N �`�/ (� � iG N N � N Й � � � � Е'`'i �в �W�� �. 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