THE FEDERAL GOVERNMENT OF SOMALIA PROJECT NAME: SOMALIA ELECTRICITY ACCESS PROJECT (SEAP P165497) IMPLEMENTING ENTITY (MDA): MINISTRY OF ENERGY AND WATER RESOURCES PROJECT GRANT / CREDIT NUMBER: TF A9159 REPORT AND FINANCIAL STATEMENT FOR YEAR ENDED 31 DECEMBER 2022 Prepared in accordance with the Cash Basis of Accounting Method under the International Public Sector Accounting Standards (IPSAS) 2019 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 Table of Contents ACRONYMS AND ABBREVIATIONS .................................................................................................................. 3 1. PROJECT INFORMATION AND OVERALL PERFORMANCE ................................................................. 4 2. STATEMENT OF PROJECT MANAGEMENT RESPONSIBILITIES ......................................................... 16 3. REPORT OF AUDITOR GENERAL ...................................................................................................... 18 4. STATEMENT OF CASH RECEIPTS AND PAYMENTS .......................................................................... 22 5. STATEMENT OF FINANCIAL ASSETS AND LIABILITIES (BALANCE SHEET) ........................................ 23 6. STATEMENT OF CASH FLOWS ......................................................................................................... 24 7. STATEMENT OF BUDGET COMPARISON WITH ACTUALS ............................................................... 25 8. STATEMENT OF USES AND APPLICATION OF FUNDS BY COMPONENTS / PROGRAMS .................. 26 9. ACCOUNTING POLICIES AND EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS ................. 27 10. EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS ............................................................... 33 11. ANNEXURES ............................................................................................................. 42 2 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 ACRONYMS AND ABBREVIATIONS GBP - British Pounds GFS - Government Finance Statistics ICT - Information and Communication Technology IEC - International Electrotechnical Commission IESBA - International Ethics Standards Board for Accountants ILO - International Labour Organization IPSAS - International Public Sector Accounting Standards IPSASB - International Public Sector Accounting Standards Board ISA - International Standards on Auditing MOEM - Ministry of Energy and Minerals MoEWR - Ministry of Energy and Water Resources MPF - Multi-Partner Fund PIU - Project Implementation Unit SEAP - Somalia Electricity Access Project SFMIS - Somalia Financial Management Information System SOS - Somali Shilling USD - United States Dollars 3 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1. PROJECT INFORMATION AND OVERALL PERFORMANCE 1.1 Name and registered office Name Somali Electricity Access Project (SEAP) Objective The Project Development Objective is to expand access to electricity in targeted urban, peri - urban, and rural communities. Address Ministry of Energy and Water Resources 3rd Floor Mogadishu General Post Office Building, Corso Somalia, Bondheere District, Mogadishu - Somalia. Contact Telephone: (252) 612008888 E-mail: abdiaziz@piuenergy.so 1.2 Project information Project start date The Project start date is 01 04 2019 Project end date The Project end date is 30 06 2022 Project Manager Abdiaziz Arte Project Sponsor The Project sponsor is Multi - Partner Fund 4 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.3 Project overview Line ministry / The Project is under the supervision of the Ministry of department of the Energy and Water Resources. Project Project number P165497 Strategic goals of the The strategic goals of the Project are as follows: Project The Project development objective is to expand access to electricity in targeted urban, peri - urban, and rural communities. Achievement of strategic The Project Management aims to achieve the goals through goals the following means; Part 1: Electrification of Households and Small Business through Standalone Solar Home Systems. Improving access among off - grid households and small enterprises, in particular; a) Carrying out a program of activities to facilitate a range of market - building supply and demand - side interventions, through the provision of Expansion Grants and Seed Grants to solar distributors (collectively, beneficiaries) for investment to catalyze key solar business functions. b) Promoting quality assurance to limit availability of and demand for poor quality and / or counterfeit solar products. c) Carrying out consumer awareness and citizen engagement campaigns to improve household understanding and use of quality off - grid solar technology. 5 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.3 Project overview (Continued) Achievement of Part 2: Analytical work for enabling electrification through Solar - strategic goals Powered / Hybrid Mini - grids. Carrying out analytic work for development of mini - grid sector, in particular; a) Carrying out detailed geospatial mapping to undertake a more comprehensive inventory of the current mini - grid situation in Somalia, identify potential future sites, and estimate future location - specific demand; b) Reviewing property rights and land issues pertaining to energy infrastructure investment; c) Carrying out pre - feasibility studies for hybridization, operation enhancements, and densification of brown (existing) mini - grid sites; d) Carrying out pre - feasibility studies for greenfield (new) sites identified in geospatial mapping; e) Developing structuring options for the financing, operation, and ownership of new mini grids; f) Defining legal, institutional, and financing arrangements for developing mini grids; 6 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.3 Project overview (Continued) Achievement of Part 3: Technical assistance, capacity building, and Project strategic goals Management: Strengthening the capacity of the Ministry of Energy and Water Resources (MoEWR) for overall energy sector management, power and access planning, and implementation of future development Projects, including: a) carrying out required energy sector studies. b) developing energy strategies. c) Reviewing energy policies. d) Carrying out analytical work. e) Improving internal MoEWR infrastructure and systems. f) Provision of relevant training to staff of the MoEWR, and conducting workshops and study tours; and g) Establishing a Federal PIU. Carrying out needs assessment to identify priority capacity building interventions for MoEWR and training needs for the relevant staff of MoEWR. 7 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.3 Project overview (Continued) Other important The Project will be implemented across the entire Somali background peninsula, covering Southern Somalia (Banaadir, Jubbaland, information of the South West State, Hirshabelle and Galmuudug), Puntland, Project and Somaliland. While there are tremendous needs with respect to energy access, the fragile and complex operating environment necessitates a selective approach to supporting the effective delivery of affordable and sustainable energy services. Somali’s private sector has impressively stepped up to deliver basic energy services in the aftermath of the protracted conflict of the 1990s. Nevertheless, these enterprises often lack the capital and latest technical, financing, and business model insights to scale their businesses. The core proposition of this Project is that by leveraging these incumbent capabilities and activities, the overall quality of services they offer to their customers will be improved, especially as they are provided with technical and financial resources needed to deepen and broaden their geographic footprints. The intention to focus on off - grid standalone solar rather than mini - grids is deliberate considering the limited funding envelope as well as the yet unharnessed potential for the former. Current situation The Project was formed to intervene in the following areas: that the Project a) Southern Somalia (Banaadir, Jubbaland, South West was formed to State, Hirshabelle and Galmuudug) intervene b) Puntland c) Somaliland Project duration The Project started on 1 April 2019 and was expected to run until 30 June 2022 8 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.4 Banker Central Bank of Somalia was the banker for the current year. 1.5 Auditors The Project is audited by the Office of the Auditor General, Federal Government of Somalia. 1.6 Roles and Responsibilities Names Title designation Responsibilities Abdullahi Hassan Director General, MoEWR Accounting Officer Adan Abdiaziz Hassen Arte Financial Management Specialist Financial Management Liban Ali Ibrahim Acting Project Coordinator / Acting Project Procurement Specialist, MoEWR Coordinator / Procurement Abdirahman Accountant General Finance Management / Maxamed Anas Fiduciary Oversight Saleiman S Umar Director General- Ministry of Finance Management Finance Ahmed Abdi Adam Director of Budget Department Budgeting Tasks (Iraad) Mohamud Abdulkadir Director of External Assistance Finance Management Arale Fiduciary Section and payments responsibility Ali Sheikh Mohamed Head of External Assistance Accountant Omar Fiduciary Section Accounts Section 1.7 Funding summary The Project is for duration of 4 years from 1 April 2019 to 30 June 2022 with an approved budget of United States of America Dollars (USD) 4,600,000 as highlighted in the table below: 9 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.7 Funding summary (Continued) Below is the funding summary: Source of funds Donor Commitment 2019 - Amount received to date - Undrawn balance to 2022 31 December 2022 date - 31 December 2022 USD USD USD A B (A)-(B) Grants Somalia Multi Partner Fund TF A9159 3,150,000.00 3,108,281.92 41,718.08 Somalia Multi Partner Fund TF B3136 1,450,000.00 1,182,410.21 267,589.79 Total 4,600,000.00 4,290,692.13 309,307.87 1.8 Summary of overall Project performance: The SEAP became effective on the 1 April 2019. The Federal Government of Somalia launched the Project on 20 May 2019. The Ministry of Energy and Water Resources made considerable implementation progress during the reporting period. The financial year period 1 January 2022 to 31 December 2022, the Project Implementing Unit has successfully completed a significant number of procurement, financial, Environmental and safeguard studies and technical related tasks for the Project. During this period the Ministry of Energy and Water Resources made reasonable progress in the implementation process of SEAP Project and laying strong foundation of SESRP Project. 10 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.8 Summary of overall Project performance (Continued) First, the grant facility manager, with the support of the Ministry finalized the contracts as well as the third payments of the seed grant. This resulted to completion the component one for the electrification of households and small businesses through standalone solar home systems whose aim was to aims to reduce the market barriers for the private sector to provide modern energy access through solar home systems and targets the poorer households as well as small businesses in areas that cannot afford to connect to mini - grid services; and households and businesses in these areas that are not sufficiently close to a mini - grid to be economically connected. In addition, providing the isolated villages and smaller settlements where mini - grids do not make economic sense; and nomadic pastoralists whose livelihoods do not lend themselves to fixed electricity connections. However, this was deemed quite successful especially in major target markets. In addition, These key performance indicators went through slight changes over the life of the Project. The final households doubled to 21,233. This represents a total individual person of 112,486 based on the estimated number people in the SEAP Project (56,950 people for 10,750 households equaling 5.3 persons). However, considering that some the systems were very small Pico solar items that were bought by individuals instead of households, the number of individuals reached may be smaller. The female led HH account for more than 24% at 5,192 HH. The total wattage installed stood at 76.1KW and total business that bought any of the quality verified products was 132. electrified. In addition, the total RBF disbursed total of USD 826,416. The products reached all FMS and Banadir region, furthermore, in 27 urban, peri urban and rural locations have been reached. Secondly, during this financial year the key activity which is ongoing is the Option analysis(T and D), the Preparation of Electricity Sub - Transmission and Distribution Integrated Development Least Cost Investment Plans. 11 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.8 Summary of overall Project performance (Continued) The main objective of the study is to support the preparation of Integrated Distribution Network System Plan for the key load centers. This is aimed at addressing all aspects of distribution system planning regarding the short - long - term investment plan or strategic planning given the urgent need for the sub transmission distribution network reconstruction, reinforcement and expansion premised on sound utility planning procedures and standardized designs and an unprecedented investment program in distribution networks. However, this activity is in progress and could be finalized by the 4th quarter of this fiscal year. Finally, the key consultants of the PIU have been transferred to SESRP Project since SEAP Project coming to a closure, however they extended for one year till June 2023, to finalize the Final completion report and the evaluation report of the Project. Further details of the performance of the Project are provided in a separate Physical Progress Report. 12 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 1.8.1 Financial statements discussion and analysis a) Statement of Cash Receipts and Payments This statement describes the cash received and the expenses made during this reporting period. The expenses are recorded category - wise and the details are provided under the notes section. The categories below are based on the charts of accounts of the Federal Government of Somalia: • Compensation of employees: USD 35,680 • Use of Goods and services: USD 1,204,741 • Capital Expenditure: USD 22,746 Breakdown of Expenditure by Category 2%3% Compensationof Employees Use of Goods andservices Fixed Asset 95% 1.1 describes how the payments made towards the different categories. The amounts received during the reporting period are also recorded under this statement of cash receipts and payments. The Project has received an amount of USD 1,022,360 in the period 1 January 2022 to 31 December 2022. This amount consists of USD 213,797 that was directly paid by the World Bank and USD 808,563 received at the designated account. Below is a chart on the Project’s income and expenses during the reporting period. 13 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 b) Statement of Financial Assets and Liabilities (Balance Sheet) The Project provided details on the Project current assets and liabilities under the Statement of Financial Assets and Liabilities. In this reporting period, the Project did not have liabilities as shown in the below chart. Chart 2.0 Project Financial Assets and Liabilities c) Expenditure per component The Project has disbursed funds totaling USD 1,263,168 against numerous components that are defined at the Grant Agreement and the Project Appraisal Document. The Project has the following components: a) Component 1: Electrification of Households and Small Business through Standalone Solar Home Systems. Improving access among off-grid households and small enterprises. b) Component 2: Analytical work for enabling electrification through Solar - Powered/ Hybrid Mini - grids. c) Component 3: Technical Assistance, Capacity Building, and Project Management. During the reporting period the Project has disbursed funds as below: 14 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 d) Statement of budget comparison with actuals The Project gives details on the variance between the budget and the actual outturn. From the below chart. The Project has disbursed 88% of the budgeted amount during the financial year 2022. This is an improvement of the Project disbursement rate comparing to previous years. d) Statement of budget comparison with actuals (continued) 1600000 30% 1400000 25% 1200000 1000000 20% 800000 15% Final Budget 600000 Actual Outturn 400000 10% Budget Variance 200000 Percentage of Variance 5% 0 es -200000 0% s s s ts se se lu ip ns rp en en ce pe Su xp xp Re Ex lE lE nt ta ta rre pi To Ca cu Re Chart 4 Budget comparison with actual 1.9 Summary of Project Compliance There have been no instances of non - compliance with terms and conditions with regards to loan or grant agreements or guarantees which have resulted in cancellation of the assistance or has given rise to an obligation to return the assistance previously given. 15 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 2. STATEMENT OF PROJECT MANAGEMENT RESPONSIBILITIES The Accountant General, the Director General (Authorizing Officer) for the Ministry of Energy and Water Resources and the Project Coordinator for SEAP are responsible for the preparation and presentation of the Project’s Financial Statements, which give a true and fair view of the affairs of the Project for the year ended 31 December 2022. This responsibilities includes: a) Maintaining adequate Financial Management arrangements and ensuring that these continue to be effective throughout the reporting period; b) Maintaining proper accounting records, which disclose with reasonable accuracy at any time the financial transactions of the Project; c) Designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of the Financial Statements, and ensuring that they are free from material misstatements, whether due to error or fraud; d) Safeguarding the assets of the Project; e) Selecting and applying appropriate accounting policies; and f) Making accounting estimates that are reasonable in the circumstances. The Accountant General, the Director General for the Ministry of Energy and Water Resources and the Project Coordinator for SEAP accept responsibility for the Project’s Financial Statements, which have been prepared in accordance with the Cash Basis International Public Sector Accounting Standards (IPSAS) 2019, and the Funding agreement. The Accountant General, the Director General for the Ministry of Energy and Water Resources and the Project Coordinator for SEAP are of the opinion that the Project’s Financial Statements give a true and fair view of the state of the Project’s transactions for the year ended 31 December 2022, and of the Project’s financial position as at that 31 December 2022. The Accountant General, the Director General for the Ministry of Energy and Water Resources and the Project Coordinator for SEAP further confirm the completeness of the accounting records maintained for the Project, which have been relied upon in the preparation of the Project’s Financial Statements as well as the adequacy of the systems of internal financial control. The Accountant General, the Director General for the Ministry of Energy and Water Resources and the Project Coordinator for SEAP confirm that the Ministry of Energy and Water Resources has complied fully with applicable laws, regulations, procedures, and the terms of external financing covenants (where applicable), and that the Project’s funds received during the year under audit were used for the eligible purposes for which they were intended and were properly accounted for. 16 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 2 Statement of Project Management responsibilities (continued) Approval of the Project Financial Statements The Project Financial Statements were approved and signed by the Accountant General, the Director General (Authorizing Officer) for the Ministry of Energy and Water Resources and the Project Coordinator for SEAP on ________________2024 and signed by them as here beolow: Abdullahi Hassan Adan Liban Ali Ibrahim Abdirahman Mohamed Director General Project Coordinator Anas Federal Government of Federal Government of Accountant General Somalia Somalia Federal Government of Somalia 17 3. REPORT OF AUDITOR GENERAL INDEPENDENT AUDITOR’S REPORT TO THE PROJECT IMPLEMENTING UNIT OF SOMALIA ELECTRICITY ACESS PROJECT (SEAP) REFERENCE NUMBER: TF A9159 Unmodified Opinion we have audited the accompanying financial statements of the Somali Electricity Access Project (SEAP), Project Number P165497, which comprise the Statement of Financial Assets as at 31 December 2022, Statement of Receipts and Payments, Statement of Cash Flows, Statement of Comparison of Budget and Actual amounts for the period ended 31 December 2022, and a summary of significant accounting policies and other explanatory notes set out on pages 21 to 40. The financial statements have been prepared by the Project Management in accordance with the accounting policies described in Note 9.1.1 to the Financial Statements. In our opinion, the accompanying Financial Statements give a true and fair view of the financial position of the Somali Electricity Access Project (SEAP) as at 31 December 2022 and financial performance and cash flows for the period ended 31 December 2022 in accordance with International Public Sector Accounting Standards (Cash Basis) and comply with the Financing Agreements TF A9159. Basis for the opinion We conducted the audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Project in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements, and we have fulfilled our ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to support our opinion. 18 3. REPORT OF AUDITOR GENERAL (continued) Emphasis of Matter – Basis of Accounting and Restriction on Distribution and Use Without modifying our opinion, we draw your attention to Note 9.1 of the Financial Statements, which describes the basis for accounting. The Financial Statements are prepared to assist Federal Republic of Somalia comply with specific financial reporting requirements of the International Development Association. As a result, the Financial Statements may not be suitable for any other purpose. Our Report is intended solely for the information, distribution and use by the International Development Association and the Federal Republic of Somalia. Other information The Management of the Project is responsible for the other information. The other information comprises annexes and Project information and overall performance included in the report but does not include the Financial Statements and our Auditor’s Report thereon. Our opinion on the Financial Statements does not cover the other information, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we am required to report that fact. we have nothing to report in this regard. Responsibilities of Management and those charged with governance for the Financial Statements Management is responsible for the preparation and fair presentation of the Financial Statements in accordance with IPSAS cash basis and for such internal control as Management determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. The Management is responsible for the preparation and fair presentation of the Financial Statements in accordance with International Public - Sector Accounting Standards (Cash Basis) and for such internal control as Management determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. Those charged with governance are responsible for overseeing the financial reporting process. 19 3. REPORT OF AUDITOR GENERAL (continued) Auditor’s responsibilities for the audit of the Financial Statements Our objective was to obtain reasonable assurance about whether the Financial Statements as a whole are free from material 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 with ISAs 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 Financial Statements. As part of an audit in accordance with ISAs, we exercised professional judgment and maintain professional skepticism throughout the audit. We also: a) Identify and assess the risks of material misstatement 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 our 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. b) 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 Project's internal control. c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. d) Conclude on the appropriateness of the Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project’s ability to continue sustaining its services. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the Project to cease sustaining its services. e) 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. 20 3. REPORT OF AUDITOR GENERAL (continued) Auditor’s responsibilities for the audit of the Financial Statements (continued) We communicated with Management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identified during our audit. H.E. Avv. Ahmed Isse Gutale Auditor General Federal Republic of Somalia Mogadishu, Somalia 29 March, 2024 The matters raised in this report are only those, which came to our attention during the course of our audit and are not necessarily a comprehensive statement of all the weaknesses that exist or all improvements that might be made. You should assess recommendations for improvements for their full impact before they are implemented. This report has been prepared solely for your use as project management and should not be quoted in whole or in part without our prior written consent. No responsibility to any third party is accepted as the report has not been prepared, and is not intended, for any other purpose. 21 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 4. STATEMENT OF CASH RECEIPTS AND PAYMENTS Notes 1 January – 1 October – 1 January – 1 April 2019 - Cumulative 30 31 December 31 31 from 1 Apr September 2022 December December202 2019 - 2022 2022 1 31 December 2022 USD USD USD Receipts External Assistance Grants 10.2 822,524 199,836 1,022,360 3,268,315 4,290,675 Total receipts 822,524 199,836 1,022,360 3,268,315 4,290,675 Payments Compensation of employees 10.3 18,260 17,420 35,680 36,085 71,765 Use of goods and services 10.4 1,027,336 177,405 1,204,741 2,762,198 3,966,939 Capital expenditure 10.5 21,846 900 22,746 165,822 188,568 Total payments 1,067,442 195,725 1,263,167 2,964,105 4,227,272 Deficit / Surplus for the year (244,918) 4,111 (240,807) 304,210 63,403 Cash beginning of the year 10.6 304,210 59,292 304,210 - - Cash end of the year 10.6 59,292 63,403 63,403 304,210 63,403 22 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 5. STATEMENT OF FINANCIAL ASSETS AND LIABILITIES (BALANCE SHEET) Notes 31 December 2022 31 December 2021 USD USD Financial assets Cash and cash equivalents 10.6 63,403 304,210 Total financial assets 63,403 304,210 Financial liabilities Payables - - Total liabilities - - Net financial assets 63,403 304,210 Represented by: Accumulated Surplus from previous years 10.7 304,210 333,060 Net (Deficit) / Surplus for current year 10.7 (240,807) (28,850) Total closing Net financial position 10.7 63,403 304,210 The accounting policies and explanatory notes to these Financial Statements form an integral part of the Financial Statements. The Project Financial Statements were approved on __________________2024 and signed by: Abdiaziz Arte Liban Ali Ibrahim Financial Management Project Coordinator Specialist 23 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 6. STATEMENT OF CASH FLOWS Notes 31 December 2022 31 December 2021 Cash flow from operating activities USD USD Receipts External Assistance Grants 10.2 1,022,360 362,243 Total Receipts 1,022,360 362,243 Expenses Compensation of employees 10.3 (35,680) 7,400 Use of goods and services 10.4 (1,204,741) 383,693 Total Expenses (1,240,421) 391,093 Net cash flows from operating activities (A) (218,061) (28,850) Cash flows from Investing Activities Acquisition of fixed assets 10.5 (22,746) - Net cash flows from Investing Activities (B) (22,746) - Cash flow from Financing Activities Repayment of borrowings - - Proceeds from borrowings - - Net cash flow from financing activities (C) - - Net increase in cash and cash equivalents (A+B+C) (240,807) (28,850) Cash and cash equivalents at beginning of period 10.6 304,210 333,060 Cash and cash equivalents at end of period 10.6 63,403 304,210 24 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 7. STATEMENT OF BUDGET COMPARISON WITH ACTUALS Original Budget Revisions Final Budget Actual Outturn Budget Variance Percentage Variance Receipts USD USD USD USD USD % External Assistance [note 10.2] 1,437,620 - 1,437,620 1,326,570 111,050 8% Total cash receipts 1,437,620 - 1,437,620 1,326,570 111,050 8% Recurrent Expenses Compensation of employees [note 10.3] 71,720 (6,460) 65,260 35,680 29,580 45% Use of goods and services [note 10.4] 1,335,900 6,460 1,342,360 1,204,741 37,619 10% Total Recurrent Expenditure 1,407,620 - 1,407,620 1,240,421 167,199 12% Capital Expenditure Capital Expenditure [note 10.5] 30,000 - 30,000 22,746 7,254 24% Total Capital Expenditure 30,000 - 30,000 22,746 7,254 24% Total Expenditure 1,437,620 - 1,437,620 1,263,167 174,453 12% Surplus / (Deficit) - - - 63,403 25 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 8. STATEMENT OF USES AND APPLICATION OF FUNDS BY COMPONENTS / PROGRAMS Previous Years Financial year Financial year 2022 Financial Cumulative Up to 2021 2022 Current Reporting year 2022 Inception Previous quarters quarter Cumulative to date USD USD USD USD USD Sources of Funds (A) (B) (C) (B)+(C)=(D) (A)+(D)=(E) Receipts Multi Partner Fund – Cash Disbursements 2,476,295 708,563 100,000 808,563 3,184,858 Multi Partner Fund - Direct Payments 792,020 113,961 99,836 213,797 905,981 Total receipts 3,268,315 822,524 199,836 1,022,360 4,290,675 Expenditure by components / sub – Components / Programs Electrification of Households and Small Business through Standalone Solar Home Systems (780,457) (573,457) (101,827) (675,284) (1,455,741) Analytical work for enabling electrification through Solar - Powered/ Hybrid Mini - grids (283,450) - - - (283,450) Technical Assistance, Capacity Building and Project Management (1,900,198) (493,986) (93,898) (587,883) (2,485,081) Total payments (2,964,105) (1,067,443) (195,725) (1,263,167) (4,227,272) Surplus (deficit) for the year 304,210 (244,919) 4,111 (240,807) 63,403 Cash beginning of the year – 2022 59,292 304,210 Cash end of the year – 2022 63,403 Changes During the Balance b/f Period Balance c/f Designated Account at CBS 304,210 (240,807) 63,403 26 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 9. ACCOUNTING POLICIES AND EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS 9.1 Significant accounting policies These are the specific principles, bases, conventions, rules, and practices adopted by the Project in preparing and presenting the Financial Statements. The principal accounting policies adopted in the preparation of these Financial Statements are set out below. These policies have been consistently applied to all transactions unless otherwise stated. The following specific policies have been used: 9.1.1 Statement of compliance and basis of preparation of the accounts The financial statements have been prepared in accordance with Public Financial Management Act (2019), Public Financial Management regulations (2020) and related legal framework, and IPSA, Cash Basis of Accounting (2019) Pursuant to Paragraph (1) and in accordance with article (43) (2) of the PFM Act and Article 94 (1), (2) and (a) and (h) of the PFM Regulations 2020, the financial statements have been prepared using IPSAS, Financial reporting under the Cash Basis of Accounting (2019) as issued by the International Public Sector Accounting Standards Board (IPSASB) of the International federation of Accountants) and as set out in the accounting policy note below. The Cash Basis of Accounting has been supplemented with appropriate disclosures as required under Article 103 (2) of the Public Financial Management Regulations (2020). The Accounting policies adopted have been applied consistently throughout. 9.1.2 Reporting entity These Financial Statements are for SEAP under the Federal Government of Somalia and encompass the reporting entity as specified in the Appropriation Act 2022. 9.1.3 Reporting currency The functional currency of the Federal Government of Somalia is the United States dollar (USD) because: a) government revenues and expenditures are made in that currency; b) most of the financing is provided in that currency; c) bank transactions and balances are principally in the USD 27 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 9.1.4 Reporting Period The SEAP financial year runs from 1 January 2022 to 31 December 2022. These Financial Statements are for the period 1 January 2022 to 31 December 2022. The comparative figures for the pervious years are also shown in this Financial Statements. 9.1.5 Payments by third parties The SEAP may also benefit from goods and services purchased on its behalf because of cash payments made to third parties during the period. Requests for third party payments are processed using country systems, and at the request of the Project, the donor makes payment directly to a third party such as supplier, contractor, and consultant for eligible expenditures. Direct payments were processed by the World Bank upon requests from the Project, which were formally advised and verified by the Government and included in the Financial Statements. Annex 1 provides a further analysis of third - party direct payments. 9.1.6 Payments by third parties On the other hand and through direct execution, third parties including donors may make payments to external suppliers outside the country systems and provide goods and services including In - kind donations such.as food aid, big contract of works, vehicles, equipment, technical assistance or personnel services. The payments made by the third parties outside the country systems do not constitute cash receipts or payments managed by the SEAP even though the entity does benefit from such payments. Such payments are therefore not included in the statement of cash receipts and payments but are reported and disclosed where the financial value of the goods and services received can be reliably verified and determined by SEAP. 9.1.7 Revenue (recognition of receipts) The Project recognizes all receipts from the various sources when the event occurs, and the related cash has been received by the Government; a) Transfers from the Treasury and Other General Government Units / Entities Where transfers are received from the Treasury and / or other General Government Units / Entities, these are recognized in the Project books of account when cash is received. Cash is considered as received when payment instruction is issued to the bank and notified to the receiving entity (Project). 28 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 9.1.7 Revenue (recognition of receipts) (continued) b) Other receipts These include receipts such as proceeds from disposal of assets and refunds. These are recognized in the Financial Statements the time associated cash is received. c) External assistance External assistance is received through grants and loans from multilateral and bilateral development partners. Donations and grants Grants and donations shall be recognized in the books of accounts when cash is received. Cash is considered as received when a payment advice is received by the recipient entity (Project) or by the beneficiary. In case of grant / donation in kind, such grants are recorded upon receipt of the grant item and upon determination of the value. The date of the transaction is the value date indicated on the payment advice. Proceeds from borrowing Includes external loans acquired by the Project and is treated on cash basis and recognized as a receipt during the year they were received. Undrawn external assistance These are loans and grants at reporting date as specified in a binding agreement and relate to funding for the Project currently under development where conditions have been satisfied or their ongoing satisfaction is highly likely and the Project is anticipated to continue to completion. An analysis of the Project’s undrawn external assistance is shown in the funding summary and in note 10.2 of these Financial Statements. 29 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 9.1.7 Revenue (recognition of receipts) (continued) d) Other Assistance: Relates to resources received from Non - governmental organizations and other assistance that is voluntarily provided by, for example, individuals, private entities, and charitable and other organizations (Paragraph 2.1.87 Cash Basis IPSAS 2019). During the year ended 31 December 2022, only external assistance grants were received by the Project. 9.1.8 Expenses (recognition of payments) Payments represent outlays of cash made by the entity or other agencies for and on behalf of the Project. All payments are recognized and included in the Financial Statements when cash is paid out. 9.1.9 Expenses (recognition of payments) a) Compensation of employees Salaries and Wages, Allowances, Statutory Contribution for employees are recognized in the period when the compensation is paid. b) Use of goods and services Goods and services are recognized as payments in the period when the goods / services are consumed and paid for. If not paid for during the period where goods/services are consumed, they shall be included in the statement of financial assets and liabilities (Balance sheet) as financial liabilities with supporting schedules (detailed notes). 9.1.10 Property, Plant and Equipment and other non - current assets (capital items) Non - current assets principally comprise land, buildings, plant, vehicles, equipment, and any other capital assets controlled by the Project SEAP. Under the cash basis of accounting, purchases of property, plant, equipment and other non - current assets have been expensed fully in the year of purchase. However, these assets are recorded in asset registers at historical cost as a memorandum record. 9.1.11 Comparative figures for previous period Where necessary comparative figures for the previous financial year / period have been amended or reconfigured to conform to the required changes in the presentation of the Financial Statements to ensure full compliance with the Cash Basis IPSAS, 2017. 30 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 9.1.12 Foreign currency transactions and foreign operations Foreign currency transactions denominated in foreign currencies would be recorded into USD and incorporated in the statement of cash receipts and payments at the exchange rate ruling on the date of the transaction; Cash balances denominated in foreign currency at the year - end would be translated at the closing rate of exchange with the resulting exchange gains / losses dealt with as a reconciling item between the opening and closing cash balances for the financial year. 9.1.13 Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at cost. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short - term highly liquid investments, and bank overdrafts. 9.1.14 Refunds of previous year receipts and expenditures Receipts refunded from the previous years are recorded as expenditures in the current year. Expenditures refunded from previous years are recorded as receipts in the current year. 9.1.15 Employee benefits Employee benefits include salaries, allowances, and other related employment costs and these have been recognized in the Financial Statements only when actual payments are made. 9.1.16 Contingencies Contingent liabilities are recorded and disclosed when the contingency becomes evident. Contingent assets are neither recognized nor disclosed. 9.1.17 Original and final approved budget and comparison of actual and budget amounts The approved budget is developed on the same accounting basis (cash basis), same classification basis (GFS, 2014 economic classification) and for the period 1 January 2022 to 31 December 2022 as for the Financial Statements. In this reporting period, the Project has disbursed 88% of the budgeted amount for the financial year 2022. 31 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 9.1.17 Original and final approved budget and comparison of actual and budget amounts (continued) A commitment control system is in place and is implemented through the Somali Financial Management Information System (SFMIS) with adequate system controls to ensure that no expenditure can be incurred more than the approved budget as may be revised. 9.1.18 Authorization date The Financial Statements of SEAP were authorized for publication on ________________2024 by the Accountant General of the Federal Government of Somalia. 32 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 10. EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS 10.1 Exchange rates All monetary amounts in the Financial Statements are expressed in USD, the transaction and Project reporting currency. The USD closing rates for major currencies were: Actual 31 December 2022 Actual 31 December 2021 USD USD Somali Shilling (SOS / USD) 22,500 22,500 British Pound (GBP / USD) 0.85 0.641584 Euro (Euro / USD) 0.97 0.825748 10.2 External assistance External assistance was received in the form of grants from multilateral donor agencies under agreements specifying the purposes for which the assistance will be utilized and the grants received from the donor community are not repayable in future. The amounts in the statement of receipts and payments are only recognized when received by and are under the control of the Federal Government of Somalia. The amount of external assistance received as of 30 June 2022 consists of the following: 33 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 10.2 External assistance (continued) Current financial year Current financial year Year balances Cumulative balances 2022 - Previous quarter 2022 - Current Reporting (Project - to - date) quarter (A) (B) 31 December 31 December As at 31 As at 2022 2020 December 31 (C=A+B) (D) 2021 December (E) 2022 (F=C+E) USD USD USD USD USD USD Grants received during the year Somalia Multi - Partner Fund (MPF) 822,524 199,836 1,022,360 923,933 3,268,315 4,290,675 Total grants received during the year 822,524 199,836 1,022,360 923,933 3,268,315 4,290,675 34 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 10.2 External assistance (continued) Analysis of the purpose for which the external assistance was received is as follows: Current Current Year balances Cumulative balances (to date) financial financial year year 2022 - 2022 – Previous Current quarter reporting quarter 4 (A) (B) 31 December 2022 31 December 2020 31 December 2021 As at (C= A+B) (D) (E) 31 December 2022 (F=C+E) USD USD. USD USD USD USD Grants received during the year Development Assistance 822,524 199,836 1,022,360 923,933 3,268,315 4,290,675 Total grants received 822,524 199,836 1,022,360 923,933 3,268,315 4,290,675 Non – compliance with significant terms and conditions There have been no instances of noncompliance with terms and conditions with regard to loan or grant agreements or guarantees which have resulted in cancellation of the assistance or has given rise to an obligation to return the assistance previously given. 35 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 10.2 External assistance (continued) Undrawn external assistance – grants The undrawn grant facilities available to fund future operations under binding agreements and where the terms and conditions are to be met, consist of: 31 December 2022 31 December 2021 USD USD Multilateral World Bank - Somalia Multi - Partner 309,308 1,330,621 Fund (MPF) Total undrawn grant facilities 309,308 1,330,621 Undrawn grant facilities include an amount of USD 309,308 from Multilateral Development World Bank Group which is stipulated to expand access to electricity in targeted urban, peri - urban, and rural communities. There are no restrictions imposed on the undrawn grant facilities other than ensuring that the disbursements for any year are planned and budgeted for using country systems. 36 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 10.3 Compensation of employees Principally comprise of: Current Current Year balances Cumulative balances (Project - to - date) financial year financial year 2022 - 2022 – Current Previous reporting Quarter quarter 3 (A) (B) 31 December 31 December As at 31 As at 2022 2020 December 2021 31 December 2022 (C=A+B) (D) (E) (F=C+E) USD USD USD USD USD USD Wages and salaries 18,260 17,420 35,680 13,885 36,085 71,765 Total compensation 18,260 17,420 35,680 13,885 36,085 71,765 37 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 10.4 Use of goods and services These are mainly: Current Current Year balances Cumulative balances (to financial year financial date) 2022 - year Previous 2022 – quarter Current reporting quarter 1 (A) (B) 31 December 31 December As at 31 As at 31 2022 2020 December December (C=A+B) (D) 2021 2022 (E) (F=C+E) USD USD USD USD USD USD. Rent 25,900 18,540 44,440 18,200 18,200 62,640 Fuel and Lubricants 3,822 - 3,822 - 2,725 6,547 Utility 517 - 517 - - 517 Office materials and other Consumables 12,510 3,447 15,957 16,451 48,448 64,405 Travel Expenses 52,180 23,078 75,258 153,865 210,891 286,149 Educational Expenses - - - - 23,909 23,909 Training Expenses 55,192 1096 56,288 31,228 81,582 137,870 Professional Fees 364,843 119,947 484,790 537,844 2,002,532 2,487,322 Bank Commission 10,672 1,515 12,187 9,848 37,628 49,815 Insurance Charges / Premium 5,000 - 5,000 5,150 5,150 10,150 To non - financial private enterprises 496,700 - 496,700 - 331,133 827,833 Other General Expenses - 2,606 2,606 - - 2,606 Telephone and Telecommunication - 7,176 7,176 - - 7,176 Total Use of goods and services 1,027,336.00 177,405 1,204,741 772,586.00 2,762,198.00 3,966,939.00 38 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 10.5 Capital expenditure - consumption of non - current assets As explained in accounting policy all non - current assets purchased during the year are expensed during the year of purchase fully depreciated in the year of purchase. The value of capital expenditure acquired during the financial year and expensed comprise Current Current Year balances Cumulative balances (to date) financial financial year year 2022 2022 - – Current Previous reporting quarter Quarter (A) (B) 31 December 31 December As at 31 As at 2022 2020 December 31 December 2022 (C= A+B) (D) 2021 F=C+E) (E) USD USD USD USD USD USD ICT Infrastructure, hardware, network, facilities - - - 78,834 78,834 78,834 Other fixed assets 21,846 900 22,746 86,988 86,988 109,733 Total Capital expenditure 21,846 900 22,746 165,822 165,822 188,568 39 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 10.6 Cash and cash equivalents Comprise cash and bank balances of all bank accounts operated by the Project at the end of the financial period. 31 December 2022 31 December 2021 USD USD Cash at Bank at the Central Bank of Somalia 63,403 304,210 The above amount is restricted to eligible expenditures of the Project in line with the financing agreement. 10.7 Accumulated Funds (Fund Balance / Surplus) The accumulated surplus as at the year - end was as follows: Accumulated surplus (deficits ) 31 December 2022 31 December USD 2021 USD At beginning of the year 1 January 2022 304,210 333,060 Surplus for the year - see Statement of Cash Receipts and Payments (240,807) (28,850) At end of the year 31 December 2022 63,403 304,210 40 Federal Government of Somalia Report and Financial Statement Somalia Electricity Access Project For the year ended 31 December 2022 10.8 Other important disclosures 10.8.1 Payments by third parties directly to suppliers – Direct Payments (See also Annex 1) 31 December 2022 31 December 2021 Direct payments: USD USD Multilateral Agencies 213,797 62,244 Bilateral Agencies - - Total direct payments 213,797 62,244 Description 31 December 2022 31 December 2021 USD USD Construction of buildings - - Construction of civil works - - Supply of goods - - Supply of services 213,797 62,244 Total direct payments 213,797 62,244 41 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 11. ANNEXURES 11.1 ANALYSIS OF THIRD - PARTY PAYMENTS (DIRECT PAYMENTS) Name of third party Brief transaction description Date of Amount Total payment Paid during amount paid the year Balance USD 2021 USD Abdisalam Mohamud Abdullahi Consultancy Fee for January 2022 01/03/2022 6,545.50 6,545.50 Abdisalam Mohamud Abdullahi Consultancy Fee for February 2022 31/03/2022 6,545.50 6,545.50 Heron Hotel Hotel Accommodation for the Training 13/03/2022 5,572.00 5,572.00 Abdisalam Mohamud Abdullahi Consultancy Fee for March 2022 14/04/2022 6,545.50 6,545.50 Eastern Africa Power Pool Membership fee of Somalia for the EAPP 27/04/2022 52,871.05 52,871.05 Abdisalam Mohamud Abdullahi Consultancy Fee for April 2022 20/05/2022 6,545.50 6,545.50 Kenya Institute of Supplies Management Tuition fee for the Procurement Training 14/06/2022 3,596.00 3,596.00 International Training Center of the ILO Tuition fee for the Procurement Training 24/06/2022 1,046.65 1,046.65 International Bank of Somalia First payment of the contract addendum 19/09/2022 24,693.09 24,693.09 International Training Center of the ILO Tuition fee for the Procurement Training 28/12/2022 1,063.37 1,063.37 International Bank of Somalia Second, third and final payments 15/12/2022 98,772.35 98,772.35 213,797 213,797 42 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 11.2 SUMMARY OF THE PROJECT ASSET (NON - CURRENT ASSETS) REGISTER Asset class Historical Cost b / f Additions during the year Disposals during the Historical Cost c/f 1 December 2022 year 31 December 2022 USD USD USD USD Office equipment, furniture, and fittings 7,800.00 79,187 - 86,987 ICT Equipment 15,254.30 - - 15,254.30 23.054.30 79,187 - 102,241 The balance as at the end of the year is the cumulative cost of all assets under the control of the Project. An asset listing is provided separately for asset details. 43 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 11.3 RECEIPTS PER ENTITY VERSUS DONOR CONFIRMATION Date received Description Receipts per entity Receipts as per donor Variance USD USD Amount USD 01/03/2022 Designated Account 6,545.50 6,545.50 - 22/03/2022 Direct Payment 5,572.00 5,572.00 - 31/03/2022 Direct Payment 6,545.50 6,545.50 - 20/04/2022 Designated Account 247,029.83 247,029.83 - 20/04/2022 Direct Payment 6,545.50 6,545.50 - 27/04/2022 Direct Payment 52,871.05 52,871.05 - 20/05/2022 Direct Payment 6,545.50 6,545.50 - 26/05/2022 Designated Account 263,586.51 263,586.51 - 14/06/2022 Direct Payment 3,596.00 3,596.00 - 24/06/2022 Direct Payment 1,046.65 1,046.65 - 13/09/2022 Designated Account 197,947.14 197,947.14 - 19/09/2022 Direct Payment 24,693.09 24,693.09 - 15/12/2022 Direct Payment 98,772.35 98,772.35 - 15/12/2022 Designated Account 100,000 100,000 - 28/12/2022 Direct Payment 1,063.37 1,063.37 - 1,022,360 1,022,360 - 44 Somali Electricity Access Project Reports and Financial Statements Somalia Electricity Access Project For the year ended 31 December 2022 11.4 RECONCILIATION BETWEEN APPLICATION FOR WITHDRAWALS AND RECEIPTS FROM THE WORLD BANK Date of Application Application Confirmed Date of Receipt Actual Receipt Difference Number withdrawal application form 23/02/2022 S065 6,545.50 01/03/2022 6,545.50 - 21/03/2022 S067 6,545.50 31/03/2022 6,545.50 - 22/03/2022 WA 064 5,572.00 31/03/2022 5,572.00 - 13/04/2022 WA065 247,029.83 20/04/2022 247,029.83 - 14/04/2022 WA 066 6,545.50 20/04/2022 6,545.50 - 21/04/2022 WA 067 52,871.05 27/04/2022 52,871.05 - 17/05/2022 S069 6,545.50 20/05/2022 6,545.50 - 22/05/2022 WA 069 263,586.51 26/05/2022 263,586.51 - 08/06/2022 WA 070 3,596.00 14/06/2022 3,596.00 - 13/06/2022 WA 072 1,046.65 24/06/2022 1,046.65 - 05/09/2022 WA 072 197,947.14 13/09/2022 197,947.14 - 12/09/2022 S070 24,693.09 19/09/2022 24,693.09 - 04/12/2022 WA 073 100,000 15/12/2022 100,000 - 11/12/2022 S071 98,772.35 15/12/2022 98,772.35 - 26/12/2022 WA 074 1,063.37 28/12/2022 1,063.37 - 1,022,360 1,022,360 - 45