DEVELOPMENT BANK OF RWANDA PLC ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT ANNUAL REPORT AND FUND ACCOUNTABILITY STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 Table of Contents 1.Background of the project ....................................................................................I 2 ,P roject Inform ation.............................................................................................2 3.Statement of directors' responsibilities for the year ended 31 December 2023............3 4.lndependent auditor's repor ................................................................................. 4 5.Fund Accountability Statement for the year ended 31 December 2023.......................7 6.Notes to the Fund Accountability Statem ent ...................................................... 8-14 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 1. Background of the project The objective of the Energy Access and Quality improvement Project (EAQIP) to increase access to modern energy for households, enterprises, and public institutions and enhance the efficiency of electricity services in Rwanda. The project is co-implemented by BRD and EDCL, and BRD is implementing two sub-components which focused on increasing Off-Grid Electricity Access in line with the approved RBF mechanism to make access to off-grid electricity affordable at all income levels and connect at least 150,000 households. These grants will be provided through a newly created RBF window. Another sub-component will set up a clean cooking RBF window to subsidize purchases of clean and efficient cooking solutions by eligible households. The RBF window will support both urban and rural households. In urban areas, the focus of the clean cooking RBF will be to reduce and eventually phase out charcoal as a cooking fuel and replace it with Tier 3+ clean cooking solutions. In rural areas, the focus will be on reducing the reliance on firewood as a cooking fuel, by gradually introducing more efficient (Tier 2+) and clean cooking (Tier 3+) solutions. The two focus areas will contribute to the objectives of (a) phasing out charcoal use in urban areas and (b) reducing the reliance on firewood. The Government of Rwanda (GoR) as the borrower will on lend the funds to the Development Bank of Rwanda (BRD), which will administer two sub-components 3a and 3b of the project. The project is co-implemented by BRD and EDCL. The Development Bank of Rwanda is implementing two sub-components of the project. (i) Subcomponent 3a: Increasing Off-Grid Electricity Access (IDA Grant: US$15 million equivalent) (ii) Subcomponent 3b: Increasing Access to Clean Cooking Solution (IDA Credit: US$10 million equivalent; Clean Cooking Fund Grant: US$7 million) 1.1 Basic information lProject Name Energy Access and Quality Improvement Project (EAQIP) Project sponsor iWorld Bank-IDA Project duration/ period Date of signature of grant agreement: 24th September 2020 'The Project effectiveness date is 29th March 2021 The Project completion date: 301h December 2026. Reporting organization and Development Bank of Rwanda Plc KN3, Ave Physical address P.O Box : 1341 Kigali, Rwanda Project Coordinator Mr Philbert DUSENGE Project budget by the World Bank-IDA Grant -D7210: 9,100,000 SDR Development Partner ESMAP TF 83589: 7,000,000 USD World Bank-IDA Loan 67760 1,346,700,000 JPY Disbursed amount US 5,919,353 (35% of US$ 17,000,000 allocated to BRD for clean cooking component) . ... ...... Strategic goals/objectives of To increase access to modern energy for households, enterprises, and public the project Institutions and enhance the efficiency of electricity services in Rwanda. Line Ministry of the Ministry of Infrastructure and Ministry of Finance and Economic Planning project/Implementing agency (MININFRA/MINECOFIN) EDCL/BRD 1 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 2. Project Information Directors The Directors of Development Bank of Rwanda PLC provide oversight to the project. The Directors that served during the year and to the date of this report are shown below, Mr. Bobby Jene Pittman Chairman Mr. Callixte Nyirindekwe Vice-Chairman Ms. Alice Rwema Non-Executive Director Mrs. Angelique Karekezi Non-Executive Director Mr. Joseph M. Mudenge Non-Executive Director Mr. Emmanuel Habineza Non-Executive Director (Appointed on 6 July 2023) Mr. Charles Mugabe Non-Executive Director (Resigned on 1 July 2023) Mr. Ghislain Nkeramugabo Non-Executive Director Ms. Stela Nteziryayo Non-Executive Director Ms. Louise Ingabire Kanyonga Non-Executive Director Company Secretary & General Council Gloria TENGERA Development Bank of Rwanda Plc KN4 Avenue P.0 Box: 1341 Kigali, Rwanda Registered Office and principal place of business DEVELOPMENT BANK OF RWANDA BUILDING KN3, Ave, Kigali P.0 BOX: 1341 Kigali, Rwanda Auditors Ernst & Young Rwanda Ltd Certified Public Accountants M-Peace Plaza, Executive Wing 6th Floor, KN4 Avenue P.0 Box 3638, Kigali, Rwanda 2 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 3. STATEMENT OF DIRECTORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Directors are responsible for the preparation and presentation of the fund accountability statement of the Energy Access and Quality Improvement Project("the Project") comprising the fund accountability statement as at and for the year ended 31 December 2023 and the notes which include a summary of significant accounting policies and other explanatory notes, set out on pages 7 to 13, in accordance with the basis of accounting policies described in notes 6.1 to the fund accountability statement. The Directors are also responsible for determining the acceptability of the basis of accounting and such internal control as the Directors determine is necessary to enable the preparation of fund accountability statement that are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records and an effective system of risk management. The Directors have assessed the ability of the Fund to continue as going concern and have no reason to believe that the Fund will not be a going concern in the year ahead from the date of this statement. The independent auditor is responsible for reporting on whether, based on their audit, the fund accountability statement of the Development Bank of Rwanda Plc - Energy Access and Quality Improvement Project ("the Project") set on pages 7 to 13 gives a true and fair view of the Project's fund accountability statement for the year ended 31 December 2023 in accordance with the basis of accounting specified in notes 6.1 to the fund accountability statement. Approval of fund accountability statement The fund accountability statement of the Energy Access and Quality Improvement Project as at 31 December 2023, as identifi d in the firJ paragraph, were approved and authorized for issue by the Board of Directors on ..... 4....... . ...........2024 Chief Exec tive Offi er Chairman of the Board Audit committee . piI ..2024 Date... 3 Ernst & Young Rwada L:mited T1: -250 788309977 Certi ied PubLic Accounns : 250 75333322 M-Peace Plaz3 Executve Wing. 6h ooor eycorn Bulding a better KN 4 Avenue working word P.. Box 3638 Kig6l% RwanCa INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEVELOPMENT BANK OF RWANDA PLC ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the fund accountability statements of Energy Access and Quality Improvement Project ("the Project") implemented by Development Bank of Rwanda PIc as 31 December 2023 set out on page 7 to 14, which comprise the Fund accountability statement for the year then ended, and notes to the fund accountability statements, comprising a summary of significant accounting policies and other explanatory information. In our opinion, the accompanying financial statements present fairly, in all material respects, the fund accountability statements of Energy Access and Quality Improvement Project for the year ended 31 December 2023 in accordance with the basis of accounting described in note 6.1 to the Fund acountability statement. Basis for Opinion We conducted our audit in accordance with the International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the Fund acountability statement section of our report. We are independent of the Project in accordance with International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including international Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter - Basis of Accounting We draw attention to note 6.1.a to the Fund accountability statement, which describe the basis of accounting. The Fund accountability statement are prepared to provide information to the members of the Development bank of Rwanda. As a results, the Fund accountability statement may not be suitable for another purpose. Our opinion is not modified in respect of this matter. Other Information The Directors are responsible for the other information. The other information comprises the information included in Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Fund acountability statement for the year ended 31 December 2023 but does not include the Fund acountability statement and our auditor's report thereon. Our opinion on the Fund acountability statement does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the Fund acountability statement, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Fund acountability statement, 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 obtained prior to the date of this auditor's report, we concluce that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 4 E,Y Building a better working world INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DEVELOPMENT BANK OF RWANDA PLC ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) Directors' Responsibilities of for the Fund accountability statement The Directors are responsible for the preparation of Fund acountability statement that give a true and fair view in accordance with the basis of accounting described in note 6.1 to the Fund acountability statement and for such internal control as Directors determine is necessary to enable the preparation of Fund acountability statement that are free from material misstatement, whether due to fraud or error. In preparing the Fund acountability statement, Directors are responsible for assessing the Fund's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Directors either intend to liquidate the Project or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FUND ACOUNTABILITY STATEMENT Our objectives are to obtain reasonable assurance about whether the Fund acountability statement 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 Fund acountability statement. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the Fund acountability statement, 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. * 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 Fund's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of 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 fund's ability to continue as a going concern. 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 Fund acountability statement 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 fund to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the Fund acountability statement, including the disclosures, and whether the Fund acountability statement represent the underlying transactions and events in a manner that achieves fair presentation. 5 EY Building a better working world INDEPENDENT AUDITOR'5 REPORT TO THE MEMBERS OF DEVELOPMENT BANK OF RWANDA PLC ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED) We 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 we identify during our audit. Report on other Legal and Regulatory Requirements We confirm that: i) We have no relationship, interests, and debts in the Project. ii) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. iii) In our opinion, proper books of account have been kept by the Fund, so far as appears from our examination of those books. iv) We have communicated to you through the management letter, internal control weaknesses identified in the course of our audit including our recommendations with regard to those matters. Stephen K Sang For Ernst & Young Rwanda Limited . . . ...2024 6 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 5. Fund Accountability Statement for the year ended 31 December 2023 Description Note 2023 2022 Frw Grant Income 6.2 3,632,623,805 424,388,495 Net Foreign Exchange unrealized gain(loss) 6.3 (46,367,258) 104,849 Proceeds from borrowings 6.4 2132,640 937 - Net operating revenue 5f11_892A85 4 2449344 Operating expenses 6.5 Compensation of employees 6.5.1 91,820,083 92,325,139 Use of goods and services 6.5.2 12,350,825 6,877,895 Subsidies 6.5.3 3,838,877,336 111,184,800 Capital expenditure 6.5.4 - 3,750,000 Total operating expenses 3 943,048,244 214 31,3_ Surplus 1,775,849,240 210,355,510 Opening balance 210,355,510 Total 1.986.204.750 210,355510 Represented by: Cash at Bank 6.6 2,024,377,260 220,649,623 Account receivables and -advances 6.7 - Account payables 6.8 (38,172,510) (10294 113 Balance for the year 1 962A750 The Fund Accountability Statement was approved and authorized for issue by the Directors on :j~veo~tr ef wt3la PLC Sc> 41 ~- Rwnda Chief Executive Officer Chairman of the Board Audit committee The notes set out on pages 8 to 14 from an integral part of these fund accountability statement. 7 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 6. Notes to the Fund Accountability Statement 6.1. Basis for the Preparation and significant accounting policies a) Basis of preparation The fund accountability statement has been prepared in accordance with the modified cash basis of accounting and the funding agreement. The modification is that payables and receivable due at the end of the reporting period as well as foreign exchange unrealized gain/loss are recorded to the fund accountability statement. The Fund agreement requires the preparation of fund accountability statement that comply with international financial reporting standards. The significant accounting policies used in the preparation of the fund accountability statement as set out at note 61 (b) to 6.1 (k) and the notes (Note 6.2 to 6.8) form the basis of preparation of the fund accountability statement and are together referred to as (the fund accountability statement). The Fund accountability statement are prepared to provide information to Government of Rwanda represented by the Ministry of Finance and Economic Planning (the "Government") and World Bank. Purpose of the fund accountability statement The Fund accountability statement is prepared to assist the Development Bank of Rwanda Plc to comply with the reporting provisions of the agreement signed between the Government of Rwanda and the World Bank. These provisions require the Development Bank of Rwanda Plc to; * prepare and submit the project's quarterly financial reports to the World Bank not later than 45 days after the end of the quarter * submit the annual audited financial statements of the project to the World Bank within six months after the end of the fiscal year. The audit report should be inclusive of a Management Letter on internal control setting out any internal control strengths, deficiencies, or noncompliance with laws, regulations, financial agreements, or performance or value-for-money standards * provide information on quarterly basis to Government of Rwanda represented by the Ministry of Finance and Economic Planning (the "Government") and World Bank. b) Grant income These are funds received from the donor. The funds are recognized as grant income when the project receives an approval of the disbursement from the Development Partner rather than when the cash is received in the bank account of the receiving entity. c) Proceeds from borrowings These relate to credit lines received from the World Bank. The funds are recognized as income when the project receives an approval of the disbursement from the World Bank rather than when the cash is received in the bank account of the receiving entity. d) Other income Other income includes miscellaneous income such as gain of currency exchange and transactions. Foreign exchange unrealized gain and loss arises from assets expressed in foreign currencies that are translated into Rwandan francs at the average rates of exchange ruling at year end. Transactions during the period are translated at the average rates ruling at the dates of the transactions. Gains and losses on exchange are recognized in the fund accountability statement. 8 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 6. Notes to the Fund Accountability Statement 6.1. Basis for the Preparation and significant accounting policies e) Expenditure Expenditure is recognized and recorded when incurred. The main categories of expenditure include compensation of employees, use of goods and services, capital expenditures, transfers and subsidies, social benefits, transfers to reporting entities and other expenses. At the reporting date, expenses that have been incurred but not paid are included in the fund accountability statement and accrued as accounts payable. Capital expenditure relates to assets acquired during the year. The cost of assets acquired is expensed on purchase. f) Cash and bank Cash comprises cash on hand and cash at bank. Cash is recognized when funds are received and is derecognized when funds are paid out or extended to the beneficiaries. g) Accounts receivable and advances Receivables mainly relate to advances and loans which are recognized at the time of disbursement, and which are yet to be repaid by the participating financial institution, Receivables also include amounts due to the project as at the end of the year. Receivables are carried at original historical cost. h) Accounts payable This mainly relates to invoices for goods and services which were outstanding at the end of the period. These are recognized as liabilities for that specific period based on contractual amounts. They also include commitments arising from non-cancellable contractual or statutory obligations. i) Going concern The project has secured funding from the world bank until December 31, 2026. j) Functional and reporting currency "Reporting currency" is the currency in which the fund accountability statement is presented. The currency is the Rwandan Francs. "Functional currency" is the currency of the primary economic environment in which the project operates, The Rwandan Francs is also the reporting currency. k) Surplus/Deficit This represents fund balance at the year-end after deducting expenditure incurred during the year from grants and loans availed to the project forthat period. It is residual amount which is either accumulated surplus or deficits. 9 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement Forthe year ended 31 December 2023 6. Notes to the Fund Accountability Statement (Continued) 6.2. Grant Income 31 December 2023 31 December 2022 Frw Frw Grant received 3,632,623,805 424.388495 The Government of Rwanda represented by the Ministry of Finance and Economic Planning signed the financing agreement with the World Bank acting as administrator of the Energy Sector Management Assistance Program Multi-Donor Trust Fund for a grant equivalentto US$ 10 Million of which US$7 Million is allocated to BRD to finance the Energy Access and Quality Improvement Project under component 3b which will set up a clean cooking RBF window to subsidize purchases of clean and efficient cooking solutions by eligible households. The RBF window will support both urban and rural households. For the purposes of reporting to the World Bank and MINECOFIN on the grant's disbursement and utilization status, the amount received on that grant from the world bank is reported as grant income. The World Bank disbursed grants to the project bank account as shown below. 31 December 2023 Reference Number Value date (this Date Received Amount Received Average Exch. Amount as of is date grant (this is date in (BNR Rate of 31/12/2023 approved by funds credited USD the Value (Frw} World Bank) on bank Date) account) ESMAP TF B3589 WA NO 3 08/03/2023 09/03/2023 1,121,007.39 1,093.62072 1,225,956,909 WB IDA D7210 WA 01 24/10/2023 24/10/2023 1,960,663.00 1,227.47606 2,06,666,896 Total 3.081 670.39 3632.523.805 31 December 2022 Reference Number Value date Date Received Amount Average Exch. Amount as (this is date (this is date funds Received in USD (BNR Rate of of grant credited on bank the Value Date) 31/12/2022 approved by account) (Frw) World Bank) ESMAP TF WA NO 1 20/05/2022 23/05/2022 275,145.00 1,021.48976 281,057,801 ESMAP TF WA NO 2 02/11/2022 03/11/2022 7.69 1,049.90564 13330694 Total ___9 1688i 10 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 6.3.Net Foreign Exchange unrealized gain/(Loss) 31 December 2023 31 December 2022 Frw Frw Foreign exchange 1,143,450 104,849 unrealized gain Foreign exchange (47,510,708) unrealized loss Net Foreign exchange (46a6i258) IQV4 unrealized loss The foreign exchange loss/gain is due to currency exchange translation from USD/JPY to FRW as the funds were moved from BNR Project Accounts in USD/JPY to l&M Bank Project account in FRW. 6.4. Proceed from borrowings. 31 December 2023 31 December 2022 Frw Frw Proceeds from 2132_ 0 937 Borrowings The Government of Rwanda represented by the Ministry of Finance and Economic Planning signed a financing agreement with the World Bank for a loan equivalent to JPY 8 billion of which JPY 538 million (US$ 10 million equivalent) is allocated to BRD to finance clean cooking program under subcomponent 3b. For the purposes of reporting to the World Bank and MINECOFIN on the loan's disbursements and utilization status, the amount received on that loan from the World Bank is reported as proceeds from borrowings. The World Bank Disbursed Proceeds from Borrowing to the project bank account as shown below. 31 December 2023 Reference Value date (this Date Received Amount Average Amount as of Number is date grant (this is date funds Received in Exch. (BNR 31/12/2023 approved by credited on bank JPY Rate of the (Frw) Word Bank) account) Value Date) WB-IDA Loan 26/10/2023 26/10/2023 261 369 7 8,159479 67760-WA 2132,640,937 11 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 6.5. Operating expenses 6.5.1. Compensation of employees 31 December 2023 31 December 2022 Frw Frw Salaries in cash 81,881,461 79,953,173 Social contribution 6,034,339 6,467,796 Medical insurance 383 5 70 91,2.8 92J32539 Number of Employees under the project (two staff resigned in mid- year 2023 The staff salaries cost did not increase proportionally with the resignation of two staff due the revised BRD salary structure during the year 2023. 6.5.2. Use of goods and services General Services 31 December 2023 31.December.2022 Frw Frw General Services 5,770,485 5,275,413 Professional, Research services 2,950,000 Transport and travel 371,735 Training costs 3 05 1,602 12 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 6.5.3. Subsidies to Clean Cooking Companies Clean Cooking Companies 31 December 31 December 2023 2022 Frw Frw ENTREPRISE MULTI SERVICE LTD 1,459,628,165 111,184,800 RULIBA CLAY LTD 725,710,146 - SUN ALLIANCE LTD 647,426,400 - HELLO RENEWABLES LTD 336,861,185 . STELLAR ENGiNEERING LTD 278,034,400 - YES SHOP LTD 111,899,600 - T-HIRWA GENERAL SUPPLY LTD 106,584,000 - SRM- CORPORATE LTD 74,353,440 - TAHA CELL LTD 67,732,000 - NESELTEC LTD 28,825,600 - SOLEKTRA LTD 1,22,400 oo Total 3 fl,877 61Ll The following table shows the cumulative clean cooking subsidies disbursed to clean cooking companies since the start of the program in 2022. Clean Cooking Companies Cumulative Subsidies disbursed Frw ENTREPRISE MULTI SERVICE LTD 1,570,812,965 RULIBA CLAY LTD 725,710,146 SUN ALLIANCE LTD 647,426,400 HELLO RENEWABLES LTD 336,861,185 STELLAR ENGINEERING LTD 278,034,400 YES SHOP LTD 111,899,600 T-HIRWA GENERAL SUPPLY LTD 106,584,000 SRM- CORPORATE LTD 74,353,440 TAHA CELL LTD 67,732,000 NESELTEC LTD 28,825,600 SOLEKTRA 1822,400 Total U _-00-6-2126 6.5.4. Capital expenditure. 31 December 2023 31 December 2022 Frw Frw Acquisition of IT equipment 13 Development Bank of Rwanda Plc Energy Access and Quality Improvement Project Annual Report and Fund Accountability Statement For the year ended 31 December 2023 6.6. Cash at Bank 31 December 2023 31 December 2022 Frw Frw l&M-EAQIP FRW Account 2 QZ4 ZZO -4 6.7 .Account Receivables and advances There were no receivables as at 31 December 2023 6.8. Account payables The following were the accounts payables as at 31 December 2023. Description 31 December 2023 31 December 2022 Frw Frw Refund BRD-EAOIP Staff Salaries and Operating 14,503,975 8301606 Expenses Refund BRD-Remuneration earned on project 236535 account Total 3g.172J51_Q 1029A4U3 The amount reported under account payables constitutes of project operating expenses paid by BRD on behalf of the EAQIP Project as well as the remuneration of interests earned on the project account which are yet to be refunded to BRD as of 31 December 2023. 6.9 Subsequent events There are no reportable subsequent events. (2022: none). 14