PROJECT FIDUCIARY MANAGEMENT UNIT (PFMU) INTEGRATED AND RESILIENT URBAN MOBILITY PROJECT (GoSL/IDA Project No. P164353) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Project Fiduciary Management Unit (PFMU) Integrated and Resilient (GoSUIDA Project No. P164353) Financial Statements For the year ended 31 December 2022 CONTENTS PAGE(S) General Information Background Information on the Project 2-3 Reporting scope and reporting entity 4 Managements Responsibilities Statement 5 Report of the independent Auditors to the Members 6-9 Statement of Cash Receipts and Payments (IDA and GoSL) 10 Notes to the Financial Statements 11 - 17 Project Fiduciary Management Unit fPFMu) Integrated and Resilient (GoSL/IDA Project No. P164353) Financial Statements For the year ended 31 December 2022 GENERAL INFORMATION OFFICE Project Fiduciary Management Unit Ministry of Finance and Economic Development Howe Street Freetown TEAM LEAD Alpha I Sesay PROJECT COORDINATOR Hindolo M Shiaka BANKERS Sierra Leone Commercial Bank Limited Siaka Stevens Street Freetown AUDITORS BDO Regent House 12 Wilberforce Street Freetown DONOR The World Bank-International Development Bank (IDA) Project Fiduciary ManaSement Unit (PFMU) l1tegrated and Resilient (GcoL/DA Project No. P164353) Financial Statements For the year ended 1i December 202 BACKGROUND INFORMATION ON THE PROJECT The Govemment of Sierra Leone (hereinafter called the Recipient) received US$ 50m from the international Development Association (World Bank) to implement the Integrated and Resilent Urban Mobility Project. The Project Development Objective (Pcd) is to improve quality of public transport, address Climate resilience, improve road safety In selected areas and enhance institutional capacity in the transport sector. The total financing of the Project is US$ 52M, with a counterpart contribution of US 2M from the Government of Sierra Leone. The fiduciary aspect of the project is managed by the Ministry of Finance through the Project Fiduciary Management Unit (PFMU) and the technical implementation of the activities is coordinated by the Ministry of Transport and Aviation through the Transport Infrastructure Development Unit (TbDU . The project will be implemented over five years period and comprising of five components. The Project consists of the following parts: Part 1: Modernization and Professionaization of Transport Services 1. Enhancing public transport in Freetown by introducing reliable, quality bus services along selected corridors, including: (a) establishment of a bus renewal scheme involving private-sector operators in cooperatives responsible for loan repayment; (b provision of technical advisory services in supporting institutional reforms for: (i) the transition of the Sierra Leone Road Transport Corporation from operator to a regulator and (ii) the private sector in the provision of format, regulated transport service along priority corridors; (c) capacity building and training for the transport operators and drivers on safe driving; and (d) establishment of ancillary facilities including, an integrated ticketing System, a bus management system, control center, a bus information system, construction of bus-stops, and terminal and depot facilities to promote the efficient use of the bus fleet. 2. Provision of technical assistance for planning school bus services and designing the institutional framework for regulating, operating and maintaining school buses. 3. Provision of technical assistance to plan and regulate technological solutions for freight and passenger transport. 4. Development of a policy and strategy for on-demand mobility services using apps and other technological solutions to facilitate easy access to facilities, 5. Developing a plan for the operationalization of the implementation of the Recipient's Fleet Management Strategy (FMS) including collection of data and establishment of a data base on vehicle conditions, and establishment of the institutional arrangements for the operation and maintenance of the FMS. Part 2: Strategic Resilient Mobility Investments Implementing selected priority investments to improve access resilience and roads safety including (a) rehabilitating key road Sections to improve road conditions; (b) improving drainage capacity; (c) carrying out slope stability interventions; (d) providing traffic management, signalization, parking, and intersection improvements; (e) improving pedestrian infrastructure; and (f) constructing an off-street transit terminal and market. 2 Project Fiduciary Management Unit (PFM U) Integrated and Resilient (Go$UIDA Project No. P164353) Financial Statements For the year ended 31 December 2022 BACKGROUND INFORMATION ON THE PROJECT (Contd) Part 3; Building Human Capital and Institutional Capacity a. Strengthen the capacity of ministries, institutions and stakeholders including in the following areas, namely: (f) developing a long-term vision strategic plan and regulatory framework for supporting effective management of the transport system; (ii) preparation of studies to support an Urban Mobility Plan, a prioritized investment plan and Parking Policy; (ii) operationalization of the Maximizing Financing for Development approach in the provision of transport infrastructure and services; (iv) road safety; (v) enhancement of the road safety database; and (vi) enhancement of climate resilience in the planning and management of transport infrastructure and services. b. Strengthening the academic capacity of local universities including exchange programs with selected institutions abroad. c. Carrying out activities to empower women including, (i) conducting training for women to enhance their financial literacy and employment capacity; and (ii) capacity building of government officials and the private sector in gender-based violence; and (iv) piloting solutions to mitigate the risk of gender-based violence. d. Carrying out activities to promote citizen engagement including: (i) implementation of a citizen engagement plan through the use of technology to obtain regular feedback about the Project; and (ii) conducting public relations/communication campaigns to inform stakeholders, school children and the public about road safety. Part 4: Project Management Support implementation, coordination and supervision of Project activities, including, inter alia, conducting financial audits, data collection and monitoring and evaluation. Part 5: Contingency Emergency Response Provision of support to respond to an Eligible Emergency including, (a) designing and carrying out roads sector investments such as rehabilitation of damaged roads and structures; and (b) providing supervision for carrying out said rehabilitation work. Financial Information Letter, the Recipient may withdraw the proceeds of the Financing to: (a) Without limitation upon the provisions of Article I of the General Conditions and in accordance with the Disbursement and finance Eligible Expenditures; [and (b) repay the Preparation Advance]; in the amount allocated and, if applicable, up to the percentage set forth against each Category of the following table: 3 Project Fiduciary Management Unit (PFAU) Integrated and Resilient (GaSLIDA Project No. Pf64353) Financial Statements For the year ended 31 December 2022 REPORTING SCOPE AND REPORTING ENTITY These financial statements have been Prepared by the Project Fiduciary Management Unit of The Ministry of Finance for the Integrated and Resilient Urban Mobility Project in the Ministry of Transport and Aviation. The Statement of Receipts and Payments present the amounts transacted through the Project's bank accounts, including through a) the "Designated Account" which is denominated in United States Dollars ("USD") and is used to receive advances disbursed from donors and make payment for project expenditure, b) the project's operating account which is denominated in Sierra Leonean Leones ("SLE") and used to make payments for project expenditure and c) the GoSL counterpart funding account. The project's bank accounts are held with the Sierra Leone commercial bank. The Proect is being implemented by the PIU within the Ministry of Transport and Aviation through the Transport Infrastructure Development Unit (TIDU) in collaboration with implementation partners within Government including MoTA, FCC, SLRA, SLRSA, SLRTC, Traffic Police. The Project's development objective is to improve quality of public transport, address climate resilience, improve road safety in selected areas and enhance institutional capacity In the transport sector and is being funded through a US$50 million IDA Grant provided by the World Sank and US$2 million of counterpart financing by the GoSL. Information on funding that is provded towards achievement of the Proect's development objective other than through advances in cash to the Project's Designated Account are included in the notes to these financial statements. The Project is divided into 5 Components including: Component 1. Modernization and Professionalization of Transport Services Component 2. Strategic Resi4ient Mobility Investments including Urban Transport Intervention and Resettlement Component 3. Building Human Capacity and Institutional Capacity Component 4. Project Management and Component 5. Contingency Emergency Response The Closing date of the Project is 30th June 2024 The Project is governed by the laws of Sierra Leone and the requirements established by the Financing Agreement between the International Development Association (f.e., World Sank Group) and the Ministry of Finance on behalf of the Government of Sierra Leone. 4 Project Fiduciary Management Unit (PFMU) Integrated and Resiffent (GOSUIDA Project No. P164353) MANAGEMENT'S RESPONSIBILITY STATEMENT Financial Statements For the year ended 31 December 2022 Management is responsible for the preparation and presentation of the financial statements, comprising the statement of cash receipts and payments for the year ended 31 December 2022 and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes *n accordance with the International Public Sector Accounting Standards (IPSAS) under the cash basis of accounting and for such internal control as management determine is necessary to enable the preparation of financial statements that are free frm material misstatement whether due to fraud or error. Approval of the financial statements The financial statements were approved by management on 2023 and sign on its behalf by: Chairman, Project Steering committee T 5 BDO Project Fiduciary Management Unit (PFMU) Integrated and Resilient (GOSLIIDA Project No. P164353) Financial Statements For the year ended 31 December 2022 REPORT OF THE INDEPENDENT AUDITORS TO THE READERS OF THE INTEGRATED AND RESILIENT URBAN MOBILITY PROJEaT ANNUAL FINANCIAL STATEMENTS Opinion We have audited the financial statements of the Integrated and Resilient Urban Mobility Project, within Ministry of Finance which comprise the statement of cash receipts and payments and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes. In our opinion, the accompanying financial statements present fairly, in alt material respects, the state of affairs of the Project as at 31 December 2022 and its financial performance for the year then ended in accordance with International Public Sector Accounting Standards (IPSAS) Under the Cash Basis of Accounting and in compliance with the financing agreement, the project's implementation manual and procurement requirements. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' 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), 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. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period, We have determined that there are no such matters to report. Other Information Management is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditors' 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, we conclude 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. 6 BDO3, a Sierra Leone partnership, is a member of Boo International Limited, a UK company limited by guarantee, and formes part of the international DDO3 network of independent member firms. 8BD0 is the brand name for the BDO network and for each of the BDO0 Member Firms D OL Project Fiduciary Management Unit (PFMU) Integrated and Resilient (GOSLIDA Project No. P164353) Financial Statements For the year ended 31 December 2022 REPORT OF THE INDEPENDENT AUDITORS TO THE READERS OF THE INTEGRATED AND RESILIENT URBAN MOBILITY PROJECT ANNUAL FINANCIAL STATEMENTS (Contd) Responsibilities of Management and Those Charged with Governance for the Financial Statements The project's management is responsible for the preparation and presentation of these financial statements on the basis of accounting policies for the purpose of determining the eligible expenditure and results for the year for use by the World Bank and the Government of Sierra Leone. This includes determining whether the accounting policies described in note 1 form an acceptable basis for preparing and maintaining internal controls relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditors' Responsibilities for the Audit of the Financial Statements Our Objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' 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 exercise professional judgement and maintain professional skepticism throughout the audit. We also: 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. Obtain an understanding of internal controls 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. 7 BDO, a Sierra Leone partnership. is a member of BDO international Limited, a UK company limited by guarantee, and forms part of the international BOO network of independent member firms. BOO is the brand name for the 800 network and for each of the BOO Member Firms Project Fiduciary Management Unit (PFMU) Integrated and Resilient (GOSUIDA Project No. P164353) Financial Statements For the year ended 31 December 2022 REPORT OF THE INDEPENDENT AUDITORS TO THE READERS OF THE INTEGRATED AND RESILIENT URBAN MOBILITY PROJECT ANNUAL FINANCIAL STATEMENTS (Contd) 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 Project's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' 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 auditors' report. However, future events or conditions may cause the Project to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Project to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the Project audit. We remain solely responsible for our audit opinion. 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. We also provide those charged with governance with a statement that we 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 our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we 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. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 8 800, a Sierra Leone partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international 600 network of independent member firms. D0 is the brand name for the BDO network and for each of the BDO Member Firms Project Fiduciary Management Unit (PFMU) Integrated and Resilient (GOSUIDA Project No. P164353) Financial Statements For the year ended 31 December 2022 REPORT OF THE INDEPENDENT AUDITORS TO THE READERS OF THE INTEGRATED AND RESILIENT URBAN MOBILITY PROJECT ANNUAL FINANCIAL STATEMENTS (Contd) Report on Other Legal and Regulatory Requirements There are no other legal and regulatory requirements. The engagement partner on the audit resulting in this independent auditors' report is Brinstey Johnson. Freetown, Sierra Leone 2023 9 BDO, a Sierra Leone partnership, is a member of BOO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the 0O network and for each of the SOD Member Firms Project Fiduciary Management Unit (PFAU) Integrated and Resilient (GOSLIDA Project No. P1d43 53) Financial Statements For the year ended 31 December 2022 STATEMENT OF CASH RECEIPTS AND PAYMENTS 2022 2021 Receipts Notes US $ US $ Donor Finance advanced to the Designated Account 2a 3,955,308.74 9,455,296.44 Interest GoSL Funding 2b 536,926.14 534,096.87 Total - 4,492,234.88 9,989,393.31 Payments Project Beneficiaries Goods and works Safeguards 3 2,054,075.23 4,566,874.71 Consultant services 4 545,896.07 2,109,917.14 Others 823,700.92 482,212.43 Project Implementation Partners 8,451.25 Consultant services Training and workshops Operating costs Fixed assets so 87,837.95 62,600.85 Advances Project Management Training and workshops 88,523.01 79,629.64 Project fixed assets 7,93.55 Consultant services 7,936.55 1 Operating costs 27,469.90 10,834.10 Sb 626,417.31 561,294.47 Total - 4,261,856.94 7,881,814.59 Net increase in cash Opening cash balance 230,377.94 2,107,578.72 Foreign exchange adjustment 3,099,652.36 992,073.64 Closing cash balance 3,330,030.30 3,099,652.36 Cash at the end of the year: IDA Designated Account CouDentpated F in 2,991,784.51 3,061,093.42 Counterpart Funding 338,245.79 38,558.94 a 3,330,030.30 3,099,652.36 These financial statements were a proved on Chairman, Project Steering Committee Team Lead 10 Project Fiduciary Management Unit (PFMV) Integrated and Resilient (GOSUIDA Project NO. P164353) Financial Statements For the year ended 31 December 2022 NOTES TO THE FINANCIAL STATEMENTS PRINCIPAL ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Project's financial statemen ts. a. Basis of Preparation These financial statements have been prepared in accordance with the International Public Sector Accounting Standards ("IPSAS"): Financial Reporting under the Cash Basis of Accounting. The financial statements fully comply with Part 1 of this standard, which is mandatory, and includes certain optional disclosures considered helpful to the readers of the financial statements. The accounting policies set out below have been applied consistently throughout the period. b. Cash Cash includes funds held in the Project's bank accounts operated by the PFMU and petty cash. The Project maintains a USD denominated bank account at the Sierra Leone Commercial Bank to receive advances of Donor Finance. This account is referred to as the Designated Account. c. Advances Advances are payments made from the Project's bank accounts operated by the PFMU to implementing partners for use in making payments for the Project's expenditures. Once the implementing partner has provided the PFMUJ with the necessary supporting documents to evidence the use of the advance, the related amount is reflected as project expenditure. Training and Workshops d. Training and Workshops includes the costs of training provided under the Project including seminars, workshops, knowledge sharing events and study tours. Costs include the costs of travel and subsistence, trainer services (excluding consultant contractors), rental of facilities1 preparation and reproduction of training materials, and other direct costs related to the preparation and delivery of the training. e. Operating Costs Operating Costs include the incremental costs incurred on account of project implementation consisting of expenditures for office supplies, vehicle operation and maintenance, maintenance of equipment, communication, insurance, office administration costs, utilities, rental, consumnables, travel and accommodation (except for "Training and Workshops"), salaries of the Project Implementation Support Staff, and other reasonable incremental costs, f. Fixed Assets Payments for goods that provide ongoing benefit to support project implementation, including project vehicles, office furniture, and information technology equipment are classified as Fixed Assets. The Project maintains an asset register for Fixed Assets so that it may apply internal controls to ensure these assets are safeguarded. 11 Project Fiduciary Management Unit (PFMU) Integrated and Resilient IGOSL/IDA Project No. P 164353) FInaRCiat Statements For the year ended 31 December 2022 NOTES TO THE FINANCIAL STATEMENTS (contd) S. Payments by Third Parties an Behalf of the Project Where payments have been made for goods and services by third parties an behalf of the Project the related expenditures are disclosed in the notes to the financial statements but are not included In the Statement of Receipts and Payments since they are not payments made from the Project's bank accounts. Payments by third parties mostly include Donor Finance (reimbursements and direct payments) and can also include Government funding. h. Donor Finance The Project receives Donor Finance from the International Development Association (IDA), a member of the World Bank Group, under a Financing Agreement to implement agreed project activities. IDA financing is provided in the form of a grant, which requires not repayment outline fees and any Trust Fund financing]. The Statement of Receipts and Payments reflects the disbursements of Donor Finance in the form of advances to the Project's Designated Account. Disbursements in other forms that do not transfer funds to the Designated Account, such as reimbursements (payment from the donor to a Government bank account that is not operated by the Project for supplies of goods and services to the Project) and direct payments (payment from donor directly to the supplier of goods or services to the Project), are disclosed in the notes under Donor Finance Received when advised by the donor or otherwise verified by the Project I. Currency The Donor Finance provided by IDA is denominated in the International Monetary Fund's (IMF) Special Drawing Rights (SDR) which is a basket of currencies. However, payments by IDA to the Designated Account are made in USD based on the IMF listed exchange rate at the time of the payment. This means that the Project is exposed to changes in the value of the USD against the SDR. For example, if the USD depreciates against the SDR the project will receive less USD than initially intended when the Financing Agreement was signed. This currency exchange gain or loss is not reflected in these financial statements. Undrawn Donor Finance that is denominated in SR is translated to USD at the spot exchange rate at the end of the period for disclosure in the Notes to these financial statements. The financial statements are presented in USD because this is the currency used in the Project Appraisal Document which is prepared by the donor and made public upon approval. Also, financing is received, and some payments are also denominated in USD. Receipts and payments denominated in SLL are translated to USD using the spot exchange rates on the dates of the receipts and payments. Bank balances held in SLL are translated to USD on the last day of the financial year using the spot exchange rate on that date. The effect of changes in the exchange rate between the SLL and the USD on cash held in SLL is reported In the Statement of Receipts and Payments to reconcile the cash at the beginning of the period and the cash at the end of the period. The amount is presented separately from cash receipts and payments and includes the differences, if any, had those cash receipts, payments and balances been recorded at the year-end closing spot exchange rate. J. Projects Authorisation Date The financial statements were authorised for publication on 19'h June 2023 by the Chairman, of the Project Steering Committee and the Team Lead of the Integrated and Resilient Urban Mobility Project (IRUMP). Chairman, Project Steering committee Tea ad 12 Project Fiduciary Management Unit (PFMU) Integrated and Resilient (GOSIDA Project No. PI 64353) Financial Statements NOTES TO THE FINANCIAL STATEMENTS (contd) Fr the year ended31 December 2022 2 DONOR FINANCE a. Donor Finance received as deposits into the Project's Designated Account for the period were from the following sources: 2022 2021 IDA Financing Agreement us $ us $ TF Grant Agreement 3,955,308.74 9,455,296.44 Total Donor Finance advanced to the Designated Account 3,955,308.74 9,455,296.44 b. Donor Financed received as Payments from Third Parties on Behalf of the Project for the period were from the following sources: IDA Financing Agreement: Direct Payment Reimbursement TF Grant Agreement: Direct Payment Reimbursement Total Donor Finance received as Payments from Third Parties 2,249,100.00 . c. GoSL Financing Agreement 536,926.14 534,096.87 Total GoSL Finance received 536,926.14 534,096.87 d. TOTAL DONOR FINANCE RECEIVED IDA Financing Agreement Firan Agreement 6,204,408.74 9,455,296.44 TF Grant Agreement Total Donor Finance Received -----------4 6,204,408.74 9,455,296,44 e. The balance of undrawn Donor Finance at the end of the period is as follows: IDA Financing Agreement 26,807,554.33 33,011,721.94 TF Grant Agreement Total undrawn Donor Finance 26,807,554.33 33,011,721-94 f. The balance of undrawn GoSL Finance at the end of the period is as follows: GoSL Financing 705,167.07 1,242,093.21 Total undrawn GoSL Finance ------------- 705,167.07 1,242,093.21 Project Fiduciary Management Unit (PFMU; Integrated and Resilient (GOSL/IDA Project No. P164353) Financial Statements For the year ended 31 December 2022 NOTES TO THE FINANCIAL STATEMENTS (contd) 3 GOODS AND WORKS 2022 2021 us $ us$ Gords 235,515.37 40,757.82 Works 1,818,559.86 4,526,116.89 Total payments for Goods and Works in the year 2,054,075.23 4,566,874.71 4 SAFEGUARDS IDA 308,657.66 1,390,581.41 GoSL 237,238.41 719,335.73 Total payments for safeguards in the year 545,896.07 2,109,917,14 5 OPERATING COST a. Project Implementing Partners: Office supplies and administrative costs 1,922.38 3429.45 Vehicle running and maintenance 8,855.35 40,036.14 Travel Comms 460.05 Other 400 76,600.17 19,135.26 Total Operating Costs of Project Implementing Partners 87,837.95 62,600.85 b. Project Management: Salaries of Project Implementation Support Staff 497,874.40 434,635.64 Rent Office supplies and administrative costs 52 843,33 60,790.71 Vehicle running and maintenance 33,389.87 22,879.51 Travel Utilities - u iation 2,765.63 82.19 Aui fe30,668.63 36,453.22 8,875.45 6,453.20 Total Operating Costs of Project Management 626,417.31 561,294.47 Total Operating Costs 714,255.26 623,895.32 14 Project Fiduciary Management Unit (PFMU) Integrated and Resifient (GoSLIDA Project No. P164353) Financial Statements For the year ended 31 December 2022 NOTES TO THE FINANCIAL STATEMENTS (contd) 6 FIXED ASSETS 2022 2021 US$ USs PIP Project Management 27,255.11 7,936.55. Total payments for Fixed Assets in the year 7,936.55 27,255.11 The balance of Fixed Assets included on the Project's Fixed Asset Register as of 31 December 2022 is as follows: Opening Balance 395,426.73 368,171.62 Addition 3 6.55 27,11 Disposals 7,936.55 27,255.11 Total Fixed Assets at the end of the year 403,363.28 395,426.73 7 ADVANCES Opening Advances balance Add new Advances provided Subtract prior Advances now expensed Accumulated Advances at the end of the year It is noted that the advances that have been expensed during period do not appear in the Statement of Receipts and Payments because they have already been paid and reflected as "Advances", While the payment has been made, it is not always the case that the Project Implementing Partner has utilized the advance or has provided the PIU with the supporting documents to classify the expenditures. 8 CASH BALANCES Designated Account-DA Q 2,749,200.38 2,962,786.37 Designated Account-DA B 153,995.43 Operating Account-DA Q 89,858.61 98,307.05 Operating Account-DA B (1,269.91) Counterpart 338,245.79 38,558.94 Petty Cash Total Operating Costs of Project Implementing Partners 3,330,030.30 3,099,652.36 15 Project Fiduciary Management Unit (PFMU) Integrated and ResOlient (GoSLDA Project No. P164353) Financial Statements For the year ended 31 December 2022 NOTES TO THE FINANCIAL STATEMENTS (contd) 2022 2021 Us $ us 9 THIRD PARTY PAYMENTS ON BEHALF OF THE PROJECT FIXED ASSETS Third party payments made on behalf of the Project are not reflected in the Statement of Receipts and Payments since the cash used to make payment is not controlled by the Project. Third party payments made on behalf of the Project can be classified as follows: Advance payment for procurement of fifty (50) buses 2,249,100.00 Total Third-Party Payments 2,249,100.00 10 ACCUMULATED PROJECT EXPENDITURE Accumulated Project Expenditure represent all expenditures supported by appropriate supporting documents that relate to the achievement of the Project's development objective and paid for using funds advanced to the Project's Designated Account or through Third Party Payments on Behalf of the Project cumulative to the end of the reporting period. Accumulated Project Expenditure for the period is as follows: Opening accumulated project expenditure 14,635,632.74 6,753,818.15 Add Total Payments from the Statements of Receipts and Payments 4,261,856.94 7,881,814.59 Subtract Advances paid in the period Add Advances expensed in the current period Add Third Party Payments of Behalf of the Project 2,249,100.00 Accumulated Project Expenditure at the end of the year 21,146,589.68 14,635,632.71 Accumulated Project Expenditures can be classified into the Project's components as follows: Component 1:Modernization and Professionalization of Transport Services 3,250,309.14 373,406.11 Component 2: Strategic Resilient Mobility Investment 14,234,885.55 11,891,635.75 Component 3: Human Capacity and Institutional Capacity 1,002,587.87 414,187.47 Component 4: Project Management 2,658,807.12 1,956,403.41 Component 5: Contingency Emergency Responses Accumulated Project Expenditure 21,146,589.68 14,635,632.74 16 Project Fiduciary Management Unit (PFMU) Integrated and Resilient (GoSL//DA Project No, P164353) Financial Statenents For the year ended 31 December 2022 NOTES TO THE FINANCIAL STATEMENTS (contd) 11 COMMITMENTS Project commitments are payments required to be made after the reporting period where the Project has entered into a contract for the provision of goods, works and services. Contractor/Service Providers Details 2022 2021 uS $ us $ Integrated Transport Planning Transport Management Consultant 324,116.04 724,065.00 Procurement of 50 Ashok Leyland TK XPORT LLC Buses and spare parts 5,247,900.00 Te Duem Commodity Trading Company Construction of Bus Stops 568,311.63 PaviFort A-Associates & Ayhantar Holdings (JV) Road Improvement and Related Works 4,175,814.26 4,690,898.67 Design & Build of four Pedestrian Satone Engineering Et Construction overpass at selected Location with (SECONj SL Ltd the Freetown Municipality 1,371,798.30 1,975,700.74 Techsult & Company Ltd Consulting Engineers, Realini Bader Associates LTD West Corridor (Road Works and Market & Transit Terminal) (Firm) 574,551.73 Construction of Market Ft Transit Huta-Golden Quarry (JV) Transport Terminal at Lumley 3,800,983.07 4,120,266.16 Pyt for Rehabilitation of Existing structure for the National Drivers Contech Engineering &t General Services Training and Traffic Control Centre 39,054.63 131,060.65 Ing. John-Feorge Okwudiafor MTR Consultant 7,064.60 16,109,594.26 11,641,991.22 12 PROJECT DEVELOPMENT OBJECTIVE INDICATORS Project Development Objective Indicators have been agreed between the Government of Sierra Leone and those providing Donor Finance in respect to the Project. 17