6139,,IBR-LEPENC"M 621- 17-53DL 30-k 06-ZoelU PRISTINS-PRITINA Water Security and Canal Protection Project (IDA Credit No. 5902-XK) (P133829) Financial Statements for the year ended December 31, 2021 Together with Independent Auditor's Report I Contents Management responsibility 1 Independent Auditor's Report 2-3 Statement of sources and uses of funds 4 Notes to the financial statements 5-13 Appendix 14-15 Management responsibility The accompanying project financial statements which comprise the Statement of Sources and Uses of Funds and a summary of significant accounting policies and other explanatory information, of the Kosovo Water Security and Canal Protection Project (IDA Credit 5902 - XK) - (the "Project"), signed between the Republic of Kosovo and the International Development Association ("IDA"), implemented by lber-Lepenc ("I-L") and the Ministry of Economic Development ("MED"), as at and for the period from 01 January 2021 to 31 December 2021 and included on pages 5 to 13, are the responsibility of, and have been approved by the Project's management. The Statement of Cumulative Expenditures Withdrawal Schedule, supplementary to the Annual Financial Statements, included in Appendix I to the Project's financial statements is presented for the purpose of additional analysis and is considered as integral part in relation to the basic project financial statements taken as a whole. The accompanying Project's financial statements, including the supplementary schedule of cumulative expenditures withdrawal, have been compiled by the Project's management, for the purposes of reporting to the lber-Lepenc Company management, the Ministry of Economic Development and the International Development Association, in conformity with the related requirements of the World Bank guidelines and terms and conditions of the IDA Credit No. 5902 - XK. Project's management, in furtherance of the integrity and objectivity of the Project's financial statements, has developed and maintained an internal control structure, including the appropriate control environment, accounting systems and control procedures. Project's management believes that internal controls provide assurance that financial records are reliable and form a proper basis for the preparation of financial statements, and that assets are properly accounted for and safeguarded. There are, however, inherent limitations that should be recognized in considering the assurances provided by the intemal control structure. The internal control process also includes managements communication to employees of policies, which govern ethical business conduct. Grant Thomton LLC Prishtina, Independent Auditors, have been engaged to audit these Project's financial statements in accordance with the International Standards on Auditing. Their report is included on pages 2 and 3. 01 April 2022 Vigan Syla azJIend Bajra Project Coordinator Financial Management Specialist O GrantThornton Independent Auditor's Report Grant Thornton LLC Rexhep Mala 18 10000 Pristina Kosovo T +383 (0)38 247 801 To the Management of F +383 (0)38 247 802 lber Lepenc Company E Contact@ks.gt.com VAT No. 330086000 Opinion We have audited the accompanying project financial statements, which comprise the Statement of Sources and Uses of Funds for the period from 01 January 2021 to 31 December 2021 and a summary of significant accounting policies and other explanatory information of the Kosovo Water Security and Canal Protection Project (IDA Credit 5902 - XK) - (the "Project') signed between the Republic of Kosovo and the International Development Association ("IDA"), implemented by lber-Lepenc ("I-L") and Ministry of Economic Development (MED). In our opinion, the accompanying project financial statements present fairly, in all material respects, the balance of the funds as at December 31, 2021 and the movement of the Sources and Uses of Funds of the Project for the period from 01 January 2021 to 31 December 2021 in accordance with cash basis of accounting as set out in Note 2 to the project financial statements. The supplementary Statement of Cumulative Expenditures Withdrawal Schedule included in Appendix I to the Project's financial statements is presented for the purpose of additional analysis. Such schedule has been subject to the auditing procedures applied in our audit of the project financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic project financial statements taken as a whole. 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 Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) and with the ethical requirements that are relevant to our audit of the financial statements in Kosovo, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter We draw attention to the following: 1. As it is disclosed in Note 1 to the accompanying project financial statements, subsequent to the reporting date, on 1 March 2022 the contractual parties amended the basic Agreement to extend the initially set Project duration for up to 31 October 2023. 2. As it is further disclosed in Note 1 to the accompanying project financial statements, subsequent to the reporting date, on 1 March 2022, the contractual parties agreed on cancellation of part of the Project related to construction of new balancing and emergency reservoir along the canal in the Mihaliq area in amount EUR 6,637,573. Our audit opinion is not modified for the above matters. Grant Thornton LLC la member firm Of Grant Thornton Intemational Ltd (GTILI. GTIL and the member firms are not a wolldwde partnership, GTIL and each member is a separate legal anty. Seres are delivered by the member finns. GTIL does not provide servos to cilent. GTIL and Is member irms are not agents ot and do noobligate, one another and are not liable for one another'a acts oromieions. grantthornton-ks.com SIV GrantThornton Responsib iteifMaaeet and Those Chreaith Govenac fo-h ttements Management is responsible for the preparation and fair presentation of the Statements in accordance with cash basis of accounting as set out in Note 2 of the project financial statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Project's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Project or to cease operations, or has no realistic altemative but to do so. Those charged with governance are responsible for overseeing the Project's financial reporting process. Our objectives are to obtain reasonable assurance about whether the statement is 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 this 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 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 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 Company'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 Company'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 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 Company to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the statement, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance 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. I-- Grant Thornton LLC Ma Andono Pristina, 01 April 2022 Statutory Auditor o o Grant Thornton LLC lo a member irm of GrentThornon Internatlonal Ltd (GTIL) GTIL and the member frns are not a worldwide partnership. GTIL and each member Is a separate legal enity. Services are deivered by the member irms. GTIL does not provide services to clIents. GTIL and its member irms are not agents of, and do notobligate, one another and are not liable for one anothefs acts or omislons. grantthornton-ks.con 3 Water Security and Canal Protection Project (IDA Credit No. 5902-XK) Statement of Sources and Uses of Funds For the year ended December 31, 2021 (in EUR unless otherwise stated) Year ended 31 December Notes 2021 2020 Cumulative to Sources of funds IDA Credit No. 5902 - XK funding (Advance to D.A) - - 500,000.00.00 IDA Credit No. 5902 - XK funding 5,14 481,242.09 2,880,775.90 3,362,017.99 (Direct payments) IDA Credit No. 5902 - XK funding (ei rsedit. 5,14 162,426.56 361,561.80 723,988.36 (Reimbursement) Temporary advances by Government of Kosovo 6 Other Revenue 8,681.00 6,390.00 17,286.00 Total sources of funds 652,349.65 3,248,727.70 4,603,292.35 Uses of funds Goods 7 31,000.00 776,091.54 930,923.54 Civil works 11 481,242.09 1,595,319.30 2,076,561.39 Consulting services 8 589,279.33 623,456.33 1,299,907.57 Training and workshop 9 - 721.75 721.75 Incremental operating costs 10 3,160.63 1,651.94 6,183.07 Total Uses of Funds 1,104,682.05 2,997,241.06 4,320,480.39 Balance 463,699.56 Bank balances, at beginning of the 466,621.62 period Bank balances, at end of the period 15 2,922.06 The Statement of Sources and Uses of Funds is to be read in conjunction with the notes set out on pages 3 to 13 and forming an integral part of the financial statements. The financial statements of the Water Security and Canal Protection Project (IDA credit No. 5902-XK) were authorised for issue by the management of the Project on January 31, 2022 and signed on its behalf by: Vigan Syla (Qaz end Bajra Project Coordinator Financial Management Specialist 4 Water Security and Canal Protection Project (IDA Credit No. 5902-XK) Notes to the Financial Statements For the year ended December 31, 2021 (in EUR, unless otherwise stated) 1. General On January 27, 2017 the Republic of Kosovo ("Recipient") and the International Development Association ("Association") signed Financing Agreement for the Kosovo Water Security and Canal Protection Project (IDA Credit 5902 - XK) - (the "Project'). The effective date of the project is Jun 26, 2017. Subsequently, on 1 March 2022, extension of the project has been signed between the contractual parties by which the project duration has been extended up to 31 October 2023. The Association agrees to extend to the Recipient, on the terms and conditions set forth or referred to the Agreement, a credit (variously, "Credit" and "Financing"), in an amount to twenty two million Euro (Euro 22,000,000) to assist in financing the project. The Project is implemented by Iber-Lepenc ("I-L") and Ministry of Economic Development (MED). Pursuant to the loan agreement the Iber-Lepenc has established a Project Coordination Unit (PCU) with functions, staffing and resources satisfactory to the Association for the purpose of ensuring prompt and efficient overall coordination, day-to-day implementation of, and communication relating to, Project activities and results. At December 31, 2021, the Project Coordination Unit had 6 employees. Project Description The objectives of the Project The objective of the Project is to contribute to restoring the Iber Canal to its original capacity to improve water resource management for various canal water users in Central Kosovo. The Project consists of the following Parts: Part 1. Infrastructure Rehabilitation and Modernization Re-establish the transit capacity of the Iber Canal, enable closure of the canal for maintenance, strengthen the canal's structural safety against extreme events, and enhance the Gazivoda dam safety by carrying out activities, Including: Carrying out small works for Gazivoda dam safety, and canal repair and increased stability for protection against renewed physical damage from landslides and unstable soils; Constructing a new balancing and emergency reservoir along the canal in the Mihaliq area (in Vushtri municipality) for short-term water storage to bridge peak water demand and to enable continuation of water supply to the users during the temporary outages for canal repair or during extreme events that disrupt the canal flow; Subsequently, on 01 March 2022 this part of the project has been cancelled according to the contract amendment signed between the parties. Part 2. Water Resources Protection and Management Implement water resources protection and management measures to increase the Gazivoda-Iber system operational efficiency and to protect canal ambient water quality, including: Carrying out works(such as selective fencing and covering of certain canal sections) to protect the canal against renewed pollution, accidental pollution and other threats and man-made disruptions; Installing equipment for better management of gates and regulation of water flows,as well as for water monitoring(for the main Iber Canal and for its secondary delivery system),including provisions for remote monitoring and controlling of related structures. 5 Water Security and Canal Protection Project (IDA Credit No. 5902-XK) Notes to the Financial Statements For the year ended December 31, 2021 (in EUR, unless otherwise stated) 1. General (continued) Part 3. Project Management Provision of support for Project implementation, coordination and monitoring and evaluation, including enhancing capacity of the Project Implementing Entity (through hiring of consultants), training and financing of Incremental Operating Costs. Withdrawal Conditions; Withdrawal Period 1. Notwithstanding the provisions of Part A of the Section IV of Financing Agreement, no withdrawal shall be made for payments made prior to the date of this Agreement, except that withdrawals up to an aggregate amount not exceed Euro 250,000.00 may be made for payments made prior to this date but on or after the date, which is twelve months prior to the date of this Agreement, for Eligible Expenditure. 2.The Closing Date is October 31, 2023 IDA Credit No.5902-XK The following table specifies the categories of Eligible Expenditures that may be financed out of the proceeds of the financing ("Category"), the allocations of the amounts of the financing to each Category and the percentage of expenditures to be financed for Eligible Expenditures in each category: Amount of the financing % of expenditures to be Category allocated financed (expressed in EUR) (inclusive of taxes) - Goods, works, non-consulting services, consultants' services and Incremental Operating Costs under Part 1(b) of the Project _ _ 7,000,000 100% Goods, works, non-consulting services, consultants' services under all Parts of the Project(except Part 1(b) , Incremental Operating Costs and Training 15f000000 100% Total amount 22,000,000 As it is described above, subsequent to 31 December 2021, Part I (b) of the Project related to constructing a new balancing and emergency reservoir along the canal in the Mihaliq area, amounting 6,637,573.44 Euro has been cancelled by agreement signed by the parties on 01 March 2022.The Government of Kosovo will repay the principal amount of the Credit in semi-annual instalments payable as of describe in following: Date Payment Due Principal Amount of the Credit repayable (expressed as a percentage)* On each April 15 and October 15, in each year: Commencing on October 15, 2021, to and 1.65% including, April 15, 2031 6 Water Security and Canal Protection Project (IDA Credit No. 5902-XK) Notes to the Financial Statements For the year ended December 31, 2021 (in EUR, unless otherwise stated) Commencing April 15, 2031, to and including, 3.35% April 15, 2041. *The percentages represent the percentage of the principal amount of the Credit to be repaid, except as the Association may otherwise specify pursuant to Section 3.03 (b) of the General Conditions. 7 General (continued) The maximum Commitment Charge Rate payable by the Recipient on the unwithdrawn Financing Balance shall be one-half of one percent (1/2 of 1%) per annum. The Service Charge payable by the Recipient on the Withdrawn Credit Balance shall be equal to three-fourths of one percent (3/4 of 1%). The Interest Charge payable by the Recipient on the Withdrawn Credit Balance shall be equal to one and a quarter percent (1.25%) per annum. Basis of preparation The financial statements of the project for the year ended December 31, 2021 have been prepared for the purpose of complying with the provisions of the Project's objectives, the World Bank guidelines and terms and conditions of the IDA Credit No. 5902 - XK. The financial statements comprise the statement of sources (Cash Receipts) and uses (Payments); the statement of expenditures used as the basis for the submission of withdrawal applications for year ended December 31, 2021, and a summary of significant accounting policies and other explanatory notes. The cumulative statements of expenditure used as the basis for the submission of withdrawal applications for the period from inception date on January 27, 2017 (Inception date)' till April 30, 2022 are presented as supplementary schedules. Cumulative information on receipts and disbursements from the Project's inception date to December 31, 2021 is presented in the Statement of Sources and Uses of Funds for information purposes only. The financial statements have been prepared in accordance with cash basis IPSAS - Financial Reporting under the Cash Basis of Accounting, which differs from Kosovo and International Financial Reporting Standards. On this basis, income is recognised when received rather than when earned and expenses are recognised when paid rather than when incurred. Accordingly, direct and indirect payments of the Project's expenses, which are made from the proceeds of the credit, are recognised as sources and uses of funds at the time the payment is made. The financial statements prepared for the special purpose are presented in Euro ("EUR"), unless otherwise stated. 4) Summary of significant accounting policies A summary of significant accounting policies underlying the preparation of the Project's financial statements is presented below. Foreign currency transactions The project accounts are maintained in Euro ("EUR"). Transactions in foreign currencies are translated to the functional currency at exchange rates on the dates of the transactions. Initial credit amount is maintained at the historical exchange rates. The project translates the undrawn credit balance at the rates in effect on the year end. The expenditures incurred from Government of Kosovo for the period 26 Jan 2017 to 31 December 2018, are reimbursed from IDA Credit 5902-XK with WA KWSCP/002, date 26.03.2019, according to paragraph B / a, Section IV " of the Financing Agreement, dated January 15, 2015. 8 4) Summary of significant accounting policies (continued) 4.1 Foreign currency transactions (continued) The exchange rates in effect as at December 31, 2020 and December 31, 2019 were as follows: Currency December 31, 2021 December 31, 2020 EUR/ USD 1.12 1.12 USD/EUR 0.89 0.89 SDR/EUR 1.23 1.23 SDRiUSD 1.38 1.38 4.2 Recognition of income and expenses Income is recognised when received rather than when earned, and expenses are recognised when paid rather than when incurred. 4.3 Taxation The Project is not exempt from Value Added Tax (VAT) and Custom Duties for the credits part. The local employees of the project are liable for personal income tax and social security contributions. 5) IDA Credit No. 5902-XK financing IDA funding is detailed by method of disbursement as follows: Year ended Year ended on December 31, on December 31, 2021 2020 KWSCP 027 Reimbursement 162,426.56 DP-WSCP-007 481,242.09 238,507.27 | _474,056.30 427,317.47 1,121,263.00 348,774.07 270,857.79 361,561.80 200,000.00 500,000.00 Total 643,668.65 3,942,337.70 Reimbursements represent the IDA funds for cover the payments already made by WSCP Designated account and ME for this project using withdrawal applications prepared by the Project. 9 6) Temporary advances received by government of Kosovo The temporary advances received by Government of Kosovo for the year ended 31 December 2021 and cumulative is composed as follows: 2021 2020 Temporary advances received by GOK 151,759.40 - Government Funds Movement during the year (151,759.40) Government Funds as at December 31.2021 7) Goods Year ended Year ended on December 31, on December 31, 2021 2020 JV Inteadria and Oscar EL - 776,091.54 Kosovo Motors JSC 31,000.00 Total 31,000.00 776,091.54 8) Consultant services Expenditures for Consultant services are detailed as follows: Year ended Year ended on December 31, on December 31, 2021 2020 WSCP-CS-QCBS-2 516,371.33 539,460.37 Debabrata Majumdar 16,500.00 37,700.40 Project coordination unit (PCU) staff net salary 42,660.00 19,283.94 Adriano De Vito - 7,250.00 BG Inginiers - 5,941.50 Grant Thornton LLC 5,000.00 5,000.00 Pavlos Marinos - 4,987.52 Personal income tax for PCU staff 3,852.00 1,563.98 Employee pension contribution for PCUstaff 2.448.00 921.91 Employer pension contribution for PCU staff 2.448.00 921.91 Personal income tax for non-resident staff - 425.00 Federico Ciampitti - -1 Total 589,279.33 623,456.53 10 9) Training and workshop Year ended Year ended on December 31, on December 31, 2021 2020 Western Balkans Citizen Engagement - 721.75 Total 721.75 10) Incremental operating costs Expenditures for incremental operating costs are detailed as follows: Year ended Year ended on December 31, on December 31, 2021 2020 Costs for Bank Fee 15870 244.20 Telekomo Kosoves- 379.74 Bank Transaction charges -_I 368.00 Municipality Vushtri 660.00 Eurogoma 395.20 - Kosova Motors JSC 275.00 Petrol Company 724.59 Stepia Arra 46.30 Telekomi I Kosoves 1,260.84 - P.Cash 300.00 - Total 3,160.63 1,651.94 11) Works Expenditures for works are detailed as follows: Year ended Year ended on December 31, on December 31, 2021 2020 Gener 2 Shpk 481,242.09 1,595,319.30 Total 481,242.09 1,595,319.30 The expenditure amount above relates to the Works contract (WSCP-W-ICB-1) "Rehabilitation of the Iber Lepenc Canal" awarded to Gener 2 with the total contract value Euro 11,212,627.50.The expenditure amount of Euro 481,242.09 is the 2-nd interim payment amount. The objective is to repair and rehabilitate the open parts of the IL canal, to reduce the water losses and to keep functional operability of the canal at a sustainable level. The construction scope of the works contract, inter alia, includes the following: Earthworks and clearing, Canal rehabilitation, Water bypassing, Buffer reservoir, Concrete works and Utilities and Service roads. 11 12. Expenditure by project activities The expenditures by Project Parts for the year ended December 31, 2021 is as follows: Total Year Training Incremental Parts Goods Consulting &work operating Works ended on services Shop costs December 31, 2021 Part Infrastructure 1 Rehabilitation and Modernization - - - - 481,242.09 481,242.09 Water Resources 2 Protection and Management Part Project 3 Management 31,000.00 589,279.33 - 3,160.63 - 623,439.96 Total Year ended on December 31, 2021 31,000.00 589,279.33 - 3,160.63 481,242.09 1,104,682.05 Total Year ended on December 31, 2020 776.091.54 623,456.53 721.75 1,651.94 1,595319.30 2,997,241.06 12 13) Expenditures by category of funds' sources Expenditures by sources of funds for the year ended 31 December 2021 are composed as follows: Item IDA Credit No. 5902 Temporary advances funding by Government Total Goods 31,000.00 - 31,000.00 Consultants' services 589,279.33 - 589,279.33 Training and workshops - - - Incremental operating costs 3,160.63 - 3,160.63 Works 481,242.09 - 481,242.09 Total December 31, 2021 1.104,682.05 - 1,104.682.05 Total December 31, 2020 2,997,241.06 - 2,997,241.06 13 Appendix I Water Security and Canal Protection Project (IDA Credit No. 5902-XK Statement of Cumulative Expenditures Withdrawal Schedule {Supplementary schedule to the Annual Financial Statements) For the period from January 27, 2017, to December 31, 2021 д У � � N N........ 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О l� О l� " О� О о И ''..... � И О€ N. м оо � о О l� . О о [� '� О ++ +..+ �О (V € l� € �О ,-ч � м '� � (� О О �О ��� 'J�" _' q N �= О€ и �О �D l� � И О О О '�. гд ��r р 7 N И О И м N l� о0 О О О '�. � G О N о0 � l� о0 О О О �О �' •� ��7 �д о0 М [� �G N N 7 [� О О GO , Fч � а ау v N v м v м N N и и � р � Я 'д н ,� О р Я� Q -Я д С Я д......... � о : � г� и и ы и и �i г� � � й U ,?? � о � ы Е � � � � � � � � +� a�i iy л"-�' � а а а. �' с, я, я. а� °�' �• о � � н � � �i �3 �3 � Ъ3 �3 � �i � � � р: " и � А А А w А' А А А w д .� � д у�,� Z w С r cv г� ^С 'U 3� •�° о о °о °о � i�. ,� � о'' г• и и а' v м cv д.� Г�ч г✓г^ V а�'.в у '�. И О О О И О О О О'�. Г/1 С� � � � 3� ' х G� А д х А д а а х� Н 15) Statement of Designated Ac ount Account number 1901217935041302 Depository Bank Banka Kombetare Tregtare - Njesia Pejton Pfisbtine Address Rr. Uksbin Hoti Nr 29 Qyteza Pejton Loan Number 5902-XK Currency Euro (Amounts in EUR) For the period from I January 2021 to 31 December 2021 At 1 January 2021 466,621.62 Add: Inflows Transfer from IL and Own revenue 8,681.00 475,302.62 Deduct: Outflows Amount of eligible expenses paid during the period (472,380.56) Advances given for trainings and workshops (472,380.56) At 31 December 2021 2,922.06