L L MINISTRY OF FISHERIES & AQUA CULTURE DEVELOPMENT P. 0. BOX MB 630 ACCRA L, REPUBLIC OF GHANA MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) [IDA LOAN/GRANT No. 4979-BHITF010905-GH] PROJECT FINANCIAL STATEMENTS 310DECEMBER 2014 L L L L ETARC EINLFSHRE RGAM WRP WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN/GRANT NO. 4979-GH/TF010905-GH) TABLE OF CONTENTS PAGE REFERENCE GENERAL INFORMATION 1 INDEPENDENT AUDITORS' REPORT ON THE PROJECT FINANCIAL STATEMENTS 2 STATEMENTOF FINANCIAL POSITION 3 STATEMENT OF SOURCES AND USES OF FUNDS 4-5 STATEMENT OF ACTIVITY AND VARIANCE REPORT 6-7 NOTES TO THE FINANCIAL STATEMENTS 8-11 APPENDIX: FIXED ASSET SCHEDULE 12 L WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) GENERAL INFORMAT1ON PROJECT OVERSIGHT COMMITTEE Hon. (Ms.) Hanny Sherry Ayittey - Minister of MoFAD Mr. Mike Acheampong - Chairman, Fisheries Commission Mrs.Rebecca Amooh-Aboagye - Chief Director, Fisheries Commission L Mr.Samuel Quaatey - Director, Fisheries Commission Mr. Commodore B.F. Asante - Ghana Navy Mr. Hendrick R. Dankwa - Water Research Institute Mr. Francis Garbrah - Safohene Limited L Mr. Joseph Aggrey-Fynn - University of Cape Coast Mrs. Nanam Dziedzoave - CSRI, FRI Mrs. Sheila Ashong - Environmental Protection Agency Mr. Papa Bartels -Ministry of Trade and Industry Mr. Philip K.B. Salia - Veterinary Services Mr. Anthony Owusu - MLGRD Mr. A.A. Akanteyam - GMA Mrs. Dorothy Afriyie-Ansah - Attorney's General Department Mr. E. Aaron Adjetey - Ministry of Finance Mr. Opoku Gyinaye - Ghana Aqua Advisory Group PROJECT MANAGEMENT TEAM Mr. Samuel Quaatey (Director, Fisheries Commission) Dr.Cornelius Adablah (Project Coordinator) Mr. James Ato Amissah (Procurement Specialist) Ms. Crispina E. Deku (Project Accountant) Mr. Nelson Adom (Monitoring & Evaluation Specialist) ADDRESS West Africa Regional Fisheries Programme (WARFP) Ministry of Fisheries and AquaCulture Development (MoFAD) P. 0. Box MB 630 Accra AUDITORS Ghana Audit Service Post Office Box M 96 Ministries- Accra Accra BANKERS Agricultural Development Bank L L L WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) INDEPENDENT AUDITORS' REPORT TO THE MINISTER OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) AND INTERNATIONAL DEVELOPMENT AGENCY (IDA) Report on the project financial statements We have audited the accompanying project financial statements of West Africa Regional Fisheries Programme (WARFP) which comprise the statement of financial position as at 31 December, 2014, the statement of sources and uses of funds and the statement of expenditures for the year then ended, a summary of significant accounting policies and other explanatory information as set out on notes 1 to 10. Management's responsibility for the project financial statements The Project management team is responsible for the preparation and fair presentation of these financial statements in accordance with generally accepted accounting standards and provisions of the Project Finance Agreement (IDA Loan and GEF Grant No. 4979-GH/TF010905-GH) and the accounting policies set out in Note 2 of the project financial statements. This responsibility includes designing, implementing and maintaining internal control relevant to enable the preparation of the Project 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' responsibility Our responsibility is to express an opinion on the project financial statements based on conducting the audit in accordance with International Standards of Supreme Auditing Institutions (ISSAls) and the Project Guidelines on audits. Those standards require that we comply with the ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the project financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the project financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the project financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the project financial statements 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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management team, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the project financial statements present fairly, in all material respects, the financial position of West Africa Regional Fisheries Programme (WARFP) as at 31 December, 2014, and its sources and uses of funds for the year then ended in accordance with the provisions of the Project Finance Agreement (IDA Loan and GEF Grant No. 4979-GH/TF010905-GH) and the accounting policies set out in Note 2 of the project financial statements. Report on compliance We can confirm that the Project Implementation Unit has complied, in all material respects, with the covenants of the Project Finance Agreeme o n nd GEF Grant No. 4979-GH/TF010905-GH) for the year ended 31 December, 2014. Si Forand be f ha dit Service Accra, Ghana Date: L WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), L MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) L STATEMENT OF FINANCIAL POSITION ASAT31 DECEMBER, 2014 2014 2013 NOTES US$ US$ Non current assets Non capital expenditure 3 4,914,413.59 1,713,844.41 Property plant & equipment 4 3,514,304.80 681,331.05 PPF 0.00 484 400.27 8,428,718.39 2,879.575.73 Current assets Bank and cash balance 5 1,635,370.91 2,564,233.40 Advances 6 353,685.07 46,085.16 Others 0.00 0.00 1,989,055.98 2,610,318.56 Total Assets 10,417,774.37 5,489.894.29 Financed by IDA Loan No. 4979-GH 7 9,559,776.41 4,650,000.00 GEF-Grant 857,153.50 350,000 PPF 0.00 484,400.27 Other Income 8 844.46 5,494.02 10,417,774.37 5,489,894.29 AL COORD 1 9 JUN 2015 Signed: L K~~G'L RSEB¶3 ject Coordinator Financial Controir Dr. Cornelius Adablah Ms. Crispina Esi arDeku Date: Date: The attached notes 1to 12 form an integral part of these financial statements. WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) STATEMENT OF SOURCES AND USES OF FUNDS 31 DECEMBER, 2014 LOAN GRANT NOTES (IDA) (GEF) TOTAL CUMULATIVETO CUMULATIVE TO 2014 2014 2014 31/12/2013 31/12/2014 c oUS$ US$ US$ US$ US$ Sources of funds Balance as at 1 January 2,399,458.53 164,774.87 2,564,233.40 0.00 2,564,233.40 Withdrawal Applications 9 4,765,142.41 692,378.63 5,457,521.04 5,000,000.00 10,457,521.04 Other income: DollarAccount 0.00 0.00 0.00 5,162.29 5,162.29 Cedi Account 95.57 0.00 95.57 164.89 218.06 Others/Refund 748.89 0.00 748.89 166.84 915.73 7,165,445.40 857,153.50 8,022,598.90 5,005,494.02 13,028,092.92 Uses of funds Category 1: Works, Goods, non-consulting services, consultants' service training and operating costs 10 4,272,483.13 923,794.95 5,196,278.08 2,021,653.96 7,217,932.04 Category 2: Works, goods and consultants' service under 3.1 of the Project 11 87,374.70 0.00 87,374.70 0.00 87,374.70 Category 3: Works, goods and consultants' service under 4.5 of the Project 0.00 0.00 0.00 0.00 0.00 Category 4: Compensation under part 1.3.2 of the project 0.00 0.00 0.00 0.00 0.00 Category 5: Hours of Aerial Surveillance, Operating costs of vessels and lease payments 12 749,890.14 0.00 749,890.14 419,606.66 1,169,496.80 5.109.747.97 923,794.95 6,033.542.92 2,441,260.62 8,474,803.54 Net Cash Flow 2,055,697.43 (66.641.45) 1,989,055.98 2,550,119.90 4,553,289.38 WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) Bank and cash balance as at 31/12/2014 Project Special account 1,616,137.46 0.00 1,616,137.46 2,550,119.90 4,166,257.36 Project Sub-Account 19,233.45 0.00 19,233.45 14,113.50 33,346.95 Cash on Hand with Ghana Navy 353,685.07 353,685.07 0.00 353,685.07 Programme account 0.00 - 0.00 0.00 0.00 Investment Interest Account 0.00 0.00 0.0Q 0.00 0.00 1,989,055.98 0.00 1,989,055.9 2,564.233.40 4,553,289.38 The attached notes Ito 12 form an integral part of these financial statements. WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) STATEMENT OFACTVITYAND VARIANCE REPORT FOR THE YEAR ENDED 31 DECEMBER, 2014 IDA FUNDS Budget Actual Variance Project Budget Component US$ US$ USS$ Component 1 Good Governance and sustainable Management of the Fisheries 1.1 Developing the Legal and Operational Policy 169,000.00 60,364.03 108,635.97 1.2 Strengthening fisheries management 5,113,500.00 681,796.66 4,431,703.34 1.3 Aligning Fishing Capacity and Effort to Sustainable Catch Level - - 1.4 Social Marketing, Communication and Transparency 910,000.00 14,403.05 895,596.95 Total - Component 1 6,192,500.00 756,563.74 5,435,936.26 Component 2 Reduction of Illegal Fishing 2.1 Customize Judicial Arrangements 100,000.00 43,302.32 56,697.68 2.2 The establishment of the fisheries enforcement unit 585,000.00 399,362.22 185,637.78 2.3 The establishment of a vessel monitoring system 1,590,980.00 1,894,238.48 (303,258.48) 2.4 The establishment of aerial surveillance capability 1,000.00 0.00 1,000.00 2.5 Inland and at-sea fisheries enforcement 1,777,082.00 749,890.14 1,027,191.86 2.6 The strengthening of policy arrangements and linkages 30,000.00 0.00 30,000.00 between the FEU and other Government stakeholders - 2.7 The expansion and complete integration of the fisheries 87,000.00 0.00 87,000.00 observer program with the FEU - Total - Component 2 4,171,062.00 3,086,793.16 1,084,268.84 Component 3 Increasing the Contribution of the Fish Resources to the National 3.1 Value Chain Development 2,380,000.00 123,246.92 2,256,753.08 3.2 Fish Product Trade and Information Systems 600,000.00 199,617.31 400,382.69 Total - Component 3 2,980,000.00 322,864.23 2,657,135.77 Component 4 Aquaculture Development 4.1 Developingthe Aquaculture Legal and Policy Framework 680,000.00 51,174.04 628,825.96 4.2 Improving Genetic Quality of Tilapia Fingerlings and Brood-stock 165,000.000 18,543.84 146,456.16 Catalyzing Aquaculture Development for Medium and Large 4.3 Scale Ent. 160,000.00 5,887.30 154,112.70 4.4 Marketing and Technical Studies 60,000.00 0.00 60,000.00 4.5 Small scale aquaculture development 1,925,000.00 47,805.67 1,877,194.33 Total - Component 4 2,990,000.000 123,410.86 2,866,589.14 Component 5 5.1 Goods 1,650,550.00 820,115.98 830,434.02 Consultancies Training., Workshop & Seminars Operating Cost Total - Component 5 1,650,550.00 820,115.98 830,434.02 Grand Total 17,984,112.00 5,109,747.97 12,874,364.03 WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) STATEMENT OF ACTIVITYAND VARIANCE REPORT FOR THE YEAR ENDED 31 DECEMBER, 2014 GEF FUNDS Budget Actual Variance Project Budget Component US$ US$ US$ Component 1 Good Governance and sustainable Management of the Fisheries I Developing the Legal and Operational Policy 1,131,000.00 403,974.69 727,025.31 1 2 Strengthening fisheries management 1,696,500.00 519,820.26 1,176,679.74 1.3 Aligning Fishing Capacity and Effort to Sustainable Catch Level 1 4 Social Marketing, Communication and Transparency - - Total - Component 1 2,827,500.00 923,794.95 1,903,705.05 STATEMENT OF BUDGET BY CATEGORIZATION REPORT FOR THE YEAR ENDED 31 DECEMBER, 2014 Budget Disbursement Balance Project Category US$ US$ US$ Description CAT1A Under parts 1.1, 1.2.1, 1.2.2 and 1.2.3 of the Project 3,250,000.00 1,061,833.27 2,188,166.73 Under parts 1.2.4, 1.2.6, 1.3.1, 1.4 (except 2.4 and 2.5) and CAT1B 4 (except 4.5) 13,404,530.00 4,134,444.81 9,270,085.19 CAT1C Under parts 1.2.5 and 5.2 of the Project 0.00 0.00 200,000.00 Works, goods and consultants' services under part 3.1 of the CAT2 Project 2,380,000.00 87,374.40 2,292,625.60 Works, goods and consultants' services under part 4.5 of the CAT3 Project 0.00 0.00 0.00 CAT4 Compensation underpart 1.3.2 of the Project 0.00 0.00 0.00 Hours of aerial surveillance, operating costs of vessels and CAT5 lease payments 1,777,082.00 749,890.14 1,027,191.86 The attached notes Ito 12 form an integral part of these financial statements. WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014 1. GENERAL INFORMATION West Africa Regional Fisheries Programme (WARFP) is a project under the Ministry of Fisheries and Aquaculture Development (MoFAD). The IDA allocated an amount of US$572,000 for the Project Preparatory Fund (PPF) towards the initial stages of the WARFP. The Project is financed primarily through a loan from the International Development Association (IDA) and a grant from the Global Environment Facility (GEF). The total investment cost is estimated at US$53.8 million, of which IDA facility is US$50.3 million and US$3.5 million is being financed by the GEF. The Project is expected to be completed in five (5) years. The overall development objective of the West Africa Regional Fisheries Programme (WARFP) is to support the sustainable management of Ghana's fish and aquatic resources by: (i) strengthening the country's capacity to sustainably govern and manage the fisheries; (ii) reducing illegal fishing; (iii) increasing the value and profitability generated by the fish resources and the proportion of that value captured by the country; and (iv) developing aquaculture. The specific objective is enhance Governance reforms and investments to reduce illegal fishing would help reduce fishing pressure on the resources to enable their recovery to more profitable levels, while investments in greater local value addition to fish products would allow the country to capture a greater share of the benefits of a rehabilitated resource base, togetherwith enhanced local fish supplies from increased aquaculture production. The WARFP also aims to strengthen the sector-wide activities in scope in order to achieve the project's objective, the capture fisheries targeted include, among others: coastal demersal fish species (e.g. croakers, groupers, snappers, etc.), coastal shrimp and cephalopods (e.g. octopus and cuttlefish), as well as inland fisheries. The project is managed by a team of four members headed by the Programme Coordinator at the Ministry of Fisheries and Aquaculture Development (MoFAD). 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policies adopted in the preparation of the financial statements: Basis of accounting The financial statements of WARFP are prepared on cash basis. This means that expenditures are recognized in the a financial statements only when they are paid for. The financial reports of WARFP are prepared under historical cost convention. Under the historical cost convention, assets and liabilities are reflected or disclosed in the financial reports at the cost incurred or price paid at the time of transaction. Property, plant and equipment Property plant & equipment acquired or received by WARFP are stated at cost and shall not be depreciated. Cost of repairs and maintenance incurred on any fixed asset shall be expensed in the period during which it was paid. Revenue and expenditure Revenues and expenditures are accounted for in the year of receipt or payment. IDA funds and GEF funds are accounted for in the year of receipt. Studies, training and workshop This represents the cost of organising and attending workshops and training sessions on relevant capacity building programmes WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) NOTES TO THE PROJECT FINANCIAL STATEMENTS (CON1INUED) Operation cost This relates to the administrative and office running cost of the secretariat. Non capital expenditure (fictitious assets) Accumulated expenditure other than fixed assets shall be treated as fictitious assets in the balance sheet. Foreign exchange transactions Assets and liabilities denominated in foreign currencies shall be translated into Ghana Cedis at the exchange rate ruling at the date of payment. Bank balances denominated in foreign currencies shall also be translated into Ghana Cedis at the exchange rate ruling at the end of the year. 3. Non capital expenditure Opening balance Additions during the year Closing balance I January 2014 IDAfunds GEFfunds 31/12/2014 US$ US$ US$ US$ Technical Assistance- Consultancy 342,440.55 462,671.71 655,661.63 1,460,773.89 Studies, training and workshop 222,798.49 436,831.79 59,691.93 719,322.22 Operating costs 1,148,605.37 1,393,893.35 191,818.76 2,734,317.48 1,713,844.41 2,293,396M 907,172.32 4,914,413.59 4. Property, plant & equipment 2014 2014 Closing balance US$ US$ US$ Works Goods Balance as at 1 January 73,574.48 607,756.57 681,331.05 Additions 28,312.36 2,804,661.38 3,142,417.96 Balance as at 31 December 101,886.84 3,412,41.95 3,514,304.80 5. Bank and cash balances 2014 2013 US$ US$ Designated/Special account - IDA 1,616,137.46 2,550,119.90 - Sub Designated account 19,233.45 14,113.50 1,635,37Q.91 254.3A 6. Advances The Ghana NAVY was given an advance of US$353,685.07 to carry out fisheries patrol exercises. L WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) NOTES TO THE PROJECT FINANCIAL STATEMENTS (CONTINUED) 7. Finance by The finance by includes both funds from IDA and GEF releases to the Project. 8. Other income 2014 2013 US$ US$ Interest on Designated/Special account 0.00 5,162.29 Interest on Sub designated account 95.57 166.84 Refund (PPF) 748.89 164.89 844A4 5A4K4. 9. Withdrawal Applications t Receipts during the year IDA GEF Total Amount US$ US$ US$ 2 April 2014 2,196,770.41 0.00 2,196,770.41 10 July 2014 0.00 147,896.37 147,896.37 23 July 2014 0.00 150,406.66 150,406.66 4 August 2014 324,369.02 0.00 324,369.02 18 September 2014 0.00 58,296.90 58,296.90 10 October 2014 400,894.45 0.00 400,894.45 7 November 2014 0.00 72,151.35 72,151.35 17 November 2014 1,662,382.42 0.00 1,662,382.42 29 December 2014 180,726.00 0.00 180,726.00 29 December 2014 0.00 263,627.46 263,627.46 Total Receipt 4 42A1 M M 5,457,521.04 10. Category 1: Works, Goods, Non-Consulting Services, Consultants and others 2014 2013 IDA GEF Total IDA & GEF m US$ US$ US$ US$ Institutional support (Works & Goods) 2,816,351.11 16,622.63 2,832,973.74 681,331.05 . Consultants Service 375,297.01 655,661.63 1,030,958.64 342,440.54 Training 437,033.53 61,042.04 498,075.57 222,798.49 Operating Cost (including publicity and 643,801.47 190,468.65 834,270.12 775,083.89 publication) 4,272,483.12 923,794.95 5,196,278.07 2,021,653.97 11. Category 2: Works, Goods and Consultants' Service This represents the cost of consultants' service under Component 3.1 of the Project. L WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) he NOTES TO THE PROJECT FINANCIAL STATEMENTS (CONTINUED) 7. Finance by The finance by includes both funds from IDA and GEF releases to the Project. 8. Other income 2014 2013 US$ US$ Interest on Designated/Special account 0.00 5,162.29 Interest on Sub designated account 95.57 166.84 Refund (PPF) 748.89 164.89 844A6 5,44.02 9. Withdrawal Applications i Receipts during the year IDA GEF Total Amount US$ US$ US$ 2 April 2014 2,196,770.41 0.00 2,196,770.41 10 July 2014 0.00 147,896.37 147,896.37 23 July 2014 0.00 150,406.66 150,406.66 4 August 2014 324,369.02 0.00 324,369.02 18 September 2014 0.00 58,296.90 58,296.90 -10 October 2014 400,894.45 0.00 400,894.45 7 November 2014 0.00 72,151.35 72,151.35 17 November 2014 1,662,382.42 0.00 1,662,382.42 29 December 2014 180,726.00 0.00 180,726.00 29 December 2014 0.00 263,627.46 263,627.46 Total Receipt 4I5M 283 10. Category 1: Works, Goods, Non-Consulting Services, Consultants and others 2014 2013 IDA GEF Total IDA & GEF a US$ US$ US$ US$ Institutional support (Works & Goods) 2,816,351.11 16,622.63 2,832,973.74 681,331.05 Consultants Service 375,297.01 655,661.63 1,030,958.64 342,440.54 Training 437,033.53 61,042.04 498,075.57 222,798.49 Operating Cost (including publicity and 643,801.47 190,468.65 834,270.12 775.083.89 publication) 4,272,483.12 923,794.95 5,196,278.07 2,021,653.97 11. Category 2: Works, Goods and Consultants' Service This represents the cost of consultants' service under Component 3.1 of the Project. 1 L APPENDIX r L WESTAFRICA REGIONAL FISHERIES PROGRAMME (WARFP), MINISTRY OF FISHERIES AND AQUA CULTURE DEVELOPMENT (MoFAD) (IDA LOAN /GRANT NO. 4979-GH/TF010905-GH) APPENDIX 1: FIXED ASSET SCHEDULE Date of acquisition Description Amount L US$ 13 March 2013 Nissan Patrol 94,610.00 18 April 2013 Nissan Navara Pick up (3) 50,876.15 L 16 July 2013 Mitsubishi 4x4 Pajero and ASX Saloon 166,750.63 L These fixed assets exclude computer and accessories, motor vehicles and other specialized equipment purchased and distributed for use by the Implementing Divisions/Agents which were expensed in the year of purchase but recorded accurately in a comprehensive registerfor regular physical verification during audit to confirm existence. L L L