BAKER TILLY LIBERIA LIBERIA ELECTRICITY CORPORATION (LEC) Liberia Eecticity Sector Enhancement Projects (LESEP) IDA - 48420 and IDA - 50550 Independent Auditor's Report and Special Purpose Financial Statements For the year ended 30 June 2016 anl Irdependbeit member of BAKER TILLY I A 1--! - Our Shared Values BAKER TILLY LIBERIA The iLLY VALUES Baker Tilly International Mission Statement 1. We lead by example. To operate a network whose members deliver, with integrity and 2. We deliver a quality service with an objectivity, superior independent emphasis on integrity. audit, accounting, tax and financial services to clients through global resources and relationships. 3. We are open and honest in all communications. 4. We act ethically. 5. We foster teamwork and collaboration with other Baker Tilly member firms. 6. We maintain a supportive environment in which our individuals can flourish Liberia Electricity Sector Enhancement Project -LESEP (LEC) IDA - 48420 and IDA - 50550 RA KEFR T IE IY /i)r te year en d 30 Ji;e 20/6LIBERIA TABLE OF CONTENTS G en eral in fo rm atio n .................................. ..................................................... .................. ................................. 1 Background Information on the Projects.......................................................................................................2-3 M anagement Responsibility Statement ......................................................t.et................................................ 4 In dependent Au di tor's sRep ort t.............. .......................................... ................... - .................................................. 5 -6 P roject B alan ce Sh eet.............................................................................................--- --- -- --.......................................... 7 Statement of Sources and Uses of Funds .............................. ............................................................ .. ................. g Reconciliation of Actual Cash at Bank and Amount on Statement of Sources and Uses of Funds .............. 9 Notes to the project financial statements...............I... ................................................................................ 10-15 Independent Auditor's Reports on Designated Account Statement:..................................................... 17 Project Designated Account Statement (IDA-48420)...................................................................................... 18 Project Designated Account Statement (IDA - 50550) ...................................................................................... 19 Independent Auditor's Report on Compliance with Laws and Regulations ........................................ 20 A n n ex e s .... .. ... ... ... .. .......................................................................-- --- ---- --- --- -- ........- ................................................... 2 1 Annex I: IDA-48420 Statement of Sources and Uses of funds................................................... 22 Annex II: IDA-50550 Statement of Sources and Uses of Fund..............................................22-22 Annex III: Schedule of Fund W ithdrawals ....................................-.......................................... 24 Statement of DA - 48420 Fund Withdrawal ............................................................................... 4 Statement of IDA - 50550 Fund Withdrawals........................................................................................... 25 Annex IV: SD at State ment as at 30 June 2016 ........................................... 26 Annex V: Funds Disbursement Status ......................................and.............................................. 27 Statement of IDA - 48420 funds disbursement status ..............................................................................27 Statement of IDA - 50550 funds disbursement status ..................................................................... 7 Annex VI: Schedule of Contract Status.........................................-.-........................................ 28 Statement of IDA - 48420 contract status............................................................................................... 28 Statement of IDA - 50550 contract status.........................1....................................................................... 29 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 fr the )war e12dced 30 Juime 2016 r GENERAL INFORMATION Office Liberia Electricity Corporation Compound P.O. Box 1559 West Point, Waterside Monrovia, Liberia Management Team Mr. Foday Soko Sackor - Managing Director, LEC Mr. Ernest Hughes - Deputy Managing Director, Financial and Administration Mr. Thomas Z. Gonkerwon - Deputy Managing Director, Comm, and Ops. Mr. Zahnga E. Peabody - Deputy Managing Director, Projects, Planning & Rural Electrification. Bankers United Bank for Africa (Liberia) Limited Broad Street & Nelson Streets Monrovia, Liberia Ecobank (Liberia) Limited Ashmun and Randal Streets Monrovia, Liberia Auditor Baker Tilly Liberia Limited 2nd - 4th Floors, King Plaza P.O. Box 10-0011 Broad Street, Monrovia Page 1 1 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 Idepenldent Auib-torn'.Report aild SMealPops Fn41d1ttme/ for1te )y0ar 611ded 30 fille 20/16 Background Information on the Projects On December 2, 2010, the International Development Association (World Bank) signed a Grant Agreement (Credit No. 4842-LR) with the Government of Liberia to extend credit in the amount equivalent to six million five hundred thousand Special Drawing Rights (SDR 6,500,000) (variously, "Credit" and "Financing") to assist in financing the Government's Electricity Sector Enhancement Project. The Financing Agreement was subsequently rectified on March 20, 2012 to provide additional financing (Credit No. 50550-LR) for the project in the amount equivalent to fourteen million two hundred thousand Special Drawing Rights (SDR 14,200,000) (variously "Credit" and "Financing"). The Project entails the following activities: a) Expansion and upgrading of distribution network supplying the urban areas of Monrovia, through the provision of distribution network equipment and installation services; b) Provision of subsidies to the Project Implementing Entity on account of new subsidized electricity connections made to qualifying low income neighborhoods in the Project service areas; c) Reinforcement, rehabilitation and expansion of medium and low voltage distribution grids supplying electricity to urban areas of Monrovia; d) Rehabilitation of bulk handling infrastructure related to receiving, delivering and storing Heavy Fuel Oil (HFO) supplies intended for power generation operations at the HFO-fired power plant at Bushrod Island; and provision of first-phase overhauled maintenance of the existing diesel generator units in Monrovia; e) Provision of technical assistance to strengthen the capacity of the Rural and Renewable Energy Agency (RREA) to develop policy foundations and strategy work to implement part E of the project; and ) Provision of technical assistance to support the implementation of the Project, including training the staff of the Project Implementing Entity, the Ministry of Lands, Mines and Energy (MLME) and other energy agencies of the Recipient, implementation of measure prescribed in the Environmental and Social Management Framework (ESMF) and Resettlement Policy Framework (RPF), and carrying out Project Implementing Entity's annual financial audits. Use of Credit Proceeds The table below sets out the categories of items to be financed out of the credit proceeds, the allocation of the amounts of the credit to each category and the percentage of expenditures for items to be financed in each category. Page | 2 Liberia Electricity Sector Enhancement Project (LESEP) -49;AKE R TI LLY IDA - 48420 and IDA - 50550 RIA idepelldentl Auit- s Report ad Special Pur11po'se( Finatia/1 L 1atementI for The year enided 30 liunie 20 16 A. Initial Financing Agreement s/n Amount of Amount of % of credit allocated credit allocated expenditure Category (expressed in SDR) (expressed in to be financed USD) 1. Goods, works, consultant services and operating costs under Part A i) of the project 2,500,000 3,846,250 100% 2. Goods, works, consultant services and operating costs under Part B of the project 3,000,000 4,615,500 100% 3. Goods, works, consultant services and operating costs under Part D of the project 500,000 769,125 100% 4 Unallocated 500,000 769,125 N/A Total 6,500,000 10,000,000 The closing date of withdrawals under this Credit Agreement is May31, 2016. B. Additional Financing Agreement s/n Amount of Amount of % of credit allocated credit allocated expenditure Category (expressed in SDR) (expressed in to be financed USD) 1. Goods, works, consultant services and operating costs under Part A (1) of the project 2,000,000 3,098,580 100% 2. Goods, works, consultant services and operating costs under Part B of the project 10,500,000 16,267,598 100% 3. Goods, works, consultant services and operating costs under Part D of the project 300,000 464,809 100% 4 Unallocated 1,400,000 2,169,013 N/A Total 14,200,000 22,000,000 The closing date of withdrawals under this Credit Agreement is May 31, 2016. Page | 3 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 -"BAKFR TII Inependent _udlelitor' Reporad SpeialPurpose Fina tatmetLl BE RI A fo)r /be year ended. 30 lu/ze 20/ 6 Management Responsibility Statement Management is responsible for the preparation and fair presentation of the Special Purpose Financial Statements. These statements comprise the Project Balance Sheet as at 30 June 2016, the Statement of Sources and Uses of funds for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information. Management's responsibility includes: 1. determining that the basis of accounting described in note 2 is an acceptable basis for preparing and presenting the financial statements in the circumstances; 2. designing, implementing and maintaining internal controls that ensure the special purpose financial statements are presented fairly, and are free from material misstatements, whether due to fraud or error; and 3. selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Approval of the Financial Statements The financial statements were approved by management on.S. 1 ................ 2016 and signed on management's behalf by: Ernest Hugl u Mr. Foday Soko Sackor DMD Admin. & Finance Managing Director Page I 4 BAKER TILLY LIBERIA King Plaza 2nd - 4th Floors Broad Street P. 0. Box 10-0011 1000 Monrovia 10 Liberia T: +231 (0) 886 514 965 Independent Auditor's Report F: +1 905 469 0986 To: The Board of Directors and Donors of the Liberia Electricity Sector and Enhancement Project We have audited the Special Purpose financial statements of the Liberia Electricity Sector Enhancement Project (LESEP), which comprise the Project Balance Sheet as at June 30, 2016, the Statement of Sources and Uses of Funds for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes. Management's responsibility for the financial statements Management is responsible for the preparation and fair presentation of these special purpose financial statements in accordance with the accounting policies described in note 2 to the financial statements. This responsibility includes: determining whether the accounting policies described in note 2 form an acceptable basis for preparation and fair presentation of the financial statements in the circumstances; designing, implementing and maintaining internal controls relevant to the preparation and fir presentation of the 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. Auditor's responsibility Our responsibility is to express an opinion on these special purpose financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Partners: G. Fonderson (Executive Chairmanl. T Inc-nh f .-.... Liberia Electricity, Sector Enhancement Project -LE SEP (LEC) -% IDA-48420 and IDA-50550 BAKER TILLY Independen/~~~~~~~~~~~~~ R/tr ReotadSea ps iacaxaie;cLE RI A orbte ear ev/ed 30 ] -1 0/6 Opinion In our opinion, the Special Purpose Financial statements present fairly in all material respects financial position of the Liberia Electricity Sector Enhancement Project as at June 30, 2016 and of the results of the operations of the project for the year then ended in accordance with the accounting policies adopted by entity as stated in Note 2 to the financial statements and IDA contractual conditions. (Cert,ifed bic Accountants December 31, 2016 Monrovia L-iberia Electricity Sector Enhanlcem"ent Projec -t -LESEP (LIEC) IDA - 48420 and IDA - 50550 -V;AKFl ]11 Inc(lepe'dent- Auditor'r Report,J& andpededl Plnpose Iad/aemt L IT II y fir the, 3ear ended 30 11int? 20/6 Project Balance Sheet 2016 2015 Assets Notes USS US$ Receivables - amount to be reimbursed Cash at Bank 10 275.211 8,963 Total Assets 10 4 Funded by: World Bank The financial statements were approved by the Board of Directors of the Liberia Electricity Corporation on signed on their behalf by: Ernest Hughe Mr. Foday Soko Sackor DMD Admin. & Finance Managing Director The notes on pages 1Oto 15 are an integralpaiY of thesefinamcial statementf Page 7 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDAB- 50550 AKER TILLY I edet1i epor and Specd Rlpose anLI B U RIA for th;ear eded 30 Jione 20 /6 Statement or Sources and Uses of Funds Total 2016 2015 FY15 -Sources of funds Notes US$ US$ US$ Total Unused funds from previous year - 385,044 285,835 - Receipts -IDA-48420-LR fund withdrawals IDA funds received during the period 5a 1,673,670 156,559 288,489 1,517,091 Direct payment to third parties 5b 5,415,377 287,618 1,871,093 5,127,758 -Reimbursement Sc 2,364,481 - - 2,364,481 Special commitments Sd 1,457,769 - 353,063 1,457,769 Others 65,756 65,756 - - -IDA-50550-LR fund withdrawals IDA funds received during the period 6a 1,942,824 898,132 267,674 1,044,692 Direct payment to third parties 6b 14,153,731 3,115,304 8,373,970 11,038,427 Special commitments - - 965,705 965,705 .otal receipts during the period 27,073,588 4,523,370 12,119,994 23,515,923 Totals fund available for project implementation 27,073,588 4,908,414 12,405,829 23,515,923 Less: Uses of funds Component A: Distribution Services 7 6,158,606 484,901 1,866,762 5,673,705 Component B: Enhancing options for power generationS 15,808,926 3,511,427 7,687,844 12,297,499 -::omponent D: Technical Assistance 4,667,926 636,875 2,491,061 4,031,051 Total Uses of Funds 26,635,458 4,633,203 12,045,666 22,002,255 Excess of receipts over uses of funds 299,129 275,211 360,163 408,963 The notes oii pges 10 to 15 are an integral part of thesefinancial statements Page 8 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 lBAKFR Ti1 IY Ineedn lluditor: - Report an(d Speckda/1Pmpo.,e FInaddSaee L 111 EIIA b r the-lyear endi ed 30 jane 2016 Reconciliation of Actual Cash at Bank and Amount on Statement of Sources and Uses of Funds 2016 2015 Us$ US$ A Excess of Receipts over Uses of Funds 275,211 408,93 B Bank Balance Cash Balance 275211 Ending Bank Balance 275211 Difference (A - B) Represented by: Amount to be reimbursed Page l 9 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 Independea t Aldior' Ro a l BAKER TI IN or teyear e;2ld-30 Juim,201(6 LIBE RI [A Notes to the project financial statements 1. Summary of significant account policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. 2. Basis of accounting The statements of resources and uses of funds have been prepared on the modified cash basis of accounting. The project's financial statements are presented in United States Dollars and have been prepared under the historical cost convention. 2.1 Foreign currency transactions Assets and liabilities denominated in foreign currencies are translated into United States Dollars at the rates ruling at the balance sheet date. Foreign currency transactions are accounted for at the rate of exchange prevailing on the date at which the transactions occurred and were recorded. World Bank's transactions are recorded at the rates ruling on the value dates of the transactions. 3. Goods and works (fixed assets) Goods and works (fixed assets) are expensed on acquisition but a comprehensive fixed assets register is maintained to account for and monitor those assets. 4. Audit Risk Assessment We assessed the risks of material errors or misstatements in the expenditure stated in the quarterly financial reports, whether caused by error or fraud. We designed and performed further audit procedures in respond to risks identified. This vork involved an assessment of the risks that: * the financial reports are not reliable i.e. that it does not present, in all material respects, the actual expenditure incurred for the Project in conformity with applicable Contractual Conditions; * the Project funds provided by the World Bank have not, in all material respects, been used in conformity with applicable Contractual Conditions; * fraud and irregularities can occur or have occurred which have an impact on Project expenditure and which are not detected and corrected in a timely manner; and * the relevant Contractual Conditions for the Project are not complied with. We evaluated whether detected misstatements are material, individually or in aggregate to LESEP. Paq,ei1 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 I . 'BAKER T1IlY b?"lepoll(mt. R6,pm. idprzl LBER IA fir H>eJyear enlded 30 ]Ilne 20161 EA Notes to the project financial statements (confinite) 5 Schedule of Fund Withdrawals a IDA funds - 48420-LR Date Application Ref Application Type of Disbursementsd Amount TSource 2011/2012 28-Oct-11 LESEP/LEC/001 30000 DA-A IDA-48420 2012/2013 5-Jul-12 LESEP/LEC/005 298,132 DA-A IDA-48420 27-Jun-13 LESEP/LEC/012 23A635 DA-A IDA-48420 3LZ67 2013/2014 8-Aug-13 LESEP/LEC/014 183,362 DA-A IDA-48420 21-Nov-13 LESEP/LEC/016 64,667 DA-A IDA-48420 21-Mar-14 LESEP/LEC/017 74,679 DA-A IDA-48420 29-Apr-14 LESEP/LEC/018 37,000 DA-A IDA-48420 20-Jun-14 LESEP/LEC/020 37157 DA-A IDA-48420 2014/2015 10-Sep-14 LESEP/LEC/021A 152,786 DA-A IDA-48420 27-Jan-15 LESEP/LEC/027 135,693 DA-A IDA-48420 11-Dec-15 LESEP/LEC/028 121,737 DA-A IDA-48420 22-Mar-16 LESEP/LEC/032 34822 DA-A IDA-48420 44538 Cumulative IDA Funds b IDA Direct Payment to third parties (IDA- 48420-LR) 2012/2013 25-Jan-12 LESEP/LEC/004 130,715 Direct Payment IDA-48420 5-Sep-12 LESEP/LEC/006 742,446 Direct Payment IDA-48420 11-Sep-12 LESEP/LEC/007 1176,43 Direct Payment IDA-48420 214993 2013/2014 9-Jul-13 LESEP/LEC/013 592,841 Direct Payment IDA-48420 15-May-14 LESEP/LEC/019 64.231 Direct Payment IDA-48420 11 2D P02 Page I 11 Liberia Electricity Sector Enhancement Project (LESEP) IDA -- 48420 and iDA - 50550 Inepnen ldor eportanld, 1pe 1A PKps Eia R -rtmet IA ER i. L,Y fi)rlthe year enidedl 30 latne 2076 et p, IEII Notes to the Project financial statements (continued) 2014/2015 4-Sep-14 LESEP/LEC/021 1970Drc amn D-82 9-Sep-14 LECEP/LEC/023 149,740 Direct Payment IDA-48420 21-Oct-14 LECIEP/LEC/024 207,739 Direct Payment IDA-48420 30-Oct-14 LACEEP/LEC/024A 231,367 Direct Payment IDA-48420 25-Nov-14 LESEP/LEC/024B 171,158 Direct Payment IDA-48420 25-Nov-14 LECEP/LEC/025 121,565 Direct Payment IDA-48420 1-Dec-14 LESEP/LEC/026 263,755 Direct Payment IDA-48420 20-Jan-15 LESEP/LEC/025A 145,154 Direct Payment IDA-48420 27-Jan-16 LESEP/LEC/029 24,118 Direct Payment IDA-48420 2.158 2 Cumulative Direct Payments 5,415,37 c Reimbursement (IDA- 48420-LR) 2012/2013 25-Jan-12 LESEP/LEC/003 1,295,481 Reimbursement IDA-48420 14-Jun-13 LESEP/LEC/010 1,9,48 Reimbursement IDA-48420 2013/2014 17-Sep-13 LESEP/LEC/015 320000 Reimbursement IDA-48420 Cumulative Reimbursement d Special Commitments (IDA- 48420-LR) 2014/2015 22 Sept.2014 LESEP/LEC/024A 524,090 SC-4 17 Oct. 2014 LESEP/LEC/024A 580,616 SC-4 9-Feb-15 LESEP/LEC/022 .33,063 SC-4 6a Type of Disbursements Fund Source IDA funds - 50550-LR Date Application Ref Application Amount DA-1 IDA-50550 2012/2013 9-May-13 LESEP/LEC/AF-001 -300,0 DA-1 IDA-50550 121300M DA-1 IDA-50550 2013/2014 DA-1 IDA-50550 3-Oct-13 LESEP-AF/003 139,115 DA-1 IDA-50550 Page j 12 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 BAKER TIL LY findepelienarluilt1 Reporl and Speded Pm11pose Fillalwda/ Skdlements L IBE1:R IA jor thejyear- elided -30]june 2016 Notes to the project financial statements (continue) ADHOC 21-Nov-13 LESEP-AF/006 24,182 REINSTATEMENT IDA-50550 ADHOC 9-Jan-14 LESEP-AF/007 227,596 REINSTATEMENT IDA-50550 20-Jun-14 LESEP-AF/012 10148 DA-1 IDA-50550 4ZZ1011 DA-1 IDA-50550 2014/2015 DA-1 IDA-50550 9-Sep-14 LESEP-AF/015B 174,622 DA-1 IDA-50550 28-Jan-15 LESEP-AF/021 93,052 DA-1 IDA-50550 17-Nov-15 LESEP-AF/028A 129,285 DA-1 IDA-50550 11-Dec-15 LESEP-AF/030 21,779 DA-1 IDA-50550 25-Jan-16 LESEP-AF/032 77,234 DA-1 IDA-50550 12-Feb-16 LESEP-AF/033 24,767 DA-1 IDA-50550 1-Mar-16 LESEP-AF/034 194,470 DA-1 IDA-50550 30-Mar-16 LESEP-AF/036 74,959 6-May-16 LESEP-AF/037 152,573 16-Jun-16 LESEP-AF/039 1 165.07 Cumulative IDA Funds 6b Direct Payment IDA-50550 IDA Direct Payments to third parties -(IDA- 50550-LR) 2012/2013 29-May-13 LACEEP/LEC/002 i00,00lP Direct Payment IDA-50550 1000 Direct Payment IDA-50550 2013/2014 Direct Payment IDA-50550 18-Oct-13 LESEP-AF/004 1,285,000 Direct Payment IDA-50550 10-Mar-14 LESEP-AF/008 361,980 Direct Payment IDA-50550 18-Jun-14 LESEP-AF/011 360,000 18-Jun-14 LESEP-AF/010 457,477 26-Jun-14 LESEP-AF/013 10 f0 Direct Payment IDA-50550 2564457 Direct Payment IDA-50550 2014/2015 Direct Payment IDA-50550 4-Sep-14 LESEP-AF/015A 275,916 Direct Payment IDA-50550 4-Sep-14 LESEP-AF/014 665,739 Direct Payment IDA-50550 8-Sep-14 LESEP-AF/016 1,079,103 Direct Payment IDA-50550 8-Oct-14 LESEP-AF/019 861,216 Direct Payment IDA-50550 15-Oct-14 LESEP-AF/020 158,080 Direct Payment IDA-50550 30-Oct-14 LESEP-AF/018A 584,927 Direct Payment IDA-50550 18-Nov-14 LESEP-AF/022 3,848,168 Direct Payment IDA-50550 11-Dec-14 LESEP-AF/018B 146,232 Direct Payment IDA-50550 11-Dec-14 LESEP-AF/017A 137,958 Direct Payment IDA-50550 Page 1 13 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 IRBAKER TINLY I Ideendnt1Jditmnr' Reporl and 3 eledl Pulp(ose FiaLa/IaBmngEERIA LL obr the year ended 30 Ju1ne 2101 Notes to the project financial statements (conimue 4-May-15 TRANSACTIONB 277,484 Direct Payment IDA-50550 29-Apr- 15 LESEP-AF/023 339,147 Direct Payment IDA-50550 31-Aug-15 LESEP-AF/024 420,126 Direct Payment IDA-50550 7-Jul-15 LESEP-AF/025 577,327 Direct Payment IDA-50550 -Oct-15 LESEP-AF/026 37928 Direct Payment IDA-50550 19-Oct-15 LESEP-AF/027 104,299 Direct Payment IDA-50550 7-Dec-15 LESEP-AF/028 508,720 Direct Payment IDA-50550 16-Dec-15 LESEP-AF/031 185,943 Direct Payment IDA-50550 1-Mar-16 LESEP-AF/035 144,137 13-Jun-16 LESEP-AF/038 266,493 29-Jun-16 LESEP-AF/040 529,032 Cumulative Direct Payments 14,53731 Paze 1 14 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 F T I I neenetuitr'Rt>ort andl" Shea/ P11PO'1e f"inan1,47el 3'lalrlvenls 1glT:IL LY br he- year ended 30 lalie 206 Notes to the project financial statements (-onwinued) Total 2016 2015 FY 2015 US MS US$ Total 7 Component A: Distribution services Distribution transformers 2,279,670 484,901 725,770 1,794,770 Cable and conductors 1,295,481 - - 1,295,481 Tools and equipment for distribution and training 1,442,462 - - 1,442,462 Treated wooden poles 748,700 - 748,700 748,700 Line materials, fuses and cable lugs 39222 - 39,72 748,700 484,901 1W6, 6 2 5fi-7hZQ0 Component B: Enhancing options for 8 power generation Generation equipment overhaul 2,056,198 18,697 384,273 2,037,501 Synchronization of generation equipnment 476,695 435,695 - 41,000 Fuel supply, facility and storage 29,398 - - 29,398 Supply and installation of thermal power plant 11,783,678 2,034,582 7,278,937 9,749,096 Supply of generation parts 997,453 997,453 ASIA and RAP for thermal plant for fuel system facility 240,870 - - 240,870 Supervision of supply and installation of thermal power plant 2 635 25.000 24,635 19,65 A114Z hI1A L8Z4 __4 9 Component D: Technical assistance Consultants services, training and other operating costs 1,679,018 64,443 309,027 1,614,575 Consultancy 442,678 442,678 . Lease cost development plan 290,884 66,296 290,884 Financial audit 4,000 - 4,000 Unallocated 5,854 - 5,854 Amounts paid for IDA-48420 components 2,115,738 - 2,115,738 2,115,738 Project management including bank charges 129,754 129,754 4 66,92 wia 2491061i _13 05 1 io Cash and Bank 2016 2015 US$ US$ Bank balance 7S,211 4US$93 Page I 15 Liberia Electricity Sector E nhancement Project (LESEP) IDA - 48420 and IDA - 50550 BKRTA Lndlnde1 dBAKERT lY orw 1he yeair eadled 30 june& 20 16UA Notes to the project financial statements (continued) 11. Project Commitment As of 30 June 2016, LESEP has a total outstanding commitment of US$54,350-(IDA-48420) and US$ 1,467,712.23 - (IDA -50550)). Details of contract status are attached on Annex VI: Schedule of Contract - Status, page 28-30. BAKER TILLY LIBERIA King Plaza 2nd - 4h Floors Broad Street P. 0. Box 10-0011 1000 Monrovia 10 Liberia T: +231 (0) 886 514 965 F: +1905 469 0986 Independent Auditor's Report on Designated Account Statement: United States Dollars Account Number 53020030000421 and 0101014701652402 To: The Board of Directors and Donors of LESEP We have audited the accompanying Designated Accounts Statements: United States Dollar Account No. 53020030000421 and United States Dollar Account No. 0101014701652402 of the Liberia Electricity Sector Enhancement Project (LESEP) IDA-48420 and IDA-50550, established under the provision of the Financing Agreements between the Government of Liberia and the International Development Association dated December 2, 2010, March 20, 2012 and February 5, 2015, respectively for the year ended 30 June 2016. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement and accordingly. The accompanying special account statements were prepared on the basis of cash deposits and withdrawals for the purpose of complying with the Financing Agreement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The receipts were properly accounted for and withdrawals were made for the purpose of the project in accordance with the Financing Agreement. The accompanying Designated Accounts statements present fairly in all material respects the closing bank balances of US$ 275,221 (US$ 150,414 - (IDA-48420) and US$124,797 - (IDA-50550)) and the account activities for the year ended 30 June 2016 on the basis of cash deposits and withdrawals. December 31, 2016 Monrovia Partners: G. Fonderson (Exectitivp ChAirm-n T ro. ctI (LESEP) Liberia Electricity Sector Enhancement Projec (LESP) AKER Til.1Y IDA - 48420 and IDA - 50550 LI1B1E RI A I Indepedent.laitor' Rportd SPlPIpose Flinanchds/alment fo r the_ year eiided 30 Jllne 2015 Project Designated Account Statement (IDA-48420) Account Number: 53020030000421 Depository Bank: United Bank for Africa (Liberia) Limited Address: Broad and Nelson Streets, Monrovia, Liberia Related Financing Agreement: Credit No. 48420-LR Currency: United States Dollar Cash Book Balance as per cash book as at July 1, 2015 159,316 - Add: Deposit from Client connection through DA-A 156,559 Direct Payment to third parties 287,618 Other657 Less: L -Component B Enhancing for power generation 454,393 Component D'Technical Assistance 6,4 Adjusted Book Balance as at June 30, 2016 150 Bank B alance per bank Statement as at June 30, 2016 148,679 ADD. Erroneous Debit by Bank 3,420 Less: Outstanding checks as at June 30, 2016 a8 Adjusted Bank Balance as at June 30, 2016 Difference Page |18 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 RAKER ilLY I ndpedetAaeditorlr' Report anid.Spe.Cid PRAKFe 'ianm ttme/LIR i Jor the- iear ended 30 Junle 20 15 Project Designated Account Statement (IDA - 50550) Account Number: 101014701652402 Eco Bank (Liberia) Depository Bank: Limited Randall and Ashmun Streets, Monrovia, Address: Liberia Related Financing Agreement: Credit No. 50550-LR Currency: United States Dollar Cash Book Balance as per cash book as at July 1, 2015 225,729 Adjusted Book Balance as at June 30, 2016 225,729 Deposit from Client connection through DA-A 898,132 Direct Payment to third parties 3,115,304 4,239,165 Less: Component A Distribution Services 484,901 - Component B Enhancing Options for power generation 3,057,035 Component D Technical Assistance 572,432 4,114,367 Adjusted Book Balance as at June 30, 2016 124.797 Bank Balance per bank Statement as at June 30, 2016 254,554 ADD; Erroneous Debit By Bank 20,487 Less: Outstanding checks as at June 30, 2015 (150,245) Adjusted Bank Balance as at June 30, 2016 Difference Page 1 19 BAKER TILLY LIBERIA King Plaza 2rd - 41h Floors Broad Street P. 0. Box 10-0011 1000 Monrovia 10 Liberia T: +231 (0) 886 514 965 F: +1905 469 0986 Independent Auditor's Report on Compliance with Laws and Regulations We have audited the Special Purpose financial statements of the Liberia Electricity Sector Enhancement Project, which comprise the Project Balance Sheet at June 30, 2016, the Statement of Sources & Uses of Funds for the year then ended and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes. We conducted out audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements, and are in compliance with laws and regulations applicable to not-for-profit organizations. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatements, we performed certain tests of compliance with relevant laws and regulations. However, the objective of our audit of the financial statements was not to provide an opinion on the organization's overall compliance with such laws and regulations. Accordingly, we do not express such an opinion. The results of our tests of compliance with laws and regulations indicate that the Liberia Electricity Sector Enhancement Project has complied, in all material respects, with relevant laws and regulations applicable to not-for-profit organizations in Liberia This report is intended for the Board of Directors, Management and Donors of the Liberia Electricity Sector Enhancement Project. X4. 4 A,~ q4 (CieriFed1Ybkc Accoan rn)W December 31, 2016 Monrovia. Partners: G. Fonderson (Executive Chairman), T. Joseph (Manaqinq Partner), A. Fumbah An independent member of Baker Tilly International Page 20 Liberia Electricity Sector Enhancement Project (LE SEP) AKETLY BAKER TI!LLY IDA - 48420 and IDA - 50550 LIBERIA Inde*pendent1 leditorv' Repoli aldlSpecial Purpose 1Fian-ial statements.l fo r the-year en1ded -30,11une 20/6 ANNEXES Page | 21 Liberia Electricity Sector Enhancement Project (LESEP) AKRTiLY IDA - 48420 and IDA - 50550 LIiE A N Indeendnt udior/Report and Spccid P111pose Fnnidsaeet oir the ye6ar elided 3 Ojallc 201/6 Annex 1: IDA-48420 Statement of Sources and Uses of funds Actual Expenditure Cumulative During the Since Project Quarter Year To Date Started Sources of funds Opening Balance 183,785 159,316 Receipts IDA-48420-LR fund withdrawals IDA funds received during the period 156,559 1,673,670 Direct payment to third parties 287,618 5,415,377 Reimbursement - 2,364,481 Special commitments - 1,457,769 Others 65,756 65,756 Total receipts during the period 183,785 669,250 10,977,053 Component A: Distribution services Distribution transformers - - 2,520,539 Treated wooden poles - - 748,700 Cables and Conductors - - 1,295,481 Tools and Equipment - 1,322,508 Line materials, fuses and cable lugs - - - Total Component A - - 5,887,228 Component B: Enhancing options for power generation Supply and installation of thermal power plant - 18,697 3,149,224 Supply of Generation Parts - 435,695 409,487 ASIA and RAP for thermal plant for fuel system facility -- 476,695 Supervision of supply and installation of thermal power plant - 29,398 Total Component B - 454,393 4,064,804 Component D: Technical assistance Project Management Including training 33,371 64,443 866,606 Financial Audit 8,000 Total Component D 33,371 64,443 874,606 Grant Total 31,321 518,35 10,826,639 A. Excess of receipts over uses of funds 150.414 150A14 t Page 22 Liberia Electricity Sector Enhancement Project (LESEP) A RTIL IDA - 48420 and IDA - 50550 BAKER THAN *1 1 Bi ER IiA }or the_year onded 30.Jiii2e 2016 0 Annex II: IDA-50550 Statement of Sources and Uses of Fund Cumulative Actual Expenditure Since Project During the Quarter Year To Date Started Sources of funds Opening Balance 126,916 225,728 Receipts IDA-50550-LR fund withdrawals IDA funds received during the period 375,627 898,132 1,791,749 Direct payment to third parties 291525 3.115,304 15,270,511 Total receipts during the period 1,298,068 4.239,164 17,062,260 Component A: Distribution Services Transmission & Distribution 194,741 484,901 2,248,071 Meters and Accessories - - Total Component A 194,741 48401 2.979,230 Component B: Enhancing options for power generation Supply and installation of thermal power plant 888,883 2,034,582 11,344,384 Supply of Generation Parts - 997,453 997,453 ASIA and RAP for thermal plant for fuel system facility - - 240,871 Supervision of supply and installation of thermal power plant - 25,00 250000 Total Component B 888.83 3057.035 12,832.708 Component D: Technical assistance Technical Assistant for MLME - - 273,821 Technical Assistant for RREA 9,150 36,445 36,445 Consultancy 59,720 442,678 448,162 Project Management Including Bank Charges 20,777 93,308 93,307 Lease Cost Development Plan 273,89 Total Component D 2,647 572,432 1,125,525 Grant Total 1,173,271 4,114,367 16,937.463 A. Excess of receipts over uses of funds 124192 124IS2 127Q7 Page | 23 Liberia Electricity Sector Enhancement Project (LESEP) _W IDA - 48420 and IDA - 50550 KA KE R TIL LY Independent Auditor' Rcporl alld peia/l Plapose Finan1611cidat u L I B E RI A orte-yevar mnded _30 Jne 2016 Annex III: Schedule of Fund Withdrawals Statement of IDA - 48420 Fund Withdrawal Amount stated in US$ Date Application Ref Application Amount Type of Fund Source Disbursment 28-Oct-11 LESEP/LEC/001 300,000.00 DA-A IDA-48420 18-Jan-12 LESEP/LEC/003 1,295,481.19 Reimbursement IDA-48420 8-Jan-12 LESEP/LEC/004 130,714.70 Direct Payment IDA-48420 7-Jun-12 LESEP/LEC/005 298,132.00 DA-A IDA-48420 5-Sep-12 LESEP/LFC/006 1,176,432.30 Direct Payment IDA-48420 11-Sep-12 LESEP/LEC/007 742,446.32 Direct Payment IDA-48420 14-Jun-13 LESEP/LEC/010 749,000.00 Reimbursement IDA-48420 12-Jun-13 LESEP/LEC/012 233,635.00 DA-A IDA-48420 9-Jul-13 LESEP/LEC/013 592,84077 Direct Payment IDA-48420 9-Jul-13 LESEP/L,EC/014 183,362.00 DA-A IDA-48420 13-Sep-13 LESEP/LEC/015 320,000.00 Reimbursement IDA-48420 18-Nov-13 LESEP/LEC/016 64,667.02 DA-A IDA-48420 1-Mar-14 LESEP/LEC017 74,678.98 DA-A IDA-48420 28-Apr-14 LESEPLEC/018 37,000.00 DA-A IDA-48420 12-Apr-14 LESEP/LEC/019 614,231.00 Direct Payment IDA-48420 18-Jun-14 LESEP/LEC/020 37,156,79 DA-A IDA-48420 3-Sep-14 LESEP/LEC/021 149,740.00 Direct Payment IDA-48420 8-Sep-14 LESEP/LEC/021 207,739.00 Direct Payment IDA-48420 8-epJ4 LESEP/LEC/021 A 152,785.80 DA-A IDA-48420 17-Sep-14 LESEP/LEC/024 231,366.80 Direct Payment IDA-48420 30-Oct-14 LESEP/LEC/024A 171,158.40 Direct Payment IDA-48420 22-Sep-14 LESEP/LEC/024A 524,090.00 SC IDA-48420 17-Oct-14 LESEP/LEC/024A 580,615.60 SC IDA48420 19-Nov-14 LESEP/LEC/025 580,615.60 Direct Payment IDA-48420 19-Nov-14 LESEP/LEC/024B 121,564.80 Direct Payment IDA-48420 1-Nov-14 LESEP/LEC/026 263,754.98 Direct Payment IDA-48420 14-Jan-15 LESEP/LEC/025A 145,153.90 Direct Payment IDA-48420 21-Jan-15 LESEP/LEC/027 135,693.32 DA-A IDA48420 3-Feb-15 LESEP/LEC/022 353,063.00 SC-4 IDA-48420 11-Dec-15 LESEP/LEC/028 121,737.00 DA-A IDA-48420 27-Jan-16 LESEP/LEC/029 287,618.07 Direct Payment IDA-48420 22-Mar-16 LESEP/LEC/032 34,822 16 DA-A IDA-48420 Total reported last quarter 10,911,296.50 Sum of Special Commitments: 1,457,769 Sum of Direct Payment: 5,415,377 Sum of Reimbursement: 2,364,481 Sum of Designated Account: 1,673,670 Page 24 Lberia Electricity Sector Enhancement Project (LESEP) AK RTI`L 7"RA KEFR TI1L,LY IDA - 48420 and IDA - 50550 L BERIA IndIepend(ent. luc!/tor .Repot-l and Speciia/ Prpos e Ifiam-a/satements or ) th6armdedi 30.1ilne 201/6 Statement of IDA - 50550 Fund Withdrawals Amount stated in US$ Date Application Application Mode of Fund Ref. Amount Disbursement Source 29-May-13 LACEEP/LEC/002 100,000.00 Direct Payment IDA-50550 9-May-13 LESEP/LEC/AF-001 300,000.00 DA-A IDA-50550 30-Oct-13 LESEP-AF/003 139,115.44 DA-A IDA-50550 18-Oct- 13 LESEP-AF/004 1,285,000.00 Direct Payment IDA-50550 21-Nov-13 LESEP-AF/005 24,182.12 DA-A IDA-50550 9-Jan-14 LESEP-AF/006 227,596.32 DA-A IDA-50550 10-Mar-14 LESEP-AF/007 361,980.00 Direct Payment IDA-50550 19-Mar-14 LESEP-AF/008 15,976.00 DA-A IDA-50550 18-Jan-17 LESEP-AF/009 457,476.80 Direct Payment IDA-50550 18-Jan-17 LESEP-AF/010 360,000.00 Direct Payment IDA-50550 20-Mar-14 LESEP-AF/O 11 70,147.95 DA-A IDA-50550 26-Jun-14 LESEP-AF/012 100,000.00 Direct Payment IDA-50550 5-Sep-14 LESEP-AF/014 665,739.20 Direct Payment IDA-50550 5-Sep-14 LESEP-AF/015B 174,621.93 DA-A IDA-50550 4-Sep-14 LESEP-AF/014A 275,915.80 Direct Payment IDA-50550 4-Sep-14 LESEP-AF/016 1,079,103.20 Direct Payment IDA-50550 30-Sep-14 LESEP-AF/019 861,216.00 Direct Payment IDA-50550 15-Oct-14 LESEP-AF/020 158,080.00 Direct Payment IDA-50550 30-Oct-14 LESEP-AF/018A 584,927.44 Direct Payment IDA-50550 18-Nov-14 LESEP-AF/022 3,848,168.00 Direct Payment IDA-50550 11-Dec-14 LESEP-AF/017A 137,957.80 Direct Payment IDA-50550 11-Dec- 14 LESEP-AF/018B 146,231.86 Direct Payment IDA-50550 21-Jan-15 LESEP-AF/021 93,052.00 DA-A IDA-50550 29-Apr-15 LESEP-AF/022 277,483.68 Direct Payment IDA-50550 29-Apr-15 LESEP-AF/023 339,146.72 Direct Payment IDA-50550 31-Aug- 15 LESEP-AF/024 420,125.54 Direct Payment IDA-50550 7-Jul- 15 LESEP-AF/025 577,327.12 Direct Payment IDA-50550 15-Oct-15 LESEP-AF/026 379,227.70 Direct Payment IDA-50550 19-Oct-201 LESEP-AF/027 104,298.78 Direct Payment IDA-50550 27-Nov- 15 LESEP-AF/028A 129,296.18 DA-A IDA-50550 7-Dec-15 LESEP-AF/028 508,719.98 Direct Payment IDA-50550 11-Dec-15 LESEP-AF/030 21,778.89 DA-A IDA-50550 16-Dec-15 LESEP-AF/031 185,943.00 Direct Payment IDA-50550 25-Jan-16 LESEP-AF/032 77,234.00 DA-A IDA-50550 12-Feb-16 LESEP-AF/033 24,766.81 DA-A IDA-50550 1-Mar-16 LESEP-AF/034 194,470.00 DA-A IDA-50550 1-Mar-16 LESEP-AF/035 144,137.36 Direct Payment IDA-50550 30-Mar- 16 LESEP-AF/036 74,958.88 DA-A IDA-50550 6-May-16 LESEP-AF/037 152,572.91 DA-A IDA-50550 13-Jun-16 LESEP-AF/038 266,493.00 Direct Payment IDA-50550 16-Jun-16 LESEP-AF/039 223,066.40 DA-A IDA-50550 29-Jun-16 LESEP-AF/040 529,031.50 Direct Payment IDA-50550 Total 16,096,566.31 Summary of Direct Payment: 14,153,730.48 Summary of Designated Account: 1,942,835.83 Page ] 25 Liberia Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 TiA K RTIL LY I 111"R]IA g br theJyear ended 30 June 201/6 Annex IV: Statement of Assets and Equipment as at 30 June 2016 Amount stated in US$ Annex 4: Statement of Assets and Equipment(IDA 48420) Asset Date of Asset Asset Asset Identification Asset Source of Receeipt E Description Value/Cost Number Location Assignee Funding 22-Dec-12 Office quipt t HP HOfficeJet 4500 245.00 WB-LEC-00 -48420LR Accounts Department ChiefAccountant IDA-48420-DA-A 10-Jan-12 Office Equipment Lap Top 2150.00 WB-LEC-00248420-IR Accounts Department Chief Accountant IDA48420-DA-A 0-Jul-12 Officeqipment CellPhone 9,000.00 WB-LEC-003-48420-LR Employees of LEC Employees of LEC IDA48420-DA-A 19-Jul-12 Office Equipment Cell Phone 900.00 WB-LEC-00448420-LR Employees of LEC Employees of LEC IDA-48420-DA-A 12-Dec-12 Office Furniture Book Shelve 195.00 WB-LEC-005-48420-LR Procurement Procurement Specialist IDA-48420-DA-A 2-Dec-15 Office quipment HP Laserjet Pro 3,820.00 WB-LEC-006-48420-LR Project Officer Finance Officer IDA-48420-DA-A I Office Euipment HIPLaptop 1350.00 WB-LEC-007-4842LR Project Officer Finance Officer IDA-48420-DA-A Electrical Materials Tools, Equipment& otainents 1,307,147.00 WB-LEC-00848420-LR WareHouse Warehouse IDA-48420-DA-A Electrical Materials Instruments and Protective Clothing 135,315.00 WB-LEC-0948420-LR WareHouse Warehouse IDA-48420-DA-A Spare Parts Cummings Ggerator Parts 1,484,893.00 WB-LEC-010-48420-LR WareHouse Warehouse IDA-48420-DA-A Transformers Single & Thre Phase Transformers 725,769.50 WB-LEC-011-48420-LR WareHouse Warehouse IDA-48420-DA-A Transformers Single & Three Phase Transformers 1,069.0.00 WB-LEC-012-48420-LR WareHouse Warehouse IDA-48420-DA-A Eectrical Materials Wooden Poles 748,700.00 WB-LEC-013-48420-LR WareHouse Warehouse IDA-48420-DA-A Electrical Materials Spare Parts 585,800.76 WB-LEC-01448420-LR WareHouse Warehouse IDA48420-DA-A 6,07485.26 Annex 4: Statement of Assets and Equipment (IDA 50550) Asset Date of Asset Asset Asset Identification Asset Source of Receeipt Tyle Description Value/Cost Number Location Assignee Funding 22-Dee-12 Electrical Materials Cables & Conductors 1,379,579.00 WB-LEC-001-50550-1.R Bushind Island Planning Deparment IDA-50550-DA-A 10-Jan-12 Electrical Materials Meters & Accessories 731,15930 WB-LEC-002-50550-LR Bushrod Island Planning Department IDA-50550-DA-A 10-Jul-12 Eectical Materials Generator Parts 420,125.54 WB-LEC-003-50550-LR Bushrod Island Plannin Department IDA505500-DA-A 2,530,863.84 Page 26 Liberi a Electricity Sector Enhancement Project (LESEP) IDA - 48420 and IDA - 50550 BAK ER TIlLY Idilo1' Reporl ad Id P e tLI BERI A or, th)ejyear ended 30.jaie 206 Annex V: Funds Disbursement Status Statement of IDA - 48420 funds disbursement status Amount stated in US$ ItemNo. Category Original Funds Disbursed Undisbursed Outstanding Available Allocation Balance Conunitments Balance 1 Goods, Works, Cons & Opr Cos Part Al 5,673705,00 5.887,227.96 (213,522.96) (267,872.96) 2 Good, Works, Cons & Opr Cos Part B 3,359,763.00 4,064,804.38 (705,041.38) (705,041.38 3 Good, Works, Cons & Opr Cos Part D 966,532.00 874,496.38 92,035.62 54,350.00 37,685.62 _ _TOTAL 10,000,000.00 10,826,528.72 (826,528.72) 54,350.00 (935,228.72) Statement of IDA - 50550 funds disbursement status Amount stated in US$ Item No. Category Original Funds Disbursed Undisbursed Outstanding Available Allocation Balance Commitments Balance 1 Goods, Works, Cons & Opr Cos Part A 7.725,975 2,979,230 4,746,745 684,559 4,062,185.98 2 Good, Works, Cons & Opr Cos Part B 13,443.895 12,832,708 611,187 669,737 (58,549,79) 3 Good, Works, Cons & Opr Cos PartD* 830.130 1,112,655 -282,525 111357 (393,881A2) TOTAL 22,000,000 16,924,593 5,075,407 1,465,652 3,609,755 Page I 27 } ., ��+ о�'.� ® 0,.. 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