JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 INDEX Page INDEPENDENT AUDITORS’ REPORTS  On the Project’s Financial Statements 1  On System of Internal Control 1.3  On Compliance with the Financial Clauses of Loans, Grants and Project Agreements and with Legislation and Official Regulations 1.5 FINANCIAL STATEMENTS Statement of Sources and Application of Funds 2 Statement of Cumulative Investments 3 Statement of Project Funding Available 4 Notes to the Project Financial Statements 5-32 SUPPLEMENTARY INFORMATION Auditors’ report on the Project’s Supplement Financial Information 33 Statement of Expenditure (SOE) Withdrawals/Justification 34 Statement of Transactions and Availability of Funds 35 Statement of Designated Account Reconciliation – World Bank 36 Statement of Sources and Uses of Funds – World Bank 36.1 Statement of Cumulative investments – World Bank 36.2 Statement of Cash Resources Available 37 Page 2 JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF SOURCES AND APPLICATION OF FUNDS Inception Inception 24 March 1995 During the 24 March 1995 to year ended to 31 March 2016 31 March 2017 31 March 2017 US$’000 US$’000 US$’000 SOURCES OF FINANCE INITIAL FUNDING FUNDING ARRANGEMENTS COMPLETED Grants (Note 3) Government of Japan (JAPAN) 497 - 497 Government of Netherlands (GON) 2,757 - 2,757 Department for international Development (DFID) 770 - 770 Loans (Note 3) International Bank for Reconstruction and Development (IBRD) 20,000 - 20,000 Inter-American Development Bank (IDB) 9,521 - 9,521 Organization for Petroleum Exporting Countries' Fund for International Development (OPEC) 2,000 - 2,000 Contributions (note 3) Government of Jamaica (GOJ) 10,024 - 10,024 Beneficiaries/Sponsors 1,831 - 1,831 47,400 - 47,400 SUBSEQUENT FUNDING (Note 4) FUNDING ARRANGEMENTS COMPLETED Grants Caribbean Development Bank (BNTF 5) 6,171 - 6,171 Commission of the European Communities (EU PRP1) 3,738 - 3,738 EU Banana 1,713 - 1,713 Government of Japan (JAPAN) - Inner City Basic Services (note 5d) 650 - 650 International Bank for Reconstruction and Development (IBRD) (JAVA) 2,647 - 2,647 Caribbean Development Bank (BNTF 6) 4,135 - 4,135 Loans Caribbean Development Bank (CDB) 14,002 - 14,002 International Bank for Reconstruction and Development (IBRD) – National Community Development Project (note 5b) 15,000 - 15,000 Organisation of Petroleum Exporting Countries (OPEC) - National Community Development Project (note 5e) 5,000 - 5,000 International Bank for Reconstruction and Development (IBRD) - Hurricane Dean 9,964 - 9,964 International Bank for Reconstruction and Development (IBRD) - (PHRD2) 472 - 472 International Bank for Reconstruction and Development (IBRD) GUSTAV 1,994 - 1,994 Balance carried forward 65,486 - 65,486 Page 3 JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF CUMULATIVE INVESTMENTS Subsequent Projects (note 4) Hurricane (note 3) GOJ CDB PRP 1 NCDP BNTF5 CIP ICBSP OPEC GUSTAV JAVA REDI Beneficiaries Dean (see page 3.1) Sub-total Total US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Project preparation 547 91 - - - - - 948 - - - - - - 472 1,511 2,058 Technical co-operation 689 - - - - - - - - - - - - - - - 689 Poverty reduction programme - 861 - 3,738 - - - - - - - - - - 21,541 26,140 26,140 Infrastructure improvement project for traditional banana growing communities - - - - - - - - - - - - - - 1,713 1,713 1,713 Project management and support 1. Salaries/administrative expenses 6,706 22,290 - - 837 64 143 1,780 - - - 1,222 - 1,177 928 28,441 35,147 2. Vehicles and equipment 861 1,013 - - 73 - - 136 - - - 73 - - 90 1,385 2,246 3. Operating expenses 2,285 10,847 - - 4 55 52 79 - - 61 377 - 248 773 12,496 14,781 4.     Consultants’ services/technical assistance and training 1,897 916 1,627 - 806 438 113 254 - - 97 288 - 225 273 5,037 6,934 Sub-total project management and support 11,749 35,066 1,627 - 1,720 557 308 2,249 - - 158 1,960 - 1,650 2,064 47,359 59,108 JSIF Sub-Project 1. Social infrastructure 23,028 8,079 5,532 - 9,124 5,434 5,378 - 3,126 1,994 39 2,390 4,970 3,882 14,104 64,052 87,080 2. Economic infrastructure 8,939 9,089 4,973 - 1,176 - 2,989 - 1,371 - - 5,485 1,770 3,836 1,190 31,879 40,818 3. Social services 876 1,397 102 - 57 91 78 - - - 734 876 291 - 2,925 6,551 7,427 4. Organizational strengthening 1,423 650 656 - 48 74 312 - - - 156 2,557 368 15 508 5,344 6,767 5. Project preparation 63 289 13 - 41 14 - - - - 6 - - 196 54 613 676 6. Integrated basic service - (1,914) - - - 1 - 6,158 - - 1,371 - 2 14 - 5,632 5,632 7. Community based organization - capacity building - 434 - - - - - 2,330 - - 88 - 229 - - 3,081 3,081 8. Community based activities - and training - 52 - - - - - 2,048 - - - - 18 - - 2,118 2,118 9. Project management - 352 - - - - 2 1,505 503 - 85 238 - 346 - 3,031 3,031 10. Access to services - 344 - - - - - 9,920 - - - - - - - 10,264 10,264 11. Public safety enhancement and capacity building - 289 - - - - - 3,451 - - - - - - - 3,740 3,740 Subtotal – JSIF sub-projects 34,329 19,061 11,276 - 10,446 5,614 8,759 25,412 5,000 1,994 2,479 11,546 7,648 8,289 18,781 136,305 170,634 Community sub-projects - 718 - - 2,684 - - 852 - - - - - - - 4,254 4,254 Financial expenses (Note 8) 86 33 1,099 - 150 - - 78 - - 10 6 - 25 - 1,401 1,487 TOTAL INVETSMENTS 47,400 55,830 14,002 3,738 15,000 6,171 9,067 29,539 5,000 1,994 2,647 13,512 7,648 9,964 44,571 218,683 266,083 The accompanying notes form an integral part of the financial statements. Page 3.1 JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF CUMULATIVE INVESTMENTS (CONT’D) Subsequent Projects (note 4) Balance c/f EU BANANA PRP II BNTF 6 PDF PHRD 2 PRP III PRP IV STEP-UP ICDP BNTF 7 BNTF 8 JDVRP (Page 3) US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 US $’000 Project preparation - - - - 472 - - - - - - - 472 Technical co-operation - - - - - - - - - - - - - Poverty reduction programme Programme funds – Annual work programme - 10,379 - - - 10,577 585 - - - - - 21,541 Infrastructure improvement project for traditional banana growing communities 1,713 - - - - - - - - - - - 1,713 Project management and support 1. Salaries/administrative expenses - - 3 219 - - - - 552 154 - - 928 2. Vehicles and equipment - - - - - - - - 90 - - - 90 3. Operating expenses - - 6 130 - - - 42 565 29 - 1 773 4.     Consultants’ services/technical assistance and training - - 81 87 - - - - 16 81 8 - 273 Sub-total project management and support - - 90 436 - - - 42 1,223 264 8 1 2,064 JSIF Sub-projects 1. Social infrastructure - - 3,288 4,650 - - - 612 2,126 3,300 128 - 14,104 2. Economic infrastructure - - 15 - - - - - - 845 330 - 1,190 3. Social services - - 509 454 - - - 12 1,837 113 - - 2,925 4. Organizational strengthening - - 192 45 - - - 165 35 53 18 - 508 5. Project preparation - - 41 13 - - - - - - - - 54 6. Integrated basic service - - - - - - - - - - - - - 7. Community based organization capacity building - - - - - - - - - - - - - 8. Community based activities and training - - - - - - - - - - - - - 9. Project management - - - - - - - - - - - - - 10. Access to services - - - - - - - - - - - - - 11. Public safety enhancement and capacity building - - - - - - - - - - - - - Subtotal-JSIF sub-projects - - 4,045 5,162 - - - 789 3,998 4,311 476 - 18,781 Community sub-projects Financial expenses (Note 8) - - - - - - - - - - - - - Total investments 1,713 10,379 4,135 5,598 472 10,577 585 831 5,221 4,575 484 1 44,571 The accompanying notes form an integral part of the financial statements. Page 4 JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF PROJECT FUNDING AVAILABLE GOJ Contribution Beneficiaries/Sponsors Total Funding CDB/EU/BNTF NCDP ICBSP CIP BNTF 5 EU Banana BNTF 6 BNTF 7 & 8 REDI PRP II, III & IV Total NCDP CIP REDI Total Balance b/f Available Allocation Disbursed Balance Allocatio Expensed Balance (Page 4.1) as at 31/3/17 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 PROJECT PREPARATION - - - - - - - - - - - 91 (91) - - - - - - 956 865 POVERTY REDUCTION PROGRAMME Annual work programme [Note 6(i)(m)] 1,084 * - - - - 584 ** - - - - 1,668 861 807 - - - - - - 6,273 7,080 PROJECT MANAGEMENT AND SUPPORT 2,153 2,778 3,500 1,838 74 72 - 658 - 185 11,258 35,066 (23,808) - - - - - - 20,492 (3,316) JSIF SUB-PROJECTS 2,946 5,277 - 1,130 1,286 969 1,031 393 500 1,779 15,311 19,061 (3,750) 1,618 595 2,000 4,213 6,109 (1,896) 63,527 57,881 NCDP Community sub-projects - 645 - - - - - - - - 645 718 (73) - - - - - - (104) (177) Other community based sub-project - - - 65 - - - - - - 65 - 65 - - - - 1,539 (1,539) 1,168 (306) Financial expenses (Note 8) - - - - - - - - - - - 33 (33) - - - - - - 397 364 Total 6,183 8,700 3,500 3,033 1,360 1,625 1,031 1,051 500 1,964 28,947 55,830 (26,883) 1,618 595 2,000 4,213 7,648 *** (3,435) 92,709 62,391 * GOJ’s counterpart contribution to EU grant – €1 million ** GOJ’s counterpart contribution to EU grant – €400,000 *** Beneficiaries/sponsors amount of $5,831 includes additional amounts relating to Memorandum of Understanding on Sub-projects other than those funded by WB, CDB and NCDP. 1. GOJ’s counterpart contribution to EU PRP II to IV totaling $1,96 4 represents agreement amounts of Euro 400,000, 540,000 and 540,000, respectively. The accompanying notes form an integral part of the financial statements. JAMAICA SOCIAL INVESTMENT FUND Page 4.1 PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF PROJECT FUNDING AVAILABLE (CONT’D) LOANS AND GRANTS FUNDING AVAILABLE FROM OTHER DONORS CDB PRP 1 BNTF5 ICBSP OPEC NCDP Balance b/f Balance c/f Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance (Page 4.2) (Page 4) US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 PROJECT PREPARATION - - - - - - - - - 1,300 948 352 - - - - - - 604 956 POVERTY REDUCTION PROGRAMME Annual work programme [note 6(h)] - - - 3,738* 3,738 - - - - - - - - - - - - - 6,273 6,273 PROJECT MANAGEMENT SUPPORT 1,627 1,627 - - - - 22 557 (535) 8,577 2,249 6,328 500 2,982 (2,482) 2,470 1,720 750 16,431 20,492 JSIF SUB-PROJECTS 11,277 11,277 - - - - 6,149 5,614 535 18,200 25,412 (7,212) 4,500 2,018 2,482 9,800 10,446 (646) 68,368 63,527 NCDP Community sub-projects - - - - - - - - - - - - - - - 2,580 2,684 (104) - (104) Other community based sub-project - - - - - - - - - 1,800 852 948 - - - - - - 220 1,168 Financial expenses (Note 8) 1,098 1,098 - - - - - - - 73 78 (5) - - - 150 150 - 402 397 TOTAL 14,002 14,002 - 3,738* 3,738 - 6,171 6,171 - 29,950 29,539 411 5,000 5,000 - 15,000 15,000 - 92,298 92,709 * US$ equivalent of the allocation of €6 million under Commissioner of European Communities Grant, of which only US$3,738,000 was utilized. The accompanying notes form an integral part of the financial statements. JAMAICA SOCIAL INVESTMENT FUND Page 4.2 PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF PROJECT FUNDING AVAILABLE (CONT’D) LOANS AND GRANTS FUNDING AVAILABLE FROM OTHER DONORS Hurricane Dean Recovery PHRD 2 PRP II EU BANANA PRP IV balance b/f balance c/f Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance (Page 4.3) (Page 4.1) US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 PROJECT PREPARATION - - - 455 455 - - - - - - - - - - 604 604 POVERTY REDUCTION PROGRAMME Annual work programme [Note 6(i)(m)] - - - - - - 8,979 * 10,379 (1,400) 1,713 1,713 - 3,264 - 3,264 4,409 6,273 PROJECT MANAGEMENT SUPPORT - 1,650 (1,650) 45 45 - - - - - - - 11,645 585 11,060 7,021 16,431 JSIF SUB-PROJECTS 9,939 8,289 1,650 - - - - - - - - - - - - 66,718 68,368 NCDP Community sub-projects - - - - - - - - - - - - - - - - - Other community based sub-project - - - - - - - - - - - - - - - 220 220 Financial expenses (Note 8) 25 25 - - - - - - - - - - - - - 402 402 TOTAL 9,964 9,964 - 500 500 - 8,979 10,379 (1,400) 1,713 1,713 - 14,909 585 14,324 79,374 92,298 2 PRP IV – US$ equivalent of the allocation of €12 million. * US$ equivalent of the allocation of €6,150,000 The accompanying notes form an integral part of the financial statements. Page 4.3 JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF PROJECT FUNDING AVAILABLE (CONT’D) LOANS AND GRANTS FUNDING AVAILABLE FROM OTHER DONORS BNTF 06 CIP REDI JAVA BNTF 8 GUSTAV Balance b/f Balance c/f Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated DisbursedBalance (Page 4.4) (Page 4.2) US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 PROJECT PREPARATION - - - - - - - - - - - - - - - - - - 604 604 POVERTY REDUCTION PROGRAMME Annual work programme [Note 6(i)(m)] - - - - - - - - - - - - - - - - - - 4,409 4,409 PROJECT MANAGEMENT SUPPORT 940 90 850 669 308 361 2,280 1,960 320 - 158 (158) 91 8 83 - - - 5,565 7,021 JSIF SUB-PROJECTS 3,837 4,045 (208) 10,173 8,759 1,414 12,683 11,546 1,137 2,647 2,479 168 1,734 476 1,258 - - - 62,949 66,718 NCDP Community sub-projects - - - - - - - - - - - - - - - - - - - - Other community based sub-project - - - 220 - 220 - - - - - - - - - 1,994 1,994 - - 220 Financial expenses (Note 8) - - - 418 - 418 - 6 (6) - 10 (10) - - - - - - - 402 Total 4,777 4,135 642 11,480 9,067 2,413 14,963 13,512 1,451 2,647 2,647 - 1,825 484 1,341 1,994 1,994 - 73,527 79,374 The accompanying notes form an integral part of the financial statements. Page 4.4 JAMAICA SOCIAL INVESTMENT FUND PROJECT FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2017 STATEMENT OF PROJECT FUNDING AVAILABLE (CONT’D) LOANS AND GRANTS FUNDING AVAILABLE FROM OTHER DONORS PETROCARIBE (PDF) PRP III STEP-UP BNTF 7 JDVRP ICDP Balance c/f Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance Allocated Disbursed Balance (Page 4.3) US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 PROJECT PREPARATION - - - - - - - - - 604 - 604 - - - - - - 604 POVERTY REDUCTION PROGRAMME Annual work programme [Note 6(i)(m)] - - - 14,986* 10,577 4,409 - - - - - - - - - - - - 4,409 PROJECT MANAGEMENT SUPPORT 436 436 - - - - 46 42 4 549 264 285 2,500 1 2,499 4,000 1,223 2,777 5,565 JSIF SUB-PROJECTS 5,162 5,162 - - - - 989 789 200 5,737 4,311 1,426 27,425 - 27,425 37,896 3,998 33,898 62,949 NCDP Community sub-projects - - - - - - - - - - - - - - - - - - - Other community based sub-project - - - - - - - - - - - - - - - - - - - Financial expenses (Note 8) - - - - - - - - - - - - - - - - - - - TOTAL 5,598 5,598 - 14,986 10,577 4,409 1,035 831 204 6,890 4,575 2,315 29,925 1 29,924 41,896 5,221 36,675 73,527 3 PDF - US$ equivalent of the allocation of approximately J$415 million. * US$ equivalent of the allocation of €11,400,000 The accompanying notes form an integral part of the financial statements. Page 5 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 1. IDENTIFICATION AND BASIS OF PREPARATION OF FINANCIAL STATEMENTS: Jamaica Social Investment Fund (the company) is incorporated in Jamaica under the Companies Act as a company limited by guarantee. The company is the vehicle used to carry out all the activities of the Jamaica Social Investment Fund (JSIF). The registered office of the company is 1C-1F Pawsey Road, Kingston 5, Jamaica, W.I. The Jamaica Social Investment Fund (the Fund) is a temporary, autonomous Government of Jamaica (GOJ) sponsored project designed to assist the Government in its poverty alleviation programme. In order to achieve this, the Fund mobilizes resources from the GOJ, project donors and international lending agencies. The Company is the entity through which the Fund executes several projects and all expenses incurred by the Company are absorbed by the projects. These financial statements are prepared on a cash basis modified to include non-cash contributions received and are expressed in United States dollars (US$), unless otherwise stated. 2. SIGNIFICANT ACCOUNTING POLICIES: (a) Basis of Accounting These financial statements are prepared under the historical cost convention, using the cash basis of accounting, in accordance with the Cash Basis IPSAS: Financial Reporting under the Cash Basis Accounting. Cash basis accounting recognises transactions and acts only when the cash and/or cash equivalent is received or disbursed by the entity, and not when they give rise to, accrue or originate rights or obligations although there was no cash movement. This accounting policy is a comprehensive basis of accounting other than that required under International Financial Reporting Standards (IFRS), under which transactions should be recorded when they occur and not when they are paid. (b) Foreign Currency Translation The company's accounting records are maintained in Jamaican dollars. In order to calculate the equivalent in Jamaican dollars, the cash received in foreign currency in a specific commercial bank account, uses the rate of exchange in effect at the time of receipt of these funds. The exchange rate gain or loss that results from a difference of the exchange rate when the funds are received versus when the funds are converted to a local currency to make payments for eligible expenses are accounted for as an exchange rate differential, which is charged or credited to the local counterpart funds. Page 6 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D): (b) Foreign Currency Translation (cont’d) Expenditure incurred in Jamaican dollars is translated to US dollars at the rates of exchange prevailing at the dates of the transactions. 3. INITIAL FUNDING ARRANGEMENTS: A sum of US$547,000 and US$46,853,000 were expended in the initial setting up and project execution, respectively of the Fund. A summary of the sources and applications are as follows: US$'000 Sources Initial setting up: Government of Japan 497 Government of Jamaica 50 547 Project execution: IBRD 20,000 IDB 9,521 GON 2,757 OPEC 2,000 DFID 770 Beneficiaries/sponsors 1,831 GOJ 9,974 46,853 47,400 Applications initial setting up: Consultants' services 325 Vehicles and equipment 94 Operating expenses 128 547 Project execution: Salaries 6,706 Vehicles and equipment 861 Operating expenses 2,285 Consultants' services/technical assistance and training 1,897 Technical co-operation 689 JSIF sub-projects 34,329 Financial expenses 86 46,853 47,400 Page 7 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS: (i) The operations of the project were subsequently financed by the following sources: US$’000 (a) Caribbean Development Bank (CDB) Loan No. 10/SFR-OR-JAM 14,128 local contributions from the Government of Jamaica 4,307 Beneficiaries/Sponsors 718 19,153 (b) Caribbean Development Bank (CDB) grant No. GA10/JAM, from the Special Funds Resources of the Bank 124.0 Government of Jamaica / Jamaica Social Investment Fund 15.5 139.5 €’000 (c) Commission of European Communities grant No. 6349/JM from the resources of the European Development Fund, and 6,000 Government of Jamaica/Jamaica Social Investment Fund 1,000 7,000 US$'000 (d) International Bank for Reconstruction and Development (IBRD) Loan No. 7148-JM for the National Community Development Project (NCDP) 15,000 Government of Jamaica 8,700 Beneficiaries/sponsors 900 24,600 (e) Caribbean Development Bank (CDB) Grant No. GA19/JAM administered from resources of CDB and the Canadian International Development Agency CIDA) for the Basic Needs Trust Fund [Fifth Programme (BNTF 5)] 6,171 Government of Jamaica 1,289 7,460 (f) (i) International Bank for Reconstruction and Development (IBRD) Loan No. 4819-JM, for the Inner City Basic Services Project (ICBSP) 29,300 Government of Jamaica 3,500 32,800 (ii) Letter of Agreement No. P4140 - Advance for project preparation of the Inner City Basic Services Project (ICBSP) later incorporated into IBRD Loan Agreement No. 4819-JM [as per note 4 (f)(i)] 650 Page 8 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS (CONT’D): (i) The operations of the project were subsequently financed by the following sources (cont’d): US$’000 (g) Grant No. TF 054629, administered by International Bank for Reconstruction and Development (IBRD) provided by the Government of Japan for the Inner City Basic Services Project (ICBSP) 650 (h) Organisation of Petroleum Exporting Countries (OPEC) Loan No.1007P for the National Community Development Project (NCDP) 5,000 (i) International Bank for Reconstruction and Development (IBRD) administrated grant No. TF 055128, for Jamaica Catastrophe Insurance Project (JCIP) 800 (j) International Bank for Reconstruction and Development (IBRD) Administered grant No. TF 055129, for OECS Catastrophe Risk Insurance Project (CRIP) 1,000 (k) International Bank for Reconstruction and Development (IBRD) Grant No. TF 090322 to prepare for the second National Community Development Project (NCDP) 500 €’000 (l) Grant No. PRP11/9EDF/JM/GC-01 between the Commission of European Communities, the JSIF and representing Planning Institute of Jamaica (PIOJ) for the Implementation of the Poverty Reduction Programme II (PRP II) 6,150 Government of Jamaica/The Jamaica Social Investment Fund 400 6,550 US$’000 (m) International Bank for Reconstruction and Development (IBRD) Loan No. 4878-JM for Hurricane Dean Emergency Recovery Project 10,000 €’000 (n) Grant No. B-7 8710/856/32 between the Commission of European Communities, the JSIF and Rural Agricultural Development Authority (RADA) representing Planning Institute of Jamaica for Social and Economic Infrastructure in the traditional banana growing communities of Jamaica. 1,156 Government of Jamaica/The Jamaica Social Investment Fund 289 1,445 US$’000 (o) Caribbean Development Bank (CDB) Grant No. GA26/JAM for the Basic Needs Trust Fund (Sixth Programme (BNTF 6) 4,777 Government of Jamaica 1,031 5,808 Page 9 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS (CONT’D): (i) The operations of the project were subsequently financed by the following sources (cont’d): US$’000 (p) International Bank for Reconstruction and Development (IBRD) Grant No. TF 094380 for the Jamaica Violence Action (JAVA) Fund 2,650 (q) Caribbean Development Bank (CDB) Loan No. 19/SFR-JAM for the Community Investment Project (CIP) 12,085 Government of Jamaica 2,428 Beneficiaries/Sponsors 595 15,108 (r) International Bank for Reconstruction and Development (IBRD) Grant No. 7769-JM for the Rural Economic Development Initiative Project (REDI) 15,000 Government of Jamaica 500 Beneficiaries/Sponsors 2,000 17,500 €’000 (s) International Bank for Reconstruction and Development (IBRD) Grant No.TF097314 for the Tropical Storm Gustav Emergency Recovery Grant Project (GUSTAV). 1,728 J$000 (t) PetroCaribe Development Fund (PDF) 400,000 €’000 (u) Grant No.JM/FED/22700 between the Commission of European Communities, the JSIF and representing Planning Institute of Jamaica (PIOJ) for the implementation of the Poverty Reduction Programme III (PRP III) 11,400 Government of Jamaica 540 11,940 US$’000 (v) Caribbean Development Bank (CDB) Grant No. GA32/JAM for the Basic Needs Trust Fund Seven Programme (BNTF 7) 6,890 Government of Jamaica 960 7,850 Page 10 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS (CONT’D): (i) The operations of the project were subsequently financed by the following sources (cont’d): €’000 (w) Commission of the European Communities, Grant No. 2013-024/834 between JSIF and the Planning Institute of Jamaica (PIOJ) for the implementation of Poverty Reduction Programme IV (PRP IV) 12,000 Government of Jamaica Contribution 540 12,540 J$’000 (x) PDF/JSIF Schools Sanitation Project No. 2 between PetroCaribe Development Fund (PDF) and JSIF. 35,000 (y) PDF/JSIF Schools Sanitation Project No. 3 between PetroCaribe Development Fund (PDF) and JSIF. 125,000 US$’000 (z) Loan No. 8356-JM between the International Bank for Reconstruction and Development (IBRD), and the Government of Jamaica 42,000 J$’000 (aa) JSIF/JPS Grant Agreement between the Jamaica Public Service Company Limited 13,258 and the Jamaica Social Investment Fund The agreement was extended to include an additional amount 32,318 JSIF/JPS Second Grant Agreement 79,597 J$’000 (ab) Hope Zoo Education Programme Grant Award #2 21,600 US$’000 (ac) Caribbean Development Bank (CDB) Grant No. GA39/JAM for the Basic Needs Trust Fund Eight Programme (BNTF 8) 1,825 Government of Jamaica 91 1,916 US$’000 (ad) Loan No. 8581-JM between the International Bank for Reconstruction and Development (IBRD), and the Government of Jamaica 30,000 Page 11 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS (CONT’D): (ii) Details of the funding arrangements are as follows: (a) On 26 May 2000, the GOJ entered into a Loan Agreement No.10/SFR-OR-JAM with the Caribbean Development Bank (CDB) to borrow up to US$14.128million. The agreement also provides that GOJ contributes counterpart funding of US$4.307million with Beneficiaries/Sponsors providing an additional $718,000. (b) On 26 May 2000, JSIF entered into a Grant agreement No. GA10/JAM with the Caribbean Development Bank (CDB) to make available up to US$124,000. The GOJ is to provide US$15,500 of counterpart funding. (c) On 11 December 2000, the Government of Jamaica entered into a financing agreement No. 6349/JM with the Commission of the European Communities to make available a grant from the resources of the European Development Fund of €6 million. The GOJ is to contribute €1 million of counter part funding. (d) On 31 October 2002, the GOJ entered into a Loan Agreement No. 7148-JM with the International Bank for Reconstruction and Development (IBRD) to borrow US$15 million for a National Community Development Project. The GOJ is to provide $8.7 million of counterpart funding with Beneficiaries/Sponsors providing an additional US$900,000. (e) On 16 June 2003, the GOJ and the Fund entered into a Grant Agreement No. GA19/JAM with the Caribbean Development Bank (CDB) to make available by way of a grant an amount not exceeding US$2.867 million under the Basic Needs Trust Fund Fifth programme (BNTF5). The GOJ was to provide US$570,345 of counterpart funding. Subsequently additional amounts were granted under this funding as follows: Date Amounts US$ 27 June 2008 887,773 18 May 2009 1,203,793 2 July 2010 1,212,624 These additional amounts increased the grant under the Basic Needs Trust Fund Fifth Programme (BNTF5) to US$6,171,087. GOJ is to provide a total of US$1,289,381 of counterpart funding. (f) On 24 February 2005, the GOJ entered into a Letter of Agreement No. P4140 with the International Bank for Reconstruction and Development (IBRD) for US$650,000 for project preparation for the Inner City Basic Services Project (ICBSP). Page 12 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS (CONT’D): (ii) Details of the funding arrangements are as follows (cont’d): (f) On 4 May 2006, the GOJ entered into a Loan Agreement No. 4819-JM with the International Bank for Reconstruction and Development (IBRD) to borrow US$29.3 million for the Inner City Basic Services Project (ICBSP). Letter Agreement No. P4140 has been incorporated in this Loan Agreement as a Project Preparation Advance. The GOJ is to provide US$3.5 million of counterpart funding. (g) On 10 May 2005, the GOJ entered into a Grant Agreement No. TF 054629 with the World Bank in the Capacity of administrator to make available US$650,000 provided by the Government of Japan. (h) The GOJ entered into a Loan Agreement No. 1007P with OPEC to borrow US$5 million for a project aimed at improving the standard of living in Jamaica. (i) On 25 October 2005, the GOJ and IBRD concluded a Grant Agreement No. TF 055128 for the sum of US$800,000 provided by Japan for the purpose of assisting in the financing of the preparation of Jamaica Catastrophe Insurance Project. (j) On 12 January 2006, the Fund entered into an agreement No. TF 055129 for the sum of US$1 million with Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines for the PHRD Grant for preparation of the OECS Catastrophe Risk Insurance Project provided by Japan, administered by the International Bank for Reconstruction and Development (IBRD). (k) On 1 December 2007, the GOJ entered into a grant agreement No. TF 090322 with the International Bank for Reconstruction and Development (IBRD) to make available US$500,000 to prepare for the second National Community Development Project. (l) On 5 December 2007, the Commission of European Communities by way of grant agreement No. PRP11/9EDF/JM/GC-01 between the JSIF and the Planning Institute of Jamaica made available €6.150 million for the impleme ntation of Poverty Reduction Programme II (PRPII). Counterpart funding of €400,000 is to be provided by the GOJ. (m) On 24 December 2008, the Commission of European Communities by way of grant agreement No. B-787101856132 between the JSIF and the Planning Institute of Jamaica (PIOJ) made available €1,156,000 for Social and Economic infrastructure in the traditional banana growing communities. Counterpart funding of €289,000 is to be provided by the GOJ. (n) On 8 January 2009, the GOJ entered into Loan Agreement No. 4878-JM with the International bank for Reconstruction and Development (IBRD) to borrow US$10 million for the Emergency Recovery Project. Page 13 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS (CONT’D): (ii) Details of the funding arrangements are as follows (cont’d): (o) On 20 April 2009, GOJ and the Jamaica Social Investment Fund (JSIF) entered into a loan agreement No. 19/SFR-JAM with the Caribbean Development Bank (CDB) to borrow US$12.085 million for the Community Investment Project (CIP), The GOJ is to provide US$2.428 million with Beneficiaries/Sponsors providing US$595,000 of counterpart funding. (p) On 14 May 2009, the International Bank for Reconstruction and Development (IRBD) by way of grant agreement No TF094380 between the GOJ and the fund to make available by way of grant an amount not to exceed US$2.650 million for the Jamaica Violence Action (JAVA) Fund. (q) On 3 June 2009, the GOJ entered into a grant agreement No. GA26/JAM with the Caribbean Development Bank (CDB) to make available an amount not exceeding US$4,777,487 under the Basic Needs Trust Fund Sixth Programme (BNTF6). The GOJ is to contribute US$1,031,477 of counterpart funding. (r) On 2 November 2009, the GOJ and the Fund entered into a loan agreement No. 7769-JM with the International Bank for Reconstruction and Development (IBRD) to borrow US$15 million for the Rural Economic Development Initiative project (REDI). (s) On 5 October 2010, the GOJ entered into a Grant Agreement No TF097314 with IBRD to make available an amount of €1,728,585 to support levels of services in selected community infrastructure at a minimum to pre-Tropical Storm GUSTAV level. (t) On 2 August 2011 a MOU and a Supplemental MOU on 1 May 2012 between JSIF and Petrocaribe Development Fund was signed to administer and implement projects that are consistent with Vision 2030 Jamaica and the Government’s Community Renewal Programme. The amounts administered under this MOU are disbursed to JSIF based on the recommendations of the Petrocaribe Loans and Investment Committee. (u) On 1 August 2012, the Commission of European Communities by way of a grant agreement No. JM/FED/22700 between JSIF and the Planning Institute of Jamaica (PIOJ) made available €11,400,000.00 for the implementation of the Poverty Reduction Programme III (PRP III). (v) Grant agreement GA32/JAM between GOJ and CDB dated 12 February 2013 for funds totaling US$6,890,058 for the enhancement of social and economic infrastructure, social services and organizational strengthening activities for the poor and rural communities. The agreement expires 31 December 2017. (w) Grant agreement 2013-024/834 between JSIF, the Planning Institute of Jamaica (PIOJ) and the Commission of the European Communities for €12,540,000 of which €540,000 is to be contributed by the Government of Jamaica (GOJ). The Project implementation period is November 2014 to November 2018. Page 14 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 4. SUBSEQUENT FUNDING ARRANGEMENTS (CONT’D): (ii) Details of the funding arrangements are as follows (cont’d): (x) PDF/JSIF Schools Sanitation Project No. 2 and No. 3 grant agreements dated 22 April 2014 and 8 September 2014 in the amount of J$35 Million and J$125 Million, respectively. The grant projects were awarded in accordance with the existing Memorandum of Understanding between the PCDF and JSIF. The agreements were established with an implementation period of twelve months and were subsequently extended for an additional twenty and fifteen months respectively. (y) Loan agreement No. 8356-JM dated 6 May 2014 between the Government of Jamaica and IBRD in the amount of US$42 Million for the financing of activities under the Jamaica Integrated Community Development Project (ICDP). The objective of this project is to enhance access to basic urban infrastructure and services, and contribute towards increased community safety in selected economically vulnerable and socially volatile inner city communities in Jamaica. The agreement has a closing date of 1 May 2020. (z) JSIF/JPS Step-Up grant agreement dated 18 November 2014 in the amount of J$13,257,800 (The agreement was extended to include an additional amount of J$32,318,373.40). A second agreement dated 1 April 2016 totaling J$79,596,693.68 was also signed. The purpose of this agreement is to reduce non-technical losses in the electricity provision sector (electricity theft) in areas identified by the Jamaica Public Service Company Limited (JPS) as red zones. The agreement was established with an implementation period of twelve months. (aa) Hope Zoo Education Programme Grant Award No. 2 dated 8 January 2016. The intended use of the grant is to expose approximately 6,000 children and youth with guided tours and audio-visual presentations to animal and wildlife, flora and fauna at the Zoo. The project is funded by the Petrocaribe Development Fund (PCDF). (ab) Grant agreement GA39/JAM between GOJ and CDB dated 8 October 2015 for funds totaling US$1,916,276 for the enhancement of social and economic infrastructure, social services and organizational strengthening activities for the poor and rural communities. The agreement expires 31 December 2017. (ac) Loan agreement No. 8581-JM dated 1 July 2016 between the Government of Jamaica and IBRD in the amount of US$30 Million for the financing of activities under the Jamaica Disaster Vulnerability Reduction Project (JDVRP). The objective of this project is to enhance Jamaica’s resilience to disaster and climate risk . The agreement has a closing date of 30 June 2022. The amount of contributions by the beneficiaries and sponsors of sub-projects depend on the type of sub-project, the resources available from the sponsoring agency and the income level of the beneficiary community. These contributions would mainly be in the form of donated labour, local materials, project preparation and supervision services. Page 15 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT: The expenditures to be financed by loans along with loan repayment terms are stated below. Contributions by Beneficiaries/Sponsors have not been taken into account in calculating the percentages of expenditure to be financed by the respective loans. (a) Caribbean Development Bank (CDB) – 10/SFR-OR-JAM: The loan is available for financing JSIF sub-projects aimed at poverty reduction and the institutional strengthening of the Fund. Allocation of Loan Funds US$’000 Category: Sub-project funding Social Infrastructure 5,304 Economic Infrastructure 3,977 Social Services 1,200 Organizational strengthening 1,008 11,489 Institutional Support Consultants' fees 1,540 Interest 994 Commitment fees 105 1,099 14,128 The loan is divided into two portions: (i) US$7.123 million payable in eighty quarterly installments commencing ten years after the date of the first disbursement. (ii) US$7.005 million payable in sixty eight quarterly installments commencing five years after the date of the first disbursement. The disbursement period of the loan which expired on 31 March 2003, was extended to 31 December 2006. Page 16 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (b) International Bank for Reconstruction and Development (IBRD) No. 7148-JM: The loan is available for financing the National Community Development Project (NCDP). Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 Goods, works, consultants' services and training (i) Under JSIF sub-projects 6,800 100 (ii) Under other JSIF sub-projects 3,000 100 Goods and/or works. Under community sub-projects 2,580 100 Goods – other 300 85 Consultants' services 420 80 Administrative and operational costs 1,500 65 Training 250 85 Front-end fee 150 - 15,000 The closing date of the loan is 30 June 2008. The loan is repayable in semi-annual installments beginning 15 February 2008, through 15 February 2019, and the final installment due on 15 August 2019. (c) International Bank for Reconstruction and Development (IBRD) No. 4819-JM: The loan is available for financing the Inner City Basic Services Project (ICBSP). Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 Goods, works, consultants' services and training under community-based infrastructure 18,200 100 Community-based sub-projects 1,800 100 Consultants' services 5,150 100 Balance carried forward 25,150 Page 17 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (c) International Bank for Reconstruction and Development (IBRD) -No. 4819-JM (cont’d): Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 Balance brought forward 25,150 Goods and consultants' services and Training (i) For land tenure regularization 600 100 (ii) For public safety enhancement 2,827 60 Project preparation advance 650 - Front-end fee 73 - 4,150 29,300 GOJ is to contribute the amount of US$3,500,000 of budgeted cost of the project. The closing date of the loan is 31 December 2011. The loan is repayable in semi-annual installments beginning 15 February 2011, through 15 August 2022, and the final installment due on 15 February 2023. (d) International Bank for Reconstruction and Development (IBRD) Letter Agreement-No. P4140: The advance (subsequently incorporated in IBRD Loan Agreement No. 4819-JM) is for the preparation of Inner City Basic Services Project (ICBSP). Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 Goods 12 100 Consultants’ services 632 100 Operating costs 6 100 650 Page 18 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (e) The Organization of Petroleum Exporting Countries (OPEC) Fund for International Development-No.1007P: The loan is available for financing the National Community Development Project (NCDP). Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 (i) JSIF and Community Projects: Sub-projects Social Infrastructure 3,375 100 Economic Infrastructure 1,125 100 (ii) Technical Assistance and Institutional strengthening - - (iii) Project Administration 500 100 5,000 The closing date of the loan is 30 June 2009. The loan is repayable semi-annually beginning 15 May 2010, through 15 May 2024, with the final installment due 15 November 2024. (f) International Bank for Reconstruction and Development (IBRD) -No. 4878 – JM: The loan is available for the Hurricane Dean Emergency Recovery Project. Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 Goods, works, consultants' services, non-consultants services, training and operating costs 8,915 100 Project preparation advance 1,060 100 Front-end fee 25 100 10,000 Page 19 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (f) International Bank for Reconstruction and Development (IBRD) -No. 4878 – JM (cont’d): The closing date of the loan is 30 June 2012. The loan is payable in semi-annual installments beginning 15 April 2013, and the final installment due on 15 October 2024. (g) International Bank for Reconstruction and Development (IBRD) – No.7769-JM): The loan is available for the Rural Economic Development Initiative Project (REDI). Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 Component 1 - Goods, works, training/ workshops, consultants’ services, and operating costs 11,833 100 Component 2 - Goods, works, training/ workshops, consultants’ services, and operating costs 850 100 Component 3 - Goods, works, training/ workshops, consultants’ services, and operating costs 2,280 100 Front-end fee 37 100 15,000 The closing date of the loan is 31 July 2017. By correspondence dated 6 July 2016 to the IBRD, the GOJ formally requested an extension of twelve months to complete outstanding activities. The loan is payable in semi-annual installments beginning 15 August 2015 and the final installment due on 15 August 2039. During the financial year 2015-2016 an approved reallocation of loan funds was received reducing Component II to USD 850,000 and increasing Component III to USD 1,930,000. A further reallocation was approved in the current year to reduce component I by USD350,000 and increase component III. Page 20 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (h) Caribbean Development Bank (CDB) – No. 19/SFR-JAM: The loan is available for the Community Investment Project (CIP). Allocation of % of expenditure Category Loan funds to be financed by loan US$’000 Sub-project 10,707 95 Administrative Fees 500 100 Mid Term Evaluation 40 80 Training 110 80 650 Technical Assistance 60 82 Bridge Jamaica Pilot Project 250 88 310 Interest during Implementation 418 100 12,085 The closing date of the loan is 31 March 2013, however an extension for the Terminal Date was granted to 31 March 2016, pursuant to Article IV, Section 4:03 of Schedule 1. The loan is payable in 80 equal or approximately equal and consecutive quarterly installments on each due date commencing on the first due date after the expiring of 10 years following the date of the first disbursement of the loan or on such later date as the bank may specify in writing. Page 21 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (i) International Bank for Reconstruction and Development Loan No. 8356-JM is available for financing the Integrated Community Development Project (ICDP) to be administered as follows: Allocation of % of Expenditure Expenditure to be Financed by Category US$’000 the Loan Goods, works, non-consulting services, consultants' services and Operating costs 41,430 100 Goods to serve as Results based Incentives for NSWMA 286 100 Salary Supplement and goods and/or works under Subprojects to serve as Results Based Incentives for Environmental Wardens and Community Based Organizations respectively 179 100 Front End Fee . 105 - 42,000 The agreement has a closing date of 1 May 2020. (j) International Bank for Reconstruction and Development Loan No. 8581-JM is available for financing the Jamaica Disaster Vulnerability Reduction Project (JDVRP) to be administered as follows: Allocation of % of Expenditure Expenditure to be Financed by Category US$’000 the Loan Goods, non-consulting services, consultants' services for component 1, and training for component 1(a) to (c) and (e). 3,465 100 Training for component 1(d) 350 100 Goods, works, non-consulting services, consultants' services for component 2 23,610 100 Emergency expenditures under component 3 - Goods, non-consulting services, consultants' services, training and operating costs for component 4 2,500 100 Front end fee 75 30,000 The agreement has a closing date of 30 June, 2022. Page 22 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 5. LOANS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (k) Interest and Commitment Fees: Interest and fees, paid directly by the Government of Jamaica, relating to loans are not reflected in these financial statements. (l) Repayment: Repayment of the loans is the responsibility of the Government of Jamaica. 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT: The expenditures to be financed by the grants are stated below. Contributions by Beneficiaries/Sponsors have not been taken into account in calculating the percentages of expenditures to be financed by the respective grants. (a) Caribbean Development Bank (CDB) - No.GA10/JAM: The grant is available for funding the cost of consultants' services as follows: % of estimated Allocation of Budget to be financed Grant funds by grant US$’000 Non-governmental organization (NGO) consultants 26 88 Impact evaluation consultants 98 90 124 JSIF and GOJ are to contribute the balance of budgeted cost of the consultants. The disbursement period of the grant which expired on 28 February 2002, was extended to 31 July 2006. Page 23 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (b) Commission of the European Communities – No.6349/JM: The grant is available for financing community driven projects and related activities in the government's Poverty Reduction Programme (PRP). The expenditures to be financed are allocated as follows: €’000 Capital fund 4,400 Programme funds 750 Project management 550 Evaluation and audit 100 Contingencies 200 6,000 The project is to be completed by 31 December 2005, with the final disbursement from the Capital Fund by that date. The disbursement period for the grant was extended to 30 June 2006. Separate financial statements will be prepared for this grant. (c) Caribbean Development Bank (CDB) No. GA19/JAM (BNTF5): The grant is available for funding the Basic Needs Trust Fund Fifth Programme (BNTF 5) as follows: % of estimated Component Allocation of Budget to be financed Grant funds by grant US$’000 Country project Large sub-projects 6,108 80 Skill Training/Capacity Building training/Capacity building 339 80 Technical Services and Environmental Assessments 992 100 Balance carried forward 7,439 Page 24 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (c) Caribbean Development Bank (CDB) No. GA19/JAM (BNTF 5) (cont’d): % of estimated Component Allocation of Budget to be financed Grant funds by grant US$’000 Balance brought forward: 7,439 Administration Local Institutional Strengthening 3 100 MIS Cost 18 100 Public Relations 21 7,460 GOJ is to contribute the amount of US$1,289,381 of the budgeted cost of the project. The disbursement period of the grant, which expired 30 June 2010, was extended to 30 June 2012. (d) International Bank for Reconstruction and Development (IBRD) - Grant Agreement No. TF054629 for Preparation of the Inner City Basic Services Project (ICBSP). The Grant is made available by the Government of Japan for preparation of the Inner City Basic Services Project (ICBSP) as follows: % of estimated Category Allocation of Budget to be financed Grant funds by grant US$’000 Consultant services 641 100 Goods, Training and Incremental Operating Costs 9 100 650 Page 25 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (e) Subsidiary Grant agreement under Letter Agreement for IBRD Grant No. TF055128: The grant is available for funding the Preparation of Jamaica Catastrophe Insurance. % of estimated Allocation of Budget to be financed Category Grant funds by grant US$’000 Consultant Services 740 100 Goods, training and incremental operating costs 60 100 800 (f) IBRD Grant No. TF055129 for Preparation of OECS Catastrophe: The grant is available for funding the OECS Catastrophe Risk Insurance Project as follows: % of estimated Category Allocation of Budget to be financed Grant funds by grant US$’000 Consultant Services 900 100 Goods, Training and Incremental Operating Costs 100 100 1,000 (g) IBRD Grant No. TF 090322 to prepare the second National Community Development Project (NCDP) as follows: % of estimated Allocation of Budget to be financed Category Grant funds by grant US$’000 Consultants' Services 455 100 Goods, Training and Operation 45 100 500 Page 26 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (h) Caribbean Development Bank (CDB) No.GA26/JM (BNTF 6): The grant is available for funding the Basic Needs Trust Funds Sixth Programme (BNTF 6) as follows: % expenditure to be Allocation of financed) Category Grant funds (inclusive of taxes) US$’000 Large sub-project 3,765 80 Small sub-project 1,031 80 Skill training 361 80 5,157 Technical Services 480 100 Administrative Local institutional strengthening BNTF staff 151 100 Public Relation 20 100 171 5,808 The closing date of the grant was 31 December 2013, however an extension for the Terminal Date was granted to 31 December 2014, pursuant to Article IV, Section 4:03 of Schedule 1. Page 27 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (i) European Community Grant No. PRP II/9EDF/JM/GC-01 for the implementation of the Poverty Reduction Programme II (PRP II) as follows: Allocation of Grant Funds EUR’000 Category EU GOJ/JSIF Human resource 934 - Travel - 18 Equipment and supplies 28 12 Vehicle 25 - Local office - 62 Other costs/services 144 - 1,131 92 Sub-project interventions Civil works 4,758 305 Social services 42 3 5,931 400 Contingencies 219 - 6,150 400 (j) IBRD Grant No. TF097314 to support levels of services in selected community infrastructure at a minimum to pre- Tropical Storm GUSTAV levels: Category Allocation % of estimate of funds to be financed (US$‘000) by Grant Goods, works, Consultants’ services, training and operating costs 1,728 100 Page 28 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (k) IBRD Grant No. TF094380 to support projects aimed at the reduction of crime and violence in selected communities: The expenditures to be financed are allocated as follows: US$’000 Crime and violence information system and targeted violence prevention 850 Jamaica Violence Action (JAVA) fund conflict resolution and social programme 1,600 Technical assistance for grant management communication, monitoring and evaluation 200 2,650 (l) Caribbean Development Bank (CDB) Grant No. GA32/JAM (BNTF 7): % of expenditure Allocation % of expenditure to be of Grant to be financed by financed by Category Funds grant GOJ US$'000 Sub-projects 6,039 95 5 Project Management 30 70 Support 906 Institutional Development 60 100 - Monitoring & Evaluation 241 90 10 7,246 Implementation Support 604 100 - 7,850 GOJ is to contribute an amount of US$960,139 of the budgeted cost of the project. The disbursement period of the grant will expire on 31 December 2016; however, an extension was granted to 31 December 2017. Page 29 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS - SUBSEQUENT TO INITIAL PROJECT (CONT’D): (m) European Community Grant No. (PRP III) – JM/FED/22700 for the implementation of the Poverty Reduction Programme III (PRP III) as follows: Allocation of Grant Funds EUR ‘000 Category EU GOJ/JSIF Human resource 698 - Travel 2 - Equipment and supplies 25 - Vehicle 19 - Local office 3 20 Other costs/services 43 - . 790 20 Sub-project interventions Civil works 6,200 460 Social services 3,130 60 9,330 520 Technical Assistance 300 - Monitoring and Evaluation 230 - Communication/visibility 150 - Contingencies 600 - . 1,280 - . 11,400 540 The project implementation period is May 2013 to May 2016. Page 30 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS – SUBSEQUENT TO INITIAL PROJECT (CONT’D): (n) PDF/JSIF Schools Sanitation Project 2 &3 is geared at promoting community development and employment opportunities by improving physical and social infrastructure in selected communities as follows: % of Expenditure Allocation of Expenditure to be Financed by the Grant No.2 No.3 US$’000 US$’000 Construction of eight seater bathroom blocks in primary and all-age schools 293 1,024 100 island-wide 25 89 100 Project Management 318 1,113 (o) JPS Step-Up Grant is to be used to finance the delivery of infrastructure services, civil works and skills training relevant to the provision of legal electricity connections in selected pilot communities as follows: Allocation of % of Expenditure to Expenditure be Financed by the Categories US$’000 Grant Good, Works, Services and Activities 989 100 Administrative services, including transportation and overhead costs 46 100 1,035 Page 31 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS – SUBSEQUENT TO INITIAL PROJECT (CONT’D): (p) European Community Grant No. (PRP IV) – 2013/024/834 for the implementation of the Poverty Reduction Programme IV as follows: Allocation of Grant Funds EUR ‘000 Category EU GOJ/JSIF Sub-project interventions Civil works 6,500 460 Social services 2,873 60 9,373 520 Technical Assistance 950 - Monitoring and Evaluation 160 - Communication/visibility 216 - Operating Costs 714 20 Contingencies 587 - . 2,627 20 12,000 540 This is 48-month Programme of assistance provided jointly by the European Union and the Government of Jamaica. (q) Hope Zoo Education Programme Grant Award No. 2 is geared at supporting the expansion of opportunities for vulnerable and/or at-risk youth to access alternative environments which support self-development. J$’000 Hope Zoo Project Grant award No. 2 20,000 Project management 1,600 21,600 (r) Caribbean Development Bank (CDB) Grant No. GA32/JAM (BNTF 8): % of expenditure Allocation % of expenditure to be of Grant to be financed by financed by Category Funds grant GOJ US$'000 Sub-projects 1,825 95 5 Implementation Support 91 100 - 1,916 Page 32 JAMAICA SOCIAL INVESTMENT FUND NOTES TO THE PROJECT FINANCIAL STATEMENTS 31 MARCH 2017 6. GRANTS – SUBSEQUENT TO INITIAL PROJECT (CONT’D): (r) Caribbean Development Bank (CDB) Grant No. GA32/JAM (BNTF 8) (cont’d): GOJ is to contribute an amount of US$91,251 of the budgeted cost of the project. The disbursement expiration period of the grant was extended to 31 December 2017. 7. BENEFICIARIES/SPONSORS: Sub-project components prior to 31 March 2014 of US$6.007 million sponsored by the respective communities (Beneficiaries/Sponsors) have not been fully ascertained and recorded for completed projects. 8. FINANCIAL EXPENSES: These comprise interest and fees capitalized as part of loans disbursed by funding agencies. 9. COMMITMENTS: (a) At 31 March 2017, commitments in respect of contracts approved by the Board but not yet executed amounted to approximately J$2.231 billion (2016: J$363 million). (b) The company has entered into lease three agreements for office and storage space with dates of expiration up to 30 June 2019. The total annual rental to be paid is: 2017 2016 J$’000 J$’000 Year 1 18,247 25,597 Year 2 8,799 17,667 Year 3 1,676 - . Page 33 INDEPENDENT AUDITORS' REPORT (CONT’D) To the Board of Directors The Jamaica Social Investment Fund On the Project Financial Statements Supplementary Financial Information We have audited the Statements of Sources and Application of Funds, Cumulative Investments, Project Funding Available and the notes the financial statements as of and for the Year ended 31 March 2017 for Project, financed partly by the Caribbean Development Bank, Commission of the European Communities, International Bank for Reconstruction and Development, the Organization of Petroleum Exporting Countries, the PetroCaribe Development Fund and the Jamaica Public Service Company Limited and have issued our report thereon dated 26 July 2017. We conducted our audits in accordance with International Standards on Auditing, and the Funding Agencies requirements for the Audit of Projects and Entities and the Guidelines for Financial Statements and Audits. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements, whether due to fraud or error. We conducted our audits for the purpose of expressing an opinion on the Statement of Sources and Application of Funds and the Statement of Cumulative Investments of the Project taken as a whole. The supplementary financial information for the Statement of Expenditure (SOE) Withdrawals/Justifications, Statement of Transactions and Availability of Funds, Statement of Designated Account Reconciliation, Statement of Sources and Uses of Funds, Statement of Cumulative Investments and Statement of Cash Resources Available as at and for the year ending 31 March 2017, presented on pages 34 to 37 for the purpose of additional analysis and should not be considered necessary to the presentation of the basic financial statements. We have read this information and verified that it is consistent with the information provided in the financial statements and is part of the audit mentioned in the first paragraph. In our opinion, except for the limitations mentioned in our report on the basic financial statements, is fairly presented, in all material respects, when taken as a whole with the basic financial statements. The engagement partner on the audit resulting in this independent auditors’ report is Sonia McFarlane. Chartered Accountants 26 July 2017 Page 34 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Expenditure (SOE) withdrawals/justifications FOR THE BASIC NEEDS TRUST FUND SEVENTH PROGRAMME (BNTF 7) FUNDED BY BNTF GRANT NO GA32/JAM Project Management Institutional Implementation Total per W/D Number Withdrawal Mechanism Advance Sub-Projects Support Development Support Justification US$ US$ US$ US$ US$ US$ DISBURSED AND EXPENDED BALANCE BROUGHT FORWARD 1 APRIL 2016 1,734,604 802,603 95,277 7,000 110,468 1,015,348 REQUESTED FOR YEAR ENDED 31 MARCH 2017 3,589,251 SOE 5 625,639 5,004 - 28,583 659,226 SOE 6 194,159 28,515 - 9,085 231,759 SOE 7 808,284 11,701 - 39,185 859,170 SOE 8 1,159,476 31,703 - 49,490 1,240,669 Adjustment (SOE 2) - - - 5,286 5,286 Total disbursed and expended for the Year ended 31 March 2017 3,589,251 2,787,558 76,923 - 131,629 2,996,110 Accumulated to 31 March 2017 5,323,855 3,590,161 172,200 7,000 242,097 4,011,458 Balance to be justified 1,312,397 Page 34.1 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Expenditure (SOE) withdrawals/justifications FOR THE BASIC NEEDS TRUST FUND EIGHTH PROGRAMME (BNTF 8) FUNDED BY BNTF GRANT NO GA39/JAM Consultants Sub-project Public Implementation Skill Total per W/D Number Withdrawal Mechanism Advance Service Funding Relation Support Other Fund Training Justification US$ US$ US$ US$ US$ US$ US$ US$ DISBURSED AND EXPENDED BALANCE BROUGHT FORWARD 1 APRIL 2016 - - - - - - - - REQUESTED FOR YEAR ENDED 31 MARCH 2017 1,046,356 SOE No. 1 - - 308,941 - 8,789 - - 317,730 Total disbursed and expended for the Year ended 31 March 2017 1,046,356 - 308,941 - 8,789 - - 317,730 Accumulated to 31 March 2017 1,046,356 - 308,941 - 8,789 - - 317,730 Balance to be justified 728,626 Page 34.2 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Expenditure (SOE) withdrawals/justifications (cont’d) FOR THE COMMUNITY INVESTMENT PROJECT (CIP) FUNDED BY LOAN NO 19/SFR JAM Consultants Sub-project Other Technical Total per W/D Number Withdrawal Mechanism Advance Service Funding Fund Assistance Justification US$ US$ US$ US$ US$ US$ DISBURSED AND EXPENDED BALANCE BROUGHT FORWARD 1 APRIL 2016 9,067,305 112,002 9,029,989 678,784 93,828 9,914,603 Accumulated to 31 March 2017 9,067,305 112,002 9,029,989 678,784 93,828 9,914,603 Balance recoverable from CDB (847,298) Page 35 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds Funded by: International Bank for Reconstruction and Development (IBRD) Depository Bank: National Commercial Bank Jamaica Limited (Private Banking) Address: Cross Roads Related Loan: No.7769-JM Account No: 23-4263315 Project: REDI US$ US$ Balance at 1 April 2016 2,262 Add: Advance received 3,496,430 Add Net bank charge/interest income ( 54) 3,496,376 Less: Transfer to Project Account (3,159,820) 338,818 Advance received from inception to 31 March 2017 14,115,134 Project Expenditure justified through FMR (12,115,134) Less: Current period expenditure to be documented ( 1,391,695) Prior period expenditure to be documented ( 5,092) Advance available for project expenditure 603,213 Add: funds receivable as at year end ( 63,657) Less: Amount in Project Account as at 31 March 2017 ( 189,610) Cumulative Foreign exchange loss, bank charges and interest ( 11,128) Balance at 31 March 2017 338,818 Page 35.1 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds (cont’d) Funded by: Caribbean Development Bank (CDB) Depository Bank: National Commercial Bank Jamaica Limited (Private Banking) Address: 32 Trafalgar Road, Kingston 10, Jamaica Related Loan: No.19/SFR-JAM Account No: 29-401154 Project: CIP US$ US$ Opening balance at 1 April 2016 231,383 Add: Net bank interest/(charges) 190 231,573 Funds recoverable from GOJ ( 231,573) Balance at 31 March 2017 - . Advance received from inception to 31 March 2017 9,067,305 Project Expenditure justified through SOEs (9,914,603) Expenditure recoverable from CDB ( 847,298) Less: Funds in Project Account as at 31 March 2017 - Fund recoverable from GOJ ( 223,521) GOJ funded expenditure 1,070,819 Special account balance at 31 March 2017 - . Page 35.2 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds (cont’d) Funded by: International Bank for Reconstruction and Development (IBRD) Depository Bank: Bank of Jamaica Address: Nethersole Place PO Box 621, Kingston 10, Jamaica Related Loan: No. 8356-JM Account No: 810118 Project: ICDP US$ US$ Opening balance at 1 April 2016 3,464 Add: Advance received 3,042,395 Net bank (charge)/Interest income 1,823 3,044,218 Less: Transfer to Project – account (3,046,035) Balance at 31 March 2017 1,647 Advance received from inception to 31 March 2017 5,294,951 Cumulative project expenditure justified through FMR (3,294,253) Less: Current year expenditure not yet documented (1,926,277) Advance available for project expenditure 74,421 Add: Funds recoverable from GOJ ( 12,719) Less: Balance on Project account as at 31 March 2017 ( 62,201) Less: Foreign exchange gain & interest income 2,146 Balance at 31 March 2017 1,647 Page 35.3 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds (cont’d) Funded by: Caribbean Development Bank (CDB) Depository Bank: Bank of Jamaica (BOJ) Address: Nethersole Place, PO Box 621, Kingston, Jamaica Related Grant: GA 39/JAM Account No: 810274-JM Project: BNTF 8 US$ US$ Opening balance at 1 April 2016 - Add: Advance received 1,046,356 Net bank (charge)/Interest income ( 17) 1,046,339 Less: Transfer to Project – account ( 730,479) Balance at 31 March 2017 315,860. Advance received from inception to 31 March 2017 1,046,356 Cumulative project expenditure justified through SOEs ( 317,730) Advance available for project expenditure 728,626 Less: Expenditure to be justified (142,964) Add: Funds recoverable from GOJ ( 22,836) ( 165,800) Less: Balance on Project account as at 31 March 2017 ( 245,130) Special account balance at 31 March 2017 315,860 Page 35.4 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds (cont’d) Funded by: Caribbean Development Bank (CDB) Depository Bank: National Commercial Bank Jamaica Limited (Private Banking) Address: 32 Trafalgar Road, Kingston10, Jamaica Related Grant: GA 32/JAM Account No: 23-4356877 Project: BNTF 7 US$ US$ Opening balance at 1 April 2016 980 Add: Advance received 3,589,251 Net bank (charge)/Interest income 39 3,589,290 Less: Transfer to Project – account ( 3,413,376) Balance at 31 March 2017 176,894. Advance received from inception to 31 March 2017 5,323,855 Cumulative project expenditure justified through SOEs (4,006,172) Prior period adjustment ( 5,286) Advance available for project expenditure 1,312,397 Less: Expenditure to be justified ( 563,392) Funds recoverable from GOJ ( 21,761) GOJ portion of expenditure paid for by BNTF 7 ( 216,370) ( 801,523) Less: Balance on Project account as at 31 March 2017 ( 333,980) Special account balance at 31 March 2017 176,894 Page 35.5 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds (cont’d) Funded by: Jamaica Public Service Company Limited (JPS) Depository Bank: National Commercial Bank Jamaica Limited (Private Banking) Address: 32 Trafalgar Road, Kingston10, Jamaica Account No: 29-1017835 Project: STEP-UP US$ Opening balance at 1 April 2016 11,750 Add: Funds received 482,848 Less: Management fee (37,008) Funds recoverable from GOJ ( 27,675) Expenditure (423,017) Balance as at 31 March 2017 6,898 Advance received from inception to 31 March 2017 865,897 Cumulative management fee ( 41,246) Cumulative project expenditure justified (790,078) Funds recoverable from GOJ as at 31 March 2017 ( 27,675) Closing balance as at 31 March 2017 6,898 Page 35.6 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds (cont’d) Funded by: PetroCaribe Development Fund Depository Bank: Sagicor Bank Address: 60 Knutsford Boulevard, Kingston, Jamaica Account No: 02-10196635 Project: PETROCARIBE US$ US$ Opening balance at 1 April 2016 184,042 Add: Funds received 830,238 Prior period sub-project refund 15,162 Net bank (charge)/Interest income 1,854 847,254 Funds available for expenditure 1,031,296 Less: Management fee transferred to GOJ ( 11,970) Expenditure justified through SOE ( 640,634) Balance as at 31 March 2017 378,692 Advance received from inception to 31 March 2017 5,975,601 Cumulative Expenditure justified through SOEs (5,598,123) 377,478 Add: Cumulative interest income 1,214 Closing balance at 31 March 2017 378,692 Page 35.7 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Transactions and Availability of Funds (cont’d) Funded by: International Bank for Reconstruction and Development (IBRD) Depository Bank: Bank of Jamaica Address: Nethersole Place PO Box 621, Kingston 10, Jamaica Related Loan: No. 8581-JM Account No: 810371 Project: JDVRP US$ US$ Opening balance at 1 April 2016 - Add: Advance received 160,000 Less: Transfer to Project – account ( 157,075) Balance at 31 March 2017 2,925 Advance received from inception to 31 March 2017 160,000 Less: Current period expenditure to be documented ( 1,445) Advance available for project expenditure 158,555 Less: Amount in project account as at 31 March 2017 ( 153,982) Cumulative Foreign exchange loss, bank charges and interest ( 1,648) Special account balance at 31 March 2017 2,925 Page 36 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Designated Account Reconciliation Funded by: World Bank Project: JDVRP, REDI and ICDP Loan #JM8581 Loan #JM7769 Loan #JM8356 (JDVRP) (REDI) (ICDP) US$ US$ US$ 1. Total advance by World Bank (or Cofinancier) (160,000) (14,115,134) (5,294,951) 1(a). Less: eligible expenditure for the current year ended 31 March 2017 documented by World Bank - 1,909,042 1,169,032 2. Less: Cumulative eligible expenditure for the prior periods ended 31 March 2016 documented by World Bank - 10,206,092 2,125,221 3. Present outstanding amount advance to the designated account (1-2) (160,000) ( 2,000,000) (2,000,698) 4. Balance of USD designated account per bank reconciliation statement as at period end 2,925 338,818 1,647 Balance of project account per bank reconciliation statement as at period end 153,982 189,610 62,201 5. Plus: Eligible expenditure for the current year documented after the period end 31 March 2017 1,445 1,391,695 1,926,277 6. Plus: Total amount withdrawn and not yet 7. claimed . Reason: Prior period expenditure paid directly from Designated Account not recorded in Client Connection - 5,092 - . 8. Funds receivable as at year end - 63,657 12,719 9. Total advance accounted for 158,352 1,988,872 2,002,844 10. Difference (3-9) ( 1,648) ( 11,128) 2,146 Page 36.1 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Sources and Uses of Funds Funded by: World Bank Project: JDVRP, REDI and ICDP LOAN #JM8581 (JDVRP) LOAN #JM77690 (REDI) LOAN #JM83560 (ICDP) Current Current Current Current Current Current Period Cumulative Period Cumulative Period Cumulative US$ US$ US$ US$ US$ US$ Actual Actual Actual Actual Actual Actual RECEIPTS Word Bank Desígnated account 160,000 160,000 3,496,430 14,115,134 3,042,395 5,294,951 Total Receipts 160,000 160,000 3,496,430 14,115,134 3,042,395 5,294,951 EXPENDITURE Component 1 - - (2,903,831) (10,867,433) ( 2,138,710) (2,884,259) Component 2 - - ( 214,820) ( 667,843) ( 373,237) (1,010,215) Component 3 ( 1,445) ( 1,445) ( 187,178) ( 1,976,645) - ( 35,247) Component 4 - - - . - . ( 583,361) (1,290,808) Total Expenditure ( 1,445) ( 1,445) (3,305,829) (13,511,921) (3,095,308) (5,220,529) Foreign Exchange Adjustment ( 1,648) ( 1,648) ( 5,558) ( 11,128) 2,461 2,146 Receivable (cash) - - ( 63,657) ( 63,657) ( 12,719) ( 12,719) ( 1,648) ( 1,648) ( 69,215) ( 74,785) ( 10,258) ( 10,573) BANK BALANCES Opening Cash Balances Desígnated account - - 2,262 - 3,464 - Project account - - 404,780 - 123,555 - . Total Opening Balance - - 407,042 - 127,019 - . Closing Cash Balances Desígnated account 2,925 2,925 338,818 338,818 1,647 1,647 Project account 153,982 153,982 189,610 189,610 62,201 62,201 Total Closing Balance 156,907 156,907 528,428 528,428 63,848 63,848 Page 36.2 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Cumulative Investments Funded by: World Bank Project: JDVRP, REDI and ICDP Jamaica Disaster Vulnerability Reduction Project (JDVRP) - JM8581 TOTAL EXPENDITURES Prior Periods Current Year CurrenPeriod Categories US$ US$ US$ Category 1 - - - Category 2 - - - Category 3 - - - Category 4 - - - Category 5 - (1,445) (1,445) Total - (1,445) (1,445) Integrated Community Development Project (ICDP) - JM8356 TOTAL EXPENDITURES Prior Periods Current Year CurrenPeriod Categories US$ US$ US$ Category 1 2,125,221 3,095,002 5,220,223 Category 2 - - - Category 3 - 306 306 Total 2,125,221 3,095,308 5,220,529 Rural Economic Development Initiative (REDI) - JM7769 TOTAL EXPENDITURES Prior Periods Current Year CurrenPeriod Categories US$ US$ US$ Category 1 7,963,602 2,903,831 10,867,433 Category 2 453,023 214,820 667,843 Category 3 1,789,467 187,178 1,976,645 Total 10,206,092 3,305,829 13,511,921 Page 37 JAMAICA SOCIAL INVESTMENT FUND SUPPLEMENTARY INFORMATION YEAR ENDED 31 MARCH 2017 Statement of Cash Resources Available Funds received Available cash during the year Project Available cash resources ended (outflows) less resources 1 April 2016 31 March 2017 recoveries 31 March 20171 US’000 US’000 US’000 US’000 Funding Agency CDB (CIP) 239 ( 239)2 - - CDB (BNTF 7) 120 3,589 ( 3,198)7 511 CDB (BNTF 8) - 1,046 ( 485) 561 EU (PRP II) 11 - ( 9)3 24 EU (PRP III) 1,684 768 ( 704)5 1,7484 EU (PRP IV) 5,753 4,263 ( 772)5 9,244 Government of Jamaica 3246 3,397 ( 3,336) 385 IBRD (ICBSP) - ( 4) 3 - - IBRD (ICDP) 127 3,042 ( 3,105)7 64 IBRD (REDI) 407 3,496 ( 3,375)7 528 JPS (STEP-UP) 12 483 ( 488)7 7 PETROCARIBE 184 830 ( 635)7 379 7 IBRD (JDVRP) - 160 ( 3) 157 8,861 20,836 (16,110) 13,586 1. Available cash resources include interest earned net of charges credited to bank accounts in which the funds are deposited. 2. Amount recoverable from the Accountant Generals Department (GOJ). 3. Cash balance transferred to JSIF/GOJ. 4. Ending bank balances adjusted to reflect accurate cash movement per project. PRP III funds received mistakenly deposited to PRP II account. The amount was subsequently transferred to PRP III. 5. Includes foreign exchange loss on JMD designated balances of $87 and $187 thousand, respectively. 6. Funds pertaining to projects that have been closed due to foreign exchange conversion are accumulated here. 7. Includes designated account reconciliation variances