Sichuan Provincial Audit Office of the People's Republic of China Audit Report )IIf4 # [2020) 12 SICHUAN AUDIT REPORT C20201 NO.12 Project Name: Sichuan Wudu Irrigated Agriculture Development Project Financed by the World Bank S1A : A8122-CN Loan No.: 8122-CN Project Entity: Sichuan Province Wudu Water Conservancy and Hydropower Group Co., Ltd. 2019.1-2020.2 Accounting Year: 2019.1-2020.2 目录 ContentS 一、审计师意见．...........................．……，…，.,.．……，,,,,,.,.,,.，二，.,.，二，.,,，二，…，.,.,,，二，，…1 1 .Auditor&5 OPinion，二，,.,,,,.．…，.,.,,，二，.,.，…，二，…，，…，.,,,,.，……，,,.,...．……，............．……3 二、财务报表及财务报表附注．................．……，........．……，,.,.,,.,，二，,.．…，,,.,，…，．…6 11 .Financial Statements and Notes to the Financial Statements................．……6 （一）资金平衡表．…，...............．……，．…，,...．……，,.,................................．……6 1 .Balance Sheet...................................................................................．……，二6 （二）项目进度表．…，.．……，……，…，．…，．…，.，……，...．·································……8 11.Summary of Sources and Uses ofFunds by Project Conlponent.,,...．……8 （三）贷款协定执行情况表．.............................................................．……12 111 .Statement of Implementation ofLoanAgreement．…，,,..................．……12 （四）专用账户报表．..................................．·····························，·······一14 iv,Special Account statement..........．……，．…，…，……，............................．……14 （五）财务报表附注．.........．……，…，二，……，.，…，，二，,.,，…，…，.，二，......．……，.,.,.,,.16 v.N0testotheFinancialstatements....................................................．……19 三、审计发现的问题及建议．…，,．……，，二，，…，,.,.,.,,,,.，二，．…，.,,.，…，,.,.,,,，二，二，二，.，…，23 111.Audit Findings and Reco~endations................................................．……23 一、审计师意见 审计师意见 四少I｝省武都水利水电集团有限责任公司： 我们审计了世界银行贷款四川武都引水二期灌溉工程项目2020年2 月29日的资金平衡表及截至该日同年度的项目进度表、贷款协定执行情 况表和专用账户报表等特定目的财务报表及财务报表附注（第6页至第 22页）。 （一）项目执行单位及四川省财政厅对财务报表的责任 簖制上述财务报表中的资金平衡表、项目进度表及贷款协定执行情况 表是你公司的责任，簖制专用账户报表是四川省财政厅的责任，这种责任 包括： 1．按照中国的会计准则、会计制度和本项目贷款协定的要求编制项 目财务报表，并佼其实现公允反映； 2．设计、执行和维护必要的内部控制，以使项目财务报表不存在由 于舞弊或错误而导致的重大错报。 （二）审计责任 我们的责任是在执行审计工作的基础上对财务报表发表审计意见。我 们按照中国国家审计准则和国际审计准则的规定执行了审计工作，上述准 则要求我们遵守审计职业要求，计划和执行审计工作以对项目财务报表是 否不存在重大错报获取合理保证。 为获取有关财务报表金额和披露信息的有关证据，我们实施了必要的 审计程序。我们运用职业判断选择审计程序，这些程序包括对由于舞弊或 错误导致的财务报表重大错报风险的评估。在进行风险评估时，为了设计 j洽当的审计程序，我们考虑了与财务报表相关的内部控制，但目的并非对 内部控制的有效性发表意见。审计工作还包括评价所选用会计政策的恰当 性和作出会计估计的合理性，以及评价财务报表的总体列报。 我们相信，我们获取约审计证据是适当的、充分的，为发表审计意见 提供了基础。 （三）审计意见 我们认为，第一段所列财务报表在所有重大方面按照中国的会计准 则、会计制度和本项目贷款协定的要求编制，公允反映了世界银行贷款四 川武都引水二期灌溉工程项目2020年2月29日的财务状况及截至该日同 年度的财务收支、项目执行和专用账户收支情况。 （四）其他事项 我们审查了本期内由四川省财政厅报送给世界银行的scwy泛2号至 ScWY-26号提款申请书及所附资料。我们认为，这些资料均符合贷款协 议的要求，可以作为申请提款的依据。 本审计师意见之后，共同构成审计报告的还有两项内容：财务报表及 财务报表附注和审计发现的问题及建议。 中华人黔卜二口｛&i｝尚甲厅 20皿）年，,，公l匕门 地址；中国四川省成都市锦江区永兴巷巧号 由卜政簖码：610012 电话：86一028一86523693 传真：86一028一86523693 2 1. Auditor's Opinion Auditor's Opinion To Sichuan Province Wudu Water Conservancy and Hydropower Group Co., Ltd.: We have audited the special purpose financial statements (from page 6 to page 22) of the Sichuan Wudu Irrigated Agriculture Development Project Financed by the World Bank, which comprise the Balance Sheet as of February 29, 2020, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement, the Special Account Statement for the year then ended and the Notes to the Financial Statements. The Responsibility of the Project Entity and Sichuan Provincial Financial Department for the Financial Statements The preparation of the Balance Sheet, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement is the responsibility of your company, while the preparation of the Special Account Statement is the responsibility of the Financial Department of Sichuan Province, which includes: i. Preparing and fairly presenting the accompanying financial statements in accordance with China's accounting standards and system, and the requirements of the project loan agreement; ii. Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Government Auditing Standards of the People's Republic of China and 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. An audit involves perforining procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of 3 material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, in order to design appropriate audit procedures, the auditor considers internal control relevant to the entities' preparation and fair presentation of the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. The audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion. Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of the Sichuan Wudu Irrigated Agriculture Development Project Financed by the World Bank as of February 29, 2020,, its financial receipts and disbursements, the project implementation and the receipts and disbursements of the special account for the year then ended in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matters We also examined the withdrawal application from No.SCWY-22 to No.SCWY-26 and the attached documents submitted to the World Bank by the Financial Department of Sichuan Province during the period. In our opinion, all documents comply with the project loan agreement and can serve as basis for loan withdrawal. The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and Notes to the Financial Statements, Audit Findings and Recommendations. Sichuan Provincial Audit Office of the People's Republic of China May, 18, 2020 4 Address: No.15, Yong Xing Alley, Chengdu City, Sichuan Province, P.R. China Postcode: 610012 Tel.: 86-028-86523693 Fax: 86-028-86523693 The English translation is for the convenience of report users; Please take the Chinese audit report as the only official version. 5 IT. Financial Statements and Notes to the Financial Statements i. Balance Sheet BALANCE SHEET 2020 4- 2 )A 29 H (As of February 29, 2020) Project Name: Sichuan Wudu Irrigated Agriculture Development Project Financed by the World Bank %A4t: *k! )3*tS P" ' R~1L Prepared by: Sichuan Province Wudu Water Conservancy and Hydropower Group Co., Ltd. Currency Unit: RMB yuan ' k V jl irrk 1WJkX ! h fz JJMM Application of Fund ne Beginng Ending Bance Sources of Fund Lne Beginning Balance Ending Balance TlProjec 1 3,030,058,480.98 3,753,054,674.09 Total Project Appropriation 28 3,498,606,513.24 3,658,506,356.85 Total Project cxpenditurce Funds F Asts Trasf 2 - - Project Capital and Capital 29 - - Fixed Assets TransferredSurplus 2. ' i)-lRA Construction 3 - - p30M- - Expenditures to be Including: Grants Disposed 3 $tFLLM iP1 ld Investments 4 - - T 31 719,554,831.36 724,660,000.00 Transferred-out TotalProjectLoan 4. _fI Ig 1. $El##' Consuction inProgress 5 3,030,058,480.98 3,753,054,674.09 Total Project Investment 32 719,554,831.36 724,660,000.00 Cosrutoni PoresLoan Investment Loan 6 - - 33 602,554,831.36 700,660,000.00 Receivable Foreign Loan 7 - - [fl FTJr 34 - - Including: WB Investment Including: IDA Loan Receivable Appropriation of 8 - - I 35 602,554,831.36 700,660,000.00 Investment Loan 1BRD Including Appropration of 9 - - Technical 36 - - WB Investment Loan Cooperation 10 -37 0 Equipment Co- Financing Including: Equipment I I Domestc Loan 38 117,000,000.00 24,000,00000 Losses in Suspense '. 0 fi14b Ban 12 1,005,241,516,98 830,820,465 16 2. 39 1Mk - - Total Csb and Bank Other Loan I s Tn Ban 13 1,005,056,008.55 830,699,791 32 Appropriation of Investment 40 - Cash in Bank La Loan Including: Special 14 65,131,633.62 113,585.39 Including: WB 41 Account Ea (Tobe contnued) Line Beginning Line J ~ t Application of Fund No. Balance Ending Balance Sources of Fund N. Beginning Balance Ending Balance 2, jm,A 15 185,508.43 120,673.84 42 - - Cash on Hand Bond Fund A, U4W 'lZtffA, *MMfLU Total Prepaid and 16 569,537,883.11 216,394,407,09 Construction Expenditures to 43 - - Receivables be Offset 4 9: R lt~ fr & 91. -b SMMit4 8,0,9.3 470664 Including: World Bank Loan 17 - Total Payable 44 386,606,992.73 417,016,604.10 Interest Receivable n1&tffi M -A TA - 4 It if r World Bank Loan Commitmeni 18 - -Including:World Bank Loan 45 - Fee Receivable Interest Payable World Bank Loan Service-Fee 19 - -World Bank Loan Commitment 46 - - Receivable Fee MarketableSecurities 20 - -World Bank Loan Service Fee 47 - - Payable 21 27,000.00 27,000.00 A tPaysbirt48l Total Fixed Assets Other Payables Fie Ae Cos 9 t 22 27,000.00 27,000.00 ±49 - - 4 Fixed Assets, Cost Appropriation of Fund Less: Accumulated 23 - - Retaned Earnings 50 96,543.74 113,58539 Depreciation 24 27,000.00 27,000.00 Fixed Assets, Net MARF#M Fixed Assets Pending 25 - - Disposal Fixed Assets Losses in 26 - - Suspense R r!9 f 27 464949L7 48026563 1 4,604,864,81.07 4,800,296,5463434 Total Application of Fund Total Sources of Fund 51 4,6D4,864,881.07 4,800,296,546.34 7 ！以 , , а , , х й .р 'j. t � о0 И г (1 ь0 С] Т t� z � t� оо rn - м � � е ia с � q ?� U {1� � _ ы � а �R п � С � U О О Т Э �Г 7 О ' nl �о .П О_ �О 4� О О � О О N м �7 t� о м � О О `Т и U О о0 �-+ N M1 � 'П ц1 з Q О Л � Q 7 и ^ оо О О �U 'b у О О '� и О� N 00 �о �Т v' Q ц1 - �у � О О 7 Р О О 6i � -7 �q О �D у� � SY � М д V1 V1 Q � N � О+ � N 'У р м F д оа Г'� О 'JO 7 t�1 00 О � и R О �р Л О п и с, м r � м м , U ;1п � r и .Гi п q w - гs м п л � =� Е � U ' � о о о о о о � о G7 4 9 QрΡ ОO О о о д о С] о � � О О О �-�'ь И r 7 G� О а �О И и f� Q м - С м N Р GT и и .н� �, и м с� п Х5 с с� т � п �, � �r �r .� а � � .о о ,о .о . , , . 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Special Account Statement SPECIAL ACCOUNT STATEMENT #,gq R 2020 4- 2 1 29 R (For the period ended February 29, 2020) RT t VF: *iW-ik ff ! 1r 9Y P I A 4 I* M F P ik 4-T 1 #1: A t 44 % -H A- 4 -M 4 J R Project Name: Sichuan Wudu Irrigated Depository Bank: China Construction Bank, Agriculture Development Project Financed by Chengdu the World Bank 8122-CN W- r: 51014003800221001368 Loan No. 8122-CN Account No.: 51014003800221001368 A4R-01k' V)dtp4l F T-1111- T # 9: X t Prepared by- The Finance Department of Currency: USD Sichuan Province Pan A-Account Activity for the Current Penod Amount 9,489,980,42 Beginning Balance JON: 12,206,937,03 Add: * JVIL ff 12.204,972,70 TutaJ Amount Dcpositcd this Period by WB *JIPJQAA-04 1,964.33 Total Interest Earned this Period ifDcposited un Special Account Total cunt Rellanded this Period to Cover Inclipible Expenditures A > 21,680,706.25 Deduer 21,690,686.25 Total Amount Withdraivn this Period Total Servtce Charges this Penod if not Included m Above Amount Withdravu 20.00 w*AV 16,211.20 Ending ua"qc (To be continued) 14 B pE : fila?ii I Part B-Account Reconciliation Amount AmountAdvanced by WB Deduct: 2. 11 &IA Total Amount Recovered by WB 3. *MIM fl?P A E) Outstanding Amount Advanced to the Special Account at the End of this Period 4, 16,211.20 Ending Balance of Special Account Add: 20.00 5. M A M B iiP&Ef$ A Amount Claimed but not yet Credited at the End of this Period Application No. Amount Amount Withdrawn but not yet Claimed at the End of this Period 7 la1i-R iII I (**1 E5gt6?S ) 20.00 Cumulative Service Charges (If not Included in Item 5 or 6) Dedact: 16,31.20 & 1J2&A (#AF~I*APERI) 16,231.20 Interest Earned (If Included in Special Account) 9. &4Wt MMiS2 Total Advance to the Special Account Accounted for at the End of this Period 15 （五）财务报表附注 财务报表附注 1．项目概况 项目签字日期为2012年5月8日，生效日期为2012年7月10日。 2018年5月，项目中期调整将关账日延长至2019年10月，宽限期4个 月，并调整了项目实施监测与评价。 该项目主要建设内容包括武都水库直灌区取水工程、西梓干渠、金峰 囤蓄水库、灌区骨干渠系及配套建筑物等，设计灌溉面积105.32万亩。 灌区骨干渠系包括金龙分干渠、16条支渠及分支渠。 项目初步设计概算总投资人民币491,365万元，中央预算内投资定额 补助人民币204,700万元，由四川省包干使用、超支不补；利用国内银行 贷款人民币115,470万元；其余投资由四川省本级安排人民币59,300万元， 绵阳市安排人民币76,475万元（含利用世界银行贷款1亿美元），遂宁 市安排人民币19,540万元，幼元市安排人民币9,260万元，南充市安排人 民币6,620万元；世界银行贷款本息（费）由绵阳市负责偿还。 2．财务报表编制范围 本财务报表的簖制范围包括四川省武都水利水电集团有限责任公司 提供的项目财务报表及四力！省财政厅专用账户报表。 3．主要会计政策 3.1本项目财务报表按照财政部《世界银行贷款项目会计核算办法》 （财际字〔2000〕13号）及国家会计准则、会计制度和本项目贷款协定 有关要求编制。 3.2会计核算年度采用公历年制，即公历每年1月1日至12月31日。 由于项目于2019年10月关账，本次审计时限为2019年1月1日至2020 年2月29日。 3.3本项目会计核算以“权责发生制”作为记账原则，采用借贷复式记 l6 账法记账，以人民币为记账本位币。 3.4按照中国人民银行2020年2月28日汇率，即USDI＝人民币 7 .0066元。 4．报表科目说明 4,1项目支出 20 19年至2020年2月29日，项目支出人民币722,996,193.11元， 累计支出人民币3,753,054,674.09元，占总投资计划的76.38％。 4.2货币资金 2020年2月29日货币资金余额为人民币830,520,465,16元，比上 年减少人民币174,421,051 .82元，其中专用账户存款折合人民币 1 13,585.39元。 4.3预付及应收款 2020年2月29日余额为人民币2 16,394,407.09元，比上年减少人 民币353,143,476.02元，主要是预付项目工程款及征地搬迁费用。 4.4项目拨款 2020年2月29日余额为人民币3,658,506,356.85元，是中央、省、 市、县各级到位的配套资金。 项目计划配套资金总额人民币4,262,759,026,58元，截至2020年2 月29日，中央、省、市、县到位资金人民币3,658,506,356.55元，占计划 的85.82%，其中：中央计划配套资金总额人民币2,047,000,000.00元，累 计到位人民币2,047,000,000,00元，占计划的1 00%；省级计划配套资金总 额人民币593,000,000,00元，累计到位人民币593,000,000.00元，占计划 的100%；市级计划配套资金总额人民币350,417,826,58元，累计到位人 民币358,434,433.89元，占计划的102.29%；县级计划配套资金总额人民 币l,272,371,200.00元，累计到位659,741,922.96元，占计划的51.85％。 此外，绵阳市财政局拨外债管理工作经费人民币330,000.00元。 l7 4.5项目借款 截至2020年2月29日，项目发生借款折合人民币724,660,000.00 兀。 项目国外借款截至2020年2月29日折合人民币700,660,000.00 元，其中：绵阳市本级国外借款人民币319,2 02,549.54元；梓憧县国外借 款人民币103,046,555,59元；盐亭县国外借款人民币153,434,995.75元； 江油市国外借款人民币94,975,898.79元；专用账户余额人民币1 13,585.39 兀。 项目国内借款截至2020年2月29日为人民币24,000,000.00元，为 江油市银行贷款。 4.6应付款 2020年2月29日余额为人民币41 7,016,604.10元，主要是应付工 程款。 5．专用账户使用情况 本项目专用账户设在建行成都第三支行，账号 为5101一4003一5002一2100一1365，币种为美元。专用账户首次存款净额0.00 粎元，本期回补12,204,972,70粎元，利息收入1,964.33美元，本期支付 21,680,686.25粎元，服务费支出20.00美元，年末余额16,211,20美元。 6．其他需要说明的问题 项目资金平衡表世界银行贷款期末数与期初数之差与贷款协定执行 情况表人民币本期提款数不一致是由于历年汇兑损益造成的。 l8 v. Notes to the Financial Statements Notes to the Financial Statements 1. Project Overview The project was signed on May 8, 2012 and came into force from July 10, 2012. In the mid-term adjustment to the Project in May 2018, the closing date of the account was extended to October 2019 with a grace period of 4 months and the monitoring and appraisal on the implementation of the Project was also adjusted. The main construction contents of the Project include the project of water intake from the direct irrigation area of the Wudu Reservoir, Xizi Main Canal, Jinfeng Storage Reservoir, backbone canal system in irrigation area and supporting buildings with a designed irrigation area of 1,053,200 mu. Backbone canal system in the irrigation area includes Enlong Sub-main Canal, 16 branch canals and sub-branch canals. The total investment under the budgetary estimate of the Project's preliminary design is RMB4,913,650,000.00 yuan and the fixed-sum subsidy from investment within the central budget is RMB2,047,000,000.00 yuan, which is designed for contracting use without any further subsidy in case of overspending; besides, an amount of RM131,154,700,000.00 yuan loans have been financed by domestic banks; furthermore, there is an investment amount of RMB593,000,000.00 yuan arranged by Sichuan provincial government, RMB764,750,000.00 yuan (including USD 100 million loans financed by the World Bank) arranged by Mianyang City, RMB 195,400,000.00 yuan arranged by Suining City, RMB92,600,000.00 yuan arranged by Guangyuan City and RA/IB66,200,000.00 yuan arranged by Nanchong City; the principal and interest (fee) of loans financed by the World Bank will be repaid by Mianyang city. 2. Consolidation Scope of the Financial Statements The scope of the financial statements covers the financial statements for the project provided by Sichuan Province Wudu Water Conservancy and Hydropower Group Co., Ltd. and the Special Account Statement set in the Sichuan Provincial Department of Finance. 19 3. Significant Accounting Policies 3.1 The financial statements for the Project have been prepared in accordance with the Accounting Methods for the World Bank Financed Project (CJZ [2000] No. 13) issued by the Ministry of Finance of the PRC issued by the Ministry of Finance of the PRC and relevant requirements stipulated in national accounting standards and systems as well as the loan agreements for the Project. 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January 1 to December 31. Since the accounting of the Project was designed to be closed in October 2019, the audit duration was decided to be from January 1, 2019 to February 29, 2020. 3.3 In this accounting practice, the "accrual basis" and the debit/credit double entry bookkeeping method have been adopted and RMB have been used as the recording currency of bookkeeping. 3.4 The exchange rate, namely, USD1=RMB7.0066 adopted by the People's Bank of China on February 28, 2020 has been used for this accounting practice. 4. Explanation of Subjects 4.1 Project Expenditures From January 1, 2019 to February 29, 2020, the project expenditures was RMB722,996,193.11 yuan, and the cumulative expenditures were RMB3,753,054,674.09 yuan which accounted for 76.38% of the total investment plan. 4.2 Cash and Bank As of February 29, 2020, the balance was RMB830,820,465.16 yuan, with a decrease of RMBl74,421,051.82 yuan compared with that of the last year. And the funds in the Special Account were converted to RMB113,585.39 yuan. 20 4.3 Prepaid and Receivable As of February 29, 2020, the balance was RMB216,394,407.09 yuan, with a decrease of RMB353,143,476.02 yuan compared with that of the last year, mainly the prepayment to the construction of the project, land acquisition and relocation.. 4.4 Project Appropriation Funds As of February 29, 2020, the balance of the project appropriation funds were RMB3,658,506,356.85 yuan, which were the counterpart funds allocated by all levels including the central, the province, the city and the county. The total planned counterpart funds of this project were RMB 4,292,770,000.00 yuan. As of February 29, 2020, RMB3,658,506,356.85 yuan of the counterpart funds had been allocated, which accounted for 85.82% of the plan. The total planned counterpart funds at the central level were RMB2,047,000,000.00 yuan and the actual cumulative allocated funds were RMB2,047,000,000.00 yuan, 100.00% of the plan; the total planned counterpart funds at the province level were RMB593,000,000.00 yuan and the actual cumulative allocated funds were RMB593,000,000.00 yuan, 100% of the plan; the total planned counterpart funds at the city level were RMB350,417,826.58 yuan and the actual cumulative allocated funds were RMB358,434,433.89 yuan, 102.29% of the plan; the total planned counterpart funds at the county level were RMB1,272,371,200.00 yuan and the actual cumulative allocated funds were RMB659,741,922.96 yuan, 51.85% of the plan. Apart from the above, a fund of RMB330,000 yuan has been appropriated by the Financial Department of Mianyang City for Foreign Debt Management. 4.5 Project Loan As of February 29, 2020, the loan arising from the Project was equivalent to RMB724,660,000.00 yuan. As of February 29, 2020, the foreign loan was equivalent to RMB700,660,000.00 yuan, out of which, the foreign loan of Mianyang city was RMB319,202,549.54 yuan, the foreign loan of Zitong County was RMB103,046,555.89 yuan, the foreign loan of Yanting County was 21 RMB183,434,995.78 yuan, the foreign loan of Jiangyou City was RMB94,975,898.79 yuan, and there was an balance of RMBI 13,585.39 yuan in the special account. As of February 29, 2020, there was a domestic loan of RMB24,000,000.00 yuan financed by the banks in Jiangyou City. 4.6 Payables As of February 29, 2020, the balance of payables was RMB417,016,604.10 yuan among which the payable construction cost occupied the main part. 5. Special Account The Special Account of this project is set in the Chengdu No.3 Sub-Branch of China Construction Bank, with account number of 5101-4003-8002-2100-1368 and the USD as currency Unit. The initial net deposit of the special account was USD 0.00. In current period, the reimbursement in the year was USD 12,204,972.70, the interest earned was USD 1,964.33, and the disbursement was USD 21,680,686.25, service fee was USD 20.00. Thus, the ending balance was USD 16,211.20. 6. Other Explanation for the Financial Statements Due to foreign exchange gains and losses over the years, there are discrepancies between the beginning and ending balance of the Word World Bank loan in the Balance Sheet and the amount of current year's withdrawals (disclosed in RMB) in the Statement of Implementation of Loan Agreement. 22