\~ FAR~ Forum for Agricultural Research in Africa Ref: FARA/034/309/18 June 19, 2018 The World Bank 1818 H Street, N.W. Washington, D.C. 20433 United States of America Attention: Mr. Robert deGraft-Hanson Senior Financial Management Specialist Ghana Country Office, Accra Dear Bob, Grant No. TF95129 - Submission of Audited Financial Statements for the financial year ended 31"1 December 2017 In line with Section 2.09c of the above Grant Agreement, please find enclosed our audited financial statements for the year ended 31st December 2017 as audited by KPMG Ghana. Also enclosed is the Management Letter issued in respect of the above audit. This is for your record. Kindly acknowledge receipt. Thank you and regards. Yours truly, Y emi Akinbamijo, PhD; Executive Director FORUM FOR AGRICULTURAL RESEARCH IN AFRICA (FARA) 1Forum pour la recherche agncole en Afr1que1 • • __ _._,,,,,,rt.o.rc 1? AnrnP.t-Ja Street RorT1an Ridge I I I I FORUM FOR AGRICULTURAL RESEARCH IN AFRICA (FARA) I (A Company Limited by Guarantee) I I I I I I I I I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 I I I I I • I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I Table of Contents Pages I Corporate Information 2 I Report of the Board of Directors 3-4 I Independent auditor's report 5-7 I Financial statements: I Statement of Financial Position 8 I Statement of Financial Performance 9 Statement of Changes in Net Assets 10 I Cash Flow Statement 11 I Statement of Comparison of Budget and Actual Amounts 12 I Notes to the Financial Statements 13-29 I I Annex l - List of abreviations and acronyms I I I I I I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I CORPORATE INFORMATION I BOARD OF DIRECTORS Ephraim Mukisira Chairperson Alioune Fall-CORAF/WECARD (Vice Chairperson) Abdou Tenkouano - CORAF/WECARD I Y emi Akinbamijo - Executive Director Cyprain Ebong - ASARECA Rabeharisoa Lilia - ASARECA I Adb El Moneim El Banna - NASRO Mahmoud Medany - NASRO Simon Mwale - CCARDESA I Fanuel Tagwira- CCARDESA Jimmy Smith - Scientific Organisations Maurice Lorka - African Union I Samuel Adam - Finance Expert Njobe Bongiwe - Private Sector Christophe Larose (EC) - Development Partners representative I Abdoulaye Toure (The World Bank)-Observer Philip Kiriro - Farmers Organisation (Contract ended on 25 May 2017) Bakari Traore-Govemance Expert (Contract ended on 25 May 2017) I REGISTERED OFFICE Forum for Agricultural Research in Africa 12 Anmeda Street I Roman Ridge Accra, Ghana I AUDITOR KPMG Marlin House, 13 Yiyiwa Drive I Abelenkpe P.O.Box GP 242, Accra Ghana I BANKERS Barclays Bank of Ghana Limited I Citibank NA, New York Ecobank Ghana Limited UT Bank Ghana Limited (now GCB Bank Limited) I Zenith Bank Ghana Limited I I I I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I REPORT OF THE DIRECTORS TO MEMBERS OF FORUM FOR AGRICULTURAL RESEARCH IN AFRICA I The Directors present their report and financial statements of Forum for Agricultural Research in Africa (FARA) for the year ended 31 December 2017. I DIRECTORS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The Company's Directors are responsible for the preparation and fair presentation of these financial statements comprising the statement of financial position at 31 December 2017, the statement of I financial performance, the statement of changes in net asset and the statement of cash flow for the year then ended, and the note to the financial statements, which include a summary of significant accounting policies and other explanatory notes in accordance with International Public Sector Accounting I Standards (IPSAS) and in the manner required by the Companies Act 1963, (Act 179) of Ghana. In addition, the directors are responsible for the preparation of the directors' report. I The Company's Directors are also responsible for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records and an effective system I of risk management. The Directors have made an assessment of the ability of the entity to continue as a going concern and have no reason to believe the organisation will not be a going concern in the year ahead. I The Auditor is responsible for reporting on whether the financial statements give a true and fair view in accordance with the applicable financial reporting framework. I PRINCIPAL ACTIVITIES I Forum for Agricultural Research in Africa (FARA) is an umbrella organization bringing together and forming coalitions of major stakeholders in agricultural research and development in Africa. The principal activity of FARA is to facilitate and coordinate agricultural research by playing a major advocacy role in agricultural research and development, developing functional partnerships and strategic I alliance and facilitating exchange and dissemination of information and knowledge in Africa. RESULTS I The Statement of financial performance on page 9 shows a deficit for the year of US$345,205 for Core activities (2016: US$45,266 surplus). The result has reduced the accumulated fund balance from I US$1,044,952 as at 31 December 2016 to US$699,747 as at 31 December 2017 and net assets of US$3,398,250 as at 31 December 2016 down to US$3,053,045 as at 31 December 2017. I AUDITORS KPMG Ghana continued as FARA's auditors for 2017 Financial Year, which is the final year of the 3- year tenure (2015 -2017 FYs). I I I I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I REPORT OF THE DIRECTORS TO MEMBERS OF FORUM FOR AGRICULTURAL RESEARCH IN AFRICA-CONT'D I APPROVAL OF THE FINANCIAL STATEMENTS I The financial statements of Forum for Agricultural Research in Africa (FARA) as identified in the first paragraph was approved by the Board of Directors o n . / / . ~ . , 2018 and are signed on their I behalf by: I I ~-- EXECUTIVE DIRECTOR BOARDCHAIR I I I I I I I I I I I I I I INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORUM FOR AGRICULTURAL RESEARCH IN AFRICA (FARA) I Report on the Audit of the Financial Statements Opinion I We have audited the financial statements of Forum for Agricultural Research in Africa ("the Company"), which comprise the statement of financial position at 31 December 2017, and the statements of financial I performance, changes in net assets, cash flows and comparison of budget and actual for the year then ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes, as set out on pages 13 to 29. I In our opinion, these financial statements give a true and fair view of the financial position of Forum for Agricultural Research in Africa (FARA) at 31 December 2017, and of its financial performance and cash flows for the year then ended in accordance with International Public Sector Accounting Standards (IPSAS) I and in the manner required by the Companies Act, 1963 (Act 179). Basis for Opinion I We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial I Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code}, and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the I audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information I The Directors are responsible for the other information. The other information comprises the information included in the Annual Report and the Directors' Report as required by the Companies Act, 1963 (Act 179) but does not include the financial statements and our auditor's report thereon. I Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. I In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial I statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. I Responsibilities of the Directors for the Financial Statements The Directors are responsible for the preparation of financial statements that give a true and fair view in I accordance with International Financial Reporting Standards and in the manner required by the Companies Act, 1963 (Act 179), and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. I I 1 I I INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORUM FOR AGRICULTURAL RESEARCH IN AFRICA (FARA) - CONT'D I In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, I or have no realistic alternative but to do so. The Directors are responsible for overseeing the Company's financial reporting process. I Auditor's Responsibilities for the Audit of the Financial Statements I Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit I conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial I statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: I • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is - I sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. I • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness I of the Company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates I and related disclosures made by management. • Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based I on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related I disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. I • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a I manner that achieves fair presentation. We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify I during our audit. • • • INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FORUM FOR AGRICULTURAL RESEARCH IN AFRICA (FARA) - CONT'D Report on Other Legal and Regulatory Requirements Compliance with the requirements of Section 133 of the Companies Act, 1963 (Act 179) We have obtained all the information and explanations which, to the best of our knowledge and belief were necessary for the purpose of our audit. In our opinion, proper books of account have been kept, and the statements of financial position and profit or loss and other comprehensive income are in agreement with the books of account. The engagement partner on the audit resulting in this independent auditor's report is Nathaniel D. Hartley (ICAGIP /1056). I Cl- f h.--~ ................................................................. I For and on behalf of: KPMG: (ICAG/F/2018/038) CHARTERED ACCOUNTANTS 13 YIYIW A DRIVE, ABELENKPE I ACCRA, GHANA I .1•.\. •• ~ , 2018 I ' I I I I I I [ I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017 (All amounts are expressed in US dollars unless otherwise stated) I Note 2017 2016 I Non-current assets Property and equipment 9 24,662 42,735 I Current assets Inventories 13 17,364 14,617 I Accounts Receivables Prepayment 11 14 188,582 41,402 110,250 Advances 12 829,808 1,156,574 I Cash and cash equivalents 10 5,269,270 5,107,808 Total current assets 6,305,024 6,430,651 I Total assets 6,329.686 6,473,386 I Current liabilities Accrued expenses and payables 15 1,373,071 1,415,790 1,903,570 1,659,346 I Temporary Restricted Funds 16 3,276,641 3,075,136 I Net assets 17 3,053,045 3,398.250 Represented by: I Reserves 17 2,353,298 2,353,298 Accumulated Funds 17 699,747 1,044,952 I 31053 1{145 3,328,250 I These financial statements were approved by the Board of Directors on . / (. . - ~ ... , 2018 and I signed on their behalf by: I ~~----- FINANCE MANAGER EXECUTIVE DIRECTOR I I I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2017 (All amounts are expressed in US dollars unless otherwise stated) I Note 2017 2016 Revenue I Donor Grants Secretariat Core activities 4 2,635,354 2,265,623 Programmes (Bilateral/TBA) 5 2,877,372 5,990,686 I Sub-total 5,512,726 8,256,309 I Other revenue 6 207,669 482,771 I Total revenue 5,720,395 8,739,080 Expenditure I Secretariat activities Programmes expenses 7 8 3,188,228 2,877,372 2,703,128 5,990,686 I Total expenditure 6,065,600 8,693,814 (Deficit)/Surplus (345,205) I I I The notes on pages 13 to 29 are an integral part of these financial statements I I I I I I I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER 2017 (All amounts are expressed in US dollars unless otherwise stated) I 2017 Accumulated I Balance at 1 January 2017 Reserves 2,353,298 fund 1,044,952 Total 3,398,250 I Deficit for year ended (345,205) (345,205) I Balance at 31 December 2017 2.353.298 699.747 3.053.045 I 2016 Reserves Accumulated Total fund I Balance at 1 January 2016 2,353,298 999,686 3,352,984 Surplus for year ended 45,266 45,266 I Balance at 31 December 2016 2.353.298 1,044.952 3.398.250 I I The notes on pages 13 to 29 are an integral part of these financial statements I I I I I I I I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I CASH FLOW STATEMENT THE YEAR ENDED 31 DECEMBER 2017 (All amounts are expressed in US dollars unless otherwise stated) I Note 2017 2016 (Deficit)/Surplus for the year (345,205) 45,266 I Add/(less): I Depreciation for the year Write off of property, plant and equipment Gain on disposal of property and equipment 9 89,592 58,348 9,818 (683) I (Increase )/decrease in inventory (Increase)/decrease in receivables 13 12 (2,747) (36,930) 70 1,701,010 Decrease in prepayments 14 326,766 929,895 I Increase/( decrease) in payables and accruals 15 201,506 (4,405,068) Net cash flows generated from/ (used in) I operating activities 232,982 (1,661,344) Cash flows used in investing activities I Acquisition of property equipment Proceeds from sales of propertyand equipment 9 (71,520) (6,378) 683 I (71,520) (5,695) Increase / (Decrease) in cash and cash I equivalents 161.462 (J .667.039) Movement in cash and cash equivalents I Cash and cash equivalents at beginning of the year 5,107,808 6,774,847 I Increase/ (Decrease) in cash and cash equivalents 161,462 (1,667,039) Cash and cash equivalents at end of the year 10 5.269.270 5.107.808 I Analysis of Cash and Cash Equivalent I Cash and bank balance 5,269,270 5,107,808 I The notes on pages 13 to 29 are an integral part of these .financial statements I I I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I STATEMENT OF COMPARISON OF BUDGET AND ACTUAL FOR THE YEAR ENDED 31 DECEMBER 2017 I Below is the analysis of budget and actual expenditure for the year ended 31 December 2017. The budget and actual analysis provide the key projects undertaken by FARA. These projects drive the business of the Organisation I I Description Budget 2017 Actual 2017 Variance 2017 Budget Spent I Secretariat Activities Core Functions activities Secretariat Support Functions & Operations US$ 361,900 US$ 232,627 US$ 129,273 O/o 64 1,109,077 957,070 152,007 86 I Staff Costs Sub total - MDTF 1,037,777 2,508,754 1,131,727 2,321,424 (93,950) 187,331 109 93 I Secretariat (Non-MDTF) 766,417 866,804 (100,387) 113 I Total Secretariat Programme Activities (by Project) 3,275,171 3,188,228 86,944 97 I PARI Prointense Africa 866,432 39,242 776,969 31,978 89,463 7,264 90 81 Building Platform for African-European 1,480,342 1,505,043 (24,701) 102 I Partnership for ARD (PAEPARD) ECoSIB 221,133 113,336 107,797 51 YPARD 10,000 5,239 4,761 52 I TAP Africa Brazil Agric Innovation Marketplace 7,000 150,000 5,301 93,933 1,699 56,067 76 63 Biomass Web 225,000 217,945 7,055 97 I Building Nuitritious Food Basket (BNFB) CRP 1.2 Humid Tropics 92,822 24,000 90,620 21,847 2,202 2,153 98 91 I Innovation Systems Total Programme Activities 16,000 3,131,971 15,161 2,877,372 839 254,599 95 92 I GRAND TOTAL 6,407,142 6,065,600 341,542 95 The notes on pages 13 to 29 are an integral part of these financial statements I Additional information about the budget and a reconciliation of amounts as per the above statement is disclosed in note 24 to the financial statements. I Budget compared to actual spend is only required to be disclosed by IPSAS 24 when budgets are publically available. FARA has chosen to disclose this information voluntarily to enhance the transparency of its I financial statements and the accountability of management for delivering the FARA services . I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 I 1. GENERAL INFORMATION Forum for Agricultural Research in Africa (FARA) is a not-for-profit public international institution in I accordance with international public law and is incorporated under the Laws of Ghana. FARA is the apex continental organization responsible for coordinating and advocating for agricultural research for development (AR4D). It serves as the technical arm of the Africa Union Commission on matters concerning I agriculture science, technology and innovation. FARA maintains offices in the United Kingdom and the United States of America. I FARA is a Company registered and domiciled in Ghana. The address of the Company's registered office can be found on page 2 of the annual report. The principal activity of FARA is to facilitate and coordinate agricultural research by playing a major advocacy role in agricultural research and development, developing I functional partnerships and strategic alliance and facilitating exchange and dissemination of information and knowledge in Africa. I 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION I a. Statement of compliance The financial statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS) and its interpretations adopted by the International Accounting Standards Board (IASB) I and the rules of the FARA. b. Basis of preparation I The financial statements have been prepared under the historical cost convention except where otherwise stated in the accounting policies below. The financial statements are prepared on an accrual basis. The I cashtlow statement is prepared using the indirect method. The accounting policies have been consistently applied to all the years presented. In the absence of an International Public Sector Accounting Standard that specifically applies to a transaction, other event or condition, management uses its judgement in developing I and applying an accounting policy that results in information that is relevant to the decision-making needs of users so that the financial statements: (i) represent faithfully the financial position, financial performance and cash flows of the entity; I (ii) reflect the economic substance of transactions, other events and conditions and not merely the legal form; (iii) are neutral, i.e. free from bias; I (iv) (v) are prudent; and are complete in all material respects. I The financial statements are prepared on an accrual basis. The cash flow statement is prepared using the indirect method. The accounting policies have been consistently applied to all the years presented. I The financial statements are presented in US dollars (US$), which is the company's functional and presentational currency. I I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below. I a. Use of estimates and judgement I The preparation of financial statements in conformity with IPSAS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. I Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. I Key estimates management has made in preparing the financial statements concerns the lives property, plant and equipment which are at least that set out in the relevant notes I b. Revenue I Grants received are recognized at their gross basis over the period necessary to match them with the costs that they are intended to compensate, and when there is reasonable assurance that the organization will comply with the conditions attached to the grants, but not prior to the formal grant approval. These grants are I separately presented in the statement of financial performance as revenue. Grants may be restricted (specific purposes) or unrestricted (general or administrative purposes). Restricted grants attached to specific projects and programmes are recognised as revenue when actually expended and the unspent portion is deferred as I donors' payable for the future year depending on the duration of the project or activity. Unrestricted grants are recognised as revenue from donations when the amount is confirmed or received. Any excess of revenue over expenditure arising from unrestricted grant is transferred to the Accumulated fund. I Other revenues are recognised at the time of receipt. Such revenues include revenue generated by providing services to third parties, interest earned from the Secretariat's fund in Bank accounts, administrative overhead charges on time-bound projects, proceeds from the sale of the FARA's assets and any other miscellaneous I items. c. Expenditure I Expenditure comprises of costs incurred directly for the activities of FARA. Expenses are recognised when incurred Secretariat expenses are unrestricted core funded mainly by the MDTF while Programme expenses I are those bilateral restricted activities. I I I I I I Forum/or Agricultural Research in Africa (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONT'D d. Foreign currency translation I Functional and presentation currency I The financial statements are presented in United States Dollars (US$) which is the company's functional currency. I Transactions and balances Transactions during the year in currencies other than the reporting currency are converted into United I States Dollars at the approximate rates of exchange prevailing at the date of the transactions. Monetary assets and liabilities denominated in currencies other than US dollars at the reporting date are translated into United State Dollars at the rates of exchange ruling as at that date. The resulting gains or losses are I recognised in the statement of financial performance. e. Property, plant and equipment I Property, plant and equipment are measured at acquisition cost less accumulated depreciation and any accumulated impairment losses. Costs include expenditure that is directly attributable to bringing the asset to I the location and condition necessary for it to be capable of operating in the manner intended by management. As per managements decision, assets equal to or above the threshold ofUS$1,000 are capitalized. I Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to company and the cost of the item can be measured reliably. The carrying amount of a replaced part is derecognized. The costs I of day-to-day maintenance, repair and servicing expenditures incurred on property and equipment is charged to the statement of financial performance during the financial period in which they are incurred Depreciation is calculated on a straight-line basis at rates estimated to write off the cost of each asset over the I estimated term of its useful life. No depreciation is charged in the year of disposal. The annual rates used for this purpose are as follows: I Computers Furniture and fittings 33.33% 20% Office equipment 20% I Motor vehicles 25% I f. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short term highly I liquid investments with original maturities of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value . I I I I Forum/or Agricultural Research in Africa (A Company Limited by Guarantee) Annual Report/or the year ended 31 December 2017 I 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONT'D g. Receivables from exchange and non-exchange transactions I Accounts receivable represent receivables from exchange transactions and recoverable from non-exchange transactions. I Receivables from exchange transactions are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment. A provision for impairment I of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. I Receivables from non-exchange transactions comprises receivables from donors based on signed agreements for which it is probable that the inflow will occur and future economic benefits or service potential will flow to the entity and the fair value of the assets can be measured reliably. I Receivables/recoverable are recorded at their estimated realizable value after providing for doubtful and uncollectible debts. I h. Advances and prepayments Advances represent disbursements to implementing partners which have not been retired as at the year end and I staff personal loans and advances not yet repaid or retired. Prepayments represent payments for rent which have not been fully utilised at the year end. I i. Inventories Inventories are measured at the lower of cost and current replacement cost. Inventories include office supplies, I and other office consumables. Cost is determined using actual cost. Current replacement cost is the cost the entity would incur to acquire the inventory at the reporting date. j. Financial Instruments I • Classification I All financial assets of the organisation are classified as loans and receivables, based on the purpose for which the financial assets were acquired. I • Recognition and measurement Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not I quoted in an active market . These are initially recognised at fair value plus transaction costs and subsequently carried at amortised cost using the effective interest method. I Financial liabilities are measured at amortised cost. I I I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONT'D • Offsetting financial instruments I Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle I on a net basis or realise the asset and settle the liability simultaneously. Income and expenses are presented on a net basis when permitted by the accounting standards, or for gains and losses arising from a group of similar transactions. I • Impairment I The company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event ( or events) I has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. I Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation, and where observable data indicate that there is I a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. The amount of the Joss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not I been incurred) discounted at the financial asset's original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in profit or loss. I • Impairment If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current I effective interest rate determined under the contract. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the reversal of the previously recognised impairment loss is recognised in profit or loss. I k. Accounts payable and accruals FARA payables include payables to donors, accruals, provisions and others. Payables are recognized initially I at fair value and subsequently measured at amortised cost using the effective interest method. Accounts payables to donors (Restricted Funds) I This includes grants received from donors during the year but unexpended at year end. This may be as a result of donations received in advance for operations yet to start and unexpended grant balances in cases of I specific project funding 1. Accruals and provisions I FARA accruals and provisions are made up of the following: • Accruals represent amounts due at the year-end as a result of services already received but I for which payment has not been made . I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONT'D m. Other provisions I Other provisions represents staff provisions and amounts due to third parties for services they rendered or materials they supplied for which payments have not been made. Provision is made for unutilised leave I entitlements of all staff and a proportion of the repatriation cost for international staff, based on the percentage of each individual staff member's contracts covered up to the date of the statement of financial position. I Accounts payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business iflonger). If not, they are presented as non-current liabilities. I n. Employee benefits FARA has defined contribution plans. A defined contribution plan is a pension plan under which the entity I pays fixed contributions into a separate entity and has no legal or constructive obligations to pay further contributions. Obligations for contributions to defined contribution schemes are recognised as an expense in profit or loss in periods during which services are rendered by employee. Funds contributed by FARA in addition to staff voluntary contribution are managed by Carey Pensions and Benefit Limited as Trustees of I the Global Umbrella Retirement Plan. For professional staff, FARA contributes a percentage of the staffs basic salary to the Retirement benefit scheme depending on the age of the respective staff as follows: • 45 years and above 20% I • • 40-44 years 35 - 39 years 16% 12% • Below 35 years 8% I For general staff category, FARA contributes 14 .1 % while the staff contributes 7. 9%. I o. Overhead cost recovery FARA's administration cost recovery rates are as follows: I • Services provided to Partners and Hosted Programmes - a rate of 20% on the actual transactions handled by the Secretariat. I • Services provided to programmes directly managed by FARA - a rate of 18% on the actual transactions handled by the Secretariat. • Pass-through funds- a rate of 5% on all pass-through funds. However, negotiated overhead rates I • with donors on specific projects include: Platform for African European Partnership for Agricultural Research and Development (P AEP ARD) - 7% I • • Building Natural Food Basket (BNFB) - 15% Africa-Brazil Agric Innovation Mktplace l 0% I p. Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases such as rentals are charged to the I statement of financial performance on a straight-line basis over the period of the lease. FARA does not have any finance leases I I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- CONT'D q. Events after the Reporting Period I Events subsequent to the reporting date are reflected in the financial statements only to the extent that they relate to the year under consideration and the effect is material. I r. Comparatives I Where necessary the comparative information has been changed to agree to the current year presentation. s. Financial risk management I FARA seeks to minimise its exposure to financial risk. It uses only non-derivative financial instruments as part of its normal operations. These financial instruments include bank accounts, certificates of deposit, accounts receivable and accounts payable. I Market risks I Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. I Foreign currency risk I The company's exposure to currency risk on purchases other than the functional currency is not significant. The currencies in which these transactions primarily are denominated is Ghana cedi. Foreign exchange gains and losses resulting from settlement, or translation of year end monetary balances denominated in foreign I currencies are recognized in the statement of financial performance. Interest rate risk I Interest rate risk arises from possible impact of changes in the interest rates on the value of financial instruments. The company's exposure to the risk of changes in market interest rates relates primarily to its fixed deposit with floating interest rates. I All financial instruments are recognised in the statement of financial position at their fair values. I 4. DONOR GRANTS- SECRTARIAT CORE ACTIVITIES 2017 2016 I Multi Donor Trust Fund IF AD Science Agenda 2,280,354 355,000 2,265,623 2.635.354 2.265.623 I I I I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 5. DONOR GRANTS - PROGRAMME ACTIVITIES 2017 2016 I PARI PAEPARD 980,003 900,285 654,082 1,453,989 ProlntenseAfrica 18,000 I ECoSIB Biomass Web 158,529 269,500 190,023 Africa Brazil (EMBRAPA) 67,990 I AARP-AFDB YPARD-GFAR 200,000 3,000 5,500 I TAP-FAO BMGF/CIP - BNFB SSACP 6,000 47,195 763590 64,593 - - I Total Programme Activities Net Change in programme funds (Note 16) 3,126,592 (249,220) 2,655,688 3,334,998 I TOTAL REVENUE 2.877.372 5,220,686 I 6. OTHER REVENUE 2017 2016 I Sundry income* Overhead cost recovery 145,562 60,879 257,714 221,182 1,228 3,873 I Interest income 207,662 482.768 I * Sundry income includes revenue generated from activities such as commission on tickets internally by FARA, Core staff time charged to projects, internet & rent chargebacks among others. I 7. SECRETARIAT ACTIVITIES EXPENSES 2017 2016 I Core Functions/Strategic Priorities 232,627 247,358 I Secretariat Support Functions/Operation Staff Costs Other Non-MDTF 957,070 1,131,727 866,804 893,557 1,221,753 340,460 I 3.188,228 2.703,128 I I (All amounts in the notes are expressed in US dollars unless otherwise stated) I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 8. PROGRAMME EXPENSES 2017 2016 I PARI 776,969 1,121,625 1,664,441 I UniBRAIN SSACP/HumidTropics PAEPARD 37,008 1,505,043 1,000,773 1,533,736 I Prolntense Africa ECoSIB 31,978 113,336 19,385 370,317 CCARDESA 6,855 I GF ARIF AO YPARD BIOMASS 5,239 217,945 318 127,513 AFRICA BRAZIL AGRIC INNOV MKTPLACE 93,933 27,466 I BMGF/CIP- BNFB INNOVATION SYSTEMS 90,620 35,120 83,137 TAP 5,301 - I TOTAL 2,877,372 - 5,920,686 I (All amounts in the notes are expressed in US dollars unless otherwise stated) I I I I I I I I I I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 9. 2017 PROPERTY AND EQUIPMENT Furniture & Motor Computers Equipment Total Fittings Vehicles I Cost At 1 January 2017 113,828 55,688 264,996 298,623 733,135 I Additions Write-offs 30,779 (14,731) (17,961) 40,741 71,520 (32,692) Disposal I ---------- -----·---- ----------- At 31 December 2017 129,876 55,688 247,035 339,364 771,963 I Depreciation I At 1 January 2017 Charge for the year 109,669 18,056 42,364 5,544 260,724 4,271 277,643 61,721 690,400 89,592 Released on Write-offs (14,731) (17,961) (32,692) I At 31 December 2017 112,994 47,908 247,035 339,364 747,301 I Net book value At 31 December 2017 - - I 2016 Furniture Motor I Computers and Fittings Equipment Vehicles Total Cost I At 1 January 2016 Additions 161,360 6,378 70,168 286,980 (18,444) 298,623 817,131 6,378 (78,258) Write-offs (44,734) (15,080) I Disposal At 31 December 2016 (9,176) 113,828 - - 55,088 (2,940) 265,596 298,623 - - (12,116) 733,135 I Depreciation At 1 January 2016 159,210 41,885 269,166 242,347 712,608 Charge for the year 3,618 5,892 13,542 35,296 58,348 I Released on Write-offs Released on disposal (43,983) (9,176) (6,013) - - (18,444) (2,940) - - (68,440) (12,116) 261,324 277,643 690,400 I At 31 December 2016 109,669 41,764 Net book value I At 31 December 2016 I (All amounts in the notes are expressed in US dollars unless otherwise stated) I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 10. CASH AND CASH EQUIVALENT 2017 2016 I Cash at bank Cash in Hand 5,241,154 28,116 5,084,345 23,463 ------------ ------------ I Total cash and bank 5,269,270 ==== 5,107,808 ======= I 11. RECEIVABLE FROM NON EXCHANGE TRANSACTIONS I Global Forum for Agricultural Research 2017 2016 41,402 I TOTAL === 41,402 I 12. ADVANCES (By Programme) 2017 2016 I MDTF - CORAFIWECARD 160,044 162,560 -ASARECA 85,001 43,764 I -CCARDESA UniBRAIN 285,490 73,539 285490 82,382 (217,438) 270,073 I PAEPARD SSACP 136,661 25,624 136,661 29,958 Other miscellaneous I Sub-total 548,921 1,010,888 Other Staff Receivable 81,358 81,358 I Staff Advances 199,529 64,328 Total 829.808 1.156.574 I 13. INVENTORIES I Inventories comprise of office supplies and other office consumables balance. Inventories I 2017 2016 Office Supplies 9,780 12,481 I Fuel stock Account Total ~ 7,584 ~ 2,136 I (All amounts in the notes are expressed in US dollars unless otherwise stated) I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 14. PREPAYMENTS FARA rents office space and a house for the Executive Director in Accra under tenancy agreements. Included I in the tenancy agreement is a requirement to pay the landlord in advance for the entire period, which is expensed annually on a pro-rata basis I 15. ACCRUED EXPENSES AND PAYABLES 2017 2016 I Staff accrued costs Audit Fees 102,950 48,567 113,596 58,098 Sundry accruals 1,123,640 1,093,222 I Accounts payable 97,914 1,313,011 150,875 1,~us,120 I I (All amounts in the notes are expressed in US dollars unless otherwise stated) I I I I I I I I I I I Forum for Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 16. TEMPORARY RESTRICTED FUNDS Temporarily restricted funds are funds used for specific purposes and are mainly from the core programme I donors. The grant agreements with the donors explicitly state the purpose for which the grants are awarded. Such grant agreements also specify the circumstances under which unspent grants are returned to the donors. At the balance sheet date, unspent temporarily restricted funds amounted to US$1,903,570 (2016: I US$1,659,346). The details of the restricted fund is as detailed below: -SCHEDULE OF TEMPORARY RESTRICTED FUNDS UNUflLISED I Opening Received/ Amount Unutilised Balance Receivable Utilised Grants Net Change I 01-Jan-17 US$ 2017 US$ 2017 US$ Dec-17 during the year US$ US$ SSACP/Humid Tropics 549,727 763,590 (37,008) 1,276,309 (726,582) I PAEPARD PSTAD 835,879 177,101 900,285 (1,505,043) 231,121 177,101 604,758 I UniBRAIN Africa Adapt SADC MAPP/CCARDESA (10,603) 16,812 27,764 (10,603) 16,812 27,764 I PARI ProintenseAfrica (105,398) 39,242 980,003 (776,969) (31,978) 97,636 7,264 (115,140) (203,034) 31,978 113,336 ECoSIB (1,804) (113,336) I Biomass Africa Brazil (EMBRAPA) 85,258 1,428 158,529 67,990 (217,945) (93,933) 25,842 (24,515) 59,416 25,943 YPARD-GFAR 3,830 3,000 (5,239) 1,591 2,239 I BMZ/ZEF - TIGA BMGF/CIP- BNFB 10,638 29,473 47,195 (90,620) 10,638 (13,953) 43,425 FAO-TAP 6,000 (5,301) 699 (699) I AfDB-AARP 1,659,346 200,000 3,126,592 (2,877,372) 200,000 1,908,566 (200,000) (249,220) FUNDS RETURNED I ProintenseAfrica (4,996) 1,903,570 I TOT AL RESTRICTED I 17. NET ASSET I i. Reserves I FARA' s reserve is a pool of unspent/unallocated unrestricted funds set aside over a period of time to meet future obligations or risks or to broaden and stabilize the financial base of the organization. It is the accumulated operational surplus accrued after netting off secretariat earnings (other than donor funds) against I actual expenditure which are not donor funded expenditure . I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I ii. Accumulated fund These are funds which are available to be used for any legal purposes at the discretion of the Executive Board I 18. FINANCIAL INSTRUMENTS I All financial instruments to which FARA is a party are recognised in the financial statements. Credit risk I In the normal course of business, FARA incurs credit risk from accounts receivable and transactions with banking institutions. FARA manages its exposure to credit risk by: I • Holding bank balances and short-term deposits (demand deposits) with Ghanaian and United States- registered banking institutions; and I • Maintaining credit control procedures over accounts receivable. As at 31 December 2017, the total amount of cash and cash equivalents was US$5,269,270 (2016: I US$5, 107,808). These amounts are held with reputable banks in Ghana and Citibank N A, New York, USA. Receivables including advances to staff and prepayments as at 31 December 2017 amounting to US$1,018,319 (2016: US$1,308,226). I The maximum exposure as at 31 December 2017 was equal to the total amount of bank balances, and receivables disclosed in the statement of financial position. FARA does not require any collateral or security to support financial instruments and other receivables it holds due to the low risk associated with the I realization of these instruments. Foreign currency exchange rate risk I FARA operates separate bank accounts in Euro, Dollar and Ghanaian cedis. FARA incurs currency risk as a result of the conversion of foreign currency balances held in these bank accounts to United States dollars at I period end. Significant amount of revenues and expenses are settled in United States dollars therefore management believes that FARA is not materially exposed to currency risk. As a result, FARA does not heqge its foreign currency exposure. Foreign currency transactions are translated to United States dollars at I exchange rates at the dates of the transactions. I (All amounts in the notes are expressed in US dollars unless otherwise stated) I I I I I I Forum/or Agricultural Research in Africa (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 19. FINANCIAL INSTRUMENTS Interest rate risk I Interest rate risk arises from possible impact of changes in the interest rates on the value of financial instruments. FARA does not have assets and liabilities that are dependent on interest rate levels therefore, I management believes that FARA has no exposure to interest rate risk. Fair values I As at 31 December 2017, the carrying amounts approximate the fair values for all financial instruments held by FARA. I 20. RELATED PARTY TRANSACTIONS I FARA is governed by a board of directors whose members are entitled to payment of honoraria and other travel related expenses when participating in FARA meetings or any other FARA business. The list of I directors during the year under review is listed on page 1 of this report. Except for the Executive Director, who is remunerated by the organisation, no other board member received I any remuneration or loans other than the entitlements indicated above during the year under review. For the year under review, the Executive Director's total emoluments were US$ 194,628 (2016: US$ 192,616). I 21. COMMITMENTS There were no outstanding capital commitments at 31 December 2017 (2016: Nil). I I 22. CONTINGENT LIABILITIES There were no contingent liabilities at 31 December 2017 (2016: Nil). I 23. EXCHANGE CONTROL I All remittances from Ghana are subject to the approval of the exchange control authorities I I I (All amounts in the notes are expressed in US dollars unless otherwise stated) I I I Forum/or Agricultural Research in Africa (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 24. NOTES TO THE STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS Basis of preparation I The budget information has been prepared on an accrual basis since it is the policy of FARA to apply the accrual basis of accounting for its budgets during the fiscal year. The accrual basis of accounting is one under which I transactions, other events and conditions are recognized when they occur (and not only when cash or its equivalent is received or paid). Therefore, the concept recognizes revenue when earned and expenses when incurred. I Key assumptions include: I Funding available throughout the periods Donors interest in sponsoring programmes of the Secretariat I Budget approval Forum for Agricultural Research in Africa (FARA) is a non-profit public international institution in accordance I with public international law. FARA is funded primarily within the framework of a 5-Year Medium Term and Operational Plan (MTOP) budget by a group of donors under the Multi-Donor Trust Fund (MDTF), donors aligned to but not signed up to the MDTF, development agencies, foundations and private enterprises for specific I projects, etc. FARA as a Forum is governed by the General Assembly whose functions and powers include among others: I "to approve and ratify agreements, contracts, policies, programmes, new members, protocols, bye-laws, budgets, financial statements, audit reports, the membership fee and seat of FARA". I The functioning of the Forum between the General Assemblies is entrusted to an elected board of directors whose functions according to Section 8.3b (ii) of the FARA Constitution, include: "recommends for approval or ratification by the General Assembly, policies, programmes, budgets, financial statements, audit reports, I agreements, contracts, protocols, bye-laws, new members, and the membership fees". The board of directors also reviews, approves and establishes the annual plan of work while the Secretariat (through its Executive Director) draft an annual work plan and associated budget and report on progress made to the board of directors and as appropriate to the General Assembly. I The approval of the Budget by General Assembly (through the Board of Directors) empowers the Secretariat: • to commit and authorise expenditures and to make all payments to be borne by the FARA, for the I purposes assigned and within the limits of the appropriations and the commitment authority, as the case may be; • to receive the income entered in the Budget, together with any other resources accruing to FARA in I respect of its activities I Programme Activities (Projects) The projects budgets are approved by the donors as contained in the signed contracts and agreements covering I each project. I (All amounts in the notes are expressed in US dollars unless otherwise stated • I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I 24. NOTES TO THE STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS - CONT'D I Comparison of budget and actual and also at the level of projects FARA prepares its financial statements on an accrual basis. The budget for the entity is usually linked to I programmes which are implemented by partners. The Statement of Financial Position, Statement of Financial Performance, Statement of Changes in Net Assets and Cash Flow Statement are prepared on a full accrual basis. FARA budget and financial statements are therefore prepared using same bases. I To enable users and funders to derive the needed benefit and make this presentation useful, management has decided to present the comparison of budget and actual expenditure. This form of presentation as indicated is to ensure management achieves the reporting requirement ofIPSAS 24 and also meets the needs of stakeholders within the forum for effective decision making. I Explanation of key variances I Secretariat Activities: Core Functions Staff cost budget over was due to non-realisation of funds expected from shared staff cost under MDTF (such as M & E Lead Specialist and Director CPC) and recruitment expenses not in the budget I Secretariat Non-MDTF activities: Overrun include Science Agenda consultations expenses in excess oflF AD grant I Programme Activities: I ECoSIB: The project was cancelled by the USAID just 3 months into the year hence budget could not be utilised. An amount ofUS$80,460 was received towards the outstanding project balance ofUS$115,140 in 2018. FARA management iss following up with AAIN on the remaining balance. I Africa Brazil Agric Innovation Marketplace: The Funds were not received for other activities apart from the Marketplace forum event held in February 2017. I I I (All amounts in the notes are expressed in US dollars unless otherwise stated I I I I • I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I ANNEXl List of abbreviations and acronyms I AFAAS African Forum for Agricultural Advisory Services I AtDB ASARECA African Development Bank Association of Strengthening Agricultural Research in East and Central Africa CCARDESA Center for the Coordination of Agricultural Research and Development in Southern I CORAF /WECARD Africa Conseil Ouest et Centre Africain pour la Recherche et le Developpement Agricoles/West and Central African Council for Agricultural Research and I CTA DANIDA Development The Technical Centre for Agricultural and Rural Cooperation Danish International Development Agency I EC EMBRAPA European Commission The Empresa Brasileira de Pesquisa Agropecuaria (Brazilian Enterprise for Agricultural Research) I ENDA FARA Environmental Development Action in the third World Forum for Agricultural Research in Africa FAO Food & Agriculture Organization I GFAR IDRC Global Forum for Agricultural Research International Development Research Center IDS Institute for Development Studies I IFAD UTA International Fund for Agricultural Development International Institute of Tropical Agriculture I IPSAS MDTF NASRO International Public Sector Accounting Standards Multi-Donor Trust Fund North African Sub Regional Organisation I NORAD PAEPARD Norwegian Agency for Development Cooperation Platform for African European Partnership for Agricultural Research & Development PARI Program of Accompanying Research for Agricultural Innovation I PSTAD SABIMA Promotion of Science & Technology for Agricultural Development Strengthening Capacity for Safe Biotechnology Management in Sub-Sahara Africa SADC/FANR Southern Africa Development Cooperation/Food Agriculture and Natural Resources I SDC SFSA Swiss Agency & Development Cooperation Sygenta Foundation for Sustainable Agriculture I SSACP UniBRAIN BNFB Sub Sahara Africa Challenge Programme Universities, Business and Research in Agricultural Innovation Building Natural Food Basket I CIP AARP ECoSIB International Potato Center Africa Agricultural Research Programme Entrepreneurship for Commercial Seed Incubation Business YPARD Young Professionals' Platform for Agricultural Research for Development I BMZ ZEF German Federal Ministry of Economic Cooperation and Development Center for Development Research TIGA Technology (ex-ante) assessment and farm household segmentation I BMGF for inclusive reduction and sustainable growth in agriculture (TIGA) Bill and Melinda Gates Foundation • TAP Tropical Agriculture Platform I Forum/or Agricultural Research in Africa I (A Company Limited by Guarantee) Annual Report for the year ended 31 December 2017 I I I I I I I I I I I I I I I I I