Government of Sierra Leone National Commission for Social Action The Social Safety Nets Project IDA Grant Nos. H925-SL, D0920-SL and TF A0806 Financial Statements for the year ended 31 December 2017 29 June 2018 This report contains 22 pages Appendices 4 pages Ref: 700/vjk/bow Government of Sierra Leone National Commission for Social Action Social Safety Net Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 31 December 2077 Content Page General information 1 Background information on the project 2 - 3 Management's responsibility statement 4 Independent Auditor's Report 5-7 Statement of resources and expenditure (Special Account) 8 Statement of resources and expenditure (Government of Sierra Leone Counterpart Funding) 9 Statement of income and expenditure 10 Statement of financial position 11 Statement of cash flows 12 Notes to the financial statements 13-20 Report of the auditors on the IDA Grant Nos. H925-SL, D0920-SL and TF A0806 Special Account Statement: US Dollar Account Number 17-011772784-01 21 Project Account Statement 22 Appendix - Fixed Assets under the Project 23 - 26 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant Nos. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 31 December 2017 General information Office 12/14 Charlotte Street Freetown Sierra Leone Commissioner Mr. Alie Badara Mansaray Mrs. Isatu Kamara (Deputy) Bankers Rokel Commercial Bank Siaka Stevens Street Freetown Auditors KPMG Sierra Leone Chartered Accountants KPMG House 37 Siaka Stevens Street P0 Box 100 Freetown Government of Sierra Leone National Commission for Social Action Social Safety Net Project IDA Grant Nos. H925-SL, D0920-SL and TF A0806, Financial statements for the year ended 37 December 2077 Background information on the project The Government of Sierra Leone through the National Commission for Social Action (NaCSA) has applied for and received a Grant of US $20.107 million from the World Bank towards the cost of a Social Safety Net Project (SSNP). The project will finance a package of cash transfers to 20,000 extremely poor households in nine districts in the country. The Sierra Leone Government is providing counterpart contribution of US$ 2.5 million to support 1,000 beneficiaries. The project will also support the building of social protection systems, provide institutional support to national structures and finance effective national coordination of social protection interventions and initiatives. The Project Development Objective is to establish the key building blocks for a basic national safety net system and provide income support to extremely poor households in Sierra Leone. The SSNP will be implemented by the National Commission for Social Action (NaCSA) with support from the National Social Protection Secretariat (NSPS). The project has the following three components: 1. Development of systems for implementation of the social safety net. The Secretariat wll implement the systems development through the following activities under the project: a. Design of a targeting system: Tools for a 3-stage common targeting system combining geographical, community identification of potentially eligible beneficiaries, and verification by proxy means testing (PMT) will be developed. b. Building of a beneficiary registry: A beneficiary registry containing information of beneficiaries of social programmes in the country will be built. It will be housed at the NSPS and accessible to other social programmes. c. Development of a Management Information System (MIS): An integrated MIS, which facilitates the collection, processing, management, and dissemination of data essential for programme operations and monitoring, will be built. The MIS will incorporate data from the beneficiary registry and will be managed by the NSPS. d. Payment system: An Electronic Payment System will be outsourced to a payment service provider who can guarantee the required payment delivery and security standards. e. Grievance redresse mechanism (GRM) and anti-corruption: The GRM will be instituted for beneficiaries to raise grievances about the implementation of the SSNP. Complaints wil be received through multiple channels, including through civil society monitors, local councilors, wards, NACSA, and other local government officials. In addition to the GRM, beneficiaries and other stakeholders will be able to report corruption to the Anti- Corruption Commission (ACC) through the same channels used for the GRM, as well as to the ACC directly using a national toll free hotline. Robust corruption prevention measures will be undertaken by both the SPS and independently by the ACC. 2 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 37 December 2077 Background information on the project (continued) 2. Cash transfers to extremely poor households. Regular transfers are to be made to extremely poor households for three years in targeted geographical areas within the selected districts. The target group is extremely poor households, as these are also the most food insecure and likely to have the highest risks of malnutrition and poor maternal health. Beneficiary households will designate a female recipient. This is expected to increase the potential for higher program impacts on human capital. 3. Program management and capacity building. The object of this component is to provide capacity building to key stakeholders at both central and local levels involved in the implementation of the SSNP. Given that SSN programs are relatively new in Sierra Leone, the Project will provide support to strengthen coordination across the relevant Ministries in carrying out the required operational reform to effectively implement the SSNP. 3 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TF A0806 Financial statements for the year ended 31 December 2017 Management's responsibility statement Management is responsible for the preparation and presentation of the financial statements, comprising the statement of financial position at 31 December 2017 and the statement of income and expenditure, the statement of resources and expenditure; and the statement of cash flows for the year ended 31 December 2017 and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes in accordance with the accounting policies described in note 2 to the financial statements and for such internal control as the management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Approval of the financial statements The financial statements were approved by management on ..I/ 2018 and signed on its behalf by: Name Name The Deputy Commissioner The Financial Management Specialist Signature and date C' 6 f Signature and ate 4 KPMG KPMG Sierra Leone Telephone: +232-22-222061 KPMVG house Telefax +232-22-22184 37 Siaka Stevens Street Email: kpmg@kpmg-sicom P.0 Box 100 Internet: www.kpmg.com Freetown Sierra Leone Independent Auditor's report to the Government of Sierra Leone Opinion We have audited the financial statements of the Social Safety Net Project which comprise the statement of financial position as at 31 December 2017, the income statement, the statements of resources and expenditure, and statement of cash flows 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 8 to 20. n our opinion, the financia statements give a true and fair view of the financial position of Social Safety Nets Project as at 31 December 2017, and of its financial performance and cash flows for the year then ended in accordance with the accounting policies adopted by the project as stated in note 2 of the financial statements. Basis for Opinion 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 Statements section of our report. We are Independent of the organization in accordance with the Internationa Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Sierra Leone, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ESBA Code. We be ieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and presentation of these financial statements in accordance with the significant accounting policies stated in note 2 of the financial statements, and for such internal control as the management determines is necessary to enable the preparation of financial statement that are free from material misstatement, whether due to fraud or error. KPMG a partnership established under Sierra Leone is a ember of the KPMG network of independent member firms affiliated with KPMG Managing Director: Raymond M. Davies Partner: Derrick Kawaley International cooperative (KPMG International") a Swiss Entihy KPMG Independent Auditor's report to the Management of the Social Safety Net Project (continued) Auditors' responsibility for the financial statements 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 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 statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * 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 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. * 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 of the organisation's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management. * Conclude on the appropriateness of the management' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the organisation'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 reiated 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 organisation to cease to continue as a going concern. * 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 manner that achieves fair presentation. * Obtain sufficient appropriate audit evidence regarding the financial information of the business activities within the organisation to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the organisation's audit. We remain solely responsible for our audit opinion. 6 KPMG Independent Auditor's report to the Government of Sierra Leone (continued) We communicate with those charged with governance 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 during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Other matter The financial statements have been prepared in accordance with the accounting policies stated in note 2 of the financial statements, for the purpose of determining the financial position of Social Safety Net Project for use by its management and International Development Association, and the financial statements and related auditor's report may not be suitable for another purpose. Our report is intended solely for the management of Social Safety Net Project and International Development Association and should not be distributed to or used by parties other than the management of Social Safety Net Project and International Development Association. The Engagement Partner on the audit resulting in this independent auditors' report is Derrick L Kawaley. Freetown Chartered Accountants Date:7 7 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant Nos. H925-SL, D0920-SL and TF A0806 Financial statements for the year ended 31 December 2017 Statement of resources and expenditure (Special Account) for the year ended 31 December 2017 31 December 31 December 2017 2016 Notes US$ US$ Resources Balance brought forward 2,644,583 1,168,097 Cash received from IDA 3.1 1,491,581 4,051,455 Bank interest 1,582 2,653 Total resources 4,137,746 5,222,205 Expenditure Development of systems 7a 240,929 149,697 Cash transfers 7b 2,883,678 1,918,213 Project management 7c 492,871 422,218 Capacity building 7d 42,369 87,464 Bank charges 209 30 Total expenditure 3,660,056 2,577,622 Balance carried forward 477,690 2,644,583 Represented by: Cash and cash equivalents 4 370,805 2,648,966 Receivables 5 106,885 46,996 Payables 6 - (51,379) 477,690 2,644,583 These financial statements were approved on e a 2018. ....hhe Commissioner . ..The Financial Management Specialist The notes on pages 13 to 20 are an integral part of these financial statements 8 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TF A0806 Financial statements for the year ended 31 December 2077 Statement of resources and expenditure (Government of Sierra Leone Counterpart Funding) for the year ended 31 December 2077 31 December 31 31 December 31 2017 December 2016 December Leones 2017 Leones 2016 Notes US$ US$ Resources Balance brought forward 448,251,086 64,265 88,914,631 17,607 Cash received from GoSL 3.2 954,200,000 126,636 355,800,406 51,011 Other income 8,551,029 1,135 7,996,355 1,146 Total resources 1,411,002,115 192,036 452,711,392 69,764 Expenditure Cash transfers 1,289,250,000 171,102 - - Program management 31,282,000 4,152 4,460,306 639 Exchange loss - 4,775 - 4,860 Bank charges 2,223,040 295 - - Total expenditure 1,322,755,040 180,324 4,460,306 5,499 Balance carried forward 88,247,075 11,712 448,251,086 64,265 Represented by: Cash and cash equivalents 4 99,336,197 13,183 40,942,307 5,870 Receivables 6 13,666,050 1,814 407,308,779 58,395 Payables (24,755,172) (3,285) - - Total 88,247,075 11,712 448,251,086 64,265 These financial statements were approved on r 2018. .. The Commissioner ..... . ....The Financial Management Specialist The notes on pages 13 to 20 are an integral part of these financial statements. 9 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TF A0806 Financial statements for the year ended 37 December 2077 Statement of income and expenditure for the year ended 31 December 2077 31 December 31 December 2017 2016 Notes US$ US$ Income Release from deferred income 8 3,839,245 2,583,121 Other income 1,135 - Total income 3,840,380 2,583,121 Expenditures Development of systems 7a 240,929 149,697 Cash transfers 7b 3,054,780 1,918,213 Project management 497,023 422,857 Capacity building 7d 42,369 87,464 Bank charges 504 30 Exchange loss 4,775 4,860 Total expenditure 3,840,380 2,583,121 Result for the year These financial statements were approved on 2018. .......The Deputy Commissioner ............. .. The Financial Management Specialist The notes on pages 13 to 20 are an integral part of these financial statements. 10 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 31 December 2017 Statement of financial position as at 37 December 2017 31 December 31 December 2017 2016 Notes US$ US$ Assets Receivables 5 108,699 105,391 Cash and cash equivalents 4 383,988 2,654,836 Total assets 492,687 2,760,227 Funding and liabilities Payables 6 3,285 51,379 Deferred income 8 489,402 2,708,848 Total funding and liabilities 492,687 2,760,227 These financial statements were approved on .............................. 2018. . . . .. .. .....The Deputy Commissioner The Financial Management Specialist The notes on pages 13 to 20 are an integral part of these financial statements. Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 37 December 2077 Statement of cash flows for the year ended 31 December 2017 31 December 31 December 2017 2016 Notes US$ US$ Operating activities Cash receipts from IDA and GoSL 9 1,620,934 4,106,265 Cash paid to suppliers and employees 10 (3,891,782) (2,285,192) Net cash received from IDA & GoSL (used on project activities) during the year (2,270,848) 1,821,073 Cash and cash equivalents at the beginning of the year 2,654,836 833,763 Cash and cash equivalent at the end 383,988 2,654,836 year 4 = The notes on pages 13 to 20 are an integral part of these financial statements. 12 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TF A0806 Financial statements for the year ended 31 December 2017 Notes to the financial statements 1. Reporting project The Government of Sierra Leone through the National Commission for Social Action (NaCSA) has applied for and received a Grant of US$20.107 million from the World Bank towards the cost of a Social Safety Net project (SSNP). The project will finance a package of cash transfers to 20,000 extremely poor households in four districts in the country. It will also support the building of social protection systems, provide institutional support to national structures and finance effective national coordination of social protection interventions and initiatives. The Project Development Objective is to establish the key building blocks of a basic national safety net system and provide income support to extremely poor households in Sierra Leone. The SSNP will be implemented by the National Commission for Social Action (NaCSA) with support from the National Social Protection Secretariat (NSPS). 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. 2.1 Basis of preparation The project's financial statements have been prepared on a cash basis and are presented in Dollars. 2.2 Foreign currency transactions Foreign currencies Assets and liabilities denominated in foreign currencies are translated at the rates ruling at the financial position date. Foreign currency transactions are accounted for at the rate of exchange prevailing on the date at which the transactions were recorded. International Development Association transactions are recorded at the rates ruling on the value dates of the transactions. All profits and losses arising are taken to the statement of income and expenditure. 13 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 2. Summary of significant accounting policies (continued) 2.3 Fixed assets Fixed assets are expensed on acquisition but a comprehensive fixed asset register is maintained to account for and monitor those fixed assets. 2.4 Income Funding from the International Development Association is recognized in a deferred income account and released to the income statement as grant income when utilized. 3. Disbursements 3.1 IDA Special Account 2017 2016 Disbursements US$ US$ Total grant receivable 9,993,671 14,045,126 Less disbursement for the year (1,491,581) (4,051,455) Total (8,502,090) (9,993,671) Disbursements during the year 2017 2016 Document reference US$ US$ WA No. 02/2016 - 2,241,401 WA No. 03A/2016 - 108,618 WA No. 04A/2016 - 923,169 WA No. 06/2016 - 186,192 WA No. 05/2016 - 449,550 WA No. 07/2016 - 142,525 WA No. WA 08/2017 120,471 - WA No. DO-01/2017 192,484 - WA No. 02/2017 142,279 - WA No. 03/2017 209,783 - WA No. 04/2017 698,499 - WA No. 09A/2017 128,065 - Grand total 1,491,581 4,102,834 14 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 3.2 Government of Sierra Leone Counterpart Funding Quarter 2017 2016 Leones Leones 4" Quarter 2016 - 355,800,406 1 Quarter 2017 754,200,000 - 4 Quarter 2017 200,000,000 - Total 954,200,000 355,800,406 4. Cash and cash equivalents Government 31 31 of Sierra December December IDA Leone 2017 2016 Bank Accounts US$ Leones US$ US$ IDA Special Account 370,805 - 370,805 2,648,966 GoSL Counterpart Funding Account Balance - 99,336,196 13,183 5,870 Total 370,805 99,336,196 383,988 2,654,836 15 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 37 December 2017 Notes to the financial statements (continued) 5. Receivables This represents amounts receivable between the International Development Bank, the GoSL and other projects implemented by NaCSA: 31 December 31 December 2017 2016 US$ US$ IDA (Special Account) debtors SPLASH 106,885 46,996 Total IDA debtors 106,885 46,996 GoSL (Counterpart Funding Account) debtors IDA (Special Account) - 52,668 GoSL Re-current Account 1,814 3,288 Reparations - 70 Labour Intensive Public Works - 2,369 Total GoSL (Counterpart Funding Account) debtors 1,814 58,395 Grand total IDA (Special Account) and GoSL 108,699 105,391 (Counterpart Funding Account) debtors 6. Payables 31 December 31 December 2017 2016 US$ US$ IDA (Special Account) 3,285 51,379 3,285 51,379 16 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 37 December 2077 Notes to the financial statements (continued) 7. Expenditure 7a. Development of systems 31 December 31 December 2017 2016 Description US$ JS$ Community targeting - monitoring of PMT processes 89,157 Enro ment of validated beneficiaries 61 - Payment systems fees 85,904 116,110 Beneficiaries registration and issuance of ID cards 3,849 23 Grievance redress meeting and anti- corruption 61,957 33,564 240,929 149,697 7b. Cash transfers 31 December 31 December 2017 2016 US$ US$ Description Special account 2,883,678 1,918,213 Counterpart funding 171,102 - 3,054,780 1,918,213 17 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TF A0806 Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 7. Expenditure (continued) 7c. Project management 31 December 31 December Description 2017 2016 AW US$ US$ Staff costs 396,298 276,541 Operating costs 32,739 66,647 Information Electronic Communication (IEC) 6,263 6,950 Audit fees 3,699 2,514 Field monitoring 53,872 70,205 492,871 422,857 7d. Capacity building 31 December 31 December 2017 2016 Description US$ US$ Inter-agency coordination meeting 444 389 SP training for program and line ministry staff 6,708 - Workshops, seminars, knowledge & study tour 24,377 57,071 Learning & studies 10,840 - Equipment to SP Secretariat & NaCSA - 30,004 42,369 87,464 18 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TF A0806 Financial statements for the year ended 37 December 2077 Notes to the financial statements (continued) 8. Deferred income Deferred income is analysed as follows: 2017 2016 US$ US$ Balance brought forward 2,708,848 1,185,704 IDA funding 1,491,581 4,051,455 GoSL funding 126,636 51,011 Other income 1,146 Interest received 1,582 2,653 4,328,647 5,291,969 Release to income statement (3,839,245) (2,583,121) Balance carried forward 489,402 2,708,848 Represented by: Cash and cash equivalents 383,988 2,654,836 Receivables 108,699 105,391 Payables (3,285) (51,379) 489,402 2,708,848 9. Cash receipts - IDA and GoSL 31 December 31 December 2017 2016 US$ US$ Cash received - IDA 1,491,581 4,051,455 Cash received - GoSL 126,636 51,011 Other income 1,135 1,146 Bank interest 1,582 2,653 Total 1,620,934 4,106,265 19 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFA0806 Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 10. Cash paid to suppliers and employees 31 December 31 December Cash paid to suppliers 2017 2016 and employees US$ US$ Development of systems 240,929 149,697 Cash transfers 3,054,780 1,965,209 Project management 497,023 422,857 Capacity building 42,369 87,464 Bank charges 504 30 Exchange loss 4,775 4,860 (Decrease)/increase in receivables 3,308 (293,546) Decrease/(Increase) in payables 48,094 (51,379) Total 3,891,782 2,285,192 11. Commitments The project had commitments of US$3,849 as at 31 December 2017 (31 December 2016: US$1,723) 12. Contingent liabilities There were no contingent liabilities as at 31 December 2017 (31 December 2016: Nil) 13. Post financial position events Up to the date of signing the financial statements, we did not identify any reportable post financial position event. 20 KPMG KPMG Sierra Leone Telephone: +232 22-222061 KPMG house Telefax +232-22-22184 37 Siaka Stevens Street Email: kpmg@kpmg-si.com P.0 Box 100 Internet: www.kpmg.com Freetown Sierra Leone Report of the auditors on the IDA Grant Nos. H925-SL, D0920-SL and TF A0806 Special Account Statement: US Dollar Account Number 17-011772784-01 We have audited the accompanying IDA Grant No. H925-SL, TF A0806, D0920-SL Grant Account Statement: US Do lar Account No.17-011772784-01 as set out on page 20 establ ished under the provisions of the Financial Contribution, Financial Agreement dated 8 June 2016 for the year ended 31 December 2017. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement and accordingly included such test of the accounting records, verification of assets and liabilities, review of systems of Internal control and other auditing procedures that we considered necessary in the circumstances. The accompanying special account statement was prepared on the basis of cash deposits and withdrawals for the purpose of complying with the project agreement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In our opinion, the receipts were properly accounted for and withdrawals were made for the purpose of the project in accordance with the financing and separate agreement. The accompanying specia account statement gives a true and fair view of the beginning and closing balances and the account activity for the year ended 31 December 2017 on the basis of cash deposits and withdrawals. Freetown Chartered Accountants Date: C 21 KPMG a partnership established under Sierra Leone is a member of the KPMG network of independent member firms affiliated with KPMG Maiaging Director: Raymond M. Davies Partner: Derrick Kawaley International cooperative (KPMG International") a Swiss Entity Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SLD0920-SL and TFA0806 Financial statements for the year ended 31 December 2077 Project Account Statement Special Account Account No: 17-011772784-01 Depository Bank: Rokel Commercial Bank Address: Freetown, Sierra Leone Related Financing Agreement: IDA Grant No. H925-SL, D0920-SL & TF A0806 Currency: US Dollars 31 December 31 December 2017 2016 Transactions US$ US$ Balance at the beginning of the year 2,648,966 820,086 Disbursements 1,491,581 4,051,455 Interest income 1,582 2,653 Amount spent (3,771,324) (2,225,228 Balance at the end of the year 370,805 2,648,966 22 Government of Sierra Leone National Commission for Social Action Social Safety Nets Project IDA Grant No. H925-SL, D0920-SL and TFOA 1023 Financial statements for the year ended 31 December 2017 Appendix ш с � и и � -- i -- т с I ш � 'о о °' с°�, ''��Q � � о `��°,� и�t�- ��° :+� ййг�°с `" U �с о о о 3 о о � 3� � о �- ���`B ш о о о о ш о о ш ш ш аэ ; о о о�-.� � с� U С� С7 С� Z' С.� С7 Z z Z Z i �7 и ro� � о й ь � М -- --- - N i� С .и V p Ф ш Е о О а г� _ _ о� со со со О� и J � Q Ф Ш Ш N � �! 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