Office of the Auditor General e of Rwanda OAG www.oag.gog.rw ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) Audit Report and Audited Financial Statements For the year ended 30 June 2024 OAG Core Values Integrity Innovation en public si ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) BACKGROUND, MANDATE AND GOVERNANCE TABLE OF CONTENTS 1. BACKGROUND, MANDATE AND GOVERNANCE..................................................1 2 STATEMENT OF MANAGEMENT RESPONSIBILITIES .......................................... 6 3 REPORT OF THE AUDITOR GENERAL .....................................................................7 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024.....................9 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) BACKGROUND, MANDATE AND GOVERNANCE 1. BACKGROUND, MANDATE AND GOVERNANCE 1.1. Project background Energy Access and Quality Improvement Project (EAQIP) is a project under Rwanda Universal Energy Access Program (RUEAP). A program working under Energy Development Corporation Ltd (EDCL). The project objective is to improving access to modern energy for households, enterprises and public institutions and enhance the efficiency of electricity service in the Republic of Rwanda. The project is implemented and has received financings from IDA world bank on Loan Number 6776-RW and Grant Number D721-RW, Grant Number TB 03589 ESMAP world bank acting administrator of Energy Sector Management Assistance Program Multi-Donor Trust Fund and credit proceeds from co-financiers Agence Frangaise de D6veloppement (AFD) with Credit Number CRW104901P. The financing agreements for IDA was signed on 24th September 2020 and become effective on 29th March 2021 whereas the credit facility agreement between Agence Frangaise De D6veloppement and Republic of Rwanda was signed on 23rd April 2021. The Project is domiciled in Kigali - Rwanda. The address of its registered office is: EDCL/RUEAP-PMD, 10th Floor KCT, KN 2 ST, Nyarugenge District, P.O. Box 3855, Kigali, Rwanda. 1.2. Project Objective The objective of the Project is to improve access to modem energy for households, enterprises and public institutions and enhance the efficiency of electricity service in the Republic of Rwanda. 1.3. Basic information of the project The description of the project is summarised in the table below: Project Name Energy Access and Quality Improvement Project (EAQIP) Project Number Credit number 6776-RW Grant number D721-RW Grant number TB03589 Line Ministry of the project The project is under the supervision of the Ministry of ..Infrastructure. Project Start Date: The project approval date: N/A The project signature of agreement date: 24/09/2020 The prject effectiveness date: 29 March 2021 Project End Date: Theproject completion date is 31/12/2026 The project completion extended date: Not Applicable The project last disbursement date is 31/12/2026 Project Manager The project Coordinator is Mr. Emmanuel NKUIRIKIYE Project Sponsor/ Funder 1. World Bank: Loan of 80.802 Million (JPY) 2. World bank: Grant of 54.6 Million (SDR) 3. Energy Sector Management Program/ESMAP-Trust Fund/World Bank: Grant of 10 Million (USD) 4. Agence Frangaise de D6veloppement/ AFD: Loan 80 of Million (Euro) Background, Mandate and Governance 1 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) BACKGROUND, MANDATE AND GOVERNANCE Funding sources The project's total funding over the project lifetime is as below: Source of Amount in foreign I In US$ funds currency Grants 54,600,000 SDR 75,000,000 10,000,000 USD 10,000,000 Loans 8,080,200,000 JPY 75,000,000 80,000,000 Euro 88,000,000 Total 248,000,000 The project objective The objective of Energy Access and Quality Improvement Project is to improve access to modern energy for households, enterprises, and public institutions and enhance the efficiency of electricity service in the Republic of Rwanda. Strategic goals of the Project EAQIP has been designed, timed, and included in the RUEAP to assist the Government to reach the NST 1 goals for 2024, which is to achieve a grid access rate of 52 percent by 2024 Project components and There are four components to the project activities * Component 1: Increasing access to grid electricity * Component 2 : Enhancing the Efficiency of Electricity Service Component 3 : Increasing Access to Off-Grid Electricity and Clean Cooking Solutions Component 4 : Technical Assistance, Institutional Capacity Building, and Implementation Support Physical address The project is domiciled in Kigali, Rwanda. The address of its registered office is: EDCL/RUEAP-PMD, 10h Floor KCT, KN 2 ST, Nyarugenge District, P.O. Box 3855, Kigali, Rwanda. Implementing agency EDCL and BRD 1.4. Achievements of the project during the year ended 30 June 2024 Energy Access and Quality Improvement Project (EAQIP) implemented 37 activities during the year ended 30 June 2024. The status of these activities versus their targets are given in the table below: No Activity Annual targets for Achievement in 2023/2024 2023/2024 Component 1: Increasing access to grid electricit 1 --Burera D electrified (EPC) 75% --- - Activiy was im lemented at 76 37% 2 Gicumbi District electrified (EPC) 85% Activity was implemented at 95.06% 3Ngororero District electrified (EPC) _60%%Actiity was implemented at 95.05% 4 Nyabihu District electrified (EPC) 50% Activity was implemented at 52.3% 5 Nyamasheke District electrified (EPC) 40% Activity was implemented at 49.63% 6 Rubavu District electrified (Inhouse) 70% Activity was implemented at 70.59% 7 .Rulimdo District electrified(EPC) 25% . Activity was implemented at 30.68% 8 Karongi District electrified (EPC) 25% Activity was implemented at 30.68% 9 Rutsiro District electrified (EPC) 25% Activity was implemented at 283 8% 10 Musanze District electrified (Inhouse) 75% Activity was implemented at 70.06% 11 Rusizi District electrified (EPC) 30% Activity was implemented at 37.5% Background, Mandate and Governance 2 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) BACKGROUND, MANDATE AND GOVERNANCE No Activity Annual targets for Achievement in 2023/2024 2023/2024 Supervision firms hired 4 quarterly reports 4 quarterly reports were produced produced and and submitted regularly 12 submitted Personal Protective Equipments Contract Contract drafted and under I purchased negotiation negotiation 13 comnpleted Supply and installation of IBMS 5% of total license 5% of total license was paid Support & Maintenance and new paid 14 license Component 2: Improved grid reliability and enhanced operational efficiency Static Voltage Compensator at Shango 100% Installation of automatic voltage and Rwabusoro Substations supplied I regulators on 220kV Sub-stations 15 and installed j(Shango and_Rwabusoro) completed Supply of smart metering for all 3,100 Smart meters 2,300 Smart meters delivered 16 distribution transformers Supervision of Static VAR Projects supervised Reports regularly prepared and Compensator hired and reports submitted . . . . . ..regularly submitted Digital disturbance fault recorder and Materials supplied Contract signed on 13/04/2023 and monitoring system Supplied and installed was expected to be completed on 18 12/05/2024 after time extension. Consultant to carry out a feasibility 1 Inception report Inception report was approved; study for Ntaruka Hydro Power Plant Techno economic assessment report is 19 Rehabilitation under review ..~ . std for. Nta. Hyr Power Plan .. economi asesmn report..is Component 3: Technical Assistance, Institutional Capacity Building and Implementation Support provid.ed Vehicles (Trucks and Pick UP) 2 self loading trucks 5 Pick Ups and 2 self-loading trucks purchased purchased and were purchased and supplied. Salaries for Project Staff paid Payment of salary 12 Payrollls prepared and salary paid 21 for Project Staff Fuel and Lubricants purchased Fuel and lubricants Fuel and lubricants purchased to 22 ; purchased .. facilitate staff Rent of office paid Payment of rent Monthly rent of office payment made 23 .....office j.on time Stores and other necessary activities for Stores and other Stores and other necessary activities management of inventory setted up. necessary activities for management of inventory setted for management of up. 24 i inventory setted up Salaries for ESWAP Staff-MINIFRA Salary payaments Salaries for ESWAP Staff-MINIFRA paid for ESWAP Staff- were paid 25 MINIFRA Capacity building for Energy Sector Stafftrained Staff trained according to the 26 Staff prepared approved plan Consultant to prepare impact stories for Tender Launched Contract signed 271 RESSP hired Sitting Allowances to GRC's paid Sitting allowances Sitting Allowances were paid 28 paid Off-grid Solar Companies (OSCs) 35 Off-grid Solar 38 Off-grid Solar Companies verified ("RBF-OSC Facility") verified by Companies verified 29 EDCL team National Data Center for Hosting Off- Off-grid data Off-grid data regulary stored in OMIS grid Management Information System regulary stored 30 (MS ie Other operating expenses paid Operation expenses Operation expenses paid 31 paid Background, Mandate and Governance 3 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) BACKGROUND, MANDATE AND GOVERNANCE No Activity Annual targets for Achievement in 2023/2024 2023/2024 Clean cooking companies facilitated by 15 clean cooking 15 clean cooking companies 32 Market facilitator firm companies facilitated Communication firm to support the 33 awareness 33 awareness campaigns conducted campaign for clean cooking awareness campaigns 33 and behavior chanae recruited Consultancy for Adaptation and Applications Different applications regulary Maintainance of the Elegibility tool for regulary updated updated REF Window 5 and Development of Elegibility tool for Clean Cooking MIS With Dash board for the Clean cooking 34 IWindow hired 35 Stove tested and product developped Test 48 Stove 48 Stoves tested RBF-CCS Facility monitored and Inspect 20,000 cook 31,403 improved cook stoves 36 verified stoves inspected Consultant for the base line survey and Base line survey and Consultant hired and baseline survey impact assessment hired impact assessment introduction meeting conducted 371 consultant hired 1.5. Project management The management team that held office during the year ended 30 June 2024 and at the time of audit in October 2024 is as follows: Name Position I Contact information Felix GAKUBA MD/EDCL fgakuba@edcLregrw Tel: 0788304346 Eric MIHIGO Program Manager emihigo@edcl.reg.rw Tel: 0788306390 Emmanuel NKURIKIYE Project Coordinator enkurikive@edcLreg.rw Tel:_0788692747 Silas MUGIRE Senior Financial smugire@edcl.reg. rw Specialist Tel: 0782779333 Egide RWEGO Chief Accountant erwego@edcLreg.rw Tel: 0782165195 1.6. Duration and funding summary The Project is for duration of six years from 2021 to 2026 with an approved budget of US$ 248,000,000 as highlighted in the table below: 1.6.1 Project funding summary (Loan) Donor Donor Cumulative Cumulative Undrawn Undrawn name i commitmen amount amount balance to balance to t received to received to date (30 date (30 June date (30 date (30 June June 2024) 2024) _ June 2024) 2024) Background, Mandate and Governance 4 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) BACKGROUND, MANDATE AND GOVERNANCE (in (in in Frw in (in Frw) 1 respective respective respective currency)_ currency) - currency - -- - A)(}__()B IDA-WB 8,080,200,0 4,775,831,9 37,758,865,91 3,304,368,0 26,904,558,0 (JPY): 6776- 00 35 19 65 05 RW AFD 80,000,000 41,688,775. 52,271,071,6 38,311,224 53,689,412,5 (Agence 46 36 54 94 Française de Developmen t: Euro) . . . . Total 90,029,937,5 80,593,970,5 55 99 1.6.2 Project funding summary (Grant) Donor Donor Cumulati Cumulative Undrawn Undrawn nane commitment i ve amount amount balance to balance to received received to date (30 date (30 i to date (30 date (30 i June 20243) June 2024) i June June 2024) 12024) . ..... . . (in respective (in in Frw in respective (in Frw) currency) respective currency ceurrency) -- IDA D7210 54,600,000 28,219,07 30,868,655,3 26,380,926.4 45,484,674,3 (SDR) 3.541 97 6! 56 ..........- - . .97 12,221,195,0 ESMAP- 1000,000 678,886.0 i~* 753,550,868 9,213.71221150 WB 3 49 (USD): Total 31,623,432,5 57,705,869,4 97 05 Background, Mandate and Governance 5 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) STATEMENT OF MANAGEMENT RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2024 2 STATEMENT OF MANAGEMENT RESPONSIBILITIES Article 78 of the Organic Law No 002/2022 OL of 12/12/2022 on Public Finance Management requires each public sector entity to submit its annual financial statements to the Minister with a copy thereof to the Auditor General of State Finances within forty-five (45) days following the end of the fiscal year. Article 20 of the Organic Law No 002/2022 further stipulates that the Chief Budget Manager is responsible for maintaining accounts and records of the budget agency, preparing reports on budget execution, managing the financial resources for the budget agency effectively, efficiently and transparently, ensuring sound internal control systems in the budget agency and safeguarding the public property held by the budget agency. As Chief Budget Manager, I accept responsibility for the annual financial statements, which have been prepared using appropriate accounting standards applicable to Public Entities as defined by Article 99 of the Ministerial Order No001/16/10/TC of 26/01/2016 relating to financial regulations. These financial statements have been extracted from the accounting records of Energy Access and Quality Improvement Project (EAQIP) and the information provided is accurate and complete in all material respects. The financial statements also form part of the consolidated financial statements of the Government of Rwanda. In my opinion, the financial statements have been prepared in compliance with the Organic Law No 002/2022 OL of 12/12/2022 on Public Finance Management and related regulations. I confirm that Energy Access and Quality Improvement Project (EAQIP) maintained proper accounting records which can be relied upon in the preparation of financial statements. I also confirm that adequate systems of internal financial control were maintained and operated effectively during the year to safeguard the assets of the budget agency. Nothing has come to the attention of management to indicate that Energy Access and Quality Improvement Project (EAQIP) will not continue operating as a going concern for the foreseeable future. Digitally signed by EDCL(Managing Signature: -- - - -- Director)2 Date: 2024.12.31 GAKUBA Filix 19:45:17 +02'00' Managing Director/EDCL Date: -------------- Statement of Management Responsibilities 6 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 3 REPORT OF THE AUDITOR GENERAL REPORT ON THE FINANCIAL STATEMENTS Mr. GAKUBA Filix Managing Director/EDCL 3.1 Opinion As required by Article 166 of the Constitution of the Republic of Rwanda and Articles 6 and 14 of Law No 79/2013 of 11/09/2013 determining the mission, organization and functioning of the Office of the Auditor General of State Finances (OAG), I have audited the financial statements of Energy Access and Quality Improvement Project (EAQIP for the year ended 30 June 2024. These financial statements comprise the statement of financial position as at 30 June 2024, and the statement of financial performance, the statement of cash flow, the statement of changes in net assets and the statement of budget execution for the year then ended, and a summary of significant accounting policies and other explanatory notes. These financial statements are set out on pages 9 to 28. In my opinion, Energy Access and Quality Improvement Project (EAQIP) financial statements which comprise of its financial position as at 30 June 2023, its financial performance and its cash flows for the year then ended were prepared in compliance with the Ministerial Order N0 001/16/10/TC of 26/01/2016 relating to financial regulations and Organic Law N0 002/2022 OL of 12/12/2022 on Public Finance Management. 3.2 Basis for opinion I conducted the audit in accordance with the International Standards of Supreme Audit Institutions (ISSAls). My responsibilities under ISSAls are described in section 3.4 of this report. I am independent of Energy Access and Quality Improvement Project (EAQIP and have fulfilled my ethical responsibilities in accordance with the ethical requirements that are relevant to my audit of financial statements of public entities as determined by the Code of ethics for International Organisation of Supreme Audit Institutions (INTOSAI). I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. 3.3 Responsibilities of Management and those charged with governance for the Financial Statements According to Organic Law N0 002/2022 OL of 12/12/2022 on Public Finance Management, management of Energy Access and Quality Improvement Project (EAQIP) is responsible for keeping accounting records and books of account, and preparation of financial statements in accordance with the financial regulations prescribed by the Minister in Ministerial Order N0 001/16/10/TC of 26/01/2016 relating to financial regulations. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Energy Access and Quality Improvement Project (EAQIP)'s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going Office of the Auditor General of State Finances 7 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 concern basis of accounting unless Government either intends to discontinue operations of the Energy Access and Quality Improvement Project (EAQIP). Those charged with Governance of this Energy Access and Quality Improvement Project (EAQIP) are the Board of Directors of REG. They are responsible for overseeing Energy Access and Quality Improvement Project (EAQIP)'s financial reporting process. 3.4 Auditor General's responsibilities for the audit of the financial statements My objective when conducting an audit is 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 my opinion. Misstatements can arise from fraud or error and are considered material if individually or in aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these financial statements. An audit conducted in accordance with ISSAls requires an auditor to exercise professional judgment and maintain professional scepticism throughout the audit and involves: * The identification and assessment of the risks of material misstatement of the financial statements whether due to fraud or error design and perform procedures responsive to those risks and to obtain sufficient and appropriate audit evidence to provide a basis for the auditor's 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 controls. * Obtaining 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 purposes of expressing an opinion on the effectiveness of internal control. * Evaluating the appropriateness of accounting policies used the reasonableness of accounting estimates made by management. * Concluding on the appropriateness of management's 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 EAQIP's ability to continue as a going concern as well as evaluating the presentation of the financial statements. * Evaluation of the overall presentation, structure and content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieved fair presentation. KAMUHIRE Alexis AUDITOR GENERAL KIGALIo the eea . ofStat. f4 Office of the Auditor General of State Finances 8 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR TRE YEAR ENDED 30 JUNE 2024 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 4.1.STATEMENT OF FINANCIAL PERFORMANCE YEAR ENDED 30 JUNE 2024 Deseription Notes 12 months to 12 months to 30June 2024 30June 2023 Frw Frw Revenues Fines penalties and forfeits 1 17,058,973 Grants 2 21,440,129,096 6,431,265,061 Transfers from National Treasury 3 1,006,533,027 Transfer received from public debts 4 49,135,742,613 20,532,311,463 Transfers from reporting entities 5 1,145,606,963 23,090,047 Revenue from exchangel 6 16,334,980 18,791,358 transactions l Other revenue 711969122 101,496 Total revenues 719756,551,752 28,012,092,452 Expenses Goods and services 8 5,830,3 1 18 2,945,649,850 Capital expenditure 9 - 24,192,333,679 Depreciation and amortisation 10 120,794,282 expense_ .Q9Le~sp~i!es 1~.1... 30,400,03846,298 Other expenses ii i41820,980 Total expenses 5,981,707,9381 27,599,804,509 .ther gain and o0 ...... Foreign exchangegain 12 3912 1 5,229,233,530 Foreign exchange 13 (1540286 (2,139,857,69 Surplus for the period 68,147,045,598 i 3,501,663,783 The explanatory notes on pages 15 to 28 form an integral part of these financial statements. Audited Financial Statements 9 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 4.2.STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2024 Description Notes Balance as at Balance as at 30 June 2024 30 June 2023 Frw_ Frw Assets Current Assets Cash and cash equivalents 14 14,618,229,358 8,494,075,520 Receivables from exchange 1 85,669,254 2,489,343,082 transactions Prepayments and other current 17,136,214,966 18,721,874,199 assets Total current assets 31,840,113,578 29,705,292,801 Non current assets Property, Plant and Equipment 102,132,154,275 (Ppj~)17 Total assets 133,972,267,853 29,705,292,801 Equity and liabilities Currentliabilities_ - - Current accounts payable 18 13,153,283,828 i 3,829,188,554 Tax liabilities 19 1,900,304 385 i 220,352,981 NET*ASSETS -- Accumulated OpenngBalance j. 9,993,181,77 22,177,177,530 Adjustments made during thel 20 778,452,565 (23,090,047) Surpius fo the perid .- O,4705,598 3501,66 Total equity .. ... .118,918,679,4 25,65.51266 Total equity + liabilities i_____ _ 133,972,267,853 29,705,292,801 The explanatory notes on pages 15 to 28 form an integral part ofthese financial statements. Audited Financial Statements 10 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 The financial statements were approved by the management of EAQIP on and signed on its behalf by: - Egide RWEGo1 202412.31 - 1836:57 +020 Prepared by: Egide Rwego ...................... .............. Chief Accountant Signature Date ~..Egid.RWE01 Checked by: Silas MUGIRE ..........':.... .............. Senior Financial Specialist Signature Date Digitally signed by EDCL(Director of Finance) Checked by: Steven GAHAMANYI .... Fc ..e) Head of Corporate Services Signature Date Digitally signed by EDCL(Managing Director)2 Date: 2024,12.31 19:45A2 Approved by: F6lix GAKUBA ... . .** .............. Chief Budget Manager Signature Date Audited Financial Statements 11 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 4.3.STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 Description 12 months to 12 months to 30 June 2024 30June 2023 Fr Frw Cash flow from operating activities Receipts Fines penalties and forfeits 17,058,973 Grants 1 21440,129,096 6,431,265,061 Transfer reccived frompublic_debts 49,135,742,613 20,532,311,463 Transfers from National Treasury 1,006,533,027 Transfersfrom reporting entities 145,606,963 23,090,047 Revenue from exchange transactions 16,334,980 i 18,791,358 Other revenue 1,679,127 101,496 Total recei t 71,756,551,752 28,012,092,452 Payments Goods and services (5,830,513,618) (2,945,649,850) Other expenses (30,400,038) (4611820,980) Total payment (5,860,913,656) 4 470,30) Adjusted for Chivgesiblreei es 3,989,333,061 (16,048,110,847) Chgsinpayables 11,004,046,678 2,737,996,537 Prioryear adiustments 778,452,565 (23,090,047) Foreign currency exchange differences 2,372,201,784 3,089,375>836 1144034,088 _ 10,243,828,521) Net cashflows from operating activities (A) 84,039,672,184 14,360,793,101 Cash flows from investing activities Acquisition of capital_items (611,654,432) (24,192,333,675) Property,Plant and Equipment(PPE) (77,303,863,914) i Net cash flows used in investing activities (13 (77,915,518,346) (24,192,333,675) Net (Decrease)/ Inerease/in cash and cash 6,124,153,838 (9,831,540,574) eguivalents (C=A-1) Cash and cash equivalent at beginning of the 8,494,075,520 18,325,616,094 period(D) Cash and cash equivalent at the end of the 14,618,229,358 8,494,075,520 period (E) The explanatory notes on pages 15 to 28 form an integral part of these financial statements. Audited Financial Statements 12 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 4.4.STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 30 JUNE 2024 Description ACCUMULATED 1 MOVEMENT TOTAL SURPLUS DURING 2022/2023 / DEFICITI THE YEAR . 2021/2022 . . . ....2022/2023 Frwl Frw Frw Opening Balance 22,177,177,530 - 22,177,177,530 Accumulated surplus from - 3,501,663,7831 3,501,663,783 previous years -j--- Adjustments on receivables . . . . (23,090,047) (23,090,047) CHANGES IN NETI 22,177,177,530 3,478,573,7361 25,655,751,266 ASSETS ITEMS - . . .. . ACCUMULATED MOVEMENT! TOTAL SURPLUS DURING, 2023/2024 / DEFICIT! THE YEAR 2022/2023 2023/2024 Opening balances -22,177,177,530 2494,04,4347,126,262,173 Payment of capital itemns - (611,654,432) (611,654,432) Accumulated surplus/(deficit) 3,501,663,783.1 68,147,045,5981 71,648,709,381 Adjustments on Receivables . (23,090,047) - (23,090,047) Adjustments on current 778,452,565 778,452,565 liabilities. . .... . . ............. . . . . - Changes in net assets 25,655,751,266 93,262,928,374 118,918,679,640 Audited Financial Statements 13 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 4.5.STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Particular Revised Actual (Frw) Variance (Frw) Budget Budget (Frw) Performa nce A B C=A-B (B/A) *100 Revenue Fines penalties and 17,058,973 (17,058,973) forfeits Grants - 21,440,129,096 (21,440,129,096) Transfers from reporting - 1,145,606,963 (1,145,606,963) - entities. Revenue from exchange - 16,334,980 (16,334,980) transactions Other revenue -.1,679,127 (1,679,127) - Foreign exchange gain - 3,912,488,180 (3,912,488,180) - Total Revenue 26,533,297,319 -26,533,297,319 Expenses Goods and Services 6,771,324,879 5,830,513,618 940,811,261 86.1% Other expenses 92,500,000 30,400,038 62,099,962 32.9% Foreign Exchange Loss 200,000 1,540,286,396 (1,540,086,396) 770143.2% 6,864,024,879 7,401,200,052 -537,175,173 Acquisition of non current assets Acquisition of capital - -611,654,432 (611,654,432) - items Property, Plant and 76,139,628,397 77,303,863,914 (1,164,235,517) 101.5% Equipment (PPE). Net incurrence of liabilities K Transfers received 49,135,742,613 (49,135,742,613) - related to public debts Explanations of major variances: Other expenses: The variance wads due to the fact that the project had planned to pay a large amount of insurance for project vehicles but the year ended when the invoice had not been received. Hence, leading to the under-utilisation of the other expenses. Acquisition of capital items: These are reversals of capital expenditure recorded in the books of account before starting recognizing capital items as PPE. Audited Financial Statements 14 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 4.6.NOTES TO THE FINANCIAL STATEMENTS 4.6.1. Basis of Preparation a) Statement of compliance The financial statements have been prepared in accordance with the Organic Law No 002/2022 on Public Finance Management and related legal framework. These financial statements have been authorized for issue by The Chief Budget Manager F61ix GAKUBA on 14 September 20224. The financial statements have been prepared on accrual basis and the accounting policies set out on section 4.6.3 have been applied consistently in all material aspects throughout the year unless otherwise indicated. However, where appropriate and meaningful, additional information disclosed to enhance the usefulness of the financial statements and to comply with the statutory requirements or any other generally acceptable accounting standards. The presentation and classification of items in the financial statements are consistent from one period to the next and takes into consideration progressive improvements as contained in the Government of Rwanda roadmap to migrate to accrual IPSAS. In preparation of transition to full accrual IPSAS reporting, legacy assets and liabilities are recognized in the statement of financial position as at 30 June 2024 for all applicable items whose information on the amounts and basis of recognition was available. b) Reporting entity The Financial Statements have been prepared by EAQIP pursuant to Article 78 of the Organic Law No 002/2022 on Public Finance Management that requires the public entity to prepare the monthly and annual financial statements. c) Reporting periods The Government of Rwanda fiscal year runs from 1 July to 30 June. These financial statements cover the period from 1 July 2023 to 30 June 2024. The comparative figures reflect the 12 months ended 30 June 2023. d) Basis of measurement The financial statements have been prepared on the historical cost basis except otherwise stated for items measured on an alternative basis on each reporting date. e) Presentation currency The functional currency of the Government of Rwanda is the Rwandan Franc (Frw). For reporting and presentation purposes, the financial statements are translated into Rwandan Francs (Frw). The rates used to translate foreign currency balances is the average rate applicable by National Bank of Rwanda during the year. Audited Financial Statements 15 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 f) Accrual accounting transitional notes With the implementation of accrual accounting, entities will be required to account for economic events specific to their entities on an accrual accounting basis. Accrual accounting recognizes transactions when the underlying economic event occurs, not just when cash is received or paid. In accrual accounting, transactions are classified as assets, liabilities, equity, revenues or expenses. The objective of accrual accounting is to ensure that events that affect an entity's financial statements are recorded in the periods in which they occur, rather than in the periods in which the entity uses its appropriation. Accrual accounting means recognizing revenue when earned (rather than when cash is received) and recognizing expenses when incurred (rather than just when paid). g) Financial statements for year ended 30 June 2024 The financial statements are prepared based on historical costs unless otherwise stated. The cash flow statement is prepared using the direct method. The specific accounting basis for major items in the financial statements are provided under section 4.6.2 of accounting policies. Public entities shall maintain their books of account on an accrual basis of accounting. h) Comparatives Non-current assets, strategic inventories, public debt and other liabilities were part of important disclosures during the financial period ended 30th June 2023 and not recognized. No significant estimates were applied in the comparative period. The carrying amounts of the non-current assets were disclosed at acquisition cost before depreciation while the strategic inventories were disclosed at cost. Public debt and other liabilities were disclosed as per available information. 4.6.2. Significant judgments and sources of estimation of uncertainty The preparation of financial statements requires the reporting entity to make judgements, estimates and assumptions that affect the reported amounts of income, expenses, assets and liabilities, and the disclosure of contingent liabilities and contingent assets at the end of the financial year. The estimates and underlying assumptions are reviewed on an ongoing basis. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. The assumptions are based on information available at the time of the preparation of the financial statements. It should therefore be noted that actual results may differ from the assumptions stated and thus have a material impact on the financial statements. a) Judgement made in applying accounting policies Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the reporting entity financial statements is included in the respective notes where such is applicable. Judgement is applied to determine whether a property qualifies as investment property. An entity develops criteria so that it can exercise that judgement consistently. Audited Financial Statements 16 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 b) Key sources of estimation of uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are related to useful lives of plant and equipment. The costs of plant and equipment are depreciated on a straight-line basis over the assets' estimated economic useful lives. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets and hence, future depreciation charges could be revised. 4.6.3. Accounting policies a) Change in accounting policies The Government of Rwanda has elected to prepare the financial statements in accordance with the accrual basis of accounting effective 1 July 2023 and, similarly, adopted some applicable IPSAS accrual standards and interpretations issued by International Public Sector Acounting Standards Board. All changes in accounting policies have been made in accordance with the transitional provisions in the respective standards and interpretations. b) Summary of significant accounting policies The following accounting policies have been applied consistently by the entity in dealing with the items that are considered material to the financial statements for the year ended 30 June 2024. I. Revenue a) Revenue from non-exchange transactions * Fines, penalties and licenses These relate to penalties charged to suppliers delayed to deliver or to execute the contract within the agreed time. * Grants received Grants are transfers received by government units, from other resident or non-resident government units or international organizations that do not meet the definition of a tax, subsidy, or social contribution. This include current and capital transfers received from foreign Governments, international organizations and from other general government units. Grants are recognized in the books of accounts when cash is received and in case of grant in kind, such grants are recorded upon receipt of the grant item and upon determination of the value. * Transfers received from general government entities The transfers other than grant include subsidies, as well as gifts and transfers from individuals, private non-profit institutions, nongovernmental foundations, corporations, and the nature of the transfer is not such that it could be included in the other categories of transfers. Audited Financial Statements 17 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 b) Revenue from exchange transaction Other operating revenues a. Other operating revenues arise from exchange transactions in the ordinary course of the entity's activities. b. b. Revenues comprise the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of an entity's activities. c. Revenue is shown net of tax, returns, rebates and discounts. d. Other revenue/income consists of fees, fines, debt forgiveness, commissions, rentals, gains on disposal of assets, etc. II. Expenses All expenses should be reported on an accrual basis, i.e. all expenses are to be recognized in the period they are incurred or when the related services are enjoyed, irrespective of when the payment is made. * Goods and services Goods and services consist of the value of goods and services used for the production of market and nonmarket goods and services. The value of goods or services is recorded when the goods or services are actually used rather than when they were acquired or paid for. . * Capital expenditure This comprises expenditure incurred during the period where it is probable that such expenditure would lead to the acquisition, formation or construction of non-current assets and or capital formation and currently not at a stage of classification as a non-current asset or work in progress. This category of capital expenditure has been expensed during the year when it is incurred and specifically may include; 1. Categories of expenditures that are of a nature of non-current assets but cannot be recognized as such because of the threshold; 2. Expenditures contributing to capital formation but not linked to an asset i.e costs that may indirectly be attributable to assets yet to be acquired or formed; 3. Expenditures initiated by respective public entities with end result going to households with capital nature; 4. Environmental, climate related initiatives not controlled by government despite being initiated by government for the wellbeing of the community; and 5. Expenditures classified as development budget and hence capital in nature but fail to meet the test of an asset. Examples of capital expenditure items to be expensed may include cost of feasibility studies, research costs, costs incurred to plant trees, entities buying schools & health facilities, materials to be distributed in subsidiary entities, amount paid during expropriation awaiting for land transfer process, amount paid for classified items, amount on forest development and capital expenditure in sectors; health facilities; and development projects whose legacy assets are reported by line institutions. Audited Financial Statements 18 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 * Other expenses Any other expenses not part of the ones above will fall into this category and recognised in books of account as expenses when incurred. III. Assets a) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, demand deposits, cash equivalents and other highly liquid investments with an original maturity of three (3) months. Demand deposits and cash equivalents comprise balances with banks and investments in short-term money market instruments which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. Bank account balances include amounts held at the National Bank of Rwanda, foreign bank for the case of embassies and high commissions and at various commercial banks at the end of the reporting period. Cash & cash equivalent is reported under current assets in the statement of financial position. b) Receivables These receivables include the receivables from third parties and other receivables recoverable in period not exceeding 12 months. c) Prepayments and other current assets These include advances and prepayments made during the year but the service or goods are not yet consumed or received by the entity at the end of reporting period. d) Property, Plant and Equipment (PPE) All property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment losses as at 30 June 2024. When no reliable cost information is available, the fair value of these items has been determined as a proxy for cost. Historical cost includes expenditure that is directly attributable to the acquisition of the assets: (i) Amounts incurred on the purchase of such assets plus other relevant cost incidental to bringing the asset to working condition. (ii) Construction cost- including materials, labour and overheads. (iii) Improvements to existing PPE, which significantly enhance their useful life. e) Depreciation The cost of Property, Plant and Equipment is depreciated from the date they are available for use on a straight-line basis over their expected useful lives using applicable rates which are provided in asset policy and procedures. Audited Financial Statements 19 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 IV. Liabilities Current liabilities These mainly relate to invoices for goods and services which were outstanding on the date of the closure of the fiscal year. These are recognized as liabilities for that specific fiscal year. All goods received notes are recognised as liabilities if not yet paid as at the end of the period. It also includes short term borrowings received by budget agencies from Local Commercial Banks as these are not regarded as public debt. V. Other relevant information Important disclosures The following legacy non-current assets and liabilities are disclosed under the important disclosures section of the financial statements for the year ended 30th June 2024: Heritage assets that comprise memorial sites, arts and museums, monuments and statues etc. Biological assets held for Agricultural Activity and Agricultural produce and held as Property, Plant, and equipment; valuables; Natural Resources that are assets and whose values cannot be reliably valued. Non-current assets that are damaged and are awaiting auction; Fully depreciated legacy non-current assets; non-current assets under construction with no reliable cost information. Inventories that are materials and supplies, work in progress, finished goods, agricultural produce and goods held for resale. Liabilities arising from Employee benefits (long term benefits owing at year end). Provisions, Contingent Assets and Contingent Liabilities; Service concession assets and liabilities; and Leased assets and liabilities. Subsequent events There has been no events subsequent to the financial year-end with a significant impact on the financial statements for the year ended 30th June 2024. Changes in accounting policies and estimates When presentation or classification of items in the financial statements is amended or accounting policies are changed voluntarily, comparative figures have been restated to ensure consistency with the current period unless it is impracticable to do so; in this regard, such adjustments have been treated as adjustments to opening balance. Related parties The Government regards a related party as a person or an entity with the ability to exert control individually or jointly, or to exercise significant influence over it, or vice versa. Members of key management are regarded as related parties and comprise the chief budget manager and senior managers. Budget information The original budget for financial year 2023/2024 was approved by the Parliament before end of June 2023. Subsequent revisions or additional appropriations were made to the approved budget in accordance with specific approvals from the appropriate authorities. The additional Audited Financial Statements 20 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 appropriations are added to the original budget by the Government upon receiving the respective approvals in order to conclude the final budget. A comparison of budget and actual amounts, prepared on a comparable basis to the approved budget, is then presented in the statement of comparison of budget and actual amounts. * Foreign currency transactions Transactions denominated in foreign currencies are initially translated to the Rwandan Franc at the foreign exchange rate at the date of transaction. The National Bank of Rwanda provides exchange rates for major foreign currencies on a daily basis. These are presented for selling rate (rate the bank will sell foreign currency to its clients), buying rate (rate the bank will buy foreign currency from its clients) and average rate (average between the selling and buying rate). During the year, revenue items are translated using the buying rate presented at BNR website of the transaction day whereas the expense items should be translated using the selling rate presented at BNR website of the transaction day. The associated exchange losses are recorded as other expenditure while exchange gains should be recorded as other revenue. At the end of the year, book balances, Assets (such as bank and cash and accounts receivables) and liability (such as accounts payables), denominated in foreign currencies are converted into the Rwanda Franc at the average rate of exchange ruling on that closing date, as issued by the National Bank of Rwanda. The associated exchange losses/gains are recorded as expenditure/income in the books. 4.7.Note to financial statements 1. Fines, penalties and forfeits ID Description 12 months to 30 12 months to Account June 2024 30 June 2023 Frw Frw 14320 Penalties on defaulting 17,058,973 - Total 17,058,973 - 2. Grants ID Description 12 months to 30 12 months to Account June 2024 1 30 June 2023 Frw Frw 138201 Capital grants from international 21,440,129,096 6,431,265,061 -organizations Total 21,440,129,096 6,431,265,061 3. Transfers from National Treasury ID Account Description 12 months to 30 12 months to June 2024 30 June 2023 Trnser - -- - --~_Frw Frw 139101 Transfers from National Treasury - 1,006,533,023 Audited Financial Statements 21 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Total - 1,006,533,023 4. Transfer received from public debt ID Account Description 12 months to 30 12 months June 2024 to 30 June 2023 Frw ~ Frw 139214 Transfer from public debt-external 49,135,742,613 20,532,311,4 project loan 63 49,135,742,613 20,532,311,4 Total 63 5. Transfers from reporting entities ID Account Description 12 months to 30 12 months June 2024 to 30 June 2023 Frw Frw 139206 Transfers from reporting entities 1,145,606,963 23,090,047 Total 1,145,606,963 23,090,047 6. Revenue from exchange transactions ID Account Description 12 months to 30 12 months June 2024 to 30 June 2023 Frw IFrw 142201 Sale of tender documents 16,334,980 18,791,358 Total 16,334,980 18,791,358 7. Other revenue ID Account Description 12 months to 30 12 months to June 2024 30 June 2023 Frw Frw Other miscellaneous income 101,496 1451991 1,679,127 Total 101,496 1,679,127 8. Goods and services During the period of 12 months ended 30 June 2024, EAQIP consumed goods and services as detailed in the table below: Audited Financial Statements 22 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Description 12 months to 30 12 months June 2024 to 30 June Account 2023 Frw Frw 221101 Stationery and printing consumables .....................2,378,880 221102 Baverage tea and coffee54,23000 221201 Water and electricity bills 500,000 221301 Office rentals l 286,330,894 125,486,731 221303 Rent of transportation equipment 2,409,158 221402 Fax and telephe 14,088,000 5,160,000 221601 Bank charges 46,100,205 19,069,498 221602 Purchase of Cheque and Op books - 6,995- 221703 Adverts and announcements 4,968,687 1,411,444 221704 jMeetings and special assernbly costs -: 12,141,35 1 3,400,000 221705 Hire ofConference Rooms 1,085,0 221706 mSyposia, seminars and sensitizations 29,760,000 1,500,000 221708 uests Hotel Bills 6,901,698 5,022,380 222107 1126,827,20 Government projects staff remuneration 1,068,636,970 Tehnical Assistance remuneration 2,695,380,301 59 223102 International Airfares 65,174,954 38,452,066 223104 mestic Per Diems 303,796,761 173,374,029 223105 International Per Diems 98,233,672 56,323,849 223108 e and lubricant 149,908,443 63,794,500 226101 Trainers fees and expenses 85,793,433 19,872,571 224110 Maintenance and repairs of vehicles and 20,060,543 175,112 motorbikes 224111 Maintenance and/or repairs of office 1,042,898 390,000 equipment ---124643 1 6,9 227208 Curtains 124643 1&79 Total 5,830,513,618 2,945,649,85 0, 9. Capital expenditure ID Account Description 12 months to 12 months to 30 June 2024 _30 June 2023 - - - iFrw1 Frw 343209 Radio and Television sets - 11,260,036 343301 Trucks and Heavy Vehicles - - 341404 WIP - Energy Infrastructure 23,756,701,779 351101 Licences 424,371,864 Total - 24,192,333,679 Audited Financial Statements 23 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 10. Depreciation and amortization expense ID Account Description 12 months to 12 months to - 30 June 2024 30 June 2023 Frw Frw 239525 Depreciation - Road transport equipment 62,350,790 - 239541 Depreciation - Furniture and furnishings 12,045,276 - 239546 Depreciation - Computers 28,515,048 - 239547 Depreciation - Computer accessories 6,754,620 239549 Depreciation - Computer printers 11,128,548 - Total 120,794,282 11. Other expenses ID Account Description 12 months to 12 months to 30 June 2024 30 June 2023 ..-- ............. . ........ .F..r..w.... 28902 utmobleFrwFr 289102 Automobile and aircrafts insurance 19,871,344 11,682,085 285101 Miscellaneous expenses 9,894,694 8,379,994 285101 Other miscellaneous expenses 634,000 1,052,939 285116 Tax counterpart on deveopen projects - 440,705,962 Total _ 30,400,038 461,820,980 12. Foreign exchange gain This relates to the gain from exchanges and translations during the period Account Description 12 months to 12 months to ID 30 June 2024 30 June 2023 Frw Frw 145111 Gain of currency exchange and (3,912,488,180 (5,229,233,530 translations ) (3,912,488,180 (5,229,233,530 13. Foreign exchange loss This represents the loss made during currency translations Account Description 12 months to 12 months to ID 30 June 2024 30 June 2023 Frw Frw 221605 Loss on currency exchange and translations 1,540,286,396 2,139,857,694 Total 1,540,286,396 2,139,857,694 Audited Financial Statements 24 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 14. Cash and cash equivalent This note includes bank balances reconciled with the bank statements as at 30 June 2024 ID Account Curre- Description Balance as at 30 Balance as at 30 Account number ncy June 2024 June 2023 ... .. Frw Frw 311401 1000057 USD EDCL EAQIP 6,363,181,751 5,147,701,988 734 IDA designated account in USD 311402 1000058 JPY EDCL EAQIP 654,537 799,330 668 IDA designated account in JPY 311403 1000059 USD EDCL EAQIP 8,156,811,476 3,244,443,964 184 TF IDA designated in .. .USD 311405 1000058 EUR EDCL EAQIP 97,581,594 101,130,238 617 AFD project account in EUR Total 14,618,229,358 8,494,075,520 15. Receivables from exchange transactions ID Description Balance as at Balance as at Account 30 June 2024 30 June 2023 - -~ - - Frw -- _Frw 312199 Other accounts receivables 85,669,254 2,489,343,082 85,669,254 2,489,343,082 16. Prepayment and other current assets This includes payments made for goods and services not yet received or consumed by the end of the period ID Description Balance as at Balance as at Account j 30 June 2024 130 June 2023 - 17 FrWl Frw Advance payments on works contracts 17,136,214,96 118,721,874,19 31280169 17,136,214,96 18,721,874,19 61 9 17. Property, Plant and Equipment (PPE) ID Description Balance as at Balance as Account 1 30 June 2024 at 30 June . . .. . .2023 Frw Frw 371101 Road Transport Equipment 1,072,682,855 - Audited Financial Statements 25 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accumulated Depreciation - Road 371501 transport Equipment (90,095,430) Construction in Progress - Other structures 23,756,701,779 363508 (Stock) . . Construction in progress - Electricity 77,303,863,914 363502 power systems 372113 Furniture and furnishings 84,314,000 - Accumulated depreciation - Furniture and (31,116,963) - 372413 furnishings -8,400 373102 Computers 8,4,0 373103--Computer accessories 20,264,032 - 373105 Computer printers 33,385,740 j- 373402 Accumulated Depreciation - Computers (63,153,524) - - Accumulated Depreciation - Computer (15,197,895) - 373403 Accessorie Depreciation - Computer (25,039,233) ~ - 373405 printers _______Total 102,132,154,25 -______ 18. Current accounts payable ID ~ Description IBalance as atlBalance asat Account 30 June 2024~ 30 June 2023 Frw Frw 412101 Outstanding payment to suppliers -3,502,098,451 '3,827,876,679 412105 Returned paymnents -. - -606,460! - - 412108 Other accounts payable - ---_ 1,311,873 412204 Social security contributions payables j- 2 412501 Retained performance securities 9,650,78,917- ________Total 13,153,283,828 3,829,188,554 19. Tax liabilities ID Account Description Balance as at Balance as at 30 June2024' 30 June2023 Frw -Frw 412401 VAT payable (input VAT) 20,670,333 220,352,981 412402 -WHT payable 1,879,634,052 - - ________Total 1,900,304,385 220,352,981 20. Adjustments made during the period ID Description Balance as at: Balance as at Account 130 June 2024 30 June 2023 Frw - Frw Prior year errors adjustment-accounts - (23,090,047) 512102 Receivable - I 512103 Payables adjustment .778,452,565 -______ Audited Financial Statements 26 ENERGY ACCESS AND QUALITY IMPROVEMENT PROJECT (EAQIP) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Total 778,452,565 (23,090,047) 21. Payment of capital items ID Description Balance as at Balance as Account 30 June 2024 at 30 June 2023 Frw 1 Frw 511604 Machinery and equipment-reversal of 611,654,432 - -~ capital expenditure Total 611,654,432 - Audited Financial Statements 27 一