World Bank
International Development
Association (IDA)
Financial Audit Report
Implementing Agency: Organisation Of Eastern Caribbean States (OECS)
Project: Data for Decision Making Project
Grant Number: IDA E0360
Audit Period: 13 July 2022 to 30 June 2024
www.lochanco.com
Contents
Particulars Page Nos.
Acronyms & Abbreviations
Statement of Responsibility for preparation of Project Financial Statements 01
Audit opinion on the Project Financial Statements 02
Project Financial Statements 04
Statement of Sources and Uses of Funds 04
Statement of Designated Account 06
Statement of Uses of Funds by Disbursement Category 07
Statement of Project Fixed Assets 08
Statement on comparison of Budget vs. Actual expenditure 09
Notes to Special Purpose Project Financial Statements 10
Organisation of Eastern Caribbean States (OECS) Financial Audit Report - DDM
Acronyms & Abbreviations
DA Designated Account
DDM Data for Decision Making Project
IDA International Development Association
IESBA International Ethics Standards Board for Accountants
IFR Interim Financial Report
ISA International Standards on Auditing
IPSAS International Public Sector Accounting Standards
OECS Organisation Of Eastern Caribbean States
US$ United States Dollars
WB World Bank
XCD East Caribbean Currency
© Lochan & Co 2025 Privileged Information
Organisation of Eastern Caribbean States (OECS) Financial Audit Report - DDM
1. Statement of responsibility for preparation of Project Financial Statements
Project: Data for Decision Making Project (DDM)
Grant Number: E0360
Statement of Responsibility for Preparation of Project Financial Statements
Reporting Period: 13 July 2022 to 30 June 2024
We do hereby state that, in our opinion:
Statement of Sources and Uses of Funds
The Statement of Sources and Uses of Funds presents fairly, in all material respects, the financial position of the Project ‘Data for
Decision Making Project (DDM)’ implemented by the Organisation of Eastern Caribbean States (OECS) as of 30 June 2024, is in
accordance with the accounting policies and in conformity with the financing agreement signed between OECS and International
Development Association (IDA).
Statement of Uses of Funds by Disbursement Category
The Statement of Uses of Funds by Disbursement category as reported by OECS presents fairly, in all material respects, the
expenditure of USD 270,039 incurred on the Project ‘Data for Decision Making Project (DDM)’ during the period from 13 July 2023 to 30
June 2024, is in accordance with the accounting policies and in conformity with the financing agreement signed between OECS and
IDA.
Statement of Designated Account
The Statement of Designated Account presents fairly, in all material respects, the balance of cash position for the Project ‘Data for
Decision Making Project (DDM)’ of USD 805,554 as at 30 June 2024 held by the OECS, is in accordance with the accounting policies
and in conformity with the financing agreement signed between OECS and IDA.
Statement of Project Fixed Assets
The Statement of Project Fixed Assets presents fairly, in all material respects, the asset balance of the Project ‘Data for Decision
Making Project (DDM)’ implemented by the OECS amounting to USD Nil as at 30 June 2024.
Didacus Jules
(Director General)
Organisation of Eastern Caribbean States (OECS)
Date:
© Lochan & Co 2025 1 Privileged Information
Organisation of Eastern Caribbean States (OECS) Financial Audit Report - DDM
2. Audit opinion on the Project Financial Statements
Report of the Independent Auditors to Members of Organisation of Eastern Caribbean
States (OECS)
We have audited the accompanying Project Financial Statements of ‘Data for Decision
Making Project’ (“the Project”), which comprise the Statement of Sources and Uses of Funds,
Statement of Designated Account Reconciliation, Statement of Use of Funds by
Disbursement Category, List of material assets acquired or procured to date by the Project, a
comparison of budget vs. actual expenditure and Notes, comprising a summary of significant
accounting policies and other explanatory notes.
Opinion
In our opinion, the Project Financial Statements present fairly, in all material respects, the
financial position of the project ‘Data for Decision Making Project’ as executed by the
Organisation Of Eastern Caribbean States (OECS) for the period from 13 July 2022 to 30
June 2024 in conformity with International Financial Reporting Standards – Financial
Reporting under the Cash Basis of Accounting and the requirements of the OECS financial
rules & regulation and in accordance with requirements of the financing agreement between
OECS and IDA.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). We
are independent of the programme 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 these requirements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Responsibilities of the Government of Organisation of Eastern Caribbean States
(OECS) for the financial statements
The Project’s Management is responsible for the preparation and fair presentation of the
financial statements in accordance with International Financial Reporting Standards and the
requirements of its rules and regulations and the financing agreement between the
Organisation of Eastern Caribbean States (OECS) and the International Development
Association (IDA), and for such internal control as the OECS determines is necessary to
enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the OECS is responsible for assessing the program’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 OECS either intends to
liquidate the Programme or to cease operations or has no realistic alternative but to do so.
Auditors’ Responsibilities for the Audit of 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
auditors’ 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.
© Lochan & Co 2025 2 Privileged Information
Organisation of Eastern Caribbean States (OECS) Financial Audit Report - DDM
• 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 programme’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude 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 the programme’s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors’ report to the related 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 auditors’
report. However, future events or conditions may cause the programme 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.
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.
Sharad Agarwal, Partner
Membership Number: 088861
Lochan & Co
Chartered Accountants
Firm Registration Number: 008019N
UDIN: 25088861BMLHJL3772
Date: 27 February 2025
Place: Delhi (India)
© Lochan & Co 2025 3 Privileged Information
Organisation of Eastern Caribbean States (OECS) Financial Audit Report - DDM
3. Project Financial Statements
3.1 Statement of Sources and Uses of Funds
Project: Data for Decision Making Project (DDM)
Grant No. IDA E0360
Statement of Sources and Uses of Funds
Reporting Period: 13 July 2022 to 30 June 2024
(Amount in USD)
Current Period Cumulative
2022-2024 2022-2024
Source of Financing IDA E0360 Total IDA E0360 Total
RECEIPTS
World Bank
Advance to Designated Account 1,075,593 1,075,593 1,075,593 1,075,593
Direct Payment - - - -
Other disbursement Arrangements - - - -
Total Receipts (A) 1,075,593 1,075,593 1,075,593 1,075,593
EXPENDITURES
Component 3: Regional Integration 185,803 185,803 185,803 185,803
Component 4: Project Implementation 84,236 84,236 84,236 84,236
Total Expenditures (B) 270,039 270,039 270,039 270,039
RECEIPTS LESS EXPENDITURES
Net Change in Cash (A-B) 805,554 805,554 805,554 805,554
CASH BALANCES
Opening Cash Balances
Designated Account - - - -
Project Account - - - -
Total Opening Balance - - - -
Closing Cash Balances - June 30, 2024
Designated Account 743,255 743,255 743,255 743,255
Project Account 62,299 62,299 62,299 62,299
Total Closing Balance 805,554 805,554 805,554 805,554
Note: Exchange Rate used: USD 1 = XCD 2.6882
© Lochan & Co 2025 4 Privileged Information
Organisation of Eastern Caribbean States (OECS) Financial Audit Report - DDM
Didacus Jules
(Director General)
Organisation of Eastern Caribbean States (OECS)
Date:
© Lochan & Co 2025 5 Privileged Information
Organisation Of Eastern Caribbean States (OECS) Financial Audit Report - DDM
3.2 Statement of Designated Account
Project: Data for Decision Making Project
Grant Number: E0360
Designated Account Reconciliation Statement
for period ended on 30 June 2024
S. No. Description IDA E0360 Total
1 Total advanced by World Bank 1,075,593 1,075,593
2 Less: Eligible Expenditure for the Current Year Ended 30 June 105,504 105,504
2024 documented by World Bank
3 Present outstanding amount advanced to the designated 970,089 970,089
account [(1)- (2)]
4 Balance of Designated Account & Project Account per 805,554 805,554
attached bank reconciliation as of 30 June 2024
USD Designated Account - Account #6003129 743,255 743,255
XCD Operating Account - Account #6003128 62,299 62,299
5 Plus: Eligible Expenditure for the Current Year documented 164,535 164,535
after the Period End in the Application No.
6 Plus: Total Amount Withdrawn and not yet claimed - -
Reason: -
7 Plus: Amounts Claimed in Previous Applications not yet credited -
at date of Bank Statements
Application No. -
WA # XXX
WA # XXX
Subtotal of previous applications not yet credited - -
8 Less: Interest earned (cumulative from inception) - -
9 Total advance accounted for (number 4 through number 9) 970,089 970,089
10 Difference [(3) – (9)] - -
11 Explanation of any difference shown in line 10:
Note: Exchange Rate used: USD 1 = XCD 2.6882
Didacus Jules
(Director General)
Organisation of Eastern Caribbean States (OECS)
Date:
© Lochan & Co 2025 6 Privileged Information
Organisation Of Eastern Caribbean States (OECS) Financial Audit Report - DDM
3.3 Statement of Uses of Funds by Disbursement Category
Project: Data for Decision Making Project
Grant Number: E0360
Statement of Uses of Funds by Disbursement Category
Reporting Period: 13 July 2022 to 30 June 2024
E0360 (Loan)
For the period ended on 30 June 2024
(Amount in USD)
Categories Current Cumulative Total
Period Allocation
per legal
agreements*
Actual Amount Amount per Difference Comments
per IFR Client
Connection
(1) Goods, non- 209,409 209,409 95,749 113,660 USD 3,300,000
consulting 164,535 not
services, yet
consulting documente
services, Trainings d by World
and operating Bank.
costs for Part-3
(except for Parts
3.1 (ii), and 3.2)
and Part 4
(2) Goods, non- 60,630 60,630 9,755 50,875 750,000
consulting
services,
consulting
services, Trainings
and operating
costs for the
Project for Part-
3.1 (ii)
(3) Goods, non- 950,000
consulting
services,
consulting
services, Trainings
and operating
costs for the
Project for Part-
3.2
Total 270,039 270,039 105,504 164,535 5,000,000
*As per Exchange Rate Effective as on February 28, 2022 (1SDR = USD 1.395)
Didacus Jules
(Director General)
Organisation of Eastern Caribbean States (OECS)
Date:
© Lochan & Co 2025 7 Privileged Information
Organisation Of Eastern Caribbean States (OECS) Financial Audit Report - DDM
3.4 Statement of Project Fixed Assets
Project: Data for Decision Making Project
Grant Number: E0360
The PIU has purchased fixed assets during the year; however, the assets were not capitalized in the financial records. Finding has been raised for the
same in the management letter issued. (Refer Finding No. 7 of Management Letter).
Didacus Jules
(Director General)
Organisation of Eastern Caribbean States (OECS)
Date:
© Lochan & Co 2025 8 Privileged Information
Organisation Of Eastern Caribbean States (OECS) Financial Audit Report - DDM
3.5 Statement on comparison of Budget vs. Actual expenditure
Project: Data for Decision Making Project
Grant Number: E0360
Statement on Comparison of Budget vs. Actual Expenditure
Reporting Period: 13 July 2022 to 30 June 2024
Costing Dimension (Cost Grouping) Current Period Cumulative Period
Budget Actual Variance Budget Actual Variance
Component 3: 4,250,000 185,803 4,064,197 4,250,000 185,803 4,064,197
Regional Integration
Component 4: 750,000 84,236 665,764 750,000 84,236 665,764
Project Implementation
Total 5,000,000 270,039 4,729,963 5,000,000 270,039 4,729,963
Didacus Jules
(Director General)
Organisation of Eastern Caribbean States (OECS)
Date:
© Lochan & Co 2025 9 Privileged Information
Organisation Of Eastern Caribbean States (OECS) Financial Audit Report - DDM
Notes to Special Purpose Project Financial Statements
Project: Data for Decision Making Project (DDM)
Grant: E0360
Notes to Accounts
Reporting Period: 13 July 2022 to 30 June 2024
1. Background
The OECS strategic objectives require comparable data to monitor progress across member
states and to inform the formulation of regional policies. To inform regional policy making and
to monitor progress of the OECS Economic Union, both nationally and regionally, the OECS
Regional Strategy for the Development of Statistics (RSDS) (2017-2030) was adopted to
support the OECS Economic Union's development and integration agenda by formalizing,
empowering, consolidating and promoting its Regional Statistical System (RSS), such that it
can respond to the demand for relevant, high quality and Treaty-enabled data and official
statistics. The RSDS aims to determine and schedule the statistical requirements for
economic, social, human and environmental development
The OECSC’s -SSU was established in 2015 with the mandate to produce and disseminate
comparable country data and official statistics among the nine OECS member states that
form the regional statistical system. The SSU is thinly staffed to coordinate activities for the
implementation of the OECS RSDS. This strategy was developed with support from DFID,
the World Bank, and UNDP under the theme Revolutionizing Our Statistics, Developing our
Societies. The strategy focuses on five high-level strategic priorities: (i) design and formalize
the OECS Regional Statistical System; (ii) consolidate and fortify national statistical systems
(NSS); (iii) join and respond to the data revolution; (iv) extract insights and tell the stories;
and (v) trumpet and value official statistics. Implementation of the OECS RSDS is co-led by
the OECS Commission and the Eastern Caribbean Central Bank (ECCB). With only a small
team and budget, the SSU is currently constrained in advancing the RSDS strategic
priorities.
2. Project Description
The Project has 2 components:
(1) Regional Integration
(2) Project Implementation
3. 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 to all of the years presented
unless otherwise stated.
a) Basis of preparation:
These financial statements have been prepared in accordance with the International
Public Sector Accounting Standard (the "IPSAS") "Financial Reporting under the Cash
Basis of Accounting" issued by the Public Sector Committee of the International
Federation of Accountants, and incorporate the following principal accounting policies,
which have been consistently followed in all material respects and comply with the World
Bank's Financial Management Sector Board's "Guidelines: Annual Financial Reporting
and Auditing for World Bank Financed Activities" (the "WB Guidelines"). Project financing
is recognized as a source of funds when the cash is received. Project expenditures are
recognized as a use of project funds when the payments are made. The financial
statements have been prepared under the historical cost basis.
b) Statement of compliance
These special purpose project financial statements consist of:
• Statement of Sources and Uses of Funds
• Statement of Designated Reconciliation Account
• Statement of Use of Funds by Disbursement Category
© Lochan & Co 2025 10 Privileged Information
Organisation Of Eastern Caribbean States (OECS) Financial Audit Report - DDM
• Statement of Project Fixed Assets
• Statement on comparison of budget vs actual expenditure
• Notes, comprising a summary of significant accounting policies and other
explanatory notes
c) Currency
Functional and presentation currency
These financial statements are measured and expressed in United States dollars (USD),
which is the Project’s functional currency.
Transactions and balances
Transactions arising during the year and involving foreign currencies are translated into
the functional currency at a fixed exchange rate of 2.6882 East Caribbean Currency
(XCD) for USD.
d) Cash and cash equivalents
Cash and cash equivalents comprise cash at the bank. The Project maintains two
accounts: one designated account in USD and one project account in XCD.
e) Interest and other income
Interest and other income are recognized on a cash basis. However, no interest and
other income are earned and recognized during the audit period.
4. Project Financing
The cost of the project is estimated at US$ 5 million with the financers as follows IDA-Loan:
[Amount in USD (in million)]
Institution Funding Source Grant/ Loan Amount Percentage
IDA IDA E0360 Loan 5.00 100.00
Total 5.00 100.00
Funding by Component
(Amount in USD)
Component IDA E0360 Total
Sub-Component 3.1: OECS Regional Data 800,000 800,000
Governance Council
Sub-Component 3.2: Data Innovation for Small 950,000 950,000
Island Developing States
Sub-Component 3.3: Regional Technical 1,750,000 1,750,000
Assistance and Capacity Building
Sub-Component 3.4: Regional Data Aggregation, 750,000 750,000
Analysis, and Dissemination
Component 4.0: Project Implementation 750,000 750,000
Total 5,000,000 5,000,000
5. Cash
(Amount in USD)
Description As on 30 June 2024
Designated Account 743,255
Project Account 62,299
Total 805,554
© Lochan & Co 2025 11 Privileged Information
Organisation Of Eastern Caribbean States (OECS) Financial Audit Report - DDM
The Project maintains two (2) accounts held at the St. Lucia. One foreign currency (USD)
savings accounts # 6003129 denoted as ‘Designated Account’ a Demand Deposit (XCD)
account # 6003128 utilized as ‘Project Account’.
6. Fixed Assets
The PIU has purchased fixed assets during the year; however, the assets were not
capitalized in the financial records. Finding has been raised for the same in the management
letter issued. (Refer Finding No. 7 of Management Letter).
7. Payments made during reporting period against Contracts Subject to the Bank's Prior
review
No Payments made during reporting period against Contracts which were subject to the Bank's
Prior review based on the threshold limit specified in the Project Operational Manual.
8. Details of Expenditure by Category
(Amount in USD)
Component Activities 2023-2024 Cumulative
expenditure
Component 3: Sub-Component 3.1- OECS Regional Data 98,428 98,428
Regional Governance Council
Integration
Sub-Component 3.2 - Data Innovation for - -
Small Island Developing States
Sub-Component 3.3 - Regional Technical 58,953 58,953
Assistance and Capacity Building
Sub-Component 3.4 - Regional Data 28,422 28,422
Aggregation, Analysis, and Dissemination
Sub-total 185,803 185,803
Component 4: Project Implementation 84,236 84,236
Project
Implementation Sub-total 84,236 84,236
Total 270,039 270,039
© Lochan & Co 2025 12 Privileged Information