AUDITED FINANCIAL STATEMENTS OF THE FLOOD RISK MANAGEMENT PROJECT FINANCING AGREEMENTS IDA CREDIT 2. 5474-GY AND N. 6786-GY FOR THE YEAR ENDED 31 DECEMBER 2024 AUDITORS: AUDIT OFFICE OF GUYANA 63 HIGH STREET KINGSTON GEORGETOWN GUYANA. AUDITED FINANCIAL STATEMENTS OF THE FLOOD RISK MANAGEMENT PROJECT FINANCING AGREEMENTS IDA CREDIT N2 5474-GY AND JV 6786-GY FOR THE YEAR ENDED 31 DECEMBER 2024 TABLE OF CONTENTS PAGE 1 TRANSMITTAL LETTER I 2 AUDITOR'S OPINION ON THE STATEMENT OF CUMULATIVE INVESTMENTS, 2 STATEMENT OF SOURCES AND USES OF FUNDS, AND ASSET REGISTER 3 AUDITED STATEMENT OF CUMULATIVE INVESTMENTS, 4 STATEMENT OF SOURCES AND USES OF FUNDS, AND ASSET REGISTER 4 AUDITOR'S OPINION ON THE ELIGIBILITY OF EXPENDITURE 13 5 STATEMENT OF USES OF FUNDS BY PROJECT COMPONENT 15 6 AUDITOR'S OPINION ON THE DESGINATED ACCOUNT RECONCILIATION 17 7 AUDITED DESIGNATED ACCOUNT RECONCILIATION STATEMENT 19 8 AUDITOR'S OPINION ON COMPLIANCE WITH THE FINANCING AGREEMENT 20 AND THE RELEVANT LAWS AND REGULATIONS 9 COMPLIANCE WITH THE FINANCING AGREEMENT 22 10 NOTES TO THE FINANCIAL STATEMENTS 25 11 MANAGEMENT LETTER 29 12 ATTACHMENT - ENGINEER'S REPORT 14 I6 136/IDA: 15/1/2025 26 March 2025 Ms. Dacia Ferguson Permanent Secretary (ag) Ministry of Agriculture Regent and Vlissengen Roads Georgetown. Dear Ms. Ferguson, AUDIT OF THE RESOURCES MANAGED AND USED BY THE MINISTRY OF AGRICULTURE UNDER THE FLOOD RISK MANAGEMENT PROJECT FINANCING AGREEMENTS - CREDIT X2 5474-GY AND N2 6786-GY FOR THE YEAR ENDED 31 DECEMBER 2024 I forward herewith, two (2) copies of the audited financial statements for the above-mentioned Project for the year ended 31 December 2024, together with the Report of the Auditor General and Management Letter thereon. Should you need any clarification or explanation, please do not hesitate to let me know. With kind regards. Yours sincerely, Ms. Karel Canterbury Audit Manager for Auditor General 1 137/IDA: 15/1/2025 26 March 2025 Ms. Diletta Doretti MR Resident Representative for Guyana World Bank Group 87 Carmichael Street South Cumnmingsburg Georgetown Guyana. Dear Ms. Doretti, 7 AUDIT OF THE RESOURCES MANAGED AND USED_BY THE M-INISTRY OF AGRICULTURE UNDER THE FLOOD RISK MAAEENIRJCT 7 ~ ~FINANCING AGREEMENTS - CREDIT X2 5474-GY AND X2686G FOR THE YEAR ENDED 31 DECEMBER 2024 7 I fbrward herewith, one (1) copy of the audited financial statements for the above-mentioned Project for the year ended 31 December 2024, together with the Report of the Auditor General and Management Letter thereon. Should you need any clarification or explanation, please do not hesitate to let me know. 7 With kind regards. Yours sincerely, Ms. Karel Canterbury Audit Manager for Auditor General 71 AUI7FTE EORE Ut AG: 40/2025-1 '26 March 2025 REPO)RT OF THE,,AUDITOR GENERAL ON THE STATEMENT OF CUMULATIVE INVESTMENTS STATEMENT OF SOURCES AND U SES OF FUD AND THE ASSET REGISTER OF THE FLOOD RISK MANAGEMENT PROJECT FINANCING AGREEMENTS CREDIT X2 5474-GY AND &e 6786-Gy FOR THE YEAR ENDED 31 DECEMBER 2024 Opinion I have audited the Financial Statements of the Flood Risk Management Project which comprise the Statement of Cumulative Investments for the year ended 31 December 2024, the Statement of Sources and Uses of Funds and the Asset Register for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies. In my opinion, the accompanying Financial Statements of the Flood Risk Management Project for the year ended 31 December 2024 have been prepared in all material respects, in accordance with the financial reporting requirements of Section 5:09 of the General Conditions for IDA Financing: Investment Project Financing, effective 1 January 2022. Basis of Opinion I conducted my audit in accordance with International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC), the International Standards of Supreme Audit Institutions (ISSAIs) and the Audit Act 2004. My responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Project in accordance with the ethical requirements that are relevant to my audit of the Financial Statements in Guyana, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the Financial Statements in accordance with the requirements established in Section 5:09 of the General Conditions for IDA Financing: Investment Project Financing, effective 1 January 2022, and for such internal control as management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. 2 I Auditor's Responsibilities for the Audit ofthe Financial Statements My objective 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. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and ISSAls 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 my audit in accordance with ISAs and ISSAls, I exercise professional judgment and maintain professional skepticism throughout the audit. I 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 my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. I Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * 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. I 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 I identify during my audit. AUDITOR GENERAL AUDIT OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GUYANA GOVERNMENT OF GUYANA MINISTRY OF AGRICULTURE AGRICULTURE SECTOR DEVELOPMENT UNIT Name of Project: FLOOD RISK MANAGEMENT PROJECT (FRMP) IDA CREDIT NO. 5474-GY & 6786-(;Y STATEMENT OF CUMULATIVE INVESTMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Current Period Previous period as at January 2024 Cumulative as at to 31nDecember4202 Credit No. Categories 31 December 2023 31 December 2024 USS USS USS 1. Goods. works. non- consulIting serv ces. consuLtants' 5474-GY 10.6921480.54 0 10,692,48054 services. Operating Cost and Training for the Proiect 1. Goods. works. non- 6786-GY .osulting eices. coosultants 12.064.386.48 10.413.509.50 22.477,895.98 services. Operating Cost and Training for the Project rge J is . Dacia Ee o. Chief Tec ical ficer Permanent Secretar (a Ministry of Agriculture Ministry of Agriculture The accompanying notes form an integral part of these Financial Statements. Ie - � _ '=' � з , х �. � . . У_ JC l � .у. - -^ r � ьг, ьг, � �'� и � х й r'- _ .- J и ® г=; х '� „t , � � -'Э N .°� ы Г�- I ^ г .-' r .�: 1', 4. 4 ! I е � L i т. т M1 У f� ry 7,� З . � � п ,� .+. [� ! ,��';i .. �, -r т ri м .: � i � ta - s, ... н г.� . � - ;! � � Э t .. ! у _ - , v =; j � М ❑ а � i �. г.г , С I_ � :с � v� - r � 'а' �. г� `ь�� j .. � � г, _ м �, �� _ �` � z ! I^� - т гi х -�� .�С . ... / - р - S У - ` , + .t rз Р .гь .... �. i�� �г 7 ы �г г�- � � _ l-T. ` � - - ,у, - � ' - ' . ° f �г. •-Л �- 'Т� Г'� '-. �С �г� "F Г.t ^ „г � .t .п - - �: � � � N` Г '? �!� V� �гv '�' с4 м � � г�-� = � `� х � ., оо ... �. � С - - , ir. � �г чл �г� ,�. _ - `. .� -r � . , � .... �-. 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Г �., � � г lггии liи� 4��J4",. гг&п�® 1 'rAlrhn nУlГпег Ргетуlwзи�iМгrbгЧцJ � 51п:� У 11 гибшр .M1uieYt}М,Sрпгаl#ит . {,�' q з � , � � _ з д .. а : . . . . �,� � �_ � 17 AG: 40/2025-3 26 March 2025 REPORT OF THE AUDITOR GENERAL ON THE DESIGNATED ACCOUNT RECONCILIATION STATEMENT 7 AND THE PROJECT ACCOUNTS FOR THE FLOOD RISK MANAGEMENT PROJECT FINANCING AGREEMENTS CREDIT N2 5474-GY AND X2 6786-GY FOR THE YEAR ENDED 31 DECEMBER 2024 7 Opinion I have audited the Designated Account Reconciliation Statement and the Project Accounts submitted for the Flood Risk Management Project for the year ended 31 December 2024. This statement and the accounts are the responsibility of the Flood Risk Management Project. In my opinion, the Designated Account Reconciliation Statement and the Project Accounts, used for managing the funds provided by the International Development Association, present fairly, in all material respects, the availability of funds for the year ended 31 December 2024, as well as the transactions made during the same period, in accordance with the financial reporting provisions outlined in Section 5:09 of the General Conditions for IDA Financing: Investment Project Financing, effective I January 2022. Basis of Opinion I conducted my audit in accordance with International Standards on Auditing (ISAs) issued by the International Federation of Accountants (IFAC), the International Standards of Supreme Audit Institutions (ISSAls) and the Audit Act 2004. My responsibilities under those standards are further described in the Auditor's responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Project in accordance with the ethical requirements that are relevant to my audit of the Financial Statements in Guyana, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Management's Responsibili4 for the Financial Statements Management is responsible for the preparation and fair presentation of the Financial Statements in accordance with the requirements established in Section 5:09 of the General Conditions for IDA Financing: Investment Project Financing, effective I January 2022 and for such internal control as management deten-nines is necessary to enable the preparation of Financial Statements that are free 7 from material misstatement, whether due to fraud or error. 17 7 U Auditor's Responsibilities for the Audit ofthe Financial Statements My objective is to obtain reasonable assurance about whether the Financial Statements as a whole are U free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and ISSAls 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 my audit in accordance with ISAs and ISSAls, I exercise professional judgment and I maintain professional skepticism throughout the audit. I 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 my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. I * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * 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. I communicate with those charged with governance regarding, among other matters, the planned I scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. AUDITOR GENERAL 1 AUDIT OFFICE 63 HIGH STREET KINGSTON GEORGETOWN GUYANA 18 GOVEIRNMIENT OF GIT,ANA MIINISTRY OF AGRICULTURE AGRICTL'lURE SECTOR DEVEILOPNIENT NIT Nanie of Projecl: FL00D RIISK NiANAGEMENT PROJECT (FRNP1) 1DA CRE:DIT NO. 5474 - Y & 6786 - GY DESIGNATIED ACCOVNT RECONCIIATION STATEMENT AS AT 31 DECEMBER 2024 ACCOkT NUIBER:33681112 CROWNNAGENTS BANK USS USS I SS Total IDA 5474- GY IDA 6786- GY I TYI AL ADVANCID BY WORID BANK WR CUFINANCIE R) 35I1LM462,43 10.692 480 54 24.497981 89 IESS [LIGIBEF EXENLDVIVRE FOR TI Il Cl'RRFNT YEAR END1E) 3 DECEMBER 2024 DCUMIENITD BY WORLD RANK 4466.812 96 0 4.466312 % 2LESS CNIMILAIVE El IGIBLIE EXPNDNITURE FOR PRIOIR PERIODS ENDED) 31 ~ .~ 7 (L'28 4 ~ O'43I9 DEVMS E 202391 [X77ENF 1Y W0LD_AK692 480 54 9.0.19 23 PRESEN T OlST1ANDIN AMU INI AIDVANCEDTWT DEIINAT FD ACCOUINT (I -2) 10336849 7213654970 BAI ANCE (OF USD DESIGN ATEl) ACCU N AS PER BANK RiCONCILI[A TION STATEMENT AS AT PI RIOD FND 31 DECEMv1ER 2024 4 BAl ANCEF 01 PR0.ECT ACI(UN I AS PBANK RICONCILIATION STATEMENT 7 U 25.79 AM)' AT PERIMD END 31 DEC(TMIBER 202-12 87 u 20087 5PLIUS EULGIBILE EýXPENDVTIRE F1OR T IE' ClU (RNT AR DOCUýMEN l ED1 .1.6 7ýD ý6737 AFTERTHE IPER10D E-ND 31 DE-CEMBER 2(124 W1 \\N= 40 & III fi PlUIS TOTAL AMMUNT V TfH DRAWN AND NOT YFTCL,AlMi D 0 0 PlUIS AMNITNS ELAIMED IN PREVIOU APPI'ILIC'AIONS NOT YEr ICREDED 01 7 0 AT DA IE BANK ST ATEM ENTS 8 L ESS. INTER EST EARNED p i 1rr AI>VANCI A(