BELIZE SOCIAL INVESTMENT FUND Financial Statements for the Years Ended March 31, 2024 and 2023 and Independent Auditors' Report BELIZE SOCIAL INVESTMENT FUND TABLE OF CONTENTS Page Independent auditors' report on the financial statements 1-3 Statement of cumulative sources and uses of funds 4-6 Statement of cumulative investments (cost variance report) 7 Notes to the financial statements 8 - 17 Report on compliance with the terms of the contractual agreement and applicable laws 18 and regulations - BNTF 9 & 10 Compliance schedules on the examination of compliance with contractual agreements - 19 - 20 BNTF 9 Compliance schedules on the examination of compliance with contractual agreements - 21 - 23 BNTF 10 Report on compliance with the terms of the agreement and applicable laws and 24 regulations - SIF LOAN III Compliance schedules on the examination of compliance with contractual agreements - 25 - 26 SIF LOAN III Report on compliance with the terms of the agreement and applicable laws and 27 regulations - CDF Compliance schedules on the examination of compliance with contractual agreements - 28 CDF Report on compliance with the terms of the agreement and applicable laws and 29 regulations - CRESAP Compliance schedules on the examination of compliance with contractual agreements - 30 CRESAP Report on compliance with the terms of the agreement and applicable laws and 31 regulations - IDB Compliance schedules on the examination of compliance with contractual agreements - 32 - 33 IDB BELIZE SOCIAL INVESTMENT FUND TABLE OF CONTENTS (CONTINUED) Page Supplemental schedules: Schedule of project expenditures by funding source (categories) I Schedule of project expenditure by funding source (detailed) II - III World Bank/ IDB (CRIP) sources and uses of fund statements IV - V World Bank/ IDB designatied account reconciliation statement VI GOB CAP II project expenditures (detailed) VII BNTF 9 project expenditure report (detailed) VIII BNTF 10 project expenditures (detailed) IX SIF Loan III project expenditures (detailed) X World Bank- CRIP project expenditures (detailed) XI World Bank- CRESAP project expenditures (detailed) XII CDF project expenditures (detailed) XIII IDBWSRP Loan project expenditures (detailed) XIV IDBWSRP Grant project expenditures (detailed) XV Statement of cumulative investments by year (2020-2024) XVI INDEPENDENT AUDITORS’ REPORT To the Board of Directors of: BELIZE SOCIAL INVESTMENT FUND Opinion We have audited the financial statements of Belize Social Investment Fund financed with resources of Grant and Loan Contracts with the International Bank for Reconstruction and Development, the Caribbean Development Bank, the CARICOM Development Fund, and the Inter-American Development Bank and with contributions of the Government of Belize, which include the Cumulative Sources and Uses of Funds Statement and the Statement of Cumulative Investments for the year ended March 31, 2024 and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying Financial Statements of Belize Social Investment Fund for the year ended March 31, 2024 have been prepared in all material respects, in accordance with the financial reporting requirements of the respective Grant and Loan Contracts. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Belize Social Investment Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter - Basis of Accounting and Restriction on Distribution We draw attention to Note 2 to the financial statements, which describes the basis of accounting. The financial statements have been prepared to assist the Belize Social Investment Fund in accordance with the financial reporting requirements of the respective Grant and Loan Contracts. As a result, the financial statements may not be suitable for another purpose. Our report is intended only for Belize Social Investment Fund (“the Fund”), the International Bank for Reconstruction and Development, the Caribbean Development Bank, the CARICOM Development Fund, and the Inter- American Development Bank, and should not be distributed to other parties or used for any other purpose. Our opinion has not been modified in relation to this issue. hlb.bz Partners: Claude Burrell, CA, CISA, CDPSE | Giacomo Sanchez, CA 40 Central American Blvd | Belize City | Belize C.A. TEL: +501 227 3020 EMAIL: info@hlb.bz HLB Belize, LLP is an independent member of HLB, the global advisory and accounting network Management’s Responsibility Management is responsible for the preparation of these financial statements in accordance with the requirements established in the financial reporting requirements of the respective Grant and Loan Contracts. In addition, management is responsible for establishing internal controls as they determine necessary to enable the preparation of statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Fund’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 management either intends to liquidate the Fund or to cease operations or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Fund’s financial reporting process. Auditors’ Responsibilities Our objective is to obtain reasonable assurance that the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with the 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 the financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement 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; to design and perform audit procedures responsive to those risks; and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’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 Fund’s Page | 2 ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund 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 identified during the audit. Chartered Accountants Belize City, Belize September 18, 2024 Page | 3 BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA 61/BZ;NO. GA 70/BZ; LOAN NO.25/SFR-OR-BZ; CDF GRANT NO.BZE/00011; IBRD LOAN NO. 9347 -BE; IDB LOAN NO. 5735/OC-BL; IDB 5756/GR-BL STATEMENTS OF CUMULATIVE SOURCES AND USES OF FUNDS FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Cumulative Cumulative 2024 2023 2024 2023 $ $ $ $ Project Financing Government Funds: GOB-Capital III - - 16,931,880 16,931,880 Administrative Income - - 318,869 318,869 Consultancy Income - - 800 800 Reimbursement from IBRD to GOB (CAP III) - - (11,783,091) (11,783,091) Reimbursement from World Bank - - (204,706) (204,706) GOB-Capital II 1,642,620 1,642,620 32,440,317 30,797,697 Reimbursement from CDB to GOB (Cap III) BNTF 5 - - 11,023,561 11,023,561 Reimbursement from CDB to GOB (Cap III) CDB Loan - - 12,696,643 12,696,643 Reimbursement from CDB to GOB (Cap III) BNTF 6 - - 5,067,414 5,067,414 IBRD: Initial advance to Special Account - - 150,000 150,000 Reimbursement to Special Account - - 266,295 266,295 Reimbursement made to GOB - - 204,706 204,706 Reimbursement made to GOB (Cap III) BNTF 5 - - 452,774 452,774 Reimbursement made to GOB (Cap III) CDB Loan - - (13,028,380) (13,028,380) Reimbursement made to GOB (Cap III) BNTF 6 - - (5,067,414) (5,067,414) Reimbursement made to GOB (Cap II & III) BNTF 6 - - (1,134,055) (1,134,055) World Bank Loan – BMDP - - 28,871,656 28,871,656 Work Bank Loan – BMDP/CRIP Counterpart - - 1,491,724 1,491,724 PPF financing - - 1,235,569 1,235,569 Repayment to IBRD by UNICEF - - (18,790) (18,790) Japanese Grant - - 393,568 393,568 ODA - - 333,752 333,752 European Union - - 9,196,377 9,196,377 European Union Counterpart Funding - - 1,765,408 1,765,408 United Nations Children’s Fund - - 163,084 163,084 Inter-American Development Bank - - 933,801 933,801 Supplemental Loan - - 678,591 678,591 CDB/BNTF - - 1,387,076 1,387,076 PAHO/WHO - - 238,777 238,777 UK/BNTF - - 3,342,416 3,342,416 Caribbean Development Bank - CDI - - 15,318,298 15,318,298 Caribbean Development Bank – BNTF 5 Grant - - 15,038,038 15,038,038 Continued on the following page -4- BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA 61/BZ;NO. GA 70/BZ; LOAN NO.25/SFR-OR-BZ; CDF GRANT NO.BZE/00011; IBRD LOAN NO. 9347 -BE; IDB LOAN NO. 5735/OC-BL; IDB 5756/GR-BL STATEMENTS OF CUMULATIVE SOURCES AND USES OF FUNDS (CONTINUED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Cumulative Cumulative 2024 2023 2024 2023 $ $ $ $ Caribbean Development Bank – BNTF 5 Counterpart Funding - - 2,472,044 2,472,044 Caribbean Development Bank – BNTF 6 Grant - - 6,011,347 6,011,347 Caribbean Development Bank – BNTF 6 Counterpart Funding - - 1,334,996 1,334,996 Caribbean Development Bank - BNTF 7 Grant - - 11,467,601 11,467,601 Caribbean Development Bank - BNTF 7 Counterpart Funding - - 608,634 608,634 Caribbean Development Bank - BNTF 8 Grant - - 2,780,108 2,780,108 Caribbean Development Bank - BNTF 8 Counterpart Funding - - 212,881 212,881 Caricom Development Fund Grant - 798,630 1,197,870 1,197,870 Caribbean Development Bank - BNTF 9 Direct Payment - - 983,768 983,768 Caribbean Development Bank - BNTF 9 Grant - 477,536 9,245,813 9,245,813 Caribbean Development Bank - BNTF 9 Counterpart Funding - - 112,500 112,500 Caribbean Development Bank - BNTF 10 Grant 2,000,000 - 2,000,000 - Caribbean Development Bank – SIF Loan III - - 6,097,097 6,097,097 Caribbean Development Bank – CDB Loan - - 16,029,640 16,029,640 Caribbean Development Bank – CDB Loan Counterpart Funding - - 2,516,638 2,516,638 Caribbean Development Bank - CDB Loan #2 (SIF Loan II) - - 26,987,128 26,987,128 Caribbean Development Bank - CDB Loan #2 Counterpart Funding - - 2,295,537 2,295,537 Caribbean Development Bank - CDB Loan #3 (SIF Loan III) 2,030,000 4,000,000 8,032,426 6,002,426 Caribbean Development Bank - CDB Loan #3 Counterpart Funding 117,807 40,000 303,807 186,000 Caribbean Development Bank - CDB Loan #2 Direct Payment - - 380,237 380,237 World Bank - World Bank Project Preparation Facility - - 1,010,281 1,010,281 CRESAP 3,008,237 - 3,008,237 - World Bank- CRIP - - 53,295,417 53,295,417 World Bank-CRIP Direct Payment - - 4,179,152 4,179,152 Guinea Grass Project 1,300,000 - 1,300,000 - Inter-bank/Organization Transfers - - 409,391 409,391 Other Income 458,977 165,149 3,966,586 3,507,609 Total Financing 10,557,641 7,123,935 296,944,094 286,386,453 Continued on the following page -5- BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA61/BZ;NO, GA70/BZ; LOANNO.25/SFR-OR-BZ; COF GRANT NO.BZE/00011 i IBRO LOAN NO. 9347 -BE; IDB LOAN ND. 5735/DC-BL; IDB 5756/GR-BL STATEMENTS OF CUMULATIVE SOURCES AND USES OF FUNDS (CONTINUED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Cumulative Cumulative 2024 2023 2024 2023 $ $ $ $ Project expenditures; Community projects 1,532,998 3,355,880 162,835,974 161,302,976 Consultants services and training 363,205 392,790 30,511,063 30,147,858 Incremental costs 3,699,612 2,073,240 52,044,950 48,345,338 Contingency Emergency Response 41,652,906 41,652,906 Project preparation facility charges 531,568 531,568 Recovery/other expenses (11.705) 53,267 1,550,937 1,562,642 Total expenditure 5,584,110 5,875,177 289,127,398 283,543,288 Net change in cash 4,973,531 1,248,758 7,816,696 2,843,165 Beginning cash balance 2,843,165 1,594,407 Ending cash balance 7,816,696 2,843,165 7,816,696 2,843,165 The financial statements on pages 3 to 5 were approved and authorized for issue by the Board of Directors on September 18, 2024 and•, signed on its behalf by: Chairpers ard of Directors Executive Director The notes on pages 8 to 17 are an integral part of these financial statements. -6- BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA 61/BZ;NO. GA 70/BZ; LOAN NO.25/SFR-OR-BZ; CDF GRANT NO.BZE/00011; IBRD LOAN NO. 9347 -BE; IDB LOAN NO. 5735/OC-BL; IDB 5756/GR-BL STATEMENTS OF CUMULATIVE INVESTMENTS (COST VARIANCE REPORT) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) ACTUAL BUDGETED VARIANCE Cumulative Year Cumulative Cumulative Year Cumulative Cumulative Year Cumulative Investments 2023 2024 2024 2023 2024 2024 2023 2024 2024 $ $ $ $ $ $ $ $ $ Access 1,936,724 - 1,936,724 3,823,200 - 3,823,200 1,886,476 - 1,886,476 Agriculture 363,558 - 363,558 581,948 - 581,948 218,390 - 218,390 Community Markets 473,530 - 473,530 3,670,350 - 3,670,350 3,196,820 - 3,196,820 Economic Infrastructure Project 24,227,353 - 24,227,353 69,305,085 4,148,277 73,453,362 45,077,732 4,148,277 49,226,009 Education Projects 59,412,234 586,656 59,998,890 96,582,867 - 96,582,867 38,434,197 (586,656) 36,583,977 Health Projects 14,089,584 74,373 14,163,957 33,199,703 - 33,199,703 19,827,436 (74,373) 19,035,746 Housing 2,408,266 - 2,408,266 1,068,334 - 1,068,334 (1,339,932) - (1,339,932) Integrated Pilot Project 1,159,224 - 1,159,224 7,259,464 - 7,259,464 6,100,240 - 6,100,240 Maintenance 924,555 - 924,555 2,076,100 - 2,076,100 1,151,545 - 1,151,545 Microenterprise Credit Project 2,028,595 - 2,028,595 3,935,315 - 3,935,315 1,906,720 - 1,906,720 Organizational Projects 2,060,105 5,000 2,065,105 8,449,276 - 8,449,276 6,555,171 (5,000) 6,384,171 Skills Training 933,673 - 933,673 5,881,678 - 5,881,678 4,948,005 - 4,948,005 Social Services Project 7,984,020 647,046 8,631,066 19,576,816 3,000,000 22,576,816 12,392,796 2,352,954 13,945,750 Vulnerable Persons 548,042 - 548,042 1,311,167 - 1,311,167 763,125 - 763,125 Water & Sanitation 42,753,513 219,923 42,973,436 90,337,818 2,933,332 93,271,150 46,842,356 2,713,409 50,297,714 Community sub-projects 161,302,976 1,532,998 162,835,974 347,059,121 10,081,609 357,140,730 187,961,077 8,548,611 194,304,756 Institutional Support - Consultancy Services 30,147,858 363,205 30,511,063 55,735,398 1,358,000 57,093,398 25,587,540 994,795 26,582,335 Institutional Support - Operating Cost 46,517,297 2,595,971 49,113,268 52,637,377 3,515,691 56,153,068 6,120,080 919,720 7,039,800 Institutional Support - Goods 1,828,041 19,292 1,847,333 1,852,055 17,552 1,869,607 24,014 (1,740) 22,274 Investment in climate smart agriculture - 38,681 38,681 - 620,000 620,000 - 581,319 581,319 Institutional strengthening - 1,045,668 1,045,668 - 2,732,613 2,732,613 - 1,686,945 1,686,945 Incremental costs 48,345,338 3,699,612 52,044,950 54,489,432 6,885,856 61,375,288 6,144,094 3,186,244 9,330,338 BCCAT 19,067,100 - 19,067,100 - - - (19,067,100) - (19,067,100) Boost Programme 4,595,216 - 4,595,216 25,950,600 - 25,950,600 21,355,384 - 21,355,384 Agriculture Program 17,990,590 - 17,990,590 15,969,600 - 15,969,600 (2,020,990) - (2,020,990) CERC - Other - - - 26,698,048 - 26,698,048 26,698,048 - 26,698,048 Contingency Emergency Response 41,652,906 - 41,652,906 68,618,248 - 68,618,248 26,965,342 - 26,965,342 Project Preparation Facility 531,568 - 531,568 683,147 - 683,147 151,579 - 151,579 Recovery/Other Expenses 1,562,642 (11,705) 1,550,937 - - - (1,562,642) 11,705 (1,550,937) Total Investments 283,543,288 5,584,110 289,127,398 526,585,346 18,325,465 544,910,811 245,246,990 12,741,355 255,783,413 The notes on pages 8 to 17 are an integral part of these financial statements. -7- BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 1. GENERAL INFORMATION The Belize Social Investment Fund (SIF) is a statutory body established under the Social Investment Fund Act, Chapter 43 of the Laws of Belize. In accordance with the Act, SIF’s main function is to approve, subject to the availability of resources, projects and programmes and provide, either wholly or partially, financial and technical assistance to community groups with development goals, and local government organizations, for the execution of such projects or programmes which will serve to provide basic services to the most severely affected groups in the country of Belize. The main mission of SIF is to respond to the basic human needs of the poorest of the poor in Belize in an efficient, transparent and ethnically sensitive manner, utilizing an approach that is participatory, collaborative and demand-driven. SIF operates from its principal office located at 1902 Constitution Drive, Belmopan, Cayo District, Belize. SIF is funded through project grants and loans provided by the International Bank for Reconstruction and Development (IBRD) World Bank, the Caribbean Development Bank (CDB), the CARICOM Development Fund, the Government of Belize (GOB), the Inter- American Development Bank (IDB) and other International Financing Institutions (IFIs). SIF acts as the executing agency for the various projects financed by the agencies. These financial statements are prepared in accordance with the reporting requirements of the Grant and Loan Contracts with the Caribbean Development Bank, the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the Caribbean Development Fund. Unless otherwise stated, monetary amounts are stated in Belize dollars. The accounting policies outlined in Note 2 have been consistently applied to all periods presented. 2. SIGNIFICANT ACCOUNTING POLICIES SIF’s accounting and financial reporting systems seek to enable users to assess the use and availability of funds in achieving its objectives. The major accounting policies are outlined below. Basis of preparation These statements are presented in Belize dollars unless otherwise stated. They have been prepared using the cash basis of accounting in accordance with the Cash Basis International Public Sector Accounting Standards (IPSAS): Financial Reporting under the Cash Basis of Accounting issued by the International Public Sector Accounting Standards Board (IPSASB). Funds received are recognized on the value date of the deposits into SIF’s bank accounts. Expenditures are recognized when cash disbursements are made. Cash and cash equivalents Cash comprises of cash on hand and balances held on call with local financial institutions. -8- BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Foreign currencies Transactions in foreign currencies during the year have been converted at the rates ruling on the dates of the transactions. Foreign currency balances outstanding at the statement of financial position date are shown at the rates ruling on that date. Gains and losses, both realized and unrealized, are included in the statement of sources and uses of funds. 3. FINANCIAL RISK MANAGEMENT SIF is exposed to several financial risks. These include fraud risks, exchange rate risks, cash flow risks, and interest rate risks. The Board seeks to minimize potential adverse effects on the overall financial performance of the project. Risk management is executed through policies approved by the financiers and are executed by the SIF’s Management who identify and evaluate risks and establish procedures to minimize risks. Fraud risk SIF is exposed to fraud risks from employees. SIF’s management seeks to minimize these risks by internal controls, authorizations for payments, and other checks and balances. There are specific procurement processes for the acquisition of goods and services and are detailed in established operational manuals. Exchange rate risks SIF’s financing agreements are all expressed in foreign currencies. SIF takes on exposure to the effects of fluctuations in the prevailing foreign currency exchange rates. Liquidity risks The Programme takes on exposure to liquidity risk in that it relies primarily on International agencies to provide necessary funding. Liquidity risk is the risk that the SIF may not have enough cash to meet the needs of the projects and operations, or that a financier may pull out of the projects, ultimately resulting in the inability of a project to meet its objectives. SIF manages this risk by closely monitoring payments, setting budget limits and by adhering to the Work Plan created for the Projects and submitting progress reports to the financiers as required to ensure cash availability. Budget The budget is developed on the same accounting basis (cash basis), same classification and for the period as the financial statements. -9- BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 3. PROJECT STATUS AND COMMITMENTS SIF has entered into agreements to deliver specific services or goods to beneficiaries on behalf of donors. The following is a summary of the major project agreements which SIF has entered into for the years ended 31st March 2024. The significant project commitments have been detailed below and are referred to throughout these financial statements using their abbreviated titles. BASIC NEEDS TRUST FUND The office of the Basic Needs Trust Fund (BNTFO), which operated under the Ministry of National Development, was closed in Belize City in December 2001. The BNTFO was responsible for executing community sub-projects financed through the CDN’s BNTF 4 Programmed, the UK Provision for Basic Needs Programme and the GOB. The BNTF 4 Programme was completed 11th December 2002. At the time the Belize City office was closed, several community sub-projects were still being implemented. In 2002, SIF was given the responsibility for completing those community sub-projects that were under implementation and for implementing those that had already been approved. On 26th March 2002, the GOB signed a grant agreement with the CDB for US$3,254,203 to finance a Basic Needs Trust Fund 5th Programme which funds basic social infrastructural small and large sub-projects in areas such as water and sanitation, education, health, skills training, community markets, access and maintenance projects. The GOB contributed US$1,133,000 as was required under the agreement. In June 2003, GOB was granted an additional amount of US $2,006,897 by the Canadian International Development Agency to fund large sub-projects under the Basic Needs Trust Fund 5th Programme. The additional grant was approved on the terms and conditions set out in Grant Agreement No. GA 23/BZE dated 26th March 2002 between the CDB and the GOB. The BNTF 5th Programme has concluded, as such BZ$498,794 was returned to GOB in fiscal 2014. On 30th January 2009, the GOB was provided with another grant of US$3,005,596 from the Special Funds Resources of the CDB to finance the Basic Needs Trust Fund 6th Programme, which funds sub-projects focused on groups such as women, youth and poor households. GOB is also expected to contribute US$1,072,180 under the terms and conditions of Grant GA 30/BZE. The BNTF 6th Programme came to completion, and as such BZ$1,300,000 was returned to GOB in fiscal 2014. In fiscal 2015, several projects were completed under this grant, including: extension of the Corazon Creek Technical High School and the Benque Pre-school, vocational, academic, and life skills training programmers, etc. The BNTF 6 Programme closed out during the 2017 fiscal period, as such BZ$1,134,005 was returned to GOB. - 10 - BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 3. PROJECT STATUS AND COMMITMENTS (CONTINUED) BASIC NEEDS TRUST FUND (Continued) On 22nd January 2013, the GOB was provided with a grant of US$6,091,751 from the Special Funds Resources of the CDB to finance the Basic Needs Trust Fund 7th Programme, which funds sub-projects in the areas of education and human resource development, water and sanitation improvement, and basic community access and drainage improvement. The overall objective of the 7th Programme is to reduce poverty and vulnerability. GOB was also expected to contribute US$848,895, under the terms and conditions of Grant GA 42/BZE. On 13th May 2015, the GOB was provided with a grant of US$1,613,571 from the Special Funds Sources of the CDB to finance the Basic Needs Trust Fund 8th Programme, which funds sub-projects in the areas of education and human resource development, water and sanitation improvement, and basic community access and drainage improvement. The overall objective of the 8th Programme was to reduce poverty and vulnerability. GOB was expected to contribute US$80,679 under the terms and conditions of Grant GA/47 BZ. On 26th June 2017, the GOB was provided with a grant of US$4,540,000 from the Special Funds Sources of the CDB to finance the Basic Needs Trust Fund 9th Programme, which funds sub-projects in the areas of education and human resource development, livelihoods, water and sanitation systems enhancement and basic community access and drainage improvement. GOB was also expected to contribute US$654,235, under the terms and conditions of Grant /61 BZ. On 16th July 2021, the GOB was provided with a grant of US$5,031,000 from the Special Funds Sources of the CDB to finance the Basic Need Trust Fund 10th Programme, which funds sub-projects in the areas of education and human resource development, livelihoods, water and sanitation systems enhancement and basic community access and drainage improvement. The overall objective of BNTF 10 is to reduce the incidence of poverty in low- income vulnerable communities. GOB was expected to contribute US$712,460, under the terms and conditions of the Grant /70BZ. CARIBBEAN DEVELOPMENT BANK LOAN (SIF LOAN 1) On 1st March 2004, the GOB entered into a loan agreement with the CDB for funds totaling US$7,073,000 (Loan NO. 15 SFR-OR-BZE). The terminal Disbursement Date of this loan agreement was 30th September 2013. - 11 - BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 3. PROJECT STATUS AND COMMITMENTS (CONTINUED) These funds were used for social and economic infrastructure, social services and organizational strengthening sub-projects aimed at reducing poverty in Belize and for the institutional support of SIF. CDB Projects included: Rudimentary Water Systems in Maya Center/Kendall, Sundaywood, San Antonio, Buena Vista, Blackman Eddy/Ontario, Santana/Corozalito; Resource/Library and/or IT Centers in San Ignacio, Esperanza, Santa Clara/San Roman, Guinea Grass, Gracie Rock, San Joaquin, San Jose Succotz; Trial Farm Drainage Project (Phase 1); Mopan Health Clinic (Phase 2) and San Pedro Columbia Health Center; St. Ann’s Women’s Group; Queen Square Market; small infrastructural projects at Roaring Creek, Nazarene School and other schools throughout the country. No new projects were initiated since 2013 as loan funds have now been disbursed and projects completed. The CDB Loan #1 has closed out, as such BZ4,334,374 was returned to GOB in fiscal 2014. CARIBBEAN DEVELOPMENT BANK LOAN (SIF LOAN II) The GOB entered into a loan agreement with the CDB for funds totaling US$15,000,000 (Loan No. 19/SFR-OR-BZE) on 16th November 2011 (SIF Loan II). The funds are earmarked for projects in six main categories including water and sanitation, health, economic/other infrastructure, education, social services and organizational strengthening. The period of disbursement is up to 30th September 2015. The borrower is expected to contribute not less than BZ$3,597,000. Projects initiated, completed, or near completion under the SIF Loan II in 2015 include: substitution, rehabilitation and/or extension of the All Saints Primary School, Orange Walk Technical High School, Chan Pine Ridge Water and Sanitation Project, San Carlos/ Indian Church Water System Project, Sarteneja Water and Sanitation Project, Arenal Resource Center Project, Buttonwood Bay Drainage Construction Project, Arms of Love Preschool, Santa ANA Water and Sanitation Project and Samuel Haynes institute of Excellence Extension. The Terminal Disbursement Date (TDD) was extended to 31st March 2017. The Caribbean Development Bank (SDB) granted a second extension to March 2018. The terminal disbursement date was extended to 31 July 2018 as per CDB letter ref: 27/19/405. CARIBBEAN DEVELOPMENT BANK LOAN (SIF LOAN III) The GOB entered into a loan agreement with the CDB for funds totaling US$10,000,000 (Loan No. 25/SFR-OR-BZE) on 8th June 2017 (SIF Loan III). The funds are earmarked for projects in five main categories including education, water and sanitation, health, social services, and organizational strengthening. The borrower is expected to contribute in counterpart funding US $2,518,000. The terminal Disbursement Date (TDD) for SIF Loan III has been extended to December 2022. - 12 - BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 3. PROJECT STATUS AND COMMITMENTS (CONTINUED) COMMONWEALTH DEBT INITIATIVE In December 2002, SIF received funding under the UK Debt Relief Programme (Commonwealth Debt Initiative) and commenced implementation of community sub-projects in 2003. Additional funds were granted thereafter. Some of the projects funded by CDI include: Gulisi Community Primary School, San Roman Preschool, Stann Creek Ecumenical Junior College, Placencia Preschool, installation of water facilities in several villages – Santana, Corozalito, and Saint Ann’s, electrification projects in Cayo North East and Maya Mopan village, the Bradley’s Bank Electrification project, etc. In 2015, SIF facilitated the procurement of furniture and computers for the Belmopan Methodist High School with CDI funding. In 2016, some of the sub-projects funded include Kuxlin Ha and Golden Haven Rest House Electrical works and Trinity Methodist School Bathroom Rehabilitation. EUROPEAN UNION (BANANA SUPPORT PROGRAMME) The European Union (EU) entered into a comprehensive development project agreement with SIF aimed at alleviating poverty and improving the living conditions of select rural communities in the banana-producing areas of Belize through the improvement of primary education and other water and sanitation infrastructure. The EU provided a grant of €1,840,608.90. Projects funded under this grant include: United Community Primary School Extension Project, Cowpen/Garage Rudimentary Water System Construction Project, San Juan Satellite Health Center Extension Project, and the Independence Primary School Extension Project. The implementation period for this agreement ended on 30th April 2008. EUROPEAN UNION: POVERTY ALLEVIATION In June 1999, the European Union entered into a comprehensive development project agreement with SIF to alleviate poverty and improve the living conditions of the most vulnerable groups in Belize. This included improving primary education and training center facilities and supporting small scale productive projects in the proposal communities by enabling access to a micro-enterprise credit scheme. The project was completed 31st December 2002. The total funding was 1,600,000 Million European Currency Units (MECU) of which 400.00 MECU was slated for the education component and 1,200,000 MECU for the micro- enterprise credit project: The main results of the project were: 1. Eight primary schools and training centers rehabilitated and functioning. 2. Micro-entrepreneurs had access to over 2,250 short and medium term loans. 3. Family income was expected to increase by 40% to 60% for participating entrepreneurs. 4. The lasting effect of Belizean Micro-Finance Institutions and Training Centers. - 13 - BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 3. PROJECT STATUS AND COMMITMENTS (CONTINUED) On 21st December 2007, an agreement was signed between the Ministry of Economic Development (MED) and the EU for the implementation of Emergency Reconstruction after Hurricane Dean in Belize. The total cost of the action eligible for financing by the European Union was estimated at €600,000. The project aimed to reduce poverty by mitigating the vulnerability of poor rural families affected by Hurricane Dean and rehabilitating the rural productive sector, thereby contributing to increased income, employment and livelihood options. The project has now come to an end. On 15th May 2009, an agreement was signed between the MED and the EU for €483,181.81 to implement a water system for Crooked Tree Village in order to improve the living and working conditions of residents of this poor community by providing a reliable, potable, safe and year-round water supply to Crooked Tree Village. The project has now come to an end. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD) In 2001, a supplementary Loan (No. 4141-2 BEL) of US$1,400,000 was secured under the “Agreement Amending the Loan Agreement.” This second agreement amends the first and is inclusively repayable in twenty-three semi-annual installments of US$60,000 on 15th May and 15th November of each year, commencing 15th November 2006 and ending 15th May 2018, with final payment of US$20,000. Interest will be charged on the principal amount withdrawn and outstanding from time to time at a rate of three-fourths of one percent, while the first loan shall accrue interest at one-half of one percent annually. Projects were executed by SIF, an independent executing agency who reported to the World Bank and the GOB. GOB was directly responsible for the overall SIF promotion, coordination, appraisal, financing, supervision, execution and completion of community projects. SIF was also responsible for the preparation and submission of quarterly financial reports to the World Bank. The project was completed in March 2003. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (BMDP PROJECT) On 2nd December 2011, Loan Number 7958-BZ was executed between GOB and IBRD for US$15,000,000 to improve access to basic municipal infrastructure and to enhance the service delivery and municipal management in selected towns. The Belize Municipal Development Project (BMDP) is designed into 3 categories: municipal infrastructure investments, technical assistance and capacity building for TCC’S MLLGRD and MNRE, and project management. Prior to the signing of said loan, the IBRD provided an advance facility in respect of the loan agreement of up to US$800,000 (Project Preparation Advance No. IBRD P4520-001 agreement signed on 16th July 2009 between the GOB and IBRD). - 14 - BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 3. PROJECT STATUS AND COMMITMENTS (CONTINUED) The advanced facility was used in 2011 for the preparation of a project designed to improve municipal service delivery and its sustainability in up to nine selected municipalities (San Ignacio/Santa Elena, Belmopan City, Benque Viejo Del Carmen, Dangriga, Punta Gorda, Corozal and Orange Walk), including consultancies on traffic management, municipal finance and revenue enhancement, participatory investment planning and municipal development strategies, and workshops on municipal capacity building, social assessment. Projects undertaken include civil works in seven of the municipalities, rehabilitation of the Punta Gorda Town Council, refurbishment and extension of the Dangriga Market, finance management capacity building, engineering services for technical supervision, etc. In 2014, several consultancies were initiated including: Preparation of the Physical Assets Maintenance Plan, Municipal Growth Plans for the various municipalities Preparation of Designs, Technical specifications, and cost estimates for the rehabilitation of streets in the various municipalities (Phase 2). In 2015, works on the Dangriga Market, Orange Walk Town Park, and Phase 1 streets in the various municipalities were completed; Preparation of Designs, Technical specifications, and cost estimates for the rehabilitation of streets in the various municipalities (Phase 2) and the Centennial Park in Benque Viejo were also completed. The remaining sub-projects under Phase 2 are expected to commence in fiscal 2016. The Terminal Disbursement Date was extended to 30th November 2016. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (CRIP PROJECT) On 18th July 2013, the World Bank and GOB signed an Advance Agreement for the preparation of the Proposed Climate Resilient Infrastructure Project (CRIP), Project Preparation Facility No. P4680-BZ. The World Bank provided GOB with PPF advance of US$1,500,000. On 3rd February 2015, an agreement was signed between the Government of Belize and the International Bank for Reconstruction and Development for a loan of USD30,000,000 to finance the Climate Resilient Infrastructure Project (CRIP). The purpose of the project was to enhance the resilience of road infrastructure against flood risk and impacts of climate change; and to improve the Borrower’s capacity to respond promptly and effectively in an eligible crisis of emergency. In March 2020 however, GOB made request to the IBRD to trigger the Contingent Emergency Response Component of the CRIP, to assist with alleviating the negative effects brought about by the COVID-19 pandemic. Consequently, The Government of Belize with approval from the World Bank did a restructuring of the Project and reallocated an amount of USD 19,511,524 from Category 1 and Category 2 of the Project to Category 4. The revised closing date was 30th August 2021. The project is now complete. - 15 - BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 3. PROJECT STATUS AND COMMITMENTS (CONTINUED) The following table shows the allocation of funds after the restructuring of the Project: Category Description Amount of Loan Percentage of Expenditures to Allocated (USD) be financed (inclusive of taxes) Category 1 $ 2,570,856.28 100% Category 2 4,342,619.72 100% Category 3 2,000,000.00 100% Category 4 20,511,524.00 100% PPF Financing 500,000.00 Front End Fee 75,000.00 Total $ 30,000,000.00 CARICOM DEVELOPMENT FUND (CDF) On 16th July 2020, an agreement was signed between CARICOM Development Fund and GOB effecting the award of a grant to assist in the financing of a project entitled “the Upgrade of the Rudimentary Water System”. The total amount awarded under the grant is USD800,000. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (CRESAP PROJECT) On 21st June 2022, an agreement was entered into between the International Bank for Reconstruction and Development and the Ministry of Finance and Economic Development and Investment for a loan totaling 25,000,000 to assist in the financing of the Climate Resilient and Sustainable Agriculture Project (CRESAP). The objective of this project is (i) to increase agricultural activity and the adoption of climate-smart agricultural approaches among Project Beneficiaries: and (ii) respond effectively to an Eligible Crisis or Emergency event. INTER-AMERICAN DEVELOPMENT BANK (WATER AND SANITATION PROGRAM) On November 16, 2023, an agreement was entered into between the Inter-American Development Bank and the Ministry of Finance and Economic Development and Investment for a loan totaling USD 4,000,000 to assist in the financing of the Water and Sanitation Program for Rural Areas. The Program also includes resources from the non-reimbursable Investment Financing Agreement No. 5756/GR-BL for up to USD 640,000. The general objective of the Program is to contribute to improving the quality of water services in Belize's rural areas through the following specific objectives: (a) improving the drinkability of water in rural areas; and (b) strengthening the Financial Management of Village Water Boards (VWB) and the institutional capacity of Belize's water sector. The Last Disbursement Date is November 16th, 2027. - 16 - BELIZE SOCIAL INVESTMENT FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) 4. CASH 2024 2023 SIF – Caricom Development Fund $ 467,197 $ 698,777 SIF – Government of Belize counterpart 671,399 232,698 SIF – Basic Needs Trust Fund 9 Counterpart 467,084 382,546 CDB – Basic Needs Trust Fund 9 - 1,403 CDB – Basic Needs Trust Fund 10 1,668,873 105 CDB – SIF LOAN III 1,455,443 1,043,486 WORLD BANK – CRIP counterpart 99,774 99,864 SIF – Operating account 1,812,941 384,286 IBRD - CRESAP 1,173,807 - IDB Grant - Water and Sanitation Fund 89 - IDB Loan - Water and Sanitation Fund 89 - $ 7,816,696 $ 2,843,165 5. TAXATION Under the Social Investment Fund Act, Chapter 43 of Laws of Belize, Revised Edition 2020, SIF is exempt from taxes on income and property assessed under the Income and Business Tax Act. All instruments executed by or on behalf of SIF are also exempted from stamp duty. General Sales Tax of 12.5% is a tax on consumer spending that is collected at the point of sale of a business’ good or service. SIF pays General Sales Tax as a normal consumer. Projects whose agreement indicates identifiable taxes are not allowed are registered with the Belize Tax Service and excluded from paying General Sales Tax. - 17 - INDEPENDENT AUDITORS’ REPORT To: BASIC NEEDS TRUST FUND PROGRAMME We have audited the Cumulative Sources and Uses of Funds Statement and Statement of Cumulative Investment for Belize Social Investment Fund (“the Fund”) for the year ended March 31, 2024, entered into by the International Bank for Reconstruction and Development, the Caribbean Development Bank, the CARICOM Development Fund, and the Inter-American Development Bank and the Government of Belize. In relation to our audit, we determined compliance with most financial and accounting contractual clauses and articles within the Special Conditions and General Conditions of Basic Needs Trust Fund Programme (“BNTF”) 9th and 10th Grant Agreements, and compliance with the applicable provisions of the SIF’s Operating Regulations as of March 31, 2024. We have examined the Special Conditions described in Section 3 and 5 of the BNTF’s Operational Manual. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the Fund has complied with the pertinent loan contractual clauses, applicable laws and regulations and the provisions contained in the BNTF Operations Manual. The audit also includes examining, on a test basis, the appropriate evidence. We believe that our audit provides a reasonable basis for our opinion. In our opinion, for the year ended March 31, 2024 the Fund complied in all material respects with the financial and accounting contractual clauses of the BNTF’s Grant Agreements, and with all applicable laws and regulations and the Operating Regulations of the Fund. Chartered Accountants Belize City, Belize September 18, 2024 hlb.bz Partners: Claude Burrell, CA, CISA, CDPSE | Giacomo Sanchez, CA 40 Central American Blvd | Belize City | Belize C.A. TEL: +501 227 3020 EMAIL: info@hlb.bz HLB Belize, LLP is an independent member of HLB, the global advisory and accounting network BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BASIC NEEDS TRUST FUND 9TH PROGRAMME (CDB GRANT NUMBER GA 61/BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION (SIF STATUS SECTION BNTF OPERATION MANUAL) Conditions precedent to first disbursement Article IV, Section Authorized signatories for applications for payments. Compliant 4.01 (i) Section 4.01 (ii) Account has been maintained; Compliant Section 4.01 (iii) Executing Agency has been maintained; and Compliant Section 4.01 (iv) Oversight Entity has been maintained. Compliant Particular conditions Article V, Section maintain an account at a commercial bank or other Compliant 5.01 d (i) institution, acceptable to the Bank, through which all activities under the Project, and only such activities will be financed; Section The following represents the minimum staff component Compliant 5.01 d (ii) of the BNTFO: a) Project Manager b) Administrative/Accounting Officer (AO) c) Community Liaison Officer (CLO) d) Monitoring and evaluation officer (M&E Officer) e) Project engineer (PE) Section by August 31, 2017, or such later date as the Bank may Compliant, Ref. 5.01 d (iii) specify in writing, prepare and adopt the CPF in 27/2/81/1 accordance with the guidelines set out in Schedule 15, in form and substance acceptable to the Bank; Section Mid-Term Evaluation. (a) The Executing Agency shall by Completed 5.05 March 31, 2019, or such later date as the Bank may September 2019 specify in writing, facilitate and make all necessary arrangements in consultation with the Bank for an MTE of BNTF 9 and the Project to be conducted by independent consultants. Section The Beneficiary shall contribute to the Project an amount Compliant 5.06 b of not less than the equivalent of six hundred and fifty- four thousand two hundred and thirty-five United States dollars (USD654,235), which shall be paid into the Account in the instalments and by the dates set out in the Financing Plan. - 19 - BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BASIC NEEDS TRUST FUND 9TH PROGRAMME (CDB GRANT NUMBER GA 61/BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIRMENTS OF ARTICLE AND SECTION STATUS SECTION Article V, Section 5.07 Reporting requirement as per Schedule 10 Country Policy Framework (CPF) Compliant, Ref. 27/2/81/1 Sector Portfolio of sub-projects Compliant, Ref. 27/2/81/1 Sub-project Monitoring Reports (SPMR) Compliant Minutes of OE meetings Compliant Status of Portfolio by Sector Compliant - Reports are submitted monthly Annual Work Plan and Budget (AWPB) TDD 30TH June 2022 Annual Project Performance Report (APPR) TDD 30TH June 2022 Sub-project Completion Report (SPCR) TDD 30TH June 2022 Financial Audit Compliant Performance Audit SIF receives financial audits Environmental Performance Report Compliant Mid-Term Evaluation (MTE) Completed September 2019. Article V, Section 5.07 Reporting requirement as per Schedule 10 Country Project Completion Report (CPCR) Submitted 15th June 2022 Programme Closing Report (PCR) This is a CDB activity Article IV, Section 4 Conditions precedent to first disbursement for each sub-project Sections 4.02, 4.03 Sub-project profile in accordance with the format set out Compliant in the Operations Manual, and approved by th e Oversight Entity. - 20 - BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BASIC NEEDS TRUST FUND 10TH PROGRAMME (CDB GRANT NUMBER GA 70/BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION Conditions precedent to first disbursement Article IV, Section In addition to the requirements of paragraph (a) of Compliant - Letter dated 4.01 (i) section 5.01 of the General Provision: 23rd August 2021 the EA has been assigned implementation responsibility for the Project; and Article IV,Section OE has been assigned the oversight responsibilities Compliant - Letter dated 4.01 (ii) set out in Appendix 4.12 to Schedule 3. 23rd August 2021 Conditions Precedent to Disbursement with respect to each sub-project Article IV, Section the Executing Agency shall have furnished to the EHRD Sector Portfolio 1 4.02 (i) Bank, evidence acceptable to the Bank, that the sub- Submitted 9th September project has been prepared in accordance with the 2022 format set out in the OM and approved by OE; and WSSE Sector Portfolio 1 Submitted 9th September 2022 EHRD 2 sub-Project proposals Submitted 28th November 2022 and was substituted by way of an addendum to the EHRD#1 and approved on 19th December 2023 Article IV, Section the Bank shall have given its prior written approval of EHRD Sector Portfolio 1 4.02 (ii) such sub-project proposal. Submitted 3rd January 2023 WSSE Sector Portfolio approved 13th December 2023 - 21 - BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BASIC NEEDS TRUST FUND 10TH PROGRAMME (CDB GRANT NUMBER GA 70/BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION Conditions Precedent to Disbursement with respect to each sub-project to each Sub-project Co-financed by an Eligible Partner Article IV, Section The Bank shall be obliged to make the first Not applicable 4.03 disbursement in respect of each Sub-project co- financed by an Eligible Partner until the beneficiary has submitted to the bank, a copy of a fully executed agreement made between the Beneficiary and/or the executing Agency and the Eligible Partner, in form and substance satisfactory to the Bank, of the eligible Partner's agreement to assist in financing the sub- project and the details of such assistance. Article V, Section Project Management 5.02 Article V, Section The Executive Agency Shall, during the lifetime of the M&E Officer resigned in 5.02 (a) Project, maintain staff consisting of a PM, CLO, AO, April 2023. Procurement M&E Officer and PE, with qualification and experience process is still ongoing acceptable to the Bank. Article V, Section Except as the Bank may otherwise agree, the Compliant 5.02 (b) Beneficiary shall, during the lifetime of the project maintain the OE with the composition and functions set out in Appendix 4.12 to Schedule 3, or such other composition as may be acceptable to the Bank. General Provisions - as modified in Schedule 2 Article V, Section The Beneficiary shall by the date referred to in section Compliant 5.01 7.03(i) furnish or cause to be furnished to the Bank evidence acceptable to the Bank evidence acceptable to the Bank, that the Beneficiary and the Executing Agency have each authorized one or more persons to the Grant Agreement, including (in the case of the Executing Agency) signing requests for disbursement in accordance with section 3.07, and the authenticated specimen signature of such person or persons." - 22 - BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BELIZE SOCIAL INVESTMENT FUND LOAN III (CDB LOAN NUMBER 25/SFR-OR-BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION S6.08 Reporting Requirements Compliant Monthly Progress Report on status of sub-project portfolio: (a) requests received; (b) sub-projects being appraised; (c) sub-projects approved; (d) sub-projects in implementation including start and end dates; (e) sub-projects completed; (f) sub-projects suspended/cancelled; and (g) sub-projects by disctrict and poverty classification (quintiles 1-5). Schedule of Allocated amounts, Approved Amounts, Compliant Contract Amounts, Uncommitted Amounts, Cumulative Commitments No of beneficiaries by Category, District, Poverty Index. Compliant Copy of Annual Work Plan and Budget. Non-Compliant. These reports were not being submitted as required. Financial Audit. Compliant Consultants' Report on institutional strengthening, TA and Compliant training activities. M&E Progress Report Non-Compliant due to vacant post of M&E Officer PCR prepared by PC and PM. Due within three months after the completion of the last components of the sub-projects. Annual Environmental Performance Report Non-Compliant. The report was not being submitted as required. Mid-Term Review Joint review conducted during July 2019 CDB's PCR. Due within 6 months of the project completion - 26 - BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BASIC NEEDS TRUST FUND 10TH PROGRAMME (CDB GRANT NUMBER GA 70/BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION Article V, Section Mid-Term Evaluation Article V, Section by October 31, 2022 and October 1, 2024 Due 1st October 2024. 5.05 (iv) respectively, or such later date(s) as the Bank may specify in writing, submit to the Bank an Environmental and Social Review Procedures (ESRP), in form and substance acceptable to the Bank, which provides a summary of the environmental performance of sub-projects under implementation; and Article V, Section Mid-Term Evaluation Article V, Section The Executing Agency shall by April 27, 2023 or such Report completed but 5.06 (a) later date as the Bank may agree, facilitate and make unable to share a copy. all necessary arrangements in consultation with the Bank for an MTE of the BNTF 10 Programme and the Project to be conducted by independent consultants. Article V, Section The Beneficiary and the Executing Agency shall Ongoing 5.06 (b) ensure that the recommendations resulting from the MTE, acceptable to the Bank, are implemented within a time frame acceptable to the Bank. REPORTING SCHEDULE Appendix 4.9 Country Policy Framework Approved as per letter dated 23rd March 2022 - 23 - INDEPENDENT AUDITORS’ REPORT To: CARIBBEAN DEVELOPMENT BANK We have audited the Cumulative Sources and Uses of Funds Statement and Statement of Cumulative Investment for Belize Social Investment Fund (“the Fund”) for the year ended March 31, 2024, entered into by the International Bank for Reconstruction and Development, the Caribbean Development Bank, the CARICOM Development Fund, and the Inter-American Development Bank and the Government of Belize. In relation to our audit, we determined compliance with applicable financial and accounting contractual clauses and articles within the Special Conditions and General Conditions of CDB Loan Number 25/SFR-OR-BZ and compliance with the applicable provisions of the Fund’s Operating Regulations as of March 31, 2024. We have examined the Special Conditions described in the loan agreement. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the Fund has complied with the pertinent loan contractual clauses, applicable laws and regulations and the provisions contained in the loan agreement. The audit also includes examining, on a test basis, the appropriate evidence. We believe that our audit provides a reasonable basis for our opinion. In our opinion, for the year ended March 31, 2024 the Fund complied in all material respects with the financial and accounting contractual clauses of the loan agreement, and with all applicable laws and regulations and the Operating Regulations of the Fund. Chartered Accountants Belize City, Belize September 18, 2024 hlb.bz Partners: Claude Burrell, CA, CISA, CDPSE | Giacomo Sanchez, CA 40 Central American Blvd | Belize City | Belize C.A. TEL: +501 227 3020 EMAIL: info@hlb.bz HLB Belize, LLP is an independent member of HLB, the global advisory and accounting network BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BELIZE SOCIAL INVESTMENT FUND LOAN III (CDB LOAN NUMBER 25/SFR-OR-BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION (SIFBNTF OPERATION MANUAL) Article V Conditions Precedent to first Disbursement S 5.01 Establish special bank account at commercial bank Compliant acceptable to CDB. Create and fill two additional positions (1 engineer and 1 Compliant social development officer). Other conditions Article IV, S 4.01 Withdrawal and application of loan Compliant Article IV, S 4.03 Procurement Plan Compliant Article VI Particular conditions Article VI S 6.01 Execution of the Project (Staffing) Compliant Article VI S 6.07 Community Needs and Assets and Assets Assessment. Compliant The Executing agency shall include in the the CNAA an Analysis of the institutional capacity of financial arrangements of line ministries and sponsors, and their ability to operate and maintaine investments; social and gender considerations. Article VI S 6.08 Grievance Redress Mechanism. The Executing Agency Compliant shall, by December 31, 2017 or such later date as the Bank may specify in writing, put in place a grievance redress mechanism to receive and facilitate resolution of the affected communities' concerns and complaints about environmental and social performance that may arise during sub-project implementation. Article VI S 6.09 Climate Change Resilience. The Executing Agency shall Integrated in integrate CC resilience into its operations in accordance environmental with guidance set out at schedule 11. screening checklist A Quarterly Report on Investment Costs in form attached at Compliant Article VI S6.12 Schedule 12 and substance acceptable to the Bank; and - 25 - BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT BELIZE SOCIAL INVESTMENT FUND LOAN III (CDB LOAN NUMBER 25/SFR-OR-BZ) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION S6.12 Reporting Requirements Compliant Monthly Progress Report on status of sub-project portfolio: (a) requests received; (b) sub-projects being appraised; (c) sub-projects approved; (d) sub-projects in implementation including start and end dates; (e) sub-projects completed; (f) sub-projects suspended/cancelled; and (g) sub-projects by disctrict and poverty classification (quintiles 1-5). Schedule of Allocated amounts, Approved Amounts, Compliant Contract Amounts, Uncommitted Amounts, Cumulative Commitments No of beneficiaries by Category, District, Poverty Index. Compliant Copy of Annual Work Plan and Budget. Non-Compliant. These reports were not being submitted as required. Financial Audit. Compliant Consultants' Report on institutional strengthening, TA and Compliant training activities. M&E Progress Report Non-Compliant due to vacant post of M&E Officer PCR prepared by PC and PM. Due within three months after the completion of the last components of the sub-projects. Annual Environmental Performance Report Non-Compliant. The report was not being submitted as required. Mid-Term Review Joint review conducted during July 2019 CDB's PCR. Due within 6 months of the project completion - 26 - INDEPENDENT AUDITORS’ REPORT To: CARICOM DEVELOPMENT FUND We have audited the Cumulative Sources and Uses of Funds Statement and Statement of Cumulative Investment for Belize Social Investment Fund (“the Fund”) for the year ended March 31, 2024, entered into by the International Bank for Reconstruction and Development, the Caribbean Development Bank, the CARICOM Development Fund, and the Inter-American Development Bank and the Government of Belize. In relation to our audit, we determined compliance with applicable financial and accounting contractual clauses and articles within the Special Conditions and General Conditions of CDF Grant Number BZE/00011 and compliance with the applicable provisions of the Fund’s Operating Regulations as of March 31, 2024. We have examined the Special Conditions described in the grant agreement. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the Fund has complied with the pertinent loan contractual clauses, applicable laws and regulations and the provisions contained in the grant agreement. The audit also includes examining, on a test basis, the appropriate evidence. We believe that our audit provides a reasonable basis for our opinion. In our opinion, for the year ended March 31, 2024 the Fund complied in all material respects with the financial and accounting contractual clauses of the grant agreement, and with all applicable laws and regulations and the Operating Regulations of the Fund. Chartered Accountants Belize City, Belize September 18, 2024 hlb.bz Partners: Claude Burrell, CA, CISA, CDPSE | Giacomo Sanchez, CA 40 Central American Blvd | Belize City | Belize C.A. TEL: +501 227 3020 EMAIL: info@hlb.bz HLB Belize, LLP is an independent member of HLB, the global advisory and accounting network BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT CARICOM DEVELOPMENT FUND-COMPONENT 6 OF BELIZE 2ND CYCLE COUNTRY ASSISTANCE PROGRAMME (GRANT NUMBER BZE/00011) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION Article III Visibility On going Section 3.07 Conditions Precedent to First Disbursement Article V Compliant - letter dated Section 5.01 (a) Authorized signatories to request proceeds of first 21st October 2021 disbursement Requirement as per Schedule 2 Proposed Particular Conditions & Monitoring Arrangement Disbursements Monitoring Arrangements Ongoing Names and terms of difference for the Project Manager as Compliant - letter dated well as any other personnel assigned with responsibilities 21st October 2021 for projects oversight Establishment of Project Management Committee Compliant Executing Agency has been maintained Compliant Procurement Plans and budget Compliant - 28 - INDEPENDENT AUDITORS’ REPORT To: INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT We have audited the Cumulative Sources and Uses of Funds Statement and Statement of Cumulative Investment for Belize Social Investment Fund (“the Fund”) for the year ended March 31, 2024, entered into by the International Bank for Reconstruction and Development, the Caribbean Development Bank, the CARICOM Development Fund, and the Inter-American Development Bank and the Government of Belize. In relation to our audit, we determined compliance with applicable financial and accounting contractual clauses and articles within the Special Conditions and General Conditions of Climate Resilient and Sustainable Agriculture Project Loan Number 9347-BE and compliance with the applicable provisions of the Fund’s Operating Regulations as of March 31, 2024. We have examined the Special Conditions described in the loan and advance agreement. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the Fund has complied with the pertinent loan contractual clauses, applicable laws and regulations and the provisions contained in the loan and advance agreement. The audit also includes examining, on a test basis, the appropriate evidence. We believe that our audit provides a reasonable basis for our opinion. In our opinion, for the year ended March 31, 2024 the Fund complied in all material respects with the financial and accounting contractual clauses of the loan and advance agreement, and with all applicable laws and regulations and the Operating Regulations of the Fund. Chartered Accountants Belize City, Belize September 18, 2024 hlb.bz Partners: Claude Burrell, CA, CISA, CDPSE | Giacomo Sanchez, CA 40 Central American Blvd | Belize City | Belize C.A. TEL: +501 227 3020 EMAIL: info@hlb.bz HLB Belize, LLP is an independent member of HLB, the global advisory and accounting network BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT - CLIMATE RESILIENT AND SUSTAINABLE AGRICULTURE PROJECT (LOAN NUMBER 9347-BE) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION Section IA Implementation arrangements Schedule 2 - PIU is in place satisfactory to the Bank Project Co-ordinator, Deputy section 1a Project Co-ordinator, Senior Accounts Officer, Procurement officer hired as of 31st March 2023. Section 1b Project Co-ordinator and Deputy Project Co-ordinator PC hired 17th January 2023, has been appointed. DPC hired 12th December 2022. Project Steering Committee Compliant Section 1B Project Operations Manual No later than 60 days after the effective Date, shall Compliant prepare a project Operations manual Section 1C Matching Grants Operations Manual Matching grants operations manual prepared Ongoing Section II Project Monitoring and Reporting and Evaluation The Borrower, through MAFSE, shall cause BSIF to Compliant furnish to the Bank each Project Report not later than forty-five (45) days after the end of each calendar semester, covering the calendar semester. Section III B Withdrawals conditions, Withdrawal period Matching Grants Operation Manual adopted and Ongoing accepted by Bank Matching Grants approval Committee established Ongoing Section D Subsidiary agreement Subsidiary agreement signed Compliant 15th September 2022 - 30 - INDEPENDENT AUDITORS’ REPORT To: INTER-AMERICAN DEVELOPMENT BANK We have audited the Cumulative Sources and Uses of Funds Statement and Statement of Cumulative Investment for Belize Social Investment Fund (“the Fund”) for the year ended March 31, 2024, entered into by the International Bank for Reconstruction and Development, the Caribbean Development Bank, the CARICOM Development Fund, and the Inter-American Development Bank and the Government of Belize. In relation to our audit, we determined compliance with applicable financial and accounting contractual clauses and articles within the Special Conditions and General Conditions of Water and Sanitization Program for Rural Areas Loan Number 5753-Bl, 5756-GR-BL and compliance with the applicable provisions of the Fund’s Operating Regulations as of March 31, 2024. We have examined the Special Conditions described in the loan and advance agreement. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the Fund has complied with the pertinent loan contractual clauses, applicable laws and regulations and the provisions contained in the loan and advance agreement. The audit also includes examining, on a test basis, the appropriate evidence. We believe that our audit provides a reasonable basis for our opinion. In our opinion, for the year ended March 31, 2024 the Fund complied in all material respects with the financial and accounting contractual clauses of the loan and advance agreement, and with all applicable laws and regulations and the Operating Regulations of the Fund. Chartered Accountants Belize City, Belize September 18, 2024 hlb.bz Partners: Claude Burrell, CA, CISA, CDPSE | Giacomo Sanchez, CA 40 Central American Blvd | Belize City | Belize C.A. TEL: +501 227 3020 EMAIL: info@hlb.bz HLB Belize, LLP is an independent member of HLB, the global advisory and accounting network BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT INTER-AMERICAN DEVELOPMENT BANK - WATER AND SANITIZATION PROGRAM FOR RURAL AREAS (LOAN NUMBER 5753-BL, 5756-GR-BL) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) LOAN CONTRACT NO. 5753/OC-BL ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION Special Conditions Precendent to First Disbursement Section 3.01 (i) Appointment and/or hiring key personnel including one Compliant 19th February General/Technical Coordinator; one Procurement 2024 Specialist; one financial management specialist Section 3.01 (ii) Approval of Program Operations Manual (POM) Compliant 5th March 2024 General Conditions Precendent to First Disbursement Article 3.01 (a) Legal Opinion Compliant 19th February 2024 Article 3.01 (b) Authorized Signatories Compliant 19th February 2024 Article 3.01 (c) Bank Account Compliant 19th February 2024 Article 3.01 (d) Adequate Financial Information System and Internal Compliant 19th February Control Structure 2024 - 32 - BELIZE SOCIAL INVESTMENT FUND COMPLIANCE WITH TERMS OF CONTRACTUAL AGREEMENT INTER-AMERICAN DEVELOPMENT BANK - WATER AND SANITIZATION PROGRAM FOR RURAL AREAS (LOAN NUMBER 5753-BL, 5756-GR-BL) AND APPLICATION LAWS AND REGULATIONS FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) NON-REIMBURSABLE INVESTMENT FINANCING AGREEMENT NO. 5756/GR-BL ARTICLE AND REQUIREMENTS OF ARTICLE AND SECTION STATUS SECTION Special Conditions Precendent to First Disbursement Section 3.01 (i) Appointment and/or hiring key personnel including one Compliant 19th February General/Technical Coordinator; one Procurement 2024 Specialist; one financial management specialist Section 3.01 (ii) Approval of Program Operations Manual (POM) Compliant 5th March 2024 General Conditions Precendent to First Disbursement Article 3.01 (a) Legal Opinion Compliant 19th February 2024 Article 3.01 (b) Authorized Signatories Compliant 19th February 2024 Article 3.01 (c) Bank Account Compliant 19th February 2024 Article 3.01 (d) Adequate Financial Information System and Internal Compliant 19th February Control Structure 2024 - 33 - SUPPLEMENTALS SCHEDULES BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA 61/BZ;NO. GA 70/BZ; LOAN NO.25/SFR-OR-BZ; CDF GRANT NO.BZE/00011; IBRD LOAN NO. 9347 -BE; IDB LOAN NO. 5735/OC-BL; IDB 5756/GR-BL SCHEDULE OF PROJECT EXPENDITURES BY FUNDING SOURCE (CATEGORIES) FOR THE YEAR ENDED MARCH 31, 2024 Expenditures: BNTF 9 BNTF 10 SIF LOAN CRIP CRESAP CDF IDB GOB CAP TOTAL III II $ $ $ $ $ $ $ $ $ Education Project 21,745 - 564,911 - - - - - 586,656 Institutional Support - Consultancy Services 24,206 163,458 167,331 - - 1,910 - 6,300 363,205 Institutional Support – Goods - - - - - - - 19,292 19,292 Institutional Support – Project management (23,002) 168,174 228,142 83 750,082 44,277 (178) 1,428,394 2,595,972 Investment in climate smart agriculture - - - - 38,681 - - - 38,681 Institutional Strengthening - - - - 1,045,668 - - - 1,045,668 Organizational strengthening - - 5,000 - - - - - 5,000 Social Services Project - - 647,046 - - - - - 647,046 Water & Sanitation - - - - - 219,923 - - 219,923 Health Projects - - 74,372 - - - - - 74,372 Recovery/Other expense (104,580) - - - - (6,813) - 99,688 (11,705) TOTAL (81,631) 331,632 1,686,802 83 1,834,431 259,297 (178) 1,553,674 5,584,110 -I- BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA 61/BZ;NO. GA 70/BZ; LOAN NO.25/SFR-OR-BZ; CDF GRANT NO.BZE/00011; IBRD LOAN NO. 9347 -BE; IDB LOAN NO. 5735/OC-BL; IDB 5756/GR-BL SCHEDULE OF PROJECT EXPENDITURES BY FUNDING SOURCE (DETAILED) FOR THE YEAR ENDED MARCH 31, 2024 CDB PROJECTS WORLDBANK/IBRD Expenditures: BNTF 9 BNTF 10 SIF LOAN CRIP CRESAP CDF IDB GOB CAP II TOTAL III $ $ $ $ $ $ $ Advertisement - - - - - - - 13,986 13,986 Audit fees - - 10,500 - 7,000 - - 11,505 29,005 Bank Charges 256 10 109 - - 160 (178) 3,543 3,900 Board of Directors - - - - - - - 15,930 15,930 Computer - 6,898 - - 21,965 - - 5,717 34,580 Consultancy services/ Implementation Support 14,266 312,825 167,331 - 393,775 1,910 - 6,300 896,407 Fuel - - - - - - 54,295 54,295 Furniture & Equipment - - 71,635 - 39,779 - - 13,575 124,989 Gratuity - - 39,354 - - - - 80,664 120,018 Insurance - - - - - - 64,729 64,729 Institutional strengthening - - - - 1,045,668 - - - 1,045,668 Legal fees - - - - - - - 15,923 15,923 Licensing - - - - - - - 1,050 1,050 Maintenance - - - - - - - 21,963 21,963 Miscellaneous (23,265) 100 4,539 - - (80) - 56,637 37,931 Monitoring and evaluation 9,940 - - - 19,288 20,000 - - 49,228 Operating cost/ Project management 8 9,783 - 83 83,520 22,403 - - 115,797 Other - - - - - - - - Support - - - - - - - - - Postage - - - - - - - - - Promotional expense - 2,016 1,829 - 11,296 1,795 - 25,930 42,866 Continued on the following page - II - BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA 61/BZ;NO. GA 70/BZ; LOAN NO.25/SFR-OR-BZ; CDF GRANT NO.BZE/00011; IBRD LOAN NO. 9347 -BE; IDB LOAN NO. 5735/OC-BL; IDB 5756/GR-BL SCHEDULE OF PROJECT EXPENDITURES BY FUNDING SOURCE (DETAILED) FOR THE YEAR ENDED MARCH 31, 2024 CDB PROJECTS WORLDBANK/IBRD Expenditures: BNTF 9 BNTF 10 SIF LOAN CRIP CRESAP CDF IDB GOB CAP II TOTAL III $ $ $ $ $ $ $ Rental - - - - - - - 67,952 67,952 Recovery/Other expense (104,581) - - - - (6,813) - 99,688 (11,706) Salaries/Consultancy services - - 171,812 - - - - 776,283 948,095 Social Security employer's contribution - - - - - - - 34,551 34,551 Staff Advance- personal and travel - - - - - - - (15,354) (15,354) Supplies - - - - - - - 15,987 15,987 Technical assistance 21,745 - 1,214,693 - - 219,922 - - 1,456,360 Training/Workshops - - 5,000 - 58,803 - - 18,230 82,033 Travel - - - - 11,337 - - 86,844 98,181 Utilities - - - - - - - 77,746 77,746 Vehicle - - - - 142,000 - - - 142,000 TOTAL (81,631) 331,632 1,686,802 83 1,834,431 259,297 (178) 1,553,674 5,584,110 - III - BELIZE SOCIAL INVESTMENT FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT - CLIMATE RESILIENT AND SUSTAINABLE AGRICULTURE PROJECT (LOAN NUMBER 9347-BE) CUMULATIVE SOURCES AND USES OF FUNDS STATEMENT FOR THE YEAR ENDED MARCH 31, 2024 (IN UNITED STATES DOLLARS) Direct Actual Year to Actual Description Payment by Allocation Date Cumulative World Bank $ $ $ $ RECEIPTS World Bank 1,504,119 - - 1,504,119 Direct Payment by World Bank - - - - Direct Payment( PPF Charge & Front - - - - End Fee) Total Receipts 1,504,119 - - 1,504,119 LESS EXPENDITURES (by Components) 1. Institutional Strengthening 522,834 - 2,937,500 522,834 2. Investments in Climate Smart Agriculture 19,340 - 19,000,000 19,340 3. Project Management, Monitoring & Evaluation 375,041 - 3,000,000 375,041 4. Contingency Emergency Response Component (CERC) - - - - Total 917,215 - 24,937,500 917,215 5. Front End Fee 62,500 - 62,500 62,500 979,715 - 25,000,000 979,715 BANK BALANCES OPENING CASH BALANCE - CLOSING CASH BALANCE 586,904 - IV - BELIZE SOCIAL INVESTMENT FUND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT - CLIMATE RESILIENT AND SUSTAINABLE AGRICULTURE PROJECT (LOAN NUMBER 9347-BE) CUMULATIVE SOURCES AND USES OF FUNDS STATEMENT FOR THE YEAR MARCH 31, 2024 (IN BELIZE DOLLARS) Direct Actual Year to Actual Description Payment by Allocation Date Cumulative World Bank $ $ $ $ RECEIPTS World Bank 3,008,237 - - 3,008,237 Direct Payment by World Bank - - - - Direct Payment( PPF Charge & Front - - - - End Fee) Total Receipts 3,008,237 - - 3,008,237 LESS EXPENDITURES (by Components) 1. Institutional Strengthening 1,045,668 - 5,875,000 1,045,668 2. Investments in Climate Smart Agriculture 38,681 - 38,000,000 38,681 3. Project Management, Monitoring & Evaluation 750,081 - 6,000,000 750,081 4. Contingency Emergency Response Component (CERC) - - - - Total 1,834,430 - 49,875,000 1,834,430 5. Front End Fee 125,000 - 125,000 125,000 1,959,430 - 50,000,000 1,959,430 BANK BALANCES OPENING CASH BALANCE - CLOSING CASH BALANCE 1,173,807 -V- BELIZE SOCIAL INVESTMENT FUND DESIGNATED ACCOUNT RECONCILIATION STATEMENT, LOAN NUMBER 9347-BE FOR THE YEAR ENDED MARCH 31, 2024 (IN UNITED STATES DOLLARS) DESIGNATED ACCOUNT RECONCILIATION Loan No: 9347- BZE Bank's Name: Atlantic Bank Limited $ 1 Amount advanced by World Bank 1,504,118 2 Less total amount recovered by World Bank 615,300 3 Current outstanding amount advanced to DA 888,818 4 Amount in Designated Account at 31st March 2024 (as per bank statement) 586,903 5 Plus amount of eligible expenditure (January - March 2024) 301,915 6 Plus amounts claimed in previous application not yet credited at date of bank statement - 7 Plus amounts withdrawn after date of bank statement not submitted to the - 8 Less debited amounts after date of bank statement - 9 Less interests generated in the Designated Account - 10 Total advance accounted for (4 + 5 + 6 + 7+ 8 - 9 ) 888,818 11 Difference to be accounted for - - VI - BELIZE SOCIAL INVESTMENT FUND GOB CAP II PROJECT EXPENDITURES (DETAILED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Advertisement $ 13,986 $ 41,611 Audit fees 11,505 9,043 Bank charges 3,544 4,327 Board of Directors 15,930 11,577 Computer 5,717 1,409 Consultancy 6,300 - Fuel 54,295 90,922 Furniture and equipment 13,575 1,995 Gratuity 80,664 109,047 Insurance 64,729 87,270 Legal fees 15,923 30,115 Licensing 1,050 1,560 Maintenance 21,963 37,936 Miscellaneous 56,637 58,700 Postage - 1,102 Promotional expense 25,930 38,960 Rental 67,952 77,668 Recovery/Other expense 99,688 (58,126) Salaries 776,283 875,001 Social Security employer's contribution 34,551 35,757 Staff advance - personal & travel loans (15,354) 10,219 Subscriptions - 350 Supplies 15,987 12,588 Training 18,230 5,858 Travel 86,844 72,169 Utilities 77,746 83,500 Vehicle - 166,752 TOTAL $ 1,553,675 $ 1,807,310 - VII - BELIZE SOCIAL INVESTMENT FUND CDB GRANT NO. GA 61/BZ BNTF 9 PROJECT EXPENDITURES (DETAILED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Bank charges $ 256 $ 604 Consultancy services/ implementation support 14,266 80,268 Furniture and equipment - 9,615 Materials - 25,694 Miscellaneous (23,265) (30,790) Monitoring and evaluation 9,940 74,872 Operating cost / project management support 8 456 Recovery/Other expense (104,581) 104,580 Technical assistance 21,745 564,508 Travel - 125 TOTAL $ (81,631) $ 829,932 - VII - BELIZE SOCIAL INVESTMENT FUND CDB GRANT NO. GA 70/BZ BNTF 10 PROJECT EXPENDITURES (DETAILED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Bank charges $ 10 $ 70 Computer 6,898 - Consultancy services/ Implementation support 312,825 - Miscellaneous 100 - Operating cost / project management support 9,783 - Recovery/Other expense - (100) Postage - - Promotional expense 2,016 - TOTAL $ 331,632 $ (30) - IX - BELIZE SOCIAL INVESTMENT FUND CDB LOAN NO. 25/SFR-OR-BZ SIF LOAN III PROJECT EXPENDITURES (DETAILED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Audit fees $ 10,500 $ 10,000 Bank charges 109 602 Computer - 17,467 Consultancy services/ institutional support 167,331 202,828 Furniture and equipment 71,635 186,979 Gratuity 39,354 5,052 Materials - 14,154 Miscellaneous 4,539 (32,458) Monitoring and evaluation - - Operating cost / project management support - - Postage - - Promotional expense 1,829 - Rental - - Salaries/consultancy Services 171,812 159,145 Technical assistance 1,214,693 2,292,868 Training 5,000 166,000 TOTAL $ 1,686,802 $ 3,022,637 -X- BELIZE SOCIAL INVESTMENT FUND IBRD LOAN NO. 8416-BZ WORLD BANK - CRIP PROJECT EXPENDITURES (DETAILED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Audit fees $ - $ 19,962 Bank charges - 108 Consultancy services/ implementation support - 26,866 Operating cost / project management support 83 7,177 TOTAL $ 83 $ 54,113 - XI - BELIZE SOCIAL INVESTMENT FUND IBRD LOAN (LOAN NUMBER 9347-BE) WORLD BANK - CRESAP PROJECT EXPENDITURES (DETAILED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Audit fees $ 7,000 $ - Computer 21,965 - Consultancy services/ institutional support 393,775 - Institutional strengthening 1,045,668 - Furniture and equipment 39,779 - Monitoring and evaluation 19,288 - Operating cost / project management support 83,520 - Promotional expense 11,296 - Training 58,803 - Travel 11,337 - Vehicle 142,000 - TOTAL $ 1,834,431 $ - - XII - BELIZE SOCIAL INVESTMENT FUND CDF GRANT NO. BZE/00011 CDF PROJECT EXPENDITURES (DETAILED) FOR THE YEARS ENDED MARCH 31, 2024 AND 2023 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Bank charges $ 160 $ 30.000 Consultancy services/ institutional support 1,910 41,634 Materials - 96,064 Miscellaneous (80) 80 Monitoring and evaluation 20,000 - Operating cost / project management support 22,403 23,407 Postage - - Promotional expense 1,795 - Rental - - Recovery/Other expense (6,813) - Technical assistance 219,922 - TOTAL $ 259,297 $ 161,215 - XIII - BELIZE SOCIAL INVESTMENT FUND IDB LOAN NO. 5735/OC-BL IDB PROJECT EXPENDITURES (DETAILED) FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Bank charges $ 89 $ - TOTAL $ 89 $ - - XIV - BELIZE SOCIAL INVESTMENT FUND IDB GRANT NO: 5756/GR-BL IDB PROJECT EXPENDITURES (DETAILED) FOR THE YEAR ENDED MARCH 31, 2024 (IN BELIZE DOLLARS) Expenditures: 2024 2023 Bank charges $ 89 $ - TOTAL $ 89 $ - - XV - BELIZE SOCIAL INVESTMENT FUND CDB GRANTS NO.GA 61/BZ;NO. GA 70/BZ; LOAN NO.25/SFR-OR-BZ; CDF GRANT NO.BZE/00011; IBRD LOAN NO. 9347 -BE; IDB LOAN NO. 5735/OC-BL; IDB 5756/GR-BL STATEMENT OF CUMULATIVE INVESTMENTS (COST VARIANCE REPORT BY YEAR 2020-2024) FOR THE YEAR ENDED 31 MARCH 31, 2024, 2023, 2022, 2021 AND 2020 Total TOTAL 2024 2023 2022 2021 2020 Budgeted 2024 2023 2022 2021 2020 ACTUAL Variance 2020-2024 2020-2024 $ $ $ $ $ $ $ $ $ $ $ $ $ Economic Infrastructure - - - - - - - - - - - - - Education Projects 4,148,277 2,861,947 6,944,334 8,000,000 850,000 22,804,558 586,656 1,243,727 5,680,770 2,797,905 - 10,309,058 (12,495,500) Health Projects - 1,200,000 2,400,000 2,475,000 240,000 6,315,000 74,373 1,099,861 1,682,683 812,066 - 3,668,983 (2,646,017) Integrated Pilot Project - - - - - - - - - - - - - Organizational Projects - 167,700 200,000 - - 367,700 5,000 161,000 34,000 - - 200,000 (167,700) Skills Training - - - - - - - - - - - - - Social Services Project 3,000,000 2,275,077 800,000 960,000 - 7,035,077 647,046 - - - - 647,046 (6,388,031) Water & Sanitation 2,933,332 3,183,000 2,761,440 6,610,000 300,000 15,787,772 219,923 851,292 3,503,389 381,598 90,000 5,046,202 (10,741,570) Consultancy Services 1,358,000 1,104,064 1,799,478 2,554,519 5,948,587 12,764,648 363,205 392,790 998,265 1,640,775 2,908,389 6,303,424 (6,461,224) CRESAP 3,352,613 - - - - 3,352,613 1,084,349 - - - - 1,084,349 (2,268,264) Institutional Support- Operating 3,533,243 2,571,294 2,215,107 2,683,059 4,141,896 15,144,599 2,615,263 2,073,240 2,132,174 2,234,140 3,296,216 12,351,033 (2,793,566) Contingent Emergency - - 26,698,048 41,920,200 - 68,618,248 - - 29,713,394 11,939,212 - 41,652,606 (26,965,642) Response Component - - - - - - - - - - - - - Recovery/Other expense - - - - - - (11,705) 53,267 68,564 - - 110,126 110,126 TOTAL INVESTMENTS 18,325,465 13,363,082 43,818,407 65,202,778 11,480,483 152,190,215 5,584,110 5,875,177 43,813,239 19,805,696 6,294,605 81,372,827 (70,817,388) - XVI - B A E U L D I Z I E TTAXADVISORY 40C enta rlA merc i anB v ld. Bei lzeC t iy,Bei lze,C.A. TEL: + 5012273 020 EMA L I:i nfo@hlb.bz WE B: www h .lbb . z