GrantThornton GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO MINISTRY OF HEALTH World Bank Loan - Trinidad and Tobago: COVID-19 Emergency Response Project International Bank for Reconstruction and Development (IBRD) Loan 9157-TR SPECIAL PURPOSE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Q GrantThornton GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) SPECIAL PURPOSE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2024 TABLE OF CONTENTS Pages Statement of Management Responsibilities 2 Independent Auditor's Report 3-4 Statement of financial position - US$ 5 Statement of financial position - Tr$ 6 Designated Account Reconciliation Statement - US$ 7 Designated Account Reconciliation Statement - TI$ 8 Statement of Sources and Uses of Funds - US$ 9 Statement of Sources and Uses of Funds - T$ 10 Statements of cumulative project investments - US$ 11 Notes to the special purpose financial statements 12-21 1 GrantThornton Independent Auditors' Report To the Ministry of Health Report on the Special Purpose Financial Statements Opinion We have audited the accompanying special purpose financial statements of IBRD-9157- TR - COVID 19 Emergency Response Project ("the Project") which comprise the statement of financial position for the year ended 30 September 2024, designated account reconciliation statement, statement of sources and uses of funds, and statement of cumulative investments for the thirty months then ended, and notes to the special purpose financial statements, including a summary of significant accounting policies and other explanatory information. In our opinion, the special purpose financial statements present fairly, in all material respects, the financial position of the Project as at 30 September 2024 in accordance with the International Financial Reporting Standard as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Basis of 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 Special Purpose Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code") together with the ethical requirements that are relevant to our audit of the special purpose financial statements in the Republic of Trinidad and Tobago, and we have fulfilled our ethical responsibilities in accordance with these requirements and 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 of distribution We draw attention to Note 2 to the special purpose financial statements, which describes the basis of accounting. The special purpose financial statements are prepared to assist the Project in complying with the requirements of the loan Agreement. As a result, the special purpose financial statements may not be suitable for another purpose. Our report is intended solely for the contracting agency and the World Bank and should not be distributed to or use by parties other than the contracting agency and the World Bank Our opinion is not modified in respect to this matter. Responsibilities of Management for the Special Purpose Financial Statements Management is responsible for the preparation of the special purpose financial statements in accordance with the Agreement, and for such internal control as management determines is necessaryto enable the preparation of special purpose financial statements that are free from material misstatement, whether due to fraud or error. Those charged with governance are responsible for overseeing the Project's financial reporting process. 3 Government of the Republic of Trinidad and Tobago - Ministry of Health COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) STATEMENT OF MANAGEMENT'S RESPONSIBILITIES anagemeni is resp(nsilb for the foll(mwinrl': * Preparing and f:irlN presenting the acco[mpanving special piiipo1se liifnncial staCem1ien11 s oft the C rIinment oIf rhe Republic IfFrinid;Id and T Iago - NIinistr\. of I Iellieh ( (W'ID- 19 Fmergenc Re sponse ProjecI - Wfrld Bank 1,oIan (IBRD 9!57-TR ("the Projecr"), which CIomprise the statement of financial psitiIn for the \Car enIdd September 31, 2124, Desinated Account Reconciliation Statement. Sttement fourSIIIeCs and L'ses of Punds loi the thirt\ months, Statement otf Cumulative I nvestmients and other explanator\ lo[Ites. * Fnsuring that the C mpan keeps proIper !IcCOlunting re cords; * Selecting appropriate accounting policies and appli Ing them In a coInsistent manner; * Implementing, mo)nitorint and Cx,aluatng the si\stem o internal coIntrli thai assures securit\ oft the Prj(ct's assets, (letectio n/prex ention of fraud, and the achiix ment ot (grI(oup IoIperati onal eticiencies; * Insuring that the system of internal CoIntrl ()p Irated effectic hk during the reprting period; * P3roIducing reliable financial reparting that compl\ \ ith la\ s and regulations, including the Companios \ct; and * ['sin reason(lable and prudent judgement iII the determinat(1 In o estimates. In preparing these special purpose financial statements, management utilised the accoLuiting policies described in Note 2 and the reC1uirements of the Agreement dated Februar\ 22, 20121, herci een the m(M eirnent Of the Republic of Trinidad and Tobago, and the I nternational Bank for Recolnstruction of Development \\ Iorld Bank r lating to the Project ("the Agreement". Where International Financial Reporting Standards presented alternativc acCollntng treatments, management chose those considered m(ost appro ipriate in the circumstances. N(thing has coei to the artrention of management to indicate that the Project will nIt remain a going coincern for the ne\t twelve months fromi the rep(orting date; or up to the dlate the accompaning special puirpost financial starements haIc been authlIrised f Ir issue, if later. Xanaement affirms that it has carried out its responsibilities as (oLutlined abMe. Mr. ,\sif \li Mls. SuZette Tavlor-Lee Chee Permanent Secretar\ Permanent Secreary Ninistr\ of I Icalth Ministru of Finance )ctobcr 17 2()24 October 17 2024 2 GrantThornton Independent Auditors' Report (continued) Auditors' Responsibilities for the Audit of the Special Purpose Financial Statements Our objectives are to obtain reasonable assurance about whether the special purpose financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue the auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these special purpose 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 special purpose financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. * Evaluate the appropriateness of accounting policies used and related disclosures made by management. * Evaluate the overall presentation, structure and content of the special purpose financial statements, including the disclosures, and whether the special purpose financial statements represent the underlying transactions and events in a manner that achieves fair presentation. * Obtain sufficient appropriate audit evidence regarding the financial information of the project to express an opinion on the special purpose financial statements. We are responsible for the direction, supervision and performance of the Project's audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during the audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Grant Thornton ORBIT Solutions Port of Spain Trinidad 17 October 2024 4 Government of the Republic of Trinidad and Tobago - Ministry of Health COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) STATEMENT OF FINANCIAL POSITION - US$ FOR YEAR ENDED SEPTEMBER 30, 2024 As at Notes 30 Sept 2024 30 Sept 2023 ASSETS US$ US$ Non-current assets: Project investment 6 19,878,917 12,085,084 Current assets: Cash and cash equivalents 3 4.7,22 104978 Total assets 19,926,846 12,190,062 LIABILITIES Non-current liabilities: WB Loan 8 (i) 19,926,846 12,190,062 Total liabilities 19.926.846 12.190.062 The accompanying notes form an integral part of these special purpose financial statements. On >K October 2024 the Permanent Secretary of the Ministr) of Health and the Permanent Secretary of the Ministry of Finance authorised these special purpose financial statements for issue. Mr. Asif Ali Ms. Suzette Taylor-Lee Chee Permanent Secre ary Permanent Secretary Ministry of Health Ministry of Finance 5 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) STATEMENT OF FINANCIAL POSITION - TT$ FOR YEAR ENDED 30 SEPTEMBER 2024 2024 2023 ASSETS Notes TT$ TT$ Non-current assets: Project investment 6 134,519,918 81,654,019 Current assets: Cash and cash equivalents 3 323,072 707,581 Total assets 134,842,990 LIABILITIES Non-current liabilities: WB Loan 8 (ii) 134,842,990 82,361,600 Total liabilities 134,842,990 The accompanying notes form an integral part of these special purpose financial statements. 6 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) DESIGNATED ACCOUNT RECONCILIATION STATEMENT - US$ FOR YEAR ENDED 30 SEPTEMBER 2024 Period ended September Notes 2024 2023 US$ US$ 1 Total Advanced by World Bank (Or Co-Financier) 8 () 19,926,846 12,190,062 Less Eligible Expenditure for period ended September 6 19,878,917 12,085,084 30, 2024 documented by World Bank Less Cumulative Eligible Expenditure for the prior periods documented by World Bank 3 PRESENT OUTSTANDING AMOUNT ADVANCED TO THE DESIGNATED 47,929 104,978 ACCOUNT (1- 2) 4 Balance of US$ Designated Account per Bank Reconciliation Statement as at period ended September 3 47,929 104,978 30, 2024 ' Balance of Project Account per Bank Reconciliation Statement as at period ended 30, September 2024 5 Plus Eligible Expenditure for the Current Year Documented after the period ended September 30, 2024 6 Plus: Total amount withdrawn and not yet claimed - Reason: N/A 7 Plus Amounts claimed in previous applications not yet credited at date of bank statements Application No. Subtotal of previous applications not yet credited 8 Less: Interest earned - - 9 TOTAL ADVANCE ACCOUNTED FOR (NO.4 47,929 104,978 THROUGH NO. 8) 10 DIFFERENCE (3 - 9) - - 11 Explanation of any difference shown in Line 10: The accompanying notes form an integral part of these special purpose financial statements. 7 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) DESIGNATED ACCOUNT RECONCILIATION STATEMENT - TT$ FOR YEAR ENDED 30 SEPTEMBER 2024 Period ended September Notes 2024 2023 TT$ US$ 1 Total Advanced by World Bank (Or Co-Financier) 8 (ii) 134,809,863 82,356,201 2 Lesr Eligible Expenditure for the period ended September 30, 2024 documented by World Bank Less. Cumulative Eligible Expenditure for the prior periods documented by World Bank 3 PRESENT OUTSTANDING AMOUNT ADVANCED TO THE DESIGNATED 289,945 702,182 ACCOUNT (1- 2) 4 Balance of US$ Designated Account per Bank Reconciliation Statement as at period ended September 3 323,072 707,581 30, 2024 Balance of Project Account per Bank Reconciliation Statement as at period ended September 30, 2024 5 Plur Eligible Expenditure for the Current Year Documented after the period ended September 30, 2024 6 Plus- Total amount withdrawn and not yet claimed Reason: N/A 7 Plus- Amounts claimed in previous applications not yet credited at date of bank statements Application No. Subtotal of previous applications not yet credited 8 Less: Interest earned - - 9 TOTAL ADVANCE ACCOUNTED FOR (NO.4 323,072 707,581 THROUGH NO. 8) 10 DIFFERENCE (3 - 9) - see 11 for explanation 4 (33,127) (5,399) 11 Explanation of any difference shown in Line 10: Diffence in Line 10 relates to Forign Exchange dfference in converting the USD to TTD The accompanying notes form an integral part of these special purpose financial statements. 8 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) STATEMENT OF SOURCES AND USES OF FUNDS - US$ FOR YEAR ENDED 30 SEPTEMBER 2024 Period Movement Period Notes ended ended 30-Sep-24 30-Sep-23 RECEIPTS Actual Actual US$ US$ US$ World bank Direct payment 8 4,646,779 (7,256,245) 11,903,024 Designated account 8 15,230,067 14,993,029 237,038 Other disbursement methods 8 50,000 - 50,000 Total receipts (A) 19,926,846 7 EXPENDITURES Component 1: Emergency response to COVID- 19 - PAHO Agreement 6 4,646,779 (7,256,245) 11,903,024 Component 1: Emergency response to COVID- 19 - MOH 6 7,235,470 7,235,470 - Component 2: Support to COVID-19 vaccinations campaign 6 7,673,432 7,673,432 - Component 3: Project management & monitoring 6 273,236 141,176 132,060 Front-end fee 6 50,00 - 50,000 Total expenditures (B) 1 120 Receipts less expenditure/ net change in cash (A - B) 47,929 (57,049) 104,978 Foreign exchange adjustment -- - Closing balance for period 3 492 ( 90 BANK BALANCES Opening cash balances Designated account 104,978 104,978 - Project account - -- Total opening balance _ Closing cash balances Designated account 3 47,929 (57,049) 104,978 Project account -_- - Total closing balance 42549) The accompanying notes form an integral part of these special purpose financial statements. 9 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) STATEMENT OF SOURCES AND USES OF FUNDS - TT$ FOR YEAR ENDED 30 SEPTEMBER 2024 Notes Period Movement Period ended ended 30-Sep-24 30-Sep-23 RECEIPTS World bank Direct payment 8 31,395,033 (49,025,368) 80,420,401 Designated account 8 103,077,655 101,479,029 1,598,625 Other disbursement methods 337,175 - 337,175 Total receipts (A) 134,809,863 5 368 5, EXPENDITURES Component 1: Emergency response to 6 31,395,033 (49,025,368) 80,420,401 COVID-19 - PAHO Component 1: Emergency response to 6 49,000,774 49,000,774 - COVID-19 - MOH Component 2: Support to COVID-19 6 51,933,788 51,933,788 - Vaccinations Campaign Component 3: Project management & 6 1,853,148 956,705 896,443 momitoring Front-end fee 6 337,175 - 337,175 Total expenditures (B) 134,519,918 52,865,899 Receipts less expenditure/ net change in cash (A - B) 289,945 (412,237) 702,182 Foreign exchange adjustment 33.127 38,526 (5,399) Closing balance for period 3 323,072 (3371) 696,783 BANK BALANCES Opening cash balances Designated account 707,581 707,581 - Project account - -- Total opening balance 707,581 08 Closing cash balances Designated account 3 323,072 (384,509) 707,581 Project account -_- - Total closing balance 323,072 (38450) The accompanying notes form an integral part of these special purpose financial statements. 10 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) STATEMENT OF CUMULATIVE PROJECT INVESTMENT - US$ FOR YEAR ENDED 30 SEPTEMBER 2024 Categories Note Period Movement Period ended ended 30-Sept-24 30-Sept-23 US$ US$ 1. Goods, non-consulting services, consulting services, operating cost, and training under parts 1 and 3 of the project 12,155,485 120,401 12,035,084 2. Goods, non-consulting services, consulting services, operating cost, and training under part 2 of the project 7,673,432 7,673,432 - 3. Front-end fee 50,000 - 50,000 Total 6 19,878,917 1208&084 The accompanying notes form an integral part of these special purpose financial statements. 11 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 1. Project background The Government of the Republic of Trinidad and Tobago (GORTI), represented by the Ministry of Finance, entered into a Loan Agreement with the International Bank for Reconstruction of Development/ World Bank for the Trinidad and Tobago COVID-19 Emergency Response Project (the Agreement) on 22 February2021 for an amount of US$20.0 million. The Agreement was declared effective on 15 March 2021, with financial activities from 9 February 2023. The activities of the Agreement are implemented by the Ministry of Health, Project Implementation Unit - World Bank Loan Project. The initial Closing Date of the Loan of 31 December 2021 (refer to Loan Agreement dated 22 Februay 2021) was extended to 30 June 2023 (mfer to Letterfrom The World Bank dated 9 December 2021) and then 30 June 2024 (refer to Letter from The World Bank dated 10 November 2022). Additionally, the First Amendment to the Loan Agreement dated 22 August 2022, reallocated US$8.05 million from Part/Category 1 to Part/Category 2 to include the financing of COVID-19 Vaccines. The overall objective of the project is to provide immediate support to the National COVID-19 Preparedness and Response Plan by providing support for the procurement of key medical equipment for treatment and care, diagnostic and testing, Personal Protective Equipment (PPE) and vaccines for COVID- 19. Other aspects include safe working conditions for health staff treating COVID- 19 patients through the provision Personal Protective Equipment (PPE), training on the safe use and disposal of the PPE and training on the safe operation of equipment for the treatment of COVID- 19 patients. The Project has three (3) parts/components to support the Government's capacity to detect and respond to the threat posed by COVID-19. The project components and sub-components are as follows: Part/Component 1: emergency COVID-19 response efforts This component will provide immediate support to the National COVID- 19 Preparedness and Response Plan through the procurement of key medical equipment and supplies for the detection and treatment of COVID- 19. The Component will finance safe working conditions for health staff treating COVID-19 patients through the provision of PPE, training on their safe use and disposal, training on the safe operation of equipment for the treatment of COVID- 19 patients, pharmaceutical products for the response to COVID- 19. Part/Component 2: support to COVID-19 vaccination campaign The Retroactive financing of vaccine procurement and technical assistance for demand generation, tailored communications and reporting on compliance with the National Vaccination and Deployment Plan (NVDP) to support the implementation of the NVDP. Part/Component 3: Project management and monitoring This Component will finance the required operational costs of strengthening the Project Implementation Unit (PIP. The main activities of PIU staff to ensure successful Project implementation include: (i) Financial Management, facilitation of the procurement of items through PAHO's Revolving Fund, (ii) environmental and social framework requirements; and (iii) monitoring and evaluating the Project in line with the Results Framework 12 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) 1. Project background (continued) In addition, the Loan Agreement references three (3) expense Categories for the Project: 1. Category 1 - covers Goods, Non-Consulting Services, Consulting Services, Operating Costs, and Training under Part/Components 1 and 3 2. Category 2 - covers Goods, Non-Consulting Services, Consulting Services, Operating Costs, and Training under Part/Component 2; and 3. Category 3 - specifically allocated for the front-end fees associated with the Loan Agreement in accordance with the section 2.03 of the Agreement. Article II 2.05, 2.06 and 2.07 and Schedule 3 of the Loan Agreement, with regard to the Terms of the Repayment of the Loan are noted, whereby the interest for the Loan will be due 15 January and 15 July each year, with the principal being repaid in full on 15 January2028. Additionally, with regard to the Front-End Fee Article II 2.03 refers, which states 'The Front-end Fee is one quarter of one Percent (0.250o) of the Loan Amount". The Front-end Fee was charged when the Loan was declared effective on 15 March 2021. 2. Key accounting principles, policies and accounting period These special purpose financial statements cover twelve (12) months 1 October 2023 to 30 September 2024 and are presented in both United States Dollars and Trinidad and Tobago Dollars. Basis ofpreparation () These special purpose financial statements have been prepared under the historical cost convention. (ii) The special purpose financial statements are maintained by the Project Implementation Unit - World Bank Loan Project - Ministry of Health in the United States dollars. Where expenses are incurred in Trinidad and Tobago Dollars, the conversion into USD is based on the rate used by the Central Bank of Trinidad and Tobago at the time of the transaction. (iii) The Designated Account Reconciliation Statement, Statement of Sources and Uses of Funds and the Statement of Cumulative Investments have been prepared on a cash basis. The cash basis of accounting was used, recognising revenue when the cash is received and expenses when the cash has been disbursed. Foreign Curreny translations All USD receipts will be translated to TTD at the rate of exchange on the date of the receipt. All payments, other than those on the reporting currency, have been translated at the rate of exchange on the date of payment. The Central Bank of Trinidad and Tobago advises of the rates of exchange on a daily basis. Rounding The figures have been rounded off to the nearest whole digit. 13 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) 3. Available cash balance An account has been established at the Central Bank of Trinidad and Tobago, so that the requisite funds can be transferred from the World Bank for the implementation of the Project. A balance of US$47,929 or TI$323,072, remained in the bank account as at September 30, 2024. US$ TT$ Bank account no. 01-20720-084-00-00-00 47,979 321072 Total 47,979 No interest was earned during the twelve months (bank account no. 1-20720-084-00-00-00 is not an interest- bearing account). The exchange rate gains and losses are detailed in Note 4 - Foreign Exchange difference. 4. Foreign exchange difference US$ TT$ Cash received 15,230,067 103,077,656 Disbursements made during the period (15,182,138) (102,787,710) Foreign exchange difference (4 a) - 33.127 Balance in designated account as at 30 September 2024 47M92932307 a) Foreign exchange difference - per CBTT Statement Month Adjustment TT$ Apr-23 2,256 May-23 236 Jun-23 3,628 Jul-23 (223) Aug-23 (1,384) Sep-23 886 Oct-23 (270,062) Nov-23 240,137 Dec-23 866 Jan-24 (1,200) Feb-24 2,483 Mar-24 510 Apr-24 190 May-24 (1,048) Jun-24 (55,291) Jul-24 (288,657) Aug-24 162,420 Sep-24 237,380 Total 14 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) 5. Fixed assets Fixed assets are stated at cost and for the purposes of these special purpose financial statements, no depreciation is charged. Assets purchased during the period reported amounted to US$ 1,174 or TT$7,950 (the assets are Zem rated and therefore attracted no Value Added Tax). US$ TT$ Opening Closing Opening Closing balance Additions balance balance Additions balance Computers & Office equipment M14X Z29Z This figure forms part of Project Investment. The intention of this note is to show the value of project investment utilised as fixed assets. (See Note 6 (b) (iv)) 6. Procurement of goods and services Procurement of goods and services for the Project was carried out in accordance with the World Bank's "Procurement Regulations for IPF Borrowers (September 2023)", supported by procurement policies of the Government of the Republic of Trinidad and Tobago. During reporting period under review the unit procured goods and services in the manners outlined below. Detailed list of Contract payment (US$) Contract payment (TT$) expenses period ended period ended Opening Movement Closing Opening Movement Closing balance 12-month balance balance 12-month balance 30-Sep-23 reporting 30-Sept-24 30-Sep-23 reporting 30-Sept-24 period period a) Direct payments (i) Component 1 UN Agency - Pan American Health Organisation 119304 (7Z,224) 4&646Z77 804040 Q4,25,368) 39 3 In accordance with the Agreement for Delivery of Outputs between the 'Government of the Republic of Trinidad and Tobago' and the 'World Health Organization, through its regional office for the Americas, Pan American Health Organization (PAHO/AMRO)' an advance of US$11,903,024 was paid directlytop PAHO on 9 February 2023. Following the submission of the Final Report from PAHO, the financial records have been reconciled and verified per Table 1 below. The balance shown of USD101,121 will be refunded by PAHO directly to The World Bank subsequent to the approval of these special purpose financial statements. 15 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) 6. Procurement of goods and services (continued) The table below provides details of the funds advanced and utilised, under the Agreement with PAHO: Table 1 30-Sep-24 Note US$ Funds Advanced to PAHO 8 11,903,024 Verified and accepted Invoices (4,545,658) 7,357,366 Refund from PAHO received by World Bank (7256.245) Balance to be refunded byPAHO to World Bank 101,121 Detailed list of expenses Contract Payment (US$) Contract Payment (TT$) Period ended Period ended Opening Movement Closing Opening Movement Closing balance 12-month balance balance 12-month balance 30-Sep-23 reporting 30-Sep-24 30-Sep-23 reporting 30-Sep-24 period period b) Payments from designated account (i) Component 1 - Emergency COVID- 19 response efforts MOH - purchase of COVID-19 pharmaceuticals - 7,235,470 7,235,470 - 49,000,774 49,000,774 (ii) Component 2 - Support to COVID-19 vaccination campaign Reimbursement for vaccines - 7,673,432 7,673,432 - 51,933,788 51,933.788 16 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) Contract payment (US$) Contract payment (TT$) Detailed list of expenses period ended period ended Opening Movement Closing Opening Movement Closing balance 12-month balance balance 12-month balance 30-Sep-23 reporting 30-Sep-24 30-Sep-23 reporting 30-Sep-24 period period (iii) Component 3 - Project Management and Monitoring Accounting software - Personalized Quality Systems Ltd 532 1,064 1,596 3,600 7,200 10,800 ICI' Equipment - Fixed Assets (Note 5) 21,038 1,174 22,212 142,322 7,950 150,272 Advertisement - 1,275 1,275 - 8,637 8,637 Project Manager - Boodoo 29,916 - 29,916 203,177 - 203,177 Financial Management Specialist - Granger 31,561 32,605 64,166 214,370 221,000 435,370 Procurement Specialist - de Peza, Rampersad 25,701 24,348 50,049 174,590 165,013 339,603 Environmental and Social Safeguard Specialist - de Freitas, Chandool 23,312 33,561 56,333 158,384 223,851 382,235 Administrative Assistant - Franklyn - 9,760 9,760 - 66,129 66,129 Borrower's Evaluation - 13,053 13,053 - 88,400 88,400 Audit of Project - 24,876 24,876 - 168,525 168,525 Rounding - - - - - - 132,060 141,176 273,236 896,443 956,705 1,853,148 c) Front-End Fee Front end fee 50,000 - 50,000 337,175 - 337,175 Total expenses (a)+(b)+(c) 1058 7 3 19 1 86409 59 1345A1918 17 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) 7. Goods and services paid from Designated Account (DA) Detailed list of Contract payment (US$) Contract payment (TT$) expenses period ended period ended Opening Movement Closing Opening Movement Closing balance 12-month balance balance 12-month balance 30-Sep-23 reporting 30-Sep-24 30-Sep-23 reporting 30-Sep-24 period period Goods and services paid from Designated Account (DA) Component 1 - Emergency COVID- 19 Response Efforts - 7,235,470 7,235,470 - 49,000,774 49,000,774 Component 2 - Support to COVID- 19 Vaccination Campaign - 7,673,432 7,673,432 - 51,933,788 51,933,788 Component 3 - Project Management and Monitoring 132,062 141,174 273,236 896,443 956,705 L853.148 Total paid from DA 10 0 1 381126702 102771 18 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) 8. Disbursements from and to The World Bank During the twelve (12) months under review there were five (5) disbursements from The World Bank to the Project Designated Account, shown in the column "Movement 12-month reporting perio' below. A refund from PAHO to The World Bank was processed on 28-Feb-2024 in the amount of USD7,256,245, representing funds not utilised under the Output Agreement. The disbursements to the overall project are summarised below. (i) Disbursements from and to The World Bank - US$ a) Direct payments/ refund (PAHO Agreement) Opening Movement Closing balance 12-month balance 30-Sep-23 reporting 30-Sept-24 period Date US$ US$ US$ Reference on Client Connection 9-Feb-23 11,903,024 - 11,903,024 01 28-Feb-24 - (7256.245) (7256,245) Refund - Ran: RN000000409052 Total 11,903,024 (7,256,245) 4,646,779 b) Advances disbursed to the Designated Account (DA) 25-Apr-23 94,593 94,593 02.3 ADVANCE 1 13-Jun-23 88,233 88,233 03 ADVANCE 2 21-Sep-23 54,212 - 54,216 04 ADVANCE 3 24-Oct-23 - 7,673,432 7,673,432 REIMB CATEGORY 2 5-Dec-23 - 8,070 8,070 ADV 4 + IFR Apr-Oct 23 28-Mar-24 - 40,022 40,022 ADV 5 + IFR Oct -Dec 23 13-Jun-24 - 15,260 15,260 ADV 6 +IFRJAN-MAR24 26-Jun-24 - 7256245 7256245 ADVANCE 7 Total to DA 237,038 14,993,029 15,230,067 c) Front end fee 15-Mar-21 50,000 - 50,000 FRONT END FEE Total Disbursements / WB Loan (a)+(b)+(c) 12,190,062 1926A46 19 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) (ii) Disbursements from and to The World Bank - TT$ a) Direct Payments/ Refund (PAHO Agreement) Opening Movement Closing balance 12-month balance 30-Sep-23 reporting 30-Sep-24 period Date TT$ TT$ TT$ Reference on Client Connection 9-Feb-23 80,420,401 - 80,420,401 01 28-Feb-24 - (49,025,368) (49,025,368) Refund - Ran: RN000000409052 Total 80,420,401 (49,025,368) 31,395,033 b) Advances disbursed to the Designated Account (DA) 25-Apr-23 639,051 - 639,051 02.3 ADVANCE 1 13-Jun-23 594,126 - 594,126 03 ADVANCE 2 21-Sep-23 365,448 - 365,448 04 ADVANCE 3 24-Oct-23 - 51,964,482 51,964,482 REIMB CATEGORY 2 5-Dec-23 - 54,291 54,291 ADV 4 + IFR Apr-Oct 23 28-Mar-24 - 270,550 270,550 ADV 5 + IFR Oct -Dec 23 13-Jun-24 - 103,388 103,388 ADV 6 +IFRJAN-MAR24 26-Jun-24 - 49,086,320 49,086,320 ADVANCE 7 Rounding - (1) (1) Total to DA 1,598,625 101,479,030 103,077,655 c) Front End Fee 15-Mar-21 337,175 - 337,175 FRONT END FEES Total Disbursements (a)+(b)+(c) 82,356,201 5 36248 6 d) Foreign Exchange Adjustment 5,399 27,728 33,127 Note 4 WB Loan (disbursements+d) (a)+(b)+(c)+(d) 82,361,600 5 0 134.8429 20 GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO - MINISTRY OF HEALTH COVID-19 Emergency Response Project - World Bank Loan (IBRD 9157-TR) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENT FOR YEAR ENDED 30 SEPTEMBER 2024 (continued) 9. Statement of use of loan funds as at September 30, 2024 Category Amount of the Funds Adjustment * Balance loan allocated expended (cumulative) US$ US$ US$ US$ (1) Goods, non-consulting services, consulting services, operating cost, and training under parts 1 and 3 of the project 11,900,000 12,155,486 - (255,486) (2) Goods, non-consulting services, consulting services, operating cost, and training under part 2 of the project 8,050,000 7,673,432 - 376,568 (3) Front-end fee 50,000 50,000 - Total 19,878,918- * Formal amendment to the Loan Agreement is not requiredfor adjustments in Categog and! or Component budget lines of less than 15% of the orginal budget line 10. Subsequent events On 9 November 2023, the Ministryof Health entered into an engagement with Grant Thornton ORBIT Solutions Limited for external auditing services to audit and report on the Special Purpose Financial Statements of the World Bank IBRD 9157-TR Loan - COVID 19 Emergency Response Project, for the period ended 30 September 2023 and the year ended 30 September 2024 (per amendment dated 13 September 2024). The Final payment to the Auditor is contractually due upon "Acceptance of the final audit report" which will be paid after 30 September 2024. The Audited Special Purpose Finance Statements are expected to be finalised and accepted on or before 31 October 2024, after which the fees will be remitted. The expected final fees totals TT$72,225 or US$10,700 (using a rate of exchange of US$1.00 to TT$6.75). The eligible expenditure of the Project will increase to TT$134,592,143 or US$19,889,617 (using a rate of exchange of US$1.00 to T$6.75). The actual US$ amount mayvaryto the actual due to exchange rate difference when processing the actual payment but this amount is considered immaterial for the purposes of these Statements. The PIUwill present the Documentation of the final payment, which will present the exact amounts of the eligible expenditure. 21