FEDERAL GOVERNMENT OF SOMALIA MINISTRY or FINANCE SCORE - FINANCIAL STATEMENTS FOR THE PERIOD FROM MAY TO DECEMBER 31, 2016 SOMALI CORE ECONOMIC INSTITUTIONS AND OPPORTUNITIES PROGRAM (SCORE) PI 52241, TFOA1688 TABLE OF CONTENT 1. INTRODUCTOIODN .......................... . ....... . .............................................................. 3 2. PROJECT INFORMAT4ION .....................................................................................................................4 2 .1 K EY P RO JECT IN FO RM A TiON...............................................................................................................................4 2.2 P R O JECT C O M PO N EN TS ...........................................................................................................................T.4 2.3 IMPLEMENTATION STATUS.........................TU. .........................................................................................2.3 5 2.4 ROLES AND RESPONSIBILITIES: ............................................................................................................. 5 2 .5 FU N D IN G SUMM A R Y .................................................. ................................................................................. 6 3. STATEMENT OF PROJECT MANAGEMENT'S RESPONSIBILITIES...............................................7 4. REPORT OF THE AUDITOR GENERAL ...............................................................................................8 5. FINANCIAL STATEMENT ...........................................................................................................10 5.1 STATEMENT OF RECEIPTS AND PAYMENTS ..........................................................................,................. 10 5.2 STATEMENTOF FINANCIAL POSITION........................................................................................................11 6. STATEMENT OF BUDGET COMPARISON W ITH ACTUALS...........................................................12 7. SOURCES AND USES OF FUNDS STATEMENT BY SUB - COMPONENTS (ACTIVITIES).......13 8. NOTES TO THE FINANCIALSTATEMENTS ...................................................................................... 14 8 .1 G ENERAL INFO RM ATIO N ............................................................................................................................... 14 8.2 BASIS O F PREPARATIO N ............................P.TO.................................................................................................. 14 8.3 SIGNIflCANT ACCOUNTING POLICIES................................................................................................................14 8 .4 EXCHANG E RATES .................................................... ................................ ...........................,.............. 15 2 1. INTRODUCTION This is a detailed financial report that present the performance status of Somali Core Economic Institutions and Opportunities (SCORE for the period of May 2016 to Dec 2016. The project period is the first Annual financial statement of the year through preparation and launching reached progress for this period. The contents of the report are actual financial results of SCORE Project effective from the commencement date of the project to the end of this reporting period of 31 Dec 2016. PROJECT DESCRIPTION. The Somali Core Economic Institutions and Opportunities (SCORE) Program-will build upon the achievements and lessons learned of SOMPREP that was previously implemented in Somaliland. This program will funded by a grant from Somali Multi-partner Fund (SMF) which is a multi-donner trust fund administrated by the World Bank Group (WBG). The Project Development Objectives are to: (i) improve the enabling environment for private and financial sector development; and (ii) catalyze private investment and job creation. PROJECT BENEFICIARIES. The primary beneficiaries are the Central Banks, Ministries of Commerce and Industry, Ministries of Ports, Port Authorities, private entrepreneurs and their employees who will avail grants and access BDS under the SCORE program. These direct program beneficiaries may also collaborate and work with a number of other government ministries and agencies, as well as other private enterprises, which by extension become indirect beneficiaries. As indirect beneficiaries, Somali households are expected to benefit from increased private investments, entrepreneurial activity that supports job creation, and access to regulated and supervised financial services. Business associations and licensed financial institutions will also be indirect beneficiaries due to spillover effects resulting from improvements in public policy and the business environment. PDO Level Results Indicators Achievement of the PDO will be measured by the following key performance indicators: i, Aggregate number of recommended laws/regulations/amendments/codes enacted or policies adopted supported by the Program; ii. Private capital mobilized through copayments by Catalytic Fund recipients; iii. Total number of direct jobs created in enterprises supported by the program. 3 2. PROJECT INFORMATION 2.1 Key Project Information Project Name: Somalia Core Economic Institutions & Opportunities (SCORE) Project ID: P152241 IDA CreditlGrant No.: TFOA1688 Implementing Agency: Ministry of Finance, FGS Effectiveness Date: 16-May-2016 Closing Date: 30 April, 2019 Grant Amount: US$ 6.00 Million Closure Period End Date: 31-Dec-2016 Disbursed Amount: US$ 857,280.00 2.2 PROJECT COMPONENTS The SCORE Program consists of three components. The first component has three sub-components that aim to strengthen critical institutions essential to foster financial sector development; formalization and adherence to a basic legal and regulatory framework for the private sector; and trade and logistics. The second component has two sub-components that will boost private investment and raise the productivity of Somali firms. In short: the first component strengthens key public authorities whereas the second component provides a direct boost to the private sector and the local economy by promoting new investment and employment creation. The third component is for program management. COMPONENT 1: STRENGTHENING CORE ECONOMIC INSTITUTIONS In the federal government of Somali, first component 1 will help strengthen economic institutions in three critical areas of the economy: (i) central banking, to advance financial system supervision and regulation, which will improve financial market integrity, payment and market infrastructure resulting in safe and affordable access to a range of financial services; (ii) the Ministries of Commerce and Industry, to support the introduction of a basic and more modern legal and regulatory framework that would reduce transaction costs for starting and operating businesses; and (iii) port and customs authorities, to leverage private capital, networks and expertise to improve performance of the port sector. SUB-COMPONENT 1A: STRENGTHENING CENTRAL BANK SUPERVISION AND REGULATION (US$ 2.33 MILLION) This sub-component will focus on an overarching and longer-term financial sector development agenda in Somalia aimed at building capacity at the central bank level to strengthen financial institution licensing, regulation and supervision. It will do so by supporting policy design, regulation and supervision capacity building including strengthening regulatory and supervisory practices that underlie effective regulatory policy delivery and financial institution supervision. The sub-component will finance TA to formulate longer-term financial sector strategies and support to realize the planned reforms. It will finance limited procurement of information and communications technology (ICT) systems for office automation, equipment and capacity support to adjunct institutions and agencies that make part of the institutional framework for effective supervision and regulation of financial institutions in Somalia. SUB-COMPONENT 1B: IMPROVING THE INVESTMENT CLIMATE (US$ 0.70 MILLION) This sub-component will finance TA, training and equipment to improve the business environment by reducing transaction costs associated with operating a formal business and putting in place a basic legislative framework for contractual arrangements and licensing. It will facilitate formalization, 4 improve service delivery and provide the private sector and the regulators (MoCI, Tax Authority) with reliable registry and licensing tools and information. It will also seek to improve government-to- business services to local SMEs and introduce basic economy-wide business environment and investment climate frameworks. SUB-COMPONENT 1C: DEVELOPING THE PORT SECTOR [FGS, GOPL] (US$2.30 MILLION) This sub-component will finance TA, training and small equipment to build capacity in selected Somali ports. Efforts will focus initially on the Port of Mogadishu with opportunistic expansion to other ports (Kismayo, Bosaso) as the program progresses. The objective is to strengthen the management capacity of public authorities for strategic planning and improve the institutional structure of port sector management and the customs authority through provision of services in partnership with the private sector. COMPONENT 3: PROJECT MANAGEMENT [FGS, GOSL (US$1.33 MILLION) This component will finance to support for project implementation. Component 1 will be implemented by the FGS, GoPI and GoSI with small Project Implementation Units (PlUs) established and embedded within the administrations in Mogadishu, Garowe and Hargeisa. A Subsidiary Agreement will be signed between FGS and GoPI to share PIU staff and resources. The PIU will be anchored in the Ministry of Finance in Mogadishu (FGS), the Puntland President Office in Garowe (GoPI), and the Ministry of Planning and Development in Hargeisa (GoSI). Financing to be provided for the PIU may, inter alia, include: equipment, consultant compensation, operating costs, organizational and systems development, training, capacity building and technical assistance. 2.3 IMPLEMENTATION STATUS PIU prepared a progress report for the period ending December 31, 2016, Please refer to the progress report accompanied here with the financial report for the same period. 2.4 ROLES AND RESPONSIBILITIES: The following are the key project implantation team that were concerned with the project activities during the period. Name Role Position Contact Information Ahmed Dayib Nor Finance Permeant dayibpmo@gmail.com Management secretary Ministry of Finance Ahmed Yusuf Mumin Finance Accountant booseey05@gmail.com (siraaji) Management General Abdinasir Ahmed Financial Head of EAFS Abdinasira70@gmail.com Consulting Consultants Saleiman S Umar Financial Accounting dalkasom@gmail.com Consultant Section Lead for Consultants Burhan Iman Ahmed Project Project Burhan.imaan@gmail.com Coordinator Coordinator Ahmed Abdi Adam Budgeting Director of Budget iradabdi@hotmail.com (Iraad) Department Mohamud Abdulkadir Finance Director of afkaxaaji@hotmail.com Arale Management External Assistance Fiduciary Section (EAFS) Mowlild Mohamed Ali Accountant Head of EAFS dhoofcade@hotmail.com Accounts Section Abdimajid Omar Financial Financial cmajiidl@gmail.com Management 5 Name Role Position Contact Information AbUhadi Consulting Specialist Habiba Ali Hussein Procurement Procurement zakariyealiahmed@gmai.com Specialist Sharmake Ahmed Financial Sector Financial Sector sharrnarke.ahrned26@gmail.com Development Development- Coordinator 2.6 FUNDING SUMMARY The Project implementation for this year is 3 years from May 2016 to April 2019, with an approved budget of US$ 3,297,110 for 2016 and commitment of the donors is as highlighted in the table below: Source of funds Donor Amount received Unidrawn balance Commitment up to tip to Dec, 2016 Dec31,2016 US$ US$ US$ (A) (B) (A)-(B) Somalia Muiti-Partner Fund (MPF) 6,000,000 857,280.00 5,142,720.00 -World Bank Total 6,000,000 857,280.00 5,142,720.00 6 3. STATEMENT OF PROJECT VMANAGEMENT'S NESPONSIBIL11fHES The Project Management is responsible to asceitain that the progress report and financial statements of the Project for the period ended December 31, 2016 were prepared, in all material respects, in accordance with the basis of preparation and accounting policies set out in Note 3 to the financial statements, In preparing these financial statements, the Project Management is required to select suitable accounting policies and then apply them consistently in conformity with Cash Basis International Public Sector Accounting Standard (Cash Basis IPSAS) and the requirements of Financial and Accounting procedure of the State, 1961 as amended. The Project Management is responsible for ensuring that proper accounting records are kept which enable the financial statements to be prepared in compliance with the basis of preparation and accounting policies set out in Note 3 to the financial statements as well as in accordance with the terms of the financing agreement for Somalia Core Economic Institutions & Opportunities Fund Grant Agreement Number- Phase I P152241, TFOA1688 between the Federal Republic of Somalia and the International Development Association. The Project Management is also responsible for safeguarding the assets of the Project, and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Project Management assumes the responsibility to provide, and has provided, the Auditor General with all accounting records, supporting and other documents, minutes, and any other pertinent information and explanations, either orally or in writing, necessary for the aUdit. Signed on behalf of the Project Management: Accountan-Mt General 7 4. REPORT OF THE AUDITOR GENERAL To: The Project Management Opinion We have audited the accompanying financial statements of the project titled "Somali Core Economic Institutions and Opportunities Program (SCORE) No. P152241 -- FGS funded by the International Development Association (IDA)" which comprise the statement of receipts and payments for the year then ended and notes thereto "the financial Statements" as set boUt on pages 10 to 18 The financial statements have been prepared by the project management in accordance with the basis of accounting described in the note 8 to the financial statements. In our opinion, the accompanying financial statements presents fairly the cash receipts and payments of the project during the year ended 31 December 2016 in accordance with the cash basis of the International Federation of Accountants and in accordance with the accounting policies described in note 3 to the financial statements and comply with the related grant agreement. 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 Auditots Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the International Development Association (IDA) and an independent constitutional body established by the Federal Government of Somalia (FGS) 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 financial statements in Somalia, and we have fulfilled our ethical responsibilities in accordance with these requirements and 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 and Use Without modifying our opinion, we draw your attention to Note 8 of this Report, which describes the basis for accounting. The Financial Report is prepared to assist the Federal Government of Somalia (FGS) comply with the specific Financial Reporting requirements of the International Development Association (IDA). As a result, the Financial Report may not be suitable for any other purpose. Our report is intended solely for the information, distribution and use of the International Development Association (IDA) and the Federal Government of Somalia (FGS). Other Information The management is responsible for the other information. Other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, we conclude that there is a material misstatement of this other information of this other information: we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Management and those charged with governance for the Financial Statements The management is responsible for the preparation and fair presentation of these financial statements in accordance with the financial reporting provisions of Schedule 2 of the Grant agreement between International Development Association (IDA) and the Federal Government of Somalia (FGS) and for such internal control as the management committee is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 8 In preparing the financial statements, the management is responsible for assessing the project's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management intends to liquidate the project, or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Project Implementation Unit's financial reporting process. Auditor's responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional 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, 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 entity's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the members. o Conclude on the appropriateness of the managements' 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 project's 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 project to cease to continue as a going concern. * Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Mr Ali Abukar Ahmed Acting Auditor General Federal Government of Somalia (FGS) Villa Somalia / Mogadishu Date ... . w. .9 9 5. FINANCIAL STATEMENTS 5.1 STATEMENT OF RECEIPTS AND PAYMENTS Notes Previous Current Current Current Cumulative year FY- FY- FY- asofDec Previous Current Cumulative 31, 2016 Quarters Reporting quarter a b c (b)+(c)= (d) (a)+(d)" e RECEIPTS Somalia Multi-Partner Fund 9 0.00 0.00 857,280.00 857,280.00 857,280.00 TOTAL RECEIPTS 0.00 0.00 857,280.00 867,280.00 857,280.00 PAYMENTS Professional fee PIU Staff 10 0.00 0.00 231,570.88 231,570. 88 231,570.88 Use of goods and services 11 0.00 0.00 22,768.00 22,768.00 22,768.00 Bank Charges/ Bank 0.00 0.00 12,000.00 12,000.00 12,000.00 Commission Capital expenditure 12 0.00 0.00 0.00 0.00 0.00 TOTAL PAYMENTS 0.00 0.00 266,338,88 266,338.88 266,338.88 Refund CASH IN D(A) & D(B) 13 0.00 0.00 0.00 0.00 0.00 LIABILITIES 14 0.00 0.00 0.00 0.00 0.00 TOTAL LIABILITIES 0.00 0.00 0.00 0.00 0.00 Fund balance at end of 15 0.00 0.00 590,941.12 590,941.12 590,941.12 this period Ahimed Yuslif Mullnmin, Accountjnt (cjeneral / 10 6.2 ST/ATEMENT OF FINANCIAL POSITION Notes Previo Current FY Current FY Current FY- Cumulativ us - Prevlous - Current Cumulative e as of Dec year Quarters Reporting 31, 2016 quarter ASSETS Cash and cash equivalents 13 0,00 0.00 590,941.12 590,941,12 590,941.12 TOT AL ASSFTS 0.00 0.00 590,941.12 590,941.12 590,941.12 LIAIILIT IES Liabilities 14 0.00 0.00 0.00 0.00 0.00 TOTAL LIAILITIES 0.00 0.00 0.00 NET BALANCE" 0.00 0.00 0.00 0.00 0.00 REPRESENTF.D BY: _____________I___ ____ FUND BALANCE 15 0.00 0.00 590,941.12 590,941.12 590,941.12 Ahmed Yusuif ui A\ccunantl Genierali 11 6. STATEMENT OF BUDGET COMPARISON WITH ACTUALS DESCRIPTIONIITEM NOTE BUDGET ACTUAL VARIANCE PERCENTAG US$ US$ US$ E VARIANCE RECEIPT Multilateral source 9 3,297,110.00 857,280.00 2,439,830.00 74.00% TOTAL RECEIPT 3,297,110.00 857,280.00 2,439,830.00 74.00% EXPENDITURE 1.0 Component Strengthening 2,674,500.00 2,674,500.00 100.00% Core Economic Institutions Component 1.A Strengthening 1,079,500.00 - 1,079,500.00 100.00% Central Bank Supervision and Regulation Component 1.B Improving the 725,000.00 - 725,000.00 100.00% Business Environment Component 1.C Port 870,000.00 - 870,000.00 100.00% Modernization Component 3 Project 622,610.00 266,338.88 356,271.12 57.22% management & Coordination Consultancy Fee 10 380,720.00 231,570.88 149,149.12 3918% Operating Costs 11 220,890.00 34,768.00 186,122.00 84.28% Other Expense/Contingency 21,000.00 0.00 21,000.00 100.00% Total 3,297,110.00 266,338.88 3,030,771.12 91.92% 12 7. SOURCES AND USES OF FUNDS STATEMENT BY SUB - COMPONENTS (ACTIVITIES) Previous Current Current FY - Current FY- Cumulative year FY - Current Cumulative as of Dec Sources of Funds Previous Reporting 31, 2016 Quarters quarter a B c (b)+(c)= (d) (a)+(d)= e Somalia Multi-Partner Fund 0.00 0.00 857,280.00 857,280.00 857,280.00 TOTAL Source fund 0.00 0.00 857,280.00 857,280.00 857,280.00 Expenditure By Sub - Component (Activities) Project management and 0.00 0.00 266,338.88 266,338.88 266,338.88 Operational Costs Closing Cash balance Fund Source (A - B) 0.00 0.00 590,941.12 590,941.12 590,941.12 Fund balance at beginning of 0.00 0.00 0.00 0.00 0.00 the period Total Closing Cash balance as 690,941.12 590,941.12 590,941.12 of 31 Dec, 2016 13 8. NOTES TO THE FINANCIAL STATEMENTS 8.1 General Information The principal address of the reporting entity is: Ministry of Finance Villa Somalia Mogadishu Somalia 8.2 Basis of preparation These special purpose financial statements have been prepared in accordance with IPSAS Financial Reporting under The Cash Basis of Accounting issued by Public Sector Committee of the International Federation of Accountants (IFAC-PSC). They are presented in United States Dollar (US$). The measurement basis used is the historical cost basis except where otherwise stated in the accounting policies below. 8.3 Significant Accounting Policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied during year, unless otherwise stated (a) Reporting entity The financial statements are for Somalia Core Economic Institutions & Opportunities - Phase I (P162241, TFOA1688) implemented by the Federal Government of Somalia (FGS) through The Ministry of Finance. The transactions to be captured are only those that are controlled by the reporting entity and those controlled by third parties for and on behalf of the reporting entity. For purposes of these financial statements there were no third party transactions reported in respect of the project activities. (b) Reporting currency and translation of foreign currencies The functional and reporting currency is the United States Dollar (US$), which is accepted as legal tender in the Federal Republic of Somalia. Items included in the financial statements are measured in the currency of the primary economic environment in which the entity operates. (c) Reporting Period The reporting period for these financial statements is from May 2016, to Dec, 2016. (d) Payments by Third Parties During the year ended, the project did not benefit from any goods and services as reported to have been purchased on its behalf as a result of cash payments made by third parties during the year. (e) Receipts Receipts represent cash received by the SCORE Project - Phase I (P152241, TF0A1688) during the period and comprise external assistance from cash disbursements received under Somalia Multi-Partner Fund. The cash disbursements have been recognized as revenue and included in the financial statements when payments are made from the project Designated Accounts (DA) A and (DA) B which were operated as a holding accounts to the main Treasury Single Account (TSA). The closing balance on the Designated Accounts was also included as revenue receipts from the World Bank. (f) Expenses Expenditure represents outlays of cash made by the project or other agencies for and on behalf of the project. The expenses comprise both of recurrent and capital expenditure and in general they are included in the financial statements when cash is paid out. (g) Capital itemslNon-current assets 14 Under the government's cash basis of accounting, capital items will fully expense in the year of purchase. However, the assets will be recorded in the Fixed Asset Registers at historical cost as a memorandum record with effect from effective date of the project. (h) Foreign currency transactions Foreign currency transactions denominated in foreign currencies would be converted into United States Dollars (US$) at the exchange rate ruling on the date of the transaction; realized gains and losses resulting from these transactions would be recognized in the Statement of Receipts and Payments. Monetary assets and liabilities denominated in foreign currency at the year-end would be translated at the closing rate of exchange with the resulting exchange gainsl (losses) dealt with through the Statement of Receipts and Payments. However, for purposes of this accounting policy, there were no foreign currency transactions translated at the reporting date. (i) Cash and cash equivalents For the purposes of the statement of cash flows, cash and cash equivalents comprise of deposits held at call with Central Bank of Somalia. () Consultants Compensation Consultants compensation include salaries, allowances and other related-consultant contractual costs and these have been recognized in the financial statements only when actual payments are made. Consultants' compensation and allowances eligible for reimbursement under the SCORE project are paid in cash through Central Bank of Somalia and CBS will deposit to consultants' bank account. Authorization date The financial statements were authorized for publication by the Accountant General on 2r May, 2017. 8.4 Exchange rates All monetary amounts in the financial statements are expressed in United States Dollars (US$). The estimated US$ closing rates for major currencies were: Currency 31 Dec, 2016 Somali Shilling 22,500.00 Great Britain Pound 0.641584 Euro 0.825748 9. Somalia Multi-Partner Fund The grants received from World Bank under the Somalia Multi-Partner Fund are not repayable in future. The amounts in the Statement of Receipts and Payments are only recognized when received by and are under the control of the FGS and attributed to the project. The amount of external assistance received for the project in 2016 is as detailed below: 15 Sources of Funds Previous Current Current Current Cumulative as year FY - FY- FY- of Dec 31, 2016 Previous Current Cumulative Quarters Reporting quarter A b C (b)+(c)= (d) (a)+(d)= e Multilateral Sources Somalia Multi-Partner Fund - 0.00 0.00 500,000.00 500,000.00 500,000.00 World Bank - DA-A Somalia Multi-Partner Fund - 0.00 0.00 300,000.00 300,000.00 300,000.00 World Bank- DA-B Somalia Multi-Partner Fund 0.00 0.00 57,280.00 57,280.00 57,280.00 World Bank Direct payment Total Grant Received 0.00 0.00 857,280.00 857,280.00 857,280.00 10. Compensation (Professional Fee) PIU Consultant Principally comprises of: Previous Current FY Current Current FY- Cumulative year - Previous FY - Cumulative as of Dec 31, Quarters Current 2016 Reporting quarter Consultancy fee 0.00 0.00 174,290.88 174,290.88 174,290.88 Consultancy fee 0.00 0.00 57,280.00 57,280.00 57,280.00 Total Compensation 0.00 0.00 231,670.88 231,570.88 231,570.88 Salaries and allowances are paid during reporting period. 11. Use of goods and services Previous Current FY Current Current FY- Cumulative Use of Funds year - Previous FY - Cumulative as of Dec 31, Quarters Current 2016 Reporting quarter Travel, per deim & 0.00 0.00 16,768.00 16,768.00 16,768.00 accommodation Advertising Expense 0.00 0.00 6,000.00 6,000.00 6,000.00 Bank Commission DA- A 0.00 0.00 7,500.00 7,500.00 7,500.00 Bank Commission DA- B 0.00 0.00 4,500.00 4,500.00 4,500.00 Total Use of goods and 0.00 0.00 34,768.00 34,768.00 34,768.00 services 16 12. Capital expenditure - Previous Current Current FY - Current FY- Cumulative Use of Funds year FY - Current Cumulative as of Dec Previous Reporting 31, 2016 Quarters quarter Capital expenditure 0.00 0.00 0.00 0.00 0.00 13 Cash and cash equivalents Cash comprise of demand deposits. Demand deposits consists of interim period-end project bank balance held at Central Bank of Somalia (CBS) and the project bank accounts are part of Treasury Single Account (TSA) as detailed in the below: Description Previous Current FY Current FY - Current FY- CUmulative year - Previous Current Cumulative as of Dec Quarters Reporting 31, 2016 quarter Project Designated 0.00 0.00 295,441.12 295,441.12 295,441.12 Account No. 1134 DA - A Project Designated 0.00 0.00 295,500.00 295,500.00 295,500.00 Account No. 1134 DA - B Total Cash Available 590,941.12 590,941.12 590,941.12 as of Dec, 31 2016 14. Liabilities There are no liabilities for the period ended December 31, 2016. 15. Fund available as of Dec 31, 2016 590,941.12 Total liabilities 0.00 Fund balance/surplus 590.941.12 16. Designated Accounts (DA) Statement Reconciliation Opening balances as at 01 Oct, 2016 0.00 Add: World Bank advances into the DA (1134 A) during the period 500,000.00 World Bank advances into the DA (1135 B) during the period 300,000.00 Interest earned (if credited into DA) 0.00 Direct Payment 57,280.00 17 Subtotal 857,280.00 Less: Amount of eligible expenditures paid during the period 266,338.88 Refund to World Bank from the DA during the period Service charges (if debited into DA) 0.00 Subtotal 266,338.88 Add refund 0.00 Closing balance as at Dec 31, 2016 (Note 8) 590,941.12 18