Office of the Auditor General 4 of Rwanda m WWW.0aggov.rW SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORTS !'OR'tEE 'ARE9VE 30,7JVYE 2020 OilG Coss-T Vcallues I ntegri ty A1 1e id e r1c 4oull1ab Iity 11 iec i t vilPil Onilf e 1 .1il In public- InLerevt SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATATEMENTS FORfE rEAR EW91ED 30 JV9VE 2020 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 TABLE OF CONTENTS 1. IN TRO D U C2TIO N ............................................................................................................ 2 2. STATEMENT OF MANAGEMENT RESPONSIBILITIES ............................................ 9 3. REPORT OF THE AUDITOR GENERAL ................................................................E...R10 4. FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020.....................12 Office of the Auditor General of State Finances 1 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 1. INTRODUCTION 1.1. Structure The Sustainable Agricultural Intensification and Food Security Project (SAIP) is under the supervision of Rwanda Agricultural Board (RAE). The project focuses on consolidating and expanding the results obtained under the World Bank-funded projects namely LWH and RSSP III and other selected MINAGRI-developed schemes. SAIP will therefore continue the capacity building activities of the farmers' organizations (Water Uses Associations WUAs), self-help groups (SHGs), cooperatives established under these projects to support them to further increase their productivity, strengthen their organizational and management capabilities and help them link better to the markets to create additional livelihood opportunities. The Project will also further scale-up efforts on nutrition-sensitive and climate-resilient agriculture from the previous projects. The project will identify selected value chains to focus its efforts and to consolidate the results from the LHW and RSSP III while ensuring sustainable impact through market-driven approaches. The project will focus on the following value chains: (a) vegetables and fruits for the domestic, regional and international markets; (b) maize for domestic and regional markets; (c) Irish potato for domestic and regional markets; and (d) beans for domestic markets. The project will also support to increase productivity on hillsides and marshland agriculture by supporting investments in irrigation, access to inputs and improved agricultural practices. The project will also strengthen small holder farmers to engage in commercialized agriculture. Investments will also be made in farm level irrigation equipment and mechanization. The project will focus on post-production support through storage techniques, storage and drive infrastructure including foods safety and quality standards. The project activities will broaden the diversification into higher value crops from the current narrow range of food staples especially focusing on small farmers. The support to women in agriculture will include interventions aimed at empowering them through better targeting, gender sensitive implementation modalities and capacity building. The project will also promote information and communication technology for better coordination and to achieve sustainable gains in agriculture in the areas of e-extension nutrition messaging and agriculture market information. 1.2. The objectives of SAIP The strategic goal of the project is to increase agricultural productivity, market access, and food security of the targeted beneficiaries in the project area. Office of the Auditor General of State Finances 2 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 1.3. Project implementation 1.3.1. The project components The project has the following 4 main components: Component I - Institutional strengthening, agriculture productivity enhancement, and nutrition improvement The component will strengthen selected farmers' organizations for improved agricultural productivity and healthier household nutrition. The project will proactively engage youth and women. Specifically, the project will work closely with identified youth groups to serve as service providers and support farmers to shift from subsistence agriculture to commercial agriculture. The Food and Agriculture Organization of the United Nations (FAO) will work closely with the project and provide technical assistance (TA) and support to the component, implementing the Farmer Field Schools (FFS) and farming as business (FAB) approach. The component has three subcomponents: (i) Strengthening farmer organizations, (ii) Agricultural productivity enhancements and (iii) Improving nutrition outcomes at household level Component 2 - Irrigation and water use efficiency This component is expected to promote technology and best practice for increased availability and efficient use of water for irrigation to increase crop productivity and increase farmers' resilience to climate volatility. It has two subcomponents: (i) Improved efficiency and expansion ofexisting irrigation schemes and (ii) Strengthening irrigation capacity Component 3 - Market linkages, value addition, and access to finance This component is expected to enhance market linkages and value addition by strengthening the capacity of farmers' organizations and other value chain actors and by improving their access to finance. The project will consolidate and scale-up the efforts undertaken by LWH and RSSP III, strengthening the development of sustainable market linkages and value addition, through increased performance and commercialization of selected value chains. The component will work in tandem with component I supporting farmers' organizations to improve their market orientation and connecting farmers to markets, thus channelling to productivity gains made in components 1 and 2. Component 4 - Project management and technical assistance This component is expected to provide management and technical assistance for the implementation of the above 3 components. Office of the Auditor General of State Finances 3 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 1.3.2. Project main progress achievements to 30 June 2020 Line Ministry MINAGRI of the Project ------- - -- - Strategic The strategic goals of the project are as follows: goals/objectives - To increase agricultural productivity, market access, and food of the Prject security of the targeted beneficiaries in the project area. General Institutional Strengthening, Agriculture Productivity Enlhancement and achievement of Nutrition Improvement strategic goals /main Project targets: component of the Project * 1747 producers based organization to be supported 200,000 people receiving improved nutrition services and products * 38,606 households reached with agriculture assets and services Irrigation and water use efficiency Project targets: * 1,000 ha of new area provided with improved irrigation and drainage services u 1,500 ha of existing area improved with irrigation and drainage services X 2,000 farmers benefiting from the project supported small scale irrigation * 6,937 waters users paying water fees. Market Linkages and Value Addition In vestment Support Project targets: * 14,045 metric tons processed through post-harvest facilities established under project support * 32 farmers 'organization-buyer linkages established * 842,700 USD of value of contracts/agreements negotiated through linkages established * 375,000 USD of credits and savings mobilized by farmers and farmers organizations As the project is still at its beginning stage, preparation for project launching, project planning, setting up project implementation team, assessment of farmers organizations and identification of relevant ._ .........stakeholders are among completed activities. Specific The project team is in place at both central level and field based levels. achievement of Field based teams are in Nyanza, Karongi & Rutsiro, Nyabihu, Rulindo, strategic Rwamagana, Kayonza and Gatsibo Districts. The project interventions goals/outputs of started with assessments in various areas/domains where the project will Office of theAuditor General of State Finances 4 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 the Project intervene to have a clear picture of what the project would focus on at the start of activities implementation. Current SAIP have been prepared to consolidate and sustain the results obtained situation that in the Bank funded projects Land Husbandry, Water Harvesting and the project was Hillside Projects (LWH), the third Rwanda sector support project (RSSP formed to III) and other similar programs of Ministry of Agriculture and Animal intervene Resources (M_jNAGRI). ---- - - Other important The project is funded by the Global Agriculture and Food Security background Program (GASFP) and the World Bank is acting as administrator of the information of GAFSP and Republic of Rwanda for the financing of SAIP. The total the Project grant is USD 26,300,000 and the GoR counterpart contribution is USD 1 4,000,000. 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Ё .4 � °��' �� � � ! �� ���� � � � � SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 1.4. The project structure The Project has a Steering Committee which is the oversight organ over SAIP activities, Members of the Steering Committee during the 12 months period ended 30 June 2020 up to the time of audit were as follows: NO Names Institution Post GSA'BYM Rk"----J7-e a MINAGRI Permanent Secretary/Chairperson Claude of Steering committee 2. BISANGWA Innocent Splu Ag SPIU Coordinator from 6 . ....... ... .. ... .......... WB&KOICA/RAB _May, 2019 to 15 November 2019 3. ean Marie SPIU Ag SPIU Coordinator from 16 Vianne WB&KOICA/RAB November 2019 4. URUJENI Sandrine NAEB kember-of SteeringjgqR S. 5 MWISENEZA Julienne GMO Member of 6. KAYITESI Regina PSF Member of Steering Committee 7. ffikKIZIMANA Vedaste MINALOC Member of Steering Committee 8. TUYISENGE Fabien Member of mmittee- SHENIA Kenneth MINICOM Member of Steerin Committee 10, MASENGESHO Amourarn RLMUA Member of Steering Committee 11. M`UKASERIRE Devothe RFHC iNiember of Steering Committee If TWIRINGIRE Samson Member of Steering. Committee _f!; Agnes RAB Member of Steeriq& Committee ANA mrNECOFIN -Me-mber of Steering Committee 1 15.1 BUCAGU Charles RAB Member of Steering Committee The day to day management is headed by the SPIU Coordinator appointed by RAB. The management who served the project during the 12 months period ended 30 June 2020 is as follows: NO 'Names Position ...... ..... 1. KARANGWA Patrick,T i5 - ' ' 'Dir'e'ctor General of RAB/Chief Budget Manager up to 26 August 2020 2. UMUTONI Clarisse Chief Finance Officer of RAB/Chief Budget Manager from 27 Auggst - ----- 3.W §ffl-Wi ANAP'a-u-fi-ne R-AB Corporate Services Division Manager 4. KAGENZA Jean Marie k -VfTCoi rdinatolr from 6 May 2019 to 15 November Via!jng -201,9 5. BISANGWA Innocent AR SPIU Coordinator from 16 November 2019 UWIMANA Josine Head of Finance and Administration 7. NTIBAZIYAREMYE Chief Accountant Innocent 8. 1 IMANA Jean Ag. Head of Management Information System department 1 9.1 RUTAGENGWA Valens Ag. Senior Administrator Office of theAuditor General of Slatefinances 7 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 NO Names Position 1 C NSHIMIYIMANA Joseph -Quality Assurance and Control officer 1l TUYISHIMIRtE4ne AgHead of Procurement 1 NYIRAMUTANGWA Sarah SAIP Acting Project Manager 1 KAREM ERA Jean Claude Senior Value Chain Development Specialist 14 NZABAMWITA Innocent Senior Irrigation Engineer 1.5. Project Information Project Start Date: The project signature of agreement date is 19 September 2018 The roject effectiveness date is 31 December 2018 Project End Date: The project completion date is 31 August 2023 The project last disbursement date is 31 December 2023 Pro'ect Manaer BISANGWA Innocent from 16 November 2019 to date Project Manager: KAGENZA Jean Marie Vianney from 6 May 2019 to 15 November 2019 Project Budget List donor(s) name, amount and currency 1. IDA World bank: 26.3 Million (USD) 2. Government of Rwanda 4 Million (USD) Total cost of the project 30.3 (Million USD) Implementing Budget Implementing Budget Agency is: SPIU SAIP-RCSP/RAB Agency Office of the Auditor General of State finances 8 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 2. STATEMENT OF MANAGEMENT RESPONSIBILITIES Article 66 of the Organic Law No. 12/2013 of 12/09/2013 on State Finances and Property requires budget agencies to prepare and submit to the Ministry annual financial statements in a period of one month from the end of the fiscal year and submit their annual financial statements to the Auditor General of State Finances not later than 30th September of the following fiscal year. Article 19 of the Organic Law No 12/2013 further stipulates that the Chief Budget Manager is responsible for maintaining accounts and records of the budget agency, preparing reports on budget execution, managing revenues and expenditures, preparing, maintaining and coordinating the use of financial plans, managing the financial resources for the budget agency effectively, efficiently and transparently, ensuring sound internal control systems in the budget agency and safeguarding the public property held by the budget agency. As Chief Budget Manager, I accept responsibility for the annual financial statements, which have been prepared using appropriate accounting standards applicable to Public entities as determined by Article 99 of the Ministerial Order No. 001/16/10/TC of 26/01/2016 relating to financial regulations. These financial statements have been extracted from the accounting records of SAIP and the information provided is accurate and complete in all material respects. The financial statements also form part of the consolidated financial statements of the Government of Rwanda. In my opinion, the financial statements give a true and fair view of the state of the financial affairs of SAIP, I further confirm that SAIP maintained proper accounting records were which can be relied upon in the preparation of financial statements. I also confirm that adequate systems of internal control were maintained and operated effectively during the year to safeguard the assets of the budget agency. Nothing has come to the attention of Management to indicate that SAIP will not continue operating as a going c ern for the foreseeable future. Signature: Mrs UMUTONI Clarisse Chief Budget Manager Date: 4441 2c Office of the Auditor General of State finances 9 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 3. REPORT OF THE AUDITOR GENERAL REPORT ON THE FINANCIAL STATEMENTS Mrs UMUTONI Clarisse Chief Finance Officer (CFO)/Chief Budget Manager 3.1. Opinion As required by Article 165 of the Constitution of the Republic of Rwanda of 2003 revised in 2015, and Articles 6 and 14 of Law n* 79/2013 of 11/09/2013 determining the mission, organization and functioning of the Office of the Auditor General of State Finances (OAG), I have audited the financial statements of SAIP for the year ended 30 June 2020. These financial statements comprise the statement of financial position as at 30 June 2020, the statement of revenue and expenditure, statement of cash flows, statement of changes in net assets and budget execution report for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. These financial statements are set out on pages 12 to 31. In my opinion, the accompanying financial statements give a true and fair view of the financial position of SAW as at 30 June 2020, and of its financial performance and its cash flows for the year then ended in accordance with the guidelines provided by Ministerial Order no 001/16/10/TC of 26/01/2016 relating to financial regulations and Organic Law N' 12/2013/OL of 12/09/2013 on State Finances and Property. 3.2. Basis for Opinion I conducted my audit in accordance with the International Standards of Supreme Audit Institutions (ISSAIs). My responsibilities under ISSAIs are described in section 3.4 of this report. I am independent of SALP and have fulfilled my ethical responsibilities in accordance with the ethical requirements that are relevant to my audit of financial statements of public entities as determined by the Code of ethics for International Organization of Supreme Audit Institutions (INTOSAI). I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. 3.3. Responsibilities of management and those charged with governance for the Financial Statements According to Organic Law N' 12/2013/OL of 12/09/2013 on State Finances and Property, management of SATP is responsible for keeping accounting records and books of account, and preparation of financial statements in accordance with the financial regulations prescribed by the Minister in Ministerial order no 001/16/10/TC of 26/01/2016 relating to financial regulations. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that are free from matprial misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the SAIP's ability to continue as a going 'concern, disclosing, as Office of the Auditor General of State finances 10 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 applicable, matters related to going concern and using the going concern basis of accounting unless Government either intends to discontinue operations of the SAP. Those charged with Governance of this project are the Project Steering Committee (PSC). They are responsible for overseeing SAIP's financial reporting process. 3.4. Auditor General's responsibilities for the audit of the financial statements My objective when conducting an audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Misstatements can arise from fraud or error and are considered material if individually or in aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these financial statements. An audit conducted in accordance with ISSAls requires an auditor to exercise professional judgment and maintain professional skepticism throughout the audit and involves: * The identification and assessment of the risks of material misstatement of the financial statements, whether due to fraud or error; design and perform procedures responsive to those risks and to obtain sufficient and appropriate audit evidence to provide a basis for the auditor's 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 controls. * Obtaining 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 purposes of expressing an opinion on the effectiveness of internal control. * Evaluating the appropriateness of accounting policies used, the reasonableness of accounting estimates made by management. * Concluding 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 SAIP's ability to continue as a going concern as well as evaluating the presentation of the financial statements. * Evaluation of the overall presentation, structure and content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieved fair presentation. BI O d AUD E KIG .2020 Office of the Auditor General of State finances 1 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4. FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.1. STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2020 Description Notes 12 months to 6 months to 30 30 June 2020 June 2019 Frw Frw REVENU Grants 2 5,762,493,744 1,078,373,705 Transfers from other Government Reporting 3 598,606,032 entities Other revenue 4 91,917,561 7,043,907 Total revenue 6453,017,337 1,085,417,612 EXPENSES Compensation of employees 5 1 002,231,619 475,252,358 Goods and services 6 1 51901,049 158,439,450 Acquisition of fixed assets 7 231,637,626 1,158,000 Other expenses 8 30,210,873 57,500 Total 3,115,981,167 634,907,308 Surplus/deficit for the period 3,337,036,170 450,510,304 The notes on pages 17 to 31 form an integral part of these financial statements. Office of the Auditor General of State finances 12 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.2. STATEMENT OF FINANCIAL ASSETS AND LIABILITIES AS AT 30 JUNE 2020 Description Note Balance as at 30 Balance as at June 2020 30 June 2019 Frw Frw ASSETS Current assets Cash and CasheuivaIents 9 3789,904,640 450,510,304 Advance payments 10 3,157,591 - Total assets 3 7932062,231 450,510,304 LIABILITIES Current liabilities Payables 11 __(5,51 57- Total liabilities (B) (5,515,757) - Net assets C A-B _ 3,787,546,474 450,510,304 Accumulated surplus from previous years 12 450,510,304 - Net surplus of the period 3,337,036,170 450,510,304 Total Net assets 43,787,4 450,510,304 The notes on pages 17 to 31 form an integral part of these financial statements. Office of the Auditor General of State finances 13 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.3. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020 Description Note 12 months to 30 6 months to 30 June 2020 June 2019 Frw Frw Cash flow from operating activities Revenues ants 2 5,762,493,744 1,078,373,705 Transfers from public entities 3 598,606,032 Other revenue 4__ _ _4 91,917,561 7,043,907 E en13es Compensation of Employees 5 (1,002,231,619) (475,252,,358 Goods and Services 6__ J 1,851,901,049) (158,439,450) Other Expenses 8 (30,210,873) (57,500) Adusted or: Changes in receivables 10 (3,157,591) Changesin payables 11 5,515,757 - Net cash flow from operatingepenses 3,571,031,962 451,668,304 Cash flows from Investing Activities Acquisition of fixed assets 7 (231,637,626) (1,158,000) Proceeds from sale of capital items Net cash flows from Investing Activities (231,637,626) 1,158,000 Net cash flow from financing activities Net increase in cash and cash equivalents 3,339,394,336 450,510,304 Cash and Cash equivalent at the beginning of 450,510,304 Period__ cash and cash equivalent at the end ofAeriod 3,789,904,640 450,510,304 Control - - The notes on pages 17 to 31 form an integral part of these financial statements. 4.4. Statement of change in net assets for the period ended 30 June 2020 Accumulated Adjustments Total surplus/loss Frw Frw Frw Net Surplus from the previous year 450,510,304 - 450,510,304 Net Surplus for the current financial year 3,337,036,170 - 3,337,036,170 Balances as at 30 June 2020 3,787,546,474 - 3,787,546,474 Office of the Auditor General of State finances 14 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.5. STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS FOR THE YEAR ENDED 30 JUNE 2020 Description Revised Budget for Actual for the year Budget Budget 12 months to 30 ended 30 June 2020 variance performanc June 2020 Frw Frw Frw A B__ _ A-B (B/A)*100 Orants 4,782;129,723 5,762,493,744 80,364,021) 121% Transfers from central treasury 59 032 598,606,032 100% Other revenues 50,000,000 91,917,561 (41pl51 184% Total Receipts __630Q3575_ ,453,01 3 1,022,281,582) 119% EXPENDITURE"-"' Compensation of Emp e,16,41 1,02,31,619 14,180,889 99% Goods and Services 3,495,904,247 1,851,901,049 1,644,003,198 53% Grant and other transfers 9,360,000 _00% Other Expenses- 60,500,000 30,210,873 30,289,127 50% Total expenditure 4,582,176,755 2,864,343,541 1,697,833,14 63% ratg Balance848,5 93005 6 568,673 Z?6 20,11479 421% Transactions in non- fiRancial assets Capital Expenditure 848,559,000) 31,637,62) (616 92174) _ 27% Total non-financial assets (848,559 000) (23 1637,626) ( 3 27% Net lending/(Borroing) ___ 333036J70 ,337,0 13670 Reserves 450,510,304 5 10,304)034 0- Total Net iacurrence of - 3,337,036,170 (3,337,036,170) - liabilities The notes on pages 17 to 31 form an integral part of these financial statements. Explanations for the major variances observed above: (i) The budget performance on Grants of 121% was due to fluctuation of exchange rate of USD to Frv. The other reason is that less amount was budgeted (ii) The budget performance on other revenues was 184% due to the daily fluctuation in exchange rate of US dollars to Rwandan francs. (iii) Goods and Services, Other Expenses and Capital Expenditure have performed 52.92%, 49.94% and 27.42% respectively The explanations are that many contracts were not completed and no invoices issued due to COVID19 and they are still under implementation. Office of the Auditor General of State finances 15 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Names and position i atur Date Prepared by: NTIBAZIYAREMYE Innocent 4V 7/V Chief Accountant Checked by: UWIMANA JosineA U t Head of Finance and Administration Checked by: BISANGWA Innocent 2--10 Project Coordinator Approved by: UMUTONI Clarisse Chief Budget Manager Office of the Audior General of Statefinances 16 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.6. Notes to the financial statements 1. Significant accounting policies Public entities maintain their books of account on a modified accrual basis of accounting as prescribed in basis for preparation. 1.1. Statement of compliance The financial statements have been prepared in accordance with the Organic Law n' 12/2013 of 1210912013 on State Finances and Property and related legal framework. These financial statements have been authorized for issue by the Chief Budget Manager on 6 October 2020. Thle financial statements have been prepared on a going concern basis and the accounting policies have been applied consistently throughout the period. The presentation and classification of items in the financial statements are consistent from one period to the next and takes into consideration progressive improvements as contained in the Government of Rwanda roadmap to migrate to accrual IPSAS. 1.2. Basis of preparation The financial statements have been prepared on the basis of historical costs unless otherwise stated. The cash flow statement is prepared using the direct method, The specific accounting bases for major items in-the financial statements are provided below. Except for the subsidiary entities affiliated to the decentralised entities, public entities shall maintain their books of account on a modified accrual basis of accounting. The subsidiary entities affiliated to the decentralised entities shall maintain their books of account on a modified cash basis of accounting and progressively move to the same accounting basis as that of the rest of the public entities. In this context modified accrual basis of accounting means that financial transactions and events shall generally be recognized in the books of account when they occur and not only when cash or its equivalent is received or paid, except in the following circumstances when transactions will be treated on a cash basis; (i) Inventories - these are assets: Inventories include assets such as consumable stores, materials to be consumed in the rendering of services and maintenance materials. These will be treated on cash basis and recorded as expenditure during the year of acquisition and treated as revenue in the year of disposal. (ii) Non-exchange transactions: - These arise where an entity receives value from another entity without giving approximately equal value in exchange. These include taxes, fines and penalties, transfers, gifts and donations and shall be recognised when cash is received. (iii) Non-current assets (tangible and intangible assets): - such as vehicles, furniture, equipment, finance leases, Plant and tools and investment property will be treated on cash basis and Office of the Auditor General of State finances 17 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 recorded as capital expenditure during the year of acquisition and revenue in the year of disposal. (iv) The financial statements are presented in Rwanda Francs (Frw), being the currency of legal tender in Rwanda which is the functional and reporting currency of the Government of Rwanda. 1.3. Reporting project The Financial Statements have been prepared by SAIP pursuant to Articles 19 and 66 of the Organic Law on State Finances and Property No 12/2013 of 12/09/2013 that empowers the Chief Budget Manager to prepare the financial statements. 1.4. Reporting periods The Government of Rwanda Fiscal Year runs from Ist July to 30* June. These financial statements cover the period from 1- July 2019 to 301 June 2020. The comparative figures for this period reflect the 6 months ended 0h June 2019. 1.5. Key assumptions and judgments These financial statements, as a component of the Government consolidated financial statements, reflect the Government's financial position as at 30 June 2020, and the financial results of operations and cash flows for the year ended on that date. The assumptions are based on information available at the time of the preparation of the financial statements. It should therefore be noted that actual results may differ from the assumptions stated and thus have a material impact on the financial statements. The key assumptions are discussed below: 1.5.1. Presentation Currency The functional currency of the Government of Rwanda is the Rwandan Franc (Frw). For reporting purposes, the financial statements are translated into Rwandan Francs. The rates used to translate foreign currency balances is the average rate applicable by National Bank of Rwanda as at 30111 June 2020. 1.5.2. Areas of significant estimation These financial statements do not have significant estimates so far. For the non-current assets and inventory balances disclosures, the acquisition cost before depreciation has been used. 1.5.3. Adoption of new and revised standards The government is in the process of transitioning to IPSAS through a phased approach that involves a six-year implementation plan. The current year is year 2 of the transition process. By the end of the six-year implementation period, the government plans to have fully transitioned to IPSAS and adopted all relevant standards. Office of the Auditor General of State finances 18 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 1.6. Recognition I. Revenue recognition a) Revenue from non-exchange transactions * Grants Grants are transfers received by government units, from other resident or non-resident government units or international organizations that do not meet the definition of a tax, subsidy, or social contribution. This includes current and capital transfers received from foreign Governments, international organizations and from other general government units. Transfers from other general Government units include Transfers from National Treasury, Inter-entity and intra-entity transfers. Inter-entity transfers refer to transfers between costs or revenue centers belong to different public entities while intra-entity refers to transfers between cost or revue centers within the same public entity. A transfer is a transaction in which one institutional unit provides a good, service, or asset to another unit without receiving from the latter any good, service, or asset in return as a direct counterpart. Grants are normally receivable in cash, but may also take the form of the receipt of goods or services (in kind). Grants receivable are classified first by the type of unit providing the grant and then by whether the grant is current or capital. A grant may be a sum of money or services given by a government body for specific purposes. Usually the money given can only be used for the intended purposes stated in the grant writing or application. These transfers could be classified according to the sector of the counterparty and whether they are current or capital transfers. The grants and transfers shall be sub-categorized as follows: a) Grants received from Foreign Governments; b) Grants received from International Organizations; and c) Grants received from other general Government units which include Treasury Transfers, Inter-entity and intra-entity transfers. Grants and similar financing for capital items, to the extent that they have not been eliminated on consolidation, are recognised immediately in the Statement of financial assets and liabilities unless it is likely that the grant will need to be repaid, in which case the grant is deferred in the Statement of financial assets and liabilities. The following applies to grants and transfers: * Grants are recognized in the books of accounts when cash is received and in case of grant in kind, such grants are recorded upon receipt of the grant item and upon determination of the value. * Transfer from Treasury is recognized in the books of accounts when cash is received. Office of the Auditor General of State finances 19 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 * Transfers received from Government entity for onward payment to a third party are not treated as an inter-entity (revenue) rather, such transfers shall be recorded as transit fund (liability) in the books of the receiving entity. * Transfers from Treasury that are not related to current fiscal year budget are not treated as cash transfers. Instead such transfers shall be treated as inter-entity transfers. * Transfers from entities to Treasury which does not relate to the current fiscal year budget are treated by Treasury as inter-entity transfers. * Funds returned to Treasury at the end of the fiscal year as a result of zero balance accounts sweeping are not recognized as inter-entity transfers. Instead, those funds will reduce the cash transfer account balance for the same year. Where such transfers are received by Treasury in the subsequent fiscal year (such as embassies and foreign missions) such transfers is recognized as inter-entity transfers. b) Revenue from exchange transactions * Other revenue These are other revenue not classified in other classes of revenue. This includes claims from insurance and guarantees seized. Revenue from exchange transactions shall be recognized on accrual basis. IL Expenditure All expenditure is recognized on accrual basis however the point of recognition may be different according to their categories. a) Compensation of employees Compensation of employees is the total remuneration, in cash or in kind, payable to an individual in an employer-employee relationship in return for work performed by the latter during the reporting period. Expenditure relating to compensation of employees is accounted for on an accrual basis and recognized in the books of accounts when expenditure is incurred regardless of the time associated cash and cash equivalent are paid out. Staff costs include salaries and wages, the costs of pensions and other employee benefits. Public sector pension scheme costs include current service costs and past service costs. b) Goods and services Goods and services consist of the value of goods and services used for the production of market and nonmarket goods and services. The value of goods or services is recorded when the goods or services are actually used rather than when they were acquired or paid for. In practice, these events often coincide for inputs of services but not for goods, which may be acquired some tirne Office of the Auditor General of State finances 20 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 in advance of their use. The value of goods purchased and held for resale is recorded as goods and services when they are sold. c) Acquisition of fixed assets The expenditure on acquisition of property plant and equipment items is not capitalized. The cost of acquisition and proceeds from disposal of these items are treated as expenditure and income items respectively. Where an asset is acquired in a non-exchange transaction for nil or nominal consideration and the fair value of the asset can be reliably established, a contra transaction is recorded as revenue and as Acquisition of Fixed Assets otherwise it not recorded rather a fixed asset register which contains details of assets is maintained by each public entity. d) Other expenses Any other expenses not part of the ones above will fall into this category and shall be for on cash basis of accounting and recognized in books of accounts when cash and cash equivalent is paid. IH. Assets and Liabilities a) Cash and cash equivalents Cash comprises cash on hand, demand deposits and cash equivalents. Demand deposits and cash equivalents comprise balances with banks and investments in short-term money market instruments which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. Bank account balances include amounts held at the National Bank of Rwanda, foreign bank for the case of embassies and high commissions and at various commercial banks at the end of the reporting period. b) Inventories Inventories are expensed in the period in which they are acquired by the Government and its entities. c) Receivables These receivables include the receivables from the exchange transactions, prepayments and other receivables. d) Payables These mainly relate to invoices for goods and services which were outstanding on the date of the closure of the fiscal year. These are recognized as liabilities for that specific fiscal year. All goods received notes are recognized as liabilities if not yet paid as at the end of the period. It also includes short term borrowings received by budget agencies from Local Commercial Banks as these are not regarded as public debt. Office of the Auditor General of State finances 21 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 IV. Other relevant information a) Changes in accounting policies and estimates When presentation or classification of items in the financial statements is amended or accounting policies are changed voluntarily, comparative figures are restated to ensure consistency with the current period unless it is impracticable to do so. b) Foreign currency transactions Transactions denominated in foreign currencies are initially translated to the Rwandan Franc at the foreign exchange rate at the date of transaction. The National Bank of Rwanda provides exchange rates for major foreign currencies on a daily basis. These are presented for selling rate (rate the bank will sell foreign currency to its clients), buying rate (rate the bank will buy foreign currency from its clients) and average rate (average between the selling and buying rate). During the year, revenue items are translated using the selling rate (this equals the Buying rate presented at BNR website) of the transaction day whereas the Expense items should be translated using the buying rate (this equals the Selling rate presented at BNR website) of the transaction day. The associated exchange losses are recorded as other expenditure while exchange gains should be recorded as other revenue. At the end of the year, book balances, Assets (such as bank and cash and accounts receivables) and liability (such as accounts payables), denominated in foreign currencies are converted into the Rwanda Franc at the average rate of exchange ruling on that closing date, as issued by the National Bank of Rwanda. The associated exchange losses/gains are recorded as expenditure/income in the books. c) Subsequent events There have been no events subsequent to the financial year end with a significant impact on the financial statements for the year ended 30 June 2020. d) Related parties The Government regards a related party as a person or an entity with the ability to exert control individually or jointly, or to exercise significant influence over it, or vice versa. Members of key management are regarded as related parties and comprise the Project Steering Committee and project Coordinator. e) Contingencies The Project does not recognize a contingent liability, but discloses details of any contingencies in the notes to the financial statements, unless the possibility of an outflow of resources embodying Office of the Auditor General of Statefinances 22 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 economic benefits or service potential is remote. Project has neither contingent assets nor contingent liability. f) Notes to the statement of comparison of budget and actual amounts . The original budget for 2019/2020 was approved by the Parliament orn 30 June 2019. Subsequent revisions or additional appropriations were made to the approved budget in accordance with specific approvals from the appropriate authorities. The additional appropriations are added to the original budget by the Government upon receiving the respective approvals in order to conclude the final budget. Accordingly the Government recorded additional appropriations of 26/03/2020 budget in accordance with specific instructions of the Cabinet/Parliament. * Government's budget is prepared on a different basis to the actual income and expenditure disclosed in the financial statements. The financial statements are prepared on accrual basis using a classification based on the nature of expenses in the Statement of revenues and expenditures, whereas the budget is prepared on a cash basis. The amounts in the financial statements were recast from the accrual basis to the cash basis and reclassified by presentation to be on the same basis as the approved budget. A comparison of budget and actual amounts, prepared on a comparable basis to the approved budget, is then presented in the statement of comparison of budget and actual amounts. In addition to the Basis difference, adjustments to amounts in the financial statements are also made for differences in the formats and classification schemes adopted for the presentation of the financial statements and the approved budget. * Timing differences occur when the budget period differs from the reporting period reflected in the financial statements. There are no timing differences for Government. * Project differences occur when the budget omits program/activity or a project that is part of the project for which the financial statements are prepared. Office of the Auditor General of State finances 23 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 2. Grants During the year ended 30 June 2020, SAIP received funds from World Bank (IDA) as follows: Ledger Donor and Date Amount in Exchange 12 months to 6 months to accoun WA* number received USD rate 30 June 2020 30 June 2019 t Frw Frw GAFSP WA 1,15100 84927 137103 G&S 25-02-19 ,218,512.00 884,992273 - 1,078,373,705 1&2 GAFSP WA 3 26-07-19 500,000.00 910.562552 455,281,276 OAFSP_WA 4 04-10-19 2,042,160.48 901,472,614 1,840,951,746 - GAFSP WA 5 28-02-20 1,500,000.00 920,001,638 1,380,002,457 - GAFSP WA 6 02-06-20 1,000,000.00 924,735,652 924,735,652 - GAFSP WA 7 16-06-20 1,254,565.00 925,836,934 1,161,522,613 - Subtotal 6,296,725.48 5,762,493,744 1,078,373,705 'WA: Withdrawal application GAFSP: Global Agriculture and Food Security Program 3. Transfers from other government reporting entities During the year, SAIP received counterpart funds from MINECOFIN as indicated below: Ledger Description 12 months to 6 months to account 30 June 2020 30June 2019 Frw Frw 139109 Intra Transfers from Central government - 598,606,032 MINECOFrN STotal 598,606,032 - 4. Other revenue The other revenue were mainly made of gain on currency exchange as detailed below; Leger Description 12 months to 6 months to account 30 June 2020 30 June 2019 Frw Frw 1451 Miscellaneous income (Gain of currency 91,917,561 7,043,907 exchage) Total 91,917,561 7,043,907 Office of the Auditor General of State finances 24 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 5. Compensation of employees During the year ended 30 June 2020, the project incurred employees' cost as indicated below: Leger Description 12 months to 6 months to account 30 June 2020 30 June 2019 Frw Frw 211601 Project Staffs remuneration: Basic Salary in Cash 730,409,207 411,369,580 211602 Project Staffs remuneration: Transport 134,643,706 31,941,389 Allowances in Cash 211l603 Project Staffs remuneration: Housing 134,643,706 31,941,389 Allowances in Cash 211612 Project Staffs remuneration: Tender committee 2,535,000 allowances Total 1,002,231,619 475,252,358 6. Goods and services During the year, the project incurred goods and services as indicated below; Ledger Description 12 months to 6 months to account 30 June 2020 June 2019 Frw Frw 221101 Stationery d ti b 32,530280 __ 50,000 221102 Beverages, Tea, Coffee, etc 11,073,350 - 221105 Journals and Newspapers - 1,356,680 221108 thot cam and MicoIlms_ 1,259,000 - 221109 Food supplies 8,236,160 _ 1,164,400 221201 Water and Electricity Bills 12,873,188 - 221399 Other rentals costs 235,000 - 221402 Fax and Telephoe465000 - 19,483,500 221601 Bank charges 17,974 5,954 221602 - Purchase of Cheque and Op books - 13,854 221603 Bank statement fees 35,980 8,935 221605 Loss on currency exchange and translations 20,573 1294667 221703 Adverts and Announcements 1,866,950 342 200 221705 Hire of Conference Rooms 1,432,660 2,073,200 221706 Symposia, Seminars and sensitizations 8,1697200 - 221714 Flags Banners and decoration costs 195,000 37 500 222104 Seminar entrance fees 51,400 - 222108 Technical Assistance remuneration by FAO 547,879,601 8,537,144 (Food and Agriculture Organization) and RYAF (Rwanda Youth Agriculture Forum) 222109 Contractual personoel 72,960,024 - Office of the Auditor General of State finances 25 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Ledger Description 12 months to 6 months to account 30 June 2020 June 2019 Frw Frw 222114 Surveys costs 50,813,300 - 222115 Research costs 1,508,200 988,148 222199 Other professional services fees - 440,777 223101 Transportation cost for domestic business travel 15,235,258 - (airplane, bus, train, taxi) 223104 Domestic Per Diems 36,458,992 _12,667,780 223108 Fuel and Lubricants 50,000,000 10,000,000 223116 Meals 3,273,720 1,567,400 223199 Other transportation costs - 2,157,633 224101 Maintenance and/or Repairs of Administrative 593,000 - Buildings 224110 Maintenance and Repairs of Vehicles and 15,728,164 932,200 Motorbikes 224111 aintenance and/or Repairs of Office Equipment 1629000- 224116 Maintenance and/or Repairs of Other Equipment 3,003,400 - 224120 Maintenance - Public Places and Facilities 467,532 224201 Vehicle Spare Parts 4,759,200 - 226101 Trainers Fees and Expenses 1 872,950 226103 Trainin &Related Travel Costs 40845,880 18,578,400 226104 Training Related Per Diems 13,194,985 3,616,050 2?6105 Training hotel facilities 78,548,700 7,029,100 226106 Trainigfood related costs 33,645,100 573,000 226199 Other training related expenses 12,577,226 - 227310 Hire of Private Security firms 7,646,400 - 741 Agricultural and Veterinary Supplies 704,216,702 64,420,928 227502 Educational books and supplies 18,500,000 227511 Kitchen and DiningE Equiment 16,528,600 - 229101 Spoils and recreational facilities and services 1,323,500 Total 1,851901,049 158,439,450 7. Acquisition of fixed assets During the year ended 30 June 2020, the projects acquired fixed assets as detailed below: Ledger Description 12 months to 6 months to account 30 June 2020 June 2019 Frw Frw 231103 Acquisition of Buildings - Non Residential - Non 56,083,226 Office 231106 [Acquisition of Water Infrastructure _ _ 6,000 -_ 231108 Acquisition of Communications Infrastructure 14,693,400 1 -1 Office of the Auditor General of Statefinances 26 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Ledger Description 12 months to 6 months to account 30 June 2020 June 2019 Frw Frw 231203 Acquisition of Trucks and Heavy Vehicles 145,848,000 231404 Acquisition of Internet connectivityequipmet 7,418,000 - 231409 Acquisition of Television sets - 460,000 231499 Acquisition of Other ICT Equipment, software 1,038,000 _ 231599 Ac uisition of Other§Scialized Equipment 0 698,000 231601 Acquisition of Breeding Livestock 6,55t 000 - Total 231,637,626 1,158,000 8. Other expenses During the year, the project incurred other expenses as indicated in the table below: Ledger Description 12 months to 6 months to account 30 June 2020 June 2019 Frw Frw 285101 Miscellaneous Expenses - 57,500 285108 Other miscellaneous ex1enses 1,068, I 80 - 289102 Automobile and Aircrafts Insurance 29,142,693 - Total 30,210,873 57,500 9. Cash at bank The bank balance indicated below have been reconciled to the bank statements as at 30 June 2020. Ledger Bank Account No. Curre Amount Exc Period ended Balance as accoun name ney USD han June 2020 at 30 June t ge 2019 rate Frw Frw Local currency Banks accounts in Rwanda 311301 1 BNR 100004908 Frwj247,538,0091 -FoREig Currency bank accounts held in Rwanda 311401 BNR 1000049278 USD 3,780,217.94 937, 3,542,366,631 450,510,304 Total 3,780,217.94 3,789,904,640 450,510,304 Office of the Auditor General of State finances 27 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 10. Accounts receivable and advance payments The advance payments made as at 30 June 2020 were as follows: Ledger Description Amount as at Amount as account 30 June 2020 at 30 June Frw 2019 Frw 312209 Matrnit Leave Scheme Contributions Receivable 66,936 - 312802 Pre-ments 3,090,655 - Total 3,157,591 11. Accounts payable The accounts payable as at 30 June 2020 were as follows: Ledger Creditor Amount as at Amount as account 30 June 2020 at 30 June Frw 2019 Frw 4121 Accounts Payables -Third parties Holland Green Tech-VDS ACAMPO Ltd 1,347,350 - ECOMIMO _2,612,411- ECET 991,200 - WASAC 564,796 Total 5,515,757 - 12. Accumulated surplus Ledger Description June 2019 June 2019 June 2019 June 2018 account submitted for (Adjustments) (After Audit (After Audit consolidation Adjustment) Adutmenth Frw Frw FrW Frw Cash and cash 511101 Cas an 450,510,304 450,510,304 equivalent __ _ - Total 450,510,304 - 450,510,304 - 13. Changes in Accounts Receivable and Accounts Payable These comprise of changes in account receivables and accounts payables from previous year to this year. Once the change in accounts receivable is positive, it represents the cash outflow while the negative change in accounts receivables implies cash inflows. As far as accounts payable are concerned, the positive change implies more cash inflows whereas the negative trend of accounts payable implies the cash flowing outside the entity. Below is the movement within accounts receivable and accounts payable. Office of the Auditor General of State finances 28 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Description Balance as at Movement Balance as at Movement June 2019 during the 30 June 2020 during the Frw current year Frw previous year Frw Frw Movement in (3,157,591) 3,157,591 - accounts receivables Movement in 5,515757 (53515,757) - accounts payable 14. Important disclosure 14.1. Summary of physical assets and reconciled to the fixed asset register Categories Opening Acquisit Disposed Depreciatio Net carrying balance 1 July ion of of n for the amount as at 2019 assets period 30/06/2020 Frw Frw Frw Frw Frw Structures 2,593,600 - - - 2,593,600 Transport 354,182,158 - - - 354,182,158 *equipment 65 Office Equipment 77,222,605 - - - 77,222,605 ICT Equipment 211 121181 - 211,121,181 Machinery 95,724,610.00 - - - 95,724,610.00 e5guipment Total 740,844,154 - -- 740,844,154 14.2, Aging Summary Report for Receivables Date intervals Payable Name Total 1-45 days 46-90 91-365 1 Year to 2 Above 2 days days Years --l-Years RSSB (Maternity 66,936 - - - 66,936 Leave) BRITAM 3090655 - - - - 3,090,655 Total 3,157,591 - - - - 3,157,591 Office of the Auditor General of State finances 29 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 14.3. Aging Summary Report for Payables Date intervals Total Payable Name 1-45 days 46-90 91-365 1 Year to 2 Above 2 days Years Years HOLLAND GREEN - TECH-VDS 1,347,350 1,347,350 ACAMPO Ltd ECOMIMO 2612411 - - - - 2,612,411 ECET - 991)200 - - - - 991,200 WASAC 564,796 - - - - 564,796 Total 5,515,757 515757 14.4. Performance guarantee This refers to the performance guarantees submitted by various contractors not yet returned or seized. These performance guarantees exclude the performance guarantee constituted through withholding funds from contractor invoices. Contractor Object of the Guarantor Contract Guarantee Status of Return name contract amount d amount execution date Frw Frw HOLLAND Supply and GOLLND installation of Radiant GREEN TECH-VDS green house in Insurance 40,072,005 2,003,600 Ongoing 24/01/2021 ACAMPO Nyanza, Company ACAMP Muyanza and ltd. LTD Rwamagana Operation and Ongoing Maintenance of ECOREMI existing and COGEBAN 67,011,663 6,701,166 11/01/2021 LTD new post- K harvest facilities HOLLAND Supply, Ongoing GREEN installation and Radiant Maintenance! Insurance TECH-VDS Mai c Insuranc 52,291,875 2,614,594 06/04/2021 ACAMPO Repairs of Company Irrigation ltd. LTD Infrastructures AN Supply of Radiant Completed MULTIPUR compost for Insurance POSE Muyanza and Company 24,000,000 1,200,000 23/07/2020 COMPANY Nyabihu sites Copn LTD season B lt.. AN Supply of Radiant 1,000,000 Completed 23/07/2020 MULTIPUR compost for Insurance Office of the Auditor General of State finances 30 SUSTAINABLE AGRICULTURAL INTENSIFICATION AND FOOD SECURITY PROJECT (SAIP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Contractor Object of the Guarantor Contract Guarantee Status of Return name contract amount d amount execution date Frw Frw POSERwamgana Company COMPANY and Kayonza ltd. LTD sites for season B Radiant Completed TRIANGLE Office supplies Insurance D ORLTD & Satioery Comany 23,645,725 1,182,286 21/07/2020 D OR LTD & Stationery Company AN -Completed MULTIPUR Supply of Radiant POSE compost for Insurance 000 18/07/2020 COMPANY Karongi site Company LTD season B ltd. Construction Radiant Completed ECOMIMO works of Insurance 121,858,710 12,185,871 08/12/2021 LTD drying shelters Company drying st ltd. QUI Ongoing TAXI Car hiring at Insurance SERVICES SPIlU head Company 15,000,000 750,000 24/11/2020 LTD ltd. BK General VERICOM shading net for ance 10, 968,300 548,415 Completed 25/11/2020 nurseries Company ____ Ltd. Total Ltd. 393,248,278 29,105,932 Office of the Auditor General of State finances 31