Centre for Coordination of Agricultural Research and Development for Southern Africa Annual financial statements for the year ended 31 December 2014 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 General Information Country of incorporation and domicile Botswana Directors Prof. Fanuel Tagwira - Chairperson - Zimbabwe Prof. Marietta Dlamini - Vice Chair - Swaziland Dr. Charity Kruger - Private Sector - Botswana Prof. Lusato Kurwijila - Education Expert - Tanzania Mr. Antonie Moustache - Public Sector - Seychelles Mr. Marcel Kapambwe - Public Sector - Democratic Republic of Congo Mr. Chaka N.L. Ntsane - Agribusiness - Lesotho Mr. Calisto A.LF. Bias - Public Sector - Mozambique Dr. Marinda Visser - Public Sector - South African Ms. Linire Mulima - Legal Expert - Zambia Ms. Dorothy M. Banda - Financial Expert - Malawi Ms Margret Nyirenda - SADC representative - Botswana Dr Yemi Akinbamijo - FARA representative (Ex-official) Registered office CCARDESA Secretariat 4701 Station Exit Road Private Bag 357 Gaborone Botswana Bankers First National Bank Botswana Limited Auditors Grant Thornton A Botswana member of Grant Thornton International Limited Year of institution 2011 Functional currency United States Dollar (USD) 1 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Index The reports and statements set out below comprise the annual financial statements presented to the members: Index Page Directors' Responsibilities and Approval 3 Independent Auditor's Report 4 Statement of Financial Position 5 Statement of Comprehensive Income 6 Statement of Changes in Equity 7 Statement of Cash Flows 8 Accounting Policies 9 - 11 Notes to the Annual Financial Statements 12 - 17 2 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Directors' Responsibilities and Approval The directors are required in terms of the Charter founding the Secretariat to maintain adequate accounting records and are responsible for the content and integrity of the annual financial statements and related financial information included in this report. It is their responsibility to ensure that the annual financial statements fairly present the state of affairs of the company as at the end of the financial year and the results of its operations and cash flows for the period then ended, in conformity with International Public Sector Accountini Standard. The axternal auditors are gneand to oypravr nn independent opinion on tkQ antie ana- ns statements. The annual financial statements are prepared in accordance with International Public Sector Accounting Standard and are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgments and estimates. The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the organisation and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout the organisation and all employees are required to maintain the highest ethical standards in ensuring the organisation's business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the organisation is on identifying, assessing, managing and monitoring all known forms of risk across the organisation. While operating risk cannot be fully eliminated, the organisation endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The directors are of the opinion, based on the information and explanations given by management, that the system of internal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual financial statements. However, any system of internal financial control can provide only reasonable, and not absolute, assurance against material misstatement or loss. The directors have reviewed the organisation's cash flow forecast for the year to 31 December 2015 and, in the light of this review and the current financial position, they are satisfied that the company has or has access to adequate resources to continue in operational existence for the foreseeable future. The external auditors are responsible for independently reviewing and reporting on the company's annual financial statements. The annual financial statements have been examined by the organisation's external auditors and their report is presented on page 4. The annual financial statements set out on pages 5 to 17, which have been prepared on the going concern basis, were approved by the board on I) L J4A and were signed on its behalf by: Approval of r ndial statements Dire4 Director Gaborone 3 O GrantThornton An instinct for growth Chartered Accountants Grant Thornton Acumen Park Plot 50370 Fairgrounds P, 0. Box 1157 Gaborone Botswana Independent Auditor's Report T +267 3952313 F +267 397-2357 www.gtco.bw To the members of Centre for Coordination of Agricultural Research and Development for Southern Africa We have audited the annual financial statements of Centre for Coordination of Agricultural Research and Development for Southern Africa, which comprise the statement of financial position as at 31 December 2014, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 5 to 17. Directors' Responsibility for the Annual Financial Statements The company's directors are responsible for the preparation and fair presentation of these annual financial statements in accordance with International Public Sector Accounting Standard and for such internal control as the directors determine is necessary to enable the preparation of annual financial statements that are free from material misstatements, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these annual financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the annual financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the annual financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the annual financial statements 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the annual financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the annual financial statements give a true and fair view of, the financial position of Centre for Coordination of Agricultural Research and Development for Southern Africa as at 31 December 2014, and its financial performance and its cash flow3 for the year then ended in accordance with the International Public Sector Accounting Standards. Chartered Accountants Gaborone Certified Auditor: Mr. Madhavan Venkatachary (Memb No: 20030049) A Botswana member of Grant Thornton International Limited Partners Raja Ram Jay Ramesh (Managing) Dinesh Mallan* Vijay Kalyanaraman* Aswin Vaidyanathan* 4 Madhavan Venkatachary* N. Narasimhan* Anthony Quashie Member of Grant thornton International Ltd (*Indian **Ghanaian) Offices in Gaborone & Francistown Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements forthe year ended 31 December 2014 Statement of Financial Position as at 31 December 2014 Figures in US Dollar Note 2014 2013 Assets Non-Current Assets Property, plant and equipment 2 84597 94389 Current Assets Recoverable from exchange transactions 3 165000 20639 Recoverable from non-exchange transactions 4 22381 22381 Cash and cash equivalents 5 1040801 744175 1228 18Z 787195 Total Assets 1312779 881584 Equity and Liabilities Represented by Reserve fund balance 831901 753840 Accumulated defecit 42 504 - 874405 753840 Liabilities Current Liabilities Accrued expenses and payables 8 438374 127744 Total Equity and Liabilities 1312779 881584 5 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Statement of Comprehensive Income for the year ended 31 December 2014 Figures in US Dollar Note 2014 2013 Revenue 9 2974830 1249 305 Other income 10 40957 - Secretariat core activities 11 (2 747 876) (951 260) Program costs 12 (271155) (293 802) Deficit/(surplus) before financial income and expense (3 244) 4 243 Finance income 13 55449 - Finance costs 14 (9 701) (4 243) Deficit after financial income and expense 42 504 - Other comprehensive surplus/deficit Total comprehensive deficit for the year 42 504 6 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Statement of Changes in Equity for the year ended 31 December 2014 Reserve fund Fund Balances Capital Total reserves Accumulated Total equity Figures in US Dollar Reserve defecit Balance at 01 January 2013 262820 2819 11216 276855 - 276855 Other comprehensive - - - - - (deficit]/surplus Fund balance - 93732 - 93732 - 93732 Contribution by members 300 080 - - 300 080 - 300 080 Capital Reserve asset purchase - - 83 173 83 173 - 83 173 Total contributions recognised 300 080 93 732 83 173 476 985 - 476 985 directly in equity Balance at 01 January 2014 562 900 96 551 94 389 753 840 - 753 840 Other comprehensive deficit - - - - 42 504 42 504 Total comprehensive deficit for - - - 42 504 42 504 the year Ammortisation of capital grants - - (40 828) (40 828) - (40 828) Contributions from donor 86 020 2 974 830 - 3 060 850 - 3 060 850 Capital Reserve asset purchase - - 31036 31036 - 31036 Funds utilised - (2 972 997) (2 972 997) - (2 972 997) Total contributions recognised 86020 1 833 (9 792) 78 061 - 78061 directly in equity Balance at 31 December 2014 648 920 98 384 84 597 831 901 42 504 874 405 7 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Statement of Cash Flows for the year ended 31 December 2014 Figures in US Dollar Note 2014 2013 Cash flows from operating activities Cash generated from operations 16 160745 524655 Finance income 55 449 - Finance costs (9 701) (4 243) Net cash from operating activities 206493 520412 Cash flows from investing activities Purchase of property, plant and equipment 2 (28 885) (102 633) Non-cash transactions (donated assets) 31036 41113 Net cash from investing activities 2 151 (61 520) Cash flows from financing activities Contributions from donor 87 853 - Total cash movement for the year 296497 458892 Cash at the beginning of the year 744 175 285 283 Effect of exchange rate movement on cash balances 129 - Total cash at end of the year 5 1040801 744 175 8 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Accounting Policies 1. Presentation of Annual Financial Statements The annual financial statements have been prepared in accordance with International Public Sector Accounting Standard. The annual financial statements have been prepared on the historical cost basis. They are presented in United States Dollar. in the absence of an International Public Sector Accounting Standard that specifically applies to a transaction, other event or condition, management uses its judgment in developing and applying an accounting policy that results in information that is relevant to the decision-making needs of users so that the financial statements * represent faithfully the financial position, financial performance and cash flows of the entity; * reflect the economic substance of transactions, other events and conditions and not merely the legal form * are neutral, i.e. free from bias; * are prudent; and * are complete in all material respects. 1.1 Significant judgements and sources of estimation uncertainty In preparing the annual financial statements, management is required to make estimates and assumptions that affect the amounts represented in the annual financial statements and related disclosures. Use of available information and the application of judgement is used in the formation of estimates. Actual results in the future could differ from these estimates which may be material to the annual financial statements. Significant judgements include: Impairment testing The recoverable amounts of cash-generating units and individual assets have been determined based on the higher of value-in-use calculations and fair values less costs to sell. These calculations require the use of estimates and assumptions. It is reasonably possible that the assumptions may change which may then impact our estimations and may then require a material adjustment to the carrying value of assets. Useful life and residual value of property, plant and equipment The estimates of useful lives as translated into depreciation rates are detailed in property, plant and equipment policy on the annual financial statements. These rates and residual lives of the assets are reviewed annually taking cognisance of the forecasted commercial and economic realities and through benchmarking of accounting treatments in the industry. 1.2 Property, plant and equipment The cost of an item of property, plant and equipment is recognised as an asset when: * it is probable that future economic benefits associated with the item will flow to the company; and * the cost of the item can be measured reliably. Property, plant and equipment is initially measured at cost Costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. If a replacement cost is recognised in the carrying amount ofan item of property, plant and equipment, the carrying amount of the replaced part is derecognised. This includes cost incurred to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses. Property, plant and equipment are depreciated on the straight line basis over their expected useful lives to their estimated residual value. Property, plant and equipment is carried at cost less accumulated depreciation and any impairment losses. The useful lives of items of property, plant and equipment have been assessed as follows: 9 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Accounting Policies 1.2 Property, plant and equipment (continued) Item Average useful life Furniture and fixtures 5 years Motor vehicles 4 years IT equipment 3 years Assets purchased for specific projects 100% during the project The residual value, useful life and depreciation method of each asset are reviewed at the end of each reporting period. If the expectations differ from previous estimates, the change is accounted for as a change in accounting estimate. Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item and have significantly different patterns of consumption of economical benefits is depreciated separately over its useful life. 1.3 Financial instruments The organization only uses non-derivative financial instruments as part of its normal operations. These financial instruments include bank accounts, certificates of deposit, accounts receivable and accounts payable. All financial instruments are recognized in the statement of financial position at their fair values. 1.4 Foreign currency translation A foreign currency transaction is recorded, on initial recognition in US Dollars, by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period: * foreign currency monetary items are translated using the closing rate; * non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange * rate at the date of the transaction; and * non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous annual financial statements are recognised in profit or loss in the period in which they arise. 1.5 Grants Grants received are recognized at their fair value over the period necessary to match them with the costs that they are intended to compensate, and when there is reasonable assurance that the organization will comply with the conditions attached to the grants, but not prior to the formal grant approval. These grants are separately presented in the statement of financial performance as revenue. 1.6 Accounts receivable/recoverable Accounts receivable represent receivables from exchange transactions and recoverable from non-exchange transactions. Disbursements to implementing partners and outstanding funds from donors are treated as recoverable in the 3tatement of financial position. Accounts receivable are recorded at their estimated realizable value after providing for doubtful and uncollectible debts. 10 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Accounting Policies 1.7 Cash and cash equivalents All cash and other highly liquid investments with initial maturities of three months or less to be cash and cash equivalents. 1.8 Employee benefits The cost of short-term employee benefits, (those payable within 12 months after the service is rendered, such as paid vacation leave and sick leave, bonuses, and non-monetary benefits such as medical aid), are recognized in the period in which the service is rendered and are not discounted.. 1.9 Standards not yet effective In 2012 the IPSASB finalized IPSAS 32, Service Concession Arrangements: Grantor. IPSAS 32 is effective for annual financial statements covering periods beginning on or after 1 January 2014. There are no other IPSAS interpretations that are not yet effective that would be expected to have a material impact on the organization. 11 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Notes to the Annual Financial Statements Figures in US Dollar 2014 2013 2. Property, plant and equipment 2014 2013 Cost Accumulated Carrying value Cost Accumulated Carrying value depreciation depreciation Furniture and fixtures 36 766 (12 678) 24088 36 766 (5 325) 31 441 Motor vehicles 18600 (4650) 13950 18600 - 18600 Office equipment 4 218 (1 687) 2 531 4 218 (843) 3 375 IT equipment 74413 (30385) 44028 48488 (7515) 40973 Total 133 997 (49 400) 84 597 108 072 (13 683) 94 389 Reconciliation of property, plant and equipment - 2014 Opening Additions Depreciation Impairment Closing carrying value loss carrying value Furniture and fixtures 31441 - (7353) - 24088 Motor vehicles 18600 - (4650) - 13950 Office equipment 3 375 - (844) - 2 531 IT equipment 40 973 28 885 (24 092) (1 738) 44 028 94389 28885 (36939) (1738) 84597 Reconciliation of property, plant and equipment - 2013 Opening Additions Depreciation Impairment Closing carrying value loss carrying value Furniture and fixtures 4894 37189 (4101) (6541) 31441 Motor vehicles - 18600 - 18600 Office equipment 3373 2739 - (2737) 3375 IT equipment 2950 44105 (6062) (20) 40973 11217 102633 (10163) (9298) 94389 3. Recoverable from exchange transactions Advances to staff 15 422 12 535 Prepayments 9578 1104 Donor receivables- MDTF 140000 7000 165000 20639 4. Recoverable from Non-exchange transaction USAID 22381 22381 5. Cash and cash equivalents Cash and cash equivalents consist of: Cash on hand - 4105 Bank balances 916156 740070 Short-term deposits 124 645 - 1040801 744175 12 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Notes to the Annual Financial Statements Figures in US Dollar 2014 2013 6. Reserve Fund The balance under the reserve fund represents the funds contributed by the member states. These are to be used only for the administrative functions of the Secretariat if external funding cannot be procured. Namibia 86 020 Botswana 91000 91000 Mauritius 86 000 86 000 Mozambique 86000 86000 Republic of South Africa 300000 300000 Bank Charges (100) 100) 648920 562900 Funds Pledged and not received Angola 160000 160000 Democratic Republic of Congo 98 000 98 000 Madagascar 85 000 85 000 Malawi 80 000 80 000 Namibia - 86000 Swaziland 79000 79000 United Republic of Tanzania 99000 99000 Zambia 91 000 91 000 Zimbabwe 82 000 82 000 851000 937000 Funds pledged and not received are not recognized in the financial statements. The information is provided for information purposes only 7. Accumulated funds The accumulated fund balances are inclusive of the following donor funds and balances MDTF fund (317 354) - Swiss Agency and Development Corporation - 61972 APPSA fund balance 86501 31735 UNIBRAIN fund balance 300 2844 FARA and CTA 328937 - 98384 96551 8. Accrued expenses and payables Trade payables 55574 - Donor payable 140 000 - Gratuity and leave provision 166851 86538 Accrued audit fees 30 000 16800 Other accrued expenses 45949 24406 438374 127744 13 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Notes to the Annual Financial Statements Figures in US Dollar 2014 2013 9. Donor grants received Donor grants received 2974830 1249 305 Secretariat core activities FARA 1447141 696 148 USAID - 258594 APPSA 269013 294563 MDTF 1258676 - 2974830 1249305 The MDFT funds were directly received from the World Bank for the purposes of day to day secretariat expenses. USD504 186 was for the reimbursement of the the Secretariat's first six months operational expenditures and the balance was advanced for the second half of the oparerational expenditure. 10. Other income Profit and loss on exchange differences 129 - Ammortisation of capital grants 40 828 40 957 - 11. Secretariat core activities The following items are included within secretariat core activities Advertising 1393 36366 Auditors remuneration 31344 10000 Board Meeting- Travel, Allowance and related 236858 119639 Computer expenses 5674 - Consulting and professional fees 33999 47201 Consumables 1654 - Cost recovery/overheads (11 853) - Depreciation, amortisation and impairments 38 677 17963 Employee costs 1013854 526489 Write off-downs 23587 - Facilitator costs 18432 - Handling charges 1171 - Insurance 1258 - Magazines, books and periodicals 249 - Motor vehicle expenses 2362 - Other expenses 75 023 58961 Other meeting expenses and allowances 631 869 - Partneships and collaboration costs 469 976 - Postage 18 260 - Printing and stationery 20 664 11375 Profit and loss on exchange differences 1 082 291 Promotions 57721 - Repairs and maintenance 1 412 19 020 Small value assets 756 - Staff welfare 12 754 1 111 Subscriptions 495 - Telephone and fax 28 151 33 520 Travel- local 31054 69324 2747876 951260 14 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Notes to the Annual Financial Statements Figures in US Dollar 2014 2013 12. Program cost APPSA - Program costs 271 155 293 802 13. Finance income Interest income Interest on investment 55449 - Interest income earned relates to an investment equivalent to USD82 260 to finance working capital of Flexible Properties at 20% at the end of every four (4) months. The investment was made in Pula and the rates were applied on equivalent Pula amount. 14. Finance costs Bank Charges 9701 4243 15. Auditors' remuneration Fees 31344 10000 16. Cash generated from operating activities Deficit for the year 42 504 - Adjustments for: Depreciation and impairment 38677 17963 Profit on foreign exchange (129) - Finance income (55 449) - Finance costs 9701 4243 Programs - 293 802 Amortisation of capital grants (40 828) - Other non-cash items - (1521) Changes in working capital: Recoverable from exchange transactions (144 361) (20 639) Recoverable from non-exchange transactions - (14220) Accrued expenses and payables 310630 99486 Movement in other reserve balances - 145541 160745 524655 17. Contingencies There were no contingent liabilities at 31 December 2014 (Nil 2013). 15 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Notes to the Annual Financial Statements Figures in US Dollar 2014 2013 18. Related parties CCARDESA is governed by a board of directors whose members are entitled to payment of honoraria and other travel related expenses when participating in CCARDESA meetings or any other CCARDESSA business. The list of directors during the year under review is listed on page 1 of the financial statements. No board member received any remuneration or loans other than the entitlements Board sitting allowances, per diems and travel re- imbursements as indicated above during the year under review. 19. Risk management Credit risk In the normal course of business, the organization incurs credit risk from accounts receivable and transactions with banking institutions. Organization manages its exposure to credit risk by: Holding bank balances and short-term deposits (demand deposits) with Botswana registered banks, which are subsidiaries of major banks listed in UK. These banking institutions do not have any separate credit rating. Maintaining credit control procedures over accounts receivable. Recoverable from non-exchange transactions, receivables from exchange transactions and prepayments as at 31 December 2014 totaled US$187 382 (2013 - US$ 43 020). The maximum exposure as at 31 December 2014 was equal to the total amount of bank balances, and receivables disclosed in the statement of financial position. 20. Presentation of Budget Information in Financial Statements Key assumptions include: * Funding available throughout the periods * Donors interest in sponsoring programs of the Secretariat The approval of the Budget by General Assembly (through the board of directors) empowers the Secretariat (through the Executive Director): * to commit and authorize expenditures and to make all payments to be borne by the Secretariat, for the purposes assigned and within the limits of the appropriations and the commitment authority, as the case maybe; * to receive the income entered in the Budget, together with any other resources accruing to the Secretariat in respect of its activities The projects budgets are approved by the donors as contained in the signed contracts and agreements covering each project, Comparison of budget and actual on a high level and also at the level of projects Introduction Organization prepares its financial statements on an accrual basis. The budget for the entity is usually linked to programs which are implemented by partners. The Statement of Financial Position, Statement of Financial Performance, Statement of Changes in Net Assets and Cash Flow Statement are prepared on a full accrual basis, Budget and financial statements are therefore prepared using same bases. To enable users and funders to derive the needed benefit and make this presentation useful, management has decided to present the comparison of budget and actual expenditure. This form of presentation as indicated is to ensure management achieves the reporting requirement of IPSAS 24 and also meets the needs of stakeholders within the forum for effective decision making. The approved budget outlined below covers the fiscal period until December 2014 and includes all implementing partners. 16 Centre for Coordination of Agricultural Research and Development for Southern Africa Annual Financial Statements for the year ended 31 December 2014 Notes to the Annual Financial Statements 21. Budget to Actual Comparison Description Budget Actual Variance(%) Staff Recruitment 30000 21475 28 Project implementation 1457000 611927 58 APPSA project implementation 600 000 271 155 55 Continental programs 660000 486808 26 Communication outreach and visibility 55000 35736 35 Governance 433 000 463 639 (7) Secretariat Staff emoluments 910000 980355 (8) Office administration 120000 103734 14 Contingency 20000 - 100 4285000 2974829 301 Project implementation CCARDESA received the bulk of funds late in the year, in September 2015, and so there was not enough time left to carry out activities for the remainder of the year. APPSA Project Implementation Funds received during the year amounted to USD332,143 which is half of the budget and so activities were limited to the funds available. of the three countries ( Mozambique, Zambia and Malawi), which contribute to APPSA, only one country, Zambia, countributed. Governance Governance expenditure is more because of the extra ordinary meetings held during the year. Board meetings are usually held twice a year, but in 2014 four meetings were held. Secretariat Staff emoluments Staff emoluments were increased during the year, two staff were also recruited and joined the organisation during the year. 17