.~ KPMG Telephone +256414340315/6 Certified Public Accountants Fax +256414340318 3rd Floor, Rwenzori Courts Email inio@kpmg.co.ug Plot 2 & 4A, Nakasero Road Website www.kpmg.com/eastafrica POBox 3509 Kampala, Uganda Reg No. AF0026 Our ref. B015101lgo/ee/tm Sarah Namulondo Mugerwa FCCA Country Head of Accounts 1 BRAC Uganda Plot 90, Busingire Zone P.O.Box31817 Kampala, Uganda 23 March 2018 Dear Madam, BRACUGANDA Financial Statements for the year ended 31 December 2017 We enclose five (5) copies of the above report for the year ended 31 December 2017. Please note that we have retained one (1) copy of the financials for our records. We thank you and your staff for the support accorded to us during the course of this assignment. Yours sincerely, GOO~PU~ Director Audit Ene!. KPMG Uganda IS a registered partnership and a member .firm of the KPMG network of independent member firms Benson Ndung'u affiliated with KPMG International Cooperative ("KPMG Edgar Isingoma International"), a Swiss entity. Partners Asad Lukwago BRACUGANDA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 KPMG POBox 3509 Kampala BRACUGANDA REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 Table of contents Corporate information Directors' report 3-7 Statement of directors' responsibility 8 Report of the independent auditors 9 - 10 Statement of comprehensive income II Statement of financial position 12 Statement of changes in capital fund 13 Statement of cash flows 14 Notes to the financial statements 15-37 Segmental reporting 38-45 " .. I L BRACUGANDA REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 DIRECTORS Dr. A.M.R Chowdhury* Chairperson Mr. Faruque Aluned* Member Mr.Shib Narayan Kairy* Member ADMINISTRATORS Ms. Hasina Akhter * Country Representative * Bangladeshi PRINCIPAL PLACE OF BUSINESS: OffEntebbe Road, Nyanama Plot 90, Busingiri Zone POBox31817 Kampala Uganda REGISTERED OFFICE: Off Entebbe Road, Nyanama Plot 90, Busingiri Zone POBox 31817 Kampala, Uganda COMPANY SECRETARY: Mr. Shib Narayan Kairy Treasurer of BRAC University, 66 Mohakhali, Dhaka 1212, Bangladesh. AUDITORS KPMG Certified Public Accountants 3rd Floor, Rwenzori Courts Plot 2 & 4A, Nakasero Road " PO Box 3509 Kampala, Uganda BANKERS Standard Chartered Bank Uganda Ltd Stanbic Bank Ltd. Bank of Africa Plot 5 Speak Road 17 Hannington Road Plot 45 Jinja Road POBox 7111 Crested Tower Building PO Box 2750 Kampala, Uganda POBox 7131 Kampala, Uganda Kampala, Uganda Post Bank Uganda Ltd DFCU Bank Centenary Bank Post Bank House Plot 26, Kyadondo Road Mapeera House Plot 416 Nkrumah Road POBox 70 Plots 44-46 Kampala Road POBox 7189 Kampala, Uganda POBox 1872 Kampala, Uganda Kampala, Uganda Tropical Bank Ltd Pride Microfinance Limited (MDI) Orient Bank Ltd Plot 27 Kampala Road Victoria Office Park, Block B, Plot 6/6A Kampala Road POBox 9487 Bukoto, POBox 3072 Kampala, Uganda Plot 6-9, Ben Kiwanuka Okot Close Kampala, Uganda POBox 7566 Kampala, Uganda 2 BRACUGANDA DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 The directors have pleasure in submitting their report and the audited financial statements of BRAe Uganda ("the company") for the year ended 31 December 2017, which disclose the state of affairs of the company. (a) Registration BRAe Uganda Limited got incorporated as a company limited by guarantee on 18th September 2009 as an independent company. The Organization prior to incorporation was a component of BRAe Uganda which was first incorporated as BRAe Foundation in January 2006 and it commenced business in June 2006. In March 2007 the name was changed to BRAe through the registry of companies. Later Microfinance and Non Microfinance programs got incorporated as independent companies in August 2008 and September 2009 respectively. The Organization was duly registered under the non-governmental organization registration statute (1989) on 19th March 2010 as BRAe Uganda. The two entities effectively commenced trading separately on 0 I January 2010 and therefore have separate financial statements for BRAe Uganda and BRAe Uganda Microfinance Ltd. BRAe Uganda registered with the registrar of companies on 18th March 20 10 as a company limited by guarantee under the names of BRAe Uganda ("the company"). (b) Vision A world free from all forms of exploitation and discrimination where everyone has the opportunity to realize their potential. (c) Mission The company's mission is to empower people and communities in situations of poverty, illiteracy, disease and social injustice. Our interventions aim to achieve large-scale, positive changes through economic and social programmes that enable men and women to realize their potential. (d) Our Values .' Innovation - the company has been an innovator in the creation of opportunities for the poor to lift themselves out of poverty. We value creativity in programme design and strive to display global leadership in ground breaking development initiatives. Integrity - the company values transparency and accountability in all our professional work, with clear policies and procedures, while displaying the utmost level of honesty in our financial dealings. The company holds these to be the most essential elements of our work ethic. " Inclusiveness - the company is committed to engaging, supporting and recognizing the value of all members of society, regardless of race, religion, gender, nationality, ethnicity, age, physical or mental ability, socioeconomic status and geography. Effectiveness - the company values efficiency and excellence in all our work, constantly challenging ourselves to perform better, to meet and exceed programme targets, and to improve and deepen the impact of our interventions. (e) Principal activities The company provides charitable and welfare activities on non-profit basis, engages in poverty eradication, promotes women empowerment in rural areas, and provides sanitation and clean water and provides basic education for school dropouts in rural areas in over 64 districts in Uganda. 3 BRACUGANDA DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 (t) Results from operations The results for the company for the year ended 31 December 2017 are set out on page 12. (g) Composition of Directors The directors who served during the year are set out on page 2. (h) Directors benefits No director has received or become entitled to receive any benefits during the financial year. (i) Corporate Governance The directors are committed to the principles of good corporate governance and recognize the need to conduct the business in accordance with generally accepted best practices. In so doing the Directors therefore confirm that: • The board of directors met regularly throughout the year; • They retain full and effective control over the company; • The board accepts and exercises responsibility for strategic and policy decisions, the approval of budgets and the monitoring of performance; and • They bring skills and experience from their own spheres of business to complement the professional experience and skills of the management team. In 2017 the board of directors had three directors. The board continued to carry out its role of formulating policies and strategies of the company, reviewing the business plan, ensuring that the accounting system is maintained in accordance with acceptable standards, the books of the company are kept properly, and that the accounts are checked by authorized auditors as well as recruitment and development of key personnel. G) Risk management The board accepts final responsibility for the risk management and internal control system of the company. The management ensures that adequate internal financial and operational control systems are developed and maintained on an ongoing basis in order to provide reasonable assurance regarding: • The effectiveness and efficiency of operations; • The safeguarding of the company's assets; • Compliance with applicable laws and regulations; • The reliability of accounting records; • Business sustainability under normal as well as adverse conditions; and • Responsible behaviour towards all stakeholders. The efficiency of any internal control system is dependent on the strict observance of prescribed measures. There is always a risk of non-compliance of such measures by staff. Whilst no system of internal control can provide absolute assurance against misstatement or losses, the company's system is designed to provide the Board with reasonable assurance that the procedures in place are operating effectively. (k) Management Structure The Company is under the supervision of the board of directors and the day to day management is entrusted to the Country Representative who is assisted by the heads of divisions, departments and units. The organization structure of the Company comprises of the following divisions: • Agriculture and Poultry • Education • Health • Empowerment and Livelihood for Adolescents (ELA) • Research and Evaluation 4 BRACUGANDA DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 • Training • Emergency Response Program • Accounts and Finance • Internal Audit • Monitoring • Branch Review • Information Technology(IT) and Management Information System(MIS) • Human resources • Communication and Public Relations • Proposal Development • Procurement, Logistics and Transportation (I) Related Party Transactions Related party transactions are disclosed in notes 14 and 17 to the financial statements. (m) Corporate Social Responsibility BRAC Uganda is a development company dedicated to alleviating poverty by empowering the poor to bring about change in their own lives. (n) Key achievements in 2017 • Forty new play labs were put up in Luwero, Wakiso and Kampala District. The Play labs are for 3 to 5 year old children to support their social and emotional learning through play. The Pedagogical principles of the play based learning approach are play, think, make and share . .. • The Scholarship Programme completed the midterm undertaken by Advisem Canadian consulting firm. • Additional 506 (259 Females; 51.2%) Scholars graduated from the Program bringing the number to 1606 (51.6% Female) scholars who have completed their cycle on the Program since 2014. • Basic training for 990 Community Health Promoters (replacement of inactive Community Health Promoters) and 49 newly recruited staff were also conducted as planned • Health Management Information System training provided to 113 stafffor 6 days • Enhanced Family Planning (Sayana press) Pilot training to 34 staff and 60 Community Health Promoters were given and 12 staff; and 240 Community Health Promoters were also provided with 3 days training on vision care under Vision Spring Project Pilot. • Completed Community Health Promoters digital transition through android application training and mobile phone distribution for assessments, reporting, supervision and monitoring in real time. • Community Health Promoter revolving loan pilot also designed and initiated • Empowerment Livelihood for Adolescents /End Child Marriage project set up 1,025 clubs across the 19 districts enrolling 15,723336 girls were trained in livelihood (short term) and 2300 trained in apprenticeship and input supply • 19,266 were trained in lifo skills and 18,926 in financial literacy respectively • More funding has been received from Ministry of Gender and also Uganda National Roads Authority to address gender based violence and violence against children • Smallholder farmers (19,200) trained and provided with nutrient rich crops and farming inputs • 24.75 smallholder farmers in the project areas adopting Orange-Fleshed Sweet Potato (OFSP) as a new technology. 5 BRACUGANDA DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 • Increase t078% of mothers practicing exclusive breast feeding since the project began • 66.94% of children aged 6-23 months receiving minimum dietary diversity, marking a 12.94% increase since the project began • Target the Ultra Poor beneficiaries 1,650 received livelihood assets in form of livestock and petty trades. (0) Expectations for the year ending 31 December 2018 • Implement a transition project of the Programme through Technical Vocational and Education Training (TVET) support for 20% of the Scholars and strengthen career education support services to the Scholars. Increase the transition into further education or employment to at least 95% from current 77%. • Organize the third Leadership Congress of the Program at Which over 1700 Advanced level Scholars are expected to attend. • Scholarship program $1.5m unspent fund over the last four years will be utilized for recruiting an additional 200 Advanced level Scholars in 2019 from most disadvantaged districts of Karamoja region, West Nile and Eastern Uganda and to also support transition of Scholars by providing TVET tuition to 20% of the graduating Scholars over the next three years • Scholarship program got extra funding of $ 1.1 million from Master Card Foundation to implement a transitional project to improve transition of graduating Scholars into further education and employment. • Health Management Information System (rollout to all staff and branches) and improve on Android Application - New additions/upgrades • Community Health Promoters loan and revolving fund initiative pilot to continue • More funding expected from donors for youth skilling and empowerment for Kiryandongo refugee camp and Karamoja region; and for gender based violence and violence against Children • Under Japanese Social Development Fund (JSDF), increase the cultivation, consumption and market-based production of modern varieties of Vitamin A-rich Orange-Fleshed Sweet Potato (OFSP) and nutrient rich crops like carrot, tomato, Beans, Ground nut and pumpkin " • Skill local Vine Producers in 40 villages and Marketing Agents to ensure activities' sustainability beyond the project. (p) Solvency The Board of directors has reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Board of directors confirms that the applicable accounting standards have been followed and that the financial statements have been prepared on a going concern basis. " (q) Employee's Welfare Management/employee relationship There were continuous good relations between employees and management tor the year 2017. There were no unresolved complaints received by management from the employees during the year. Staff continued to get performance incentive schemes in 20 l7.Grievance handling guidelines were circulated to all employees to create awareness about employee rights. The company is an equal opportunity employer. It gives equal access to employment opportunities and ensures that the best available person is appointed to any given position free from discrimination of any kind and without regard to factors such as gender, marital status, tribe, religion and disability which does not impair ability to discharge duties. 6 L BRACUGANDA DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 Training Training and development of staff capacity is one of the key priorities of the company. During the year, 71 line . managers had special training in People Leadership Program, 123 staff had training in BRAC values, Human Resource Policies and Procedures (HRPP) and Performance Management System (PMS), 6 staffhad a Training of Trainers (TOT) in PMS, 28 staff were trained in Risk Management,1 driver received training in customer care, 2 Human Resource staff received training on HR strategic leadership conducted by Human Resource Managers Association of Uganda (HRMAU), 2 Finance & Accounts staff were trained on Preparation and management of payroll by Clear Focus Consult Ltd and 20 staff received training in First Aid by the Uganda Red Cross. There were also several program related trainings within programs. The company will continue to train, retrain and develop its staff to improve staff delivery and innovation. Medical assistance The company maintains a medical insurance scheme which covers all staff. We plan to add employees' dependants gradually. Retirement benefits All eligible employees are members of the National Social Security Fund (NSSF) which is an approved pension fund. The company contributes 10% ofthe employees' of the gross salary and employee contributes 5%. The NSSF is a defined contribution scheme with BRAC Uganda having no legal or constructive obligation to pay further top- up contribution. (r) Gender Parity In 2017, the company had 605 staff(588 in 2016). The female staff were 81.5% (80% in 2016). (s) Auditors The auditors, KPMG, being eligible for reappointment have expressed their willingness to continue in office in accordance with the terms of Section 167 (2) of the Companies Act of Uganda. (t) Approval of the financial statements The financial statements were approved by the directors at a meeting held on .2 .11...M0:~~.018. By order of the Board .. ( DateJ.1.. •.to.~!('.do.2018 1 7 BRACUGANDA STATEMENT OF DIRECTORS' RESPONSIBILITIES The directors are responsible for the preparation and fair presentation of the financial statements, comprising the statement of financial position as at 31 December 2017 and the statements of comprehensive income, changes in capital fund and cash flows for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards and the Non- Governmental Organizations Act 2016, and for such internal controls as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The directors' responsibilities include: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. They are also responsible for safe guarding the assets of the company. Under the Non- Governmental Organizations Act 2016, the directors are required to prepare financial statements for each year that give a true and fair view of the state of affairs of the company as at the end of the financial year and ofthe operating results of the company for that year. It also requires the directors to ensure the company keeps proper accounting records that disclose with reasonable accuracy the financial position of the company. The directors accept responsibility for the financial statements set out on pages 11 to 37 which have been prepared using appropriate accounting policies supported by reasonable and prudent judgment and estimates, in conformity with International Financial Reporting Standards and the Non- Governmental Organizations Act 2016. The directors are of the opinion that the financial statements give a true and fair view ofthe state of the financial affairs and of its operating results for the year ended 31 December 2017. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control. The directors have made an assessment ofthe company's ability to continue as a going concern and have no reason to believe the company will not be a going concern for the next twelve months from the date ofthis statement. Approval of the financial statements· i The financial statements, as indicated above, were approved by the board of directors on J..... ~~.ck2018 and were signed on its behalf by: ?:??~~ Hea d 0 fF' mance: .........•..•...•......•...•...... W :. Country Representative: .. ~ \ Director: •••••••••• ~~ ••••.•. ~-r" Director: .••• .•..................... Date: j~ ~.~~.~ 2018 8 - KPMG Telephone +256414340315/6 Certified Public Accountants Fax +256414340318 3rd Floor, Rwenzori Courts Email info@kpmg,co,ug Plot 2 & 4A, Nakasero Road Website www.kpmg.com/eastafrica POBox 3509 Kampala, Uganda Reg No, AF0026 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRAe UGANDA Report on the audit of the financial statements Opinion We have audited the financial statements of BRAC Uganda ("the company"), which comprise the statement of financial position as at 31 December 2017, and the statements of comprehensive income, changes in capital fund and cash flows for the year then ended, and notes to the financial statements including a summary of significant accounting policies as set out on pages 11 to 37. In our opinion, the financial statements give a true and fair view of the financial position of BRAe Uganda as at 31 December 2017, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) and the Non- Governmental Organizations Act 2016. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit ofthe financial statements in Uganda, and we have fulfilled our other 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. Other Information The directors are responsible for the other information. The other information comprises the information included in the corporate information, directors' report, the statement of directors' responsibility, the memorandum figures reported in United States Dollars (USD) and project reporting but does not include the financial statements and our auditors' 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 ofthe 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, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Directors for the Financial Statements The directors are responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS), the Non- Governmental Organizations Act 2016, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Directors are responsible for overseeing the company's financial reporting process. Auditors' Responsibillties 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 auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a.guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. 9 KPMG Uganda is a registered partnership and a member firm of the KPMG network of independent member firms Benson Ndung'u affiliated with KPMG International Cooperative ("KPMG Edgar Isingoma International"), a Swiss entity. Partners Asad Lukwago REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRAC UGANDA (Cont'd) 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 judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement ofthe fmancial 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 Company's internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of directors' 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' 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 auditors' report. However, future events or conditions may cause the Company 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 the directors 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. The engagement partner on the audit resulting in this independent auditors' report is CPA Asad Lukwago- P0365. KPMG Certified Public Accountants 3rd Floor, Rwenzori Courts Plot 2 & 4A, Nakasero Road P. O. Box 3509 Kampala, Uganda Date: )?. ..M~ 2018 10 BRACUGANDA STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER Notes 2016 2016 Ushs '000 USD Grant income 3 50,014,479 14,805,944 Other income 4 3,906,827 1,156,550 Foreign exchange gains 5 1,206,696 357,222 Total income 55,128,002 16,319,716 Staff costs and other benefits 6 (8,961,153) (2,652,798) Training, workshops & seminars 7 (8,682,443) (2,570,291 ) Occupancy expenses 8 (1,365,482) (404,228) Program supplies, travel and other general expenses 9 (33,845,400) (10,019,360) Depreciation 11 (340,592) (100,827) Total expenses (53,195,070) (15,747,504) Operating surplus 1,932,932 572,212 Taxation 10 Surplus reserve 1,932,932 572,212 , The notes set out on pages 15 to 37 form an integral part of these financial statements. , , 11 BRACUGANDA STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 Notes USD ASSETS Non-current assets Property and equipment 11 420,634 Current assets Cash and bank 12 12,264,858 Inventory 13 291,381 Due from related parties 14 Other receivables 15 Total Current Assets Total Assets Liabilities Other payables 16 851,153 Due to related parties 17 Total Liabilities 1,193,553 Capital fund Donor funds 18 8,075,954 Retained surplus " Total Capital Fund Total liabilities and capital fund The financial statements on pages 11 to 37 were approved by the board of directors on were signed on its behalf by: .1t..M0:~~ ..2018 and Country Representative: ..~ . ( Director: •......•....•. ~ !~ \ b/ .. . D~dO" ........• ~ ••••.••..•.......•.••.. Date: J~ M~~.0A 2018 The notes set out on pages 15 to 37 form an integral part of these fmancial statements. 12 BRAC UGANDA STATEMENT OF CHANGES IN CAPITAL FUND FOR THE YEAR ENDED 31 DECEMBER 2017 Donor Retained Total Total Note Funds Surplus Capital Capital Fund Fund Ushs '000 Ushs '000 Ushs '000 USD At 1 January 2016 26,415,728 13,054,009 39,469,737 11,841,142 Donations received during the year IS.I(a) 50,866,190 50,866,190 14,280,233 Utilised during the year (48,343,949) (48,343,949) (l3,572,l36) Transfers to donor 18.1 (70,443) (70,443) (19,776) Transfer to other projects (100,979) (100,979) (28,349) Surplus for the year 1,932,932 1,932,932 572,212 Currency translation (789,921) At 31 December 2016 28,766,547 14,986,941 43,753,488 12,283,405 Donations received during the year 2017 18.1(a) 49,533,261 49,533,261 l3,637,712 Utilised during the year (52,842,054) (52,842,054) (14,780,581 ) Transfers to donor 18.1 (147,235) (147,235) (40,537) Donor Receivable 15 4,618,981 4,618,981 1,271,718 Surplus for the year 5,294,085 5,294,085 1,480,821 . Currency translation (28,358) At 31 December 2017 29,929,500 20,281,026 50,210,526 13,824,180 The notes set out on pages 15 to 37 form an integral part of these financial statements . l3 BRAC UGANDA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2016 2016 Notes Ushs '000 usn Net cash generated from operating activities 19 4,344,335 1,254,220 Cash flows from investing activities Proceeds from disposal of fixed assets 14,161 3,976 Acquisition of fixed assets (299,044) (83,954) Net cash used in investing activities (284,883) (79,978) Cash flows from financing activities Decrease in fixed deposits 6,044,223 1,696,862 Increase in grants received in advance 2,350,819 659,972 Net cash generated from financing activities 8,395,042 2,356,834 Net increase in cash and cash equivalents 12,454,494 3,531,076 Currency translation (635,629) Cash and cash equivalents at the start of the year 31,232,932 9,369,411 Cash and cash equivalents at year end 12 43,687,426 12,264,858 The notes set out on pages 15 to 37 form an integral part of these financial statements 14 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 1. THE REPORTING ENTITY BRAC begun its work in Uganda in June 2006, it chose to work in Uganda because of the opportunities to make a significant difference in a post-conflict country with high poverty and fertility rates as well as demonstrate the potential of its "micro finance multiplied" approach to the micro finance industry in Africa. The organization was incorporated as BRAC Foundation in January 2006 and it commenced business in June 2006. In March 2007, the name was changed to BRAC through the registry of Companies. Later the Microfinance and Non-Microfinance Programs got incorporated as independent companies in August 200S and September 2010 respectively but were still trading during the year under the umbrella ofBRAC. On 30 September 2010, at a duly convened meeting of the Governing Board, BRAC transferred all assets and liabilities that relate to or are in any way connected with the Microfinance activity it had been operating in Uganda to BRAC Uganda micro finance limited and all assets and liabilities that relate to or are in any way connected with the Non-Microfinance activities it had been operating in Uganda to BRAC Uganda BRAC Uganda effectively commenced operations as an independent entity on 1 January 2010. The core elements of the business model are BRAC's community outreach - based delivery methodology and its unwavering focus on the poorer end of the poverty spectrum. These two principles distinguish BRAC from other operators in Africa, are apparent in the way BRAC has designed its operations. 2. BASIS OF PREPARATION The financial statements have been prepared in accordance with and comply with International Financial Reporting Standards (IFRS) and the Non-Governmental Organizations Act 2016. (i) Basis of measurement The financial statements are prepared under the historical cost convention. (ii) Basis of preparation The preparation of financial statements in conformity with International Financial Reporting Standards requires " management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of financial statements and reported amounts of revenues and expenses during the reported period. The estimates and associated assumptions are based on historical experiences, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results ultimately may differ from these estimates. (iii) Functional and presentation currency These financial statements are presented in Uganda shillings (Shs'OOO), which is the entity's functional currency. The financial statements include figures, which have been translated from Uganda Shillings (Shs'OOO) to United States Dollars (USD) at the year-end rate ofUSD 1: Ushs 3,632 «2016: Ushs 3,562) for balance sheet items and USD 1: Ushs 3,575 «2016: Ushs 3,37S) ) for the income statement balances. These figures are for memorandum purposes only and do not form part of the audited financial statements. (iv) Use of estimates and judgment The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of financial statements and reported revenues and expenses during the reported period. The estimates and associated assumptions are based on historical experiences, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. 15 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 Actual results may differ from the estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised if the revision affects only that period or il! the period of the revision and the future periods ifthe revision affects both current and future periods. In particular, information about significant areas of estimation, uncertainty and critical judgment in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are described in note 23. a. Property and equipment (i) Recognition and measurement Property and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of their latest equipment is capitalized as part of that equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying value of property and equipment and recognized net with other income in profit or loss. (ii) Depreciation Depreciation is recognized in profit or loss and calculated to write off the cost of the property and equipment on a straight line basis over the expected useful lives of the assets concerned, and intangible assets on a straight line basis. Land is not depreciated. The estimated useful lives for the current and comparative periods are as follows: - Percentage (%) Motor vehicles, motor cycles and bicycles 20% Furniture and Fixtures 10% Equipment 15% Buildings 4% Management and directors review the depreciation methods, residual value and useful life of an asset at the year end and any change considered to be appropriate in accounting estimate is recorded through the income statement. Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are included in the operating result for the reporting period. b. Foreign currency transactions Transactions in foreign currencies are translated to Ugandan Shilling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to Ugandan Shillings at the foreign exchange rate applicable for settlement. The foreign currency gain or loss on the monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for the effective interest and payments during the period, and the amortized cost in the foreign currency translated at the exchange rate at the end ofthe period. Non-monetary assets and liabilities denominated in foreign currencies, which are stated at historical cost, are translated to Ugandan Shillings at the foreign exchange rate ruling'at the date of transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to Ugandan Shillings at foreign exchange rates ruling at the dates the fair values were determined. Foreign exchange differences arising on translation are recognized in the statement of comprehensive income. 16 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 c. Impairment (i) Financial assets At each statement of financial position date BRAC Uganda assesses whether there is objective evidence that financial assets not carried at fair value through profit or loss are impaired. Financial assets are considered to be impaired when objective evidence indicates that one or more events that have a negative effect on the estimated future cash flows of an asset has occurred. ' An impairment loss in respect of financial assets measured at amortized cost is calculated as the difference between its canying value and present value of the estimated future cash flows discounted at the original effective interest rate. An impairment loss in respect of an available for sale financial asset is calculated by reference to its fair value. Individually significant fmancial assets are tested tor impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit characteristics. All impairment losses are recognized in the profit or loss and impairment losses on available-for-sale investment securities are recognized by transferring the difference between the amortized acquisition cost and current fair value out of equity to profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost and available for sale securities is recognized in profit or loss. For available for sale securities that are equity securities the reversal is recognized directly in equity. (ii) Non-financial assets The canying amounts of BRAC Uganda's non-financial assets other than inventories are reviewed at each statement of financial position date to determine whether there is any indication of impairment. If such condition exists, the assets recoverable amount is estimated and an impairment loss recognized in the income statement whenever the canying amount of an asset exceeds its recoverable amount. " An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the assets canying amount that would have been determined net of depreciation or amortization if no impairment loss was recognized. d. Inventory Inventory is stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Cost comprises " direct item cost that has been incurred in bringing the inventories to their present location and condition. e. Other Receivables Other receivables comprise of prepayments, deposits and other recoverable which arise during the normal course of business. They are carried at original invoice amount less provision made for impairment losses. A provision for impairment of trade receivable is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables. The amount of the provisions is the difference between the carrying amount and the recoverable amount. f. Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than 90 days maturity from the statement of financial position date and include: cash in hand, deposits held at call with banks, net of bank overdraft facilities subject to sweeping arrangements. 17 / .i BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 g. Provisions and Other Liabilities A provision is recognized if, as a result of a past event, BRAC Uganda has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Other accounts payables are carried at cost, which is the fair value of the consideration to be paid in the future for goods and services received. h. Revenue recognition Revenue is recognized on an accruals basis. i. Grants (i) Donor Grants All donor grants received are initially recognized as deferred income at fair value and recorded as liabilities in the Grants Received in Advance Account for the period. The portion of the grants utilized to purchase property and fixed assets are transferred as deferred income in liabilities and subsequently the portion of the depreciation expense of the same assets for the period is recognized in the Statement of Comprehensive Income as grant income. Grants utilized to reimburse program related expenditure are recognized as Grant Income for the period. Grant income is classified as temporarily restricted or unrestricted depending upon the existence of donor- imposed restrictions. For completed or phased out projects and programs, any unutilized amounts are dealt with in accordance with consequent donor and management agreements. Donor grants received in kind, through the provision of gifts and/or services, are recorded at fair value (excluding situations when BRAC Uganda may receive emergency supplies for onward distribution in the event of a disaster which are not recorded as grants). For ongoing projects and programs, any expenditures yet to be funded but for which funding has beep agreed at the end of the reporting period is recognized as Grants receivable. (ii) Grant income Grant income is recognized on a cash basis to the extent that BRAC Uganda fulfills the conditions of the grant. This income is transferred from the deferred grant received from Donors and recognized as income in the statement of comprehensive income. A portion of BRAC Uganda donor grants are for the funding of projects and programs, and for these grants, income recognized is matched to 'the extent of actual expenditures incurred on projects and programs for the period. For donor grants restricted to funding procurement fixed assets, grant income is recognized as the amount equivalent to depreciation expenses charged on the fixed asset. (iii) Other income Other income comprises of other project incomes from Agriculture, Training, Research and Health projects, interest from short term deposits, gains less losses related to trading assets and liabilities, and includes gains from disposal ofBRAC Uganda assets and all realised and unrealised foreign exchange differences. j. Interest from bank and short term deposits Interest income on BRAC Uganda bank deposit is earned on an accruals basis at the agreed interest rate with the respective financial institution. 18 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 k. Employee benefits Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the Statement of financial position date. The company does not operate any retirement benefit fund. However severance pay is provided for in accordance with the Ugandan statute. The company also operates an employee bonus incentive scheme. The provision for employee bonus incentive is based on a predetermined cOlJ1pany policy and is recognized in other accruals. The accrual for employee bonus incentive is expected to be settled within 12 months. I. Contingent liabilities The company recognizes a contingent liability where it has a possible obligation from past events, the existence of which will be confirmed only by the occurrence of one or more uncertain events not wholly within the control of the company, or it is not probable that an outflow of resources will be required to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. m. Related party transactions Related parties comprise directors, subsidiaries of BRAe International and key management personnel of the company and companies with common ownership and/or directors. n. Fundraising Costs BRAe Uganda normally raises its funds through discussion with various donors and stake holders. It also follows a competitive process where it submits its proposal to multinational donor organizations and gets selected based on merit. BRAe Uganda does not incur any additional costs for fund raising purposes other than over heads which is recorded under HO logistic and management expenses. o. Adoption of new and revised standards i. New and amended standards adopted by the Company The following standards have been adopted by the company for the first time for the financial year beginning on " or after 1 January 2017: The adoption of these new standards has not resulted in material changes to the company's accounting policies. New amendments or interpretation effective for annual periods beginning on or after 1 January 2017 are summarised below: New amendments or interpretation Effective date • Disclosure Initiative (Amendments to lAS 7) • Recognition of Deferred Tax Assets for Unrealised Losses 1 January 2017 (Amendments to lAS 12) 19 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 ii. New and amended standards and interpretations in issue but not yet effective for the year ended 31 December 2017 At the date of authorisation of the financial statements ofBRAC Uganda for the year ended 31 December 2017, the following Standards and Interpretations were in issue but not yet effective; Effective for annual periods New standard or amendments beginning on or after • IFRS 15 Revenue from Contracts with Customers 1 January 2018 • IFRS 9 Financial Instruments (2014) 1 January 2018 • Classification and Measurement of Share-based To be determined • Payment Transactions (Amendments to IFRS 2) • Transfers ofInvestment property (Amendments to lAS 40) • Applying IFRS 9 Financial Instruments with IFRS 4 Insurance 1 January 2018 contracts (Amendments to IFRS 4) • IFRS 16 Leases 1 January 2019 • Sale or Contribution of Assets between an Investor and its To be determined Associate or Joint Venture (Amendments to IFRS 10 and lAS 28). • IFRS 17 Insurance contracts I January 2021 All Standards and Interpretations will be adopted at their effective date (except for those Standards and interpretations that are not applicable to the entity). Revenue from Contracts with customers (Amendments to IFRS 15) This standard replaces lAS 11 Construction Contracts, lAS 18 Revenue, IFRlC 13 Customer Loyalty Programmes, IFRlC 15 Agreements for the Construction of Real Estate, IFRlC 18 Transfer of Assets from Customers and SIC-31 Revenue - Barter of Transactions Involving Advertising Services. The standard contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognised. This new standard will most likely have a significant impact on the Group, which will include a possible change in the timing of when revenue is recognised and the amount of revenue recognised. The adoption of the amendment will not have an impact on the financial statements of the company. " IFRS 9: Financial Instruments (2014) On 24 July 2014, the IASB issued the final IFRS 9 Financial Instruments Standard, which replaces earlier versions of IFRS 9 and completes the IASB's project to replace lAS 39 Financial Instruments: Recognition and Measurement. This standard introduces changes in the measurement bases of the financial assets to amortised cost, fair value through other comprehensive income or fair value through profit or loss. Even though these measurement categories are similar to lAS 39, the criteria for classification into these categories are significantly different. In addition, the IFRS 9 impairment model has been changed from an "incurred loss" model from lAS 39 to an "expected credit loss" model. The adoption of the amendment will not have an impact on the financial statements of the company. Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2) Currently, there is ambiguity over how a company should account for certain types of share-based payment 20 BRACUGANDA. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 arrangements. The IASB has responded by publishing amendments to IFRS 2 Share-based Payments. The amendments cover three accounting areas: Measurement of cash-settled share-based payments -The new requirements do not change the cumulative amount of expense that is ultimately recognised, because the total consideration for a cash-settled share-based payment is still equal to the cash paid on settlement. Classification of share-based payments settled net of tax withholdings -The amendments introduce an exception stating that, for classification purposes, a share-based payment transaction with employees is accounted for as equity-settled if certain criteria are met. Accounting for a modification of a share-based payment from cash-settled to equity-settled -. The amendments clarify the approach that companies are to apply. The adoption of the amendment will not have an impact on the financial statements of the company. Transfers ofInvestment property (Amendments to lAS 40) The IASB has amended the requirements in lAS 40 Investment property on when a company should transfer a property asset to, or from, investment property. The adoption of the amendment will not have an impact on the financial statements of the company. Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) The amendments in Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendments to IFRS 4) provide two options for entities that issue insurance contracts within the scope ofIFRS 4: an option that permits entities to reclassify, from profit or loss to other comprehensive income, some of the income or expenses arising from designated financial assets; this is the so-called overlay approach; an optional temporary exemption from applying IFRS 9 tor entities whose predominant activity is issuing contracts within the scope of IFRS 4; this is the so-called deferral approach. The application of both approaches is optional and an entity is permitted to stop applying them before the new insurance contracts standard is applied. The adoption of the amendment will not have an impact on the financial statements of the company. An entity applies the overlay approach retrospectively to qualifying financial assets when it first applies IFRS 9. Application of the overlay approach requires disclosure of sufficient information to enable users of financial " statements to understand how the amount reclassified in the reporting period is calculated and the effect of that reclassification on the financial statements. An entity applies the deferral approach for annual periods beginning on or after 1 January 20 18. Predominance is assessed at the reporting entity level at the annual reporting date that immediately precedes I April 2016. Application of the deferral approach needs to be disclosed together with information that enables users of financial statements to understand how the insurer qualified tor the temporary exemption and to compare insurers applying the temporary exemption with entities applying IFRS 9. The deferral can only be made use of for the three years following 1 January 2018. Predominance is only reassessed if there is a change in the entity's activities. The adoption of this standard is not expected to have a significant impact the financial statements of the Company. The adoption of the amendment will not have an impact on the financial statements of the company. IFRS 16: Leases IFRS 16 was published in January 2016. It sets out the principles for the recognition, measurement, presentation 21 _1 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 and disclosure of leases for both parties to a contract, i.e. the customer ('lessee') and the supplier (,lessor'). IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations. IFRS 16 includes a single model for lessees which will result in almost all leases being included in the Statement of Financial Position. No significant changes have been included for lessors. IFRS 16 also includes extensive new disclosure requirements for both lessees and lessors. The adoption of the amendment will not have an impact on the financial statements of the company, IFRS 17 IFRS 17 supersedes IFRS 4 Insurance Contracts and aims to increase comparability and transparency about profitability. The new standard introduces a new comprehensive model ("general model") for the recognition and measurement of liabilities arising from insurance contracts. In addition, it includes a simplified approach and modifications to the general measurement model that can be applied in certain circumstances and to specific contracts, such as: • Reinsurance contracts held; • Direct participating contracts; and • Investment contracts with discretionary participation features. Under the new standard, investment components are excluded from insurance revenue and service expenses. Entities can also choose to present the effect of changes in discount rates and other financial risks in profit or loss or OCI. The new standard includes various new disclosures and requires additional granularity in disclosures to assist users to assess the effects of insurance contracts on the entity's financial statements. The adoption of the amendment will not have an impact on the fmancial statements of the company. q. Comparatives The prior year comparatives have been adjusted to achieve a comparable presentation with the current year numbers. Balances affected are other payables and amounts due to related parties. Other than the reclassifications in the presentation above, no other changes have been made in the comparatives. 22 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 3. GRANT INCOME 2016 2016 Ushs '000 USD Agriculture, poultry& Livestock 3,597,995 1,065,126 Education 24,400,712 7,223,420 Health 11,904,202 3,524,039 Empowerment and Livelihood of Adolescents 3,427,392 1,014,622 Research & Evaluation 3,084,636 913,155 Karamoja 150,673 44,604 Emergency Preparedness and response 55,098 16,311 TUP 571,168 169,085 Play Lab 762, III 225,610 ECM 1,662,517 492,160 Community Connector 397975 117,812 50.014.479 14.805.944 Grant income relates to the operating expenses incurred by the different projects that are transferred from grants received in advance to the statement of comprehensive income. 4. OTHER INCOME 2016 2016 Ushs '000 USD Other project income 2,330,058 689,774 Bank interest income 1,576,769 466776 3.906.827 1.156.550 Other project income relates to the income from the training program, sale of the agricultural seeds agriculture, poultry and health program. 5. FOREIGN EXCHANGE GAINS 2016 2016 Ushs '000 USD Foreign exchange gains 1,206,696 1.206.696 The exchange gains arise from translation of foreign currency transactions and revaluations of foreign currency denominated assets and liabilities to Uganda Shillings. Financial assets and liabilities denominated in foreign currencies are translated to Uganda Shillings at the rate ruling at balance sheet date. 23 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 6. STAFF COSTS AND OTHER BENEFITS 2016 2016 '- Ushs '000 USD 7,881,343 2,333,139 Salaries 178,851 52,946 Bonus 10% employer NSSF contribution 775,721 229,638 Insurance for staff 125,238 37075 8,961.153 2,652,798 7. TRAINING, WORKSHOPS AND SEMINARS 2016 2016 Ushs'OOO USD External member trainings 8,229,579 2,436,228 452,864 134,063 Staff training 8.682.443 2.570,291 8. OCCUPANCY EXPENSES 2016 2016 Ushs '000 USD 1,299,824 384,791 Rental charges 65,658 19437 Utilities 1,365.482 ~ . 9. PROGRAM SUPPLIES, TRAVEL AND OTHER GENERAL EXPENSES 2016 2016 Ushs '000 USD 526,621 155,897 Legal and Other fees Audit fees Maintenance & general expenses 4,876,759 1,443,682 Printing, stationary and supplies 906,123 268,243 223,916 66,286 Telephone expenses 21,199,131 6,275,646 Program supplies 7,536 2,231 Other general expenses Provision for Unrecoverable 491,514 145,505 receivables Fixed assets write-off Inventory write-off 43,476 12,870 Software Maintenance Cost 135,976 40,253 Head Office logistics expenses 1,683,260 498,302 3 751 088 1,110,445 Travel and transportation 33,845.400 10,019.360 24 / / BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 Program supplies mainly comprise of tuition, Scholarship, training materials, health kits, stipends, learning materials, technical support to projects and supplies for the beneficiaries. 10. TAXATION BRAC Uganda is registered as an NGO, which is involved in charitable activities and therefore falls within the definition of exempt organizations for tax purposes as described in the Income Tax Act, Section Z'(bb)-interpretation. Under section 2(bb) (ii), the Income Tax Act states that for an organization to be tax exempt, it should have been issued with a written ruling by the Commissioner stating that it is an exempt organization. Uganda Revenue Authority issued an exempt organization ruling to BRAC Uganda for the period ended 31 December 2017 in a notice DT -1109 dated 07 August 2017. 11. PROPERTY AND EQUIPMENT Motor Furniture Building Equipment Total Total Vehicles Ushs(OOO) Ushs(OOO) Ushs(OOO) Ushs{OOO) Ushs{OOO) USD Cost At 1 January 2016 662,363 221,701 1,154,879 864,354 2,903,297 1,057,910 Additions 137,709 161,335 299,044 83,954 Disposals (51,020) (51,020) (14,323) At31 December 2016 800,072 221,701 1,316,214 813,334 3,151,321 1,127,541 Additions 76,307 82,799 197,790 356,896 99,828 Disposals Currency translation (261,471) At 31 December 2017 876,379 221,701 1,399,013 1,011,124 3,508,217 965,898 Depreciation At 1 January 2016 302,911 1,890 511,535 779,052 1,595,388 664,744 Charge for the year 77,196 8,868 164,300 90,228 340,592 100,827 Accumulated Depreciation on (48,682) (48,682) (13,667) Disposal Reinstated Depreciation (234,275) (234,275) (65,771) Currency translation 20,774 At 31 December 2016 380,107 10,758 675,835 586,323 1,653,023 706,907 Charge for the year 83,621 8,868 147,107 95,476 335,072 93,724 Currency translation (253,260) At 31 December 2017 463,728 19,626 822,942 681,799 1,988,095 547,371 Net Book Value At 31 December 2016 419,965 210,943 640,379 227,Oll 1,498,298 420,634 At 31 December 2017 412,651 202,075 576,071 329,325 1,520,122 418,527 25 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 12. CASH AND BANK Note 2016 USD Cash in hand 3,362 Cash at bank 12.a 12,261,496 12.264.858 12. a) Cash at bank 2016 USD Standard Chartered Bank 11,253,511 Bank of Africa 18,716 Crane Bank 53 DFCU 1,475 Pride Microfinance Ltd 1,809 Equity Bank 10,054 " Post Bank 215,797 Orient Bank Limited 1,173 Centenary Bank 11,481 Tropical Bank 2,303 Stanbic Bank 745.124 12 261.496 13. INVENTORY 2016 USD Stock and consumables 291,381 ~ Stock and consumables includes the amount of the stock of health materials, poultry and agriculture that were not yet sold as at 31 December 1017. These materials are normally sold at subsidized rates to low income earners in communities. 26 I BRAe UGANDA . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 14. DUE FROM RELATED PARTIES 2016 2016 Ushs '000 USD BRAC Bangladesh Due from related parties relates to amounts owing from BRAC Bangladesh for the settlement of operational expenditure on behalf of BRAe Bangladesh. The fair value of these related party receivables approximates their carrying amounts. Bangladesh are fellow subsidiary/ under common ownership as that of BRAe Uganda. This amount will be settled during the ordinary course of business and bear no interest. 15. OTHER RECEIVABLES 2016 2016 Ushs '000 USD Advances to third parties 407,997 114,541 Donor receivables 1,373,306 385,544 1.781 303 ~ Donor receivables relate to unremitted donor committed funds at yearend. The agreements with some donors are on reimbursement basis and thus this receivable relates to project expenditure incurred and yet to be reimbursed by donors. The carrying amounts of other receivables approximates their fair value. 16. OTHER PA YABLES 2016 2016 Ushs '000 USD Accrued expenses 1,958,196 549,746 Bonus 19,459 5,463 NSSF 82,989 23,298 Self-insurance fund -scheme 17,669 4,960 VAT payable 254,448 71,434 Provision for audit fees 75,636 21,234 Withholding tax provision 298,289 83,742 Salary provision 178,211 50,031 PAVE 146,912 41,245 3.031.809 8.5lJ.53. 17. DUE TO RELATED PARTIES 2016 2016 Ushs '000 USD BRAe Bangladesh 13,676 3,839 Stitching BRAe International 921,040 258,575 BRAe IT Services Limited (bits) 135,976 38,174 BRAe Uganda Microfinance Ltd 148.936 41812 1.2]9.628 342.400 27 BRAe UGANDA . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 Related party payables relate to amounts owing to BRAC Bangladesh, Stitching BRAC International and BRAC Microfinance (Uganda) Ltd, for the settlements of staff costs and operating expenditures incurred on behalf of BRAC Uganda. The fair value of these related party payables/receivables approximates their carrying amounts. Stitchting BRAC International is the parent ofBRAC Uganda. BRAC Bangladesh is an affiliate company ofBRAC Uganda. Payable to Bits relates to annual software maintenance fees payable to BRAC International. The amounts bear no interest and are settled in normal course of business. 18. DONOR FUNDS 2016 2016 Note Ushs '000 USD Donor funds received in advance 18.1 27,166,402 7,626,727 Donor funds-investment in fixed assets 18.1 b 1,600,145 449227 28.766.547 8.075.954 18.1 Donor funds received in advance 2016 2016 Note Ushs '000 USD Opening balance 25,008,310 7,020,862 Donations received during the Year I8.1a 50,866,190 14,280,233 Transferred to donor* Transferred to deferred income - investment in fixed assets (299,044) (83,954) Assets transferred to FHI (20,843) (5,852) Transferred to BRAC Tanzania (IDS) (100,979) (28,349) Transferred to JSDF Loan Product (49,600) (13,925) Donor Receivables Utilized during the year (48,237,632) (13,542,288) 27,166402 1 fi2fi 121 *Transfer to donors relates to project fund balances returned by BRAC Uganda to the donor upon closure of the project. 28 BRAe UGANDA· NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 18.1 a) Donations received during the year 2016 2016 Ushs '000 USD MasterCard Foundation (poultry) 435,706 122,321 MasterCard Foundation (Scholarship) 25,972,722 7,291,612 BRAC USA (Youth Research) 480,847 134,994 BRAC USA (PEDL Youth Research) 369,413 103,709 BRAC USA (Capacity Building) 38,100 10,696 Emergency Preparedness IDRC Living Goods (Health) 6,859,889 1,925,853 Vision Spring (Eye care) Clinton Health Initiative 56,410 15,837 IFS 140,225 39,367 Women win 149,501 41,971 Oak Foundation Straight Talk Foundation Stockholm university (Research study) 1,187,596 333,407 Stockholm University (Tenancy) 33,460 9,394 BARR Foundation 1,360,370 381,912 UNICEF BRAC UK-ECD Building Young Future Village Enterprise " JSDF (Agriculture) 2,310,509 648,655 Agriculture (George Washington) 252,531 70,896 FHI 498,309 139,896 World Bank -{ADP) 314,807 88,379 Lego Foundation 1,187,458 333,368 MasterCard Foundation (ELA) 547,928 153,826 " ECM (ELA) 2,033,161 570,792 ELA -SCOPE MoGender S.Sudan refugees fund( BRAC USA) TUP (Cartier Foundation) 2,235,309 627,543 TUP (Aestus foundation) 349,230 98,043 IERC (BRAC USA-Mobile Money) 247,393 69,453 BRAC USA( [ERC-Mobile Money) 1,476,304 414,459 BRAC USA (IERC) 1,946,145 546,363 Stanford University 124,429 34,932 Menstral (Research) 133,768 37,554 Qatar Foundation 124670 35001 50.866.190 14.280.233 29 BRACUGANDA. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 18.1 b) Donations - investment in fixed assets 2016 2016 Ushs '000 usn Opening balance 1,407,418 395,120 Transferred from donor funds received in 299,044 83,954 advance Adjustments for the year 234,275 65,771 Depreciation charged during the year (340,592) (95,618) Closing balance 1 600 145 19. CASHFLOW FROM OPERATING EXPENSES 2016 2016 Ushs '000 USD Excess of income over expenditure 1,932,932 572,212 Depreciation 340,592 100,827 . Charge on prior period transfer (234,275) (65,771) Gain on disposal of assets (11,823) (3,500) Cash flows before changes in working 2,027,426 603,768 capital Changes in working capital Increase in inventory (351,365) (98,643) Increase in receivables (1,203,475) (337,865) (Increase )/Decrease in related party receivables 779,044 218,710 Increase in other payables 830,408 233,130 Increase in related party payabies 2,262,197 635 120 Net cash generated from operations 4344335 1254220 20. SUBSEQUENT EVENTS " The company has evaluated the subsequent events through the date of signing these financial statements and there were no significant events to be reported in these financial statements, 21. CURRENCY The financial statements are expressed in Uganda Shillings which is the entity's functional currency. 22. CAPITAL COMMITMENTS There were no capital commitments as at 31 December 2017 (2016: Nil). 23. USE OF ESTIMATES AND JUDGMENT The preparation of financial statements in conformity with International Financial Reporting Standards requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of financial statements and reported amounts of revenues and expenses during the reported period. 30 I .i BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The estimates and associated assumptions are based on historical experiences, the results of which form the basis of making the judgments about the carrying values and liabilities that are not readily apparent from other sources. Actual results ultimately may differ from these estimates. BRAC Uganda makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Management identifies all significant accounting policies and those that involve high judgment and in particular the significant areas of estimation and un-certainty in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements. These are: (i) Impairment The company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next fmancial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company regularly reviews its assets and makes judgments in determining whether an impairment loss should be recognized in respect of observable data that may impact on future estimated cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience. (ii) Provisions and contingencies A provision is recognized if as a result of past events, the company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. For provisions included in the fmancial statements see note 16. 24. FINANCIAL RISK MANAGEMENT Introduction and overview " The company has exposure to the following risks from fmancial instruments: i) Credit risk ii) Liquidity risk iii) Market risk iv) Operational risk This note presents information about the company's exposure to each of the above risks and the company's objectives, policies and processes for measuring and managing risk. Risk management framework The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Board of BRAC Bangladesh International, the parent company, has established the Group Audit and Risk Committee, Remuneration Committee, Investment Committee, Group Executive Committee and Subsidiary Companies Executive Committee which are responsible for developing and monitoring Group risk management policies in their respective areas. All Board committees have both executive and non-executive members, apart from the Group Executive Committee. which comprises of executive directors and senior management and report regularly to the Board of Directors on their activities. BRAC financial risk management policy seeks to identify, appraise and monitor the risks facing BRAC whilst taking specific measures to manage its interest rate, foreign exchange, liquidity and credit risks. BRAC does not 31 BRAe UGANDA . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 however, engage in speculative transactions or take speculative positions, and where affected by adverse movements, BRAC has sought the assistance of donors. i) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and principally from trade and other receivable balances and investment in cash and cash equivalents. The Credit policy ofBRAC Uganda requires all credit exposures to be measured, monitored and managed proactively. All cash and cash equivalents are held with reputable banks that are regulated by the Central bank of Uganda and as a result the risk is low. Management of the risk The Board of Directors has delegated responsibility for the oversight of credit risk to the Country Representative and the Monitoring department. Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was; 2016 2016 Shs '000 usn Cash and Cash equivalents 43,675,450 12,261,496 Other receivables 1,781,303 500,085 45,456,753 12.761.581 The aging of trade receivables and other assets as at the reporting date was: 2016 2016 Shs '000 usn Between 0 - 30 days 958,147 268,991 Between 31 - 60 days 823,156 231 094 1,781,303 500,085 ii) Liquidity risk Liquidity risk is the risk that operations cannot be funded and financial commitments cannot be met timeously and cost effectively. The risk arises from both the difference between the magnitude of assets and liabilities and the disproportion in their maturities. Liquidity risk management deals with the overall profile of the balance sheet, the funding requirements of the Company and cash flows. In quantifying the liquidity risk, future cash flow projections are simulated and necessary arrangements are put in place in order to ensure that all future cash flow commitments are met from the working capital generated by the Company and also from available financial institutions facilities. BRAC Uganda manages its debt maturity profile, operating cash flows and the availability of funding so as to meet all refinancing, repayment and funding needs. As part of its overall liquidity management, BRAC Uganda maintains sufficient levels of cash or fixed deposits to meet its working capital requirements. In addition, BRAC Uganda maintains banking facilities ofa reasonable level. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient resources to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation. 32 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 Exposure to Liquidity risk The table below indicates the company liquidity at the statement of financial position date and an analysis of the liquidity period of the company's financial assets and liabilities. 2017 Less than Between 31-60 Over 60 Matured Total 30 days Day . Days Ushs '000' Ushs '000' Ushs '000' Ushs '000' Ushs '000' ASSETS Cash and bank 48,586,830 48,586,830 Due from related parties 13,947 13,947 Other receivables 3537795 1,597001 5 134796 48,586,830 3,551,742 1,597,001 53,735,573 LIABILITIES AND CAPITAL FUND Other payables 1,507,349 904,409 602,941 3,014,699 Due to related parties 1,039,669 1,732,782 693 114 3.465.565 2,547,018 2,637,191 1,296,055 6,480,264 Liquidity gap 48.586.830 1.004724 (1.040.190) (1.296055) 47255.309 2016 Matured Less than 30 days Between 31-60 Day Over 60 Days Total Ushs '000' Ushs '000' Ushs '000' Ushs '000' Ushs '000' ASSETS Cash and bank 43,687,426 43,687,426 Other receivables 1 373 306 407997 I 781 303 43,687,426 1,373,306 407,997 45,468,729 LIABILITIES AND CAPITAL FUND Other payables 1,900,671 1,131,138 3,031,809 Due to related parties 650 191 569437 1,219.628 2550,862 1,700,575 4,251,437 Liquidity gap 43,68:M26 (I 171556) (I 222518) 41211"22 , iii) Market risk Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates will affect the fair value or future cash flows of a financial instrument. Market risk arises from open positions in interest rates and foreign currencies, both which are exposed to general and specific market movements and changes in the level of volatility. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. Management of market risks Overall responsibility for managing market risk rests with the Country Representative. Management is responsible for the development of detailed risk management policies and for the day to day implementation of those policies. i. Interest rate risk There is no significant exposure to interest rate risk as there is no material overdraft or interest bearing assets or liabilities. 33 BRAe UGANDA . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 ii. Foreign exchange risk BRAC Uganda foreign exchange risks comprise transactions risk which arise from donor grants received in currencies other than the local currency and minimal foreign currency deposits and cash at bank placed with licensed financial institutions. Foreign exchange exposures in transactional currencies other than the local currency are monitored via periodic cash flow and budget forecasts and are kept to an acceptable level. The company's transactional exposures give rise to foreign currency gains and losses that are recognized in profit or loss. Exposure to Foreign currency risk The following significant exchange rates applied during the year: Closing Rate Average Rate 2017 2016 2017 2016 USD The table below summarises the company's exposure to foreign exchange risk; 2017 2016 Ushs equivalent USO'OOO USO'OOO Bank Balances 29,496,645 25,144,972 Donor receivable 4,618,982 1,373,306 Due to related parties 1,918,484 1,070,692 Due from related parties' 13947 36048058 27.588970 Sensitivity Analysis A reasonably strengthening (weakening) of the US dollar against the Uganda Shilling at 31 December 2017 would have affected the measurement of the above financial instruments denominated in a foreign currency as shown below: 2017 2016 +1-5% +1-5% Ushs equivalent USO'OOO Ushs'OOO USO'OOO Ushs'OOO Bank Balances 29,496,645 1,474,832 25,144,972 1,257,249 Donor receivable 4,618,982 230,949 1,373,306 68,655 Due to related parties 1,918,484 95,924 1,070,692 53,535 Due from related parties' 13 947 697 36048058 ] 802402 27588970 ] 379439 iv) Operational risk Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the company's processes, personnel, technology and infrastructure and from external factors other than credit, market and liquidity risks such as those arising from legal and regulatory requirements and generally accepted standards of corporate behavior. The company's objective is to manage operational risk so as to balance the avoidance of financial losses and damage to the company's reputation with overall cost effectiveness to avoid control procedures that restrict initiative and creativity. The primary responsibility for the development and implementation of controls to address operational risk is assigned to senior management within each BRAC Program. This responsibility is supported by the development of company level standards for the management of operational risk in the following areas: 34 BRAe UGANIJA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 i. Requirements for appropriate segregation of duties, including the independent authorization of transactions. 11. Requirements for the reconciliation and monitoring of transactions. ,_. iii. Compliance with regulatory and other legal requirements. IV. Documentation of controls and procedures. v. Requirements for the periodic assessment of operational risks faced and the ade,quacy of controls and procedures to address the risks identified. VI. Requirements for the reporting of operational losses and proposed remedial action. VII. Development of contingency plans. viii. Training and professional development. IX. Ethical and business standards. x. Close monitoring and management oversight. Compliance with Company standards is supported by a programme of periodic reviews undertaken by the monitoring department. The results of reviews are discussed with the management of the programs to which they relate, with summaries submitted to the senior management of the company. 25. CAPITAL RISK MANAGEMENT The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The directors monitor the performance of the company through management accounts and operational reviews. They also review the working capital requirements and these are discussed in the periodic board meetings with management. There are no externally imposed capital requirements and there were no changes in the company's approach to capital management during the period. 26. F AIR VALVES OF FINANCIAL ASSETS AND LIABILITIES The fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or dealer price quotations. For all other financial instruments, the company determines fair values using other valuation techniques. For financial instruments that trade infrequently and have little price transparency, the fair value is less objective, and requires varying degrees of judgment depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instrument. Valuation models The Company measures fair values using the following fair value hierarchy, which reflects the significance of the inputs used in making the measurements. • Level I: inputs that are quoted market prices (unadjusted) in active markets for identical instruments e.g. quoted equity securities. These items are exchange traded positions. • Level 2: inputs other than quoted prices included within Level I that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data. • Level 3: inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar 35 BRACUGANDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments. Valuation techniques include the net present value and discounted cash flow models, comparison with similar instruments for which market observable prices exist. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other premia used in estimating discount rates, bond and equity prices, foreign currency exchange rates, equity and equity index prices and expected price volatilities and correlations. I The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The following table sets out the carrying amounts and fair values of financial assets and financial liabilities not measured at fair value. The carrying amounts of the financial assets and liabilities approximate their fair values and thus the fair value information has not been presented. Carrying amount loans Other financial and receivables liabilities 31 December 2017 Financial assets Cash and cash equivalents 48,586,830 Other receivables 5,134,796 Due from related parties 13,947 Financial liabilities Other payables (3,014,699) Due to related parties (3,465,565) 27. CONTINGENT LIABILITIES There are no known contingent liabilities as at 31 December 2017. 28. ULTIMATE CONTROLLING PARTY ,J The ultimate controlling party is Stichting BRAe International, a foundation registered in Netherland . ., 36 BRACUGANDA PROJECT REPORTING (UNAUDITED) BRAC Uganda has the following projects. These projects offer different services and are managed separately. The following summary describes the operations of each project. Agriculture- This segment has funds tor agriculture from MasterCard Foundation and ASARECA. Funding MCF stopped but there are a few activities still ongoing using the balance of funds from the previous year. Japanese Social These are funds from the Japanese Social Development Fund -for Agriculture targeting the rural grass Development root farmer in Western and Central Uganda. Fund Poultry -MCF These are funds from MasterCard Foundation to boost poultry farming project. The funding stopped and the project has ended. Health-MCF This has 3 projects which include: primary health care, Tuberculosis project and a revolving fund project. The first 2 projects ended but the revolving fund project is still active. The revolving fund project is self-sustaining-Funds from the project are used to purchase health products for sale by the Community Health Promoters(CHP), who refund the money with a small margin after selling the health products. Living Goods This is a health project that focuses on mainly children and mothers. Focuses mainly on maternal health and treatment of common diseases like malaria, diarrhoea, and pneumonia. Scholarship These are projects offering education by giving scholarships for secondary school education to bright students from poor families. ELA-MCF These projects focus on the empowerment and livelihood of adolescents. The focus is girls between the ages 11-21; giving them life skills and building their capacity. The funding is from MasterCard Foundation and World bank. OAK This is an empowerment and livelihood of adolescents project through formation of clubs Foundation TRAINING This is the training arm of BRAC Uganda; where staff are trained in different aspects like BRAC values, leadership skills. The running projects pay a minimal sum for the staff to be training and to help in sustainability. Research This has all the research and independent evaluation funds / projects. BRAC Uganda has an independent research unit that carries out all the research and evaluation required by the projects and the entity as a whole. UNICEF Project The project was focuses on children and their welfare. Play Lab This is an education project (Early Child Development) targeting children between the ages 00 and 5. , Emergency This is a project focusing on emergency rescue. It focuses on areas where there is disaster, natural Preparedness calamities and refugee camps. and Targeting the This project targets the very poor in the Community; especially the youths and women, by providing Ultra Poor them with start-up capital and animal assets, and offering them training. End Child This is an "End Child Marriage" projects which targets the adolescent girls, giving them life skills Marriage(ECM) and apprentice. Building Young This project focuses on empowering and giving skills to adolescents; following the Empowerment of Futures(BYF) Livelihood Adolescents(ELA) model-financial literacy, vocational training, livelihood training. BARR This project focuses on reducing fertility rates, teenage pregnancy and the risk of maternal mobility, Foundation increase in use of contraceptives and girls' income generation activities. 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