Ministry ofWater Development, Sanitatioi and Environmental Protection Zambia Water Resources Developm-tent Project ZWRDP P114949 Audited Financial Statements for the Period 1t January 2019 to 31 Marcl 2019 MINISTRY OF WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources and Utilisation of Funds For the period ended 31st March 2019 Contents Paae Statement of Management Responsibilities 1 Report of the Auditor 2-3 Statement of Sources and Utilization of Funds 4 Notes to the Statement of Sources and Utilization of Funds 5 - 14 Appendix I -Schedule of Assets 16 -36 MINISTRY OF WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources and Utilization of Funds For the year Period 1s January 2019 to 3 1" March 2019 STATEMENT OF MANAGEMENT RESPONSIBILTIES Management of the Zambia Water Resources Development Project is responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the Project and of the excess for the period. In preparing financial statements, management selects suitable accounting policies and then apply them consistently, making juddgement and estimates that are reasonable and prudent. Management of the Project is responsible for the keeping of proper accounting records which disclose with reasonable Eccuracy at any time the financial position of the Project and ensure that the financial statements comply with the relevant laws and agreements with the World Bank. Management is also responsible for safeguarding the assets of the Project and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Statement of Sources and Utilization of Funds is drawn up in accordance with International Public Sector Accounting Standards (IPSASs) Cash Basis of Accounting and Project regulations. There are reasonable grounds to believe that the Project will be able to pay its debt as and when they fall dte. The accounting records and other relevant documents and registers required by the Financing Agreements have been properly kept in accordance with the Financing Agreement, Management confirms that in their opinion, the Statement of Sources and Utilization of Funds are drawn up so as to give a true and fair view of the cash position of the Project for the period January 2019 to 31st March 2019 and also that the World Bank Funds have been expended for intended purposes as required by the Project Financing Agreement. Signed on: ..... .. . ...... Namata Kalaluka Eng. Kenneth Ny du Director of Finance, MWDSEP Director.DWRD/ Project Coordinator Mr. uto Sakala Permanent Secretary, Ministry of Water Develcpment, Sanitation and Environmental Protection 1 OFFICE OF THE AUDITOR GENERAL AUDITOR'S REPORT Stand No.7951 Haile Selassie Avenue, Longacres P.0 Box 50071 Lusaka, Zamb ia E-mail: Luditorag o.gov.zim Website: www.ago.gov.zn Telephone: +260252611/252771 To the Permanent Secretary, Ministry of Water Development, Sanitation and Environmental Protection Report on the Audit of the Financial Statements Opinion 1 have audited the financial statements of the Zambia Water Resource Developmei t Project (ZWRDP) which comprise the Statement of Sources and Utilisation of Funds for the three (3) months period ended 31st March 2019, and notes to the financial statements, including a summary of significait accounting policies as set out on pages 5 to 14. In my opinion, the accompanying financial statements of the Zambia Water Resource Development Project (ZWRDP) are prepared, in all material respects, in accordance with International Public Sector Accounting Standards (IPSASs) Cash Basis of Accounting and the Financing Agreement between the World Bank and the Republic of Zambia. Basis for Opinion I conducted my audit in accordance with International Standards of Supreme Audit Institutions (ISSAls). My responsibilities under these standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Zambia Water Resource Development Project (ZWRDP) in accordance with the International Organisation of Supreme Audit Institutions (INTOSAI) Code of Ethics together with the ethical requirements that are relevant to my audit of the financial stateients in Zambia, and I have fulfilled my other ethical responsibilities in accordance with these requirements and the INTOSAL Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Responsibilities of lanagement and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Public Sector Accounting Standards (IPSASs) Cash Basis of Accounting and the Financing Agreement between the World Bank and the Republic ofZambia, and for such internal controls as management determines is necessary to enable the preparation of financial statements that are free fi-om material m sstatement. whether Clue to fraud or er-or. Those charged with governance are responsible for overseeing the Project's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fratud or error, and to issue an auditor's report that 2 OFFICE OF THE AUDITOR GENERAL includes my opinion. Reasonable assurance is a high level of assurance, but is not. a guarantee that an audit conducted in accordance with ISSAls will always detect a material misstatement when it exists. VIisstatements 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 ofan audit in accordance with ISSAls, I exercise professional judgment and maintain professional scepticism throughout the audit. I also: o Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform a.udit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my 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, forger), intentional omissions, misrepresentations, or the override of internal controls. Obtain an understanding of internal controls relevant to the aLidit in order to design aUdit procedlues that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the project's internal controls. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. e 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. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that I identify during my audit. I also provide those charged with governance with a Statement that I have complied witm relevant ethical requirements regarding independence, and to coMMunicate with them all relationshmips and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards. Emphasis of Matter I driw your attention to Note 4 to the financial statements which disclose the closure of the project in November 2018, and the subsequent agreement between the Government of the Republic of Zambia and the World Bank on the finalization of the remaining remedial works on the Dams that were to be completed through time Irrigation Development Support Project (IDSP) under the Ministry of Agriculture. My opinicn is not qualified in respect of this matter. Report on Other Legal and Regulatory Requirements in my Opinion, the Financial Statements of the Zambia Water Resource Development Project (ZWRDP) as at 31st March 20*19, have been properly prepared in accordance with World Bank Financing Agreement. Dr. i ChCIellah ichembe AUDITOR GENERAL OFFICE OF THE AUDITOR GENERAL DATE. ............ .2020 MINISTRY OF WATER DEVELOPMENT, SANITAT1ON AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOP1VVINT PROJECT Statement of Sources and Utilization of Funds for the period ended 31st March 2019 Stateiient of Sources aiid Utilisation of Fuids (by Coiponeut) SOURCES OF FUNDS NOTES 3 Months Period ended 31 March Finiancial Year ended 31 2019 December2018 Uiss ZMW USS ZMW Balance b/f 1,695.414.37 19.202.840.42 4.947,777.76 41,596,259.55 Receipts from World Bank - Direct Pavments - - Other Receipts 5.1 -23.219.23 223,464.21 Total Funds Received 1,695,414.37 19,202,840.42 4,970,996.99 41,819,723.76 UTILISATION OF FUNDS Water Resources Management 5.2.1 - - 353.337.30 3.025,478.94 Water Resources Developnent 5.2.2 666,115.,84 8,065.354.89 2,450.009.85 25. 17.252.59 lIstitutional Suppurt 5.2.3 165,671.90 1.380.452.47 476,421.84 4,522.924.19 Total finds utilised 831,787.74 9,445,807.36 3,279,768.99 32,665,655.72 Total funds unutilis ed 863,626.63 9,757,033.06 1,691,228.00 9,154,068.04 REPRESENTEL)D BY: Banik and eas balances; 5.2.4 693,759.37 7,783,003.49 1,695,414.37 19,202,840.42 Uncredited Transfers 5.2.5 700.000.00 8,395,240.00 Unpresented Payments 5.2.6 (525.946.37) (6.406,868.3 I) (Insurance clafim) Ministry Borrowing (4,186.37) (41,468. I1) (4,186.37) (41,468.11) Exchange Differences Gain 5.2.7 27.125.99 (10,007,304.27) Funds Unutilised 5.2.4 863,626.63 9,757,033.06 1,691,228.00 9,154,068.04 This Statement of Sources and Utilization of Funds was approved by the Ministry of Water Developimletit, Sanitat:oni and Environmental Protectioni oni 2020 and \vere signed on its behalf by: Nanata Kalaluka Eng. Ketnlleth yundu Director of Finance, MWDSE Director DWRD/ Project Coordinator Mr. M Sakala Peruan'ent Secretary, Ministry of Water Development, Sanitation and Etviri-tonmfienital Protection (The notes on pages 6 to 15.forn part ofthese.financial statements) 4' MINISTRY OF WATER DEVELOPVIE1T, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources and Utilization of Funds for the period ended 31st March 2019 Expenditure by ca-tegory 3 months 3 months period Financial year Financial year period to 31 to 31 March end to 31 end to 31 March 2019 2019 December December2018 2018 )SS 7MW USS ZMW Civil Works 166,076.18 1,957,454.98 2,568,008.61 25,915,504.91 Goods and Equipment - - -- Training and Workshops 87,742.95 650,807.00 120,691.42 925.907.80 Consultancy and Aud Services 536,669.50 6,530,908.70 452,317.38 4,468,958.38 Operating Costs 41,299.11 306,636.68 138,751.59 1,378,485.86 Gnand to total 831,787.74 9,445,807.36 3,279,769.00 32,688,856.95 5 MINISTRY O' VJAT'fER DEVELOPVENT, SANITATION AND ENVIRONMEN'TAL PROTECTION ZAMBIA WATER RESOORCES DEVELOP1MENTPY POJECT Statement of Sources and Utilization of rnds for the period ended 31st March 2019 Notes to the Statement of Sources and Utilisation of Funds. 1. Background The Government of t1he Republic of Zambia and the International Development Association (IDA) of the World Bank Group signed an Agreement on the 15th June 2012 to implement the Zambia Water Resources Development Project at a loan of US$ 50,000`000. Under the Agreement, the World Bank agreed to extend an advance for the Preparation Facility in an amount not to exceed two million nine hundred ninety five thousand United States Dollars (US$ 2,995,000) on the terms and conditions as stipulated in the Agreement. The advance was meant to assist in financing activities designed to supPort the implementation of an integrated framework for Water Resources Management that promotes infrastructure development in support of economic growth, poverty reduction and climate resilience. The preparatory phase was to last for the period June 2012 to April 2013 while the Project implementation phase covered the period 24th December 2013 to 301 November 201 8. The objective of the Water Resources Development Project was to support the implementation of an integrated framework for the development and management of water resources in Zambia. The Project officially closed on 30" November 2018, but authority was granted by the World Bank for Project Implementation Unit (PIU) to spend up to 3 1 March 2019 as winding IP costs. The Project consisted of the following components and the ciumulative expenditure from 24'h December 2013 to 3 1 March 2019 are as follows: Aiounts in C U1inuLative Available Budget USV' expenditure balance Utilisation m"te Component IDA 31st March to closing 2019 Uss" USS, US' Water Resources MamIgement 8.000,00) 4.927,511.54 3,072.488.46 62% Water Resources Development 30,000.000 14,128.424.20 15,871,575.80 47% Institutional Support ard ProJect Management 12,000,000 6,556,962.06 5,443,037.94 55% TOTAL 50,000,000 25,612,897.80 24,387,102.20 51% 6 MINISTRY Or WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources and Utilization of Funds for the period ended 31st March 2019 Notes to the Statement of Sources and Utilisation of Funds .... continued 2. Principal Activities The purpose of the Agreement was to ensure that Zambia's water resources were effectively developed and efficiently managed to contribute to poverty reduction'through increased access to safe water and sanitation and increased access to food security for low income rural and urban people. The objective of the Project was the establishment and operationalization of institutional framewcrks that will facilitate sustainable integrated management of water resources at national and local level and the supporting of economic growth and improving livelihoods. The activities for which the advance was provided consist of the following: i) Preparation of an environmental and social management framework for the small scale water resources infrastructure to be supported by the. Project. ii) Preparation ard piloting of guidelines for the construction and rehabilitation of small water resources infrastructure Cdevelopment; iii) Preparation ofan environnental and social impact assessment for all structures related to the Project, including a resettlement action plan; iv) Update of the existing Dam Development Master Plan; v) Design and piloting of an integrated water resources information and allocation system: vi) Hiring of individual consultants, including procurement and other staff as may be required to support the preparation on the Project including procurement and other staff as may be required to support; vii) The preparation of the Project including the implementation manual; viii) Carrying out training based on a training plan approved by the Water Bank; and ix) Institutional support activities.. 3. Significant Accounting Policies The significant accounting policies adopted in the preparation of these financial statements and applied in all material respects are set out below: i) Basis of financial statements presentation The financial statements have been prepared on a cash basis under the Historical Cost Convention and in accordance with International Public Sector Accounting Standards .(IPSASs). Under the cash basis of accounting, transactions are recognized when cash or its equivalent is received or paid and not when the transaction occurs. ii) Revenue recognition. Revenues represent the funding provided by the International Development Association (World Bank) under the Zambia Water Resources Development. All revenues are, recognized in the financial statements upon being received. .7 MINISTRY OF WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOP1MENT PROJECT Statement of Sources and Utilization of Funds for the period ended 31st March 2019 Notes to the Statement of Sources and Utilisation of Funds continued iii) Expenditure. Expenditure is accounted for on a cash basis, meaning that expenditure is recognized when paid. iv) Capital expenditire Items of capital nature are expensed at the time of acquisition. However, a memorandum of fixed assets register is maintained to provide a record of assets acquired from -roject funds. (v) Foreign Currencies Transactions in foreign currencies are translated at the foreign exchange ruling rate at the date of the transactions. Foreign currency transactions and transfers to the Project operating account for local payments are converted at the.rate ruling on the day of the transaction. The Project uses a FIFO method to convert local payments into US$ equivalent. 4. Subsequent events Following the clostire of the project in November 201 8, Government of the Republic of Zambia and the World Bank in September 2019, agreed that finalization of the remaining remedial works ozi the Dams that were constructed would be done through Irrigation Development Support Project (IDSP) being implemented throLIgh the Ministry of Agriculture. 8 MINISTRY OF WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources and Utilization of runds for the period ended 31st March 2019 Notes to the Statement of Sources and Utilisation of Funds ... continued 5. Performance Highlights for the Period ended 311" March 2019 5.1 Income Withdrawal US$ ZMW US$ ZMW Application No. Equivalent Equivalent Sub total 0.00 0.00 0.00 0.00 Direct Payment Direct Payment Sub total Total IDA disbursemuents Other Receipts 23,219.23 223,464.21 Grand Total 0.00 0.00 23,219.23. 223,464.21 Following the suspension of disbursements by the bank in March 2018. and subsequent closure of the project in November 2018, the project did not receive any funds during the period under review. 5.1.1 IDA Cumulative Receipts Year USS 2vW 2014 7,001,464.28 50,258,106.85 2015 3,317,990.83 21,705,674.22 2016 9.112074.65 94,884,215.73 2017 7,003,121.11 63,337,938.19 2018 - 2019 - Total 26,434,650.87 230,185,934.99 Total cumulative receipts from IDA for the period 24h December 2013 to 31s larch 2019, amounted to USS26,434,650.87 (ZMW 230,185,934.99), representing a 53% disbursement rate of the total loan amount of US$50 million. 9 MINISTRY OF WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources and Utilization of Funds for the period ended 31st March 2019 Notes to the Statement of Sources and Utilisation of Funds ... continued 5.2 Comparison of budget and actual expenditure. by component Budget Expenditute Variance USS USS USS Water Resources Management 0 .00 0 00.00 Water Resources Development 0.00 666,115,84 (666,115.84) Institutional Support_ 0.00 165,671.90 (165,671.90) Total 0.00 831,787.74 (831,787.74) The total expenditure for the period was US$831,787.74 (2018: USS3,279,769) however., there was no budget produced as the expenditures related to costs towards closure of the project. 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С� � R� � v � MINISTRY OF WATER DF 7E LOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVE.LOPMENT PROJECT Statement of Sources and Utilization of F unds foi- the period ended 3 [11 March 2019 Notes to the Statemetit of Soz .rces mid Utilisatimi of Funds ... continued 5.2.4 Bankand Cash balances reconciliation 31-fNlaj 19 31-Dec 2019 2U18 uss uss Total funds 111111CHSC(t :IS I)ek-SOUI-CeS,and ffill(IS U616:16011 Statement 863,620.62 1,691,228.00 Repiesented by; Balance in DesignatEd ACCOL1111 held i US,$ (130Z) 464,605.07 1,164,605.07 Balance in Kwachaoperating Account (BOZ) 8,319.50 1 1.1.1j4.35 Ralance in Kwacha Min-or Accomt (CAVEMONT) '75A]1.96 _I 38.537.60 Balance UNZA Ae,-,ounts 33396.89 168.99 139 Balance WARNIA Account 102.925 91 102,925.81 Prov icial AccotuiLs 9,100.15 9 100. 15 Balance as per1lainkStateinents. 693,759.37 1,69i,-114.37 Add: Inelfigible Expell(HIULC vlinisuy Boil'o.wing (4.186.37) 1 186. Unpresemed Payment: (52j,946.37) - UncrediLed Transferu of-', I March 2019 - See NoLe 5.2.5 700.000.00 113alante its per SuLlf 863,626.631 1,691,228.00 The balance perstatement of Sources and Utijisation of FLInds as at 3 1 11 March 2019 was USS863,626. 2 (2018: US$1,691,227.99). The KNvacha cqUiValent ZTVIW9,733,831.83 (2018: K19,202,840.42). This'is reconciled to the balance as per Bank St tcmcnt. 5.2.5. Uncredited Transfer - 1(8,395,240 On 2 1" March 2019... an amount of U S$,700,000 (K 8,395,240) was transferred from the 130Z dollar acCOL111t, at an exchange rate of KI 1.9932 to the BOZ kwacha aCCOLInt. However, as a-. )I" March 2019 the funds had not been received in the 1302 k\vacha acCOLInt. The finds wei,e only credited to BOZ kw cha acCOLInt on 215 April 2019. 5.2.6 Unpresented Payments - USS525,946.37 As at 3111 March 2019, there were Linpresented payments in anIOLintS t0tL1lli11.c, US$525,946.37 made priorto ')I" March 2019. See table below. 14 MINISTRY OF WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources and Utilization of Funds for the period ended 31Pt March 2019 DATE CHEQUE PAYMENTS Dollar / EFTA I quivalent 03.01.2219 0064138 25,931.88 2.128.77 * 04.01.2019 0064142 12,755.00 1,047.07 11-02.2)19 0064144 144,403.40 11,854.22 12.02.2119 002282 2,800.00 229.85 27.03.2219 0064150 109,896.46 9,021.51 29.03.2319 0086151 1,485,517.72 121,947.67 29.03.2D19 0086152 3466,950.81 284-605.54 29.03.2J19 0086153 767,435.28 62,999.55 29.03.2)19 0086154 371,379.43 30,486.92 29.03.2:19 0086155 19,798.33 1.625-27 6,406,868.31 525,946.37 5.2.7 Exchange Differences Hunk Details Opening Closiig Diltee Ui ofi Excitihnge Rite rate ActU111 K illurs I)lLeesee 2019 Balance in Designated Account held in USS(BOZ) 121816 1; 1425 -00391 464,605 07 (18 16606) Balance in Kwacha op ating Account (BOZ) 12.1816 12.1425 -0.0391 8,31950 (325 29) Balance in Kwacha Mino r Account (CA VEMONT) 12,1816 12.1425 -0.0391 75,411.96 (2,948.61) Balance UNZA Accounts 12,1816 12.1425 -0.0391 33,396.88 (,30.5.82) Balance WARIA Acoun 12 1816 12.1425 -0.0391 102,925-81 (4,024.40) Pro incial AccInts 12,1816 12.1425 00391 9.100 15 (355.82) Exchange Gaa n _ (27,125.99) 15 MINISTRY OF WATER DEVELOPMENT, SANITATION AND ENVIRONMENTAL PROTECTION ZAMBIA WATER RESOURCES DEVELOPMENT PROJECT Statement of Sources aid Utilization of Funds for the period ended 3 1" March 2019 APPENDIX I-SCHEDULE OF ASSETS 16 i • 1 � i 1 • i г � �. ..r ы � � 'Л у G � � J r � г[ К _ 4) U п, �7 � ., . � . . w � _ 'J С �-� С G � . 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