ffice of the Auditor General of wandAr RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORTS q'or the year ended30 June 2020 O Cel I r Aconb Inepndnc l Obecivt U ofdetat In uli Iners RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 TABLE OF CONTENTS 1. IN T R O D U C T IO N ............................................................................................................2 2. STATEMENT OF MANAGEMENT RESPONSIBILITIES........................................... 6 3. REPORT OF THE AUDITOR GENERAL......................................................................7 4. FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 .....................9 Office of the Auditor General of State Finances 1 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 1. INTRODUCTION 1.1. Project Information Rwanda Transport Development Agency (RTDA) is the implementing agency of Rwanda Feeder Roads Development Project (RFRDP). The Project is funded by the International Development Association (IDA) and Multi-Donor Trust Fund (MDTF). It aims to develop rural roads to improve agriculture market linkages to reduce post-harvest losses and lower the price of delivering agricultural inputs in the project areas. Details of the project's information are summarized below: Project Start The project approval date is 21 March 2014 Date: The project signature of agreement date is 03 April 2014 IDA 54050-RW The project effectiveness date is 19 June 2014 Grant The project approval date is 01 December 2017 TFA5145 The project signature of agreement date is 07 December 2017 TFA5256 The project effectiveness date is 22 March 2018 Project End Date: The project completion date is 30 June 2021 The project completion extended to 31 December 2022 The project last disbursement date is 30 April 2023 Project The Project Coordinator is Mrs MIZERO Solange Coordinator: Project's budget 1. World Bank/IDA: USD 45,000,000 by donor F2. Multi-Donor Trust Fund (MDTF) : USD 68,000,000 Project's budget USD 20,000,000 by Government of Rwanda Total budget of USD 133,000,000 the poject Implementing Implementing Budget Agency is: Rwanda Transport Development Budget Agency Agency (RTDA) Line Ministry of Ministry of Infrastructure (MININFRA) the project Strategic The strategic goals of the project are to enhance all season roads goals/objectives of connectivity to agricultural market centres in selected districts. the project Main components 1) Rehabilitation, Upgrading and Maintenance of Selected Feeder of the projects Roads 2) Strategy Development for Rural Access, Transport Mobility Improvement, and 3) Institutional Development and Project Management Office of the Auditor General of State Finances 2 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 General * The project targeted construction of 270 km (actual 291.6 km) in achievement of 4 Districts and currently, rehabilitation works of 71.1km in strategic goals Gisagara District and 93 km (actual 92.9 km) in Rwamagana, 65 km (actual 75.25 km) in Karongi were completed. For Nyamasheke District 50 km (actual 52.3km) out of them 30.8 km were completed and 21.5 km works started in June 2017 and the contract was terminated on 09th October 2019. At the time of termination the progress of works was at 73% completion rate. The project has also got additional financing (Grant TFA5145 and TFA5256) to support rehabilitation, upgrading and maintenance of additional 450 km of feeder roads in six (6) new districts: Nyagatare, Gatsibo, Nyaruguru, Nyabihu, Rutsiro and Gakenke Districts. In total, 720 km are expected to be rehabilitated and upgraded in ten (10) districts. Specific i) With regard to rehabilitation and upgrading works: achievement of strategic goals/ In the four parent districts; works in three (3) districts were completed outputs of the and final handover done. For the fourth district, there was partial projects provisional handover as detailed below; * for rehabilitation works of 71.1km in Gisagara District the final handover took place on 12th July 2019 for Lot1 and 31st May 2019 for Lot 2; * for rehabilitation works of 93 km (actual 92.9 km) in Rwamagana District the final handover took place on 24th December 2018 for Lot 3, and 1st March 2019 for Lot 1&2, * for rehabilitation works of 65 km (actual 75.25 km) in Karongi District the final handover took place on 17th March 2020 for Lot 2 and 12th February 2020 for Lot 1. for Nyamasheke District, out of 50 km (actual 52.3km) planned to be constructed, 30.8 km were completed and the provisional handover took place on 21st May 2019. For the remaining 21.5 km whose construction had started in June 2017, the contract was terminated * The maintenance phase for Gisagara and Rwamagana has started in April 2018 and May 2018 respectively and maintenance in the two districts is being done by Local Community Association (LCAs). The maintenance in Karongi district has started from 1st June 2020 and is being done under Output and Performance based Road Contract. * Under the Additional Financing (AF) administered by the WB through a Multi Donor Trust Fund (MDTF) to cover a further six districts, Contracts were signed on 21 June 2019 for Nyagatare district (2 lots), Gatsibo district (3 lots), Rutsiro district (3 lots) and Gakenke district (Lot 1); and on 26 June 2019 contract for Nyaruguru (2 lots) was signed, on 24 July 2019 the contract was signed for Nyabihu(Lot 2); on 25 September 2019 the contract was Office of the Auditor General of State Finances 3 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 signed for Gakenke district lot 2&3 and finally on 18 September 2019 the contract was signed for Nyabihu district Lot 1 &3. * For the six districts the contracts are for Design, Build and Maintain (DBM). Currently the design has been completed and reviewed by the monitoring consultant. The Resettlement Action Plan (RAP) have been prepared and approved by the WB as required by the grant Agreement. The Environmental Social Impact Assessment (ESIA) have been also finalised and approved by the WB for Nyagatare, Gatsibo, Nyaruguru and Gakenke districts, ESIA for Rutsiro and Nyabihu are under review by the WB. As per the WB requirement, physical works shall start after compensation completion and finalisation of the Contractor Environmental and Social Management Plan (CESMPs), the compensation has been completed on some section and related compensation reports has been approved by the WB on 18th June 2020. Physical works are expected upon clearance of the CESMPs by the WB. ii) Under component two, the project is hiring the consultant for the preparation of the National Feeder Roads Master Plan, the evaluation report for the Technical Evaluation report (TER) was cleared by the WB on 30t" June 2020 and the next step is the opening of Financial Proposal, the contract negotiations and contract signature. 1.2. Funding summary The Project completion date was extended to 31 December 2022 with an approved budget of USD 133,000,000, as highlighted in the table below: Source Donor Amount Amount Undrawn balance to date (30/06/2020) of Commitment received to received to funds date date (30/06/2020) (30/06/2020) USD USD Frw USD Exchange Frw rate i)(A)nt (B) ( C) ('D =A -B (E D *E MDTF 68,000,000 12,678,720.11 11,475,255,178 55,321,279.89 937 077161 51,840,307,902 ii)Loan IDA 45,000,000 29,314,696.95 24,607,679,774 15,685,303.05 937 077161 14,698,339,252 iii)Counterpart funds GoR 20,000,000 2,696,666.65 2,338,270,332 17,303,333.35 937.077161 16,214,558,491 Total 133,000,000 44,690,083.71 38,421,205,284 88,309,916.29 82,753,205,645 Office of the Auditor General of State Finances 4 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 1.3. Management of the Project Rwanda Feeder Roads Development Project (RFRDP) is under SPIU/RTDA (Single Project Implementation Unity/RTDA) which has been established in October 2014. The daily activities of SPIU are coordinated by the SPIU Coordinator who is supervised by the Director General of RTDA. The management that served the project during the year ended 30 June 2020 is as follows: Name Position Imena MUJNYAMPENDA Director General from 18th November 2018 to date. MUSHAKA Jeremie Corporate Services Division Manager to 22 August 2019. MIZERO Solange SPIU Coordinator, from 03rd December 2018 to date. MUCYO Come Director of Finance to 22 August 2019 MUCYO Come Ag. Corporate Service Division Manager from 22 August 2019 to date. HABIMANA Cyprien Ag. Director of Finance from 1st July 2020 to date. Anaclet NIYONSABA Financial Management Specialist Jean Pierre NKEZABO Program Manager Office of the Auditor General of State Finances 5 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 2. STATEMENT OF MANAGEMENT RESPONSIBILITIES Article 66 of the Organic Law No. 12/2013 of 12/09/2013 on State Finances and Property requires budget agencies to prepare and submit to the Ministry annual financial statements in a period of one month from the end of the fiscal year and submit their annual financial statements to the Auditor General of State Finances not later than 30' September of the following fiscal year. Article 19 of the Organic Law No 12/2013 further stipulates that the Chief Budget Manager is responsible for maintaining accounts and records of the budget agency, preparing reports on budget execution, managing revenues and expenditures, preparing, maintaining and coordinating the use of financial plans, managing the financial resources for the budget agency effectively, efficiently and transparently, ensuring sound internal control systems in the budget agency and safeguarding the public property held by the budget agency. As Chief Budget Manager, I accept responsibility for the annual financial statements, which have been prepared using appropriate accounting standards applicable to Public entities as determined by Article 99 of the Ministerial Order No. 001/16/10/TC of 26/01/2016 relating to financial regulations. These financial statements have been extracted from the accounting records of Rwanda Feeder Roads Development Project and the information provided is accurate and complete in all material respects. The financial statements also form part of the consolidated financial statements of the Government of Rwanda. In my opinion, the financial statements give a true and fair view of the state of the financial affairs of Rwanda Feeder Roads Development Project. I further confirm that Rwanda Feeder Roads Development Project maintained proper accounting records which can be relied upon in the preparation of financial statements. I also confirm that adequate systems of internal control were maintained and operated effectively during the year to safeguard the assets of the budget agency. Signature: Imena MUNYAMPENDA Director General/RTDA Date: ... t A4.di GnrloSte. 2020 Office of the Anditor General of State Finances 6 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 3. REPORT OF THE AUDITOR GENERAL REPORT ON THE FINANCIAL STATEMENTS Mr. Imena MUNYAMPENDA Director General/RTDA 3.1. Opinion As required by Article 165 of the Constitution of the Republic of Rwanda of 2003 revised in 2015, and Articles 6 and 14 of Law no 79/2013 of 11/09/2013 determining the mission, organization and functioning of the Office of the Auditor General of State Finances (OAG), I have audited the financial statements of Rwanda Feeder Roads Development Project for the year ended 30 June 2020. These financial statements comprise the statement of financial position as at 30 June 2020 and the statement of revenue and expenditure, statement of cash flows and budget execution report for the year then ended, and a summary of significant accounting policies and other explanatory notes. These financial statements are set out on pages 9 to 43. In my opinion, the accompanying financial statements give a true and fair view of the financial position of Rwanda Feeder Roads Development Project as at 30"' June 2020, and of its financial performance and its cash flows for the year then ended in accordance with the guidelines provided by Ministerial Order no 001/16/10/TC of 26/01/2016 relating to financial regulations and Organic Law No 12/2013/OL of 12/09/2013 on State Finances and Property. 3.2. Basis for Opinion I conducted my audit in accordance with the International Standards of Supreme Audit Institutions (ISSAls). My responsibilities under ISSAIs are described in section 3.4 of this report. I am independent of Rwanda Feeder Roads Development Project and have fulfilled my ethical responsibilities in accordance with the ethical requirements that are relevant to my audit of financial statements of public entities as determined by the Code of ethics for International Organisation of Supreme Audit Institutions (INTOSAI). I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. 3.3. Responsibilities of management for the Financial Statements According to Organic Law No 12/2013/OL of 12/09/2013 on State Finances and Property, management of Rwanda Feeder Roads Development Project is responsible for keeping accounting records and books of account, and preparation of financial statements in accordance with the financial regulations prescribed by the Minister in Ministerial Order no 001/16/10/TC of 26/01/2016 relating to financial regulations. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Rwanda Feeder Roads Development Project's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of Office of the Auditor General of State Finances 7 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 accounting unless Government either intends to discontinue operations of the Rwanda Feeder Roads Development Project. 3.4. Auditor General's Responsibilities for the audit of the financial statements My objective when conducting an audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Misstatements can arise from fraud or error and are considered material if individually or in aggregate, they could reasonably be expected to influence economic decisions of users taken on the basis of these financial statements. An audit conducted in accordance with ISSAls requires an auditor to exercise professional judgment and maintain professional scepticism throughout the audit and involves: * The identification and assessment of the risks of material misstatement of the financial statements, whether due to fraud or error; design and perform procedures responsive to those risks and to obtain sufficient and appropriate audit evidence to provide a basis for the auditor's opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. * Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of internal control. * Evaluating the appropriateness of accounting policies used, the reasonableness of accounting estimates made by management. * Concluding on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Rwanda Feeder Roads Development Project's ability to continue as a going concern as well as evaluating the presentation of the financial statements. * Evaluation of the overall presentation, structure and content of the financial statements, including disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieved fair presentation. BIRA AUDI, ~ ENR KIGAf .20 Office of the Auditor General of State Finances 8 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4. FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.1. STATEMENT OF REVENUE AND EXPENDITURE FOR THE YEAR ENDED 30 JUNE 2020 Description Notes Year ended Year ended 30 June 2020 30 June 2019 Frw Frw Revenues Revenue from non-exchange transactions Grants 2 9,603,223,341 161,638,263 Transfers from central treasury 3 985,105,000 597,665,332 Fines, penalties and licenses 4 289,244,354 Revenue from exchange transactions Other revenue 5 230,785,512 63,047,318 Borrowings External borrowings 6 3078131919 5,783,208,290 Total Revenue (A 14,186,490,126 6,605,559,203 Expenses Goods and services 7 1,317,879,552 1,257,614,595 Grants and other transfers 8 394,138,990 116,397,460 Acquisition of fixed assets 9 3,639,430,377 3,761,275,583 Other expenses 10 36,107,476 12,687,083 Total Expenses (B) 5,387,556,395 5,147,974,721 Surplus for the year (A-B) 8,798,933,731 1,457,584,482 The notes on pages 16 to 43 form an integral part of the financial statements. Office of the Auditor General of State Finances 9 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.2. STATEMENT OF FINANCIAL ASSETS AND LIABILITIES AS AT 30 JUNE 2020 Description Notes Balance as at Balance as at 30 June 2020 30 June 2019 Frw Frw ASSETS Current assets Cash and cash equivalents 11 3,749,108,620 3,740,123,376 Receivables from exchange transactions 12 233,570,851 Advance payments 13 8,739,126,361 281,718,254 Total current assets 12,721,805,832 4,021,841,630 Total assets (A) 12,721,805,832 4,021,841,630 LIABILITIES Current liabilities Payables 14 682,835,259 108,683,166 Retained performance securities 15 270,895,943 359,592,660 Total current liabilities 953,731,202 468,275,826 Total liabilities (B) 953,731,202 468,275,826 Net assets C = A-B 11,768,074,630 3,553,565,804 Accumulated surplus/(deficits) 16 3,553,565,804 2,095,981,322 Prior year adjustments 17 (584,424,905) Surplus for the year 8,798,933,731 1,457,584,482 Total net assets 11,768,074,630 3,553,565,804 The notes on pages 16 to 43 form an integral part of the financial statements. Office of the Auditor General of State Finances 10 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.3. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020 Description Notes Period ended Period ended 30 June 2020 30 June 2019 Frw Frw Cash flow from operating activities Revenues Revenue from non-exchange transactions Grants 2 9,603,223,341 161,638,263 Transfers from central treasury 3 985,105,000 597,665,332 Fines, penalties and licenses 4 289,244,354 Revenue from exchange transactions Other revenue 5 230,785,512 63,047,318 Expenses Goods and services 7 (1,317,879,552) (1,257,614,595) Grants and transfers 8 (394,138,990) (116,397,460) Other expenses 10 (36,107,476) (12,687,083) Adjusted for: Changes in receivables 12 (8,690,978,958) 393,818,480 Changes in payables 13&14 485,455,376 (81,860,177) Prior year adjustments 16 (584,424,905) - Net cash flows from operating activities A 570,283,702 (252,389,922) Cash flows from Investing Activities Acquisition of fixed assets 9 (3,639,430,377) (3,761,275,583) Net cash flows from Investing Activities B (3,639,430,377) (3,761,275,583) Cash flow from Financing Activities Proceeds from borrowings 6 3,078,131,919 5,783,208,290 Net cash flow from financing activities C 3,078,131,919 5,783,208,290 Net increase in cash and cash equivalents A+B+C 8,985,244 1,769,542,785 Cash and cash equivalents at beginning of 11 3,740,123,376 1,970,580,591 year Cash and cash equivalents at end of year 3,749,108,620 3,740,123,376 The notes on pages 16 to 43 form an integral part of the financial statements. Office of the Auditor General of State Finances 11 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.4. STATEMENT OF CHANGES IN NET ASSETS FOR THE YEAR ENDED 30 JUNE 2020 Description Accumulated Adjustments Total surplus Frw, Frw! Frw Balances as at 30 June 2018 2,095,981,322 2,095,981,322 Net surplus for the financial year 1,457,584,482 1,457,584,482 Balance as at 30 June 2019 3,553,565,804 -3,553,565,804 Balances as at 30t June 2019 3,553,565,804 - 3,553,565,804 Prior year adjustments: Cash and cash equivalent 187,304 187,304 Receivables and other financial (89,795,528) (89,795,528) assets Payables and other liabilities (494,816,681) (494,816,681) Net surplus for the financial year8,798,933,731 - 8,798,933,731 Balances as at 30 June 2020 12,352,499,535 (584,424,905) 11,768,074,630 The notes on pages 16 to 43 form an integral part of the financial statements. Office of the Auditor General of State Finances 12 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.5. STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS Description Revised budget Actual Variances Perfor mance 2019/2020 2019/2020 2019/2020 % Frw Frw Frw A B A-B (B/A)*1 00 RECEIPTS Fees, fines, penalties 289,244,354 (289,244,354) - and licenses Grants and transfers 24,704,384,209 10,588,328,341 14,116,055,868 43% Other revenues - 230,785,521 (230,785,521) Total receipts 24,704,384,209 11,108,358,216 13,596,025,993 45% EXPENDITURE Goods and services 2,760,753,077 1,317,879,552 1,442,873,525 48% Transfers to reporting 90,079,650 394,138,990 (304,059,340) 438% entities Other expenses 581,000,000 36,107,476 544,892,524 6% Total payments 3,431,832,727 1,748,126,018 1,683,706,709 51% Operating balance 21,272,551,482 9,360,232,198 11,912,319,284 44% Transactions in non- financial assets Capital expenditure 25,452,551,451 3,639,430,377 21,813,121,074 14% Total non-financial 25,452,551,451 3,639,430,377 21,813,121,074 14% assets Net (4,179,999,969) 5,720,801,821 (9,900,801,790) (137%) lending/(borrowing) Financing Borrowings- External 4,179,999,969 3,078,131,919 1,101,868,050 74% Total net incurrence 4,179,999,969 3,078,131,919 1,101,868,050 74% of liabilities The notes on pages 16 to 43 form an integral part of the financial statements. Explanation for major variances: (i) Fees, fines, penalties and licenses: Fees, fines and penalties was not planned in the revenue FY 2019/2020. However, the project received penalties applied on different contractors due to delay in completion of works as stipulated in their respective contracts. (ii) Grants: The low performance of 43% on grant was due to the replenishment/Withdrawal applications system applied whereby the requested amount should be equal to the amount previously used (iii) Other revenue: There was a change in fluctuation trend of USD and Frw compared to what had been planned Office of the Auditor General of State Finances 13 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 (iv) Use of goods and services: The low peiformance of 48% in use of goods and services, the project was planning to hire additional staffs and supervising services in the six new districts. RTDA sought for the authorization in January 2020 to recruit thirteen (13) contractual staff for Rwanda Feeder Roads Development Project (RFRDP) while waiting for the integration to RTDA SPIU MIFOTRA had promised the authorization in February 2020, however, due to COVID-19 pandemic measures the recruitment process was halted at shortlisting stage. In addition, the supervision offeeder roads rehabilitation works was not done because works were not yet started and this affected on the budget execution in FY2019/2020. The project will target an increased rate of supervision and employees' remuneration in the next financial year. (v) Transfers to reporting entities: The high rate performance of 438 % in transfers to reporting entities was due to the amount of maintenance works in Gisagara and Rwamagana feeder roads and acquisition of maintenance tools transferred to Gisagara and Rwamnagana budgeted under capital expenditure but was actually spent through the line of transfers to reporting entities. (vi) Other expenses: The low performance of 6% in other expenses was due to taxes counterpart on development projects that have not been paid as works for the six districts under additionalfinancing were not yet started (vii) Capital expenditure: The budget execution for Capital Expenditure is the major component of the project and represents 9% of the Annual Work Plan and Budget .for 2019/20. The peiformance for the project in the first half of the year stands at 16%. Capital expenditure for the same period is 15%. The Annual Work Plan and Budget 2019/20 anticipated a design period of three months followed by nine months of construction work. On that basis the full 20% advanced payment should have been made and, by 3Q01h June 2020, an additional 20% of construction progress might have been expected. In reality the advanced payments equivalent to 10% have been paid after contract signature and second advance of 10% paid for some districts, however the advance payment does not affect on the capital expenditure as it considered as receivable. The delays in concluding the activities incorporated in the design phase, specifically the finalisation of safeguards documents; the Resettlement Action Plans (RAPs), The Environmental and Social Impact Assessment (ESIA) and the Environmental and Social Management Plan (ESMP), have led to delay in start of works thus no physical progress has therefore been invoiced or paid The Design, Build and Maintain (DBM) approach and the low volume sealed road design requirements are new to the sector, while the implementation of the social and environmental safeguarding steps have been expanded to some extent under the new contracts and given the donor requirement for his approval of related safeguards document prior to the start of physical works. It is recognized that more time for the preparation of the design phase outputs was needed Some specific issues which have contributed to the difficulties in achieving the projected results include the late mobilization of the Monitoring Consultant, consultant have been mobilised in December 2019. Upon consultant mobilisation he has proceeded with the re view of the safeguards document and approval already secured Office of the Auditor General of State Finances 14 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 from the World Bank for some districts. The project will target an increased rate of construction in the next financial year. (viii) Proceeds from borrowings: The peiformance of 74% was due to the replenishment/Withdrawal applications system applied whereby the requested amount should be equal to what was previously used The financial statements of Rwanda Feeder Roads Development Project (RFRDP) were approved by management and were signed on its behalf by: Prepared NIYONSABA Anaclet by: Financial Management Specialist g Date Checked HABIMANA Cyprien by: A,( zt 7- Date Ag. Director of Finance Signature Checked MIZERO Solange o___ by: ___________k,________ ____ SPIU Coordinator Signature Date Approved Imena MUNYAMPENDA by: Director General Signature Date Office of the Auditor General of State Finances 15 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 4.6. NOTES TO THE FINANCIAL STATEMENTS 1. Significant accounting policies Public entities maintain their books of account on a modified accrual basis of accounting as prescribed in basis for preparation. a) Statement of compliance The financial statements have been prepared in accordance with the Organic Law no 12/2013 of 12/09/2013 on State Finances and Property and related legal framework. These financial statements have been authorized for issue by the Chief Budget Manager on 31 July 2020. The financial statements have been prepared on a going concern basis and the accounting policies have been applied consistently throughout the period. The presentation and classification of items in the financial statements are consistent from one period to the next and takes into consideration progressive improvements as contained in the Government of Rwanda roadmap to migrate to accrual IPSAS. b) Basis of preparation The financial statements have been prepared on the basis of historical costs unless otherwise stated. The cash flow statement is prepared using the direct method. The specific accounting basis for major items in the financial statements are provided below. Except for the subsidiary entities affiliated to the decentralised entities, public entities shall maintain their books of account on a modified accrual basis of accounting. The subsidiary entities affiliated to the decentralised entities shall maintain their books of account on a modified cash basis of accounting and progressively move to the same accounting basis as that of the rest of the public entities. In this context modified accrual basis of accounting means that financial transactions and events shall generally be recognized in the books of account when they occur and not only when cash or its equivalent is received or paid, except in the following circumstances when transactions will be treated on a cash basis; (i) Public debt (principal and interest) - involving treasury bills, treasury bonds, corporate bonds, sovereign bonds and external loans acquired by the Ministry or any other debt the State may take on will be treated on cash basis and recognized as revenue during the year of receipt and as expenditure in the year of repayment. However, loans acquired directly by a public entity and any associated interest shall be treated on an accrual basis and recognized as liabilities. (ii) Inventories - these are assets: a. in the form of materials and supplies to be consumed in the production process, b. in the form of materials to be consumed in the rendering of services, c. held for sale or distribution in the ordinary course of operations, d. in the process of production for sale or distribution. Office of the Auditor General of State Finances 16 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Inventories include assets such as consumable stores, maintenance materials, ammunition, land and other properties held for sale, strategic stock piles e.g. fuel reserves. These will be treated on cash basis and recorded as expenditure during the year of acquisition and treated as revenue in the year of disposal. (iii) Non-exchange transactions: - These arise where an entity receives value from another entity without giving approximately equal value in exchange. These include taxes, fines and penalties, transfers, gifts and donations and shall be recognised when cash is received. (iv) Non-current assets (tangible and intangible assets): - such as vehicles, furniture, equipment, finance leases, Plant and tools and investment property will be treated on cash basis and recorded as capital expenditure during the year of acquisition and revenue in the year of disposal. (v) Investments excluding those directly made by public entities: - shareholding in public corporations, investments in associates, equity interest in joint ventures, lending and on- lending by government entities will be treated on cash basis and recorded as capital expenditure during the year of acquisition and revenue in the year of disposal. (vi) Student loans: - Student loans shall be treated on a cash basis at the time of disbursements and recognized as expenses. Similarly, they will be recognised as revenue when loan repayments are received from the students. The financial statements are presented in Rwanda Francs (Frw), being the currency of legal tender in Rwanda which is the functional and reporting currency of the Government of Rwanda. c) Reporting project The Financial Statements have been prepared by Rwanda Feeder Roads Development Project pursuant to Articles 19 and 66 of the Organic Law on State Finances and Property No 12/2013 of 12/09/2013 that empowers the Chief Budget Manager to prepare the financial statements. d) Reporting periods The Government of Rwanda Fiscal Year runs from 1st July to 30t1h June. These financial statements cover the period from 1st July 2019 to 3011 June 2020. The comparative figures reflect the 12 months ended 3ot June 2019. e) Key assumptions and judgements These financial statements, as a component of the Government consolidated financial statements, reflect the Government's financial position as at 30 June 2020, and the financial results of operations and cash flows for the year ended on that date. Included in these financial statements are a number of judgements, estimations and assumptions. The assumptions are based on information available at the time of the preparation of the financial statements. It should therefore be noted that actual results may differ from the assumptions stated and thus have a material impact on the financial statements. The key assumptions are discussed below: Office of the Auditor General of State Finances 17 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 f) Presentation Currency The functional currency of the Government of Rwanda is the Rwandan Franc. For reporting purposes, the financial statements are translated into Rwandan Francs. The rates used to translate foreign currency balances is the average rate applicable by National Bank of Rwanda as at 30th June 2020. g) Areas of significant estimation These financial statements do not have significant estimates so far. For the non-current asset and inventory balances disclosures, the acquisition cost before depreciation has been used. h) Adoption of new and revised standards The government is in the process of transitioning to IPSAS through a phased approach that involves a six-year implementation plan. The current year is year 2 of the transition process. By the end of the six-year implementation period, the government plans to have fully transitioned to IPSAS and adopted all relevant standards. i) Recognition A) Revenue recognition 1) Revenuefrom non-exchange transactions * Grants Grants are transfers received by government units, from other resident government units or international organizations that do not meet the definition of a tax, subsidy, or social contribution. This include current and capital transfers received from international organizations and from other general government units. Transfers from other general Government units includes Transfers from National Treasury. A transfer is a transaction in which one institutional unit provides a good, service, or asset to another unit without receiving from the latter any good, service, or asset in return as a direct counterpart. Grants are normally receivable in cash. Grants receivable are classified first by the type of unit providing the grant and then by whether the grant is current or capital. A grant may be a sum of money or services given by a government body for specific purposes. Usually the money given can only be used for the intended purposes stated in the grant writing or application. These transfers could be classified according to the sector of the counterparty and whether they are current or capital transfers. The grants and transfers shall be sub-categorized as follows: a) Grants received from International Organizations; and Office of the Auditor General of State Finances 18 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 b) Grants received from other general Government units which includes Treasury Transfers. Grants and similar financing for capital items, to the extent that they have not been eliminated on consolidation, are recognised immediately in the Statement of financial assets and liabilities unless it is likely that the grant will need to be repaid, in which case the grant is deferred in the Statement of financial assets and liabilities The following applies to grants and transfers: * Grants are recognized in the books of accounts when cash is received. * Transfer from treasury are recognized in the books of accounts when cash is received. * Fines, penalties and licenses These are penalties charged by Rwanda Feeder Roads Development Project. They are recognised when cash underlying the penalty is received. 2) Revenue from exchange transactions * Other revenue These are other revenue not classified in other classes of revenue. This include claims from insurance and guarantees seized. Revenue from exchange transactions shall be recognized on accrual basis. * Borrowings The Ministry of Finance and Economic Planning is the principal borrowing agent for Central Government. Public debt and associated interest is recognized on cash basis. Proceeds from loan borrowing is recognized as revenue during the year of receipt at cost and repayment as expenditure in the year of repayment. Cash is considered as received when recipient entity received a transfer advice from the partner rather than when cash is received in the bank account of the receiving entity. Other loans (principal and any associated interest) acquired directly by a public entity (e.g. those acquired by Decentralized Entities) are treated on an accrual basis and recognized as liabilities. B) Expenditure All expenditure is recognised on accrual basis. However, the point of recognition may be different according to their categories. * Compensation of employees Compensation of employees is the total remuneration, in cash or in kind, payable to an individual in an employer-employee relationship in return for work performed by the latter during the reporting period. Office of the Auditor General of State Finances 19 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 Expenditure relating to compensation of employees is accounted for on an accrual basis and recognized in the books of account when an expenditure is incurred regardless of the time associated cash and cash equivalent are paid out. Staff costs include salaries and wages, the costs of pensions and other employee benefits. Public sector pension scheme costs include current service costs and past service costs. * Goods and services Goods and services consists of the value of goods and services used implementation of project's activities. The value of goods or services is recorded when the goods or services are actually used rather than when they were acquired or paid for. In practice, these events often coincide for inputs of services but not for goods, which may be acquired some time in advance of their use. The value of goods purchased and held for resale is recorded as goods and services when they are sold. * Transfers to public Entities Transfers to public entities are made in the form of direct/indirect cash transfers and direct payments to public reporting entities. Payments from the Central Treasury account are originated and approved by the respective Public entities before they are forwarded to the Treasury for payment. Direct/indirect cash transfers are transferred together with associated activities to be performed. The expenditure/receipt is recognised when actual cash is transferred. Cash is considered as transferred when consideration for payment such as EFT, Cheque, Payment Orders are approved level 2 rather than when cash and cash equivalent are debited from the bank statement. For direct payments expenditure is recognized when goods/services are received and when commitment is approved for all other expenditures. During the consolidation process while the actual spending reported by budget agencies is regarded as expenditures. * Acquisition of fixed assets The expenditure on acquisition of property plant and equipment items is not capitalized. The cost of acquisition and proceeds from disposal of these items are treated as expenditure and income items respectively. Where an asset is acquired in a non-exchange transaction for nil or nominal consideration and the fair value of the asset can be reliably established, a contra transaction is recorded as revenue and as acquisition of fixed assets. Otherwise, it not recorded rather a fixed asset register which contains details of assets is maintained by each public entity. * Other expenses Any other expenses not part of the ones above will fall into this category and shall be for on cash basis of accounting and recognised in books of accounts when cash and cash equivalent is paid. Office of the Auditor General of State Finances 20 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 C) Assets and Liabilities * Cash and cash equivalents Cash comprises cash on hand and cash equivalents. Cash equivalents comprise balances with banks. Bank account balances include amounts held at the National Bank of Rwanda at the end of the reporting period. * Receivables These receivables include the receivables from the exchange transactions, the advance payments and prepayments. Advance payments are accrued as receivables at the time of advance payment if payment is to be recovered from future invoices. Payment to be expensed if it is contractual or part of a payment milestone. Prepayments are accrued as receivables at the time of prepayment and expensed when the actual goods or services are consumed. * Payables These mainly relate to invoices for goods and services which were outstanding on the date of the closure of the fiscal year. These are recognized as liabilities for that specific fiscal year. All goods received notes are recognised as liabilities if not yet paid as at the end of the year. D) Other relevant information * Changes in accounting policies and estimates When presentation or classification of items in the financial statements is amended or accounting policies are changed voluntarily, comparative figures are restated to ensure consistency with the current period unless it is impracticable to do so. * Foreign currency transactions Transactions denominated in foreign currencies are initially translated to the Rwandan Franc at the foreign exchange rate at the date of transaction. The National Bank of Rwanda provides exchange rates for major foreign currencies on a daily basis. These are presented for selling rate (rate the bank will sell foreign currency to its clients), buying rate (rate the bank will buy foreign currency from its clients) and average rate (average between the selling and buying rate). During the year, revenue items are translated using the selling rate (this equals the Buying rate presented at BNR website) of the transaction day whereas the Expense items should be translated using the buying rate (this equals the Selling rate presented at BNR website) of the transaction day. The associated exchange losses are recorded as other expenditure while exchange gains should be recorded as other revenue. At the end of the year, book balances, Assets (such as bank and cash and accounts receivables) and liability (such as accounts payables), denominated in foreign currencies are converted into the Rwanda Franc at the average rate of exchange ruling Office of the Auditor General of State Finances 21 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 on that closing date, as issued by the National Bank of Rwanda. The associated exchange losses/gains are recorded as expenditure/income in the books. * Comparative figures Adjustments have been made on the opening balances of the current financial period with respect to adjustments made by individual entities relating to the comparative periods. * Subsequent events There have been no events subsequent to the financial year end with a significant impact on the financial statements for the year ended June 30, 2020. * Notes to the statement of comparison of budget and actual amounts (i) The original budget for 2019/2020 was approved by the Parliament for Local Government on 30/06/2019 Subsequent revisions or additional appropriations were made to the approved budget in accordance with specific approvals from the appropriate authorities. The additional appropriations are added to the original budget by the Government upon receiving the respective approvals in order to conclude the final budget. Accordingly, the Government recorded additional appropriations of budget on 23/03/2020 in accordance with specific instructions of the Cabinet/Parliament. (ii) Government's budget is prepared on a different basis to the actual income and expenditure disclosed in the financial statements. The financial statements are prepared on accrual basis using a classification based on the nature of expenses in the Statement of revenues and expenditures, whereas the budget is prepared on a cash basis. The amounts in the financial statements were recast from the accrual basis to the cash basis and reclassified by presentation to be on the same basis as the approved budget. A comparison of budget and actual amounts, prepared on a comparable basis to the approved budget, is then presented in the statement of comparison of budget and actual amounts. In addition to the Basis difference, adjustments to amounts in the financial statements are also made for differences in the formats and classification schemes adopted for the presentation of the financial statements and the approved budget. (iii) Timing differences occur when the budget period differs from the reporting period reflected in the financial statements. There are no timing differences for Government. (iv) Project differences occur when the budget omits program/activity or a project that is part of the project for which the financial statements are prepared. Office of the Auditor General of State Finances 22 --：귀： ^б G�! ;t� i0� iи;[� :м iN ; !М а� �; ��N 'и ;с�;и ;о� ;rn � �:�о 'С 0��;01 � :l� M ;�--� �и i ��N � N! ioo '01 �О;О !О� i� i 00 � �� ;.--� ги ;О;И !М ��о � :М У. Fн""г, ';О� '01 ;иil� ;М :�--� � i�G � �` il� 'оо :м;й :�о ;оо ь :�--i � �` ;� :[�:м ,--+; � ,� о� м� � � � ь I _.........._ :............. �................;................;..............:.......... . ...... ..... ... ^о о ; �; ; ` •-+ а� с� ; Ра ; � � •о о ; -х ; ; ; м � N�.d: i � ;м т, Я;� � ' 'N `� ,�iw; f i ; � !м � i i � ! �О �"� o i ' ' � i i ` i�O Mi � i i i � iQ� � 1 1 � � i I 1 i � � � I 1 � 1 1 � а� �t� ;t� �и�и �и :и � j r'' Р� О� �01 iN;N ;N N; � �и �и о;о ;о �о ; ;м �м :м:м :м :м : а� ;и :и :�t:� ;� г�- i � �оо !оо ;N;N ;cV :N ; � �" l� !l� :01irn ;01':.°1 : N � ;оо ;оо :oojoo ,оо �оо � � ' N ,чUС � ' о W ' i cv г W ;....... .... ......... ......... ......... ......... .......... ......... : ......... :.. ;.. _: ; � 1�i � U Q�:M :•�-� !��О ?� iM ��:�--i � �� °'��rn ;й_ ;°иiооо ;о'й_ ;�:с°� о т,: А; _ м ч° �:�;о �о :c�i:� ;оо �о; �,--;:оо д -� и;'�;N �,� :оо:д- ,,-� : ;оо�� � � '��О , Р� а � � � ; , i ; ; ; � :..............:................_.............._,............_;..... .....,..... ..._,.... .... �.... С4 W � � .. � ` � W � i ;оо ;оо :oo;rn ,о� �и а� г ,--� : .-а : '--� , .--� ; ,--� ; .�-� : х > ;о :о :oio ;о ;о ; i Н Н •� N :N :N�N :N :N � � :� :�;� :� :� + � х � N �N .�..° :.° :� о .� ,.� ;о:о :о :о ; ; s. � � ��;� :� :� : Fт� о ;о :оо;оо �оо ,оо ; � и � ;г� ,с� �о:о io ;о , i ; � ' , а �" А ; ' � �..... i... � �..... Н W . ....................:........... : ;.......... �..... z ; ; ; � w � ; I.. ` � ; ; ; ; � �..W., iиi � � � � � � о д ��: � w а и '-" � ;о о io:o ;о ;о � � а о ;о :о:о :о �о w � z ;z :z;z :z ;z ^ `ti А U о А€ ti V' � �" � !� ;�;� �� :� V1i У А ° ; �' N д 7 А ;и :� :и`и iи i�o ;�--�� о� О �,, о � ;и ;�'`n ;д�-'"' � а' С� iN N �N j ° �i z у ;и �и и:и �и ;и ;�,;,� i О а о � д :� :��� ;¢ �� :,�;� ,� W L ��j � : �-1 i �V i �11 �1 ! �-1 ! �I i '.� i О А Г' 1С-� i i�'� ;�: �'� [� i C�I� � С4 :............_ ................:...... � i..... � _;..... ;........... а ; , � wa А � й � � � � ; v � � � А � � `', �4 д ` ' � RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 3. Transfer from treasury During the period ended 30 June 2020, the project received transfers from Central Treasury as detailed below: ID account Description i Year ended I Yearended 30 June 2020 30 June 2019 ............... ......... ................. .............. .... .............. .... ............................................ ............ ....................................................................................... . ....................... ...... . ..... . . .......................................................... . ......... ................... ................................................................. FrW Frw 139102 Treasury direct cash transfers 985,105,000 . 597,665,332 . .. . ...... .. . . . .. ... .... . . .. . . ...... .. .. . .. .. ..... .... . .. ............ .............................................. . ................... I .............. I ............................. ..... .. ..................... ............ ................ ...................... ....................................... . .............................................. ........................................ .......... . ................................ ...... ........................ ........ Total 985,105,000 597,665,332 4. Fines, penalties and licenses During the period ended 30 June 2020, the project charged penalties as detailed in the table below: ID account 1 Description Year ended Yearended ................................... .......................... ................................................... . ....................................... ............ ... ...... ........................ . ................................ - ............................ ............. ....................... .................... ...................... ............................. ..................... ................................ Frw Frw ............... ..... ........................................................................ . . ... ... .. ... . ... .. ... ......... . .. ........ 1432 Penalties 289,244,354 ............ ........... ............... ......................... .................... .............................. ........................ Total 289,244,354 ...... ...... .... .. ........ 5. Other revenue During the period ended 30 June 2020, the project received miscellaneous income as detailed in the table below: ID account Description Year ended Yearended 30 June 2020 30 June 2019 ................................... ................... ..... ....... .......... ............................................ . ............ .................... ........... ............ . ........................................... ........... ...................... . .......... .. ................................ ...................................... Frw Frw . . . . ........ ** ...... ... .. ... . .. .. .. .. . ..... .. .... ............................................. - .............................. 145111 Gain of currency exchange and 605177,754 63,047,318 translations 145199 Other Miscellaneous Income 170,607,758 .... . . ..... . ..... .. ** .......... * ...... . ......... .... . *'*'**'* . ... ........ . . . . ...... ..... .... ..... ... ...................................... . ........................ ... . .. .. .... ... .. . ..................... ............................................ .................. F Total 230,785,512 63,047,318 Office of the Auditor General of State Finances 25 ―、ザ RWANDA FEEDER ROADS DEVE LOPMENT PROJECT (RFRDP) AUDIT RE, PORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 7. Use of goods and services During the period ended 30 June 2020, the project consumed goods and services as detailed in the table below: ID Description Year ended Year ended account 30 June 2020 30 June 2019 ......................... ........................................ . .............................. ....................................................... ....................... .... . . ............ . ............................................................... ........................................... .... .. . -.4 ........................................... - ................................... Frw Frw ................................................... ................................................................................................................ .............................. ....... ................... . . ..... ........ . .. .. ... . .. 2211 1 Office supplies and consumables 30,380,460 281,100 ............................... ............. ................................................... - .- ................................... ..................................... . .... . ............................................ ..................... ............. ................. ......... . .... . .. . .............. ............... ......................... ... . ... ............ ...... .. ... ... ............. . 2212 27,456,615 22,371,840 Water and energy ......................................... ............................................................ ............................. .... .................................. . .. ......................... ...... ........... ...................................... ................................. ............................ ..... ....................... ............. .......... 2213 Rental costs 75,372,120 113,058,180 ................. .... . ............... .......... ....... . ................................ . ... ............................. ............ .......................... ....................................................... ... ........ ..... . ..................... ........... .. ...................................................... . ... ................ ..... 2214 Communication costs 27,214,100 10,806,000 ................. .. - ...................... ................... ... ..................... ... .............. .... . .......... . .... . ........................................ . . ............................................................................................................. ............................................................... .................. ........................ ..................... ................. 2216 Bank charges and commissions and other 143,413,301 7,110,682 financial costs ............................................. .......................................... ..................... .... ..... . ...................................... ............. . ............ ........... .............. ............................... .............................. ...................................... . .. ........ ............ 2217 Public relations and awareness 5,557,300 28,933,500 ................................................. .................... .................................................................... .... .............................................................. ... .......... ..................................... ............. .... ....................................... .............. ............ ... .. ....................................................................... .... . 2221 Professional and contractual services 900,018,666 902,978,198 ............................... ............ ........... .............................................................................. .......... . ..................... .. .................................................. ..................... .................... ............................ ................................. .............................. 2231 Transport and travel 1 5331165656 68,247,045 .................... ................... .......................................................................................................................................... ........ ....... .......................... . ....................................................... ............... ....................... - ............... 2241 Maintenance and repairs 47fi903334 953468,918 ............... ................................... .... ... ....... ... .... ... ... .................... ........... . ......................................... .............. .............. .......... ................................................ . ......... ................................. . . .......................... ... . . . ...... .......... . I ............... 2261 Training costs 7,660,000 8,331,132 ....................................................................................... .. .......... .......................... ........ .......... ........... ............................................... . .......... . ........................................ . ....................................................... .......................... ... .. ............................................................................ 2291 Other use of goods& services 28,000 .......... ........................................ .................................. ..................... .................................. .............. ........................................................................... ............. ... ......... ...................... .. . .... . . ...................................................... ......... .. .. .... ............................................ ..... ........... .... Total 1,317,879,552 1,257,614,595 8. Transfers to reporting entities During the period ended 30 June 2020, the project transferred funds to reporting budget agencies as detailed in the table below: ID Year ended Yearended Description account 30 June 2020 30 June 2019 ............ .......... ............. . ................ .................................... ................... ................................ .......................................................................... .................................... . i .............................. . ....................................................... .............................. .... .. ................................. Frw Frw .......... ..................... ............. .................... ............................................................................... ........................................... ................. ............ ..... ..................... .......... ........................ ............................... .......... ............. 267105 Transfers to Districts ....................... ............ . .................. ....................... .......... ................. . .. . . .. ............. ...................................................... .................. ..................... ........................................ . .................... .......... ....................................................... .................................................................................... GISAGARA 125,898,480 28,065,500 .............. ............. .......... ............................. ................. .......... ... ........................................... . ......................................................................................... . . ......... . ......................................... .. - .1 .................................................... ................... ....... ......... ............... ........................... ........... .......................................................................................................................... ..... .................................... ........ .... .. ........ ............ ..................... . ........ ............. ....... . . ... ........... NYAMASHEKE 9,000,000 ............... .................... ........... ..................................................................................................... . .. ............ ....... .... ...................................................... .. .................................... ...... ..... ... ....... .... . ....... . .... RWAMAGANA 196,161,760 83,330,960 ........................................................ ............................................................................................. ... ........................................ . .................................................................. .................... ................ .............. .................................... .. .................. ............ . ......................... .......... .... ................ !GAKENKE 9,000,000 .................... .. .. . ............ ...... .............. ..... . ........ . . ........................................ .............................. ................................... . .................................... ....................... . .............................................. . ................................... . .... .. ... GATSIBO 9,001,650 ........... ................. ................ . ........................................ -- ..... ..... ................................................................ ................. ............ . .............. . ..................................... ......................................................... .......... I ......... ............................ ................................................... . NYABIHU 90000 ................ ........................... . .............................................................................................................................................................. .. .......... . ........ ... ............................................... ..................... ..................................... ................ ................................................. ..................... .......... RUTSIRO 9005000 ........ . ................................... ............................................... I ................................................. ................... ........ ...................................................................... .... .. .. ..... ........................ ...................................... ........................... .. .................. ............................................................................ . . INYAGATARE 9,000,000 ..................................................... . ............ ................................................................................................................................................................................................... . ....................... ........................................................................................ . ...................................... ............................................ NYARUGURU 9,078,000 ................................................ ........................ ...................................................................... ...................................... ....................... ............................................................ . .................. .............. ............................. ..................... ...... Total 394,138,990 111,396 Office of the Auditor General of State Finances 27 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 9. Capital expenditure During the period ended 30 June 2020, the project incurred capital expenditure as detailed in the table below: ID Description Year ended Year ended account 30 June 2020 30 June 2019 Frw Frw 231102 Acquisition of buildings - non Residential 5,847,172 : (Office and General) 231104 Acquisition of roads infrastructure 1,930,865,628 3,505,515,794 231202 Acquisition of motorbikes 190,281,016 231302 Acquisition of tables - 28,765,000 231305 Acquisition of chairs - 40,265,000 231402 Acquisition of laptops 21,969,700 21,820,536 231403 1 Acquisition of printers 6,837,488 234101 Land 1,483,629,373 164,909,253 Total 3,639,430,377 3,761,275,583 10. Other expenses During the period ended 30 June 2020, the project incurred miscellaneous expenses as detailed in the table below: ID Description Year ended Year ended account 30 June 2020 30 June 2019 Frw Frw 285116 Tax counterpart on development projects 34,070,583 289102 Automobile and aircrafts insurance 1,913,556 12,687,083 289103 Insurance of other long term assets 123,337 Total 36,107,476 12,687,083 11. Bank balances The bank amounts shown in the table below have been reconciled to the bank statements as at 30 June 2020. ID Bank Accou Acc Amount in Exch Balance as at Balance as at accou name nt No. ount foreign ange 30 June 2020 30 June 2019 nt curr currency rate ency . . Frw Frw Local currency Banks accounts in Rwanda 31130 BNR 10000 Frw 1,121,553 323,252,966 1 27258 Foreign Currency bank accounts held in Rwanda 31140 BNR 10000 US 3,999,656.83 937.0 3,747,987,067 3,416,870,410 2 27266 D 77161 Office of the Auditor General of State Finances 28 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 ID Bank Accou Acc Amount in Exch Balance as at Balance as at accou name nt No. ount foreign ange 30 June 2020 30 June 2019 nt curr currency rate ency Frw Frw Total 3,999,656.83 3,749,108,620 3,740,123,376 12. Receivables from exchange transactions The following were receivables from exchange transactions as at 30 June 2020: ID Balance as at Balance as at Description account 30 June 2020 30 June 2019 Frw Frw NYAMASHEKE District/ Seized advance 312401+ 322401 and performance guarantees from Pyramid 233,570,851 Minerals Supply Ltd Total 233,570,851 - 13. Advance payments The following were unrecovered advance payment as at 30 June 2020: ID Description Balance as at Balance as at account 30 June 2020 30 June 2019 Frw Frw 312801 Advance payments on works contracts Horizon Construction Ltd GISAGARA - 89,795,528 Horizon Construction Ltd (RWAMAGANA 68,606,638 - LOT 1) Pyramide Minerals Supply Ltd 191,922,726 (NYAMASHEKE LOT 2) JV CSC and EC Proprietary & Fair 571,345,142 - Construction (RUTSIRO LOT 1) JV CSC and EC Proprietary & Fair 432,747,666 Construction (RUTSIRO LOT 2) JV CSC and EC Proprietary & Fair 243,261,784 Construction (RUTSIRO LOT 3) JV STECOL Corporation Ltd & Horizon 567,907,883 Construction Ltd (NYARUGURU LOT 1) JV STECOL Corporation Ltd & Horizon 908,267,126 Construction Ltd (NYARUGURU LOT 2) China Henan International Cooperation 424,356,002 Group Co. (GAKENKE LOT 2) JV CSC AND EC PRORIETARY & FAIR 4 450,565,954 CONSTRUCTION (GAKENKE LOT 1) Office of the Auditor General of State Finances 29 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 ID Description Balance as at Balance as at account 30 June 2020 30 June 2019 Frw Frw China Henan International Cooperation 464,826,712 - Group Co. (GAKENKE LOT 3) China Henan International Cooperation 325,516,602 Group Co. (NYAGATARE LOT 1) China Henan International Cooperation 209,696,888 Group Co. (NYAGATARE LOT 2) China Henan International Cooperation 312,090,162 - Group Co. (GATSIBO LOT 3) JV STECOL Corporation Ltd & Horizon 756,003,482 Construction Ltd (NYABIHU LOT 3) JV STECOL Corporation Ltd & Horizon 1,225,770,530 Construction Ltd (NYABIHU LOT 1) JV CRBC & NPD LTD (NYABIHU LOT 2) 390,812,721 Fair Construction (GATSIBO LOT 1) 902,587,514 Fair Construction (GATSIBO LOT 2) 436,487,404 312802 Prepayments on goods and services contracts MUNANA Cyprien 37,686,060 RADIANT Insurance Company Ltd 31,364 BRITAM Insurance Company Rwanda Ltd 10,558,727 Total 8,739,126,361 281,718,254 14. Accounts payable The following were accounts payable as at 30 June 2020: ID Description Balance as at Balance as at account 30 June 2020 30 June 2019 Frw Frw 4121 Accounts Payables -Third parties HITIYAREMYE Madolina (Bounced 82,908 82,908 payment) NKEZABERA Damien (Bounced payment) 49,854 49,854 UZABAKIRIHO Julienne (Bounced 11,261 11,261 amount) TUYISENGE Dieudonn6 (Bounced amount) 13,000 13,000 OP 000058 (Bounced amount for an 19,640 19,640 unknown beneficiary) BAGIRAKWIRINGIRA Th6og&ne 82,000 82,000 (Bounced amount) 1,0 NDIKUBWAYO Vianney (Bounced 11,903 11,903 amount) Office of the Auditor General of State Finances 30 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 ID Description Balance as at Balance as at account 30 June 2020 30 June 2019 Frw Frw NDIKUBWAYO Vianney (Bounced 20,270 20,270 amount) NZASENGIMANA Aloys (Bounced 2,252 2,252 amount) Bounced amount for unknown beneficiary in 94,380 94,380 GISAGARA NKUNDINEZA Ferdinand/ SACCO 18,974 KANOMBE (Bounced amount) NTAGANIRA Florin (Bounced payment) 187,304 ARIHO Francois (Bounced payment) 18,358 MUKANKUBANA Annonciate (Bounced 80,997 payment) HAFASHIMANA Jean Berchmas (Bounced 87,431 payment) UKWIZAGIRA Jean Paul (Mission 7,200 payable) Compensation of affected assets in 222,554,700 GAKENKE Compensation of affected assets in 16,573,478 GATSIBO Compensation of affected assets in 78,354,432 NYABIHU Compensation of affected assets in 30,488,022 NYARUGURU I Compensation of affected assets in 135,350,776 RUTSIRO HYCOGEC Consultants 30,405,291 Horizon Construction 71,934,544 TECOS 3,059,138 CAVICON Consultants 8,351,700 4,896,560 SHOPPERS STOP LTD 29,034,237 JV CAVICON Consultants and IRONA 54,922,370 Consultants GEILINGER Andrew David 18,380,230 4124 Tax Liabilities WHT Payable 5,788,672 2,748,036 VAT Payable 61,012,822 16,488,217 Total 682,835,259 108,588,786 Office of the Auditor General of State Finances 31 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 15. Retained performance securities This refers to the withheld amount on the suppliers' invoices for performance securities. Retained performance securities are reimbursed back to the suppliers after the final delivery and most of time after liability period. The following were balances of retained performance securities as at 30 June 2020: ID Description Balance as at Balance as at account I30 June 2020 i30 June 2019 Frw Frw 4125 Retained Performance Securities Horizon Construction Ltd NYAMASHEKE 133,838,354 94,271,231 LOT1 JV Horizon Construction & SYNOHYDRO 12,506,911 69,437,069 TIANJIN GISAGARA LOT 1 Horizon Construction Ltd RWAMAGANA 13,392,593 LOTlI JV Horizon Construction & SYNOHYDRO 64,757,101 TIANJIN GISAGARA LOT 2 JV CGC EUROCORP RWAMAGANA 70,231,850 LOT3 Fair Construction Ltd KARONGI LOT 1 36,216,037 16,932,432 Fair Construction Ltd KARONGI LOT 2 16,143,572 11,557,237 Pyramide Mineral Supply (PMS) LTD 58,798,476 26,558,568 BETA Construction Ltd 5,847,172 Total 270,895,943 1 359,592,660 16. Accumulated surplus from previous years These include cash book reconciled bank balances, accounts receivable and accounts payable balances. ID Description Balance as at Balance as at account 01 July2019 01July 2018 Frw Frw 511101 Cash and cash equivalent 3,740,123,376 1,970,580,591 511102 Accounts Receivable 281,718,254 675,536,734 511103 Accounts Payable (468,275,826) (550,136,003) Total 3,553,565,804 2,095,981,322 Office of the Auditor General of State Finances 32 RWANDA FEEDER ROADS DEVELOPMENT PROJECT (RFRDP) AUDIT REPORT ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 17. Prior year adjustments In the year 2019/2020, the opening balances were adjusted as shown in the following table: ID Description I Adjustments Adjustments account made during made during the year the year ended ended 30 June 2020 30 June 2019 Frw Frw 512101 Cash and cash equivalent 187,304 - 512102 Receivables and other financial assets (89,795,528) 512103 Payables and other liabilities (494,816,681) Total (584,424,905) - Office of the Auditor General of State Finances 33 〕！〕以 а� „� � ,� i ,� о � о � � � `си !cv ;си с� ;cv � � � �� � � �¢ � ;w и :ti '�у :о � гоо о ;о W i м ; i.,� N N i ; � ; _. ................_._......_....._......................._...,....................................................,......_.............._. �.........................................................._..._ ____.... :..................................................... ; ! , � � i � �а� 'ш �ш ;ш �, 'С � �� � '� � С.� � � � .-ч г � �' �, о �' �, :, о '-' ,�, ; о i'' �; . � 0 р i . � ,1j сод � .S� с�б � ^и' S] соб � � соб V � � � ''"' и о; boA N й ' b�.,q N й i b�-�Л � й � bo^�А N й � � с� �+в +�-� YS ' � у О ' � � О ` � � О ' � � О г о � г/1 Ф `::Q s. 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