THE AFRICAN CAPACITY BUILDING FOUNDATION (ACBF) REPORT ON THE REGIONAL INTERNATIONAL DEVELOPMENT ASSOCIATION (RIDA) AND THE RECIPIENT EXECUTED MULTI-DONOR TRUST FUND (RE-MDTF) WORLD BANK FUND UTILISATION FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 TABLE OF CONTENTS MANAGEMENT'S RESPONSIBILITY STATEMENT ......................................................................3 REPO RT O N FACTUAL FINDINGS..........................................................,..............................4 SUMMARY OF PROCEDURES PERFORMED AND RESULTS ..............................,.......................6 INFORMATION ON THE RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION ............7 GENERAL CONDITIONS OF THE FINANCING AGREEMENT- INSTITUTIONAL COSTS.....................8 APPENDIX 1: STATEMENT OF FUNDS RECEIVED AND USED FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016.............................................................9 ANNEXURE 1: INTERIM FINANCIAL REPORTS 1 JANUARY 2016 - 31 DECEMBER 2016...............10 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 MANAGEMENT'S RESPONSIBILITY STATEMENT Management is responsible for the preparation, presentation and integrity of the Interim Financial Reports. The information contained in the Interim Financial Reports has been prepared on the receipts and disbursement basis. The Foundation's independent external auditors, Deloitte & Touche, have performed procedures on the Interim Financial Reports and their report appears on pages 4 and 5. Management is also responsible for the systems of internal control. These are designed to provide reasonable, but not absolute, assurance as to the reliability of the Interim Financial Reports, and to safeguard, verify and maintain accountability of assets, and to prevent and detect material misstatements and loss. The systems are implemented and monitored by suitably trained personnel and with an appropriate segregation of authority and duties. Nothing has come to the attention of management to indicate that any material breakdown in the functioning of these controls, procedures and systems has occurred during the period under review. The Interim Financial Reports are set out in Annexure 1 (pages 10 - 19) and were approved by the Foundation and are signed on its behalf by: Executive Secretary: Director Finance and Administration : Date : 3 PO Box 267 Deloitte & Touche Harare Registered Auditors D e lo tte .Zimbabwe West Block Borrowdale Office Park Borrowdale Road Borrowdale Harare Zimbabwe Tel: +263 (0) 8677 000261 +263 (0) 8644 041005 Fax: +263 (0) 4 852130 www.deloitte.com REPORT ON FACTUAL FINDINGS ON THE AFRICAN CAPACITY BUILDING FOUNDATION (ACBF) UTILISATION OF RIDA I, RIDA II AND RE-MDTF FUNDS FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 In accordance with our engagement letter with The African Capacity Building Foundation and the terms of reference attached to the contract, we provide our report on factual findings with respect to the financial information provided for the period covering 1 January 2016 to 31 December 2016. You requested certain procedures to be carried out in connection with the RIDA I, RIDA II and RE-MDTF World Bank Fund Utilization. Objective Our engagement required us to perform agreed-upon procedures regarding the income and expenditure of the grant agreements between you and the World Bank (RIDA I, RIDA II and RE- MDTF). It involved performing certain specified procedures, the results of which the World Bank uses to draw conclusions from the procedures performed by us. The objective of this income and expenditure verification was for the auditor t6 verify the Interim Financial Reports (IFRs) used as a basis for the submission of grant withdrawal applications to the World Bank. The auditor was also required to review the activities of the Designated Accounts associated with ACBF to verify that the Designated Accounts have been used in accordance with the relevant general conditions, relevant financing agreements and disbursement letter, and adequate internal controls for this type of disbursement mechanism is in place, Scope of work Our engagement was undertaken in accordance with: - the terms of reference, - International Standard on Related Services ("ISRS") 4400 Engagements to perform agreed-upon procedures regarding financial information as promulgated by the International Federation of Accountants ("IFAC"), and - The Code of Ethics for Professional Accountants issued by the IFAC. Although ISRS 4400 provides that independence is not a requirement for agreed-upon procedures engagements, the World Bank requires that the auditor also complies with the independence requirements of the Code of Ethics for Professional Accountants. As requested, we have performed the procedures set out in the terms of reference for this engagement as well as procedures we deemed necessary and we report our factual findings on those procedures in this report. The scope of these agreed-upon procedures has been determined solely on the basis of the requirements set in the Financing Agreement and the procedures were performed solely to assist the World Bank in evaluating whether the Interim Financial Reports as submitted by the Foundation meet the requirements of the Financing Agreements. Sources of information The Report sets out information provided to us by the management of the Foundation in response to specific questions or as obtained and extracted from the Foundation's information and accounting system A full list of partners and directors Is available on request Associate of Deloitte Africa, a Member of Deloitte Touche Tohmatsu LImited 4 Summary of factual findings Based on the agreed-upon procedures performed on a sample basis that we carried out: * All income receipts have been declared; * The costs declared were actual costs; * The Interim Financial Reports and Statements of Expenditures submitted to the World Bank comply with the general provisions of the Financing Agreement; * The Designated Accounts have been used in accordance with the relevant general conditions, relevant financing agreements, disbursement letter, and adequate internal controls are in place; and * A statement of funds received, showing funds from the World Bank, ACBF funds from other donors and counterparty funds separately, and of expenditures incurred has been Included per Appendix 1 (page 10). Use of this Report This Report is solely for the purpose set forth in the above objective. This Report is prepared solely for the confidential use of the Foundation and the World Bank, and solely for the purpose of submission to the World Bank in connection with the requirements as set out in the Financing Agreements. This Report may not be relied upon by the Foundation or by the World Bank for any other purpose, nor may it be distributed to any other parties without our written consent. The World Bank may only disclose this Report to others who have regulatory rights of access to it. This Report relates only to the transactions for the specified period and to the Interim Financial Reports specified above and does not extend to replace the annual financial statements of the Foundation. We look forward to discussing our Report with you, and would be pleased to provide any further information or assistance which may be required. Yours faithfully, Deloitte & Touche Per: Brian Mabiza Partner PAAB Practice Certificate Number 0447 Registered Auditor 18 May 2017 5 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 SUMMARY OF PROCEDURES PERFORMED AND RESULTS We have performed procedures, as agreed upon in the terms of reference, to verify that the Interim Financial Reports and Statements of Expenditures submitted to the World Bank complied with the financial provisions of the Finance Agreements, that the costs declared were actual costs and that all receipts were declared. We have reviewed the activities of the Designated Accounts associated with ACBF to verify that the Designated Accounts have been used in accordance with the relevant general conditions, relevant financing agreements and disbursement letter, and adequate internal controls for this type of disbursement mechanism are in place. The factual findings of these procedures are set out under the headings in the next page. 1. General procedures: Results were a. Obtained a sufficient understanding of the terms and conditions of the RIDA I, satisfactory RIDA II and RE-MDTF agreements. b. Reconciled the information in the financial report to the Foundation's accounting system and records. 2. Procedures to verify that costs declared were actual costs and conformed to the Results were grant agreements: satisfactory a. Reviewed the financial guidelines to the RIDA I, RIDA II and RE-MDTF agreements to determine the eligibility criteria for transactions to be funded under the agreements. b. Evaluated, on a sample basis against supporting documentation, whether the costs: * were connected with the Foundation; * met the criteria of the cost classification (either institutional or project costs); * were necessary, reasonable and justified; * were allowable expenditure; and * were incurred in the period covered by the grant agreements (1 January 2016 to 31 December 2016). c. Obtained and inspected the corresponding supporting documentation for expenditure claimed on a sample basis. 3. Verification of receipt and transfer of the RIDA I, RIDA II and RE-MDTF funds: Results were a. Confirmed revenue received with the World Bank; satisfactory b. Traced the amounts confirmed to bank statements; c. Confirmed the balances as at year end with the respective banks; and d. Reviewed bank reconciliations and verified reconciling items. 4. Designated Accounts operation: Results were a. Verified that separate accounts were opened for the RIDA I, RIDA II and RE- satisfactory MDTF funds and that the accounts were used solely for this purpose; b. Verified that bank reconciliations were done for the Designated Accounts and appropriately reviewed; c. Verified that the activity in the Designated Accounts was in line with the grant agreements; and d. Verified that appropriate controls are in place to facilitate the functioning of the Designated Accounts in line with the grant agreements. 5. Interim Financial Reports verification: Results were a. Verified that the expenditure claimed after the signing of the agreements: satisfactory * was incurred in the period 1 January 2016 to 31 December 2016; * was within the limits of the grant agreements; * was not funded by any other organisation; and * was in line with the Foundation's project or institutional costs. b. Verified that the Designated Accounts had been appropriately reconciled and the reconciliation included in the IFRs to the World Bank; and c. Verified that disallowed expenditure had been appropriately identified and disclosed in the IFRs to the World Bank 6 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 INFORMATION ON THE RIDA AND RE-MDTF WORLD BANK FUND UTILISATION RIDA I CH6470) - GRANT AGREEMENT (signed 5 May 2011) The World Bank donated funds to the Foundation in terms of the RIDA agreement. The RIDA agreement spans the period from 1 July 2010 to 31 December 2016 and was signed on 5 May 2011 and was extended on the 12 January 2016 to cover period ending 31 December 2017. Under this agreement, the World Bank pledged to contribute to the Foundation as follows: 1.1 Institutional cost - The World Bank contributed SDR 6.52 million (equivalent of US$10 million) to the Foundation to cover costs incurred for the period from 1 July 2010 to 31 December 2011 in relation to institutional costs incurred by the Foundation on its own behalf. An amount of US$5 million was allowable as retroactive financing for the period 1 July 2010 to the date of the signing of the RIDA grant agreement. The agreement was signed on 5 May 2011. The balance was to cover the allowable expenditure of the Foundation for the period 5 May 2011 to 31 December 2011. 1.2 Project costs - The World Bank pledged SDR 9.78 million (equivalent of US$15 million) to the entity to cover projects that would have been approved by 31 December 2011. RE-MDTF (TF 099645) - GRANT AGREEMENTS (signed 5 May 2011) The World Bank administers a Recipient Executed Multi- Donor Trust Fund (RE-MDTF) into which the member countries, bilateral and multi-lateral donors make contributions. The RE-MDTF grant agreement was signed on 5 May 2011. In terms of the RE-MDTF grant agreement, the funds pledged as at grant signing date were as follows: 1.1 Institutional cost - The World Bank contributed US$13.5 million to the entity to cover costs incurred for the period from 1 July 2010 to 31 December 2011 in relation to institutional costs incurred by the Foundation on its own behalf. US$3.5 million of the amount was allowable as retroactive financing for the period 1 July 2010 to the date of the signing of the RE-MDTF grant agreement. The agreement was signed on 5 May 2011. The balance covered allowable expenditure incurred by the Foundation for the period from 5 May 2011 to 31 December 2011, 1.2 Project costs - The World Bank pledged US$4 million to the entity to cover projects that would have been approved by 31 December 2011. Note: SDR is short for 'Special Drawing Rights' and is an international type of monetary reserve currency, created by the International Monetary Fund (IMF) in 1969, which operates as a supplement to the existing reserves of member countries. It was created in response to concerns about the limitations of gold and dollars as the sole means of settling international accounts. SDRs are designed to augment international liquidity by supplementing the standard reserve currencies. The World Bank uses SDRs for internal accounting purposes. SDRs are allocated by the World Bank to its member countries and are backed by the full faith and credit of the member countries' governments. RIDA II - (H8760) GRANT AGREEMENT (signed 12 December 2013) The World Bank donated funds to the Foundation in terms of the RIDA II agreement. The RIDA II agreement spans the period from 12 December 2013 to 31 December 2017 and was signed on 12 December 2013. Under this agreement, the World Bank pledged to contribute to the Foundation as follows: Institutional cost World Bank made available US$21 million to the entity to cover costs incurred for the period 12 December 2012 to 30 June 2016, including retroactive financing. Project costs The World Bank made available a total of US$ 44 million to the entity to cover projects and knowledge that would have been approved by 31 December 2017. 7 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 Prior to the signing of this agreement, with respect to amounts of additional financing, except for withdrawals of proceeds of additional financing up to an aggregate of US$21 300 000 equivalent may be made for payments made prior to this date but on or after 13 December 2012 for expenditures under categories (1) and (2) (Project and Institutional expenditure respectively) GENERAL CONDITIONS OF THE FINANCING AGREEMENT- INSTITUTIONAL COSTS Institutional development costs consist of the following activities (as well as provision of goods, consultants' services, training and operating costs required for the purpose); (1) Continued implementation of activities under the Management Action Plan, designed to strengthen the efficient and effective organization, management and operations of the Recipient. (2) Development of a medium-term strategy for the Recipient for the period 2012 - 2016, including enhancement of the monitoring and evaluation system for the Recipient's operations. (3) Appraisal, supervision and evaluation of Sub-projects. (4) Development and implementation of knowledge and learning activities designed to enhance skills and peer learning in economic and public sector management. 8 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 APPENDIX 1: STATEMENT OF FUNDS RECEIVED AND USED FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 Amount in US $ RE-MDTF RIDA II RIDA I (TF Description (H876) (H647) 99645) Others Total Received Funds IFR/ACBF/III/2016 3 965 197 - - - 3 965 197 IFR/RIDA 11/11/2016 355 915 - - - 355 915 IFR /1/2016 1472739 - - - 1472739 ACBF/IFR/IV/2015 1 516 868 - 1516868 IFR/ACBF/III/2016 370 255 - 370 255 IFR/ACBF/III/2016 1 391 253 - 1 391 253 IFR/RIDA/II/2016 543 382 543 382 IFR/RE-MDTF/II/2016 235 094 235 094 IFR/I/2016 469 869 469 869 IFR/I/2016 1 249 056 1 249 056 IFR/IV/2015 417 365 - 417 365 ACBF/IFR/IV/2015 3 051 989 3 051 989 AfDB for Special activities 2 926 226 2 926 226 African Member States 2 436 854 2 436 854 M&B Gates Foundation 1 500 000 1 500 000 UNDP Direct Contribution 100 000 100 000 FAO for Joint Program 109 890 109 890 Project Management fees 123 575 123 575 Others Miscellaneous 14 424 14 424 Total Fund Received 7 310 719 1 800 871 5 927 392 7 210 969 22 249 951 Expenditure 1 Jan. to 31 December 2016 5 861 416 2 166 644 6 160 362 - 14 188 422 Other Expenses 16 437 932 16 437 932 Total Expenditure 5 861 416 2 166 644 6 160 362 16 437 932 30 626 354 Excess of Income over expenditure/ (Deficit) 1 449 303 (365 773) (232 970) (9 226 963) (8 376 403) 9 £ � � � � � � О О О С? 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Ш C�Q W SY � °" и -д� 1�^и¢�� А_а�7а $и с i�! � G � � а з � � � о i° � е�а .� � ,о L i � Х � �t � � W И++ е С. V � Ф ±�+ l7 � д. i7 г а 0 О. а��э� Q ш 1[ l7 С. й дб �b 31 � +�и �� б Q � �аа`r=йшL7�� с йи� 4 та е �{у1 ��7 СО -а �'i й й °� н ��,м t,..#' с,n1 r ш Ф т ы t� .►i �-� •и ССi �LL ца� � �, к =з тз то кСгаш ы,а°; О Н С С� zi й сэ �+а о�+ `� о±� v о ш а` ш vi s� м ro° и U_ � ,С � Q +� -- о 4 А� ilь . ш+� v� w й �.. v и�� �•� � Ф � � а а а� т � � дi -м � �,р ,м а 'С. � ++� в� и ы и -о ы с � � � +� +' р �0 �ь -г^ ,д 'р � �� � О Ой` 1=¢� о� h' Н «.�1 UU`U°йгJйо FUmь � �[П` Н I' � � � ACBF RIDA 1, RIDA 11 AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 1. Designated Account Activity Statement - RIDA I (H6470) For the period I January 2016 to 31 December 2016 Deposit Bank: Standard Chartered Bank Account No: 1266151950 US$ Part I 1. Cumulative advances to end of current reporting period 17728 177 2. less Cumulative expenditures to end of previous reporting period 16 103 177 3. Outstanding advance to be accounted for (line 1 minus line 2) 1625000 Part II 4. Opening DA Balance at beginning of reporting period (as of beginning of quarter) 1254745 5. Add/ Subtract: Cumulative Adjustments (if any) - 6. Advances from World Bank during period 370 255 -------------- 7. Lines 5 and 6 370255 -------------- 8, Outstanding balances to be accounted for (add lines 4 and 7) 1625000 9. Closing DA balance at end of current reporting period (as of quarter) 990043 10. Add / Subtract: Cumulative adjustments 1 820 11. Expenditures for current reporting period 633 137 -------------- 12. Add lines 10 and 11 634957 -------------- 13. Add lines 9 and 12 1 625000 14. Difference (if any) (line 8 less line 13) - Part III 15. Total forecasted amount to be paid by World Bank 2 187010 16. Less: Closing DA balance after adjustments 990043 17. Direct Payments / Special Commitments - -------------- 18. Add lines 16 and 17 990 043 -------------- 19 Cash requirement from World Bank for next two reporting period (line 15 less line 18) 1 196967 15 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 2. Designated Account Activity Statement - RE-MDTF (TF - 099645) For the period 1 January 2016 to 31 December 2016 Deposit Bank: Standard Chartered Bank Account No. 1266152750 US$ Part I 1. Cumulative advances to end of current reporting period 21 666 790 2. Cumulative expenditures to end of previous reporting period 19 468 790 3. Outstanding advance to be accounted for (line 1 minus line 2) 2 198 000 Part II 4. Opening DA Balance at beginning of reporting period (as of beginning of quarter) 806 747 5. Add/ Subtract: Cumulative Adjustments (if any) - 6, Advances from World Bank during period 1 391 253 7. Lines 5 and 6 1 391 253 8. Outstanding balances to be accounted for (add lines 4 and 7) 2 198 000 9. Closing DA balance at end of current reporting period (as of quarter) 715 040 10. Add / Subtract: Cumulative adjustments - 11. Expenditures for current reporting period 1 482960 12. Add lines 10 and 11 1482960 13. Add lines 9 and 12 2 198 000 14. Difference (if any) (line 8 less line 13) - Part III 15. Total forecasted amount to be paid by World Bank 2601 254 16. Less: Closing DA balance after adjustments 715 040 17. Direct Payments / Special Commitments 18. Add lines 16 and 17 715 040 19 Cash requirement from World Bank for next two reporting Period (line 15 less line 18) 1 886 214 16 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 3. Designated Account Activity Statement - RIDA II (H8760) For the period 1 January 2016 to 31 December 2016 Deposit Bank: Standard Chartered Bank Account No. 1266151950 US$ Part I 1. Cumulative advances to end of current reporting period 58 671 002 2. Cumulative expenditures to end of last reporting period 50411 002 3. Outstanding advance to be accounted for (line 1 minus line 2) 8 260 000 Part II 4. Opening DA Balance at beginning of reporting period (as of beginning of quarter) 4 294 803 5. Add/ Subtract: Cumulative Adjustments (if any) - 6. Advances from World Bank during period 3 965 197 7. Sum of Adjustments and Advances (Lines 5 and 6) 3965 197 8. DA balance to be accounted for (add lines 4 and 7) 8260000 9. Closing DA balance at end of current reporting period (as of quarter) 6 782 435 10. Add / Subtract: Cumulative adjustments - 11. Expenditures for current reporting period 1 477 565 12. Sum of Adjustments and Expenditures (lines 10 and 11) 1 477 565 13. DA Balance at beginning of reporting period + Advances during reporting period (Add lines 9 and 12) 8 260 000 14. Difference (if any) (line 8 less line 13) - Part III 15. Total forecasted amount to be paid by World Bank 9 532 519 16. Less: Closing DA balance after adjustments 6 782 435 17. Direct Payments / Special Commitments - 18. Add lines 16 and 6 782 435 19. Cash requirement from World Bank for next two reporting period 2 750 084 (line 15 less line 18) 17 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 4. RIDA and MTDF Cash Forecast - 2016 Forecast Forecast Forecast Forecast Total PAD Quarter 1 Quarter 2 Quarter 3 Quarter 4 US$ US$ US$ US$ US$ Regional IDA Grant Category 1: Goods, Training, Operating Costs and consultants' services for Sub-projects under Part A of the Project 15 000 000 1 387 000 800 010 300 000 15 000 000 Category 2: Goods, Training, consultants' services and Operating Costs: for Part B of the Project 10 000 000 - - - 10 000 000 Total 25 000 000 1 387 000 800 010 300 000 25 000 000 MTDFI Category 1: Goods, Training, Operating Costs and consultants' services for Sub-projects under Part A of the Project 4 000 000 1 500 000 1 039 834 750 000 480 000 Category 2: Goods, Training, consultants' services and Operating Costs: for Part B of the Project 13 500 000 61 420 Total 17500000 1561420 1039834 750000 480000 Total Cost 42 500 000 2 948 420 1 839 844 1 050 000 25 480 000 18 ACBF RIDA I, RIDA II AND RE-MDTF WORLD BANK FUND UTILISATION REPORT FOR THE PERIOD 1 JANUARY 2016 TO 31 DECEMBER 2016 RIDA II Cash Forecast - 2016 Forecast Forecast Forecast Forecast Quarter Total PAD Quarter 1 Quarter 2 Quarter 3 4 US$ US$ U$ US$ US$ Regional IDA Grant Category 1 (i): Goods, Training, Operating Costs and consultants' services for Sub- projects under Part A of the Project 39 000 000 3 500 000 1 490 340 107 555 Category 1 (ii) Goods, Training, consultants' services and non- consulting services under Part A(2) of the Project 5 000 000 Category 2: Goods, Training, consultants' services and Operating Costs: for Part B of the Project 21 000 000 2 000 000 2 542 179 - Total 65000000 5500000 4032519 107555 19 i [ � � ; � € (� � 1 � (' � � � г 1 ; ; �! 1г, I l' 1; � (' i''i t � �! � �: �