AUDIT REPORT ON THE ANNUAL FINANCIAL STATEMENTS OF MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGROMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31MARCH 2016 AUDITOR GENERAL RO. BOX 52 MASER l00 LESOTHO MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 TABLE OF CONTENTS Page List of officers and Professional Advisers 3 Project Information and Performance 5 Directors' Statement of Responsibility and Approval 9 Report of the Independent Auditors 10 Summary of Source and Application of Funds by Components (Maloti, Dollar) 12 Summary of Source and Application of Funds by Funding Agency Category (Maloti, Dollar) 14 Source and Application of Funds by Component and Category (Maloti, Dollar) 16 Receipts and Payments - Government of Lesotho (GoL) (Maloti, Dollar) 20 Receipts and Payments - International Development Agency (IDA) (Maloti, Dollar) 24 Direct Payments - Millennium Challenge Account Lesotho (MCA-L) (Maloti, Dollar) 26 Direct Payments - The Arab Bank For Economic Development in Africa (BADEA) (Maloti, Dollar) 28 Direct Payments - The Kuwait Fund For Arab Economic Development (KUWAIT) (Maloti, Dollar) 30 Direct Payments - The OPEC Fund For International Development (OFID) (Maloti, Dollar) 32 Direct Payments - The Saudi Fund For Development (Maloti, Dollar) 34 Direct Payments - The Abu Dhabi Fund For Development (Maloti, Dollar) 36 Source and Application of Funds - The Arab Bank For Economic Development in Africa (BADEA) and - 38 The Kuwait Fund For Arab Economic Development (KUWAIT) The Saudi Fund for Development and OPEC Fund for International Development (OFID) by Expenditure Category (Dollar) Direct Payments - The African Rennaissance and International Cooperation of Fund of the Republic of 40 South Africa (Maloti, Dollar) Receipts and Payments - The European Investment Bank (EIB) (Maloti, Dollar) 42 Consolidated Uses of Funds by Component and Output (Maloti) 44 Consolidated Uses of Funds by Component and Output (Dollar) 46 International Development Agency Disbursements by Category (Dollar) 48 Millennium Challenge Account Lesotho Disbursements by Component (Dollar) 49 The Kuwait Fund For Arab Economic Development (KUWAIT) - The Arab Bank For Economic 50 Development in Africa (BADEA The Saudi Fund for Development and OPEC Fund for International Development (OFID) by Expenditure Category (Dollar) Disbursement by Expenditure per Source of Funding 51 Designated Account - International Development Agency (Dollar) 52 Cashflow Statement 53 Notes to the Financial Statements 54 2 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 LIST OF OFFICERS AND PROFESSIONAL ADVISORS Ministry of Energy, Meteorology and Water Affairs Principal Secretary Mr. K. Tau Deputy Principal Secretary Mr. R. Mosisili Commissioner of Water Mr. M. Mojakisane Board of Directors Chairman Mr. F. Notoane Members Mr. P. Borotho Mr. T. Khathibe Mr. M. Mojakisane Mrs V. Tshabalala-Monyake Mr. M. Lebabo Mrs. M. Motsamai-Maema Mr. T. Molikoe Mr. M. Lerotholi Mr. K Reynolds Mr. T. Mohapi Mr. M. Wishart Mr. E.Motseki Mr. S. de Boer MetolongAuthority: Chief Executive Officer Keith Reynolds Engineering Manager Paul Collins Finance Manager Puseletso Ntiisa-Letuka Human Resource & Admin Manager Mabusetsa Leteketa Procurement Manager Lebekoane Ntoi Legal Services Manager Thabiso Mohapi Environmental and Social Impact Manager Ntaoleng Mochaba Planning Manager Vacant 3 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 Business Address Red Cross Building, 29 Mabile Road, Maseru Postal address Private Bag 9137, Maseru Bankers Central Bank of Lesotho Nedbank Lesotho Limited First National Bank (Lesotho) Auditors Moteane, Quashie & Associates (Commissioned by the Auditor General) 4 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 PROGRAMME INFORMATION AND PERFORMANCE Programme Obective The objective of the water sector component is to improve water supply for industrial and domestic needs and enhance urban and rural livelihoods through improved watershed management. The Metolong Dam and Water Supply Programme (MDWSP) is aimed at increasing access to water and improving the reliability of water supply to urban and peri-urban and the neighbouring towns of Roma,Morija, Mazenod, and Tcyateyaneng. The MDWSP has been identified as the least-cost, long-term solution to supply water to meet increasing demand and support continued economic growth in the above mentioned towns. The MDWSP has five main projects: Metolong Dam, Water Treatment Works, Downstream Conveyance System, Advance Infrastructure, and Environmental and Social Management Programme. The Metolong Dam involves the construction of a roller compacted concrete (RCC) dam and multi stage raw water intake and pump station. The Water Treatment Works (WTW) will entail the construction of a water treatment plant and ancillary facilities, which includes a raw water and potable water transmission pipeline and a treated water pumping station. The Downstream Conveyance System involves the construction of transmission pipelines, reservoirs and other ancillary facilities to convey treated water to five towns in Lesotho: Maseru, Morija, Mazenod, Roma, and Teyateyaneng. The Advance Infrastructure, implemented by the Metolong Authority in liaison with various Government of Lesotho (GoL) entities, covers the construction of access roads, power supply, water and sanitation systems, telecommunications, a construction camp to support the construction works and permanent installations such as houses and offices. The Environmental and Social Management Programme comprises the execution of a comprehensive environmental and social mitigation and monitoring programme, including cultural resources management and development, land acquisition and resettlement, catchments management, and an HIV/AIDS awareness programme, among other activities. The Minister of Energy, Meteorology and Water Affairs of the Government of the Kingdom of Lesotho had initially granted a Delegation of Authority to the Board regarding the oversight and implementation of the Metolong Programme pending the establishment of the statutory entity, to be named Metolong Authority that will be responsible for the implementation of the Metolong Programme. The Metolong Authority was established in terms of the Metolong Authority Act Number 15 of 2010 and came into operation on 5 August 2010. The act established Metolong Authority as a body corporate with the objective to implement the Metolong Dam and Water Supply Programme (MDWSP). Manazement The Government of Lesotho (GoL) has appointed a Board of Directors, with the responsibility for the overall policy-making on the programme. The Directors are drawn from Ministry of Finance (Chairman), Lesotho Highlands Water Commission-Lesotho Delegation, Ministry of Energy, Meteorology and Water Affairs, Ministry of Environment Tourism and Culture, Water and Sewerage Company (WASCO), Millennium Challenge Account-Lesotho (MCA-Lesotho), the business community, the local communities affected by 5 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR TILE YEAR ENDED 31 MARCH 2016 the programme, and the non - governmental organizations. The Board also includes representatives from Millenium Challenge Corporation (MCC),World Bank, European Commission, Kuwait Fund for Arab Economic Development (KFAED), the Arab Bank for Economic Development in Africa (BADEA) the OPEC Fund for International Development (OFID), Saudi Fund for Development (SFD), Abu Dhabi and Republic of South Africa, all of whom are invited as observer members. The Board establishes the underlying standards and principles by which the programme is executed. Among others, the Board has the role of approving the Procurement Manual, the Procurement Plan and the Financial and Accounting Policy and Procedures. The Audit, Finance, Risk and Procurement Sub - Committee of the Board provides programme oversight on procurement, procurement complaints mechanism and compliance with financial regulations. A professional engineering firm, assisted by local counterparts, working as the Metolong Programme Management Unit (MPMU), has been competitively hired to carry out day-to-day management of the technical aspects of the Programme. The MPMU is staffed with several core technical staff specifically for all main components of the programme. Metolong Authority liaises with various arms of GoL to implement the programme, including the Commissioner of Water (CoW), Water and Sewerage Company (WASCO), and the parent Ministry of Energy, Meteorology and Water Affairs (MEMWA) and Ministry of Finance (MoF). The Millennium Challenge Account-Lesotho (MCA-Lesotho), through their appointed Fiscal and Procurement Agents, manages all financial and procurement aspects of the components funded by the Millennium Challenge Corporation. Metolong Authority has signed an Implementing Entity Agreement (IEA) with MCA-Lesotho for implementation of specific MCC funded components. Programme Costs 1. Advance Infrastructure Phase 2 Contracts 1, 2, 3, 4, 5, and 6 are complete. MA is in the process of handing over these assets to the COW. Rural Electrification - Lot 1 was completed and a Certificate of Completion was issued on 04 April 2016. Lot 2 is approximately 95% complete and is expected to finish on 30 May 2016. The Contractors have experienced some delays in having LEC energize the new connections WATSAN PHASE 2 - Lots 1 through 7 are all under construction and are anticipated to be completed by 30 September 2016. The water supply components are approximately 80% complete. The latrine components are approximately 50% complete. 2. Dam and Raw Water Pumping Station Section 1 (the RWPS) has been operational since 26 May 2014 and has delivered approximately 16 million m3 6 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 Section 1 (RWPS and outlet works) and the gauging stations are anticipated to be completed by mid-May 2016. Assisted operations for this section commenced on 17 August 2015. A two-month Assisted Operations period will follow the completion of Section1. Section 2a (the dam, intake and substations) and Section 2b (Bridge over the dam) are progressing and expected to be completed by the end of June 2016. The water revel in the reservoir at the end of April 2016 was approximately El 1649m, which is roughly equivalent to the water level at the end of November 2015. Under normal rainfall conditions, a rise in water level during the past 6 months would have been anticipated. There is presently storage to supply water at the present rate of +/- 47MI/d for +/- 9 months 3. Water Treatment Works and Treated Water Pumping Station The WTW is currently producing approximately 47 ML/day of good quality water and delivering to all the intended points of the Metolong System. Metolong water now accounts for approximately 80 to 85% of the delivery in Maseru. A Taking Over Certificate was issued effective 31 March 2016. The issuance of the Taking Over Certificate started a 1-year Defects Notification Period and Assisted Operations period. 4. Downstream Conveyance System (DCS) Contract 1 (Primary Line to Maseru) - The DCS1 works have been delivering water through to High South Reservoir and Lesotho Sun Reservoir since March and May 2015, respectively. Deliveries to Ha Mabote and Ha Naleli re-commenced on 15 October 2015. A Taking Over Certificate was issued on 04 January 2016 and the Contract is currently in a 90-day Assisted Operations and 1-year Defects Notification Period. Works on Mpilo Reservoir No. 2 are progressing and approximately 75% complete. The scheduled completion date is 30 August 2016. Contract 2 (Secondary Lines to Mazenod, Roma and Morija) - The Taking Over Certificate was issued on 20 February 2015. Assisted Operations commenced on 09 March 2015 and ended on 06 June 2015. A defects inspection was conducted in early November 2015 and the contractor was subsequently notified of defects to be rectified. The one year Defects Notification Period ended on 20 February 2016, but the contractor remains onsite and is remedying a few outstanding defects. The major items requiring resolution are the reliable operation of control valves and the submission of finalized As-Builts and O&M documents. 7 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 Contract 3 (Secondary Line to Teyateyaneng) - The Taking Over Certificate was issued on 31 March 2015. The Assisted Operations commenced on 01 April 2015 and ended on 29 June 2015. The one year Defects Notification Period ended on 31 March 2016, but the contractor remains onsite and is remedying a few outstanding defects. The major items requiring resolution are the reliable operation of control valves and the submission of finalized As-Builts and O&M documents. The programme estimated costs by components. Components M $ Advanced Infrastructure Phase 1 217,367,080 27,342,738 Advanced infrastructurePhase 2 290,552,606 19,758,494 Total dam 1,449,461,801 98,567,976 Total Water treatment works 970,754,955 66,014,400 Total downstream conveyance - Primary and Secondary 1,414,882,258 96,216,458 Total downstream conveyance - Tertiary 499,976,800 34,000,000 Total Metolong Authority 367,630,000 25,000,000 Total Program Management Implementation Unit 308,448,820 20,975,493 Total environmental and social Impacts 473,313,017 32,186,779 Tota funing5,992,387,336 420,062,338 Financing Plan The funding budget at project commencement per signed Financing Agreements is summarised below. THE PROGRAMME FUNDING PER LOAN/GRANT AGREEMENTS FUNDER M US$ Republic of South Africa 60, 000, 000 4, 080, 189 Kuwait, Badea, OPEC, Saudi and Abu Dhabi 1, 372, 877, 472 93, 360, 000 World Bank 558, 797, 600 38, 000, 000 European Investment Bank 3, 029, 271, 200 206, 000, 000 Millennium Challenge Corporation 1, 275, 970, 204 86, 770, 000 TOTAL FUNDING 6,296,916,476 428, 210, 189 Summary ofPerformance: A summary of the performance of the programme in the year under review is given below: 8 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMAM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 5. Advance Infrastructure Phase 2 Contracts 1, 2, 3, 4, 5, and 6 are complete. MA is in the process of handing over these assets to the COW. Rural Electrification - Lot 1 was completed and a Certificate of Completion was issued on 04 April 2016. Lot 2 is approximately 95% complete and is expected to finish on 30 May 2016. The Contractors have experienced some delays in having LEC energize the new connections WATSAN PHASE 2 - Lots 1 through 7 are all under construction and are anticipated to be completed by 30 September 2016. The water supply components are approximately 80% complete. The latrine components are approximately 50% complete. 6. Dam and Raw Water Pumping Station Section 1 (the RWPS) has been operational since 26 May 2014 and has delivered approximately 16 million M3. Section 1 (RWPS and outlet works) and the gauging stations are anticipated to be completed by mid-May 2016. Assisted operations for this section commenced on 17 August 2015. A two-month Assisted Operations period will follow the completion of Section1. Section 2a (the dam, intake and substations) and Section 2b (Bridge over the dam) are progressing and expected to be completed by the end of June 2016. The water level in the reservoir at the end of April 2016 was approximately El 1649m, which is roughly equivalent to the water level at the end of November 2015. Under normal rainfall conditions, a rise in water level during the past 6 months would have been anticipated. There is presently storage to supply water at the present rate of +/- 47MI/d for +/- 9 months 7 Water Treatment Works and Treated Water Pumping Station The WTW is currently producing approximately 47 ML/day of good quality water and delivering to all the intended points of the Metolong System. Metolong water now accounts for approximately 80 to 85% of the delivery in Maseru. A Taking Over Certificate was issued effective 31 March 2016. The issuance of the Taking Over Certificate started a 1-year Defects Notification Period and Assisted Operations period. 9 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 8. Downstream Conveyance System (DCS) Contract 1 (Primary Line to Maseru) - The DCS1 works have been delivering water through to High South Reservoir and Lesotho Sun Reservoir since March and May 2015, respectively. Deliveries to Ha Mabote and Ha Naleli re-commenced on 15 October 2015. A Taking Over Certificate was issued on 04 January 2016 and the Contract is currently in a 90-day Assisted Operations and 1-year Defects Notification Period. Works on Mpilo Reservoir No. 2 are progressing and approximately 75% complete. The scheduled completion date is 30 August 2016. Contract 2 (Secondary Lines to Mazenod, Roma and Morija) - The Taking Over Certificate was issued on 20 February 2015. Assisted Operations commenced on 09 March 2015 and ended on 06 June 2015. A defects inspection was conducted in early November 2015 and the contractor was subsequently notified of defects to be rectified. The one year Defects Notification Period ended on 20 February 2016, but the contractor remains onsite and is remedying a few outstanding defects. The major items requiring resolution are the reliable operation of control valves and the submission of finalized As-Builts and Operations and Maintenance documents. Contract 3 (Secondary Line to Teyateyaneng) - The Taking Over Certificate was issued on 31 March 2015. The Assisted Operations commenced on 01 April 2015 and ended on 29 June 2015. The one year Defects Notification Period ended on 31 March 2016, but the contractor remains onsite and is remedying a few outstanding defects. The major items requiring resolution are the reliable operation of control valves and the submission of finalized As-Builts and Operations and Maintenance documents. 9. Environmental and Social Management The Environmental and Social programme is ongoing. Relocation and Compensation issues are nearing completion. Training seminars and assistance continue to be given to PAP's with respect to Livelihood Restoration, Integrated Catchment Management and HIV and AIDS Management. 10 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 STATEMENT OF RESPONSIBILITY AND APPROVAL The Board of Directors of theMetolong Authority (MA) is required to maintain adequate accounting records and is responsible for the content and integrity of the financial statements and related financial information included in this report. It is its responsibility to ensure that the financial statements fairly present the state of affairs of MA at the end of the financial year and the results of its operations and cash flows for the year ended, and in conformity with International Public Sector Accounting Standards. The financial statements are prepared in accordance with International Public Sector Accounting Standards and are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates.The Board of Directors acknowledges that it is ultimately responsible for the system of internal financial control established by MA and places considerable importance on maintaining a strong control environment. To enable it to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout MA and all employees are required to maintain the highest ethical standards in ensuring MA's business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in MA is on identifying, assessing, managing and monitoring all known forms of risk across MA. While operating risk cannot be fully eliminated, MA endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The Board is of the opinion that the system of internal control provides reasonable assurance that the financial records may be relied on for the presentation of the financial statements. However, any system of internal financial control can provide only reasonable assurance and not absolute assurance against material misstatement or loss. The Board has reviewed MA' s cash flow forecast for the year to March 31, 2016 and is satisfied that MA has or has access to adequate resources to continue in operational existence for the foreseeable future. The financial statements support the viability of MA. The external auditors are responsible for independently reviewing and reporting on MA's financial statements. The financial statements have been examined by MA's external auditors and their report is given on page 10. The financial statements set out on pages 12 to 59 which have been prepared on the going concern basis, were approved by the Board of Directors on 8 SEPTEMBER 2016 and were signed on its behalf by: C SIONER OF WATER CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER 11 REPORT OF THE AUDITOR-GENERAL ON THE FINANCIAL STATEMENTS OF METOLONG DAM AND WATER SUPPLY PROGRAMME - METOLONG AUTHORITY - MINISTRY OF WATER AFFAIRS FOR THE YEAR ENDED 31ST MARCH 2016 Moteane, Quashie and Associates, under section (15) 1 of the Audit Act 1973, have audited the accompanying financial statements of Metolong Dam and Water Supply Programme funded by Government of Lesotho (GOL) and Development Partners, which comprise the sources and application of funds statement as at 31st March 2016, receipts and payments statement for the year then ended, a summary of significant accounting policies and other explanatory notes as set out on pages 12 to 59. Management's Responsibility for the Financial Statements Preparation and fair presentation of these financial statements in accordance with International Public Sector Accounting Standards (IPSAS) are the responsibility of the management. Establishment and maintenance of structures necessary to provide reasonable assurance that policies and prescribed procedures are adhered to, rest with management. The responsibility for financial statements that are free from material misstatement, prevention of fraud and any irregularities also rest with the management. Auditor's Responsibility My responsibility is to express an opinion on these financial statements based on the audit. The audit has been conducted in accordance with International Standards on Auditing. Those standards require auditors to comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected 4th Floor * Finance House * High Court Road * Maseru * Lesotho Telephone (+266) 22323904/22314247 * Fax (+266) 22310366 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS FOR THE YEAR ENDED 31 MARCH 2016 Forthe Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 M M M M OPENING CASH BALANCES IDA Designated (USD) MA 23 727 026.79 IDA Designated (USD) COW 5 843 889.28 IDA Current Malotl MA IDA Current Maloti COW EIB Current Account Malot GOL Call 5886 706.46 GOL Counterpart MA -203 094.30 GOL Counterpart COW 70410.56 GOL Credit Facility FNB MA 30 744 813.88 EJB DesIgnated (ZAR) MA 181 397 661.66 247 467 414.3i _______________ 247 467 414.33 _________________ SOURCES OF FUNDS IDA Grant 0.00 195 646 398.32 IDA Loan 112 102 267.37 187 008 018.02 GOL Counterpart 79 578 050.00 589 684 193.92 GOL Treasury 0.00 118197 997.85 MCC Grant 0.00 583 056 826.87 RSA Grant 2357 604.63 58 752 088.43 EIB Loan 207 287 287.00 1 184 505 409.00 Kuwait Loan 15 494 696.46 238 536 904.71 OPEC Loan 9 117 583.36 97 066 846.31 BADEA Loan 9845 002.95 135 079 512.88 BADEA Grant 0.00 1 944 337.86 SaudI Loan 4322572.99 248 099 213.13 Abu Dhabi Fund 80 219 410.05 195 986 905.91 Other Receipts 884 556.12 6 180 664.31 Foreign Exchange DiHerence 2 222 516.00 11 870 935.76 523 431 546.93 3 851 616 255.27 Total Financing 770 898 961.26 3 851 616 255.27 USES OF FUNDS BY COMPONENT Metolong Authority 22 715 339.16 160 396 658.61 Program Management Implementaton Unit CDM 28 134 794.15 169 107 688.74 Advance infrastructure Phase 1 0.00 217 367 080.19 Advance Infrastructure Phase 2 4 437 709.13 118990 676.46 Metolong Dam 206 677 672.06 1 122702 045.16 Pumping Station 0.00 0.00 Water Treatment Works 46 299 376.98 587 567 775.37 Downstream Conveyance 135 913085.38 774 176 642.31 Environment Social Impacts 114 919 264.27 314 461 495.56 Engineering Support& Transmlssion Works 26 442 001.90 170 376 616.85 Institutional &Policy Support to COW, LEA 6988961.46 38 098 819.41 Total Expendiltures 592 528 204.40 3 673 245 498.65 Closing Cash Balances IDA Deslnated (USD) MA 67 125 479.06 67 125 479.06 IDA Designated (USD) COW 614378.40 614378.40 IDA Current Maloti MA IDA Current Maloi COW GOL Call 23 070 898.11 23 070 898.11 GOL Counterpart MA -1 629 059.83 -1 629 059.83 GOL Counterpart COW 749 770.26 749 770.26 EIB Designated ZAR) MA 83 048 365.25 83 048 365.25 GOL Credit Facility FNB MA 5390925.37 5390925.37 Total Closing Cash Balances 178 370 756.62 178 370 758.62 TOTAL 1 770 898 961.261 3 851 616 255.27 Page 12 depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion. Audit Opinion In my opinion, the financial statements present fairly, in all material respects, the financial position of the Authority as at 31 March 2016, its source and application of funds; receipts and payments for the year then ended; in accordance with International Public Sector Accounting Standards and in conformity with the Contractual Conditions. L. L. LIPHAFA (MRS.) 16 SEPTEMBER 2016 AUDITOR-GENERAL MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 US$ US$ USS US$ OPENING CASH BALANCES IDA Designated (USD) MA 1 949 023.87 IDA Designated (USD) COW 480 038.22 IDA Current Maloti MA IDA Current Malati COW EIB Current Account Maloti GOL Call 483 555.38 GOL Counterpart MA -16 682.90 GOL Counterpart COW 51783.78 GOL Credit Facility FNB MA 2 525 490.31 EIB Designated (ZAR) MA 14 900 660.57 20 327 869.22 SOURCES OF FUNDS IDA Grant 0.00 21563 481.46 IDA Loan 7 804 824.55 14 261 140.45 GOL Counterpart 5 928 362.20 59 920 189.17 GOL Treasury 0.00 16 191 463.47 MCC Grant 0.00 69 921 356.54 RSA Grant 166 102.19 7 166 890.85 EIB Loan 16 184 835.99 119 866 202.06 Kuwait Loan 1 246 877.55 24662 461.84 OPEC Loan 673763.70 9849 404.72 B3ADEA Loan 732786.91 14 334 707.45 BADEA Grant 0.00 271 750.03 Saudiloan 361 171.52 24 999990,00 Abu Dhabi Fund 5699274.59 16 428 347.27 Other Receipts 61 874.88 683 619.23 Foreign Exchange Difference -3 142 301.14. -9 827 399.53 35 717 572.94 390 293 605.01 Total Financing 56 045442.16 390 293 605.01 USES OF FUNDS BY COMPONENT Metolong Authority 1 659 551.34 17 754 334.90 Program Management Implementation Unit CDM 2 052 241.68 18 003 784.03 Advance Infrastructure Phase 1 0.00 27 342 738.00 Advance Infrastructure Phase 2 321 542.70 14 804 178.41 Metolong Dam 14 976 162.52 107 962 693.20 Pumping Station 0.00 0.00 Water Treatment Works 3473531.81 65 869 237.27 Downstream Conveyance 10 103 852.35 76 421 547.38 Environment Social Impacts 8409 938.65 29 070 771.68 Engineering Support & Transmission Works 2028 401.80 16 781 549.14 Institutional & Policy Support to COW, LEA 500 415.30 3762966.89 Total Expenditures 43 525 638.05 377 773 800.89 Closing Cash Balances IDA Designated (USD) MA 4564 744.38 4 564 744.38 IDA Designated (USD) COW 41 779.67 41 779.67 IDA Current Maloti MA IDA Current Maloti COW GOL Call 1 895 127.09 1 895 127.09 GOL Counterpart MA -133 816.87 -133 816.87 - GOL Counterpart COW 61 588.84 61 588.84 EIB Designated (ZAR) MA 5 647 550.88 5 647550.88 GOL Credit Facility FNB MA 442 830.12 442 830.12 Total Closing Cash Balances 12 519 804.11 12 519 804.11 TOTAL 56 045 442.16 390 293 605.01 Page 13 N1N18TRY OF WATER - NE7oLAN0 DAM АНб WATER S1IPPLY PROONANNE NETOLONG A117HOR1TY CONSOLЮATED 8011RCE8 AND АРРСIСАТЮИ OF FUNC3 БУ FUNDMG AGENCY AND CATEGORY FOR ЛiЕ YEAR ЕНОЕО 37 NARCN 1016 For tlи Уааг EnMd 31 Mareh 201а сиМУц7NЕ TO 1NE YEAR ЕИОЕО 77 МА0.СН т7а У М У М OPENNG СА8Ч BALANGEB 1�А b паlед U3R МА ЮА Dва' па0ед 5р COW 23 727 р2Б.79 ПА СипеМ МаЮ51А4 5 843 ВВВ,2В 10А Сипепl МвЮ1i COW Е1В СипеМАосоиМ Мв1оЬ GOL Св11 5 ВВВ70В,4В GOL Сои rtMA -209 р04.Эр GOl Саи П COW 70 410.60 GOL Cratli Fв ildy FNB МА Э0 74Д 813.ВВ Е1В Daa пвfвд R МА 781 ЭВ7 601.88 447467 И4.33 80URCES OF F11ND6 1DA GraM 0.00 195 84В Э90.Э2 ФА Laen 172 102 2В7.37 187 ОрВ 018Д2 СЮС Сои 79 57В 050.00 БВВ ВВ4 193.92 GOL Тг�ни 0.00 1181В7 997.85 МСС в�М 0.00 5В3 068 В28.87 R8A GreM 2 957 0р4.ВЭ Б8 752 ОВВ.49 Е1В Loan 207 287 287.00 1 184 505 409.р0 Киив� Lпап 16 40q В9В.18 2ЭВ 63В В04.71 ОРЕС iяеп 9 i17 5В9.Э8 97 ОВ8 В10.91 ВАОЕА Lовп 9 895 Ор2.В5 135 970 512.еВ BADEA Gплп[ 0.00 7 044 337.В6 8вид1 Laan 4 322 572.99 24В 098275.19 АЬи OhaN Fund 80279 41 р.05 195 980 906.81 Ofhar Reea еВ4 550.12 8 789 8В4.91 F п Ежhа е OiRensnce 2 222 618.00 11 870 935.7В 62Э 431 546.В9 9 861 678 УБ5.У7 Tota1 FЬит1п 77р 8В89В7.2В 9 851 819 2ББ.27 и3Е8 OF FUNO3 ВУ CA7EGOFi1ES 1NTERNATqNAL OEVELOPMENTASSOCIATЮN Works 23 088 294.80 157 7Э7 Э6Э.76 6oads 0.00 В73 Э29.18 СапsслЬМа 4Т Э90 В55.91 156818 984.47 Тпдiпi 2 008 В17.15 7 Э09 294.30 PPF ReFund О S Coata 1 806 В94.17 Э 842 856А6 8иЬ - Tota1 78 1ББ В41.В9 928 В76 760.0В ЮЛАfАR В.511Е1у 8А11р1, ОРЕС AND ABU bMAB1 W� 11 7 915 740.В0 В47 f ВЗ 793.43 в�аа CareuMвnta 1 ОВ3 51В.01 W 529 9В7.ЭВ Тъ1п О Соа1а 9иЬ- Tofa1 71В ВВ8 2Вб.87 018 719 720.78 YLLENN1l1N CHALLENGEACCOЧNi • LEBOTHO WмМа 0.00 454 9ВВ 807.77 Goada 0.рр ОАО СопаиНагфs р.00 i28 р58 520.7В Тга1 ' О Ccata 0.рр 7 431.Э4 SиЬ - Tatd 0.00 889 ОБО 828.87 REPUBLIC OF SОЧТН AFRICA wo� 2 36 р04.В9 5В 752 0ВВ.4Э Gootlв СопвиМвМа 0.00 0.00 ТпаИ О агаl' Саа1а 5ub-Tote1 2 93Т BOS.B3 b8 76У ОВВА9 El1ROPE0.N 1NVE3TMENT BANK Warks 287 Б 498.01 997 70829В.Э3 �а одо ОАО СепаиИап[а Э80ВТ 8р2.Б0 1119В72179,42 О Cosla -7 428.00 -1 428.00 8иЬ - Tokd 90Ь 696 SВЗ,И 1 i07 �57 013.76 60VEpNYENTOFLESOTHO Иbгка 05 7 З2 364.88 49р 607 09В.71 вапйа Э 002.рр 4 �е Э71.68 ConauManh 229 252.80 38 270 882.91 Тпдп�i Ф80 094.31 2 70р 73В.07 О Соа1а 23540114.В4 74В1ВЭ2В7.40 8и6-То1е1 89 97В Вр8.В1 ВВ8 БВО 06В.79 ТоУа1 ndПures БВУо2ВУ04.Ф0 Э079216488Ro С1оа Cash Вдепсаа 10А 'reled USD МА В712547В.ОВ 8712Б479.ОБ ЮА nafetl 1150 COW В1Ф 970.4р 814 Э7В.40 ФА СипеМ Мд1о6 МА 10А СипаМ Мв1о0 COW GOL Са11 2Э p7q 80В.71 2Э 070 ВОВ,11 вОLСоиМв rtMA -1020059.8Э -1Б2@059.89 GOLСоипtв пСОW 749Л0.28 740770.28 Е1В D паlад ZAR АМ 83 048 985.25 В3 ОФВ 9В5.25 вОL Спэд6 Fac11 FNB МА 5 Э90 025.37 Ь 39I1925.97 7otв1Clesfn С�hВдlдпав 17ВЗ70760.ВЕ 1789707р6.87 ТОТАС П0 89В 9В730 9 8i1 616 26627 Рре 74 METOLON13 AUTHORITY DDNSOLIDATEo sauRrj$ AND APPLICATION OF FUND5 BY FUNUING AGENCY AND CATEGORY FOR THE YEAR ENDED 31 MARCH 21HS MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2018 For the Year Enr.ed 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 M M MM OPENING CASH BALANCES IDA Desilnated (USID MA 23 7270(126.79 IDA Designated (USD) COW 5 W4 889.28 IDA Current Ma0t1 MA IDA Current Mal1t1 COW EIB Current Malotl GOL Call 5 896700.46 GOL Caunterpart MA -203 094.30 GOL Counterpart COW 70410.56 GOL Credit Facility FN1 MA 30 74 813.785 E0B Designated (ZAR) MA 531 397 661.66 247 467 414.33 50URCES OF FUNDS ID1 rn 0.01) 195 646 398.32 IDA Loan 112 102 267.37 187 05 018. 2 GOL Counterpart 79 578 05D3.00 589 684 193.92 GOL Treasury 0.00 118 1970997.85 MCC Grant 0.00 53 056 82.87 RSA Grant 2 357 604.63 5 752 088.43 EIB Loan 207 27 287.DD 1 184 505 409.00 Kuwait Loan 154941696.46 238 6 9071 OPEC Loan i 117 883.36 97 066 846.31 BADEA Loan 9 M4 0132.915 135 079 512.BB8 BADEA Grant 0100 1 944 337.85 Saiudi Loan 4 322 572.99 246 099 213.13 Abu Dhabl Fund 80 219 410D.D5 195 986 905.91 Other Receipts 884 66.12 6 180 664.31 Foreign Exchanne Diference 2 222 516.00 11 870 035.76 523 431 548.93 3 851 616 26Si.27 Total Financing 770 89B 961.26 3 051 616 255.27 USES OF FUNDS BY COMPONENT1 CATEGORY METOLONG AUTHORITY Works 14 141.13 234 547.05 Goods 3 DB[2.0D 4 698 371.58 Coslat 3B 655.60 7 8855 425.24 Tralnina 436 789.32 1 7D9 211,17 Operating Costs 22 222 681.11 14 869 103.57 Sub - Tatal 22 715 339.16 160 396 651B.61 PROGRAM IMPIL UNIT CDM Works Goods Consultanis 2B 134 794.15 169 107 68B.74 TraininA Operating Costs Sub -Tal28 134 794.15 169 107 G88.74 ADVANCE INFRASTRUCTURE PHASE 1 Works 0.00 212 400 578.92 Goods Consultants 0.030 4 966 501.27 Training Operaling Costs Sub - TDtal 0.00 217 367 080.19 ADVANCE INFRASTRUCTURE PHASE 2 Works 2 367 04.03 91 0125 452.64 Goods Consultants 2 0B0 104.50 27 952 973.82 Traininn Operartln Costs 0.00 2 25D.00 Sub - Total 4 437 709.13 1111990 6711.46 METOLONG DAM Works - KBOS 117 915 749,80 B47 183 73.43 Works - Others 64 301 510.47 15B B82 972.06 Goods - Others Consultants - KBOS 1 083 516.01 89 529 987,365 Conutns-Ohr 23 376 895.78 47 10D5 352.301 Training - Others Unallocaled - KBOSI OeangCosts - Others Sub- Ttal206 677 M7.00 1 122 702 045.15 Page lQ MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2Di1 M M M M PUMPING STATION Works Consultants Unallocated Sub - Total WATER TREATMENT WORKS Works 46 20 066.9 581278 145.96 Goods Consultants 000 6 287 888.07 Training OPerating Costs 310.08 18741.34 Sub- Total 46 299 376.98 87 667 775.37 DOWNSTREAM CONVEYANCE Works 129705630.63 71B113756.1 Goods Consultants 6 207 446.75 56 062 536.1 Training Operatino Costs Sub - Total 135 913 085.38 774 176 642.31 ENVIRONMENT SOCIAL. IMPACT Works 92 904 510.79 234 813 02.39 GDoA ds.00 5 0 249.14 Consultant 18 299 032.16 7D 848 646.04 Tranin d 1U484C837.25 2712135.93 Unallocated Operating costs 223084,07 552756.76 Sub - Total 114 919 264.27 314 41 405.56 ENGINEERING SUPPORT & TRANSMISSION WORKS Works 23440 128.37 157 1911247.52 Goods Consultants 3001873.53 1317 477.33 Training PPF Refund Unallocated Operating Casts 0.00 B8892.00 Sub - Tatal 26 442 001.90 17 37 61685 INSTITUTIONAL & POLICY SUPPORT TO CoWAND LE2 Works Goods 0.030 313 0Q0.02 Consultants 4 572 908.74 30 516 531.531 Training 1 525284.89 5 672 625.271 PPF Reffund 0.013 0.00 oeralina Costs 890 767.83 1 5982.59 Sub - ToWa -6 988 961.48 38 090 819A41 Total Expenditures 592 528 204.49 3 673 245 498.65 Closing Cash Balances IDA Des]qnated (USD) MA 67 125 479.00 67 125 479.06 IDA Desinaed(UD) COW 614 378.40 614 378.40 IDA CurnMatiA IDA Current Maloti COW GOL Call 23 070 8911.11 r 23 070 89B.1 1 GOL Counterpart MA -1 629 059.83 -1 629 059.83 GOL Counterpart COW 749 770-26 749 770.26 EIB Designated (ZAR) MA 83 048 3OU.5 83048352 GOL Credi Facilitv FNB MA 5 390 925.37 5 390 925.37. Total Closing Cash Balances 178 370 755,62 178 370 756.62 TOTAL 770 898 961.26 3 851 816 255.27 Page 17 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORrY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2016 For the Year EndRed 31 March 2016 CUMULATIVE TO T"HE YEAR ENDED 31 MARCH 2010 OPENING CASH BALANCES USS us$ US.$ US$ FDA Designated (UISD) MA 1 949 023.87 IDA Designated (USD COW 480038.22 IDA Current Malot MA IDA Current Maloti COW EIB Current Malall GOL Call 4834555.38 GOL Counterpart MA -16 682.90 GOL Counte!Rart COW 5783.78 GOL Credit Facility FNB MA 2 525 49011 EIB Designated (ZAR) MA 14 000 660.57 20 327 869.22 SOURCES OF FUNDS IDA Grant 0.00 21863 41846 IDA Loan 7 804 824.55 14 261 140.45 GOL Counterpart 56928 362.20 59 920 189.17 GOLTreasurY 0.00 16191463.47 MCC Grant 0.00 69 921356.54 RSA Grant 1662102.12 71661890.1 ElS Loan 16184 835.99 11 866 202.06 Kuwalt Loan 1 246 S77.55 24 662 461.84 OPEC Loan 673 763.70 9 849 404.72 BADEA Loan 732 786.91 14 334 707A45 BADEA Grant 0.00 271 750.03 ISaudil-oan 361 171.52 24 999 990.00 Abu Dhabi Fund 5 699 274.59 16 428 347.27 Other Receipts 61 874.88 683 619T23 Foreign Exchanne Diffesrence -3 142 301.14 -9 827 399.53 35 717 572.S4 390 293 605.01 Total Financin 56 045 442.16 390 293 605.01 USES OF FUNDS BY COMPONENTI CATEGORY METOLONG AUTHORITY Works 996.30 30 484.71 Goods 194.47 573 912.25 Consultants 2 565.94 92805.24 Training 29 020.30 179 523.92 Operatina Costs 1 626 774.33 16 041 608.78 Sub - Total 1 859 551.34 17 754 334.90 PROGRAM IMPL UNIT CDM Works Goods Consultiants 2 052 241.68 18 0033 784.03 Training Operating Costs- Sub - Total 2 052 241.68 18 003 784.03 ADVANCE INFRASTRUCTURE PHASE 1 Works 0.00 26 727 160.67 Goods Consultants 0.00 615 5713 Trai .nina Operating Costs Sub - Total 0.00 27 342 730.00 ADVANCE INFRASTRUCTURE PHASE 2 Works 166 102.19 11 515 787.06 Goods Consultanis 1 155 440.51 328084.78 Training Doeratncg Costs 0.00 306.57 Sub - Total 321 5>42.70 14 804 178.41 METOLONG DAM Works - KBOS 8 626 140.40 82472 190.93 Works - Others 4 583 061.50) 13 500 363.45 Goods - Others Consultants - KBOS 87 733.87 8 074 470.38 Consultants - Ohers 1 679 226.75 3 825 668.44 Trainlnp - Others Unallocated - KBOS- Operating Costs - Others Sub - Total 14 976 162.52 107 962 693.20. Page 18 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY CONSOUDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 US$ USS US US PUMPING STATION Works Consultants Unallocated Sub - Total WATER TREATMENT WORKS Works 3 473 507.48 65 016 784 14 Goods Consultants 0.00 852 228.80 Tralning O ratin Costs 24.33 224.33 Sub - Total 3 473 631.81 65 869 237.27 DOWNSTREAM CONVEYANCE Works 9 657 835.69 70 559 574.66 Goods Consultants 446 016.66 5861972.72 Training Operating Costs Sub - Total 10 103 862.35 76 421547.38 ENVIRONMENT SOCIAL IMPACT Works 6788 601.47 21 337 075.36 Goods 0.00 65 058,95 Consultants 1 349 623.99 6 958 854.62 Training 114133.36 227 160.06 Unallocated Operating Crsts 157 579.73 482 622.89 Sub - Total 8 40 938.5 2 070 77168 ENGINEERING SUPPORT & TRANSMISSION WORKS Works 1 809 601.80 15 403 555.68 Goods Consultants 2188600.00 1 377 117.75 Training PPF Refund Unallocated Operating Costs 0.00 875.71 Sub - Total 2028401.80 16 781549.14 INSTITUTIONAI. & POLICY SUPPORT TO COW AND LEA Works Goods 0.00 26134.43 Consultants 328189.82 3020264.57 Training 111 021.17 580 230.10 PPF Refund Unallocated- Operatling Costs 61 204.31 136 337.791 Sub - Total 500 415.30 3 762 966.89 Total Expenditures 43 52 638.05 377 773800.89 Closing Cash Balances IDA Designated (USD) MA 4 564 744.38 4 564 744.381 IDA Desinnated (UISD) COW 41 779.67 41 779.67' IDA Current Maloti MAI IDA Current Malodi COW GOL Call 1 895 127.09 1 89 127.09 mGOL CounterEr MAA -133 816.87 -133 816.87 GOL Counterpart COW 61 588.84 6188.8a,4 EIB Designated (2AR) MA 5 647 550.88 5 647 550.88 GOL Credit Facility FNB MA 442 830.12 442 830.121 Total Closint Cash Balances 12 S1g 804.11 12 6119 804.11 TOTAL 56 045 442.161 390 293 605.01 Page TB MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY GOVERNMENT OF LESOTHO (GOL) Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 OPENING CASH BALANCES GOL Call 5686706 GOL Counterpart MA (203 094) GOL Counterpart COW 70411 GOL Credit Facility FNB MA 30 744 814 SOURCES OF FUNDS GOL Counterpart 79576 050 589684194 GDL Treasury - 118197998 Transfer tafrom IDA-COW - 100 000 Other Receipts 884556 6 180 664 Foreln Exchange DIfference 9735 Total Financing 116961443 714172591 USES OF FUNDS BY COMPONENICATEGORY METOLONG AUTHORITY Works 14141 234547 Goods 3092 4898372 Consultants 38656 7 79704 Traininq 436789 1709211 Operating Costs 22224087 145749470 Sub - Total 22 716 765 160 18 64 PROGRAM IMPL UNIT CDM Works Goods Consultants 17364157 Trainino Operatin Coasts Sub - Total 17364157 ADv-ANCE INFRASTRUCTURE PHASE 1 Works -212 400 579 Goods- Consultants -4 986501 Training Operatinn Costs- 'Sub . Total *217 367 080 ADVACE INFRASTRUCTURE PHASE 2 Wok 710D 096 God Consultants 621 119 Trainina operating Costs 2250e Sub - Total -1 333 465i METOLONG DAM works 11 348 585 71 654 648 Goods Consultants 184 597 2 620 811 Trainina Operaflng Cosis Sub - Total 11 533182 74 275 4511 WATER TREATMENT WORKS Works 45 693 954 125 676 165 Goods Consultants Trainina OperatingaCosts 310 310 Sub - Total 4a 694 264 125 676 475 DOWNSTREAM CONVEYANCE works 399 408 25 057 391 Goods Consultants - 5 374 715 TraininA Operating Casts Sub - Total 399 408 30 432 105 ENVIRONMENT SOCIAL.IMPACT Works 7 537 267 54 794 672 Goods . - Consultants * 26 236 Training 4 000 189 319 Operatina Costs 456 332 1 961 783 Sub - Total 7 997 6001 57 472 010 Pago 2D MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY GOVERNMENT OF LESOTHO (GOL) Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATFVE TO THE YEAR ENDED 31 MARCH 2016 ENGINEERING SUPPORT & TRANSMISSION WORKS Works 139 ODD 139 DOD Goods Consuhants Training Operatinp Costs Sub - Total 139000 139000 INST11TUTUITIONAL & POUCY SUPPORT CoWLEA Works Goods Consultants Trafninn 39305 892208 Operatino Costs 859 385 1 449 454 Sub - Total 898 690 2 341 662 Total Expenditures 89378009 666 510 057 Closing Cash Balances Represented By GOL Call 23070898 23070898 GOL Counterpart MA (1 629 060) (1 629 0601 GOL Credit Facility FNB MA 5390 925 5390 925 1 GOL Counterpart COW 749 770 749 770 Total Closing Cash Balances 27582534 27502534 TOTAL 116961443 714172591 Page 21 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORrTY GOVERNMENT OF LESOTHO (GOL) Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2DI6 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 US$ usii USIl Us$ OPENING CASH BALANCES GOL Call 483 555 GOL Cogniot MA (16683) GOL Countr artCOW 5784 GOL Credit Facility FNB MA 2 525 490 SOURCES OF FUNDS GOL Counterpart -8928362 59 920 189 GOL Treasury - 16191 463 Transfer to/from IDA-COW - 12 078 Othr Receipls 61875 683819 Foreign Exchange Difference (209 786) (937 482) Total Financing 8 778598 75 86 068 USES OF FUNDS BY COMPONENTICATEGORY METOLONG AUTHORITY woft995 30 485 G2oft 194 573 912 Consultants 2 5604 90 165 Tranin 29020 179524 Operating Costs 1626 888 16 030 477 Sub - Total 77956 735043 PROGRAM IMPL UNIT CW Works Goods Consultants 1620748 TrainIng Operating Costs Sub - Total * 1 74 ADVANCE INFRASTRUCTURE PHASE 1 Works 3 26727167 Goods Consultants 615 571 Traininq O erating Costs Sub -Total 311132 38 ADVAE INFRASTRUCTURE PHASE 2 Works &B65 5864 Goods Consultants (66 709) Training Operating Costs 31 1836 Sub - Total 2860 OLONG DAM Wrs 767519 6735734 Consultn" 12 041 351 176 Training Operating Costs 24 24 WATER TEATMENT WORKS795870893 wo"Is 433718 10789430 Consultants Training Oe rating Costs SDub EA CONVYANC 3 433 718 10 739 430 Works 31 113 2 475 683 Goods Consultants 508 488 Traininn Operatinq Costs Sub - Total 31 113 2 984171 ENVIRONMENT SOCIAL IMPACT Works 504 655 15 ff89 664 Consultants -- 54 068 Training 260 2 24 Operating Casts 33 219 188 236 ,Sub - Total 538 1341 5&854610 Page 22 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY GOVERNMENT OF LESOTHO (GDL) Receipts ad Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2010 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2010 USS Us$ US$ Us$ ENGINEERING SUPPORT & TRANSMISSION WORKS Works 8443 8443 Goods Consultants Trainking Operating Costs Sub - Total 8443 0443 INSTITUTUITIONAL & POLICY SUPPORT CAW,LEA Works.. Goods.. Consultants - 6 761 Training 3233 82 0D3 Operating Casts 58924 121 540 Sub - Total 62157 210 305 Total Expenditures 6 512814 73604086 Closing Cash Balances Represented By GOL Call 1 895 127 1 895127 GOL Counterpart MA .(133817) (133 817) GOL Credit Facility FNB MA 442 830 442 830 GOL Counterpart COW 51 589 61 589 Total Closing Cash Balances 2265729 2265729 TOTAL 8 776 598 1 75869 868 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY Water Sector Improvement Project In Support of the Second Phase of the Water Sector Improvement Program INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) CREDIT NUMBER 4574-LS AND GRANT NUMBER H476-LS Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVETO THE YEAR ENDED 31 M M M M OPENING CASH BALANCES IDA Designated (USD) MA 23727 027 IDA Designated (USD) COW 5843889 IDA Current Malatl MA IDA Current Malti COW SOURCES OF FUNDS IDA Grant - 195 646 398 IDA Loan 112 102 267 187 008 018 GOL - (100 000) Transfer totfrom IDA-COW - - Foreign Exohange Difference 2 222 516 11 651 761 Total Financing 143 895 699 394 206 177 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works - Goods Consultants 23 192 299 44484 542 Training PPF REfund Unallocated Operating Costs Sub -Total 23192299 44484 542 WATER TREATMENT WORKS Works 605113 605113 Goods Consultants Training PPF REfund Unallocated Operatina Costs Sub - Total 605113 605 113 ENVIRONMENTAL AND SOCIAL IMPACT Works 79993 79993 Goods - 560249 Consultants 16629775 68 653 053 Training 1480837 2522817 PPF REfund Unallocated Operating Costs 1 774552 3565779 Sub -Total 1 19965157 75381891 ENGINEERING SUPPORT & TRANSMISSION WORKS Works 23 301 126 157052248 Goods - Consultants 3 DD1 874 13176477 Training PPF Refund Unallocated Operating Costs 8892 Sub - Total 26303002 170C2374617 INSTITUTIONAL & POLICY SUPPORT CoWLEA Works Goods - 313080 Consultants 472909 30B516532 Trainlnn 1 485 980 4 780 417 PIPF Refund Unallocated OperatlnQ Costs 31 383 147 128 Sub - Total 8600271 35 767 157T TOTAL EXPENDITURE 76 165 842 3264661320 Closing Cash Balances Represented By ID_A Desionated {l.SD) MA 67 125 479 67 125 479 IDA Designated (USD) COW 614 378 1614 378 IDA Current MalotI MA IDA Current MaloIJ COW Total Closing Cash Balances 87 739 857 67 739 857 TOTAL 143 895 699 394 206 177 Page 24 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY Water Sector Improvement Project In Support of the Second Phase of the Water Sector Improvement Program INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) CREDIT NUMBER 4574-.S AND GRANT NUMBER H475-15 Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2Dig Us$ U US$ USl OPENING CASH BALANCES IDA Designated (USD) MA 1 949 024 IDA Designated (USD) COW 480 038 IDA Current Malotl MA IDA Current Maloti COW SOURCES OF FUNDS IDA Grant - 21 563 481 IDA Loan 7804825 14261140 GOL - (12078) Transfer toffrom IDA-COW - - Forein Exchanoe Difference (22 908) Total Financing 10233887 35789635 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works - - Goods Consuitants 1667186 3474492 Training PPF REfund Unallocated Operating Costs Sub -Total 1667186 3474492 Works 39790 39790 Goods Consultants Training PPF REfund Unallocated Operating Costs Sub - Total 39790 39 790 ENVIRONMENTAL AND SOCIAL IMPACT Works 6315 6315 Goods - 65059 Consultants 1 217620 6772782 Training 113873 204 518 PPF REfund Unallocated Operating Costs 124361 294386 Sub - Total 1462170 7343061 ENGINEERING SUPPORT & TRANSMISSION WORKS Works 1801158 16395112 Goods Consultants 218800 1377 118 Training PPF Refund Unallocated Operating Costs 876 Sub - Total 2019958 16773106 INSTITUTIONAL & POLICY SUPPORT CoW,LEA Works Goods - 26 134 Consultants 328190 3013503 Training 107789 498227 PPF Refund Unallocated Operating Coasts 2280 14 798 Sub - Total 438 259 3 552 662 TOTAL EXPENDITURE 5 627 363 31183111 Closing Cash Balances Represented By IDA Designated (USD) MA 4564744 45ti64744 IDA Desinnated (USD) COW 41 779.67 41780 IDA Current Maloti MA IDA Current Malot COW Total Closing Cash Balances 4608524 4606524 TOTAL 10233987 35789635 Page 25 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG DAM - BULK WATER CONVEYANCE SYSTEM AND METOLONG PROGRAM MANAGEMENT UNIT COMPACT NUMBER - GR07LSO7001 MILLENNIUM CHALLENGE ACCOUNT -LESOTHO AUTHORITY RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 M M M M Opening Cash Balances SOURCES OF FUNDS MCC Grant 0.00 583 056 828.87 Total Financing 0.00 583 056 828.87 USES OF FUNDS BY COMPONENTICATEGORY PROGRAM IMPLEMENTATION UNIT CDM Works Goods Consultants 0.00 108 418 267.90 Training Operating Costs Sub - Total 0.00 108 418 267.90 WATER TREATMENT WORKS Works 0.00 454 996 867.77 Goods Consultants 0.00 6 287 888.07 Training Operating Costs 0.00 1 431.34 Sub - Total 0.00 461 286 187.18 DOWNSTREAM CONVEYANCE Works Goods Consultants 0.00 13 352 373.79 Training Operating Costs Sub - Total 0.00 13 352 373.79 Total Expenditures 0.00 583 056 828.87 Not Cash Available Closing Cash Balances Total Closing Cash Balances TOTAL 0.00 583 056 828.87 Page 26 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG DAM - BULK WATER CONVEYANCE SYSTEM AND METOLONG PROGRAM MANAGEMENT UNIT COMPACT NUMBER - GR07LS07001 MILLENNIUM CHALLENGE ACCOUNT -LESOTHO AUTHORITY RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March CUMULATIVE TO THE YEAR 2016 ENDED 31 MARCH 2016 US$ US$ US$ US$ Opening Cash Balances SOURCES OF FUNDS MCC Grant 0.00 69 921 356.54 Total Financing 0.00 69 921 356.54 USES OF FUNDS BY COMPONENTICATEGORY PROGRAM IMPLEMENTATION UNIT CDM I Works Goods Consultants 0.00 13 028 309.67 Training Operating Costs Sub - Total 0.00 13 028 309.67 WATER TREATMENT WORKS Works 0.00 54 237 564.29 Goods Consultants 0.00 852228.80 Training Operating Costs 0.00 200.00 Sub - Total 0.00 55 089 993.09 DOWNSTREAM CONVEYANCE Works Goods Consultants 0.00 1 803 053.78 Training Operating Costs Siub - Total 0.00 1 803 053.78 Total Expenditures 0.00 69 921 356.54 Net Cash Available Closing Cash Balances Total Closing Cash Balances TOTAL 0.00 69 921 356.54 Page 27 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA) RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March CUMULATIVE TO THE YEAR 2016 ENDED 31 MARCH 2016 M M M M Opening Cash Balances 0 SOURCES OF FUNDS BADEA Loan 9845002.95 135 079 512.88 BADEA Grant 0.00 1 944 337.85 Total Financing 9845 002.95 137 023 850.73 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 9336074.71 107 989 138.72 Consultants 508 928.24 29 034 712.01 Unallocated Sub - Total 9845 002.95 137 023 850.73 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 9845 002.95 137 023 850.73 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 9 845 002.95 137 023 850.73 Page 28 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA) RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March CUMULATIVE TO THE YEAR ENDED 31 2016 MARCH 2016 USS US$ US$ US$ Opening Cash Balances SOURCES OF FUNDS BADEA Loan 732 786.91 14 334 707.45 BADEA Grant 0.00 271 750.03 Total Financing 732 786.91 14 606 457.48 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 692777.07 11310 540.39 Consultants 40 009.84 3295 917.09 Unallocated Sub - Total 732 786.91 14 606 457.48 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 732 786.91 14 606 457A Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 1 732 786.91 14 606 457.48 Page 29 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT - LOAN NUMBER 740 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 r tCUMULATIVE TO THE YEAR ENDED 31 For the Year Ended 31 March 2016 MRH21 MARCH 2016 M M M M Opening Cash Balances SOURCES OF FUNDS Kuwait Fund 15 494 696.46 238 536 904.71 Total Financing 15 494 696.46 238 536 904.71 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 14 920 108.69 207 706 680.63 Consultants 574 587.77 30 830 224.08 Unallocated Sub - Total 15 494 696.46 238 536 904.71 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 15 494 696.46 238 536 904.71 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 15 494 696.46 238 536 904.71 Page 30 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT - LOAN NUMBER 740 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH US$ US$ US US$ Opening Cash Balances 0.00 SOURCES OF FUNDS Kuwait Fund 1 246 877.55 24 662 461.84 Total Financing 1 246 877.55 24 662 461.84 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 1 199153.52 20 782 357.15 Consultants 47724.03 3880 104.69 Unallocated Sub -Total 1246877.55 24 662 461.84 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 1 246 877.55 24 662 461.84 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 1 246877.55 24 662461.84 Page 31 MJNISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT OPEC FUND FOR INTERNATIONAL DEVELOPMENT LOAN NO 1137P RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH M M M M Opening Cash Balances 0.00 SOURCES OF FUNDS OPEC Fund 9117 683.36 97 066 846.31 Total Financing 9117 583.36 97 066 846.31 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 9 117683.36 97 066 846.31 Consultants 0.00 0.00 Unallocated Sub - Total 9117 583.36 97 066 846.31 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 9117583.36 97 066 846.31 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 9 117 583.36 97 066 846.31 Page 32 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT OPEC FUND FOR INTERNATIONAL DEVELOPMENT LOAN NO 1137P RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH us_ US$ US$ Us$ Opening Cash Balances 0.00 SOURCES OF FUNDS OPEC Fund 673 763.70 9849 404.72 Total Financing 673 763.70 90 849 404.72 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 673 763,70 9 849 404.72 Consultants 0.00 0.00 Unallocated Sub - Total 673 783.70 9849404.72 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 673 763.70 9849 404.72 Closing Cash Balances Represented By Closing Cash Balances otal Closing Cash Balances iOTAL 673 763.70 9849404.72 Page 33 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT SAUDI FUND FOR DEVELOPMENT LOAN NO 21466 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 M M M M Opening Cash Balances 0.00 SOURCES OF FUNDS SAUDI Fund 4322572.99 248 099 213.13 Total Financing 4322572.99 248 099213.13 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 4322 572.99 248 099 213.13 Consultants 0.00 0.00 Unallocated Sub - Total 4322572.99 248099 213.13 PUMPING STATION Works Consultants Unallocated Sub-Total Total Expenditures 4322572.99 248 099 213.13 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL , 4322572.99 248 099213.13 Page 34 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT SAUDI FUND FOR DEVELOPMENT LOAN NO 21466 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH US$ US$ USS US$ Opening Cash Balances 0.00 SOURCES OF FUNDS SAUDI Fund 361 171.52 24 999 990,00 Total Financing 361 171.52 24 999 990.00 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 361 171.62 24 999 990.00 Consultants 0.00 0.00 Unallocated Sub - Total 361 171.52 24 999 990.00 PUMPING STATION Works Consultants Unallocated Sbu - Iotdl Total Expenditures 361 171.52 24 999 990.00 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances STOTAL. 361 171.52 24 999 990.00 Pae 35 MINISTRY OF ENERGY METEOROLOGY AND WATER AFFAIRS- METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ABU DHABI FUND FOR DEVELOPMENT LOAN NO 1190 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY -DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended B1 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 M OPenino Cash Balances 0.00 SOURCES OF FUNDS ABU DHASI 80 219 410,05 195 986 9091 Total Financing 80 219 410.08 19 9 908.61 _____________ 021 41.0816 986 90.1 USES OF FUNDS BY COMPONENT/CATEGORY METOLONG DAM Works Conultnts80 21D9410,05 186 321 854.6 Conultnts0.00 9 665 051.27 Unallocated Sub - Totl 80 219 410.05 iss 966 905.gi PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 80 219 410.05 195 986 601 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 80 219410.05 __195 960 908.91 0.00 0.00 Pags 36 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ABU DHABI FUND FOR DEVELOPMENT LOAN NO 1190 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 US$ US$ US$ US$ Opening Cash Balances 0.00 SOURCES OF FUNDS ABU DHABI 5699274.59 16 428 347.27 Total Financing 5 699 274.9 16 428 347.27 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 5699274.59 15 529 898.67 Consultants 0.00 898 448.60 Unallocated Sub - Total 5699274.59 16428 347.27 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 5699274.59 16428 347.27 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 5 699 274.59 16 428 347.27 PagS37 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT (KUWAIT) - LOAN NUMBER 740 ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA) SAUDI FUND FOR DEVELOPMENT LOAN NO 21466 OPEC FUND FOR INTERNATIONAL DEVELOPMENT LOAN NO 1137P ABU DHABI FUND FOR DEVELOPMENT LOAN NO 1190 CONSOLIDATED SOURCE AND APPLICATION OF FUNDS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 M M M M Opening Cash Balances 0 SOURCES OF FUNDS Kuwait Loan 15 494 696.46 238 536 904.71 OPEC Loan 9117 583.36 97 066 846.31 BADEA Loan 9845002.95 135 079 512.88 BADEA Grant 0.00 1 944 337.85 Saudi Loan 4322 572.99 248 099 213.13 Abu Dhabi 80 219 410.05 195 986 905.91 Total Financing 118 999 265.81 916 713 720.79 USES OF FUNDS BY COMPONENT/CATEGORY METOLONG DAM Works 117 915 749.80 847 183 733.43 Consultants 1 083516.01 69 529 987.36 Unallocated Sub - Total 118 999265.81 916 713 720.79 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 118 999 265.81 916 713 720.79 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 118 999 265.81 916 713 720.79 Page 3B MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT (KUWAT) - LOAN NUMBER 740 ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA) SAUDI FUND FOR DEVELOPMENT LOAN NO 21466 OPEC FUND FOR INTERNATIONAL DEVELOPMENT LOAN NO 1137P ABU DHABI FUND FOR DEVELOPMENT LOAN NO 1190 CONSOLIDATED SOURCE AND APPLICATION OF FUNDS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THEYEAR ENDED 31 MARCH 2016 us$ US$ US$ US Opening Cash Balances SOURCES OF FUNDS Kuwait Loar1 246 877.55 24 662 461.84 OPEC Loan 673 763.70 9 849 404.72 BADEA Loan 732786.91 14 334 707.45 BADEA Grant 0.00 271 750.03 Saudi Loan 361 171.52 24 999 990.00 Abu Dbabi 5699274.59 16 428 347.27 Total Financing 8 713 874.27 90 546 661.31 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works Works 8 826 140.40 82 472100.93 Consultants 87733.87 8074470.38 Unallocated Sub - Total 8713874.27 90 546 661.31 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 8713874.27 90 546 661.31 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 8 713 874.27 90 546 661.31 Page 39 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT AFRICAN RENNAISSANCE AND INTERNATIONAL COOPERATION FUND OF THE REPUBLIC OF SOUTH AFRICA SOURCE AND APPLICATION OF FUNDS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 M M M M Opening Cash Balances 0 SOURCES OF FUNDS RSA 2 357 604.63 58 752 088.43 Total Financing 2357604.63 58 752 OB8.43 USES OF FUNDS BY COMPONENTICATEGORY ADVACE INFRASTRUCTURE PHASE 2 Works 2 357 604.63 58 752 088.43 Consultants 0.00 0.00 Unallocated Sub - Total 2 357 604.63 58 752 088.43 Total Expenditures 2357604.63 6B 752088.43 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 2357 604.63 8752 088.43 Page 40 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT AFRICAN RENNAISSANCE AND INTERNATIONAL COOPERATION FUND OF THE REPUBLIC OF SOUTH AFRICA SOURCE AND APPLICATION OF FUNDS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2016 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 US US$ US$ US$ Opening Cash Balances SOURCES OF FUNDS RSA 166 102.19 7 166 B90.85 Total Financing 166102.19 7166890.85 USES OF FUNDS BY COMPONENTICATEGORY ADVACE INFRASTRUCTURE PHASE 2 Works 166 102.19 7166 890.85 Consultants 0.00 0.00 Unallocated Sub - Total 166 102.19 7166890.86 Total Expenditures 166 102.19 7166 890.85 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 166 102.19 7186890.85 Page 41 MINtSTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY EUROPEAN ONVESTEMENT BANK (EB) FINANCE CONTRACT FINO 25.713 SERAPIS NO 2000581 METOLONG DAM AND WATER SUPPLY PROGRAM Receipts and Payments by Component and Category FOR THE YEAR ENDED31 MARCH 2016 For the Year En-bd 31 Maruh 2016 CUMULATHVE TO THE YEAR ENDED 31 MARCH 2016 OPENING CASH BALANCES EIB Designated (ZAR) MA 181397 662 SOURCES OF FUNDS EIB Loan 1 207 287 287 1 184 505 4Q9 TransfeW Other Receiposts Foreign Exchange Difference-a Total Financing 388684949 1184505409 USES OF FUNDS BY COMPONENTICATEGORY METOLONG AUTHORITY Works -52 Goods Consultants 2 . Training - Operating Costs (1426) (1428) Sub - Total (1426) (14261 PROGRAMME IMPLEMENTATION UNrF Works - 8 Goods Consultants 28134794 43 325 264 Tralnla Operalin Costs Sub-Total 28134794 43325264 WVACE INFRASTRUCTURE PHASE 2 Works 31563268 Goods Consultants 2 080 105 27341855 Training ODerating Costs - - Sub- Total 2080105 58905123 METOLONG DAM Works 52952 926 87 228 324 Goods Consultants - - Trainin Operating Costs Sub - Total 52lSsl2o926 7228324 WATER TREATMENT WORKS Goods Consultants Training Operating Costs Sub -Totaf DOWNSTREAM CONVEYANCE Works 129_306_230 693056 366 Goods Consultants 68207 447 37 335798 Training Operating Costs Sub - Total 135 5136877 730 392 163 ENVIRONMENT SOCIAL IMPACT Works 85 2a7 251 179 938 338 Goods Consultanis 1 669 257 1 669 257 Training - - Operaing Costs . Sub -Total 86956 508 181 607 59 Total Expenditures 305 M3 583 1 101 457 044 Closing Cash Balances Represented By EJB Designated (ZALR) MA 83 048 365 83048 365 Total Clnsing Cash Balances 83048 365 83 04831i5 TOTAL. 300 684 949 1 184 505 400 PagP42 MINIETRY OF WATER -METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY EUROPEAN INVESTEMENT BANK (EIB) FINANCE CONTRACT FIND 25.713 SERAPIS NO 2009081 METOLONG DAM AND WATER SUPPLY PROGRAM Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2018 For the Year Ended 31 March 2016 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2016 US$ US$ US$ usM OPENING CASH BALANCES EIB Designated {ZAR) MA 14 900 661 SOURCES OF FUNDS EIB Loan 18 184 838 119 866 202 Tranir Other Receipts - - Fareign Exchange Difierence (2 932 461) (8 886 362) Tota Financing 28153036 11029792840 USES OF FUNDS BY COMPONENTICATEGORY METOLONG AUTHOREY Works 408 Goods Consultants - - Training Operating Costs (114) (1144 Sub-Total (11141) 7114) PROGRAMME IMPLEMENTATION UNIT Works 3854 8543 Goods Consultants 2052242 3354726 Tralning Operating Costs Sub - Total 2 0 242 3354726 ADVACE INFRASTRUCTURE PHASE 2 Works - 4 260 831 Goods Consultants 155441 3354794 Traning Operating Costs - Sub - Total 15641 7815625 METOLONG DAM Works 3815542 6 854 630 Goods Consultants - Training Operating Costs Sub - Total 381642 185430 WATER TREATMENT WORKS Works - Goods Consultants Training Operating Costs Sub - Total -6- DOWNSTREAM CONVEYANCE Work 9nd28r722 25 043 891 Gaods Consultants 446017 3 550431 Training Operating Costs Sub - Total 10 072 739 71634322 ENVIRONMENT SOCIAL IMPACT Works 6 277631 15741096 Goods Consultants Training 132 004 1132 004 0Orating Costs-- Sub - Total 6 409 635 15 873 100, Total Expenditures 22505485 105332289 Closing Cash Balances Represented By EIB Designated (ZAR) MA 5 647 551 5 647 551 Total Closing Cash Balances 1 5 047 551 5 647 551 TOTAL 28 153 036 1110 979 840 Pap043 ш 5 rc � о а а мЙ О10� ЙSIDрΡOONDOOФI(иilq $ Wа W�} т80рΡ0рΡт� q И 4�'ут9 i�Vpт цi 1�т6( Q pNNj ц1 � О цNтJ tбС1 И� W W� ONO1 О О 1У Ф Ф VVVO т У1 Ф�уΡ т N{уΡ r1� е M1 M1 (т� т О О О {�уΡ� 1� o Й M1 W Т Ф О� т fq С1 О�� ц� р Ф Й 1� г ЙtуΡ а =' Ф� т W W ц1 �И Q т N N 1р е Ф т И h г Ф Г О� И W Ф 4О� 1оm0 � О N��рΡ рΡО W W О О О О О Q$ меvетт mi. еее `� А о Р� N т т Ф ОУ т N W Q О N И о G С i'�у О О С � �����$����������N � t �� $ т ти Ит те�м� Й � р х � °�д � � терΡ$qryуΡ ��j��o�i,mry°г�ь�, йfрΡ �тл т оь°imт � Ф�И W 1� W�О���Уq�У О Ф i0 ON�r �+ � � �мрΡ°аё��еSй�а$о$атждiЙлs S �f $мт�� Ф Сш т Р т N т ~ Ф И fG Ф г W r т � у тпт ш Е � ш � � � � � LL h ё� а т s м ер � е n �$ а� т т т$ � ооуΡ�M1Д"� g��ьФёу` гgом � Е � g мй$йZд�ййiтiдSа�ё т c�o8��r И� И�� м� N N N г ы 1 M1 �. � � ш � ��ттыll�т�°nmh� еM1аа�iй$1тОА а = � _� W M1 т 1� � т M1 Ф W г И N M1 4'f т Ф а � 6 () 'lj W l�[ Е1 Й N ry о т � � = w `�д � т ш ё � � а ^' � � ы � х и � _ =а V м +ri{{{�уΡуΡуΡ��1f�ë1�i�ë$тO°ory�рΡ� $ �'�$рΡёё$$ о° � � 9�1 Ы ш M1уΡ fN' У Г ФN г Ф�{уΡ (W��1� Nq Ф О(� ОрΡ NуΡ� ИуΡ� о О О О С р � О U' (9 � Z [т1 И$� м Е! fm0 1� �f И W 16 W R О 1G Ф О N Ф = ш м т M1 1�7 м т 1ff т т И 4 т � �� �� �� Ф ти е7т т� s� О 'S LL � а ш � б �+ х й И � �, с О LL s т , О � $м S$ °о � '^"' $ Н а�'i � � g ц �. а 7рΡ м _ м$ PaS�$йw$иёаg i�iS $mv � 3 �� д � � г О W'ls �O$ё�И���ю�ййй �� �' °т � �� � € О = ��оM1т лиryryry ти'N��7 v� й И ° r тФ _ � � � � �� �п��тw� W O1trsм.� Ии � � � _ г� r ry й`ьgiт ё�,аёё$г�°c�n �°qS $ё °о, 5`у � � ё� т$°т �� т� ffi°} о о е S е ; LL о трΡ мM1 т т т мN v{уΡ w орΡ° °орΡ °о а ё1� Z �� У О 01 т А Q Ф� Г+f т� г о$ N N �� И м аьИ Nf0 sл И � {'S M1 7 V С С т � а � о � ё Е с о. � g т � _О � т 4� � т " v !'_ т� iЛ и о т о с с Е Ё т Ф �б `а' t с cq�oq�m � с° '1й �vë w- ш `S�a `'%т �- � g!о �о��а � 's��a���� ��Ф Ё�9�,тйй � 1� �� Ф � D �� ог2 �= Q с ту' О�g� гттi$ �$;� �C��U� ii�r �г-- с � �а$ � т Е � Е CQ° т� � о_"5 W о т Е� с сЕΡ °� п �� Е��' ° т V� V�� Е����_ С� � � Е ё � т � � _ � с о � о т Е � � � •Q � Е � g � �$5 т � � � Е � ® �S ыш ?о �.� аS,и°ЗUО¢С) Е �� Ей �иа5 �� ��ре,ата� й � с7 � � щ У О � й � � �i а � � g � � � � � � � � � � а а � ¢ а ¢ ¢ � а Q Й 7 � � G ` д �еее$$ьп$i.��о S°о°о°ооо"$$$леееее�ее$$� т о о т е о о о о о о о о м мрΡ го Ф л ао оm qрΡ {уΡ д д д �(� д д дрΡа б а д о о о о е�. 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H732-LB DEPOSIT BANK. CENTRAL BANK OF LESOTHO P 0 BOX 11114 MASERU 1100 LESOTHO ACCOUNT NO: IGODO86USD4405436 DESIGNATED ACCOUPIT B (METOLONG) CURRENCY OF DESIGNATED ACCOUNT., USOOLLAR 4 Opening DA balance at beginning of reporting period (as of I JANUARY 2016 SAdWSubftct Cumulative adjustments ffarryArriounta rwf paid under aAolloadons) 6 Advances from World Bank durfng reporting period 7 Add lines 5 and 6 8 Outstanding advances to be accounted for (add fine 4 and Ifyie 7) 9 Closing DA balance at end of current reporting period (as of 31 MARCH 2D16 10AIddlSubtraft Cumulative adjustments ffanjo Bank Charg" to be rehuided to 13A Unpresented Cheques 11 Expenditure for current rwortinq Period - Component I and 2 12 Add lines 10 and 11 13 Add lines 9 and 12 14 DHference (ffarW (Un@ 8 ndaus line 13) Bank Char"s on Apid1cedon MA-01 CR41174-LSO Note: Una 14 OperwilingCosU-unpres"tadchaq- 1 0. 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Foreign currency translation for the income and expenditure account items are converted using the actual historic exchange rate at the conversion from special to local account. Where part of the expenditures has to be met from the proceeds of subsequent draw downs from special to local account, this is done on First in First out (FIFO) basis. All local expenditures paid from the local accounts/currency are translated back to the USD at the actual rate used for the transfer from special to local account. Cash balances held in foreign currency are reported using the closing rate. Gains/Losses on foreign currency transactions/balances are dealt within the Consolidated Uses of Funds by Component and Output Statements. 1.4 Income Finance income is accounted for upon receipt. The source of this income is the interest earned on positive balances on Government of Lesotho (GoL) contributions held at commercial banks and funds received on the sale of tender documents. 1.5 Income Tax In terms of the various Loan/Grant Agreements with Development Partners funding is not subjected to taxation by the Government of Lesotho. As GoL is a signatory to these agreements no taxation is provided for by the Metolong Authority. 1.6 Employee Benefits All employees have subsidised membership of medical aid funds. The Metolong Authority takes no firther responsibility for their medical expenses. 1.7 Accounts Receivable 54 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 Amounts due by employees are secured by an acknowledgement of debt allowing amounts due to be deducted monthly or in full on termination. No interest is payable by employees. 1.8 Financial Risk Management The Metolong Authority is subject to inflation risk for its large projects. A contingency amount is built into all capital project budgets for this. The funders of the projects have agreed to fund these contingencies. The Compact for the Millennium Challenge Corporation terminated on 16 September 2013. Any unexpended funds at this date are lost subject to a provision for a small amount to be rolled forward. To manage this risk the Metolong Dam and Water Supply Programme's construction plans are set up to ensure that the project will be complete on this date. Post Compact an amount of M 110,749,132.21 was received from GoL Compact Reimbursement Call Account as a residual to finance the Water Treatment Plant contract. The funds were deposited in the FNB Account. The funds disbursed to date for the Metolong Dam and Water Supply Programme represent 75% of the current funding of the programme; this status is expected to improve in the next financial year when construction will be nearing completion. 1.9 Liquidity Risk Liquidity risk is the risk of the Metolong Dam and Water Supply Programme defaulting on its financial obligations as a result of insufficient funding capacity in relation to such obligations. The Authority manages this risk firstly through seeking guarantees from the Government of Lesotho and the Development Partners/ financiers and secondly by continuous review of the project costs and funding requirements Bridging Overdraft Facility for the Construction of the Metolong Dam Project The Government of Lesotho has requested FNB to facilitate the operation of the facility worth M30,000,000 to bridge the financing gap for the construction of Metolong Dam Project. The facility was closed in the financial year 2013-2014. 1.10 Risk Management Risk management is of critical importance to the Metolong Dam and Water Supply Programme (MDWSP) as it understands and recognizes that changing market conditions make risk unavoidable. The MDWSP has sought and will implement a comprehensive risk management process to consistently identify, understand and properly manage risk at all times. 2.0 SCOPE The statements incorporate transactions related to the Metolong Dam and Water Supply Programme reflecting receipts and disbursement from the Government of Lesotho (GoL), the International Development Agency (IDA), the European Investment Bank and, the Direct Disbursement made by the Millennium Challenge Account (MCA-Lesotho), the Arab Bank for Economic Development in Africa (BADEA), Kuwait Fund for Arab Economic Development 55 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 (KFAED), Abu Dhabi. Saudi Fund for Development (SFD) and Republic of South Africa. The period covered by these statements is from lst April 2015 to 3 1st March 2016. 3.0 BUDGET The budget is developed on the same accounting basis (cash basis), same classification and for the same period as the financial statements. 4.0 CASH AT BANK 4.1 Cash at Bank and on CaH The Nedbank Call and Current accounts contains funds from Government of Lesotho, a sweeping facility has been put in place to ensure that any cash deficits in the current account are immediately corrected. 4.2 Designated and Project Accounts The Designated Account A managed by the Commissioner of Water (Cow) and Designated Account B managed by Metolong Dam and Water Supply Programme (MDWSP) are held with the Central Bank of Lesotho and have been maintained in accordance with the provisions of the relevant financing agreements and funds disbursed out of the Accounts were used only for the purpose intended in the Financing Agreement Credit No 4574-LS, Grant No H475-LS and Grant No H738-LS. The Project Account A managed by COW receives GOL funds to finance operating costs under component 3 and Project Account B managed by MDWSP receives GOL funds to finance cash compensation and operating costs under component 1 and 2 and all other MDWSP administrative costs. The funds provided have been used in accordance with the relevant financing agreements, with attention to economy and efficiency, and only for the purpose for which they were provided. 4.3 56 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 BANK BALANCES 2016 2015 M US$ M US$ IDA Designated USD MDWSP 67, 125, 479 4, 564, 744 23, 727, 027 1, 949, 024 IDA Designated USD COW 614, 378 41, 780 5, 843, 889 480, 038 EIB Designated USD MDWSP 83,048,365 5,647,551 181,397,662 14,900,661 GOL Call 23, 070, 898 1, 895, 127 5, 886, 706 483, 555 GOL Counterpart MA (1, 629, 060) (133, 817) (203, 094) (16, 683) GOL Credit Facility FNB MA 5,390,925 442,830 30,744,814 2,525,490 GOL Counterpart COW 749,770 61,589 70,411 5,784 TOTAL 178, 370, 757 12, 519, 804 247, 467, 414 20, 327, 869 A sweeping facility has been put in place to ensure that any cash deficits in the GOL Counterpart current account are immediately corrected. 4.3.1 European Investment Bank A total amount of MI,185,000,500 (EURO95,000,000) has been disbursed in six tranches from the European Investment Bank (EIB) under Finance Contract FIN No 25.713 Serapis No 20090581 between the Kingdom of Lesotho and the European Investment Bank. 5.0 DIRECT PAYMENTS Direct payments shown on pages 40 and 41 of the financial statements refer to those payments made directly by the lenders from the Loan/Grant account to the specified supplier/service provider in accordance with the terms and conditions of the financing Agreement. 6.0 OTHER RECEIPTS 2016 2015 M US$ M USS Interest Income 847,865 58,862 517,027 46,305 Other Income 36,691 3,013 293,100 29,248 884,556 61,875 810,127 75,553 7.0 NON-CURRENT ASSETS 2016 2015 57 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 M US$ M US$ Motor Vehicles 1,037,021 138,349 1,037,021 138,349 Office Equipment 3,520,093 400,894 3,520,093 400,894 Furniture and Fittings 1,088,371 134,676 1,085,279 134,676 5,645,485 674,113 5,642,393 673,919 This schedule includes all assets acquired from the commencement of the Programme. These assets are stated at cost. 8.0 ACCOUNTS RECEIVABLE 2016 2015 M us$ N US$ Due by Employees 284, 587 39, 043 275, 468 39, 352 Prepayments 25, 000 2, 577 25, 000 2, 577 TOTAL 309,587 41,621 300,468 41,929 9.0 RELATED PARTY TRANSACTIONS MDWSP is controlled by the Government of Lesotho. 10.0 FOREIGN CURRENCY TRANSLATION * Direct Payments by MCC, KBOSA are in foreign currency have been translated at the rate ruling at the date of transfer. All expenditure incurred in Local Currency Account is translated into US Dollars at the rate ruling on the date of the transaction. * Balances held at the end of the financial year 31ST March 2016 are translated using the following closing rates: USD1 = M14.7052 XDR = M20.746 XDR = USDI.409 Dinars = USDO.4344 Riyal - M3.7102 58 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 ABBREVIATION USD = United State Dollars M Maloti XDR Special Drawing Rights (SDR) 11.0 UNREALISED GAIN ON EXCHANGE The amount of M2,222,516 on page 12 represents unrealized exchange gains from the Foreign Currency Accounts and on page 13 USD3,142,301 exchange losses from the Local Currency Accounts as at 31sT March 2016. 12.0 COMMITMENTS Funding commitments at year end are as follows: * GoL - claims, tax refunds and consultants. * other funders - for the design consultants, the panel of experts, programme management unit, the engineering manager, water treatment works, advance infrastructure Phase, Social and Environmental Impacts PROGRAMME COMMITMENTS BY FUNDING AGENCY 31 March 2016 FUNDER M US$ Government of Lesotho 60, 000, 000 4, 080, 189 Kuwait, Badea Saudi, Opec and Abu Dhabi 46,509,577 3,162,798 World Bank 67, 125, 473 4, 564, 744 Millennium Challenge Corporation 0 0 Republic of South Africa 1,247,915 84,862 European Investment Bank 239, 397, 334 16, 279, 774 TOTAL COMMITMENTS 708, 114, 936 60, 795, 720 13.0 NUMBER OF EMPLOYEES The Metolong Authority had 35 employees as at 31st March 2016 and 36 as at 31st March 2015. 59 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2016 60