. , THE UNITED REPUBLIC OF TANZANIA NATIONAL AUDIT OFFICE . -.. l,. REPORT OF THE CONTROLLER AND AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF THE PRIVATE SECTOR COMPETITIVENESS PROJECT (PSCP) IDA CREDIT NO. T5326 TA FOR THE YEAR ENDED 30TH JUNE, 2016 Controller and Audftor General, National Audit Office, 16 Samora Machel Avenue, P.O. Box 9080, 11101 Dar es Salaam, Tanzania. Tel: 255 (022) 2115157 /8, Fax: 255 (022) 2117527 E-mail: ocas@nao,go,tz Webstte: www.nao.go.tz January, 2017 AR/PSCP/2015/2016 TABLE OF CONTENTS 1.0 GENERAL INFOR.MATION .................................................................. 1 1.2. Vision, Mission and Core Values .......................................................... 1 1. 3 Brief History of the Project ............................................................... 2 1.4 Project Objectives ...... .............. ..................................................... 2 1. 5 Financing of the Project ............................................................ i ••••• 2 1. 6 Audit Objectives ......................................................... , .. ................ 3 1. 7 Audit Scope ............................................ ..................... ................ 3 1.8 Audit Methodology ....................................................................... , . 3 2.0 AUDIT REPORT ON THE FINANCIAL STATEMENTS ............... ..................... 4 Audited financial Statements and Notes to the Financial Statements ................. . .... 7 STATEMENT OF RESPONSIBILITY ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE, 2017 ...... .................................................... .. ................ 8 Organization Structure ............................................................................. 9 ii Office of the Controller and Auditor General AR/PSCP /2015/2016 I 1.0 GENERAL INFORMATION 1. 1 • Mandate The statutory duties and responsibilities of the Controller and Auditor General are gtven under Article 143 of the Conslilulion of the URT of 1977 (rev1sed 2005) and in Sect. 10 (1) of the Public Audit Act No.11 of 2008 the Controller and Auditor General is the statutory auditor of all Government revenues and expenditures including the revenues and expenditures of the Private Sector Competitiveness Project (PSCP) 1. 2. Vision, Mission and Core Values Vision To be a centre of excellence in public sector auditing Mission To provide efficient audit services in order to enhance accountability and value for money in the collection and use of public resources. Core Values In providing quality services, NAO is guided by the following Core Values: ./ Objectivity: We are an impartial organization, offering services to our clients in an objective and unbiased manner; ./ Excellence: We are professionals providing the highest quality audit service based on best practices; ./ Integrity: We observe and maintain the highest standards of ethical behaviour and the rule of law; ./ People focus: We focus on our stakeholders' needs by building a culture of good customer care and having competent and motivated work force; ./ Innovation: We are a creative organization that constantly promotes a culture of developing and accepting new ideas from inside and outside the organization and ./ Best resource utilisation: We are an organisation that values and uses public resources entrusted to it in an efficient, economic and effective manner. We do this by: • Contributing to better stewardship of public funds by ensuring that our clients are accountable for the resources entrusted to them; • Helping to improve the qual1ty of public servi ces by supporting innovation on the use of public resources; • Providing technical advice to our clients on operational gaps in their operating systems; • Systematically involve our clients in the audit process and audit cycles; and • Providing audit staff with appropriate training, adequate worki ng tools and facilities that promote their independence. © This audit report is intended to be used by Government Authorities. However, upon receipt of the report by the Speaker and once tabled in Parliament, it becomes a public record and its distribution may not be limited. Office of the Controller and Auditor General ARIP SCP /2015/2016 1. 3 Brief History of the Project The Credit agreement (No. 5326 TZ) for the Private Sector Competitiveness Project Additional financing (PSCP-AF) was signed between the International Development Association (IDA) and the Government of the United Republic of Tanzanf a( GOT) on March 17th January 2014 for 15 months period from April 2014 up to an end of June,2015. The Private Sector Development and Investment Division under the Prime Minister's Office of t he United Republic of Tanzania . undertake the Coordination activities of the Project. 1.4 Project Objectives PSCP-AF objective has mainly been to support strengthening of business environment in Tanzania including land administration reform and improving access to finance services. The project also seeks to reduce costs of doing business and increase the capacity of the local private sector to participate in domestic and international markets and to access appropriate financial services. The Project components include (i) Strengthening business environment, (ii) Improving access to finance, (iii) Capacity building and project management. The project provides an additional credit amount of about USS 60.2 million for the period ending May 31, 2017. 1. 5 Financing of the Project The activities of the PSCP- AF are financed mainly by IDA's Credit number 5326-TA from World Bank. The budget fund for 2015/ 16 for PSCP was USD 48,834,408, of which USD 11,360,000 (23%) was received. The financial performance for the year 2015 I 16 was as follows: Details Amount in USO Balance as at 1.7.2015 9,591,617 Funds Received during the year 11,360,000 Total Funds available 20, 951,617 Total Expenditure 11,221,290 Foreign exchange loss 38,882 Balance as at 30.06.2016 9,691,445 2 Office of the Controller and Auditor General AR/PSCP /2015/2016 1.6 Audit Objectives To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and are prepared in accordance with an applicable financial reporting framework; and whether laws and regulations have been complied with. 1 •7 Audit Scope The audit was carried out in accordance with the, the International Standards of Supreme Audit Institutions (ISSAls) and other audit procedures as were deemed appropriate under the circumstances. This covered the evaluation of the effectiveness of the financial accounting system and internal control over various activities of the Private Sector Competitiveness Project (PSCP) The audit was conducted on a sample basis; therefore the findings are confined to the extent that records, documents and information requested for the purpose of the audit were made available to me. Audit findings and recommendations arising from the examination of the accounting records , appraisal of the activities as well as evaluation of the Internal Control System which requires management's attention and actions, are set out in the management letter issued separately to the Private Sector Competitiveness Project (PSCP). As an auditor, I am not required to specifically search for fraud and therefore, my audit cannot be relied upon to disclose all such matters. However my audit was planned in such a way that I would have reasonable expectations of detecting material errors and misstatement in the financial statements resulting from irregularities including fraud. The responsibility for detection, prevention of irregularities and the maintenance of an effective and adequate system of internal control rests with the management of the Private Sector Competitiveness Project (PSCP). 1.8 Audit Methodology My audit approach included tests of the accounting records and other procedures in order to satisfy the audit objectives. My audit procedures included the following: • Planning the audit to identify and assess risks of material misstatement, whether due to fraud or error, based on an understanding of the entity and its environment, including the entity's internal controls. • Obtain sufficient appropriate audit evidence about whether material misstatements exist, through designing and implementing appropriate responses to the assessed risks. • Form an opinion on the financial statements based on conclusions drawn from the audit evidence obtained. • Follow up on the implementation of the previous year's audit findings and recommendations to ensure that proper action has been taken in respect of all matters raised. 3 Office of the Controller and Auditor General AR/PSCP /2015/2016 2.0 AUDIT REPORT ON THE FINANCIAL STATEMENTS To: Permanent Secretary, Prime Minister's Offica, 2 Magogoni Street, P.O.Box 3021, 11410 DAR ES SALAAM. RE: REPORT OF THE CONTROLLER AND AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF THE PRIVATE SECTOR COMPETITIVENESS PROJECT (PSCP) FOR THE YEAR ENDED 30TH JUNE, 2016 INTRODUCTION I have audited the financial statements of the Private Sector Competitiveness Project (PSCP) which comprises of the Statement Of Financial Position as at 30th June 2016, its Statement of Financial Performance, Statement of Change in Equity and Cash Flows Statement for the year then ended, Statement of Comparison of Budget and Actual Amounts and A Summary of Significant Accounting Policies and Other Explanatory Information attached as Annexure I to this audit re port. Management's Responsibility for the Financial Statements Management of the Private Sector Competitiveness Project (PSCP) is responsible for the preparation and fair presentation of these financial statements in accordance with International Public Sector Accounting Standards (IPSAS), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error as per the Statement of Management responsibility on the Financial Statements. Attached in Annexure II Responsibility of the Controller and Auditor General My responsibility as an auditor is to express an opinion on the financial statements based on my audit. i conducted my audit in accordance with, International Standards of Supreme Audit Institutions (ISSAls) and such other procedures I considered necessary in the circumstances. These standards require that, I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making the risk assessments, I considered internal control system relevant to the 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 internal controls. The 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. 4 Office of the Controller and Auditor General AR/PSCP/201 5/2016 In addition, Sect. 1O (2) of the PAA No.11 of 2008 requires me to satisfy myself that, the accounts have been prepared in accordance with the appropriate accounting standards. Further; Sect. 48(3) of the Public Procurement Act No. 7 of 2011 requires me to state in my annual audit report whether or not the auditee has complied with the provisions of the Law and 1ts Regulations. I believe that, the audit evidence I have obtained is suffic1ent and appropriate to provide a bas1s for my audit opinion. Unqualified Opinion In my opinion, the f1nanc1al statements present fairly, in all material respects, the financial position of the Private Sector Competitiveness Project (PSCP), as at 30June 2016 , and of its financi al performance and its cash flows for the year then ended in accordance with the International Public Sector Accounting Standards (IPSAS) Accrual basis of accounting and Project Document. Report on Other Legal and Regulatory Requirements Compliance with the Public Procurement Act, 2011 In view of my responsibility on the procurement legislation and taking into consideration the procurement transactions and processes I have reviewed as part of this audit, I state that, the Private Sector Competitiveness Project (PSCP), procurement transactions and processes have generally complied with the requirements of the Public Procurement Act No. 7 of 2011 and its underlying Regulations of 2013. Athumani 5. buttuka Ag. CONTROLL A~D AUDITOR GENERAL January, 2017 Copy to: Permanent Secretary, Prime Minister's Office, 2 Magogoni Street, P.O .Box 3021, 11410 DAR ES SALAAM. 5 Office of the Controller and Auditor General AR/PSCP/2015/2016 The Permanent Secretary and Paymaster General, Mfnfstry of Ffnance and Plannf ng, 1 Madaraka Street 11468 DAR ES SALAAM. P.O. Box 9111, DAR ES SALAAM; World Bank Representative, P. 0. Box 2054 DA~ ES SALAAM. Project Coordinator, Private Sector Competitiveness Project (PSCP), Prime Minister's Office, 2 Magogoni Street; P .0. Box 3021, 11410 DAR ES SALAAM. 6 Office of the Controller and Auditor General AR/PSCP/2015/2016 Annexure I Audited financial Statements and Notes to the Financial Statements (a) Statement of Financial Position; (b) Statement of Recei pt And Payment; (c) Budget Control Statement (d) Cash Flow Statement; and (e) Notes, Comprising a Summary of Significant Accounting Policies and Other Explanatory Notes 7 Office of the Controller and Auditor General AR/PSCP/2015/2016 Annexure I STATEMENT OF RESPONSIBILITY ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JQTH JUNE, 2017 These financial statements have been prepared by the management of the Private Sector Competitiveness Project (PSCP), in accordance with the provisions of Sect 25(4) of the Public Finance Act. No 6 of 2001 (Revised 2004).The financial statements as required by the said Act are presented in a manner consistent with the International Public Sector Accounting Standards (IPSAS) - Cash modified basis of accounting. ~ The management of Private Sector Competitiveness Project (PSCP) is responsible for establishing and maintaining an effective Internal Control system designed to provide reasonable assurance that the transactions recorded in the accounts are within the statutory authority and that they contain the receipt and use of all public financial resources by Private Sector Competitiveness Project (PSCP). To the best of my knowledge, the system of Internal Control has operated adequately throughout the reporting period and that the financial statements and underlying records provide a reasonable basis for the preparation of the financial statements for the 2015/2016 financial year. I accept responsibility for the integrity of the financial statements , the information they contain and their compliance with the Public Finance Act No. 6 of 2001 (revised 2004) and instructions issued by World Bank in respect of the year under review. Date STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 30TH JUNE 2016 ...... ... __ __ __ ______ _ _ ... . - .. . .............................................. _ _ .........,. . .... + ................ > .. .. . ............... . ... .. ... . .... ........................... ... . ... ......... _ _ _ ,;,. ... . . . . ..... ______ .. .. _ ... & ...... ~ ........ ... . ·••<••- ---- .... 0 .... . , ........ . . . . . _ _ _ _ ., __ ___ _ Notes 2015/16 2014/15 --- ·-· ·- ·-·--··--··········-··············-········-······------·· ·····-········· ..... ··························-·····-···_(USDJ.. ___ .{U?PJ.. ____ RECEIPTS World Bank (IDA): BOT Special 11,360,000 Account -World-Bank .(IDA):Direct payment ·to....... ....... ........................................................................ 17,707,910 1,436,284 . beneficia~i~·-·· ·-·-·-----·-· .. ·······----··--· ---·--·-----____ ·---~-·,---~------·----~------ ····-·---···-······· Government of Tanzania 822,301 ·;~~~;~~:eceived -==-~: .::::=::== :: 2_ =:r::: = ···-··-----····-····.···········•·····•············•·· ·······•········........... ................ ······ ··························-···············-·········· ··························1 = == 11,360,000. 19,966,495·1 ~ Component 1: Strengthening of 3 ~~:~::::v:~:::~ing.Access to ·-···. . i-- -t- · ······- 4,307,787 . __ 6,671,515 1 Financial Services 4,592,853 1,601,258 i - - -- --····-·--·-···-·-·-·····- -------··-·- ··-· ··-······- ···· --· -···--··- ···--·-··-·- -- - ---- - ·· - ··-······- ···-·····-, Component 3: Project Management 5 j -=--==-~=:==~== ~=~·t===·1~:~~:~!~:1~:~~~:~~~ Excess of Receipts over P~ments__ _ ________ ··---····- __ -··-··- ·-··----------138,710 _ 9,613,443 _ Closingjund_ balance_ as at 30.06.2015 .... ··-············ ____ ··················-··-·-······ 9,591,617 _1 _________________0 _ Foreign Exchange Difference 6 (38,882) (21,826) Ga.!EL_~ssl__________ ____ ____ ______ -------------- --- - - -- --·-···- Cl~jund_ balance_ as at 30.06.2016 __________ --·-·····-- - - 9,691,445 _ 9,591,617 _ . ___ . ------------------·--··.~··--=~-l__ ___ -- ·-····-····-···- - ___ -----~---- ------·-···--- -- - forms an integral p}lrt of_ - - -·· ----·····Note _2-5 _ statements __________ these financial_ _ _ ___ ___ ___ _ _ ____ ......................~ ,ct-;'.t> .... .L.~...:. . ~ ..L:....~...l1 (., ._,; .)' ,. \\\ ; :> . ~\ ~v ,.. .·· ACCOUNTING OF~ ,~, 1~· ~ ~:.\"" ..... DATE 7 PRIVATE SECTOR COMPETITIVENESS PROJECT STATEMENT OF FINANCIAL POSITION AS AT 30™ JUNE 2016 30.06.2016 30.06.2015 USO USO .. Assets Notes Non.. Current Assets - ·-'-----·--·• ·---·-w------------ --,.,,,_ ___,_____, ·--- ·--·--...· ,_, ___ .. _,.._w _ _ _ , ,_ Proper!)', Plant and E9E_!pment 7 32,078 18,683 ·-- - - - Current Assets 0 0 - Bank Balances 8 9,691,445 9,591,617 Other Receivables & Staff Debtors 9 116,627 367,160 Total Assets 91840,150 9,977,460 _Represented_ by . ______ ................-··----..--..-..------··--·--··- ··········-·-----·--· . -.-...........-·-·---· ---·--··-··. ····--·-..······· . .. . . ..._ . . ...-.. .. .......-......_ Capital and Reser~_ es-------·-------··--·-----· ________ ·---·-·----· --------··- Accounts Payables 10 0 0 Total Funds Balance (Total Capital and Liabilities) 11 9,840,150 9,977,460 Note 7-11 form integral part of these financial statements . ~I~ L~, al,.............. ..................... .L' ... ACCOUNTING OFFICER .\"r~·',.,., DATE ~ . \ . ..; 't-- ,.C "~ ,v.,, '" ~ ;' ·, I"~\ .· .•: -- · v· ·. . ..._t,':r~ . ~:-· .. <~" \'• ~v '~~., · 'i~~ 8 PRIVATE SECTOR COMPETITIVENESS PROJECT !'SCP PROJECT "' .. .. .... CASlI FLOW STATEMENT FOR THE YEAR ENDED ON 30TH JUNE 2016 2015/16 2014/lS - -----· TJSD USO Operating Activities ·------ __ .... ___ ·-· - - ~--- ·-- -- ,, ____ _ ,, _ )y.~fflera~d from: . _. ______, .. -... . . .- ··--·······-··--.. . .......... -.----·-··-·-.. . .-.. ..... _.._ ....___ ___.....-.................___ .......~-....... -............._....____. .... ,,.._ , World Bank IDA and Government .•. ·--·- . ---· 11,360,000 19.!.J66,495 _ 11,360,000 19,966,495 ·- · - --- - -- Cash paid to Emplo ees & Service Providers (11,202,603) (10,327,660L - Adjustments for effect of foreign exchange gain/ (loss) (38,882) (21,826) - -· --- ·- - -- -- - Net Cash from operating activities 118,515 9,617,009 ., ___ t-,-........ _ _ _ _ _ _ _ ,........... - .......,_, ______ ,,.,.......- ............... _ ................ _. ___ ,..,..........., - - - -.. - .......................... - .......... _ . _ _ _ , _, _ ___ .. __ _ - ..........,--·---,-·····.......___ "-·------·--··-··-··-..----·---·-- --~ .................. ,. Investing ~ctivities - - -·---·--·-·-·-··--..--..--..- ·-..---·-·--- - --...-·---·-·- ---- - - -··-·-·-"-..-·--- ------·------·-·--- Acquisition of ICT Equip_ment (15,687) (16,970)_ -- - ----·---- - --- Acquisition of Furniture and Fittings (3,000) (8,422) Net cash used in investing activities (18,687) (25,392) -- Net movement in cash and cash equivalents 99,828 9,591,617 Cash & Cash Equivalents at the beginning of the year --· --- __ _______ ,..,_., ·-· 9,591,617 -0 ----·---- ar Cash & Cash Equivalents at the ~ndyf the ye. 9,691,445 9,591,617 •.••.• ' • ... ••• •.• . ••. .•. •. . ~ • ................. tJ ~' ~ , (/' •• (I • I b · D { i ;;}__c ('7 .....................•.............. .7.:::-- <.,(.; ~ ... (\',\ , . ACCOUNTING OFFICER '?"' ·, .., DATE 9 PRIVATE SECTOR COMPETITIVENESS PROJECT BUDGETARY CONTROL STATEMENT FOR THE YEAR ENDED ON 30.06.2016 rrih(f- e . component 1: 35,275,471 4,307,787 30,967,684 12% Strengthening of Business Environment , - , component 2: Improving 9,207,290 4,592,853 4,614,437 50% Access to Financial Services , ,, component 3: Project 4,351,647 2,320,650 2,030,997 53% Mana ement Grand Total 48,834,408 11,221,~90 37,61_3,118- 23% 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 3QTH JUNE 2016 NOTE l: PRINCIPAL ACCOUNTING POLICIES (i) Accounting Standards The financial statements have been prepared in accordance with International Public Sector Accounting Standards. The principal accounting policies adopted are set out below. (ii) Basis of Accounting These financial statements of Private Sector Competitiveness Project (PSCP) includes all sub- Programme's covered in the Development Credit Agreement #5326TA between Government of Tanzania and International Development Association (IDA) The financial statements have been prepared and presented on a cash modified basis of accounting, pursuant to Public Finance Act No. 6 of 2001 (revised 2004) and its Regulation, Supplement no. 25 of July 2001 and additional details have been included to promote understanding and compliance with International Public Sector Accounting. (iii) Expenditure Recognition Expenditures for the supply of goods and services are generally recognized at the time of payment. However, invoices not paid at the end of the year for services offered and goods supplied are accrued and included in the list of creditors. (iv) Foreign Currency Translation All amounts are in USD. All transactions denominated in local and other foreign currencies are translated into United States Dollars at the approximate exchange rate ruling at the date of settlement/ transaction basing on the Bank of Tanzania US$ exchange rates. The resulting differences from conversion and translation are disclosed in the financial statement of receipts and payment8 as reconciling Hem. (v) Property, Plant and Equipment Property, Plant and equJpment are stated at cost less depreciation and impairments. Depreciation is provided so as to allocate the cost of assets on a reducing balance method over the expected useful lives of the assets concern. 11 During the year there was no disposai of asset. However, fixed assets acquired through vote 37 are attached in Note 13. Assets for component 1 and 2 are held at MDA's respective Ministry. Property, Plant and equipment are stated at cost less depreciation and impairments. Depreciation is provided so as to allocate the cost of assets on a reducing balance method over the expected useful lives of the assets concern. The principal rates used for this purpose are: % Motor Vehicles 20 Office Equipment 12.5 Software 40 Furniture & Fittings 12.5 Computer Equipment 33.33 Gains and Losses on disposal of assets are determined and included in the results for the year (vii) PSCP/IDA Funds available to Components (Loan Proceeds) Loan proceeds held in the Special Account at Bank of Tanzania (BoT) belongs to all PSCP Components. When funds are credited in the Special Account at BOT an entry is made in the books of account to recognize funds available to PSCP Components. Also funds transferred from the BOT Special Account to PSCP Coordination Unit are recognized in the books of account when they are credited into PSCP Operational Bank account held at National Microfinance Bank (viii) Reporting Currency As per Development Credit Agreement the reporting currency is USD. These financial statements are therefore presented on the basis of USD currency. 12 NOTE2: Amount Disbursed to the Project - U:SD 11,360,000 Cumulative receipts from Project commencement July 2015 to end of June 2016 was US$11,360,000 as shown below: (i) Receipts throu~h Designated Account at BOT - 2015 /16 _Receipts USO World Bank (IDA): BOT Special Account . 7,360,000 World Bank (IDA): BOT Special Acc:9unt . 4,000,000 SUB-TOTAL 11,360,000 NOTE 3: Component 1: Strengthening of Business Environment (i) MtHH~D - 2015/16 Activity Description USO Infrastructural Interventions 2,394,679 Land Use Planning in Urban areas and Regularization of tenure rights 124,867 Regulatory simplification of Land Administration Services 47,554 Strengthening of Legal and Regulatory Framework 284,217 2,851,317 (ii) MIT 2015/16 Activity Description USO To conduct workshop to introduce BRN to MIT, MDAs, Ministries and 188,175 other implementers - 188,175 (iii) PDB 2015/16 Activity Description . . USO Goods for BRN Project Preparation Activities 1,139,957 Operating Costs for BRN Project Preparation Activities 128,338 TOTAL ., 1,268,295 13 NOTE4 . component 2.I mprovmg A ccess t 0 F'manc1a ' IS erv1ces 2015/16 Activity Description USD Banking Sector 606,868 - Deposit Insurance Board (DIB). 196,915 Developing Financial market 1,809,415 Insurance 811,355 Long Term Development Financial Issues 1,130,200 n agement Cost$ Project Ma_ .. 3.8,SJ99 TOTAL - - . 853 4,_592,_ N0 TES . . . -· - c · : Pro1ect .- omponent 3 . M.anagement Information Education and Communication (IEC) 42,971 Public and Private Partnership 297,537 - To coordinate performance of business environment roadmap taskforce under PSCP 214,820 To Facilitate the PSCP Programme Management, Monitoring and 1,765,322 Evaluation Enhancement TOTAL 2,320,650 NOTE 6: Foreign Exchange Gain/ (Loss) for the year- USO 38,882 There is a net Loss of USD 38,882 resulting from translation of transactions which are denominated in local currency into USD reporting currency NOTE7: Property, Plant and Equipment USO 32,078 Particulars Furnitures & Computer Total Fittings Equipment Cost as at 1st July 2015 8,422 16,970 25,392 Acquisition During the 3,000 15,687 18,687 year - Cost as at 3Qtl't June 2016 11,422 32,657 44,079 Ace Depreciation as at 1st 735 1,652 2,387 July 2015 - Depreciation charge for the 1,344 8,270 9,614 year Ace Depreciation as at 1st 2,079 9,922 12,001 June 2016 Net Book Value as at 30th 9,343 22,735 32,078 June 2016 14 NOTES: PSCP Bank Bala.nces - -· USD 9,691,445 - - - - Description 2015/16 (USO) P$c;:P /IDA Spedal AccountJ3~latwe at Bank of Tanzanta - 9,559,660.50 PSCP Coordination -NMB TZS Account Pt'ivate Sector Invstmnt 38,364.53 Division A/C 20J100l_ Q869 . - PSCF Coordination -NMB USD Account Private Sector Invstmnt 93,420.10 Division A/C 201l001Q801 TOTAL 9,691,445.13 . - The exchange rate used to translate local bank account balances is 1USD=TZS 2168.02 . - 9: Other :Receivables & Staff NOTE - Debtors - 30.06.16 30.06.lS Description - USD USD - . Receivable~MDA 45,616 323,389 Staff Debtor (J.'CU&:PMO) 71,011 43,771 Total Other Receivables & Staff Debtors 116,627 367,160 . NOTE10 A ccoun t s p aya bl es 30.06.16 30.06.15 Description USO USD Receivable-MD A 0 0 Total Accounts Payable 0 0 NOTE 11: Total Fund Balance- USD 9,840,150 This is the net difference between Assets covered under Notes 7 through 9 and Accounts Payable covered ung.er Note 10 above. In other words, this represents a net working capital for the PSCP Project as at 30th June 2016. NOTE12: Rate of Exchange for Balance Sheet Items All Assets and liabilities in the Balance Sheet, denominated in local currency have been converted at the exchange rate of 1 USD =2,168.02 TZS, a rate ruling at the reporting balance sheet date. The resulting differences from conversion and translation have been disclose_d in the financial statement of the statement of receipts and payments. 15 NOTE 13: ASSETS AQUlRED THROUGH V OTE 37 (HXED ASSETS FNVJENTORY)1AS AT 30-m JUNE 2016 ASSET CATEGORY· lCT EQUIPMENT AND COMPUTER S.OlfrWARIE: .. S/ ITBv1 SUPPLIER PAYMEN . ACQUISIDO ! ACQUISITION COSTS ·· . ,..,·ASSEf .-lJ,XA]10~ I N DESCRIPTION TREF NDATE US$ TZS · coDE SE.RlALNO. : CUSTODIAN ~. . . \ • !- .J. !'.·~· \,: N O. ,. - ~ • • ~- • _,;. , J . _..,._ ,., . ... '-· ...... -..... •. .... ~~_...,.}:-~} ~-- .. . :. : ,.~lot '~:. 'I_ ;;: ~'.ti~~·;.~ ,t...~\r.:J. ,,i't,4tfif1r: .: ' ' . ' JH TECHNOLOGIES . CHEQUE PMO/PSCP . DELL DESKTOP AND' SUPPLIES , NO. /CEP/:WWT J?<'._,cp (RM NO. 1 OPTIPLEX 701@ LTD 711004 05/11 / 2014 1,061.3-6 ] ,'.785,000..00 /001 CNC311PZ9-N o~ CHEQUE PMOfl?SCP JH Tedmologies & NO. /CEP/PCU I PSCP{RMNO. 2 APCUPS Supplies LTDS 711004 05/11/2014 298.19 501.•500.00 . 1001 06} JH HPPRINIER TECHNOLOGm5 - CHEQUE PMO/PSCP LaserJet Pro 400 M AND SUPPLIES NO. /CEP/PRT/ PSCP(RMNO. I 3 401dn LTD 711004 05/11/2014 353.79· 595,000.00 001 PHKGG14862 06) JH CHEQUE TECHNOLOC.JES NO. P tO/PSCP . HP SERVER Vv.Trn AND SUPPLIES 000337 I /CEP/SVR CNC4061PNA FSCP(RM 4 ACCESSORIES LTD 15/04/2015 15,256.51 27,390,3]5_ 00 /Offi R NO.M-) ' CHEQUE PMOfPSCP HPEUET600 NAYOPE.KER , NO. /CEP/M'N'f PSCP(RM 5 DESKTOP COMPANY 025624 25.01.2016 1,223.08 2,655,18'4-37 /003 . 6CM43304fil N0.10} · CHEQUE PMO/JPSCP HPELIET600 NAYOPEKER NO. . /CEP/Mm PSCP{RM 6 DESKTOP COMPANY 025e24 25.01.2016 1,223.08 2,,cRi,1.84..37 / 002 6CM43o04B2 N0.10)) CHEQUE PMO/PSCP HP LAS'ERJET · NAYOPEKER NO. /OE/PRT/0 . PSCP(RM 7 PROSOO COMPANY 025624 25.01.2016 2,476.84 5,376,971.96 · 06 · CNB9H6Rl5H N0.10} HP LASER'J,ET I I PR0400 M401 WITH CHEQUE PMO/IPSCP : SCANNER AND NA't'OPEKER NO. /OE/PITT/0 · PSCP(RM 8 COPIER COMP'.A.N'i 025624 I 25.01.2016 940.60 2.041.948.54 05 SPKGCB2222.4 N0.10, 16 I. HPLASERJET PR0400 M401 WITH CHEQUE I PMO/PSCP SCANNER AND NAYOPEKER · NO. / OE/PRT/0 PSCP(RM 9 COPIER COMPANY 02:5624 25.01.2016 940.60 2,041!.948.54 @4 PHKGF4&369 . N0.10) I CHEQUE IPMO/PSCP MICROSOFf NAYOPEKER NO . '. /CTJFJ'f/ S ' 10 SURFACE PRO 3 COMPANY ms624 25.01.2016 2,441.42 5,300,078.68 R-1/002 PSCPO~OSS) ' CHEQUE PMO/PSCP HEAVY DUTE . NAYOPE.KER NO. /OE/PR'f/0 FSCP(KAPilJ 11 COLOR PRINTER COMPANY 025624 25.01.2016 4,896.46 10,629,725.m f17 CNB7H6BU94 MA) CHEQUE PMO/PSCP NAYOPEKER NO. /CF./LPT/S 12 LAPTOP COMPANY · 025624 25.01.2016 1,544.% 3,353,953.66 R-1/001 6CF430JDN4 PSCP€MDIKA) SUB-TOTAL 32,656.89 64,326,810.]3 JH TECHNOLOGIBS . CHEQUE DELL D FSKTOP ANDSUPPUES NO. 13 OPTIPLEX 7010 LID 711004 05/11/2014 1,061.36 1,7&5,000.00 PMO JH TECHNOLOGIES CHEQUE HPDFSKTOP AND SUPPUES 0. 14 ProDesk400 LID . 711004 05/11/2014 1,111.90 1,870,000..00 PMO JH TECHNOLOGIES ' CHEQUE ANDSUPPUFS NO. 15 APCUPS LID 7U004 05/11/2014 298.19 501,500.00 PMO JH TEGiNOLOGIES CHEQUE ANDSUPPUE3 NO. 16 APCUPS LTD 711004 05/11/2014 298.19 501,500.00 ! PMO 17 JH TECHNOLOGIFS CHEQUE HP PRINTER AND SUPPLIES NO. 17 LaserJet Pro 1536dn LTD 711004 05/11/2014 394.22 663,000.00 PMO JH TECHNOLOGIES CHEQUE HP PRINTER AND SUPPLIFS NO. 394.22 18 LaserJet Pro 1536dn LTD 711004 05/11/2014 663,000.00 PMO G&LBRIGHT CHEQUE HP Pro Book 640 Gl AGENCY AND NO. 19 Notebook SERVICES LTD 000114 25/11/2014 1,449.31 2,483,000.00 PMO G&LBRIGHT CHEQUE HP ProBook ~O Gl AGENCY A1;JD NO. \ \ 20 Notebook SERVICFS LTD 000114 25/11/2014 1,449.31 2,483,000.00 PMO · G&LBRIGHT CHEQUE HP Pro Book 640 Gl AGENCY AND NO. 21 Notebook SERVICFS LTD 000114 25/11/2014 1,449.31 2,483,000.00 PMO G&LBRIGHT CHEQUE HP Pro Book 640 Gl AGENCY AND NO. 22 Notebook SERVICES LTD 000114 25/11/2014 1,449.31 2,483,000.00 PMO G&LBRIGHT CHEQUE HP ProBook 640 Gl AGENCY AND NO. 23 Notebook SERVICES LTD 000114 25/11/2014 1,449.31 2,483,000.00 PMO JH TECHNOLOGIFS CHEQUE AND SUPPLIES NO. 24 DELL DESKTOP LTD 000117 25/11/2014 1,726.56 2,958,000.00 PMO ·- CHEQUE NAYOPEKER NO. 1,996,403.06 25 LASERJET PRO 200 COMPANY 025624 25.01.2016 919.62 PMO CHEQUE HP ELIET600 NAYOPEKER NO. 2,655,184.37 26 DESKTOP COMPANY 025624 25.01.2016 1,223.08 PMO ·- 18 CHEQUE NAYOPEKER NO. 1,188,98022 : 27 HP SCANNER 5590 COMPANY 025624 25.01.2016 547.69 PMO CHEQUE MICROSOFT NAYOPEKER NO. 5,300,078-68 28 SURF ACE PRO 3 COMPANY 025624 25.01.2016 2,441.42 PMO SUB-TOTAL 17,663.00 3Z491,61t.6..33 . S,i 50,3191 TOTAL 96,~456.46, ASSET CATEGORY: FURNITURE AND FITTINGS S/ ITEM SUPPLIER PAYMEN ACQUISITI ACQUISI'TION COSTS : As.SET copE LOCATION/ N I DF5CRIPTION • I TREF ON DATE US$ TZS SERIAL -- CUSTODIAN ·- NO. .. • - ;,~a ' c ;.-{,}~-· ~ ,,,,. . NO. Wi~;,,._ -~ ,c 1 Air condition Caset Malika Electronic CHQNO. . PMO/PSCP/ . PSCP(.ROOM Type Sales & repair 710937 02-09-2014 2,71.6 4,481,.250 OE/ AC/001 NO. 1'0) 2 Air condition Caset Malika Electl'onic o-IQNO. PMO/PSCP/ PSCP(BOSS) Type Sales & reoair 710951 18-09-2014 2,973 . 915,25{} . OE/AC/002 4~ 3 CHQNO. PSCP(ROOM Air condition Caset Malika Electronic PMO/PSCP/ 000194 11-02-2015 1,374 , 2,390,625 N0.04) Tv-oe Sales & ,eoair OE/AC/Oro 000214 19-02-2015 1,359 2,390,625 6 STEEL FILLING CHEQUE PMO/PSCP/ PSCP(RMNO. CABINEf/4 KINGS NO. OF/SCBT /SR- 10) Drawers FURNlS:HERS LID 000648 10/09/2015 163.12 350,00-0.00 1/001 7 STEEL FILLING CHEQUE PMO/PSCP/ FSCP(MAIN CABINET/4 KINGS NO. OF/SCB1' /SR- RM) Drawers FURNISHERS LTD 000648 10/09/2015 163.12 . 354}.lilOO.OO . 1/00Q 8 STEEL FILLING CHEQUE Pf..10/PSCPI PSCP{MAliN CABINET/4 KlNGS NO. OF/SOIT/SR- RM) Drawers FURNISHERS LTD 000648 10/09/2015 163.12 · 350~©00. 00 1/003 9 SIBEL FILLING CHEQUE PMO/ PSCP/ PSCP(MAIN CABINET/4 KINGS NO. OF/SCBT/SR- RM) Drawers FURNISHERS LTD 000648 10/09/2015 163.1!2 350.000.00 1/004 I 19 10 SIBEL FILLING ICHEQUE PMO/PSCP/ PSCP(MAIN CABINET/4 KINGS · No. , OF/SCITT/SR- ' RM) Drawers FURNlSHERS LID . 000648 10/09/2015 163.12 300Jl00.00 : 1/005 ' · 11 •CHEQUE PMO/PSCP/ PSCP(R,'4 Nn I HIGH BACK KINGS NO. OF/ECHR/H 10) OFFICE CHAIR FURNISHERS LTD 000648 10/09/2015 W.37 ' 210..000.00 B/001 ]2 CHEQUE PMO/PSCP/ PSCP(RMNO. HIGH BACK KINGS NO. I OF/.ECHR/H 10) OFFICE CHAIR FURNISHERS LTD 000648 10/09/2015 W.'ol . 2110.(l()Th 00 B/002 13 ' ' CHEQUE , PMO/PSCP/ , PSCP(RM NO. HIGH BACK KINGS NO. : OF/ECHR/H 10) OFFICE CHAIR FURNISHERS LTD · 000648 10/09/2015 W.87 . 2]0,00©l.00 · B/003 I 14 CHEQUE PMO/PSCP/ PSCP(R.\.1 NO. HIGH BACK ' KINGS NO. OF/ECHR/H 06) ' OFFICE CHAIR FURNISHERS LTD 000648 10/09/2015 ':17.8.7 ZIO)lX}.00 B/008 15 CHEQUE PMO/PSCP/ PSCP(BOARD HIGH BACK KINGS NO. OF/ECHR/H RM) OFFICE CHAIR FURNISHERS LTD 000648 10/09/2015 W.Wl 210,000.00 B/004 ' 16 CHEQUE PMO{FSCP/ PSCP(BOARD HIGH BACK KWGS NO. OF/ECHR/H RM) OFFICE CHAIR FURNISHERS LTD 000648 10/09/2015 W.87 2:Jl0,000.00 B/005 17 CHEQUE c PMO/PSCP/ PSCP(BOARD HIGH BACK KINGS NO. OF/ECHR/H RM) OFFICE CHAIR FURNISHERS LID 000648 10/09/2015 97$7 zw,o~m.oo, B/009 18 · CHEQUE Ji" 0/PSCP/ PSCP(MAIN HIGH BACK KINGS NO. OF/:ECHR/H RM) OFFICE CHAIR . FURNISHERS LTD 000648 10/09/2015 W.87 210.000.00 B/010 19 . CHEQUE PMO/PSCP/ · PSCP(MAIN HIGH BACK KINGS NO. . OF/ECHR/H RM) OFFICE CHAIR FURNISHERS LTD 000648 10/09/2015 'Yl.ffl I 210.000.00 B/006 20 CHEQUE PMO/PSCT/ PSCP(~1..\IK HIGH BACK KINGS NO. OF/ECHR/H RM) OFFICE CHAIR FURNISHERS LID 000648 10/09/2015 W.87 210,000.00 R/007 20 ,. 26 CHEQUE . PMO/P.3CT/ DA99~ PSCP(MAIN I KINGS NO. OE/FRC/002 00471L RM) FRIDGE FURNISHERS LID 000648 10/09/2015 605.88 1,300,000\00 . 27 . CHEQUE PMO/PSCP/ 503TAA PSCP(MAIN KINGS I 0. OF/OE/MC ACCWOt RM) MICROWAVE FURNISHERS LTD . OOOM8 10/09/2015 139.82 300.00&00 WV/002. 8 39 CHEQUE PMO/PSCP/ A02EVC- PSCP(MAIN NAYOPEKER NO. OE/EV/001 . 20011501 RM) EKTAVACUUM COMPANY . 000760 20.06.2016 '127.27 · 4~,8&7.16 . 00294 CHEQUE P.MO/ J?SCPI ; PSCP(RM KlNGS 0. OF/ffiRBL/S • N0.07) OFFICE TABLE FURNISHERS LID 00064& 10/09/2015 233.03 500'.00(i). 00 R-11./001 1 - 11,422.30• 20,62l,fil'l.2b, I SUB-TOTAL 4 STEEL FILLING CHEQUE · PMO CABINET/4 KINGS NO. Drawers FURNISHERS LID 000648 10/09/2015 163.12 350,.000.0~} · 5 SfEEL FILLING ffiEQUE PMO CABINET/4 KINGS NO. Drawers FURNlSHERS LID 000648 10/09/2015 163.12 350,000.00 21 CHEQUE PMO HIGH BACK KINGS 0. EXECUTIVE CHAIR FURNJSHERS LTD 000648 10/09/2015 139.82 300k000.00 . 22 CHEQUE PMO I LOW BACK OFRCE KmGS 0. CHAIR FURNISHERS LTD 000648 10/09/2015 W.87 ZliOJ IOOJJO 23 CHEQUE PMO i LOW BACK OFFICE KINGS NO. CHAIR FURNISHERS LTD 000648 • 10/09/2015 Cfl.'ilfl 210.(100.00 24 CHEQUE PMO WAITING CHAJRS/ KINGS 0 '• 3SITERS FURNISHERS LID 000648 10/09/2015 209.73 45-0,000.00 25 WAITING CHAIRS/ KINGS CHEQUE PMO 3SITERS FURNISHERS LID NO. 10/09/2015 209.73 450,000.00 I 21 000648 28 TOYOTA }'IMHVO PMO LANDCRUISER I 5320- SfATIONWAGON ,nm61 VX-HIGH , AUTOMA TIC(srt TOYO!lfA 4550) T ANZ.ANIA LTD TI 22/10/2015 · 87,733.74 188,598.5991.00 29 TOYOTA JYMHVO PMO LANDCRUISER 1J30- . HARDTOP{SfL TOYO'l'A 4185391 : 4690) TANZANIA. LTIJ TI . 03/11 /20115 41,651.23' . 88,,540,,l~JlO 30 TOYOTA I l ·f.™HV~ PMO LANDCRUISER l ' l 9-JXO- SfA TION WAGON 4177406 GX AUTOMATIC(SfL TOYOTA 67,C139.07 4551) : TANZANtA LTD TI CD/11/ 2015 142,636,019.00 31 GfEQUE PMO TV FLAT SCREEN NAYOPEKER NO. 40 COii.WA.NY 0'.25624 25.01.2016 956.41 2,0'76,27flt47 · 32 CHEQUE PMO ' TV FLAT SCREEN · NAYOPEJCER NO. 40 CO~