GrantThornton PKF Accountants & business advisers NAWEC-Gambia Electricity Support Project Ministry of Energy International Development Association Credit Number: 5787-GMI Grant Number: D1140-GM2 Financial Statements for the year ended 31st December 2017 GrantThornton PKF Accountants & business advisers Contents Page General information 1 Project Management Report 2 Independent Joint Auditors' Report 4 Income Statement 6 Statement of Financial Position 7 Statement of Changes in Equity 8 Statement of Cash Flows 9 Notes to the Financial Statements 10 Appendices GrantThornton PKF Accountants & business advisers General information Board of Directors Aki Jeremiah Allen Chairman Secretary General Office of The President Member Lamin Camara Ministry of Finance Member Mod K Ceesay Ministry of Energy Member Tijan Bahoum Mechanical Engineer Member Buba Janneh Financial Expert Member Charles Mbye Representative from Private Sector Member William Shola Joiner Civil Engineer Member Baba S Fatajo NAWEC, Managing Director Member Company Secretary Ms. Anna Dibba NAWEC, Company Secretary Auditors Grant Thornton (Senegal) 6E Etage Immeuble Clairafrique,Rue Malenfant Dakar Plateau, BP 7642 Dakar, Senegal PKF Noble House 33 BijIlo Annex Bijilo P.O. Box 431 Banjul, The Gambia Bankers Central Bank of The Gambia 1-2 Ecowas Avenue Banjul, The Gambia Donor The World Bank Corniche Ouest x Rue David Diop BP 3296 Dakar, Senegal Registered office National Water and Electricity Company Ltd Mamady Manjang Highway P.O. Box 609 Banjul The Gambia 1 GrantThornton PKF Accountanbq & business sdvisers Project Management Report The project management present their report and financial statements for the year ended 31st December 2017. Background The objective of the Project is to increase the availability and reliability of electricity supply for existing customers. The Project consists of the following parts: A. Expansion of Available Generation Capacity at Kotu and Brikama 1 Replacing the existing Generator Number 8 (G8) and Generator Number I (Gl) heavy fuel oil engine at Power House D of the Kctu power plant, and installing an additional second-hand heavy fuel oil engine (as group 7) at Power House I of the Brikama power plant. 2 Rehabilitating the group 1 engine of Power House I in the Brikama power plant. 3 Rehabilitation of damaged electrical and mechanical equipment in Power Houses A, B and C of the Kotu power plant in order to restore their functionality, provide operation reliability and improve the power plant's efficiency B. Reduction of Technical and Commercial Losses in the Greater Banjul Area 1 Supporting a program of activities to upgrade and rehabilitate the transmission and distribution network in the Greater Banjul Area, including: (a) Installing new transformers and upgrading existing transformers; (b) replacing conductors, distribution feeder pillars and other auxiliaries; (c) upgrading and rehabilitating distribution systems; (d) replacing switchgears, and (e) installing capacitor banks. 2 Supporting a program of activities to improve electricity metering, including: (a) installing 300 smart meters and 13,000 new prepayment meters; and (b) acquiring calibration equipment for meters. C. Institutional Strengthening and Project Implementation Support 1 Strengthening the technical, financial management, procurement and managerial capacity of the Project Implementing Entity by assessing the Project Implementing Entity's capacity and carrying out the necessary reforms, and identifying the requirements of an IT system that would integrate various areas of the Project Implementing Entity's business including accounting, billing, payroll and stock, and separating the electricity, water and sewerage accounts. 2 Acquiring and installing the IT system identified under Part C.1 above. 3 Providing technical assistance for the supervision of the carrying out of the activities under Parts A and B of the Project, including for: (a) verification of technical specifications and materials; (b) issuance of periodic advance reports; (c) supervision of commissioning activities; and (d) certification of project advance and periodic invoicing t 4 Providing technical assistance to train staff of the Project Implementing Entity on SCADA systems, and carrying out strategic studies Including a study on the fiscal and financial restructuring for the Project Implementing Entity. 2 Grant Thornton PKF Accountants & business advisers 5 Providing technical assistance to carry out external audits for the Project and for implementing the ESMP. State of Affairs The state of the Project as at 31s December 2017 is set out in the attached financial statements. Statement of Project Management responsibilities The Grant Agreement requires the project management to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Project and of its surplus or defict for that period. In preparing those financial statements, the project management is required to: elect suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Project will continue in business. The project management is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the project and to enable them to ensure that the financial statements comply with International Financial Reporting Standards and the Grant Agreement They are also responsible for safeguarding the assets of the Project and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Post balance sheet events There were no significant events since the year end, which could affect the results or financial position of the Project. By order of Project Management Managing Director - Date. ..... . 3 GrantThornton PKF Accountants & business advisers Independent Joint Auditors' Report Opinion We have audited the Financial Statements of NAWECGambia Electricity Support Project International Development Association Credit Number, 5787-GMI Grand Number: oi 140-GM2, which comprise the Statement of Financial Position as at 31st December 2017 and the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year then ended and notes to the Financial Statements, including a summary of significant accounting policies. In our opinion, the accompanying Financial Statements give a true and fair view of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards and have been pro pe rly pre pa red i n acco rda n ce with the P roj ect Ag reem e nt. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Project in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in The Gambia, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the (ESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other information Management is responsible for the other information. The other information comprises the Project Management Report. The other information does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we concluded that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report. Responsibilities of management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, 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. In preparing the financial statements, management is responsible for assessing the Project's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. Auditors's responsibilities for the audit of the Financial Statements GrantThornton PKF Accountants & business advisers Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statementso As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern, Evaluate the overall presentation, structure and content of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. The Engagement Partners on the audit resulting in this independent joint auditors report are Donald Charles Kaye and Abdoulaye Ndoye. PKFG Accountants and business advisers Grant Thornton Senegal Experts-Comptables Register Auditors Commissaires aux comptes Bii/o, TtGambia Rue Malenfant, Immeuble Clairafrique 6 eme 6tage, Dakar /' VY4 r. t ...... 20 18 5 - ...22. juiu..n..2..0101 GrantThornton PKF Accountants & business advisers Income statement for the year ended 31st December 2017 2017 2016 Notes USD ($) USD ($) Grant income related to capital 2 805,673 2,326 Grant income 2 5,491,600 1953,483 6,297,273 1,955,814 Less Expenses Operation and Maintenance - Vehicles and motorcycles 1,387 Other expenses 1,387 Heavy Fuel5,1 Hev ul8,000,000 - Workshops and Seminars 8 02,520 Training - Local -522520 Training - Overseas 2,2 3 Air tickets 42,024 39934 Fuel for vehicles and motor bikes 3,80 Vehicle Insurance 35 69 Depreciation 3 6 Audit Fees 3 805,673 2,326 Aui es5 25,894 10,789 Per diem and Travel Time 502,84 1 Bank Charges 08 . Consultancy Services 202,992 - Single Phase Prepayment Meters 20,992 . Other Expenses 259,492 - Foreign Exchange Loss 2,492 . 3,611 - Total Expenditure (9,870,514) (57,182) (Deficit)ISurplus (3,573,241) 1,898,632 The attached notes form part of these financial statements 6 GrantThornton PKF Accountants & business advisers Statement of Financial Position for the year ended 31st December 2017 2017 2016 Assets Notes USD ($) USD ($) Fixed Assets Vehicles 3 5,761,988 44,186 Accounting Software 4 517,680 44,186 5,779,668 44186 Current Assets Direct Disbursement (IDA) 7 1,997,900 Grant Receivable 8 11,008,400 18,50oo00 Insurance Prepayment 6 1 8 5 Cash and Bank 1,725,68 3 1,725,658,909,386 14,731,958 18,409,421 Total Assets 20,511,626 - 18,453,607 Equity and Liabilities Accumulated (Deficit)/Surplus (1,674,609) 1898,632 Non-Current Liabilities Deferred Capital Grant Dfreinoe9(i) 4,971,675 41,860 Deferred Income 11,008,400 16500,000 15,980,075 16,541,860 Current Liabilities Deferred Capital Grant 26161 8 Acrul 296,176 10,789 Other Paal 9(i) 807,993 2,326 Other Payables 5,101,991 6,206,160 13,115 Total equity and liabilities - ,-- ----- 20,511,626 18,453,607 These financial statements were approved by project management on ... . .... 2018 and signed on its beha Project Coordinator The attached notes form part of these financial statements 7 GrantThornton PKF Accountants & busfness advisers Statement of Changes in Equity for the year ended 31st December 2017 Share Revaluation Retained Capital Reserve Earnings Total At I January 2016 USD$ USD$ USD$ USD$ Prior year adjustment Asset Revaluation Surplus - 1,898,632 1,898,632 At 31 December 2016 - 1 898632 At 1 January 2017 1,898,832 1,898,632 Prior year adjustment Asset Revaluation Deficit - (3,573,241) (3,573,241) At 31 December 2017 - (1,674,609) (1,674,609) The attached notes form part of these financial statements 8 Grant Thornton PKF Accountants & business advisers Statement of Cash Flows for the year ended 31st December 2017 2017 2016 Cashflow from Operating activities USD USD Cash Received Cash Payments 517,660 2,000,000 Cash generated from operations (162,340) (44,102) Exchange Gains/loss 355,320 1 955,898 Net cash generated from operating activities Cash flows from Investing activities Purchase of non current assets Net cash used by investing activities (539,049) (46,512) (539,049) (46,512) (Decrease)/increase in Cash and Cash equivalents (183,729) 1909,386 Cash and Cash equivalents at beginning of the year 1,909,386 Cash and Cash equivalents at end of the year 1,725,657 909,386 The attached notes form part of these financial statements 9 GrantThornton PKF Accountants & business advisers Notes (forming part of the financial statements) 1 Principal Accounting Policies The project adopted the following accounting policies which have been consistently applied for items that are considered material in relation to the financial statements. a) Accounting convention The project adopted the following accounting policies which have been consistently applied for items that are considered material in relation to the financial statements. b) Direct disbursements Disbursements made directly by the donor to beneficiaries are accounted for as deferred income and grant income. Expenditure proposed for settlement by direct disbursements at the year end are recognised in the financial statements c) Foreign currencies Monetary assets and liabilites denominated in local currencies are converted at the rate of exchange ruling at the balance sheet date. Transcations in local currencies are recorded at the rate ruling at the date of transcation. Gains and losses on exchange are transferred to the income statement in the period in which they arise. d) Income tax Income tax on the profit or total revenue for the period comprises current tax and is recognised in the income statement. e) Employee benefits Obligations for contributions to the Social Security Housing Finance Corporation administered retirement benefit plan are recognised as expense in the Income Statement as incurred. f) Provisions A provision is recognised in the balance sheet when the company has a present obligation (legal or constructive) as a result of a past event; It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. g) Equipment and others (i) Owned assets Items of equipment and others are stated at cost less accumulated depreciation. 10 Grant Thornton PKF Accountants & business advisers (ii) Depreciation Depreciation of property, plant and equipment is calculated and charged to the income statement by reference to the expected useful lives of the assets using Straight ine method at the following rates: Office equipment 20% Furniture and fittings 20% Motor vehicles 20% 20% (iii) Subsequent expenditure Expenditure incurred to replace a component of an item of property, plant and equipment that is accounted for separately, including major inspection and overhaul expenditure, is capitalised. Other subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the item of property, plant and equipment. All other expenditure is recognised in the income statement as an expense as incurred. h) Grant Income Grant income is recognised when there is: 1) Entitlement to the grant; 2) Virtual certainty that it will be received; and 3) Sufficient measurability of the amount, Unspent grants are shown on the balance sheet as liabilities. 11 GrantThornton PKF Accountants & business advisers 2 Grant income related to capital Grant related to capital should be recognized initially as deferred income and transfer a portion each year to the balance sheet, so offsetting the higher depreciation charges based on the original cost 2017 2016 USD ($) USD ($) Cash received 657614,1 Credit taken in prior years 6,587,661 46512 Portion transferred to income statement (805,673) (2,326) Deferred income 5,779,662 44,186 Grant related to other expenses should be recognized initially as deferred income and transfer a portion each year to the income statement in accordance with the amount received into the designated account and the direct disbursement. oram repaieo 2017 2016 USD ($) USD ($) Amount received into the designated account 517,660 2,$0), Direct disbursement 517,660 2 Less: Tangible asset 4(973,940 Otericoe(46,512) Other income 5,491,600 1,953,488 12 GrantThornton PKF Accountants & business advisers 3 Property, Plant and Equipment CotPlant and Motor Office Office Electricity Cost Machinery Vehicles Equipment Furniture Network Total USD($) USD($) USD($) USD($) USD{$) USD($) At January ,2016 - 465126512 Prior year adjustment - 46,651 Additions Revaluation At 31 December 2016 46,512 46,512 Depreciation At January 1, 2016 Prior year adjustment Charges for the year - 2,326 2,326 Revaluation 2 At 31 December 2016 - 2,326 2,326 Not Book Value At 31 December 2016 - 44,186 44,186 At January 1, 2017 Prior year adjustment - 46,512 Additions 6,002100 5,906 238 512905 6,521149 Revaluation 5 At 31 December 2017 6,002,100 46,512 5,906 238 512,905 6,67,61 Depreciation At January 1, 2017 - 2326326 Prior year adjustment - 2,326 Charges for the year 750,627 9,302 295 39 43084 803,347 Revaluation 2 At 31 December 2017 750,627 11,628 295 39 43,084 805,673 Net Book Value At 31 December 2017 5,251,473 34,884 5,611 198 469,821 5,761,988 13 GrantThornton PKF Accountants & business advisers 4 Intangible Assets - Software Cost Accounting Software Total USD($) USD($) At January 1, 2016 Prior year adjustment Additions Revaluation At 31 December 2016 Depreciation At January 1, 2016 Prior year adjustment Charges for the year Revaluation At 31 December 2016 Net Book Value At 31 December 2016 At January 1, 2017 Prior year adjustment Additions Revaluation 20,000 20,000 20,000 20 000 At 31 December 2017 20,000 20,000 Depreciation At January 1, 2017 Prior year adjustment Charge for the year 2,320 2,320 Revaluation At 31 December 2017 2,320 2,320 Net Book Value At 31 December 2017 17,680 17,680 14 Grant Thornton PKF Accountants & business advisers 5 Accruals The financial statements have been prepared in accordance with International Accounting Standards usiflg accruals basis of accounting. This accrual relates to audit fees which is prorated on the basis of the number of months of the financial year in relation to the contract period. 2017 2016 USD ($) USD $ Balance brought forward 10,789 Audit fees accrued for the year 25,894 10789 Audit fees as per auditor financial proposal 2 1 Accrued audit fees 36,683 10,789 Other Accrual Listing Contract Amount Amount Paid Balance USD ($) USD ($) USD ($) Prepayment Meters 388,940 (350046) 38894 Smart Meters 120,020 - 120,020 . Procurement Expert 213,312 (132,733) 80,579 Debt Expert 80,000 (60,000) 20,000 802,272 (542,779) 269,493 296,176 10 789 6 Prepayment 2017 2016 USD (s) USD($ Vehicle Insurance 104 Amount due 2016 (Nov & Dec) (69) 35 7 Direct Disbursement 2017 2016 USD($ USD($ Balance at start Direct disbursements 479 Expenses through direct disbursement (2,976,039) (2,973,039 Balance at end of year 1,997,900. 15 GrantThornton PKF Accountants & business advfsers 8 Grant Receivable and Defered Income Grant receivable is debited for the amount committed by the government of The Gambial and credited for the amount received in the Designated account and direct disbursement 2017 2016 USD ($) USD ($) Grant receivable at start of year 16,500,000 18,500000 Grant received in designated account (517,660) (2,000,000) Direct disbursement (17,660) ( Grant Receivable/Deferred Income 11,008,400 - 16,500,000 The whole of the grant committed by the government of Gambiais credited to deferred income and the amount received in the designated account and direct disbursement later debited. 9 Deferred Capital Grant 9(i) Non Current 2017 2016 USD($) USD($) Net book value of tangible assets Net book value of non tangible assets 17,680 4 Depreciation of tangible assets 17,680 Depreciation of non tangible assets (,3) ( (2,320)- 4,971,675 - 41,860 9(ii) Current 2017 2016 USD ($) USD ($) Depreciation of tangible assets 805,673 2,326 Depreciation of non tangible assets 807,993 - 2 326 10 Salaries The salaries of the staff working for the project are supported by NAWEC, Therefore no part of the project sularies was charged to the project. 11 Taxation Governmennt of The Gambia has granted the electricity supply project exemption from payment of all direct taxes. 16 GrantThornton PKF Accountants & busIness advisers 12 Capital Commitments 2017 2016 Authorised by Project Management and contracted for: USD($) USD (s) Authorised by Project Management and but not contracted for Purchase of Wartsila Generator Replacement of generator 8 at Kotu Power Station 1,500,000 3,855,802 Construction of Voltage lines - 502,219 1,500,000 6,710,021 13 Related party transactions None of the directors and Project Management Staff who held office had a beneficial interest in the funds of the project 14 Contingent liabilities There were no contingent liabilities at the end of the year. 15 Going concern These financial statements have been prepared on a going concern basis. The project started on 26th May 2016 and is expected to be completed on 25th May 2021, 17 GrantThornton PKF Accountants & business advisers Appendices Appendix A List of fixed assets purchased Appendix B SOE Withdrawal Schedule of the IDA Appendix C List of Ineligible expenses GrantThornton PKF Accountants & business advisers Appendix A- List of Fixed assets purchased PURCHASE DATE ASSET CONDITION OF ASSET VALUE 6-Jun-17 Accounting Software GoodUSD ($) 8-Mar-17 Wartisia Generator Good 2,268,000 21-Apr-17 Generator No.8 Good 3,734,00 28-Aug-17 Kanuma Fass Voltage Line Good 298,658 28-Aug-17 Farafenni /WJisia Voltage Line Good 214,247 14-Mar-17 Office Fumbture Good 238 29-Nov-17 Office Equipment Good 6,541,149 и � °6 у С � � С � � Г•.. ra б7 � � _ LC! � т � ,� С7} t�3 и} � {�Я � � t� ц7 � цj � � � t"�7 с"�7 � � � � � Q й •� � �у� Q � {у "�1' Гв 447 (У7 д7� •с,�� С9 4 д tiJ �` � Gг � а � Й i fl �� �•�® '� ад i в°�� ' �?� ' '� � cv� et r" � с � � � � � � ° � us г�э .- v � � ц�у � {�] ër � � `€' .- � � с"'г� �r °7 � � аз й cri 4 � � �'`а `'"' � гаv й �. � � � с r. � r�- � r� Е-- r- � �, r- �- У. �- r- �� �' �`- t'� г� �- г� л. г• v v сл r г с� г7 а л t'�V C��f N N... N� N� С„�°V N[11 N Ф� N N �. � �'� ,в.�, �' �� а. ] Й ц�j б т` 9�0 0.�'7 N N N �Т '' --. -`. � `-„ � `-., о и и7 и и crs +л и ал � � о sЛ 4 Е� � � м о м z � _ � � Ш � t� с7 `Z � � � z � ` � � � � � i � �? � �� т���� �z ����� �w �Qdz���wu�a���u�� zг--ша�� �',� о�о��о¢�����z�W ач � � � т � -° � � � � О ° � � � � т п�ч � � � ш � � � � т � � � � � � t� � �сэ ег�с��J�штй��Jйii�� х � а. :11 ш � � С7 ш й � � °; � �ч � +` J � � � гr о `[ сп � � ц� � � � � -� �¢ z _ _� о` о� т cr � ¢ ._..� � � �' ��� ��� �' а¢Ш� � � � ���- а�� � ���� Т� 4 � � � м Q J � Ш � м � �Ш � � �" `� � 'г U7 �в Ш � i �� i ц�! ��'S �.�i j� �-.- � � QС��э�ш ��о��ктр��� ,� Ш ° -� � �7 Е-- ~'� F- ~ и' г� �ь. r-- � � "� Шшае�� СШэr����аь-pUy4a Vi � ����� г-`�ш��-zt��ŭ.i¢¢ � л � LL7 � Н ш�. [�J У г� Ш Ш�� Ш Li � Ш � � � � тQ�tYO`t~�_®гСУ_С?�_�q� 'Q _ � � т Ш � � Ш CL' tY � Ш � ц! UJ � � � lf�J � {j С , �i-_агiм¢аF--�в.а.¢мr�� м аз е С. '� � cL �'( � = Т гц сСа br �та sд t-_ а� вэ ° т n1 м Et и ео �° г r r � � и С � � .-. �� fG +Н � Са � ��� n � р б7 �� Up Гр3 6М7 д О�� С�'f Ci3 С4 !в � F. � � т у,�,Z С V[] т . . CU С] сР !`-- С' О r CS3 О М V�` Гв. � N 1+• 3 т '� С} t) G7 �'`? ��`'7 �t .-- сгj .r. ,Sp ,гу ��у Ef tf7 с0 м � � ,� �- � ��у �, � t- г � � �' � N М Q Qд ш ❑ `г ;: G cr ` й r' О r-п f6 � 9i � СО Е�. � � об t- (Ч � гr7 � � � а � L^ �'' �.. . ❑ �!' W г�7 �� Ш rn ' ts3 �С] N Сч-V 4D г.. О С7 ��� tfl 07 ц] ���q � N� � �? V т р СМ'i7 г . �� � �� Мrnс° ���л оэ � й�°гч� м сС �� s*� �v с� t- .,- t.,,, г С t� !-- !~ Р. €�- R!�- Р�- ... � О а 0 о� r r т-� �-F�- r т~�- r r а�-� г����� � cv °v с°W с°� i° о а о о о г� а о n с� о о а й � � � N п,��'э �°�v с�'у �' -�. � � � � � с�'v с�ц � � cv и гд t�. с� �t д- м t� � � сгзsлwсgsд���мr-г��г г tiг г i i � � С} .. N s� � � � О L7 � _� _ � � � � � � � а � � � СЭ � � о Ш с� � а и .� ¢�4�м�- ц ш�¢� � Q � � #, � °� � � � � � � � � U7 � � �' ш E�t! � '�� ��сС���т� ��т� � '54���[ _ о � tY д� � С7 � � � � }-- -- � � � � � Е fi � � � � cL � � � � � � � � � � � � � U �-�-- zv° х¢й�¢¢��¢��`�v�,��¢¢¢°¢� �__._, и.. rл _ г� z J с� � ш и с� z�= z cry т � � F- Р'- � т г ш `t ¢ � дг�¢ Q� � �� сч � и } q � [�г+�х _� �р � 4 �`��jU z �� '� � � ¢и��� z ¢¢ г�z � �� �z�����а � �� а� � � �гQi глг��¢s¢�`'i-- ¢ _°S�a`�-z[t � йи �йt7rrШ-.�wp � ��шр� � ����°a��Q��гs таwСзСэхй� � � ��� `����- с��-' �'`'�°� � � ��,����¢���� �������� �} р � ш � LL' .J _.,1 � � а � � г, Z � �] J � i- и � �ьу1 �-' � ш�га.�3��е°,v�[Угi.в�.�i�3ш�z � ° ���u�1����I-��циjfYSx[�Q4��z 1-."-*� 'Q ®(.]©�С7С]�DШ�Q��®С]���ш� о. �z�шz����r.ирСуиии����® _ � й ш�~ш+ц���ii�г���гwi���..�¢�t�� � � х ш х� ш ш х z����� z z ш ш�� ш � � ы ������������OC�C3Cj[7Q�� � `� �ш�г�шш�����-гr_�Е-а�е����- м � т ¢д_��ri��""�оэ�`Lt�'���шши.��� � , �г�.�-а�и�м-Е-гга_�г•,<г � � 4 � � � � � � w т С�1 М1 �' L[? {D gв. С'ц б7�� ��г т���{д7 I�• Сб [33 Q •-- � i- t-- т^ N н � к� � с Е � с.-, а� _ :??' °Y �� �� с»vм_aQV�c�°vйшtiй�'•в'omornnc�c,tп� � С � i �С �ш а� аус�зг� �-•=rг�r�rinlrг��rr°��"'г�`r�r'-��йг�•-_й� � 4 с � fц °� Q� г- � г7 и� ч- цj �� м г 4] � � ��j � аа и ¢ � t7 � � � � С7 й] � V1 � 4С7 S1' i� ь р� М ь г. С иц _� Ф`""' с з в с�а ач г� N' ® и сз С� са ь , ь F-� 3 �'С± C.f (] СС?. �С7 г°7 � с�7 М М tг7 Ф �� О С7 р � ь � �- д���� R�,i3 сп i�ŭ N � r7 ц7 r�7 �' n1} fV L7 � +Ct r7 � � 3 � С5Е т- � сс� ц, f�- r-- � С{а � �-- г г7 .... V � й7.. с\! � h- f� i•- f� t�- R ..... Q. t- а- t- м �' f� (в � т r г г� �� 1'` !�- €� h+ f�- i� О С7 с3 Сч CV�� гч1 N СФ� � 47 ® С7 Ф b г_7 о о сэ С7 � � N N�t ��� У� вr т�� О C�J �q Ci! R! N N CV N с�1 N а, oCS об IX7 о`�0 0.7 --� С��1 Сц N' {�1 N CV С�! N��� f� f4 0.д''7 N� ь.�"'Г'i +� СФ 94 й�'7 Ф а4 ©б ю СЯ q'°'"р � fii 4i7 � i77 (37 � Св.Л U�7 Сё G7 w (С � Сд7 � � � о` � ш � � ш � � v �� �а зш-� ы� г� � Z tt ш � �� �J� �� � `" �� щ�7� -_ ¢�- U �' [�ш z z t���a¢ ��� � � �" иа � ш � ш`r a- r- J°° сз р� г� гг°_ �� �� ��J �О `t �� � � ш� U� �z�.`3���¢�4� ��в _ � С � Сш} � � � Су,3 Q � U F Ш L�i1 � 0 � � } � [� � � � Ш гсз �������=���_�_z w�cэzm��шz 4- U J г 1-- CJ U� С� � J У д�'} U fwlJ �© р г С1 _ � U г ш г D 4 � �ч � � � � U � � ш �¢ `�r J _ U} � '� � � Q С[ г [L Л. � ° г �шz�и ¢гi`ггz �� z`.`_� � � [17 У � N � 7 � � � '`� Q � � � � Q _. � � ш � _ �U � т � � � � � � а О � � 0 � � � � � � `� �mr�-��O���Um`�©������иш�D о° у`¢`r�����cn�йшf=-i=-i=-��zd��i- � 47 q��шwc,'�rr �с3-t��r�����mJt,,�г � С1 г�t гл С� �� ш ш ш иа �`t и� � �. v гдшг�4���;в��а����¢��---r���� � � ���С7�'С�р,�.'.��сп Ш��[�О�С]®�и1� � .,С о ��г�+�k--г-�.у.мr����-Нмr-ш~-шц_i-�`� � а. �©4шг�ш�w�а��д�с7изг�иглс��ш � � ш � г,��гzггшzшцRг сз � � a�i ���г����4шшt�iiШ���+,''�Е`ш`��`=--¢ ❑ с�с�р����°-с�зt�.�с.�.э�шши.ггш�qШ..�� �#'� и7 ч- -�г��--сас�-и�,__-г���.-а-4� �с3 �- С� о сп �С �..д Е °� ш ��rr�-г�Lt�--�-� г�r�© �-��F-�z � ,�, � �-��шш�Сэzr�сr�иг.гшшш�ш�зи�� ; _ �- �¢�-- 4 а_ а- с э�¢¢¢�� 4 с� м а� F- � а с� ги � с ру г � � � а� � r- t�€ м v и tta r- иs т°.`� � ��;r' �' т°и rn �°у v i:i €�v CL L£) o m CD CD CD N LIJ -i M LIJ < < (9 CO en Z U) CO ý< Eý ýE uj Q r) J: Lu lu CO Lu LLI ui 0 EL U) W -T CO < LU (D < 0 < LU U) c: LL. C) ui LU Z cý < 0 LL > CO 0 < LU :ý, c- LU < Z U) N C\j N и � °�� � �'а+''... � п� �`� � �... sд�дг° v�'��° � йс°ц�-,й�'-r-vсс�rэооrn � й в~I .� � �ы ❑ м ` ' � � � � г Г г {� �ы Г � � а � � и •� . сл сэ и] � м .- т- .,� � � м Q с� с? v� � а� tт�°•�47 „�- ��nгsr „�aaN ¢� � �р т' � "' � �° U ёа �+ t� г.� о Nw°. � � ш•�" ��°. ' ' ��4с°э � � � c�лcvcv � иос7 � + д. 3='� ❑ � С7 r рГЭ Гj � 1!} 4S7 4'] б'1 6� {у _ �[i г� �� �� �а'�� °�°` •cr r.гnicмv� �°� 4' � сэ а сз � ц � з сёз т- г. г, � � ч�- �. � � о пэ Ш С13 � _ [� fЛ ® E�L � � [L � � �1.Я [1'1 � j iY [� � � ❑ Ш -- е�в L1C � ❑ ❑ � � С7 С7 � � ❑ � (} � � .-. � � -��'- LL1 �^ --s � � � "J ❑ � ]- � � � F- � 0 � � � � � Z � � CL. � ❑ � � ❑ а`ч ¢ ш ш ❑ ш ш ❑ � � � � ❑ Q щ � °- ��`�� �¢¢ �°� шQ���гerru'с,.� гл � ��¢¢q�шш � рт¢�����`��¢ш _ � � ш�¢��СзсУСt �- ���`С�❑❑�ш��� Е с ❑���q���� с� w��..C�j���a�w��z �е гз ?ш�с�❑�';� � ош¢-тга��❑�¢т гt} UQUv[Q�€tI� � ciU�¢'�'¢�H�UU4Q � ' х � �� � � й т _ � � � � � � тм-� � � 4 ' шс�� �?а� � � � �w�z � ��w-- � в � Qe�¢� � д С7 � ❑ У ❑ � � �'- Т --г 4' � � � �` � � � ❑ lц Щ �j П_ � ?С Et � tu Q tц С� � F-- � Ш � N� `р � C�J 1i _ � т � 4 т � С7 z � � � � � � � � � � i� у � ���7 � � ], iYЦJW1J.1�}С� ����_ '�€ (� [У Z � � 1i.1 � � У У `� Ш � � � F-- -� � Q !- � L1-I 'L � z � _. � � ¢ т � � z � � � � � � � � � � � ш а � � � � а � � � ❑ � Ш � � � ш � д а а 0 а � 4 � � в � [� ��°�р��❑� D � �шwш���`���ш - � � р ���р���� � � �eLn_[iц�j�иэ��ш� � � � оэа❑�[7t�z� и г� �❑а❑�о�¢��¢ � � + О[С��р��� � U �Qr-�L��y-❑[��`t�'� � � .Q- lг-DO����Q с� � С7М.ишшUгсzа�аш у V � yv Ш �,,,_ � (� UJ [П F- � [У }� � � � � � Q � � � � LL Z L � ® ❑ � � � � U ❑ (Yj � й � � � Ш L � Е 1 ❑ ❑ � � 4 1,�L.P ❑ - � � �j ���С©'�Ш�П: U}4 ©�����OW ��_�� � � �С �. г1 1- � � � � liЭ � tt �L U F- Н- }- С] 1У � � �г.. й � G � w � _ � � ` г- �'`� м�� цу гSl !в дО т� �._�- т��� r� ОС� CS5 С7� r� ' 47 r. � s-' � �� N N N �й .и СС1 C7i' �f7 N __ � ы ц! Q С� CU � (� � С 41У � � � . :'V � � ц7 г �ц и 3 Ш Рв � 6 ,й N V Q .Г Ф г � � 4 т- i�г) � _ � Г`-^ � � 4b f- Z � ш _ � J � (�} z � �, в �-- _ �ш �,,, � c�g� и¢F-- � � ш � _ и w � � � ш С7 ° _ +„�+ � � шш L z�u.r �7 � с� z �шш _ � �а� +� zw� _ � ��� � ��� � � ш�с� � ��т � _.__ �, � � ® __ . ��N GrantThornton PKF Accouritarits a busmess adviseTs Appendix C - List of inefigible expenses Amount USD Inefigible expenditure Total