3 0 JUN 2018 ?1 /7596 Guangdong Provincial Audit Office of the People's Republic of China wt Audit Report '* 4k [2018) 182 - GUANGDONG AUDIT REPORT [120181 NO. 182 Project Name: Guangdong Social Security Integration and Rural Worker Training Project Financed by the World Bank Jt 5-:8268 - CN Loan No.: 8268 - CN Project Entity: The World Bank Loan Project Management Office of Department of Human Resources and Social Security of Guangdong Province 2017 Accounting Year: 2017 目录 Contents 一、审计师意见．........．……，二，..........．……，二，…，.,,....．……，...．……，.......．……，,,.1 1 .Auditor&5 Opinion…，,.,.........．……，,，二，,,.,,，二，......................．……，二，,，二，,．……3 二、财务报表及财务报表附注二，..............................．……，........．……，……，.6 11 .Financial Statemeflts and Notes to the Financial State们qents..．……，二，.,.6 （一）资金平衡表．................．……，．…，二，...................................．……，，二6 1 .Balance Sheet ..．……，,,，二，，……，.,..................................．……，,,........．……6 （二）项目进度表，,.,,......................................................．……，二，,,．……8 11,Su111rna1&y of Souoes and Uses ofFunds by Project Componeni.．…8 （三）贷款协定执行情况表……，.....．……，,,,.,,,,..........................．……10 111 .Statement ofllnplementation ofLoanAgreement．·····．．……，二，,.，…10 （四）专用账户报表．…，二，……，.........................................．……，,.．……n iv. Speeial Account Statement .................．……，二，.,．…，,..................．……n （五）财务报表附注．..................................．……，..........．……，,,.,,．……13 v.N0testotheFinancialstatements……，二，............．……，......．……，．……17 三、审计发现的问题及建议．..............．……，.．…，.,，二，.,,,..........．……，...．……21 111.Audit Findings and Reco~endations.，…，,,.,,............................．……，24 一、审计师意见 审计师意见 幼东省人力资源和社会保障厅世界银行贷款项目办公室： 我们审计了世界银行贷款幼东城乡社保一体化和农民工培训项目2017 年12月31日的资金平衡表及截至该日同年度的项目进度表、贷款协定执 行情况表、专用账户报表等特定目的财务报表及财务报表附注（第6页至 第20页）。 （一）项目执行单位及幼东省财政厅对财务报表的责任 簖制上述财务报表中的资金平衡表和项目进度表是你办的责任，编制 贷款协定执行情况表和专用账户报表是广东省财政厅的责任，这种责任包 括： 1．按照中国的会计准则、会计制度和本项目贷款协定的要求编制项目 财务报表，并佼其实现公允反映； 2．设计、执行和维护必要的内部控制，以使项目财务报表不存在由于 舞弊或错误而导致的重大错报。 （二）审计责任 我们的责任是在执行审计工作的基础上对财务报表发表审计意见。我 们按照中国国家审计准则和国际审计准则的规定执行了审计工作，上述准 则要求我们遵守审计职业要求，计划和执行审计工作以对项目财务报表是 否不存在重大错报获取合理保证。 为获取有关财务报表金额和披露信息的有关证据，我们实施了必要的 审计程序。我们运用职业判断选择审计程序，这些程序包括对由于舞弊或 错误导致的财务报表重大错报风险的评估。在进行风险评估时，为了设计 恰当的审计程序，我们考虑了与财务报表相关的内部控制，但目的并非对 内部控制的有效性发表意见。审计工作还包括评价所选用会计政策的恰当 性和作出会计估计的合理性，以及评价财务报表的总体列报。 1 我们相信，我们获取的审计证据是适当的、充分的，为发表审计意见 提供了基础。 （三）审计意见 我们认为，第一段所列财务报表在所有重大方面按照中国的会计准则、 会计制度和本项目贷款协定的要求簖制，公允反映了世界银行贷款广东城 乡社保一体化和农民工培训项目2017年12月31日的财务状况及截至该日 同年度的财务收支、项目执行和专用账户收支情况。 （四）其他事项 我们审查了本期内由幼东省财政厅报送给世界银行的第 8268一06号至 第8268一08号的提款申请书及所附资料。我们认为，这些资料均符合贷款 协议的要求，可以作为申请提款的依据。 本审计师意见之后，共同构成审计报告的还有两项内容：财务报表及 财务报表附注和审计发现的问题及建议。 中母计厅 地址：中国幼东省幼州市天河区黄埔大道西361号 邮政簖码：510630 电话：86一20一87078157 ：传真：86一20一87078201 ~2 1. Auditor' s Opinion Auditor's Opinion To the World Bank Loan Project Management Office of Department of Human Resources and Social Security of Guangdong Province We have audited the special purpose financial statements (from page 6 to page 20) of Guangdong Social Security Integration and Rural Worker Training Project financed by the World Bank, which comprise the Balance Sheet as of December 31, 2017, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement and the Special Account Statement for the year then ended, and Notes to the Financial Statements. Project Entity and Guangdong Provincial Finance Department's Responsibility for the Financial Statements The preparation of the Balance Sheet and the Summary of Sources and Uses of Funds by Project Component is the responsibility of your entity, while the preparation of the Statement of Implementation of Loan Agreement and the Special Account Statement is the responsibility of Guangdong Provincial Finance Department, which includes: i. Preparing and fair presenting the accompanying financial statements in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement; ii. Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Government Auditing Standards of the People's Republic of China and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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 depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or 3 error. In making those risk assessments, the auditor considers internal control relevant to the entities' 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. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion. Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of Guangdong Social Security Integration and Rural Worker Training Project financed by the World Bank as of December 31, 2017, its financial receipts and disbursements, the project implementation and the receipts and disbursements of the special account for the year then ended in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matter We also examined the withdrawal application of No. 8268-06 to No. 8268-08 and the attached documents submitted to the World Bank during the period. In our opinion, those documents comply with the project loan agreement and can serve as basis for loan withdrawal. The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and Notes to the Financial Statements, Audit Findings and Recommendations. Cuangdonig Pfoi cial Audit Office of the People's Republic of China une 25, 2018 4 Address: No. 361, West Huangpu Avenue, Tianhe District, Guangzhou City, Guangdong Province, P.R. China Postcode: 510630 Tel.: 86-20-87078157 Fax: 86-20-87078201 The English translation is for the convenience of report users Please take the Chinese audit report as the only official version. 5 二、财务报表及财务报表附注 11 .Financial Statements and Notes to the Financial Statements （一）资金平衡表 1 .Balance Sheet 资金平衡表 BALANCE SREET 加17年12月31日 (A 5 ofDecember31,2017) 项目名称：世界银行贷款幼东城乡社保一体化和农民工培训项目 ProjectName:Guangdongsocialsocuritylnt吧rationandRuolworkerTrainingP,ojectFinancedbytheworldBank 簖报单位：幼东省人力资源和社会保障厅世界银行贷款项目办公室货币单位：人民币元 PrePared by:The Wbrid Bank Loan Projeot Manag恤ent office ofDePartment CurrencyUnit:RMBYllan …挤－ ；后续（Tobecontinued) 6 A, MAOHIffi A, U1 422FAM&*it Total Prepaid and Receivable 16 5,113,631.78 5,272,505.75 Construction Expenditures to 43 be Offset Including: World Bank Loan 17 Total Payable 44 104,664,151.82 59,231,687.01 Interest Receivable World Bank Loan Commitment is Including: World Bank Loan 45 Fee Receivable Interest Payable EL (k L IT 1 "T ffl Vt V-1f ft I T j Wz *il V1 World Bank Loan Service- Fee 19 World Bank Loan 46 Receivable Commitment Fee Payable -L, :M IA- JM4 Marketable Securities World Bank Loan Service 47 Fee Payable A, P 5if 1`11 i+ 21 9,759,856,25 26,663,42629 A , i ZD: 0 49 1,165.00 65,113.65 Total Fixed Assets Other Payables 22 9,759,856.25 26,663,426.29 h, -L& R A 5, Ji 49 - - Fixed Assets, Cost Appropriation ofFund * T it PT I H 23 whMA 50 172,016.85 69,230.50 Less: Accumulated Depreciation- Retained Earnings IN 5if i r j" 4 24 9,759,856.25 26,663,426,29 Fixed Assets, Net h] *--- 51 ilnA im )5 - - Fixed Assets Pending Disposal 44 aNn 1?ft -j' 4p ,- 26 Fixed Assets Losses in Suspense -1 t'T M "I it 338,020,953.34 519,655,562.07 51 338,020,95334 519,655,562.07 Total Application ofFund Total Sources ofFund （二）项目进度表 11.Summary of Sources and Uses ofFunds by Project Component 项目进度表（一） SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENTI 本期截至2017年12月31日 (For the period ended December 31,2017) 项目名称：世界银行贷款幼东城乡社保一体化和农民工培训项目 PrqiectNamc:Guangdongsocialsecurityln，铭rationandRuralWorkerTrainingProjectFinanced妙thoworldBank 簖报单位：幼东省人力资源和社会保障厅世界银行贷款项目办公室货币单位：人民币元 Prenared by:The Wbrld Ballk Loan Project Management omce ofDePartment CurrencyUnit：删BYuan …熟－ 8 7 /.� О S-l V � С � � t �� С уΡТ�уΡ V � � �- � LL-в С � f�� � - F � � _ и э , � , i i i i ь-� Т Я 'I=� V -� С О _ О .�у �1 L V С.1 и � U н-С � J й. 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Special Account Statement * M * P A SPECIAL ACCOUNT STATEMENT *A 0 ;T1 2017 * 12 A 31 B (For the period ended December 31,2017 Depository Bank: Guangzhou Branch, Project Project Narne: Guangdong Social Security China CITIC Bank Integration and Rural Worker Training YKI7: 7443021482600007167 Project Financed by the World Bank Account No. :7443021482600007167 9, Alk-9r: 8268-CN k Allt Loan No.:8268-CN Currency: USD -14*4k: )-'T'VfffkFT Prepared by: Guangdong Provincial Finance Department A Part A-Acuount Activity for the Current Period Amount 394,073,32 Beginning Balance AM 25,904,178.58 Add: * M tit It H 25,801,778.39 Total Amount Deposited this Period by World Bank *YATIJ's'Rx' "'R 2,400.19 Total Interest Earned this Period if Deposited in Special Account * YA T -18- * jz 11 H Y9 iT ly MR Total Amount Refunded this Period to Cover Ineligible - Expenditures 25,528,80336 Deduct: 25,528,803.36 Total Amount Withdrawn this Period * R 9- E 5 41 V1 q3 D A K * , i - 111' Total Service Charges this Period if not Included in Above Amount - Withdrawn M * li ' 4 TN 669,448.54 J Ending Balance ()E 4To be continued) Part B-Account Reconciliation Amount 1.I 8,000,000.00 Amount Advanced by World Bank Deduct: Total Amount Recovered by World Bank 3. A 3M9!PEW ! Outstanding Amount Advanced to the Special Account at the 8,000,000.00 End of this Period 4. ;M- jkPPq,t-M669,448.54 Ending Balance of Special Account Add: Amount Claimed but not yet Credited at the End of this Period Application No. Amount 6. if4 H i 1 iR k E Amount Withdrawn but not yet Claimed at the End of this 7,341,146.56 Period 7. fl itti (Pu*ikE596tI ) Cumulative Service Charges (If not Included in Item 5 or 6) Deduct: 8. flU,A (A M PE )10,595.10 Interest Earned (If Included in Special Account) Total Advance to the Special Account Accounted for at the 8,000,000.00 End of this Period 12 （五）财务报表附注 财务报表附注 1．项目概况 幼东城乡社保一体化和农民工培训项目贷款号为8268一CN，项 目建设内容分为城乡社保一体化和农民工培训两个子项目。城乡社保 一体化子项目由省人力资源社会保障厅负责实施；农民工培训子项目 由省人力资源社会保障厅以转贷方式选取广东省轻工业高级技工学 校（以下简称省轻工学校）、幼州市工贸技师学院（以下简称广州工 贸学院）、云浮市高级技工学校（以下简称云浮技校）3所技工院校 负责实施。项目协议于2013年7月22日签定，于2013年9月12日 生效，关账日为2018年12月31日。项目计划总投资为人民币 941,667,520.00元，其中世界银行贷款总额为80,000,000.00美元（省 人力资源社会保障厅45,000,000.00美元、省轻工学校15,000,000.00 粎元、幼州工贸学院10,000,000.00美元、云浮技校10,000,000.00美 元），折合人民币504,000,000.00元（以l美元兑换人民币6.30元计算）, 配套资金为人民币437,667,520.00元。 2．财务报表编制范围 本财务报表的簖制范围包括幼东省人力资源和社会保障厅世界 银行贷款项目办公室（以下简称省项目办）、省轻工学校、广州工贸 学院、云浮技校和省财政厅的财务报表。 3．主要会计政策 3.1本项目财务报表按照财政部《世界银行贷款项目会计核算办 法》〔财际字〔2000〕13号）的要求编制。 3.2会计核算年度采用公历年制，即公历每年1月1日至12月 31日。 3.3会计核算以“权责发生制”作为记账原则，采用借贷复式记 账法记账，以人民币为记账本位币。 l3 3.4按照中国人民银行2017年12月31日汇率，即1美元二人民 币6 .5342元。 4．报表科目说明 4&1项目支出 20 17年项目支出人民币1 58,065,752,86元，累计支出人民币 472,501,848.82元，占计划的50.18％。 4.2货币资金 20 17年12月31日货币资金余额为人民币15,217,781,21元， 比上年增加人民币6,506,4 11 .86元，其中专用账户存款折合人民币 4,374,310.65元。 4.3预付及应收款 20 17年12月31日余额为人民币5,272,505.75元，主要是省轻工 学校预付工程款和其他应收款余额。 4.4固定资产 20 17年12月31日余额为人民币26,663,426.29元，是广州工贸 学院固定资产。 4.5项目拨款 2017年12月31日余额为人民币199,353,985,90元，是项目的配 套资金。 项目计划配套资金总额人民币437,667,520.00元，截至2017年 12月31日到位配套资金人民币199,353,985.90元，占计划的45.55％。 4.6项目借款 2017年12月31日余额为人民币260,935,545.01元，是国际复兴 开发银行贷款。 截至2017年12月31日，累计提取世界银行贷款39,933,816.69 粎元，占贷款总额的49.92％。 4.7应付款 l4 2017年12月31日余额为人民币59,231,687.01元，主要是应付 货物款、应付咨询合同款和其他应付代垫款。其中：省项目办人民币 232,1 06.10元；省轻工学校人民币33,377,827.17元；广州工贸学院人 民币21,274,340.28元；云浮技校人民币4,347,413,46元。 4.8未交款 2017年12月31日余额为人民币65,113,“元，主要是省轻工学校、 幼州工贸学院应代簴未缴的个人所得税。 4.9留成收入 2017年12月31日余额为人民币69,230.50元，主要是省财政厅 专用账户的银行存款利息收入。 5．专用账户使用情况 专用账户设在省财政厅，开户银行为中信银行广州分行，账号为 7443021482600007167，币种为美元。专用账户首次存款8,000,000,00 粎元。2017年年初余额394,073.32美元，本年度回补预付款 25,801,778.39粎元，利息收入2,400.19美元，本年度支付25,528,803.36 粎元，年末余额669,4 48.54粎元（含利息收入10,595.10美元），折合 人民币4,374,3 1 0.65元。 6．其他需要说明的事项 6.1根据省财政厅和省人力资源社会保障厅的约定，在各项目实 施单位设二级指定账户，余额合计为人民币10,837,707.56元，分别 为：省人力资源社会保障厅，开户银行为中国银行广东省分行，账号 为686062841937，币种为人民币，包括项目的世界银行贷款和配套 资金，余额为人民币4,587,483.08元；省轻工学校，开户银行为中国 银行海珠支行，账号为665262551962，币种为人民币，余额为人民 币4,068,523.76元；幼州工贸学院，开户银行为中国工商银行广州黄 石路支行，账号为3602074029200138071，币种为人民币，余额为人 民币1,626,102.41元；云浮技校，开户银行为中国建设银行云浮云硫 支行，账号为4400 1 827110053000952，币种为人民币，余额为人民 币555,598.31元。 l5 6.2财务报表的格式随同本项目财务管理手册获得世界银行的 不反对意见，项目进度表（一）资金运用合计中“广东省人力资源和 社会保障厅世界银行贷款项目办公室”的累计完成额包括项目进度表 （二）“城乡社保一体化子项目”和“农民工培训子项目（省级活动）&& 的累计支出。 6.3会计报表按照《世界银行贷款项目会计核算办法》（财际字 〔2000〕13号）的要求填列，由于广州工贸学院将项目建设中已交 付资产（人民币26, 663,4 26.29元）结转至固定资产科目，所以项目 进度表（二）的项目支出合计（累计支出）包括资金平衡表的项目支 出合计（期末数）和固定资产合计（期末数）。 16 v. Notes to the Financial Statements Notes to the Financial Statements 1. Project Overview The Loan No. of Guangdong Social Security Integration and Rural Worker Training Project financed by the World Bank is 8268 - CN. The Project is divided into 2 Sub-Projects, which are Social Security Integration and Rural Worker Training. Department of Human Resources and Social Security of Guangdong Province (DHRSSGP for short) is responsible for the implementation of the Sub-Project of Social Security Integration; by the methods of enlending, DHRSSGP selected 3 technical schools to be the Sub-Project implementation entities of Rural Worker Training, including: Guangdong Advanced Technical School of Light Industry (GDATSLI for short), Guangzhou Industry & Trade Technician College (GZITTC for short) and Yunfu Advanced Technical School (YFATS for short). The Project Agreement was signed on July 22, 2013 and came into effect on September 12, 2013. The expected closing date will be December 31, 2018. The total planned investment of the project is RMB941,667,520.00 yuan, including the World Bank loan of USD80,000,000.00 (equivalent to RMB504,000,000.00 yuan at a rate of USDI=RMB6.30 yuan) and the arrangements of the World Bank loan among the project entities would be provided as follows: USD45,000,000.00 to DHRSSGP, USD15,000,000.00 to GDATSLI, USD10,000,000.00 to GZITTC and USD10,000,000.00 to YFATS. The counterpart fund is RMB437,667,520.00 yuan. 2. Consolidation Scope of the Financial Statements Consolidation scope of the financial statements covers the financial statements of the Project Management Office of Department of Human Resources and Social Security of Guangdong Province (PMO for short), GDATSLI, GZITTC and YFATS, as well as the financial statements of the Guangdong Provincial Finance Department (GDFD for short). 3. Accounting Policies 3.1 The Financial Statements of the Project were prepared according to the requirements of Accounting Methods for the World Bank Financed Project Xa izi (2000) No. 13) . 3.2 In accounting practice, the Gregorian calendar year is adopted as the 17 fiscal year from January 1 to December 31. 3.3 The accrual basis and the debit/credit double entry bookkeeping method are adopted. RMB is used as the recording currency of bookkeeping. 3.4 The exchange rate adopted in the financial statements was the exchange rate on December 31, 2017 of the People's Bank of China, which is USD1= RMB6.5342 yuan. 4. Explanation of Subjects 4.1 Project Expenditures The project expenditure in 2017 was RMB158,065,752.86 yuan, and the cumulative expenditures were RMB472,501,848.82 yuan, which accounted for 50.18% of the total investment plan. 4.2 Cash and Bank On December 31, 2017, the balance was RMB15,217,781.21 yuan with a increase of RMB6,506,411.86 yuan compared with that of the last year. And the funds in the Special Account were converted to RMB4,374,310.65 yuan. 4.3 Prepaid and Receivables Its balance on December 31, 2017 was RMB5,272,505.75 yuan, mainly the prepaid for engineering and the other accounts receivable balance of GDATSLI. 4.4 Fixed Assets Its balance on December 31, 2017 was RMB26,663,426.29 yuan, which were the fixed assets of GZITTC. 4.5 Project Appropriation Funds The balance on December 31, 2017 was RMB199,353,985.90 yuan, which were the counterpart funds of this project. The total planned counterpart funds of the project were RMB437,667,520.00 yuan. By the end of December 31, 2017, RMB199,353,985.90 yuan of the counterpart funds had been allocated, which accounted for45.55% of the plan. 4.6 Project Loan The balance on December 31, 2017 was RMB260,935,545.01 yuan, which was the World Bank loan. 18 By the end of December 31, 2017, accumulated USD39,933,816.69 of the World Bank loan had been withdrawn, accounting for 49.92% of the total amount. 4.7 Payables The balance on December 31, 2017 was RMB59,231,687.01 yuan, mainly goods payable, consulting payable and the other payable about advances expense. The details were as follows: PMO was RMB232,106.10 yuan; GDATSLI was RMB33,377,827.17 yuan; GZITTC was RMB21,274,340.28 yuan; YFATS was RMB4,347,413.46 yuan. 4.8 Other Payables The balance on December 31, 2017 was RMB65,113.65 yuan, mainly unpaid personal income tax that should be withheld and paid by GDATSLI and GZITTC. 4.9 Retained Earnings The balance on December 31, 2017 was RMB69,230.50 yuan, mainly interest earnings in the GDFD's Special Account. 5. Special Account The Special Account of this project is set in GDFD. The depository bank is Guangzhou Branch, China CITIC Bank, with the account number of 7443021482600007167, and USD as currency Unit. The initial Deposit of the Special Account is USD8,000,000.00. The beginning balance in 2017 was USD394,073.32 and the reimbursement in this year was USD25,801,778.39. The interest earned in this year was USD2,400.19 and the disbursement was USD25,528,803.36. Thus, the ending balance was USD669,448.54 (including the interest earnings of USD10,595.10), equivalent to RMB4,374,310.65 yuan. 6. Other Explanation for the Financial Statements 6.1 According to the appointment between GDFD and DHRSSGP, each project implementation entity should set up a Sub-Designated Account (Sub-DA for short), and the total balances were RMB 10,837,707.56 yuan. The details are as follows: Firstly, the Sub-DA of DHRSSGP is set in Guangdong Branch, China Bank, with the account number of 686062841937 and RMB as currency Unit, and the balance was RMB4,587,483.08 yuan. This Sub-DA should include the World Bank loan and the counterpart funds. Secondly, the Sub-DA of GDATSLI is set 19 in Haizhu Sub-Branch, Bank of China, with the account number of 665262551962 and RMB as currency Unit, and the balance was RMB4,068,523.76 yuan. Thirdly, the Sub-DA of GZITTC is set in Huangshi Road, Guangzhou Sub-Branch, Industrial & Commercial Bank of China, with the account number of 3602074029200138071 and RMB as currency Unit, and the balance was RMB1,626,102.41 yuan. Fourthly, the Sub-DA of YFATS is set in Yunliu Road, Yunfu Sub-Branch, China Construction Bank, with the account number of 44001827110053000952 and RMB as currency Unit, and the balance was RMB555,598.31 yuan. 6.2 The format of the financial statements, which was in this project's Financial Management Manual, had received the no objection opinion from the World Bank. The accumulated application funds of PMO in the statement of Summary of Sources and Uses of Funds by Project Component I consist of the accumulated project expenditures in the Sub-Project of Guangdong Social Security Integration and the accumulated project expenditures of Provincial Activities in the Sub-Project of Rural Worker Training in the statement of Summary of Sources and Uses ofFunds by Project Component II. 6.3 The Financial Statements of the Project were prepared according to the requirements of Accounting Methods for the World Bank Financed Project (Caijizi (2000) No. 13) . Assets of RMB26,663,426.29 yuan which put into use in GZITTC were transferred to Fixed Assets during the period of project construction, as a result, the cumulative amount of total project expenditures in the statement of Summary of Sources and Uses of Funds by Project Component II consist of the ending balance of total project expenditures and the ending balance of total fixed assets in the statement of Balance Sheet. 20