Gambia Commercial Agriculture And Value Chain Management Project (GCAV-GAMBIA) [Ministry of Agriculture] Annual report and financial statements for the year ended 31 December 2017 Contents 1. General Information ............................................................................................................................. 4 2. Project National steering committee report........................................................................................ 6 2.1 Project background Information ................................................................................................. 6 2.2 Project objectives and component description.......................................................................... 7 3. Statement of responsibility .................................................................................................................. 4. Audit scope and objectives................................................................................................................. 10 4.1 Financil audit .......................................................................................................................Fa l.... 10 4.2 Audit of Statement of Expenditure (SoE).................................................................................. 11 4.3 Audit of Special Account............................................................................................................ 11 5. Report of the independent auditors .................................................................................................. 12 6. Statement of sources and uses of funds ............................................................................................ 14 7. Statement of financial position .......................................................................................................... 15 8. Statement of Expenditure (SoE) ......................................................................................................... 17 8.1 Report of the independentauditor .................................................................................. 17 8.2 Statem ent of Expenditure - Special Account Grant - A ............................................. 18 8.3 Statem ent of Expenditure - Special Account Grant - B .............................................. 18 8.4 Statem ent of Expenditure - Special Account - Credit.................................................. 19 8.5 Statem ent of Expenditure - Direct Disbursem ent- Grant............................................ 19 8.6 Statement of Expenditure - Direct Disbursement- Credit........................................... 20 8.7 Statement of Expenditure - Gambia Government Contribution.............................................. 20 8.8 Statement of Expenditure - Gambia Government Contribution (Project GLF)........................ 21 8.9 Statement of Expenditure - Other Income ............................................................................... 22 8.10 Reconciliation of Disbursement Funds received - IDA............................................................. 22 Annual Report and Financial Statements 2017 Page 2 9. Special A ccounts................................................................................................................................. 23 9.1 * Report of Independent Auditors............................................................................................... 23 9.2 Special account statement with The Central Bank of The Gambia - IDA Grant A................... 24 9.3 Special account statement with The Central Bank of The Gambia - IDA Grant B ................... 25 9.4 Special account statement with The Central Bank of The Gambia - IDA Credit... 26 14 ,348 ........................................................................................................................................................ 26 9.5 GLF account with The Central Bank of The Gambia.................................................... 27 9.6 Project GLF account with The Central Bank of The Gambia.....................................28 9.7 P etty cas h ................................................................................................................................ 29 9.8 D irect D isbursem ent............................................................................................................. 30 9.9 Direct Disbursem ent- Credit ............................................................................................... 30 10. Supplem entary inform ation ........................................................................................................... 31 Annual Report and Financial Statements 2017 Page 3 1. General Information Members of the Project Steering Committee Permanent Secretary, Ministry of Agriculture Deputy Permanent Secretary, MOA Deputy Permanent Secretary, MOFEA Deputy Permanent Secretary, Ministry of Trade Permanent Secretary, Ministry of Lands National Focal Person, UNFCC, Ministry of Environment Director, National Agricultural Research Institute Executive Director, National Enterprise Development Initiative Coordinator, NACOFAG Executive Director, Tango Director, Export Promotion GIEPA Chief Executive Office, GCCI Representative, Women's Bureau Deputy Permanent Secretary, Ministry of Fisheries Secretary Coordinator, CPCU Auditors DT Associates - The Gambia Tax, Audit, Advisory 1 Paradise Beach Place Bertil Harding Highway P 0 Box 268 Banjul The Gambia Bankers Central Bank of The Gambia 1-2 Ecowas Avenue Banjul The Gambia Donor International Development Association 1818 H Street, N.W. Washington, D.C. 20433 United states of America The Government of the Gambia Annual Report and Financial Statements 2017 Page 4 Registered office Central Project Co-ordination Unit (CPCU) Ministry of Agriculture Banjul The Gambia Annual Report and Financial Statements 2017 Page 5 2. Project National steering committee report 2.1 Project background information The Commercial Agriculture and Value Chain Management Project (GCAV) is financed through a combination of IDA Grant and Credit totaling US$15.92 million (Grant of US$8.72 million and a Credit of US$7.2million). The Project is being implemented over a five-year period (2014 - 2019), covering three Administrative Regions, namely: Central River Region (CRR) - North and South; North Bank Region (NBR); and West Coast Region (WCR). The IDA financing is also expected to leverage the following amounts of additional funding respectively. (i) From The Gambia Government: Government's contribution for this Project is estimated at US$0.74 million mainly to joint financing of the operating cost of the Ministry of Agriculture and relevant departments, including the Central Projects Coordinating Units (CPCU). (ii) From the direct project beneficiaries: Under the Matching Grant Facility (MGF), the private sector would contribute US$2.61 million. The Financing Agreement was approved on the 18th of March 2014 and signed on the 9m of April 2014.The grant was declared effective on 16 June 2014. The closing date is 30th November 2019. Summary of project cost estimates by category Components: USD $ Component 1: Support to development of irrigation and key productive infrastructure 13.56 Component 2: Support to value chain management 3.15 Component 3: Project administration and institution building 2.56 Total project cost 19.27 Summary of project cost estimates by sources of funds Sources: USD $ International Development Association (Grant) 8.72 Intemational Development Association (Loan) 7.20 Government of The Gambia 0.74 Beneficiary 2.61 Total project cost 19.27 Annual Report and Financial Statements 2017 Page 6 2.2 Project objectives and component description The Development Objective for the Commercial Agriculture and Value Chain Management Project (GCAV) is to Improve productivity and access to market of targeted agricultural commodities for smallholders in the Project Area. To achieve this objective the project aims to support targeted investments to remove critical constraints, improve productivity and build organizational and institutional capacities, both private and public, along the value chains of the targeted commodities. In particular, the project will: * rehabilitate irrigation infrastructure to enhance the resilience of agricultural production systems to climate change-induced weather shocks in selected areas; * rehabilitate or build commercial post-harvest infrastructure to facilitate processing and marketing of agricultural products; * support strengthening of the technical, institutional, managerial and marketing capacities of smallholders and their organizations, as well as other stakeholders Involved in agricultural production and value chains, to more effectively operate in a market-driven environment; and * provide institutional-strengthening support to improve the governance of Gambia The project comprises of three components: COMPONENT 1: SUPPORT FOR DEVELOPMENT OF IRRIGATION AND KEY PRODUCTIVE INFRASTRUCTURE: This component supports critical public and private infrastructure needs to enhance the resilience and competitiveness of the agricultural sector. The objective of this component is to support the rehabilitation and improvement on tidal irrigation schemes as well as key small-scale productive infrastructures to address critical constraints in the agricultural production system in order to improve productivity. In furtherance of this, the Project will support and promote private sector investments for improving value- adding infrastructure and support services to increase marketed output and reduce postharvest losses. The objectives of this component is pursued under the following two subcomponents: (i) irrigation development and farm production improvement support; and (ii) leveraging private sector investments in agri-business and supporting access to key productive assets. Annual Report and Financial Statements 2017 Page 7 COMPONENT 2: SUPPORT TO VALUE CHAIN MANAGEMENT: The objective of this component is to link key stakeholders, such as smallholders, agribusinesses, public sector (government organizations) and knowledge providers (research and training institutions, technical experts), Into public-private partnerships to enhance the performance of the agricultural sector. To achieve this, the project would develop and strengthen the institutional capacity of farmer-based organizations, the professional associations of private sector participants In the value chain so as to scale up best practices and support farmers and private sector participants to address key constraints and exploit the opportunities to improve the productivity, processing, and marketing of selected commodities; and to promote marketing and enhance agri-business development through engagement with private sector stakeholders. COMPONENT 3: PROJECT ADMINISTRATION AND INSTITUTION BUILDING: The objective of this component is to ensure proper coordination of project implementing agencies and sound management of project activities, while providing support to the Ministry of Agriculture (MoA) for the overall coordination of the Gambia National Agricultural Investment Plan (GNAIP). This component comprises the following four sub-components: (a) Project management, monitoring and evaluation; and (b) Support to Ministry of Agriculture (MOA) for the implementation of the GNAIP. Annual Report and Financial Statements 2017 Page 8 3. Statement of responsibility The implementing Agency is required to prepare financial statements, which give a true and fair view of the state of affairs of the Project for the year ended 31st December 2016 and of the Surplus or Deficit for that year in accordance with the terms and conditions of the Financing Agreement between the Government of The Gambia and IDA. The responsibility for the preparation of financial statements including adequate disclosure is that of the implementing agency. The agency is also responsible for the selection and application of accounting policies. The agency would prepare the PFSs in accordance with the International Public Sector Accounting Standards (IPSASs), cash basis. The Implementing Agency 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 the relevant Financing Agreement. The Implementing Agency is also responsible for preparing Statements of Expenditure (SoE) and for the operation of the Special Accounts in accordance with the Financing Agreements. They are also responsible for safeguarding the assets of the Project hence taking reasonable steps for the prevention and detection of fraud and other irregularities. On behalf of the Project Steering Committee Commitee.t.pe..n.(Pemanen . ...... ...K. Committee (Permanent Secretary) Project Coordinator Date... . ... ... 2018 Date.>. -. .... > .......2018 Annual Report and Financial Statements 2017 Page 9 4. Audit scope and objectives 4.1 Financial audit Our duty as auditors is to report to the Project Management whether in our opinion the financial statements do give a true and fair view and are properly prepared in accordance with the requirement of the Financing Agreement. As part of our audit we are obliged to consider the following matters and to report on any, in respect of which we are not satisfied: * all funds have been used in accordance with the conditions of the Financing Agreement, with due attention to economy and efficiency and only for the purposes for which the funds were provided; * counterpart funds (government budget) and beneficiaries contribution have been provided and used in accordance with the conditions of the Financing Agreement, with due attention to economy and efficiency and only for the purposes for which they were provided; * all expenditures financed have been procured In accordance with the Financing Agreement and in accordance with IDA rules and procedures; and have been properly accounted for; * appropriate supporting documents, records and books of accounts relating to all project activities have been kept in respect of all project expenditures (including expenditure via SOEs or Special Accounts). Clear linkages should exist between the books of accounts and the financial statements presented to the Bank; Special accounts have been maintained In accordance with the provisions ot the Financing Agreement and in accordance with the Bank's disbursement rules and procedures; * the financial statements have been prepared by the Project Management in accordance with applicable accounting standards and give a true and fair view of the financial affairs of the Project as at the year end and of its receipts and expenditures for the year then ended; * comprehensive assessment of the adequacy and effectiveness of the accounting and overall internal control system to monitor expenditures and other financial transactions and ensure safe custody of project-financed assets and that they are being used for the intended purposes. Annual Report and Financial Statements 2017 Page 10 Project's fixed assets are real and properly evaluated and project property rights or related beneficiaries' rights are established in accordance with Financing Agreement; and * Ineligible expenditures identified during the audit will be reflected in a separate paragraph of the audit report and if material, the point should be reflected in the auditors' opinion. 4.2 Audit of Statement of Expenditure (SoE) In addition to the annual audit of the financial statements, the auditors should apply such tests and controls as they consider necessary to: * Audit all Statements of Expenditures (SOEs) or IFRs used as a basis for the submission of withdrawal applications to the Bank by the Project; * Determine the eligibility of expenditures in accordance with the Financing Agreement and appraisal report. Where ineligible expenditures are identified as having been included in the withdrawal applications and replenished, these should be noted separately by the auditors; and * Annexed to the PFSs should be a schedule listing individual SOE or IFR withdrawal applications by specific reference number and amount. 4.3 Audit of Special Account In addition to the audit of the PFSs, the auditors are also required to review the activities of the special account associated with the Project. The auditors should examine the: * eligibility and correctness of financial transactions during the period under review and fund balance for the year ended 31 December 2017; * operations and use of the special accounts in accordance with the Financing Agreement or disbursement letter; and * adequacy of internal controls for this type of disbursement mechanism. Annual Report and Financial Statements 2017 Page 11 DT Associates DT Associates - The Gambia Audit | Tax I Advisory 1 Paradise Beach Place Beril Harding Highway Kololi P. Box 268 Banjul The Gambia Tel: 220 446 5800 Fax: 220 446 5900 Report of the independent auditors io@tssoatesgm.com wwvw.dtassociatesgm.com To the members of the Project Steering Committee We have audited the accompanying financial statements of the IDA/GoTG funded Gambia Commercial Agriculture and Value Chain Management Project (GCAV) for the year ended 31 December 2017, set out on page 14 which have been prepared on the basis of the significant accounting policies on page 16 and other explanatory notes on pages 18 to 30. Management responsibility for the financial statements The Implementing partner is responsible for the preparation and fair presentation of these financial statements in accordance with the International Development Association guidelines and for such internal control as the implementing partner determined are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International standards on auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to 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 auditors' 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 auditors consider 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for the audit opinion. Opinion In our opinion proper books of account have been kept and the financial statements give a true and fair view of the state of affairs and Sources and Uses of Funds of the IDA/GoTG funded Gambia Commercial Agriculture and Value Chain Management Project (GCAV-GAMBIA) for the year ended 31 December 2017 in accordance with IDA guidelines and IPSAS Cash Basis of accounting. All external funds have been used in accordance with the conditions of the relevant Financing Agreements and goods and services have been procured in accordance with the relevant Financing Agreement. DT Associates Chartered Accountants Registered Auditors Date9.... ........ t.-.- D.....e.......P.....2018 01 6. Statement of sources and uses of funds for the year ended 31 December 2017 Year Year ended Cumulative ended As At 31-Dec-17 31-Dec-16 31-Dec-17 USD $ USD $ USD $ Notes Sources of funds IDA- Disbursements- Special accounts Grant A 8.2 996,667 1,497,255 2,493,922 IDA- Disbursements- Special accounts Grant B 8.3 313,941 261.512 575,453 IDA- Disbursements- Special accounts Credit 8.4 623,539 480,085 1,103,624 IDA- Direct Disbursement-Grant 8.5 1,337,497 957,341 1,671,758 IDA- Direct Disbursement- credit 8.6 437,045 2,345,050 2,782,095 GOTG contribution 8.7 - 130,147 130,147 Project GLF 8.8 116,791 137,952 244,367 Other Income 8.9 12,761 8,156 31,293 Exchange gain ( loss) - 1,257 1,257 Total funds 3,838,241 5,818,755 9,033,916 Expenditure Support to Developing Irrigation and Other Key Component A Productive Infrastructure (3,033,773) (5,126,698) (7,537,391) Component B Support to Value Chain Management (23,661) (122,266) (145,928) Component C Project Administration and Institution Building (494,674) (1,090,861) (1,585,535) Total Expenditure 3,552,108 (6,339,825) 9,268,854 (Deficit)Surplus for the period 286,133 (521,070) (234,938) Annual Report and Financial Statements 2017 Page 14 7. Statement of financial position for the year ended 31 December 2017 Year ended Cumulative Year Ended As At 31-Dec-17 31-Dec-16 31-Dec-17 USD $ USD $ USD S Notes Opening cash balances IDA- Special accounts Grant A 9.2 88,791 358,125 446,916 IDA- Special accounts Grant B 9.3 138,305 157,106 295,412 IDA- Special accounts Credit 9.4 14,348 251,534 265,882 GOTG- Special Account 9.5 20,186 9,018 29,204 Project GLF 9.6 1,602 8,600 10202 Petty Cash 101 19 120 Total Opening Cash 263,333 784,402 1,047,736 Net change in cash 286,133 (521,070) (234,938) Net Cash Available 549,466 263,332 812,798 Closing cash balances: IDA- Special accounts Grant A 9.2 68,533 88,791 157,325 IDA- Special accounts Grant B 9.3 102,138 138,305 240,443 IDA- Special accounts Credit 9.4 355,057 14,348 369,405 GOTG- Special Account 9.5 20,186 20,186 40,372 Project GLF 9.6 3,382 1,602 4,984 Petty Cash 9.7 170 101 270 Total Closing Balance 549,466 263,333 812,798 The* finncial statements were approved by the Project National Steering Committee on .-.. .2018 and was signed on its behalf by: .Pra. .....Permanent Secretary, Ministry of Agriculture ...........Project Coordinator -.. ... .Project Financial Controller Annual Report and Financial Statements 2017 Page 15 Notes (forming part of the financial statements) 7.1 Accounting policies The Project adopted the following accounting policies which have been consistently applied for items that are considered material in the financial statements. 7.2 Accounting convention The financial statements have been prepared under the historical cost convention in accordance with IPSAS Cash Basis of Accounting and IDA guidelines. 7.3 Basis of Accounting The project adopts a cash basis of accounting for revenue and expenditure, which records revenue when received and expenditure when paid. 7.4 Revenue Revenue is recognised in the financial statements when received into the Project's bank accounts. Revenue committed but not received is not recognised until when transferred to the Project's bank accounts. 7.5 Expenditure Expenditure is recognised in the financial statements when disbursed in the form of cash or cheque drawn on the Project's bank accounts. Expenditure incurred but remaining unsettled at the year- end is not recognised in the financial statements until when settled. 7.6 Direct disbursements Disbursements made directly by IDA to beneficiaries are accounted for as both revenue and expenditure. Expenditure proposed for settlement by direct disbursements at the year end is not recognised in the financial statements until when settled by the IDA. 7.7 Translation of foreign currencies Replenishment of funds into the special accounts is translated to Dalasi at the rate ruling on the date of the transaction. Expenditure incurred in foreign currency is also translated to Dalasi at the rate ruling on the date of the transaction. The balance of funds in the Special Account denominated in foreign currency is translated at the year-end using Central Bank mid-market rates and the retranslation gain or loss is transferred to the income and expenditure account Annual Report and Financial Statements 2017 Page 16 DT Associates DT Associates - The Gambia Audit | Tax j Advisory 1 Paradise Beach Place Bertil Harding Highway Kololi P.O. Box 268 Banjul The Gambia rrNr,\Tel: 220 446 5800 Statement of Expenditure (SoE) Fax: 220 44 5900 infC@dtassociatesgm.com www.dtassociatesgm.com Report of the independent auditors We have audited the Statements of Expenditure (SOE) of the IDA/GoTG funded Gambia Commercial Agriculture And Value Chain Management Project (GCAV Gambia) financed under IDA Agreement number H9200-GM and 5399-GM for the year ended 31 December 2017. Basis of opinion We conducted our audit in accordance with International Auditing Standards and IDA guidelines. Those standards and guidelines require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. An audit also includes an assessment of the significant estimates and judgments made by the Implementing partner in the preparation of the Statement of Expenditure, and whether the accounting policies are appropriate to the project's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations, which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the statement of expenditure are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements and the reliability of the statement of expenditure submitted to the IDA in support of applications for reimbursement of expenditure. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the Statement of Expenditures gives a true and fair view of the Sources and Uses of Funds of the Project for the year ended 31st December 2017 in accordance with the IDA Guidelines for financial reporting and IPSAS Cash Basis of Accounting. The Statement of Expenditures has been prepared in accordance with the provision of the relevant financing agreement and expenditure have been utilized wholly and necessarily for the realization of the Project objectives. All information and explanations necessary for the purpose of the audit have been obtained and supporting documents have been retained. DT Associates Chartered Accountants Registered Auditors Date..... .. j- ~ ---....... 2018 8.2 Statement of Expenditure - Special Account Grant - A Source Application Year ended Year ended # 31-Dec-17 31-Dec-16 USD$ USD$ IDA DA-B- 015 399,891 IDA DA-B- 016 226,427 IDA DA-B- 017 370,349 - IDA DA-B- 008 - 138,718 IDA DA-B- 009 185,065 IDA DA- B- 010 230,863 IDA DA-B-011 183,568 IDA DA- B- 012 360,280 IDA DA- 8- 013 139,717 IDA DA- B- 014 259,044 Total receipts from IDA 996,667 1,497,255 8.3 Statement of Expenditure - Special Account Grant - B Source Application Year ended Year ended 31-Dec-17 31-Dec-16 USD$ USD$ IDA DA-C- 010 34,470 - IDA DA-C- 012 84,507 - IDA DA-C-013 66,586 - IDA DA-C- 014 128,378 - IDA DA-A- 006 - 42,893 IDA DA- C- 007 50,005 IDA DA- C- 008 111,822 IDA DA- C- 009 IDA DA-C-0012 56,792 IDA DA-C-004 . IDA DA-C-005 . Total receipts from IDA 313,941 261,512 Annual Report and Financial Statements 2017 Page 18 8.4 Statement of Expenditure - Special Account - Credit Reference Source # Year ended Year ended 31-Dec-17 31-Dec-16 USD$ USD$ IDA DA-A- 011 229,568 IDA DA-A- 013 211,305 IDA DA- A- 014 182,666 . IDA DA-A- 006 - 226,307 IDA DA-A- 007 20,606 IDA DA- A- 008 89,034 IDA DA- A- 010 134,985 IDA DA-A-011 - 9,153 Total receipts from IDA 623,539 480.085 8.5 Statement of Expenditure - Direct Disbursement- Grant Application Source # Year ended Year ended 31-Dec-17 31-Dec-16 USD$ USD$ IDA SOLAR 23-2 211,120 - IDA SOLAR 23-3 234,009 - IDA SOLAR 23-6 269,288 - IDA MGJV - 002 623,080 - IDA NEMA1 - 01 . 158,200 IDA SOLAR 001 293,554 IDA MGJV - 001 - 505,587 Total 1,337,497 957,341 Annual Report and Financial Statements 2017 Page 19 8.6 Statement of Expenditure - Direct Disbursement- Credit Source Application Year ended Year ended 31-Dec-17 31-Dec-16 USD$ USD$ IDA GAI.C003 437,045 - IDA GA13- 001 - 277,690 IDA GAI2- 001 357,254 IDA GAI4 - 001 213,129 IDA GAl. C002 - 1,496,977 Total 437,045 2,345,050 8.7 Statement of Expenditure - Gambia Government Contribution Year Year ended ended 31-Dec-17 31-Dec-17 31-Dec-16 31-Dec-16 GMD USD $ GMD USD $ Receipts from Gambia government Reference Subvention RVGLF16-0003 . . 393,385 9,456 Subvention RVGLF16-0004 - - 290,000 6,931 Subvention RVGLF16-0006 - - 510,000 12,189 Subvention RVGLF16-0005 - - 500,000 11,950 Subvention RVGLF16-0008 - - 700,000 16,731 Subvention RVGLF16-0009 - - 1,606,615 38,399 Subvention RVGLF16-0010 - - 1,500,000 34,491 Total - 6,500,000 130,147 Note; The subvention payment in the prior year comparative relates to expenses incurred by the CPCU. Annual Report and Financial Statements 2017 Page 20 8.8 Statement of Expenditure - Gambia Government Contribution (Project GLF) Year Yearended ended 31-Dec-I 7 31-Dec-17 31-Dec-16 31-Dec-16 Receipts from Gambia GMD USD $ GMD USD $ government Reference Counterpart funding RVPGLF16-0025 544,600 11,578 - Counterpart funding RVPGLF16-0018 480,000 10,538 - Counterpart funding RVPGLF16-0024 480,000 10,208 - Counterpart funding RVGA16-0033A 480,000 10,206 - Counterpart funding RVPGLF16-0027 480,000 10,189 - Counterpart funding RVPGLF16-0028 480,000 10,221 - Counterpart funding RVPGLF16-0029 480,000 10135 - Counterpart funding RVPGLF16-0030 6,028 127 - Counterpart funding RVPGLF16-0031 480,000 10,135 - RVPGLF16- Counterpart funding 0033AA 480,000 10,112 - Counterpart funding RVPGLF16-0032 480,000 10,112 - Counterpart funding RVPGLF18-0001 135,500 2,854 - RVPGLF16-0022 480,000 10,376 Counterpart funding RVGA16-0006 - - 500,000 12,019 Counterpart funding RVPGLF16-0003 - - 500,000 11,950 Counterpart funding RVPGLF16-0004 - - 500,000 11,950 Counterpart funding RVPGLF16-0005 - - 500,000 11,950 Counterpart funding RVPGLF16-0007 - - 500,000 11,950 Counterpart funding RVPGLF16-0011 - - 500,000 11,497 Counterpart funding RVPGLF16-0012 - - 500,000 11,188 Counterpart funding RVPGLF16-0013 - - 500,000 10,970 Counterpart funding RVPGLF16-0014 - - 500,000 10,811 Counterpart funding RVPGLF16-0015 - - 500,000 11,395 Counterpart funding RVPGLF16-0016 - - 1,000,000 22,272 5,486,028 116,791 6,000,000 137,952 Annual Report and Financial Statements 2017 Page 21 8.9 Statement of Expenditure - Other Income Yearended Year ended Year ended Year ended Year ended Reference 31-Dec-17 31-Dec-17 31-Dec-16 31-Dec-16 GMD USD$ GMD USD$ RVGA16-0025A 530,956 11,735 - - RVPGLF16-0026 20,000 425 - - RVPGLF16-0023 27,815 601- 578,771 12,761 - - 8.10 Reconciliation of Disbursement Funds received - IDA Amount As Amount As per per Donor GCAV Confirmation Difference 2017 2017 2017 USD$ USD$ USD$ Special Account Grant A 996,667 996,667 - Special Account Grant B 313,941 313,941 - Special Account Credit 623,539 623,539 - Direct Disbursement- Grant 714,417 714,417 - Direct Disbursement- Credit 437,041 437,041 - Annual Report and Financial Statements 2017 Page 22 DT Associates DT Associates - The Gambia Audit J Tax | Advisory 1 Paradise Beach Place Bertit Harding Highway Kololi P.O. Box 268 Banjul The Gambia * ATel: 220 446 5800 Special Accounts Fax: 220 446 5900 info@dtassociatesgm.com www.dtassociatesgm.com Report of Independent Auditors We have audited the Special accounts of the IDA/GoTG funded Gambia Commercial Agriculture and Value Chain Management Project (GCAV Gambia) financed under IDA Agreement number H9200-GM and 5399- GM for the year ended 31 December 2017. Basis of opinion We conducted our audit in accordance with International Auditing Standards and IDA guidelines, Those standards and guidelines require that we plan and perform the audit to obtain reasonable assurance that the Special Accounts are free from material misstatement. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. An audit also includes an assessment of the significant estimates and judgments made by the Implementing partner in the maintenance of special accounts, and whether the accounting policies are appropriate to the project's circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations, which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Special account is free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements and the reliability of the Special Accounts submitted to IDA in support of applications for reimbursement of expenditure We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the special account statements give a true and fair view of the financial position of the special accounts of the IDAfGoTG Gambia Commercial Agriculture and Value Chain management Project (GCAV Gambia) financed under IDA grant/loan agreement number H9200-GM and 5399- GM for the year ended 31 December 2017 in accordance with IPSAS Cash Basis of Accounting and IDA guidelines. All receipts are properly accounted for and withdrawals were made for the purposes of the project in accordance with the financing agreement and the Special Accounts gives a true and fair view of the activities for the year on the basis of cash deposits and withdrawals. DT Associates Chartered Accountants Registered Auditors Date.... ....... . ... 2018 9.2 Special account statement with The Central Bank of The Gambia - IDA Grant A for the year ended 31 December 2017 Yearended Year ended 31-Dec-17 31-Dec-16 USD $ USD $ Opening balance - IDA grant A 88,791 358,125 Add: Disbursements into special account 996,667 1,497,255 Other Receipts 11,735 - Inter account transfer 60,000 255,000 Total funds 1,157,193 2,110,380 Expenditures: Irrigation development and farm production Component A improvement (644,189) (981,359) Component B Support to value chain management (6,430) (80,868) Component C Project Administration & institution building (330,930) (806,975) Inter account transfer (107,111) (152,387) Total expenditure 1,088,660 (2,021.589) Balance as at 31 December 2017 68,533 88,791 Annual Report and Financial Statements 2017 Page 24 9.3 Special account statement with The Central Bank of The Gambia - IDA Grant B for the year ended 31 December 2017 Year ended Yearended 31-Dec-17 31-Dec-16 USD $ USD $ Opening balance 138,305 157,106 Add: Disbursements into Special account 313,941 261,512 Total funds 452,246 418.618 Expenditures: Irrigation development and farm Component A production improvement (233,007) (231,688) Support to value chain Component B management (17,232) (31,123) Project Administration & Component C institution building (39,869) (17,502) Inter Account transfer (60,000) Total expenditure (350,108) (280,313) Balance as at 31 December 2017 102,138 138,305 Annual Report and Financial Statements 2017 Page 25 9.4 Special account statement with The Central Bank of The Gambia - IDA Credit for the year ended 31 December 2017 Year ended Year ended 31-Dec-17 31-Dec-16 USD$ USD$ 14,348 Opening balance 251,534 Add: Disbursements into special account 623,539 480,085 Inter Account Transfer from IDA Grant 105,000 150,000 Total funds 742,887 881,619 Expenditures: Irrigation development and farm production Component A improvement (381,160) (608,981) Component B Support to value chain management - - Project Administration & institution Component C building (6,670) (3,290) Inter Account Transfer to IDA Grant A - (255,000) Total expenditure (387,830) (867,271) Balance as at 31 December 2017 355,057 14,348 Annual Report and Financial Statements 2017 Page 26 9.5 GLF account with The Central Bank of The Gambia for the year ended 31 December 2017 Year ended Year ended 31-Dec-17 31-Dec-16 USD$ USD $ Opening balance 20,186 9,018 Add: Disbursements into GOTG account - 130,147 Other Income Exchange Loss . . Total funds 20,186 139,165 Expenditures: Irrigation development and farm production Component A improvement - (2,279) Component B Support to value chain management - (8,246) Project Administration & institution Component C building - (63,617) Inter Account Transfer - (44,837) Total expenditure - (118,979) Balance as at 31 December 2017 20,186 20,186 Annual Report and Financial Statements 2017 Page 27 9.6 Project GLF account with The Central Bank of The Gambia for the year ended 31 December 2017 Year ended Year ended 31-Dec-17 31-Dec-16 USD$ USD $ Opening balance 1,602 8,600 Add: Disbursements into GLF account 116,791 137,952 Other Income 1,027 8,166 Exchange gain - 1,257 Inter Account Transfer - 44,836 Total funds 119,420 200,801 Expenditures: Irrigation development and farm production Component A improvement (875) - Component B Support to value chain management - (2,029) Project Administration & institution Component C building (115,163) (197,170) Total expenditure (116,038) (199,199) Balance as at 31 December 2017 3,382 1,602 Ii Annual Report and Financial Statements 2017 Page 28 9.7 Petty cash for the year ended 31 December 2017 Year ended Year ended 31-Dec-17 31-Dec-16 USD $ USD $ Opening balance 101 19 Add: Inter Account Transfer 2,111 2,387 Total funds 2,211 2,406 Expenditures: Component C Project Administration & institution building (2,042) (2,306) Total expenditure (2,042) (2,306) Balance as at 31 December 2017 170 100 Annual Report and Financial Statements 2017 Page 29 9.8 Direct Disbursement for the year ended 31 December 2017 Year ended Year ended 31-Dec-17 31-Dec-16 USD $ USD $ Opening balance Add: Disbursements into special account 1,337,497 Total funds 1,337,497 - Expenditures: Irrigation development and farm production Component A improvement (1,337,497) Total expenditure 1,337,497 - Balance as at 31 December 2017 - - 9.9 Direct Disbursement- Credit for the year ended 31 December 2017 Year ended Year ended 31-Dec-1 7 31-Dec-16 USD $ USD $ Opening balance - Add: Disbursements into special account 437,045 Total funds 437,045 - Expenditures: Irrigation development and farm production Component A improvement (437,045) Total expenditure 437,045 - Balance as at 31 December 2017 - - Annual Report and Financial Statements 2017 Page 30 10. Supplementary information Year Ended Year Ended Components 31-Dec-2016 31-Dec-16 USD $ USD $ Support to Developing Irrigation and Other Key Productive A: Infrastructure 2,410,693 5,126,698 B: Support to value chain management 23,661 122,266 C: Project Administration & institution building 494,674 1,090,861 Total 2,929,028 6,339,825 Annual Report and Financial Statements 2017 Page 31