MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAM FOR SOUTHERN AFRICA PROJECT NUMBER : P 094183 CREDIT NUMBER : IDA 52030-MW FINANCIAL STATEMENTS FOR THE YEAR ENDED 30™ JUNE 2016 NATIONAL AUDIT OFFICE P.O.BOX 30045 LILONGWE3 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 Table of Contents CONTROLLING OFFICER' S REPORT ... .......... .................... .. ............ ........... .... .......... ... .......... ... ...... 3 STATEMENT OF MANAGEMENT RESPONSIBILITIES ..... ................. ....... ...... .. .......... ..... ......... ... . 6 AUDITOR GENERAL'S REPORT ........ ...... .. .................. ..... ............... ... .. ... ............... .. ..... ..... ..... ...... .. 7 STATEMENT OF FINANCIAL POSITION AS AT 30rn JUNE 2016 .............. .......... ..... .... ... ............. 9 STATEMENT OF USES AND APPLICATION OF FUNDS ..... ....... ... .... ......... ... ... .... .... ............. ...... 10 DESIGNATED ACCOUNT ACTIVITY STATEMENT AS AT 30rn JUNE, 2016 .. .... .. .............. ... .... 11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30rn JUNE 2016 .... ...... .. 12 2 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 CONTROLLING OFFICER'S REPORT 1.0 Project Background and Description Government of Malawi prioritised the Agricultural Sector and included it in its priority within priorities as contained in the Malawi Growth and Development Strategy (MDGS). According to the MGDS, Agriculture remains the main driver of economic growth in Malawi and it contributes about 75% of foreign exchange earnings and approximately 30% of the total Gross Domestic Product. Therefore, the importance and impact of Agricultural activities on the national economy cannot be overemphasized. The Agricultural Productivity Program for Southern Africa (APPSA) was designed by the Malawi Government (GoM), the Department of Agricultural Research Services (OARS) in particular, in order to increase the availability of improved agricultural technologies in Malawi. The Project became effective on 1st September, 2013 .The overall coordination, management and implementation of the Project is carried by the Department of Agricultural Research Services. The Project is being financed by a loan in the amount of US$29.8 million from International Development Agency (IDA). The Project is part of a network of similar Projects funded by the IDA in the Countries of Malawi , Zambia and Mozambique. In this arrangement, Malawi is taking a lead in Maize based agricultural research system, Mozambique is taking a lead in Rice based agricultural research systems while Zambia is taking a lead in Legume based agricultural research systems. Therefore, there is a lot of collaboration taking place among these three countries with similar research carried out in either two or all of the three countries. The Project Development Objective (PDO) The project development objective is to improve availability of improved agricultural technologies in Malawi and to Strengthen the capacity of the Re gional Centre of Leadership (which is Chitedze Research Station) by among other improving the infrastructure that support and facilitate agricultural research activities across the country. The PDQ will be achieved by: • Supporting a wide range of Research and Development sub-projects • Disseminating the new agricultural technologies to farmers in the country • Co~struction and maintenance of infrastructure in all the five research stations across the country to support and facilitate agricultural research activities and • Developing human capacity for carrying out agricultural research. 3 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 1.1 Project Components The project design comprises activities to be implemented under two components plus project implementation and management, as a third component. Highlights of the Projects Components are given below: 1.1.1 Component 1: Technology Generation and Dissemination The objective of this project component is to support a wide range of scientific research and development projects that are researching on new agricultural technologies and then to disseminate the results to farmers. 1.1.2 Component 2: Strengthening the Regional Centre of Leadership (RCoL) The objective of this project component is to support the Government to construct up to date infrastructure in all the five research stations in the country to support and facilitate agricultural research activities. This component will also support the Government of Malawi to build capacity of its scientists involved in agricultural research by sending them to Universities both locally and abroad to pursue specialised courses in agriculture at PhD, Masters and Bachelors degrees' levels. Scientists are also supported to attend specialised short courses. Component 2 will also aim at strengthening the management systems in the Regional Centre of Leadership. 1.1.3 Component 3: Project Management This component provides implementation support to Department of Agricultural Research Services in undertaking project management in accordance with the Bank' s fiduciary and other guidelines, including managing operating costs, equipment, training on fiduciary and project management issues, managing project audits and engagement of technical experts and contractors at both local and international levels to provide technical services and advice on construction of research infrastructure and other project performance initiatives. 1.2 Key Constraints; The program has met a number of challenges that have affected implementation during the year as follows; 1.2.1 Transport Logistics. The Project has had inadequate motor vehicles to support over 44 sub-projects and this has resulted in negatively affecting implementation of projects. 1.2.2 Prolonged dry-spell There was delayed and insufficient rainfall in the last growing season and this affected the performance of scientific trials. 4 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 1.2.3 In-adequate capacity in Finance from April to September, 2015 Finance department had no Specialist consultant for over six months and this resulted in the piling up of backlog which delayed submission of reports to the Bank, and processing of loan withdrawal applications and this led to the depletion of resources and therefore affecting implementation. 1.2.4 Non-functioning of the governance structures. Failure by the Steering Committee to meet and make important decision led to the late approval of the budget (i.e. beyond the deadline of 1st May). 1.2.5 Lack of teamwork among R&D Project implementers The tendency by R&D Project implementers to work in isolation has compromised the quality of science. 1.2.6 In-adequate science capacity in the Research stations There are very few science persons in the research stations who work as technicians and as such there is a capacity challenge to support the scientists in implementing research activities. 1.2.7 Delayed granting of 'No objections' by the Bank The delays by the Bank in granting 'no objections ' negatively affected the speed of the procurement for consultancy services for infrastructural designs. 1.2.8 Weak coordination and networking with Stakeholders There has not been strong coordination and linkages between the Secretariat and its key stakeholders as well as between the scientists and their key stakeholders and as such the Project has missed out on the important contribution these stakeholders would have brought in and this has affected performance of the Project. Erica Maganga (Mrs) SECRETARY FOR AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT 5 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 STATEMENT OF MANAGEMENT RESPONSIBILITIES The management of Agricultural Productivity Program for Southern Africa (APPSA) is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the project as at the end of the financial year/period and of the operating results for that year. The management is also required to ensure that the project maintains a proper system of accounting and reporting which provides for the necessary internal controls to ensure that transactions are properly authorized and recorded, assets are safeguarded against unauthorized use or disposition and all liabilities are recognized. It is Management's responsibility to prepare financial statements which disclose with reasonable accuracy at any time the financial position of the project and to ensure that the financial statements comply with the financial agreements and statutes. In preparing the financial statements the management accepts responsibility for the following: • Maintenance of proper accounting records; • Selection of suitable accounting policies and applying them consistently; • Making judgment and estimates that are reasonable and prudent; • Compliance with applicable accounting standards when preparing the consolidated financial statements, subject to any material departures being disclosed and explained in the consolidated financial statements. The management also accepts responsibility for taking such steps as are reasonably open to them to safeguard the assets of the project and to maintain adequate systems of internal controls to prevent and detect fraud and other irregularities. The management is of the opinion that the financial statements give a true and fair view of the financial affairs of the project and of its operating results for the year ended 30th ne 2016. / ~ u_ u__ o.__ c_o_ .............................................. Erica Maganga (Mrs) Mackson H P Ban SECRETARY FOR AGRICULTURE, PROJECT COORDINATOR IRRIGATION AND WATER DEVELOPMENT 6 I National Audit Office, Telephone No. : +265 770 700 P. 0. Box 30045, Fax: +265 01 773 071/ Capital City, +265 01 776/01 774138 Lilongwe 3. E-Mail: nao@nao.mw Malawi. AUDITOR GENERAL AUDITOR GENERAL'S REPORT TO THE SECRETARY FOR AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT ON THE FINANCIAL STATEMENTS OF AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA) - IDA LOAN NUMBER: 52030-MW, PROJECT NUMBER: P094183 FOR THE YEAR ENDED 3Ttt JUNE, 2016 I have audited the accompanying statement of financial position of Agricultural Productivity Programme for Southern Africa (APPSA), related Statement of Receipts and Payments and other explanatory notes for the year ended 30 June 2016 as set out on pages 9 to 14. Management's responsibility for the financial statements Management of Agricultural Productivity Programme for Southern Africa is responsible for the preparation and fair presentation of these financial statements in accordance with International Public Sector Accounting Standards (IPSAS) and Donor terms of agreement. The responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor's responsibility My responsibility is to express an opinion on the financial statements based on my audit. conducted the audit in accordance with International Standards of Supreme Audit Institutions (ISSAls). Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The audit procedures selected depend on my judgement, including assessment of the risk of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments, I consider internal controls relevant to the project's preparation and fair presentation of the financial statements in order to design audit 7 I AUDITOR GENERAL'S REPORT TO THE SECRETARYFOR AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT ON THE FINANCIAL STATEMENTS OF AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030, PROJECT NUMBER: P094183FOR THE YEAR ENDED 30TH JUNE 2016 procedures that are appropriate in the circumstance, but not for the purpose of expressing an opinion on the effectiveness of the project's internal control system. An audit also includes evaluating the appropriateness of accounting policies used, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a reasonable basis for my opinion. Basis of Qualified opinion 1. Cash drawn for allowances amounting to K24, 671 ,204.00 was paid without receipted vouchers as highlighted in the management report, paragraph 4.3. 2. Payments amounting to K73,896,781.70 was made without supporting documents, therefore, the validity of such payments could not be ascertained as highlighted in the management report, paragraph 4.4 Qualified Opinion In my opinion, except for the possible effects of the matter described in the Basis of Qualified Opinion paragraph, the financial statements, present fairly, in all material respect, the financial position of Agricultural Productivity Programme for Southern Africa (APPSA) for the year ended 30 June 2016, in accordance with International Public Sector Accounting Standards (IPSAS) on cash basis and Donor terms of agreement. ~ / L(!¥l· s:-'nl l(a~phasa 8 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE 2016 2016 2015 ASSETS NOTE MWK USD MWK USD Non-Current Assets Plant, Property and Equipment 4 396,989,907 898,441 336,843,674 806,456 Current Assets Cash and Bank 5 1,318,273,879 2,373,062 249,678,950 569,737 Advances 6 4,930,000 11 549 4,930,000 11 549 TOTAL ASSETS 1.720.193.786 3.283.052 591.452.624 1,387,741 FINANCED BY IDA 52030 4,529,305,210 9,338,676 1,905,122,563 4,615, 100 Foreign Exchange gain 7 468,931,296 769,659 76,418,346 63,275 Consultants 8 ( 447,586,527) (1,158,376) (217,433,796) (514,712) Non-Consulting 8 ( 414,446, 190) (905,857) (67,524,849) (159,846) Training 8 (249,404,342) (529,417) (33,999, 720) (80,485) Workshops 8 (1,171,061,199) (2,107,931) (553,306,799) (1,309,794) Operating costs 8 (995,544,462) (2, 123,702) (517,823,121) ( 1,225, 797) TOTAL FINANCES 1,720,193,786 3.283,052 591,452,624 1,387,741 SECRETARY FOR AGRICULTURE, PROJECT COORDINATOR IRRIGATION AND WATER DEVELOPMENT Q~-O t , 8l C+ Date: .................... . Oate:~ ~rt· - 9 THE MINISTRY OF AGRICULTl,JRE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 STATEMENT OF SOURCES AND USES OF FUNDS FOR THE YEAR ENDED 30rn JUNE 2016 2016 2015 Sources of Funds MWK USD MWK USD IDA Loan ( Note 3 ) 2,624, 182,647 4,723,576 880,450,813 2, 115, 100 GoM & Other funds 0 0 25,000 62 Exchange rate Gain 392,512,950 706,384 76,418,346 63,275 Total Sources of Funds 3.016.695.597 5.429.960 956.894.159 2.178.437 Total Uses of Funds by Component Total Financing 1 -Technology Generation and Dissemination 653,040,484 1,220,883 485,089, 137 1,127,435 2 - Strengthening Regional Center of Leadership 531,736,299 1,002,532 643, 182,377 1,526,094 3 - Coordination and Facilitation 754,280,166 1,403,116 429,008,528 1,007,206 Total Expenditures 1,939,056,949 3,626,531 1,557,280,042 3,660,735 Net Receipts over Expenditures 1.077.638.648 1.803.429 -600.385.883 -1.482.298 Opening Cash Balances IDA Designated ale (US$) 161,926,091 383,312 598, 730,049 1,460,785 Holding Ne (MWK) 153,183,013 362,616 259,415,472 632,923 Operating Ale (MWK) (74,430, 154) (176,191) ( 17,080,688) (41,673) Bvumbwe account ( operating) (43,719) (104) 0 0 Total Opening Cash 240,635,231 569,633 841,064,833 2,052,035 Net Cash Available 1.318.273.879 2.373.062 240.678.950 569.737 Closing Cash Balances IDA Designated ale (US$) 360,898,369 649,624 161,926,091 383,312 Holding Ne (MWK) 888, 180,436 1,598,885 153,183,013 362,616 Operating Ne (MWK) (27,743,854) (49,939) (74,430, 154) (176,191) Bvumbwe operating account 932,613 1,679 0 0 Bvumbwe holding account 96,006,315 172,813 0 0 Total Closing Cash Balances 1.318.273.879 2.373.062 240.678.950 569.737 10 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRI CULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUM BER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 DESIGNATED ACCOUNT ACTIVITY STATEMENT AS AT 30TH JUNE, 2016 DATE REFERENCE DETAILS AMOUNT (USD) 01.07.2015 Opening Balance 383,312. 24.07.2015 001FTIN152050003 Transfer to Local Holding account (Chitedze) (350,000) 24.08.2016 001FIC1152360003 Transfer from IDA 1,035,676 03.09.2016 001FTIN152460002 Transfer to Local Holding account (Chitedze) (800,000) 01.12.2016 001FTIN153350001 Transfer to Local Holding account (Chitedze) (250,000) 20.01.2016 001 FIC 1160200001 Transfer from IDA 594,607 28.01.2016 001 FIC 1160280001 Transfer from IDA 922,955 29.01.2016 001 FTI 1160290001 Transfer to Local Holding account (Chitedze) (90,000) 11.02.2016 OOlFTOl 160420001 Transfer to Local Holding account (Chitedze) (900,000) 11 .02.2016 OOlFTCl 160420002 Payment of PIM contributions to CCARDESSA (262,000) 11.02.2016 OOlFTCl 160420001 Payment for Consultancy fees - Infrastructural desiims ( 15,460) 19.02.2016 001 FTC 1160500008 Payment for Lab analysis - Mycotoxins (6,376) 001 FTC 1160700000 Purchase of equipment for Maize Lethal Necrosis 10.03.2016 5 disease (1 1,153) 001 FTC 1160700000 Bench fees for L. Liwimbi PhD student University of 10.03.2017 5 Bristol (7, 109) 001 FTC 1160700000 Payment to International Seed Testing Association - 10.03.2016 1 Audit fees (1 3,183) 14.04.2016 OOlFICl 161050001 Transfer from IDA 906,297 Tuition fees - C. Mwale- PhD Student Wageningen 14.04.2016 001FTIN161050090 University (38,335) Stipend Lester Botomani MSc. Student Ehime 15.04.2016 001 FTC 1161060005 University (4,200) Tuition fees F. Masambuka PhD student Ohio State 15.04.2016 OOlFTCl 161060004 University (4,9 12 Tuition fees for H. Kumwenda MSc. Wageningen 18.04.2016 OOlFTCl 161090004 University (35,155) Tuition fees Lester Botomani MSc. Student Ehime 18.04.2016 OOlFTCl 161090002 University (2,475) Tuition fees for H. Kakhiwa MSc. Wageningen 18.04.2016 OOlFTCl 161090003 University (47, 168 18.04.2016 001 FTO 1161090003 Transfer to Local Holding account (Chitedze) (500,000) 23.05.2016 001FIC1161440004 Transfer from IDA 1,264,040 Stipend Lester Botomani MSc. Student Ehime 24 .05.2016 OOlFICl 161450019 University (4,200) 24.05.2016 OOlFTCl 161450023 GenStat software purchase and 3 year license - VSN Int. ( 11 ,635 ) 25.05.2016 OOlFTCl 161460003 12% Payment for infrastructure designs to MSV Int. (3 ,905) 08 .06.2016 OOlFTOl 161600001 Transfer to Local Holding account (Chitedze) (I,000,000) 16.06.2016 OOlFTOl 161680001 Transfer to Local Holding account (Bumble) ( 100,000) 30.06.2016 TOTAL 649,624 11 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2016 1.0 NATURE OF BUSINESS The Agricultural Productivity Program for Southern Africa (APPSA) is a Research Project under the Department of Agricultural Research Services (DARS) in the Ministry of Agriculture Irri gation and Water Development. APPSA gets support from the World Bank to research and generate new technology in Agricultural Production with the aim of improving livelihood and for sustainable income in general amongst the population. APPSA also intends to strengthen the capacity of Chitedze Research Station and four other Research Stations in Malawi by constructing Infrastructure to facilitate research as well as training of existing scientists in the sector in specialized areas in order to make research sustainable in the longer term. 2.0 ACCOUNTING POLICIES 2.1 Basis of Accounting These Financial Statements have been prepared on a Historic Cost Convention and on a Cash basis in accordance with International Public Sector Accounting Standards (IPSAS). All receipts and expenses incurred in the period have been reflected in these Financial Statements. 2.2 Foreign Currency Transactions Local currency Receipts and Payments Account transactions are translated back to foreign currency using the exchange rate at the date of draw down, while payments in foreign currency are translated to local currency using actual exchange rate on the trans action date. Closing bank balances are translated using the closing rate at the end of the fi nancial year which was KSSS .55 to 1 US$ as at 30 June 2016. 2.3 Funding Receipts Receipts are stated at actual amounts withdrawn from the World Bank Loan account IDA 52030 in the form of advance and replenishment to the designated accounts. The Project submits Statements of Expenditures (SOEs) for replenishment of the Designated Accounts on all eligible expenditure. 12 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AGRICULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30rn JUNE 2016 3.0 Funding DATE REFERENCE DETAILS AMOUNT (USD) 01.07.2015 Opening balance 383,312 24.08.2015 001FIC1152360003 Transfer from IDA 1,035,676 OOlFICl 160200001 Transfer from IDA 594,607 I 20.01.2016 28.01.2016 OOlFICl 160280001 Transfer from IDA 922,955 14.04.2016 001FICI161050001 Transfer from IDA 906,297 23.05.2016 OOlFICl 161440004 Transfer from IDA 1,264,040 Total for the year 4,723,576 30.06.2016 Total Cumulative Funding 5,106,889 4.0 Non-current assets PLANT PROPERTY AND EQUIPMENT MOTOR FURNITURE COMPUTERS PLANTS VEHICLES AND EQUIP TOTAL Opening Balance 70,795,679 138, 789,009 91,228,204 36,030,782 336,843,674 Additions 60,146,233 60,146,233 Closing Balance 130,241,212 138/Z821002 21,228,204 36,030,782 326,282,207 5.0 Cash and Bank ACCOUNT MK US$ IDA Designated account (US$) 360,898,369 649,624 Holding account (MWK) 888, 180,436 1,598,885 Operating account (MWK) (27,743,854) ( 49,93 9) Bvumbwe Holding account(MWK) 932,613 1,679 Bvumbwe Operating account (MWK) 96,006,315 172,813 TOTAL 1,318,273,872 2,373,062 13 I THE MINISTRY OF AGRICULTURE, IRRIGATION AND WATER DEVELOPMENT AG RI CULTURAL PRODUCTIVITY PROGRAMME FOR SOUTHERN AFRICA (APPSA), MALA WI - IDA LOAN NUMBER: 52030-MW, PROJECT IDENTITY NUMBER: P094183 NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30rn JUNE 2016 6.0 Advances MK US$ Fuel Float 4,930,000 11,549 Total Fuel Float 4.930.000 11.549 NOTE: This still shows in the accounts because we adopted a fuel float system which is maintained at the same replenishment level. However, due to the cash based expensing system of the financial management system we have changed the policy. We no longer maintain a fuel stock as we now expense the fuel and therefore this will not show in the accounts in the next financial year. 7.0 Foreign Exchange gain Date Amount($) System Amount Amount realized 24.07.2015 350.00 165,474 165,474 03.09.2015 800,000.00 444,532,240 444,532,240 01.12.2015 250,000.00 138,916,325 150,242,525 29.01.2016 90,000. 00 50,009, 877 64,009,877 10.02.2016 900,000.00 500,098, 770 658,350,000 18.04.2016 500,000.00 277,832,650 338,500,000 08.06.2016 1,000,000.00 555,665,300 690,000,000 16.06.2016 100,000.00 55,566,530 69,500,000 2202227872166 2,415,300,116 Gain for the year 39225122950 Opening Balance 76,418,346 Cumulative total 468.931.296 8.0 Total Expenditures Cumulative Total 2016 2015 Consultants 447,586,527 230, 152,731 217,433,796 Non- Consulting 414,446,190 346,921,341 67,524,849 Training 249,404,342 215,404,622 33,999,720 Workshops 1,171,061 ,199 617, 754,400 553,306,799 Operating Costs 995,544,462 477,721,341 517,823,121 TOTAL 3.278.042.721 1.887.954.436 1,390.088.285 14 I