3 1 JIUL 2019 Shanghai Municipal Audit Bureau of the People's Republic of China Audit Report p * -kE 4KC2019)D 189 -9 SHANGHAI AUDIT REPORT [2019] NO.189 Project Name: Green Energy for Low-Carbon City in Shanghai Project Financed by the World Bank & Granted by GEF 82330-CN Loan No.: 82330-CN : TF-14205-CN Grant No.: TF-14205-CN Project Entity: Shanghai Changning Urban Renewal and Low-Carbon Project Management Center t: 2018 41 A 1 H 2019 * 4 A 30 H Accounting Year: January 1, 2018-April 30, 2019 目录 Contents 一、审计师意见，……，..．……，.．…，.............．……，.........．····························……1 1.Auditor,s OPinion,,，…，…，.,,,,，二，二，二，,.,,,,.．…，.,,，二，，…，,.,,.，…，,....．……，，…，，二3 二、财务报表及财务报表附注．.........................................................．……6 11.Financial Stateme爪5 and Notes to the Financial State批e爪5 ..........．……6 （一）资金平衡表．，二，.,,．……，.．…，二，·．.，·······，··，，····，·，····，················，一6 i,Balance Sheet.....．……，,..．……，.,,,,,,,,,,.,,,,,.,.,,,,,.,,,,.,.,,,.,,.,,,.,,,.,.．……，,.,6 （二）项目进度表……，,......．……，二，.．··．···，，···，，·，·，···，,，··，···，，·，··，····，一7 11 .Su犯Inary of Sources and Uses ofFunds,.,.....．……，................．……7 （三）赠款执行情况表．...............................................................．……8 iii,Statement of工mplementation of Grant Agreement...................．……8 （四）专用账户收支表二，…，....．……，,．……，…，二，.,..................．……，二，.．…9 iv.St献ement ofDesignatedAcGount................．……，....................．……9 （五）财务报表附注．......．……，.,,．…，,.,,.,.,,,．……，.,.，二，二，二，,,.,.,,.，二，，二，.，。10 v.N0testotheFinancia1Statements..．……，.....．……，.....................．……13 三、审计发现的问题及建议……，二，，二，.．…，二，,.，二，二，．…，,.,．…，，二，．…，．…，…，.，二16 In.Audit Findings and Rec0mmendations.....................．……，…，…，……17 一、审计师意见 审计师意见 上海市镼宁区城市更新和低碳项目管理中心： 我们审计了世界银行贷款和全球环境基金赠款上海绿色能源建设低 碳城区项目2018年1月1日至2019年4月30日的资金平衡表及截至该 日同期间的项目进度表、赠款执行情况表、专用账户收支表等特定目的财 务报表及财务报表附注（第6页至第15页）。 （一）项目执行单位及上海市财政局对财务报表的责任 簖制上述财务报表中的资金平衡表、项目进度表、赠款执行情况表是 是你单位的责任，簖制专用账户收支表是上海市财政局的责任，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 J洽当的审计程序，我们考虑了与财务报表相关的内部控制，但目的并非对 l 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。 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编制，公允反映了世界银行贷款和 全球环境基金赠款上海绿色能源建设低碳城区项目20 19年4月 30日的财 务状况及截至该日同期间的财务收支、项目执行和专用账户收支情况。 （四）其他事项 我们审查了本期内本项目赠款部分报送给世界银行的第8一14号和贷 款部分上海浦东发展银行报送的第7号、上海银行报送的第5号提款申请 书及所附资料。我们认为，这些资料均符合协议要求，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。 中华／氏弓甘国上、每市窗汁局 20)9年6月26日 地址：中国上海市世博村路300号 邮政簖码：200125 电话：86一021一23 1 1 1 1 11 传真：86一021一63366323 2 1. Auditor's Opinion Auditor's Opinion Shanghai Charigning Urban Renewal and Low-Carbon Project Management Center, We have audited the special purpose financial statements (from page 6 to page 15) of Green Energy for Low-Carbon City in Shanghai Project financed by the World Bank and granted by GEF, which comprise the Balance Sheet as of April 3 0, 2019, the Summary of Sources and Uses of Funds, the Statement of Implementation of Grant Agreement, and the Statement of Designated Account for the period ftom January 1, 2018 to April 30, 2019,and Notes to the Financial Statements. Project Entity's Responsibility and SFB's Responsibility for the Financial Statements Your entity is responsible for the preparation of the Balance Sheet, the Summary of Sources and Uses of Funds, the Statement of Implementation of Grant Agreement, and SFB is responsible for the preparation of the Statement of Designated Account, which include: 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 intemal 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 3 depend on the auditor's 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 auditor considers internal control 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 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 Green Energy for Low-Carbon City in Shanghai Project financed by the World Bank and granted by GEF as of April 30, 2019, its financial receipts and disbursements, the project implementation and the Statement of Designated Account for the period from January 1, 2018 to April 30, 2019 in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matter We examined the grant withdrawal application No.8-No.14 and the loan withdrawal application No.7 of SPD Bank, the loan withdrawal application No.5 of Bank of Shanghai ,with attached documents submitted to the World Bank during the period. In our opinion, those documents comply with the project agreement, and can serve as basis for 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. Shanghai Municipal Audit Bureau of the People's Republic of China June 26, 2019 & ,xjhvo iviipat A4it omvma cj f4ie pet, Rqov,,u cj, &hiaca 4 Address: No. 300 Shibocun Road, Shanghai, P.R. China Postcode: 200125 Tel.: 86-021-23111111 Fax: 86-021-63366323 The English translation is for the convenience of report users; Please take the Chinese audit report as the only official version. 5 ！計。 'ё .,о .о�°.'о о . .о го .а ..о �\ .а ' а 'л ' ',о -'о -а о -.оа са о `rn г, `т 'м �� ��п -w �. �..о �r ��г w :сл и - v� �..-• .-.. :С-7 оо а �[� �n �9 д' � �.--� с� �д "' г и: �'� '� vi c�i � t� ': �� i , s� -а �� о Q �.. 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Notes to the Financial Statements Notes to the Financial Statements 1. Project overview Green Energy for Low-Carbon City in Shanghai financed by the World Bank and granted by GEF is a project with combined World Bank finance, including both World Bank loan in the amount of USD 100 million (loan No. 82330-CN) and GEF grant in the amount of USD 4.345 million (grant No. TF-14205-CN). The total investment of the project is USD 256 million ( equal to RM13 1612.8 million yuan) , among which the counterpart funds are USD 151.655 million, including counterpart loan in the amount of USD 100 million from Bank of Shanghai and SPD Bank, counterpart funds from borrower in the amount of USD 46 million, and counterpart funds from government in the amount of USD 5.655 million (Source of the funds was Low-Carbon Project Special Funds of Changning Districts Development and Reform. Commission). It aims to support Shanghai Municipality's low-carbon city development by promoting green-energy schemes, with a focus on Changning Districts. The main project contents include developing green-energy building, encouraging green mobility, restructuring energy, improving system and mechanism, making motivation policy, enhancing investment, in order to achieve carbon intensity reduction targets. Overall, the project will provide replication potential of low-carbon development for Shanghai and its prefectures. The Agreements were signed on June 14, 2013 and came into effect on September 6, 2013. The account of the project was closed on December 31, 2018. Withdrawals were still accepted within 4 months after the closure. 2. Consolidation Scope of the Financial Statements Consolidation scope of the financial statements covers the financial statements and the statement of Designated Account of Green Energy for Low-Carbon City in Shanghai Project. 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 (Caijizi[2000JNo.13 ) and Temporary Accounting Methods for the Grant Project Administrated by the Foreign Affair Department of Ministjy of Finance (Caijihan[2001JNo.195). 13 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January 1 to December 31. The accounting period in this report is from January 1, 2018 to April 30, 2019. 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 April 30, 2019 of the People's Bank of China, which is USD 1= RMB 6.7286 yuan. 4. Explanation of Subjects 4.1 Total Project expenditures The project expenditure from January 1, 2018 to April 30, 2019 was RMB 1,033,305,420.08 yuan, and the cumulative expenditures were RMB 1,576,174,707.49 yuan. Among which the investment of the project with GEF grant was RMB 120,248,644.49 yuan, the investment through SPD Bank was RMB867,114,487.00 yuan, the investment through Bank of Shanghai was RMB588,811,576.00 yuan. 4.2 Cash and Bank On April 30, 2019, the balance was RMB1,829.44 yuan, which was the deposit in the Designated Account, equal to USD 271.89. 4.3 Project Appropriation Funds The balance on April 30, 2019 was RMB874,080,769.93 yuan, including counterpart funds from government RMB 91,014,706.93 yuan, counterpart funds from SPD Bank RMIB 464,239,562.00 yuan, counterpart funds from Bank of Shanghai RMB 318,826,501.00 yuan, 4.4 Bank Loan The balance on April 30, 2019 was RMB 672,860,000.00 yuan, including front-end fee of the World Bank loan USD 250,000, equal to RMB 1,682,150.00 yuan, and the World Bank loan to SPD bank USD 59,750,000.00, equal to RMB 402,033,850.00 yuan and to Bank of Shanghai USD 40,000,000.00, equal to RMB 269,144,000.00 yuan. 4.5 Trust Funds The balance on April 30, 2019 was RMB 29,235,767.00 yuan, equal to USD 14 4,345,000.00, which was the total withdrawal from the World Bank by SFB. 5. Designated Account The Special Account of this project is set in No.5 Sub-branch, Shanghai Branch, China Construction Bank with the account number of 31014505000220001726, and USD as currency Unit. The beginning balance of 2018 was USD 500,020.03 and the reimbursement during the auditing period was USD 1,904,638.27. During the auditing period the disbursement was USD 2,404,518.27, and the interest income was USD 191.86, commission fee was USD 60.00. Thus, the balance on April 30, 2019 was USD 271.89. 6. Other Explanation for the Financial Statements Shanghai Changning Urban Renewal and Low-Carbon Project Management Center (former name: Changning Low-Carbon Projects Management Office, hereinafter referred to as PMO) was founded by the government of Changning District, playing a leading role in management of the Green Energy for Low-Carbon City in Shanghai Project. PMO is responsible for the routine management, execution, supervision, appraisal of the project granted by GEF, and also the supervision of the project financed by the World Bank. SPD Bank and Bank of Shanghai are the re-lending banks of the project, responsible for the routine management, execution, supervision, and appraisal of the project financed by the World Bank. The financial management of the GEF project is the duty of PMO, and that of the World Bank project is the duty of re-lending banks. PMO should combine all the financial statements and report them to the World Bank. Since the amount of the company's own fiuds reported by SPD Bank and Bank of Shanghai is the difference between the amount of project total investment and the amount of loan and subsidy, while the amount of project total investment is not the actual amount but the estimated amount in the project's technical evaluation report, therefore, our audit only confirmed counterpart funds from enterprises RMIB 14,032,093.00 Yuan, which had been supported by investment evaluation report. 15