I I I MINISTRY OF FISHERIES & AQUA I CULTURE DEVELOPMENT P. 0. BOX MB 630 ACCRA REPUBLIC OF GHANA I I I I I I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) MINISTRY OF FISHERIES AND ADUA CULTURE DEVELOPMENT (MoFAD) I [IDA LOAN/GRANT No. 49790-GH/TF010905-GH] I PROJECT CLOSURE FINANCIAL STATEMENTS I 1JULY, 2018 TD 28 FEBRUARY, 2019 I I I . 'I , I I I I I TABLE OF CONTENTS I PAGE REFERENCE I GENERAL INFORMATION 1 I INDEPENDENT AUDITORS' REPORT ON WARFP FINANCIAL STATEMENTS 2-3 I I STATEMENT OF FINANCIAL POSITION 4 I STATEMENT OF SOURCES AND USES OF FUNDS 5-8 I STATEMENT OF ACTIVITY AND VARIANCE REPORT BY IDA FUNDING 9 - 12 I STATEMENT OF ACTIVITY AND VARIANCE REPORT BY GEF FUNDING 13 I STATEMENT OF BUDGET BY CATEGORIZATION REPORT 14 I STATEMENT OF PROJECT BUDGETARY ALLOCATION AND CUMMULATIVE ACTUAL EXPENDITURE BY IDA FUNDING 15 - 16 I STATEMENT OF PROJECT BUDGETARY ALLOCATION AND I CUMMULATIVE ACTUAL EXPENDITURE BY GEF FUNDING 16 NOTES TO THE FINANCIAL STATEMENTS I 17 - 20 APPENDICES (A & B) I 21 I I I GENERAL INFORMATION I PROJECT OVERSIGHT COMMITTEE Hon. (Ms.) Elizabeth Afoley Quaye- Minister of MoFAD Mr. Benson Nutsukpui - Chairman, Fisheries Commission I Mr. Emmanuel Martey Mensah - Chairman, FC (current) Prof. Francis Ewusie Nunoo - Chief Director, Fisheries Commission Mr. Michael Arthur Dadzie - Executive Director, Fisheries I Commission Mr. Commodore B.F. Asante- Ghana Navy Mr. Hendrick R. Dankwa - Water Research Institute Mr. Francis Garbrah - Safohene Limited I Mr. Joseph Aggrey-Fynn - University of Cape Coast Dr. Lawrence Abbey- CSRI, FRI Mrs. Sheila Ashong - Environmental Protection Agency Mr. Papa Bartels -Ministry of Trade and Industry I Dr. Eugene Murat Yelfaanibe - Veterinary Services Mr. Patrick Affum - MLGRD Mr. A.A. Akanteyam - GMA I Mrs. Dorothy Afriyie-Ansah - Attorney's General Department Ms. Sauda Ahmed - Ministry of Finance Mr. Opoku Gyinaye - Ghana Aqua Advisory Group I PROJECT MANAGEMENT TEAM Mr. Michael Arthur Dadzie (Executive Director, Fisheries Commission) Mr. Thomas lnsaidoo (Project Coordinator) Mr. Michael Dawutey (Monitoring & Evaluation Specialist) I Ms. Crispina E. Deku (Project Accountant) Mr. Avitiduen Abisa (Procurement Assistant) PROJECT BACKGROUND I Source of funding: The Project is financed primarily through a loan from the International Development Association (IDA) and a grant from the Global Environment Facility (GEF). I IDA Amount: US$50.3 million GEF Amount: US$3.5 million Start Date: January 2013 Closing Date: December 2017 I Actual Closure Date: February 2019 Objective: The West Africa Regional Fisheries Programme (WARFP) is to support the sustainable management of Ghana's fish and aquatic resources by: (i) strengthening the country's I capacity to sustainably govern and manage the fisheries; (ii) reducing illegal fishing; (iii) increasing the value and profitability generated by the fish resources and the proportion of that value captured by the country; and (iv) developing aquaculture. I ADDRESS West Africa Regional Fisheries Programme (WARFP) Ministry of Fisheries and Aquaculture Development (MoFAD) I AUDITORS P. 0. Box MB 630, Accra Ghana Audit Service I BANKERS Agricultural Development Bank I I I I I I I INDEPENDENT AUDITOR'S REPORT TO THE CHIEF DIRECTOR I REPORT ON THE PROJECT FINANCIAL STATEMENTS We have audited the accompanying Project closure financial statements of West Africa I Regional Fisheries Programme (WARFP) which comprise the statement of financial position for the period as at 28 February, 2019, the statement of sources and uses of funds and the statement of expenditure, a summary of significant accounting policies and other explanatory information as set out on notes 1 to 9. I Management's responsibility for the project financial statements I The Project Management Team is responsible for the preparation and fair presentation of these financial statements in accordance with generally accepted accounting standards and provisions of the Project Finance Agreement (IDA Loan and GEF Grant No. 4979- I GH!TF010905-GH) and the accounting policies set out in Note 1 of the Project financial statements. This responsibility includes designing, implementing and maintaining internal control relevant to enable the preparation of the Project financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate I accounting policies; and making accounting estimates that are reasonable in the circumstances. I Auditors' responsibility Our responsibility is to express an opinion on the Project closure financial statements based on conducting the audit in accordance with International Standards of Supreme Auditing I Institutions (ISSAls) and the Project Guidelines on audits. Those standards require that we comply with the ethical requirements, and plan and perform the audit to obtain reasonable assurance whether the Project closure financial statements are free from material I misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and I disclosures in the project financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the project 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 I of the project 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 I accounting policies used and the reasonableness of accounting estimates made by the management team, 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 I basis for our audit opinion. I 2 I I I Opinion In our opinion, the Project closure financial statements present fairly, in all material respects, the financial position of West Africa Regional Fisheries Programme (WARFP) for the period as I at 29 February, 2019, and its sources and uses of funds for the year then ended in accordance with the provisions of the Project Finance Agreement (IDA Loan and GEF Grant No. 4979-GH/TF010905-GH) and the accounting policies set out in Note 1 of the project I financial statements. Report on compliance I We can confirm that the Project Management Team has complied, in all material respects, with the covenants of the Project Finance Agreement (IDA Loan and GEF Grant No. 4979- GH/TF010905-GH) for the year the period ended 29 February, 2019. The status our prior I years audit recommendations have been attached as an appendix to this report. I Signedby: ~ I JOHN NWOZAH I DIRECTOR OF AUDIT FOR: AUDITOR-GENERAL I Date: )_~ /ob 1 / q I I I I I I I I 3 I I I I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) I STATEMENT OF FINANCIAL POSITION FOR THE PERIOD 1 JULY, 2018 TO 28 FEBRUARY, 2019 I NOTES February 2019 US$ Period US$ June 2018 US$ I Non current assets Non capital expenditure Property plant & 2 19,974,220.98 1,432,897.34 18,541,323.64 2,446,645.54 I equipment 3 13,432,290.52 3314061511.50 318791542.88 10,985,644.98 2915261968.62 I Current assets Bank and cash balance 4 58,314.57 (1,730,502.43) 1,788,817.00 I Advances/Receivable 0.00 581314.57 0.00 (1 i1301502.43) 0.00 1i1881817 .00 I Total Net Assets 33,464,826.0Z 2,149,040.45 31,315,185.62 I Financed by IDA Loan No. 4979-GH 5 29,988,561.95 1,856,307.52 28,132,254.43 I GEF-Grant No. 10905 Other Income 6 3,461,277.08 14,987.04 33i464,826,0Z 279,228.79 13,504.14 2,149,040.45 3,182,048.29 1,482.90 31,315,185.62 I I I Executive Direc r, FC Proje~ Mr. Michael.1rthur-Dadzie Ms. Crispina Esinam Deku I Date:~ 81 ~ V( I C/ Date:~-<'. g {rv & I /I) I I 4 I I I The attached notes 1 to 9 form an integral part of these financial statements. I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF SOURCES AND USES OF FUNDS FOR THE PERIOD 1 JULY, 2018 TO 28 FEBRUARY, 2019 I LOAN GRANT CUMMULATIVE CUMMULATIVE NOTES (IDA) (GEF) TOTAL TOTAL I Period US$ Period US$ March 2019 US$ June 2018 US$ Sources of funds I Balance as at 1 January 1,744,397.72 44,419.34 I Designated Pooled Account Others/Refund 10,983.44 0.00 1,665,559.97 10,983.44 1,665,559.95 0.00 Sub-Bank Account 0.00 0.00 12,841.47 12,841.47 I Withdrawal Applications Interest Income: 7 2,000,731.52 93,819.35 4,157,794.59 2,063,243.72 Dollar Account 0.00 0.00 0.00 0.00 I Cedi Account 0.00 317561112.68 0.00 1381238.69 4.80 518471184.27 4.80 3l411649.94 I Uses of funds Category 1: Works, I Goods, non-consulting services, consultants' service training and operating costs 8 3,535,160.80 105,314.37 5,451,520.42 1,811,045.25 I Category 2: Works, goods and consultants' I service under 3.1 of the Project 9 195,561.63 0.00 337,349.28 141,787.65 Category 3: Works, I goods and consultants' service under 4.5 of the Project 0.00 0.00 0.00 0.00 I Category 4: Compensation under part 1.3.2 of the project 0.00 0.00 0.00 0.00 I Category 5: Hours of Aerial Surveillance, Operating costs of I vessels and lease payments 0.00 0.00 0.00 0.00 --------------- ------------ ------------- -------------- I 3l301722.43 1051314.37 517881869.70 1,9521832.90 5 I I I Net Cash Flow 25.390,25 32.924,32 58.314.57 1.788 817,04 I Bank and cash balance as at the end of the period I Project Special account Receivable Refund 25,390.25 0.00 32,924.32 0.00 58,314.57 0.00 1,765,296.46 0.00 Project Sub-Account 0.00 0.00 0.00 23,520.60 I 25.390,25 32.924 32 58,314.57 1788,81706 I I I I I I I I I I I I I 6 I I I The attached notes 1 to 9 form an integral part of these financial statements. I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF SOURCES AND USES OF FUNDS FOR THE PERIOD ENDED 30 JUNE, 2018 I LOAN GRANT CUMMULATIVE CUMMULATIVE NOTES (IDA) (GEF) TOTAL TOTAL I JUNE 2018 US$ JUNE 2018 US$ JUNE 2018 US$ 2017 US$ Sources of funds I Balance as at 1 January I Designated Pooled Account Others/Refund 1,665,559.95 0.00 0.00 0.00 1,665,559.95 0.00 494,552.16 200,000.00 Sub-Bank Account 12,841.47 0.00 12,841.47 (13,241.35) I Withdrawal Applications Interest Income: 1,904,463.02 158,780.70 2,063,243.72 3,732,305.71 Dollar Account 0.00 0.00 0.00 0.00 I Cedi Account 4.80 3,582,869.24 0.00 158,780.70 4.80 3,741,649.94 16.67 4,413,633.19 I Uses of funds Category 1: Works, I Goods, non-consulting services, consultants' service training and operating costs 1,696,683.89 114,361.36 1,811,045.25 2,118,447.41 I Category 2: Works, goods and consultants' I service under 3.1 of the Project 141,787.65 0.00 141,787.65 136,776.41 Category 3: Works, I goods and consultants' service under 4.5 of the Project 0.00 0.00 0.00 0.00 I Category 4: Compensation under 0.00 0.00 0.00 0.00 part 1.3.2 of the project I Category 5: Hours of Aerial Surveillance, Operating costs of I vessels and lease payments 0.00 0.00 0.00 480,007.95 I 1,838,471.54 114,361.36 1,952,832.90 2,735,231.77 7 I I I Net Cash Flow 1744.39770 44.419 34 1 788.817.04 1 678.401 42 I Bank and cash balance as at the end of the period I Project Special account Receivable Refund 1,724,430.67 0.00 40,865.79 0.00 1,765,296.46 0.00 1,665,559.95 0.00 Project Sub-Account 19,967.05 3,553.55 23,520.60 12,841.47) I 1744.39772 44 419 34 1 788.817.06 1 678.401 42 I I I I I I I I I I I I I 8 I I I The attached notes 1 to 9 form an integral part of these financial statements. I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF ACTIVITY AND VARIANCE REPORT FOR THE PERIOD 1 JULY, 2018 TO 28 FEBRUARY, 2019 I IDA FUNDING Project Budget Component Budget Actual Variance US$ US$ US$ I Component 1 Good Governance and sustainable Management of the Fisheries I 1.1 1.2 Developing the Legal and Operational Policy Strengthening fisheries management Aligning Fishing Capacity and Effort to 5,850.00 480,941.18 0.00 217,337.06 5,850.00 263,604.11 I 1.3 1.4 Sustainable Catch Level Social Marketing, Communication and Transparency 319,435.00 202,500.00 337,872.40 387,576.40 (18,437.40) (185,076.40} Sub Total- Component 1 1.008, 726.18 942.785.87 65.940.30 I Component 2 Reduction of Illegal Fishing I 2.1 2.2 Customize Judicial Arrangements The establishment of the fisheries enforcement unit 0.00 33,000.00 0.00 34,728.04 0.00 (1,728.04) I 2.3 The establishment of a vessel monitoring system The establishment of aerial surveillance 0.00 441,405.34 (441,405.34) 2.4 capability 0.00 0.00 0.00 I 2.5 Inland and at-sea fisheries enforcement The strengthening of policy arrangements and 0.00 0.00 0.00 linkages between the FEU and other I 2.6 2.7 Government stakeholders The expansion and complete integration of the fisheries observer program with the FEU 0.00 0.00 0.00 12,607.11 0.00 (12,607.11) I Sub Total - Component 2 Component3 33.000.00 488.740.49 (455,740.49) Increasing the Contribution of the Fish I 3.1 Resources to the National Value Chain Development 500,000.00 197,880.28 302,119.72 3.2 Fish Product Trade and Information Systems 470,000.00 408,936.92 61,063.08 I Sub Total - Component 3 970,000.00 606.817.19 363,182.81 Component4 I 4.1 Aquaculture Development Developing the Aquaculture Legal and Policy Framework 80,000.00 35,569.79 44,430.21 Improving Genetic Quality of Tilapia Fingerlings I 4.2 and Brood-stock Catalyzing Aquaculture Development for 476.84 (476.84) 4.3 Medium and Large Scale Ent. 490,000.00 620,546.20 (130,546.20) I 4.4 Marketing and Technical Studies 0.00 0.00 9 0.00 I I I 4.5 Small scale aquaculture development Sub Total - Component 4 111,000.00 681,000.00 888,888.89 1,545,481.72 (777,888.89) (864,481.72) I 5.1 Component5 Project Management 219,900.00 146,897.16 73,002.84 I Sub Total - Component 5 219,900.00 146,897.16 73,002.84 Grand Total 2,912,626.18 3.730.722.43 (818,096.25) I I I I I I I I I I I I I I 10 I I I The attached notes 1 to 9 form an integral part of these financial statements. I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF ACTIVITY AND VARIANCE REPORT FOR REPORT FOR THE PERIOD I IDA FUNDING ENDED 30 JUNE, 2018 I Project Budget Component Component 1 Budget US$ Actual US$ Variance US$ Good Governance and sustainable I 1.1 Management of the Fisheries Developing the Legal and Operational Policy 11,700.00 4,686.50 7,013.50 I 1.2 1.3 Strengthening fisheries management Aligning Fishing Capacity and Effort to Sustainable Catch Level 945,882.35 638,870.00 70,194.51 133,482.84 875,687.84 505,387.16 Social Marketing, Communication and I 1.4 Transparency Sub Total - Component 1 405,000.00 210011452.35 500,655.18 7091019.02 (95,655.18) 112921433.33 I Component 2 Reduction of Illegal Fishing 2.1 Customize Judicial Arrangements 0.00 0.00 0.00 I 2.2 The establishment of the fisheries enforcement unit The establishment of a vessel monitoring 66,000.00 44,001.73 21,998.27 2.3 system 0.00 0.00 0.00 I 2.4 The establishment of aerial surveillance capability 0.00 0.00 0.00 2.5 Inland and at-sea fisheries enforcement 0.00 0.00 0.00 I 2.6 The strengthening of policy arrangements and linkages between the FEU and other Government I 2.7 stakeholders The expansion and complete integration of the fisheries 0.00 ยท 0.00 0.00 observer program with the FEU 214,147.20 0.00 214,147.20 I Sub Total - Component 2 280,147.20 44,001.73 236,145.47 Component3 I Increasing the Contribution of the Fish Resources to the National Value Chain Development 500,000.00 152,913.80 347,086.20 3.1 I 3.2 Fish Product Trade and Information Systems Sub Total - Component 3 940,000.00 1,4401000.00 304,121.36 457,035.16 635,878.64 982,964.84 Component4 I Aquaculture Development Developing the Aquaculture Legal and Policy 4.1 Framework 185,000.00 190,309.72 (5,309.72) I 4.2 Improving Genetic Quality of Tilapia Fingerlings and Brood-stock 20,000.00 17,793.25 2,206.75 11 I I I 4.3 4.4 Catalyzing Aquaculture Development for Medium and Large Scale Ent. Marketing and Technical Studies 980,000.00 0.00 142,840.89 0.00 837,159.11 0.00 I 4.5 Small scale aquaculture development Sub Total - Component 4 161,000.00 1,346,000.00 24,000.00 374,943.86 137,000.00 971,056.14 I 5.1 Components Project Management 439,800.00 995,022.95 (475,522.95) Sub Total - Component 5 439,800.00 253,471.76 186,328.24 I Grand Total 5,502,399.55 1,838,421.53 3,668,928.02 I I I I I I I I I I I I I 12 I I I The attached notes 1 to 9 form an integral part of these financial statements. WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) I STATEMENT OF ACTIVITY AND VARIANCE REPORT FOR THE PERIOD 1 JULY, 2018 TO 28 FEBRUARY, 2019 I GEF FUNDING Budget Actual Variance I Project Budget Component Component 1 Good Governance and sustainable US$ US$ US$ Management of the Fisheries I 1.1 Developing the Legal and Operational Policy 39,150.00 0.00 39,150.00 I 1.2 Strengthening fisheries management Total-Component 1 6,960.00 46.1100.00 105,314.37 105.314,37 (98,354.37) {59,204.37) I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) I STATEMENT OF ACTIVITY AND VARIANCE REPORT FOR THE PERIOD ENDED 30 JUNE, 2018 Budget Actual Variance I Project Budget Component Component 1 US$ US$ US$ Good Governance and sustainable I 1.1 Management of the Fisheries Developing the Legal and Operational Policy 78,300.00 31,363.50 46,936.50 I 1.2 1.3 Strengthening fisheries management Aligning Fishing Capacity and Effort to Sustainable Catch Level 13,920.00 0.00 82,997.86 0.00 (69,077.86) 0.00 1.4 Social Marketing, Communication and 0.00 0.00 0.00 I Transparency Total - Component 1 92.220.00 114.361,36 {22,141.36) I I I I I The attached notes 1 to 9 form an integral part of these financial statements. 13 I I I I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF BUDGET BY CATEGORIZATION REPORT FOR THE PERIOD 1 JULY, 2018 TO 28 FEBRUARY, 2019 I Project Category Budget US$ Disbursement US$ Balance US$ I CAT1A Description Under parts 1.1, 1.2.1, 1.2.2 and 1.2.3 of the Project 308,582.31 121,364.77 187,217.54 Under parts 1.2.4, 1.2.6, 1.3.1, 1.4 I CAT18 CAT1C (except 2.4 and 2.5) and 4 (except 4.5) Under parts 1.2.5 and 5.2 of the Project 2,150,153.87 0.00 3,519,110.40 0.00 {1,368,956.53) 0.00 CAT2 Works, goods and consultants' services I CAT3 under part 3.1 of the Project Works, goods and consultants' services under part 4.5 of the Project 500,000.00 0.00 195,561.63 0.00 304,438.37 0.00 I CAT4 CAT5 Compensation under part 1.3.2 of the Project Hours of aerial surveillance, operating 0.00 0.00 0.00 costs of vessels and lease payments 0.00 0.00 0.00 I 2.958.736.18 3.836.036.79 (877,300.62} I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF BUDGET BY CATEGORIZATION REPORT FOR THE PERIOD ENDED 30 JUNE, 2018 I Project Category Budget US$ Disbursement US$ Balance US$ Description I CAT1A Under parts 1.1, 1.2.1, 1.2.2 and 1.2.3 of the Project 106,000.00 131,449.83 (25,449.83) Under parts 1.2.4, 1.2.6, 1.3.1, 1.4 I CAT18 CAT1C CAT2 (except 2.4 and 2.5) and 4 (except 4.5) Under parts 1.2.5 and 5.2 of the Project Works, goods and consultants' services 4,421,749.55 0.00 1,679,595.41 0.00 2,742,152.14 0.00 under part 3.1 of the Project 500,000.00 141,787.65 358,212.35 I CAT3 Works, goods and consultants' services under part 4.5 of the Project 0.00 0.00 0.00 Compensation under part 1.3.2 of the I CAT4 CAT5 Project Hours of aerial surveillance, operating costs of vessels and lease payments 571,870.00 0.00 0.00 0.00 571,870.00 0.00 I 5.599,619.55 1 .952,832.89 3,646,786.66 I I 14 I I I The attached notes 1 to 9 form an integral part of these financial statements. I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF PROJECT BUDGETARY ALLOCATION AND CUMULATIVE ACTUAL EXPENDITURE FOR THE PERIOD 1 JANUARY, 2012 TO 28 FEBRUARY, 2019 I IDA FUNDING Budget Cumulative I Project Budget Component Component 1 Allocated US$ Expenditure US$ Good Governance and sustainable I 1.1 Management of the Fisheries Developing the Legal and Operational Policy 187,650.00 274,055.86 I 1.2 1.3 Strengthening fisheries management Aligning Fishing Capacity and Effort to Sustainable Catch Level 6,517,350.00 5,700,000.00 2,348,750.33 625,594.64 Social Marketing, Communication and I 1.4 Transparency Sub Total - Component 1 2,820,000.00 1512251000.00 3,226,158.61 614741559.44 I 2.1 Component 2 Reduction of Illegal Fishing Customize Judicial Arrangements 50,000.00 78,330.36 I 2.2 The establishment of the fisheries enforcement unit The establishment of a vessel monitoring 2,650,000.00 1,283,673.70 2.3 system 1,600,000.00 3,352,671.29 I 2.4 The establishment of aerial surveillance capability 1,125,000.00 0.00 2.5 Inland and at-sea fisheries enforcement 5,150,000.00 4,349,093.96 I 2.6 The strengthening of policy arrangements and linkages between the FEU and other Government stakeholders 60,000.00 20,531.26 I 2.7 The expansion and complete integration of the fisheries observer program with the FEU Sub Total - Component 2 250,000.00 1018851000.00 217,461.50 91301 l62.07 I Component3 Increasing the Contribution of the Fish Resources to the National I 3.1 3.2 Value Chain Development Fish Product Trade and Information Systems 10,725,000.00 1,466,000.00 1,052,194.32 3,533,656.50 Sub Total - Component 3 1211911000.00 415851850.83 I Component4 Aquaculture Development Developing the Aquaculture Legal and Policy I 4.1 Framework Improving Genetic Quality of Tilapia Fingerlings 1,074,500.00 1,333,734.28 4.2 and Brood-stock 320,000.00 184,897.94 I 4.3 Catalyzing Aquaculture Development for Medium and Large Scale Ent. 1,077,000.00 2,760,678.74 15 I I I 4.4 4.5 Marketing and Technical Studies Small scale aquaculture development Sub Total - Component 4 530,000.00 5,000,000.00 8,001,500.00 3,287.66 1,298,467.59 5,581,066.22 I 5.1 Components Project Management 2,592,000.00 *4,001,985.87 I 5.2 Regional Coordination Sub Total - Component 5 1,500,000.00 4,092,000.00 1,514,773.00 5,516,758.87 I Grand Total 50.394.500.00 31 .459.991.43 *The Project Management includes all consultancy fees paid for the Project Consultants engaged as I Project Coordinating Unit staff. I I I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) STATEMENT OF PROJECT BUDGETARY ALLOCATION AND CUMULATIVE ACTUAL EXPENDITURE FOR THE PERIOD 1 JANUARY, 2012 TO 28 FEBRUARY, 2019 I GEF FUNDING I Project Budget Component Budget Allocated US$ Cumulative Expenditure US$ I Component 1 Good Governance and sustainable Management of the Fisheries 1.1 Developing the Legal and Operational Policy 1,222,350.00 1,834,066.15 I 1.2 Strengthening fisheries management 2,277,650.00 1,627.220.93 I Total-Component 1 3.500.000.00 3.461 .281.08 I I I I 16 I I I WEST AFRICA REGIONAL FISHERIES PROGRAMME (WARFP) I NOTES TO THE PROJECT FINANCIAL STATEMENTS FOR THE PERIOD 1 JULY, 2018 TO 28 FEBRUARY, 2019 I 1. Significant Accounting Policies The following is a summary of the significant accounting policies adopted in the I preparation of the financial statements: Basis of accounting I The financial statements of WARFP are prepared on cash basis and under historical cost convention. This means that revenue and expenditures are recognized in the financial statements only when they are received and paid for respectively. Under the historical I cost convention, assets and liabilities are reflected or disclosed in the financial reports at the cost incurred or price paid at the time of transaction. I Property, plant and equipment Property plant & equipment acquired or received by WARFP are stated at cost and shall not be depreciated. Cost of repairs and maintenance incurred on any fixed asset shall be I expensed in the period during which it was paid. Revenue and expenditure I Revenues and expenditures are accounted for in the year of receipt or payment. IDA funds and GEF funds are accounted for in the year of receipt. I Studies, training and workshop This represents the cost of organizing and attending workshops and training sessions on I relevant capacity building programmes Operation cost I This relates to the administrative and office incremental cost towards implementation activities. I Non capital expenditure (fictitious assets) Accumulated expenditure other than fixed assets shall be treated as fictitious assets in the I balance sheet. Foreign exchange transactions I Transactions that are denominated in currencies other than the United States Dollars are translated in United States Dollars at the exchange rate prevailing at the date of transactions. However, transactions in the sources and uses of funds for the year are I translated using the average rate. Bank and cash balances denominated in other foreign currencies are translated into US Dollars at the rate prevailing at the end of the year. I 17 I I I 2. Non capital expenditure I Opening balance Additions during the year Closing balance I 1 July 2018 IDA funds GEF funds 28 February 2019 US$ US$ US$ US$ I Technical Assistance- Consultancy 4,630,309.55 249,008.45 68,527.57 4,947,845.57 Studies, training I workshop and 3,263,729.73 56,362.96 0.00 3,320,092.69 *Operating costs 10,690,790.49 978,705.43 36,786.80 11,706,282.72 I 18 1584 1829.ZZ 1,284,016.84 105,314.31 19,914,220,98 I *Operating Cost includes a prior year adjustment of US$43, 506. 13 based on expenditure reclassification. Opening Additions during the year Closing balance balance I 1 January IDA funds GEF funds 30 June 2018 2018 I Technical Assistance- Consultancy US$ 4,413,090.80 US$ 170,195.25 US$ 47,023.50 US$ 4,630,309.55 I Studies, training and workshop Restated adjustment 2,970,792.64 (1,239.84) 292,937.09 0.00 0.00 0.00 3,263,729.73 (1,239.84) I Operating costs 9,837,429.39 743,756.95 67,337.86 10,648,524.20 1Z1220 10Z2.99 1,206,889,29 114,361.36 18,541,323,64 I 3. Property, plant & equipment I US$ US$ Total US$ Works Goods I Balance as at 1 July, 2018 Additions 2,121,212.96 1,082,459.35 8,864,434.02 1,364,186.17 10,985,644.98 2,446,645.52 I Balance as at 28 February, 2019 3,203,612.31 US$ 10,228,620.19 US$ 13,432,290,50 Total US$ Works Goods I Balance as at 1 January, 2018 Additions 1,690,628.67 430,584.29 8,663,434.02 200,998.00 10,354,062.69 631,582.29 I Balance as at 30 June, 2018 2,121 212.96 8 864 432 02 10,985,644.98 18 I I I 4. Bank and cash balances I 28 February 30 June 2019 2018 I US$ US$ Designated/Special account - IDA 57,886.83 1,765,296.46 I Sub Designated account 427.74 58.314.57 23,520.60 1.788.817.06 I The bank and cash balances represents funds available as at the end of the period and transferred to the IDA (US$43,887.47) and Fisheries Commission's Operation Account Number 1018631518265 (US$14,256.82). I 5. Finance by I The finance by includes both funds from IDA and GEF releases to the Project. IDA GEF Total US$ US$ US$ I Balance as at 1 July, 2018 Additions 28,132,254.43 1,856,307.52 3,182,048.29 279,228.79 31,314,302.72 2.135,536.31 Balance as at 28 February, I 2019 29.988.561.95 IDA 3.461 .277 08 GEF 33.449.839.03 Total I Balance as at 1 January, 2018 US$ 26,227,791.41 US$ 3,023,267.59 US$ 29,251,059.00 Additions 1,904,463.02 158,780.70 2,063,243.72 I Balance as at 30 June, 2018 28.132,254.43 3.182.048.29 31.314.302.72 I 6. Other income February 2019 June 2018 US$ US$ I Opening Balance Interest on Designated/Special account 1,482.90 0.00 1,478.10 0.00 Interest on Sub designated account 13,504.14 4.80 I Closing Balance 14,987.04 1.482,90 I 7. Withdrawal Applications IDA GEF Total Amount Receipts during the year US$ US$ US$ I 17 July, 2018 28 September, 2018 215,691.55 0.00 67,560.34 0.00 93,819.35 0.00 215,691.55 93,819.35 67,560.34 26 December, 2018 118,274.75 I 26 October, 2018 29 January, 2019 118,274.75 1,599,204.88 0.00 0.00 1,599.204.88 19 I I I Total Receipt 2.000.731.52 93.819,35 2.094.550.87 I 8. Category 1: Works, Goods, Non-Consulting Services, Consultants and others I February 2019 June 2018 IDA GEF Total IDA&GEF I Institutional support (Works US$ US$ US$ US$ 541,653.85 & Goods) 2,319,345.28 0.00 2,319,345.28 I Consultants Service Training 180,747.11 56,362.96 68,527.57 0.00 249,274.68 56,362.96 165,359.50 292,937.09 Operating Cost (including I publicity and publication) 978,705.44 3.535.160,79 36,786.80 105.314,37 1,015,492.24 3.640.475,16 811,094.81 1.811.045.25 I 9. Category 2: Works, Goods and Consultants' Service I C This represents the cost of consultants' service under Component 3.1 of the Project. February 2019 June 2018 I Institutional support (Works & Goods) US$ 127,300.30 US$ 89,928.40 I Consultants Service 68,261.33 195.561,63 51,859.25 141.787,65 I I I I I I I 20 I I I I APPENDICIES I I I I I I I I I I I I . I I I 21 I I I APPENDIX 'A': PROJECT ASSETS TRANSFERRED TO FISHERIES COMMISSION I No. 1 Description Table top fridge Quantity 2 Condition Good I 2 3 4 HP Desktop computer Dell Computer and Accessories Dell Computer and Accessories 2 2 1 Good Good Faulty I 5 6 LG Radio Deskjet Printer 3 1 Good Faulty 7 UPS 2 Good I 8 9 Office Desk Metal cabinet with safe 7 1 Good Good 10 Fire proof metal cabinet 3 Good I 11 12 Fire proof metal cabinet Samsung Fridge 1 2 Faulty Good 13 HP 3-in-1 Colour Printer 2 Good I 14 15 HP Laser Jet Pro 400 Printer HP Scan Jet 5590 Scanner 4 1 Good Good 16 Swivel chairs 8 Good I 17 18 Swivel chair Executive desk 1.6m 1 3 Faulty Good 19 Visitors' Chairs 7 Good I 20 21 Diplomat Safe HP Scanjet G241 O 1 1 Good Good 1 Faulty I 22 23 24 Deskjet Printer ROCOH Photo copier Epson Projector 1 1 Faulty Good I 25 26 27 Paper shredder GBC Binding Machine Nissan Navara Pickup 2 1 1 Good Good Good I 28 Mitsubishi AXS 2.5 GLX Auto 1 Good I I I I I I