International Development Association (IDA) Government of Sierra Leone Financial Sector Development Plan Support Project FSDP-SP Project Number: IDA H662 -SL Financial Statements for the year ended 31 December 2017 This report contains 19 pages Ref: 1002/ank/eap Intemational Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Contents Page General information 1 Background information on the project 2 - 3 Management's responsibility statement 4 Independent Auditor's report to the Government of Sierra Leone and the International Development Association (IDA) 5 - 7 Statement of financial position 8 Statement of income 9 Statement of cash flows 10 Notes to the financial statements 11 -15 Opinion on the Statement of Expenditure Submitted for the year ended 31 December 2017 16 Statement of disbursement reconciliation International Development Association (IDA) Grant Number IDA H662-SL 17 Report of the Independent Auditors on Project's special account statements - Bank of Sierra Leone account no SLL 122000829 18 Special account statements 19 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 General information Address Bank of Sierra Leone Siaka Steven Street Freetown Project Management . Mrs. Princess E.G. Kanu Project Co-ordinator Mr. Mohamed Sarjoh Bah Financial Management Specialist Ms Jenneh Jabati Procurement Specialist Bankers . Bank of Sierra Leone Siaka Stevens Street Freetown Auditor KPMG Sierra Leone Chartered Accountants KPMG House 37 Siaka Stevens Street Freetown International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Background information on the project An agreement dated 19 April 2011, was entered into between the Republic of Sierra Leone ("recipient") and the International Development Association ("Association") in which the Association agreed to extend to the Recipient, a grant in an amount equivalent to two million six hundred thousand Special Drawing Rights (SDR 2,600,000) to fund the Financial Sector Development Plan Support Project which is being implemented by the Bank of Sierra Leone. The objective of the Project is to strengthen the capacity of the Bank of Sierra Leone and contribute to improving efficiency in financial intermediation, safeguarding financial sector stability, reducing transaction costs of money transfer and expanding access to financial services. The Project consists of the following parts: Part A. Enhancing Access to Financial Services Carrying out a program of activities to improve efficiency in financial intermediation, reduce transaction costs of money transfer and expand access to financial services including: 1. (a) (i) Supporting development of: a basic bad debtor database operated by the (ii) Bank of Sierra Leone; and a comprehensive credit information bureau; and (b) Strengthening the Bank of Sierra Leone's oversight capacity, through the provision of technical advisory services and acquisition of goods, 2. Supporting implementation of the payment systems and remittances policy framework, in particular: (a) preparation of payment systems regulations and policies; (b) Preparation of mobile payment regulations; (c) preparing a remittances policy framework; and (d) strengthening the Bank of Sierra Leone's capacity for oversight and supervision, all through provision of technical advisory services, training and acquisition of goods. 3. Provision of technical advisory services for developing micro, small and medium enterprises/value chain finance capacity of commercial banks including: (a) carrying out an analysis of product development needs, and an analysis of constraints on an enabling environment for supporting MSME finance and agricultural finance; (b) developing sector policies and supporting dialogue on enhancing access to financial services (secured lending, leasing, value chain finance), in cooperation with selected commercial banks; (c) preparing secured lending laws and regulations; and (d) strengthening related technical capacities of selected commercial banks. 2 International Development Association (IDA) Government of Sierra Leone (GOSL Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December2017 Background information on the project (continued) Part B. Building Financial Sector Reform and Oversight Capacity of the Bank of Sierra Leone Strengthening the technical and institutional capacity of the Bank of Sierra Leone for implementing the Financial Sector Development Plan and supervision of the financial sector including: 1. Supporting financial sector legal reforms in particular: (a) Reviewing and proposing amendments to the Other Financial Services (Amendment) Act, the Banking Act, and the Bank of Sierra Leone Act and preparing draft microfinance legislation ("Financial Sector Legislation"); (b) supporting implementation of Financial Sector Legislation; and (c) strengthening the capacity of Bank of Sierra Leone's legal department, all through provision of technical advisory services, training, operating costs and acquisition of goods. 2. Supporting implementation of Bank of Sierra Leone's Institutional Development Plan, including: (a) reviewing human resource policies and practices and preparing a new human resources policy; (b)supporting the staff development program, in particular, carrying out an assessment of staff capacity skills and needs, and preparation of a staff capacity development plan; (c) developing a broad-based training program for Bank of Sierra Leone's staff; (d)reviewing and reengineering both functional and business processes; (e)reviewing and developing an information technology strategy and implementation plan; (f) implementing the AML/CFT framework; and (g)designing and implementing efficient supervisory processes including supervision of the microfinance sector, all through provision of technical advisory services, training, operating costs and acquisition of goods. 3. Strengthening the technical, institutional, fiduciary (financial management and procurement), monitoring, evaluation, and Project management capacity of the FSDP Secretariat, all through provision of technical advisory services, training, operating costs and acquisition of goods. 4. Provision of technical advisory services to support Bank of Sierra Leone (including the FSDP Secretariat) in the preparation of financial sector development strategies, including the microfinance policy framework and long-term finance. 3 International Development Association (IDA) Govemment of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Management's responsibility statement Management is responsible for the preparation and presentation of the financial statements, comprising the statement of financial position at 31 December 2017, the statement of income and cash flows for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes in accordance with the accounting policies stated in note 1 of the financial statements and for such internal control as management determine is necessary to enable the preparation of financial statements that are free from material misstatement whether due to fraud or error. Approval of the financial statements The financial statements were approved by management on.0 . . . ...... 2018 and signed on its be by: Project Coordinator -FSDP-SP 4 KPMIG Sierra Leone Telephone: +232-22-222061 KPMG house Telefax +232-22-22184 37 Siaka Stevens Street Email: kpmg@kpmg-sIcom P.0 Box 100 Internet: www.kprng.com Freetown Sierra Leone Independent Auditor's report to the International Development Association (IDA) and the Government of Sierra Leone Opinion We have audited the financial statements of Financial Sector Development Plan Support Project which comprise the statement of financial position as at 31 December 2017, the statement of income and cash flows for the year then ended, and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes as set out on pages 11 to 19. In our opinion, the financial statements give a true and fair view of the financial position of Financial Sector Development Plan Support Project as at 31 December 2017, and of its financial performance and cash flows for the year then ended in accordance with the accounting policies adopted by the project as stated in note 1 of the financial statements. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the organization in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Sierra Leone, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and presentation of these financial statements in accordance with the significant accounting policies stated in note 1 of the financial statements, and for such internal control as the management determines is necessary to enable the preparation of financial statement that are free from material misstatement, whether due to fraud or error. 5 KPMG a partnership established under Sierra Leone is a member of the KPMG network of independent memberfirms affiliated with KPMG Managing Director: Raymond M. Davies Partner: Derrick Kawaley International cooperative {KPMG international"} a Swiss Entity Independent Auditor's report to the International Development Association (IDA) and the Government of Sierra Leone (continued) Auditors' responsibility for the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit 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 organisation's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. * Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the organisation's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the organisation to cease to continue as a going concern. 6 Independent Auditor's report to the International Development Association (IDA) and the Government of Sierra Leone (continued) Auditors' responsibility for the financial statements (continued) * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. * Obtain sufficient appropriate audit evidence regarding the financial information of the business activities within the organisation to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the organisation's audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Other matter The financial statements have been prepared in accordance with the accounting policies stated in note 1 of the financial statements, for the purpose of determining the financial position of Financial Sector Development Plan Support Project for use by its management and International Development Association, and the financial statements and related auditor's report may not be suitable for another purpose. Our report is intended solely for the management of Financial Sector Development Plan Support Project and International Development Association and should not be distributed to or used by parties other than the management of Financial Sector Development Plan Support Project and International Development Association. The Engagement Partner on the audit resulting in this independent auditors' report is Derrick L Kawaley. Freetown Chartered Accountants Date:7 7 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial Statements for the year ended 31 December 2017 Statement of financial position for the year ended 31 December In thousands of Leones Note 2017 2016 Assets Property, and equipment 4 37,897 82,344 IDA designated bank account 5 516,606 1,693,631 Total assets 554,503 1,775,975 Equity Deferred grant income 6 499,415 1,720,887 499,415 1,720,887 Liability Accrued charges 7 55,088 55,088 55,088 55,088 Total equity and liabilities 554,503 1,775,975 The financial statements were approved on ......... 2018 . Pc.......... . .. ....... . ..... Project Co-ordinator -FSDP-SP The notes on pages 11 to 15 are an integral part of these financial statements. 8 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Statement of income for the year ended 31 December In thousands of Leones Note 2017 2016 Income Grant income 6 2,987,613 1,424,775 Direct disbursements 8 6,543,234 Total income 9,530,847 1,424,775 Expenditure Per diem (155,617) (63,464) Audit fees (55,088) (55,088) Course fees (79,994) (26,760) Air ticket expenses (84,400) (32,396) Consultancy fees (2,557,595) (1,195,081) Travel expenses (7,472) (80) Visa fees (3,000) (714) Other expenses 3 (772) Depreciation charge 4 (44,447) (50,420) Consulting services (direct) payments) 8 (6,543,234) Total expenditure (9,530,847) (1,424,775) Result for the year These financial statements were approved on ......... .. ............. 2018 K.. .. Project Co-ordinator - FSDP-SP The notes on pages 11 to 15 are an integral part of these financial statements. 9 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Statement of cash flows for the year ended 31 December In thousands of Leones Note 2017 2016 Operating activities Cash received from IDA 2 1,766,141 3,004,072 Cash paid to suppliers and employees (9,530,847) (1,424,775) Direct payments 8 6,543,234 - Depreciation for the year 4 44,447 50,420 Accrued expenses - 11,661 Cash flows from operating activities (1,177,025) 1,641,378 Cash and cash equivalents as at 1 January 1,693,631 52,253 Cash and cash equivalent as at 31 5 - - December 516,606 1,693,631 These financial statements were approved on......... ..-. . ...................2018 . . Project Co-ordinator -FSDP-SP The notes on pages 11 to 15 are an integral part of these financial statements. 10 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. (DA H662 -SL Financial statements for the year ended 31 December 2017 Notes to the financial statements 1. Reporting entity The Financial Sector Development Plan Support Project is a project to provide technical assistance and Institutional support to the Bank of Sierra Leone. The objective of the project is to enhance the capacity of the Bank of Sierra Leone as the apex financial institution to formulate, coordinate and take a pro-active leadership role in advancing financial sector reforms and implement the Bank of Sierra Leone Institutional Development Plan. 1.1 Basis of preparation The financial Statements have been prepared in accordance with International Financial Reporting Standards and have been presented in Leone currency, which is the project's functional currency. All financial information presented has been rounded up to the nearest thousand. 1.2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. 1.3 Foreign currency transactions Foreign currency transactions are accounted for at the rate of exchange prevailing on the date at which the transactions were recorded. All gains and losses arising are taken to the income and expenditure statement. The closing exchange rate for United States Dollars as at 31 December 2017 was Le 7,536.96 midrate of the Bank of Sierra Leone indicative exchange rates at 31 December 2017 (2016: Le 7,195.37). 1.4 Property and equipment Recognition and measurement All property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that are directly attributable to the acquisition of the asset. Subsequent costs Subsequent costs are included in the asset's carrying amount or are recognized as a separate asset as appropriate, only when it is probable that future economic benefits associated with the items will flow to the Project and the cost of the asset can be measured reliably. 11 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 1.4 Property and equipment (continued) Depreciation Depreciation is charged to the income statement on a straight line basis with the corresponding credit to the respective accumulated depreciation account Depreciation rates are reviewed on an annual basis to ensure they reflect the future economic benefits embodied in the assets. Number of Current depreciation rates Years Vehicles 5 Plant and machinery 10 Furniture and equipment 4 1.5 Deferred grant income The grant is recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. 1.6 Cash and cash equivalent These include the Special Account bank balance held with the Bank of Sierra Leone 2. Disbursements (International Development Association (IDA) In thousands of Leones 2017 2016 Amount disbursed by IDA during the year: WB 0014 737,716 2,027,130 WB 0016 1,028,425 976,942 1,766,141 3,004,072 3. Other expenses In thousands of Leones 2017 2016 Others - Insurance 772 772 12 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 4. Property and equipment Equipment Furniture Vehicle Total In thousands of Leones Costs At 1 January 2017 34,600 37,150 162,420 234,170 At 31 December 2017 34,600 37,150 162,420 234,170 At 1 January 2016 34,600 37,150 162,420 234,170 At 31 December 2016 34,600 37,150 162,420 234,170 Accumulated depreciation At 1 January 2017 28,832 30,956 92,038 151,826 Depreciation charge 5,768 6,194 32,484 44,447 At 31 December 2017 34,600 37,150 124,522 196,273 At 1 January 2016 20,183 21,669 59,554 101,406 Depreciation charge 8,649 9,287 32,484 50,420 31 December 2016 28,832 30,956 92,038 151,826 Net book value At 31 December 2017 - - 37,897 37,897 At 31 December 2016 5,768 6,194 70,382 82,344 13 International Development Association (IDA) Govemment of Siena Leone (GOSLI Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 5. Cash and bank balance In thousands of Leones 2017 2016 IDA Designated Account 516,606 1,693,631 516,606 1,693,631 6. Deferred grant income Notes In thousands of Leones 2017 2016 Opening balance 1,720,887 141,590 Advance to special account 1,766,141 3,004,072 Total funds available 3,487,028 3,145,662 Release to income statement as grant income (total expenditure) (2,987,613) (1,424,775) 499,415 1,720,887 Represented by: IDA Designated account 5 516,606 1,693,631 Property and equipment 4 37,897 82,344 Accrued expenses 7 (55,0881 (55,088) 499,415 1,720,887 The release to income statement is equal to the total expenditure for the year. 7. Accrued charges In thousands of Leones 2017 2016 Accrued audit fees 55,088 55,088 55,088 55,088 14 International Development Association (IDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662 -SL Financial statements for the year ended 31 December 2017 Notes to the financial statements (continued) 8. Direct disbursements Amount Exchange Amount Description Value Date in USD rate in Le'000 40% Payment to Messrs. EY Consultancy work 02/08/2017 314,890 7,418.23 2,335,929 Final Payment iro Diagnostic Study Conducted on the two State Owned Banks 31/12/2017 307,210 7,536.96 2,315,431 Final Payment to Messrs. Sarante iro Base Line Survey 31/12/2017 108,000 7,536.96 813,992 Final Payment to Dr. Joseph M K Kandeh iro Geospatial Mapping Exercise 31/12/2017 143,013 7,536.96 1,077,882 873,113 6,543,234 15 KPMG Sierra Leone Telephone: +232-22-222061 KPMG house Telefax +232-22-22184 37 Siaka Stevens Street Email: kpmg@kpmg-sl.com P.0 Box 100 nternet www.kpmg.com Freetown Sierra Leone Opinion on the Statement of expenditure submitted for the year ended 31 December 2017 We have audited the Statement of Expenditure of the Financial Sector Development Plan Support Project (FSDP-SP), funded by the International Development Association (IDA), and with Project No.IDA H662 - SL submitted in support of applications for reimbursement for expenditure in accordance with the IDA Agreement letter dated 19 April 2011. Our examination was made in accordance with International Standards on Auditing and accordingly included such tests of the accounting records, verification of assets and liabilities, review of systems of internal controls and other auditing procedures that we considered necessary in the circumstances. Opinion In our opinion, the Statement of expenditure, the supporting summary sheets and information submitted with them can be relied upon to support the applications for grant disbursement by the International Development Association (IDA) for expenditure incurred for the purposes of the project as specified in the above-mentioned IDA Agreement Document. Freetown Chartered Accountant Date 16 KPMG a partnership established under Sierra Leoe is a member of the KPMG network of independent rnember firms affiliated with KPMG Managing Director: Raymond M. 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The special account statement give a true and fair view of the ending balance for the year ended 31 December 2017. In accordance with the provisions of the terms of reference of this audit, we confirm as follows: " Funds provided to the project have been used for their intended purposes. " The special account of the project has been maintained in accordance with the provisions of the Grant Agreement and with disbursement rules and procedures. Freetown Chartered Accountants Date: 18 International Development Association tIDA) Government of Sierra Leone (GOSL) Financial Sector Development Plan Support Project FSDP-SP Project No. IDA H662-SL Financial statements for the year ended 31 December 2017 Special account statement for the year ended 31 December 2017 Account No: SLL 122000829 Depository bank: Bank of Sierra Leone Address: Siaka Stevens Street, Freetown Grant Agreement Number IDA H662-SL Currency: Leones Account Activity Grant from International Development Association (IDA) In thousands of Leones Note 2017 2016 Balance at 1 January 1,693,631 52,253 Funds transferred from IDA 6 1,766,141 3,004,072 3,459,772 3,056,325 Expenditure Per diem (155,617) (63,464) Audit fees (55,088) (43,427) Course fees (79,994) (26,760) Air ticket expenses (84,400) (32,396) Consultancy fees (2,557,595) (1,195,081) Travel expenses (7,472) (80) Visa fees (3,000) (714) Other expenses 3 (772) (2,943,166) (1,362,694) Balance at 31 December 516,606 1,693,631 19