AUDIT SERVICE SIERRA LEONE (ASSL) SUPREME AUDIT INSTITUTION CAPACITY BUILDING PROJECT TF0A3851 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 C C . CD Audit Service Sierra Leone (ASL) Supreme Audit Institution Capacity Building Project TFOA3851 Financial Statements For the year ended 31 December 2018 CONTENTS PAGE General Information 1 Background Information on the Project Management's Responsibility Statement 3 Independent Auditors' Report 4- 7 Statement of Resources and Expenditure L Statement of Financial Performance Statement of Financial Position 10 Statement of Cash Flows 11 Statement of Changes in Accumulated Fund 12 Statement of Comparison of Budget and L Actual Amounts 13 Notes to the Financial Statements 14 18 Report of the Auditors on the Special Account Statement 19 Special Account Statement 20 Appendices 21 Appendix 1: Schedule of Fixed Assets 22 Appendix 2: Schedule of Intangible Assets 23 L L Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TF0A3q51 Financial Statements For the year ended 31 December 2018 GENERAL INFORMATION Board of Directors Mr. Jonathan A. Thomas - Chairman Mrs. Marcella Jones - Member Mrs. Estina Kabia - Member Mrs. Lara Taylor-Pearce - Member Dr. Amadu Max Sesay - Member Registered Office 2nd Floor Lotto Building Tower Hill Freetown Secretary to the Board Mrs. Fatmata Binta Bah Bankers Sierra Leone Commercial Bank Siaka Stevens Street Freetown Solicitor F. A. M. Carlton Hanciles 10 Charlotte Street Freetown Auditors BDO Sierra Leone Regent House 12 Wilberforce Street Freetown 69 L Audit Service Sierra Leone (AZSL) Supreme Audit Institution Capacity Building Project TFOA3851 Financial Statements For the year ended 31 December 2018 BACKGROUND INFORMATION ON THE PROJECT The World Bank Group, through its agency - the International Development Association (IDA) - acting as administrator of grant funds under the Supreme Audit Institution Capacity Development (SAICD) Multi-Donor Trust Fund, is providing a grant to Audit Service Sierra Leone (ASSL) to strengthen its professional capacity to deliver quality public sector audit. The objective of the Capacity Building Project Grant is to improve the efficiency of public sector audit, thereby strengthening external oversight over the management of public resources in Sierra Leone. The project hopes to capacitate staff of ASSL on their financial oversight roles to ensure transparency and accountability on the use of public funds. Audit Service Sierra Leone (ASSL) is the country's Supreme Audit Institution (SAl) and a fundamental component in improving accountability and good governance in Sierra Leone. ASSL has a staff strength of approximately 170 and has made remarkable progress in terms of its independence, raising its profile, producing high quality audit reports etc. However, it needs additional support to conduct more audits in areas such as revenue collection, in order that more meaningful and impactful reports could be produced to enhance accountability. The project consists of the following three components. * Strengthening professional capacity is to create professional capacity to support strengthening of the financial oversight roles of the Audit Service Sierra Leone (ASSL), and submission of timely quality audits to the Public . Accounts Committee to ensure transparency and accountability on the use of public funds. * Enhanced understanding of ASSL audit reports issued is to make it easier or the public to read and appreciate reports issued by the institution. * Project management, Monitoring and Evaluation, and audit. 2 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3851 Financial Statements For the year ended 31 December 2018 MANAGEMENT'S RESPONSIBILITY STATEMENT Management is responsible for the preparation and presentation of the financial statements, comprising Statement of Resources and Expenditure, Statement I of Financial Performance, Statement of Financial Position as at 31 December 2018, Statement of Changes in Accumulated Fund, Statement of Cash Flows, Statement of Comparison of Budget and Actual Amounts for the year then ended, and the notes! to the financial statements which include a summary of significant accounting polic ies and other explanatory notes, on the basis of accounting policies described in note 2 for the purpose of determining the eligible income and expenditure, and result for the year. Management's responsibility includes: determining that the basis of accounting policies described in note 2 is an acceptable basis for preparing and presenting the financial statements in the circumstances; designing implementing and maintaining internal control relevant to the preparation and presentation of these 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. Approval of the financial statements The f anciat tatements, as indicated above, were approved by management on 17 2019 and are signed on its behalf by: Name fignature Auditor-General Name Signature Board Secretary OD Audit Service Sierra Leone (A$SL) Supreme Audit Institution Capacity Building Project TFOA3$51 Financial Statemonts For the year ended 31 December 2018 INDEPENDENT AUDITORS' REPORT TO THE GOVERNMENT OF SIERRA LEONE Opinion We have audited the financial statements of the Supreme Audit Institution Capacity Building Project, which comprise the Statement of Resources and Expenditure, Statement of Financial Performance, Statement of Financial Position as at 31 December 2018, Statement of Changes in Accumulated Fund, Statement of Cash Flows, Statement of Comparison of Budget and Actual Amounts for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the financial statements present a true and fair view of the statei of affairs of the project as at 31 December 2018 and the results for the year then ended in accordance with the accounting policies adopted by the project as stated in note 2 of the financial statements and the requirements of the Project Agreement Document. . toBasis of Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Organisation in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. We have determined that there are no such matters to report. Other Information Management is responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 4 BDO a Sierra Leone partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. OB DUAudit Service Sierra Leone (ASL) Supreme Audit Institution Capacity Building Project TF0A3451 Financial Statements For the year ended 31 December 2018 INDEPENDENT AUDITORS' REPORT TO THE GOVERNMENT OF SIERRA LEONE (CONTD) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for ihe Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Public Sector Accounting Standards (IPSAS) Accruals, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Organisation's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management eitier intends to liquidate the Organisation or to cease operations, or have no realistic alternative but to do so. Those charged with governance are responsible for overseeing the financial reporting process. Auditors' Responsibilities for the Audit of 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 fraudlor error, and to issue an auditors' 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 judgement 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. 5 BD a Sierra Leone partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. OB DI fAudit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3$51 B D O Financial Statements For the year ended 31 December 2018 INDEPENDENT AUDITORS' REPORT TO THE GOVERNMENT OF SIERRA LEONE (CONTD) Obtain an understanding of internal controls 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 management. Conclude on the appropriateness of management's 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 tha: a material uncertainty exists, we are required to draw attention in our auditors' 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 evideice obtained up to the date of our auditors' report. However, future events or conditions W may cause the Organisation to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statemerts, .f 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 entities or 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 audit. We remain solely responsible for our audit opinion. 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. 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. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statemenits of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosuire about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits! of such communication. 6 BDO a Sierra Leone partnership, is a member of BDO internationat Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Audit Service Sierra Leone (A'SL) Supreme Audit Institution Capacity Building Project TFOA51 60B Financial Statements For the year ended 31 December 2J18 INDEPENDENT AUDITORS' REPORT TO THE GOVERNMENT OF SIERRA LEONE (CONTD) Report on Other Legal and Regulatory Requirements There are no other legal and regulatory requirements. The engagement partner on the audit resulting in this independent auditors' repor is Brinsley Johnson. Freetown, Sierra Leone ~-V~ Pc~'cY 2019 the 7 BDO a Sierra Leone partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TF0A3851 Financial Statements For the year ended 31 December 2018 STATEMENT OF RESOURCES AND EXPENDITURE Year to Eight-month period 31.12.2018 to 31.12.2017 Notes U'SD , Balance as at 1 January 187,326 Multi-Donor Trust Fund 3 50,000 220,000 Total resources 220A00 Expenditure Graphic Design Consultancy 4 28,095 18,972 Revenue Audit Consultancy 5 149,970 877 Software 6 - 1,4 3 Computers and accessories 7 5,088 7,731 Bank charges 1,923 349 Professional fees 8 4,968 3,312 Monitoring and evaluation cost 9 4,727 - Total expenditure 194,771 32474 Result for the period 425551 6 Reconciliation of cash balance Cash and cash equivalents 92,521 194,352 Trade and other payabLes (49,966) (7026) Closing Balance 18L326 8 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3851 Financial Statements For the year ended 31 December 2,18 STATEMENT OF FINANCIAL PERFORMANCE Year to Eight-month period 31.12.2018 to 31.12.2017 Notes USD USD Income 3 50,000 220 00 Total income 50,000 220,000 Expenditure Graphic Design Consultancy 4 (28,095) (18,972) Revenue Audit Consultancy 5 (149,970) (877) Amortisation charge 6 (143) (143) Depreciation charge 7 (3,205) (1,933) Bank charges (1,923) (349) Professional fees 8 (4,968) (3,312) Monitoring and evaluation costs 9 (4,727) Total expenditure (193,031) (25,5§6 (Shortfall)/surplus for the year (143,031 194414 hVA The financial statements were approved on [ 2019 Audito eneral Board Secretary V 9 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TF0A3851 Financial Statements For the year ended 31 December 2018 STATEMENT OF FINANCIAL POSITION Asat Asat Notes 31.12.2018 31.12.2017 Non-currents assets USD USP Intangible Assets 6 1,146 1,289 Tangible assets: Property, Plant and Equipment 7 7 599 Total non-current assets 8_8L8 Current Assets Cash and bank balance 10 92,521 194,352 Total current assets 925,521 194 52 Total assets 101,49 201, 40 Funding and Liabilities Accumulated Fund 11 51,383 194A14 Total reserve 194414 b Current liability: Trade and other payables 12 49,966 7O26 Total Liabilities 49,966 L26 Total funding and liabilities 1 9201 40 The financial statements were approved on \ 2019 r udit r-General Board Secretary 10 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3851 Financial Statements For the year ended 31 December 2018 STATEMENT OF CASH FLOWS For the year Eight-month ended period ended 31.12.2018 31.12.2017 Notes USD USD Cash Flows from Operating Activities Cash from operating activities (143,031) 194,414 Adjustment for: Depreciation 7 3,205 1,933 Amortisation 6 143 143 Operating activities before working capital changes (139,683) 196,490 Increase in trade and other payabtes 12 42,940 7,026 Net cash flows from operating activities (96,743) 203 517 Cash Flows from Investing Activities Purchase of non-current assets 7 (5,088) (7,732) Purchase of intangible assets 6 - 1 .433 Net cash flows from investing activities (5,088) (9,165) Net (decrease)/increase in cash and cash equivalents (101,831) 194,352 Cash and cash equivalents at beginning of period 194,352 Cash and cash equivalents at the end of the year 194352 Analysis of balance in cash and cash equivalent at the end of the year Consisting of: Cash at bank and in hand 92,521 194 352 Cash and cash equivalents at the end of the period 194 352 11 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3$51 Financial Statements For the year ended 31 December 2018 STATEMENT OF CHANGES IN ACCUMULATED FUND Accumulated fund U$D Balance brought forward as at 11 May 2017 Surplus for the year 194 4 4 Balance as at 31 December 2017 194,414 Balance brought forward as at 1 January 2018 194,414 Shortfall for the year (143,03 ) Balance as at 31 December 2018 51,383 12 Audit Service Sierra Leone (AS5L) Supreme Audit Institution Capacity Building Project TF0A3851 Financial Statements For the year ended 31 December 2 18 STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS Programme Annual operational Programme budget objectives budget 2018 utilisation VARIANCE Funds received USD USD USD Multi-Donor Trust Fund 205,595 50,000 (155,595) Grand total 205,595 (155,595) Expenditure Graphic Design Consultancy 30,952 28,095 2,857 Revenue Audit Consultancy 149,996 149,970 26 Computers and accessories 6,500 5,088 1,412 Bank charges 3,146 1,923 1,223 Professional fees 10,000 4,968 5,032 Monitoring and evaluation 5,000 4,72 273 Grand total 205,595 194,771 10,824 Reconciliation of cash Balance Opening balance as at 1 January 2018 194,352 Add: Total receipt 50,000 Expenses yet to be settled 49,966 2017 payment paid in 2018 (7,026) Less: Total payment (194,771) Balance as at 31 December 2018 13 Audit Service Sierra Leone (AS5L) Supreme Audit Institution Capacity Building Project TF0A3851 Financial Statements For the year ended 31 December 2618 NOTES TO THE FINANCIAL STATEMENTS 1. Reporting Entity According to the project financing agreement, the Government of Sierra Leone (GoSL) is to receive funding in the amount of US$270,000 from The World Bank Group, through its agency - the International Development Association (IDA) - acting as administrator of grant funds under the Supreme Audit Institution Capacity Development (SAICD) Multi-Donor Trust Fund. The administration of the project's activities is managed by Audit Service Sierra Leone (ASSL.) The Project Development Objective (PDO) of this project is: "To improve the quality and efficiency of public sector audit, thereby strengthening external oversight over the management of public resources in Sierra Leone". 2. Significant Accounting Policies The accounting policies set out below have been consistently applied. 2.1.1 Basis of Preparation Statement of Compliance The Financial Statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS) accruals. 2.1.2 Functional and presentation currency The functional currency is the local currency in Sierra Leone which is the Leones. Activities of the project have however been in United States Dollars (USD) as its presentation currency as most of its transactions are denominated in United States Dollars. Transactions in all other currencies are therefore considered to be foreign currency transactions 2.2 Transactions and balances All payments are made in United States Dollars (USD) through the bank and as a result, there is neither foreign exchange gain nor loss. 2.3 Property, Plant and Equipment 2.3.1 Recognition and Measurement Items of property, plant and equipment assets are measured at cost less accumulated depreciation and impairment losses. 14 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TF0A3851 Financial StatemOnts For the year ended 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (CONTD) 2.3.2 Depreciation Property, plant and equipment are stated at cost less accumula ed depreciation. Parts of an item of property, plant and equipment having different useful lives are accounted for as separate items. Depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment and is charged to the statement of financial performance on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. The policy is to charge full year's depreciation in the year of purchase and non in the year of disposal. The estimated useful live is as follows: Years Percentage(%) Computers and Accessories 4 25 3. Income Funding from Multi-Donor Trust Fund (MDTF) is recognised in the project's statement of financial performance when received. The amounts received for the period under review is as follows: Year Eight-month to 31.12.2018 period to 31.12.2017 USD USD Income 50,000 2200 50,000 220000 4. Graphic Design Consultancy Professional fees 27,619 18, 95 Advertisement for recruitment 476 877 28.095 5. Revenue Audit Consultancy Advertisement for recruitment - 877 Professional fees 149,970 149,970 877 15 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3851 Financial Statements For the year ended 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (CONTD) 6. Intangible assets Capitalised intangible expenditure, software and licenses acquired by the project and have a limited useful life, are measured at cost less accumulated amortisation and impairment losses. Amortisation is charged to the statement of financial performance on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. A full year's amortisation is charged in the year of purchase and non in the year of disposal. The estimated useful life of intangible assets is ten (10) years. The amortisation calculated as follows: Year Eight-month to 31.12.2018 period to 31.12.2017 USD USD Cost of valuation Opening balance 1,433 Addition during the year - 1L33 Cost as at 31 December 1 33 1 33 Amortisation of intangible assets Opening balance 143 Charge for the year 143 143 Accumulated amortisation as at 31 December 286 143 Carrying value as at 31 December 1 148 7. Property, Plant and Equipment Computer and Accessories Total Cost At 11 May 2017 Acquisitions 7732 7,732 Balance as at 31 December 2017 7,732 7 732 At 1 January 2018 7,732 7,732 Acquisitions 588 5,088 Balance as at 31 December 2018 12,820 1,820 16 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TF0A351 Financial Statements For the year ended 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (CONTD) Computer and Accessories Total Depreciation Balance as at 11 May 2017 - Depreciation for the year 1,933 1233 Balance as at 31 December 2017 1,933 1 33 Balance as at 1 January 2018 1,933 1,933 Depreciation for the year 3,05 3 5 Balance as at 31 December 2018 5.38 Carrying amounts At 31 December 2017 5799 5,99 At 31 December 2018 7 82 7 2 Year Eight-monith to 31.12.2018 period to 31.12.2017 USD USD 8. Professional fees External audit fees 4,68 4,968 3,3;12 9. Monitoring and evaluation Monitoring and evaluation costs 4,Z27 10. Cash and cash equivalents Cash and cash equivalents comprise cash balances both at the bank and in hand. The cash and cash equivalents are stated at their face values, as t6is approximates to amortised cost. The cash and equivalent for the period is as follows: Cash at bank available on demand 92,521 194,52 92,521 194352 11. Accumulated fund Opening balance 194,414 (Shortfall)/surplus during the year (143,031) 194414 531941414 17 Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3$51 Financial Statements For the year ended 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (CONTD) 12. Trade and other payable Trade and other payables are initially recognised at fair value, based upon the nominal amount outstanding. Subsequent to initial recognition, they are recorded at amortised cost. The amount stated below for trade and other payable is as follows: Year Eight-month to period 31.12.2018 to 31.12.2017 USD USD NRA-Withholding tax payable - 857 Graphic Design Consultancy fee for six days worked in December - 2,857 Accruals for 2017 external audit fees 4,968 3,112 Balance fee for revenue audit consultancy 49,966 7,26 13. Reconciliation Statement between actual expenses in the budget and actual amount and expenditure in the statement of financial Performance for 2018 Actual amounts presented on comparable basis to the budget 194,771 Purchase of computers and accessories (5,088) Amortisation of intangible asset 143 Depreciation charge for the year 3,205 Actual amounts in the statement of financial performance 1 3 14. Related Party transactions There were no related party transactions for the year ended 31 December 2018 (2017: nil). 15. Capital Commitments No capital commitments existed as at 31 December 2018 (2017: nil). 16. Contingent Assets and Liabilities No contingent assets and liabilities existed as at 31 December 2018 (2017: nit . 17. Event after the reporting date There were no events that occurred after the financial year end that materiatly affected the financial position as at 31 December 2018 (2017: nit). 18 Audit Service Sierra Leone (ASSL) B I~LSupreme Audit Institution Capacity Building Project TFOA3851 Financial Statemonts For the year ended 31 December 2018 REPORT OF THE AUDITORS ON THE SPECIAL ACCOUNT STATEMENT We have audited the accompanying Special Account Statement established under the provisions of IDA Grant No TF0A3851 for the year ended 31 December 2018 as set out on page 20. We conducted our audit in accordance with International Standards on Auditi g. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement and accordingly include such test 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. The accompanying special account statement was prepared on the basis of cash deposits and withdrawals for the purpose of complying with the project agreement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the receipts were properly accounted for and the withdrawals were made for the purposes of the project in accordance with the loan agreement. The accompanying Special Account Statement give fair view of the beginning and closing balances and the accounting activity for the year ended 31 December 2018 on the basis of cash deposits and withdrawals. Compliance with the terms of the IDA Funding agreements In our opinion, payments made from the World Bank contributions were in compliance with the terms of the agreement. Freetown 2019 Chartered Accountants 19 BDO a Sierra Leone partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Audit Service Sierra Leone (ASSL) Supreme Audit Institution Capacity Building Project TFOA3851 ko Financial Statements For the year ended 31 December 2 18 SPECIAL ACCOUNT STATEMENT Depositary bank Sierra Leone Commercial Bank Limited Address Siaka Stevens Street, Freetown, Sierra Leone Related Grant Number TFOA3851 Currency United States Dollar Part A-Account Activity USD Opening balance as at 1 194,352 January 2018 Add: Replenishments 50,000 Less: Withdrawals and (151,811) charges Closing balance as at 31 =92 21 December 2018 20 Audit Service Sierra Leone (A SL) Supreme Audit Institution Capacity Building Project TFOA3851 Financial Statements For the year ended 31 December 2918 APPENDICES 21 � I � с '�,,,,,. О I � О О О О О О О О О О ��1,. о l7 и l7 l� l9 l� и l� и L7 �,, � и I � �� И N � С Ш ш Ш ш ш Ш ш Ш ш ш , J Ni �� 7 О� 0 0 � � � � � � � � ,. Й рр � О о � � � f � � � � � � � � Q ш`ш � И т И т т т �rr м С�L �S � Q � о о о о о о �,. 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