AUDIT REPORT ON THE ANNUAL FINANCIAL STATEMENTS OF METOLONG DAM AND WATER SUPPLY PROGRAMME MINISTRY OF WATER FOR THE YEAR ENDED 31 MARCH 2G19 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 TABLE OF CONTENTS Page List of officers and Professional Advisers 3 Project Information and Performance 5 Directors' Statement of Responsibility and Approval 10 Report of the Independent Auditors 11 Summary of Source and Application of Funds by Components (Maloti, Dollar) 12 Summary of Source and Application of Funds by Funding Agency Category (Maloti, Dollar) 14 Source and Application of Funds by Component and Category (Maloti, Dollar) 16 Receipts and Payments - Government of Lesotho (GoL) (Maloti, Dollar) 20 Receipts and Payments - International Development Agency (IDA) (Maloti, Dollar) 24 Direct Payments - Millennium Challenge Account Lesotho (MCA-L) (Maloti, Dollar) 26 Direct Payments - The Arab Bank For Economic Development in Africa (BADEA) (Maloti, Dollar) 28 Direct Payments - The Kuwait Fund For Arab Economic Development (KUWAIT) (Maloti, Dollar) 30 Direct Payments - The OPEC Fund For International Development (OFID) (Maloti, Dollar) 32 Direct Payments - The Saudi Fund For Development (Maloti, Dollar) 34 Direct Payments - The Abu Dhabi Fund For Development (Maloti, Dollar) 36 Source and Application of Funds - The Arab Bank For Economic Development in Africa (BADEA) and - 38 The Kuwait Fund For Arab Economic Development (KUWAIT) The Saudi Fund for Development and OPEC Fund for International Development (OFID) by Expenditure Category (Dollar) Direct Payments - The African Renaissance and International Cooperation of Fund of the Republic of 40 South Africa (Maloti, Dollar) Receipts and Payments - The European Investment Bank (EIB) (Maloti, Dollar) 42 Consolidated Uses of Funds by Component and Output (Maloti) 44 Consolidated Uses of Funds by Component and Output (Dollar) 45 International Development Agency Disbursements by Category (Dollar) 48 Millennium Challenge Account Lesotho Disbursements by Component (Dollar) 49 The Kuwait Fund For Arab Economic Development (KUWAIT) - The Arab Bank For Economic 50 Development in Africa (BADEA The Saudi Fund for Development and OPEC Fund for International Development (OFID) by Expenditure Category (Dollar) Disbursement by Expenditure per Source of Funding 51 Designated Account - International Development Agency (Dollar) 52 Cashflow Statement 53 Notes to the Financial Statements 56 2 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 LIST OF OFFICERS AND PROFESSIONAL ADVISORS Ministry of Water Principal Secretary Mr. E. Lesoma (Joined March 2017) Deputy Principal Secretary Mrs. M. Likoti Commissioner of Water Mr. M. Mojakisane Board of Directors (Up to 30k September 2018) Chairman Mr. F. Notoane Deputy chairman Mr. P. Borotho Members Mr. M. Mojakisane Mrs V. Tshabalala-Monyake Mr. M. Lebabo Mrs. M. Motsamai-Maema Mr. T. Molikoe Mr. L. Manamolela Mr. L. Ntoi Mr. T. Mohapi Ms S. Lutalo Mr. E.Motseki Mr. S. de Boer Metolong Authority: Chief Executive Officer Lebekoane Ntoi (Appointed June 2017) Engineering Manager Paul Collins ( left MA August 2018) Finance Manager Puseletso Ntiisa-Letuka Human Resource & Admin Manager Mabusetsa Leteketa Procurement Manager Vacant Legal Services Manager Thabiso Mohapi (left MA July 2018) Environmental and Social Impact Manager Ntaoleng Mochaba (left MA August 2018) Planning Manager Vacant Engineering Manager Fobokoane Mota (appointed November 2018) 3 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 Business Address Red Cross Building, 29 Mabile Road, Maseru Postal address Private Bag 9137, Maseru Bankers Central Bank of Lesotho Nedbank Lesotho Limited First National Bank (Lesotho) Auditors (Commissioned by the Auditor General) 4 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 PROGRAMME INFORMATION AND PERFORMANCE Programme Obiective The objective of the water sector component is to improve water supply for industrial and domestic needs and enhance urban and rural livelihoods through improved watershed management. The Metolong Dam and Water Supply Programme (MDWSP) is aimed at increasing access to water and improving the reliability of water supply to urban and peri-urban and the neighbouring towns of Roma, Morij a, Mazenod, and Teyateyaneng. The MDWSP has been identified as the least-cost, long-term solution to supply water to meet increasing demand and support continued economic growth in the above mentioned towns. The MDWSP has five main projects: Metolong Dam, Water Treatment Works, Downstream Conveyance System, Advance Infrastructure, and Environmental and Social Management Programme. The Metolong Dam involves the construction of a roller compacted concrete (RCC) dam and multi stage raw water intake and pump station. The Water Treatment Works (WTW) entails the construction of a water treatment plant and ancillary facilities, which includes a raw water and potable water transmission pipeline and a treated water pumping station. The Downstream Conveyance System involves the construction of transmission pipelines, reservoirs and other ancillary facilities to convey treated water to five towns in Lesotho: Maseru, Morija, Mazenod, Roma, and Teyateyaneng. The Advance Infrastructure, implemented by the Metolong Authority in liaison with various Government of Lesotho (GoL) entities, covers the construction of access roads, power supply, water and sanitation systems, telecommunications, a construction camp to support the construction works and permanent installations such as houses and offices. The Environmental and Social Management Programme comprises the execution of a comprehensive environmental and social mitigation and monitoring programme, including cultural resources management and development, land acquisition and resettlement, catchments management, and an HIV/AIDS awareness programme, among other activities. The Minister of Natural Resources of the Government of the Kingdom of Lesotho had initially granted a Delegation of Authority to the Board regarding the oversight and implementation of the Metolong Programme pending the establishment of the statutory entity, to be named Metolong Authority that will be responsible for the implementation of the Metolong Programme. The Metolong Authority was established in terms of the Metolong Authority Act Number 15 of 2010 and came into operation on 5 August 2010. The act established Metolong Authority as a body corporate with the objective to implement the Metolong Dam and Water Supply Programme (MDWSP). Management The Government of Lesotho (GoL) appointed a Board of Directors, with the responsibility for the overall policy-making on the programme. The Directors are drawn from Ministry of Finance Lesotho Highlands Water Commission-Lesotho Delegation, Ministry of Water, Ministry of Environment Tourism and Culture, Water and Sewerage Company (WASCO), Millennium Challenge Account-Lesotho (MCA-Lesotho), the business community, the local communities affected 5 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 by the programme, and the non - governmental organizations. The Board also includes representatives from Millennium Challenge Corporation (MCC),World Bank, European Commission, Kuwait Fund for Arab Economic Development (KFAED), the Arab Bank for Economic Development in Africa (BADEA), the OPEC Fund for International Development (OFID), Saudi Fund for Development (SFD), Abu Dhabi Fund for Development (ADFD) and African Rennaissance and International Cooperation Fund of the Republic of South Africa (RSA) all of whom are invited as observer members. The Board establishes the underlying standards and principles by which the programme is executed. Among others, the Board has the role of approving the Procurement Manual, the Procurement Plan and the Financial and Accounting Policy and Procedures. The Audit, Finance, Risk and Procurement Sub - Committee of the Board provides programme oversight on procurement, procurement complaints mechanism and compliance with financial regulations. A professional engineering firm, assisted by local counterparts, working as the Metolong Programme Management Unit (MPMU), has been competitively hired to carry out day-to-day management of the technical aspects of the Programme. The MPMU is staffed with several core technical staff specifically for all main components of the programme. Metolong Authority liaises with various arms of GoL to implement the programme, including the Commissioner of Water (CoW), Water and Sewerage Company (WASCO), and the parent Ministry of Water (MoW) and Ministry of Finance (MoF). The Millennium Challenge Account-Lesotho (MCA- Lesotho), through their appointed Fiscal and Procurement Agents, managed all financial and procurement aspects of the components funded by the Millennium Challenge Corporation. Metolong Authority signed an Implementing Entity Agreement (JEA) with MCA-Lesotho for implementation of specific MCC funded components. At Compact End Date on 17' September 2013, GoL designated the Metolong Authority through the Assignment and Assumption Agreement as Employer of those specific contracts. Programme Costs The programme estimated costs by components. Components M $ Total Advanced Infrastructure Phase 217,367,080 27,342,738 Total Advanced infrastructure Phase 2 118,990,676 19,840,319 Total dam 1,336,399,808 99,434,509 Total Water treatment works 992,106,094 73,817,418 Total downstream conveyance - Primary and Secondary 1,315,730,586 97,896,621 Total downstream conveyance - Tertiary 456,960,000 34,000,000 Total Metolong Authority 403,200,000 30,000,000 Total Program Management Implementation Unit 290,915,426 21,645,493 Total environmental and social Impacts and Upliftment 473,313,017 32,705,331 Total funding 5,571,229,314 436,682,429 6 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 Finaneing Plan The funding budget at project commencement per signed Financing Agreements is summarised below. THE PROGRAMME FUNDING PER LOAN/GRANT AGREEMENTS FUNDER M US$ Republic of South Africa 60,000,000 7,166,891 Kuwait, Badea,,OPEC, Saudi and Abu Dhabi 1,254,758,400 93,360,000 World Bank 686,158,380 47,050,000 European Investment Bank 2,768,640,000 206,000,000 Millennium Challenge Corporation 1,166,188,800 86,770,000 TOTAL FUNDING 5,935,725,580 440,346,891 Summary of Programme Performance: A summary of the performance of the programme in the year under review is given below: 1.1. INSTITUTIONAL The MPMU contract has been extended through to 30 April 2019. The MPMU contract extension will allow MPMU to continue in its role as Engineer on the DCS Contract 1 Primary Pipeline to Maseru, Mpilo Reservoir, through the Defects Notification Period and fulfilment of outstanding obligations. Section 5 highlights and discusses critical items being managed by the MPMU. 1.2. ADVANCE INFRASTRUCTURE PHASE 2 Contracts 1 Electrical Works, 2 Telecommunications, 3 South Access Roads, 4 Civil Works, 5 Building Works, and 6 Bridges and Access Roads are complete. MA has completed repairs to the Operator's Housing and Visitor's Centre and will be handing over these assets to CoW. As-built drawings, O&M Manuals, and the closeout reports by the supervising consultant have been provided for in all these contracts. Rural Electrification - Certificates of Performance were issued to the two construction contractors in April 2017. The electrical networks have been energized and the communities are enjoying full usage of electricity. Metolong Authority had considered the connection of an additional 405 residences that had not been connected earlier. Possible connection of these additional residences had materialized outside of the timeline that had been officially established with the communities. This additional work would have been administered by LEC; however, LEC and the Department of Energy are still to confirm if they will undertake these works on behalf of MA. 7 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 Watsan Subsequent to the issuance of Certificates of Completion to the seven implementations/construction contractors, a WATSAN2 handing-over workshop was conducted on 21 February 2018. This workshop was held to officially transfer the WATSAN2 infrastructure to the Asset Management Authority (AMA). The AMA was to then turn this infrastructure over to the Department of Rural Water Supply (DRWS) for operation and maintenance. The WATSAN2 Consultant subsequently submitted both a "Construction Completion Report," and a "Consultancy Completion Report ." These documents have been turned over to the AMA 1.3. DAM AND RAW WATER PUMPING STATION The Metolong Dam and Raw Water Pump Station have been under total WASCo operation since April 2017; however, the RWPS has been operated by WASCo for a much longer period than that. Very minor aspects have delayed in making an official transfer of these components to the Asset Management Agency (AMA). All deficiencies have now been addressed and a Certificate of Performance to the Contractor was issued on the 21 March 2018. The Engineer completed all required documentation and this documentation was handed over to AMA and WASCo on 21 May 2018. 1.4. WATER TREATMENT WORKS AND TREATED WATER PUMPING STATION The Certificate of Performance was issued on 25 April 2018. A handing over workshop was implemented on 21 March 2018. The WTW is currently producing approximately 50 MIL/day of good quality water and delivering to all the intended points of the Metolong System. Metolong water accounts for approximately 90% of the delivery to Maseru and 100% to TY, Mazenod, Roma and Morija. The WTW is now under the management and operation of WASCO. 1.5. DOWNSTREAM CONVEYANCE SYSTEM (DCS) The DNP for Mpilo2 under Downstream Conveyance System (DCS) Contract 1, was planned for 25 November 2017. Unfortunately, leakage from this concrete reservoirwas slightly in excess of the specified amount. The Contractor started addressing this through a program of resealing joints and testing. The Contractor reverted back to the original subcontractor employed for Mpilol. He successfully resealed and tested the Mpilo2. It was anticipated that leakage would have diminished to below the allowable level specified by mid-April 2018 but it did not. The reservoir chamber being worked on was finally and successfully sealed and tested for leakage by the end of the second week of September 2018. All issues were resolved and the Performance Certificate was issued on 26 September 2018. In terms of Sub-Clause 11.10 [Unfulfilled Obligations] each Party shall remain liable for the fulfilment * VO No 138- 'Additional Spare Parts for WASCO'; and * VO No 139 -'Mpilo Inlet Magnetic Flow Meter and Strainer Reinstatement'. * VO No 138 was discharged by 29 May 2019, whilst VO No 139 remains as unfulfilled obligation. 8 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 1.6 ENVIRONMENTAL AND SOCIAL MANAGEMENT The Environmental and Social programme is ongoing. Relocation and Compensation issues are nearing completion. Training seminars and assistance continue to be given to PAP's with respect to Livelihood Restoration, Integrated Catchment Management. The Government of Lesotho has committed to continue to meet it Basic Environmental and Social Safe Guards obligation as outlined in the Financing Agreement between International Development Association (IDA) and the Kingdom of Lesotho. This will be achieved through a Legal Notice that extends to objects and purposes of the Metolong Authority (i.e. Legal Notice Number 26 of 22 March 2019). 9 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 STATEMENT OF RESPONSIBILITY AND APPROVAL The Board of Directors of the Metolong Authority (MA) is required to maintain adequate accounting records and is responsible for the content and integrity of the financial statements and related financial information included in this report. It is its responsibility to ensure that the financial statements fairly present the state of affairs of MA at the end of the financial year and the results of its operations and cash flows for the year ended, and in conformity with International Public Sector Accounting Standards. The financial statements are prepared in accordance with International Public Sector Accounting Standards and are based upon appropriate accounting policies consistently applied and supported by reasonable and prudent judgements and estimates. The Board of Directors acknowledges that it is ultimately responsible for the system of internal financial control established by MA and places considerable importance on maintaining a strong control environment. To enable it to meet these responsibilities, the board sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. These controls are monitored throughout MA and all employees are required to maintain the highest ethical standards in ensuring MA's business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in MA is on identifying, assessing, managing and monitoring all known forms of risk across MA. While operating risk cannot be fully eliminated, MA endeavours to minimize it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The Board is of the opinion that the system of internal control provides reasonable assurance that the financial records may be relied on for the presentation of the financial statements. However, any system of internal financial control can provide only reasonable assurance and not absolute assurance against material misstatement or loss. The Board has reviewed MA's cash flow forecast for the year to March 31, 2019 and is satisfied that MA has or has access to adequate resources to continue in operational existence for the foreseeable future. The financial statements support the viability of MA. The external auditors are responsible for independently reviewing and reporting on MA's financial statements. The financial statements have been examined by MA's external auditors and their report is given on page 11. The financial statements set out on pages 12 to 61 which have been prepared on the going concern basis, were approved by the Board of Directors on 7 SEPTEMBER 2019 and were signed on its behalf by- CoiN ON OF WATER PS MINI Y OF WATER CHIEF EXECUTIVE OFFICER 10 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF METOLONG DAM AND WATER SUPPLY PROGRAMME - MINISTRY OF WATER FOR THE YEAR ENDED 31 MARCH 2019 Opinion Moteane, Quashie and Associates, under Section 24 (1) of the Audit Act 2016, have audited the financial statements of Metolong Dam and Water Supply Programme ("Programme") set on pages' 12 to 63, which comprise source and application of funds statement as at 31 March 2019, and the receipts and payments statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 March 2019, and its financial performance and its cash flows for the year then ended in accordance with International Public Sector Accounting Standards (IPSASs) Basis for Opinion I conducted my audit in accordance with International Standards of Supreme Audit Institutions (ISSAIs). My responsibilities under those standards are further described in the Auditor's Responsibilities for independent of the Organisation 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 audit of the financial statements in Lesotho, and I have fulfilled my other ethical responsibilities in accordance with these requirements and the IESBA Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Key Audit Matters Key audit matters are those matters that, in my professional judgment, were of most significance in my audit of the financial statements of the current period. There were no key matters identified during the course of audit. 4th floor * Finance House * High Court Road * Maseru * 1Uni he Telephone (+266) 22323904/22314247 * Fax (+266) 22310366 Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IPSASs, 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 Programme'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 either intends to liquidate the Project or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Project's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements My 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 audit report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISSAIs 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 ISSAIs, I exercise professional judgment and maintain professional skepticism throughout the audit. I 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 my 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 Programme's internal control. Evaiuate 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 Programme's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my audit report. However, future events or conditions may cause the Programme to cease to continue as a going concern. * 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. I 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 I identify during my audit. I also provide those charged with governance with a statement that I 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 my independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my audit report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. OFFICE OF THE AUDITOR-GENERAL AUDITOR GENERAL 2 0 SEP 2019 P.O. BOX 502 L. L. LIPHAFA (MRS) DA SERU100, LESOTHO AUDITOR-GENERAL MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS FOR THE YEAR ENDED 31 MARCH 2019 For the Year Ended 31 March 2019 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2019 M M M M OPENING CASH BALANCES IDA Designated (USD) MA 9,957,195.58 IDA Designated (USD) COW (114,711.20) IDA Current Maloti MA IDA Current Maloti COW EIB Current Account MalotI GOL Call 38,494,491.95 GOL Counterpart MA 40,748.08 GOL Counterpart COW 38,588.00 GOL Credit Facility FNB MA 511,223.93 EIS Designated (ZAR) MA 72.45 48927,608.79 SOURCES OF FUNDS IDA Grant 0.00 195,666,254.46 IDA Loan 66,081,938.98 297,673,463.92 GOL Counterpart 64,556,484.00 781,504,020.25 COL TreasurV 0.00 118,197,997.85 MCC Grant 0.00 583,056,828.87 RSA Grant 0.00 58,752,088.43 EiB Loan 0.00 1,429,742,696.00 Kuwalt Loan 0.00 238,556,904.71 OPEC Loan 0.00 97,066,846.31 BADEA Loan 0.00 142,974,907.94 BADEA Grant 0.00 1,944,337.85 Saudl Loan 0.00 248,099,213.13 Abu Ohabl Fund 0.00 264,722,144.90 Other Receipts 1,311,016,88 12,400,785.15 Foreign Exchanqe Difference 11,62,863-95 16,148,592.63 143,572,303.81 4,486,487,083.40 Total Financing 192.499.912.60 4,486,487,08340 USES OF FUNDS BY COMPONENT Metolong Authority 42,806,832.08 254,185,356.61 Program Management Implementation Unit CDm 2,039,211.74 205,974,500.93 Advance Infrastructure Phase 1 0.00 217,367,080.19 Advance Infrastructure Phase 2 68,183.45 119,058,859.91 Metolong Dam 1,797,019.75 1,269,244,534.97 Pumping Station 0.00 0.00 Water Treatment Works 256,618.85 720,072,849.76 Downstream Conveyance 7,814,405.25 854,031,628.67 Environment Social Impacts 15,634,027.68 457,247,931.73 Engineering Support & Transmission Works 1,288,769.21 184,101,584.68 Institutional & Policy Support to COW, LEA 54,874,698.87 139,282,611.19 Total Expenditures 126,579,766.88 4,420,566,93B.64 Closing Cash Balances IDA Designated (USD) MA 252.88 252.88 IDA Designated (USD) COW 22,699,235.29 22,699,235,29 IDA Current Malotl MA IDA Current Maloti COW COL Call 43,195,935.21 43,195,935.21 GOL Counterpart MA (162,829.75) (162,829.75) COL Counterpart COW 187,551.79 187,551.79 EIB Designated (ZARI MA 0.00 0.00 COL Credit Facility FNB MA 0.00 0.00 Total Closing Cash Balances 65,920,145.42 65,920,145.42 TOTAL 192,499,912.60 4,486,487,083,40 Page 12 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS FOR THE YEAR ENDED 31 MARCH 2019 For the Year Ended 31 March 2019 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2019 US$ USS$ US$ US$ OPENING CASH BALANCES IDA Designated (USD) MA 843,029.97 IDA Designated (USDJ COW (9,712.07) IDA Current Maloti MA IDA Current Maloti COW EIB Current Account Maloti GOL Call 3,259,151.65 COL Counterpart MA 3,449.95 GOL Counterpart COW 3,267.07 COL Credit Facility FNB MA 43,282.98 EIB Designated (ZAR) MA 6.13 4,142,4T5.68 SOURCES OF FUNDS IDA Grant 0.00 21,564,979.46 IDA Loan 5,371,118,00 22,900,435.75 GOL Counterpart 4,705,702.15 73,635,722.02 GOL Treasury 0.00 16,191,463.47 MCC Grant 0.00 69,921,356.54 RSA Grant 0.00 7,166,890.85 ElB Loan 0.00 135,313,052.50 Kuwalt Loan 0.00 24,662,461.84 OPEC Loan 0.00 9,849,404.72 BADEA Loan 0.00 14,896,122.61 BADEA Grant 0.00 271,750.03 Saudi Loan 0.00 24,999,990.00 Abu Ohabi Fund 0.00 21,439,143.82 Other Receipts 96,285.22 1,157,306.82 Foreign Exchange Difference (798,839.95) (8,419,987.35) 9,374,265.44 435,550,093.08 Total Financing 13,518,741.12 435,550,093.08 USES OF FUNDS BY COMPONENT Metolong Authority 3,016,519.53 24,540,183.24 Program Management Implementation UnitCDM 148,719.10 20,677,186.40 Advance Infrastructure Phase 1 0.00 27,342,738.00 Advance Infrastructure Phase 2 4,798.29 14,808,976.70 Metolong Dam 127,885.13 118,375,073.65 Pumping station 0.00 0.00 Water Treatment Works 18,938.78 75,041,431.09 Downstream Convevance 536,912.86 81,997,802.85 Environment Social Impacts 1,126,409.59 39,264,299.51 Engineering Support & Transmission Works 97,639.86 17,833,412.87 Institutional & Poiicy Support to COW, LEA 3,918,762.10 11,148,832.88 Total Expenditures .8996,585.24 431,029,937.19 Closing Cash Balances IDA Designated (USD) MA 17.34 17.34 IDA Designated (USD) COW 1,556,490.53 1,556,490.53 IDA Current Maloti MA IDA Current Maloti COW GOL Call 2,961,952.82 2,961,952.82 GOL Counterpart MA (11,165.26) (11,165.26) OL Counterpart COW 12,860.46 12,860.46 EIB Designated (ZAR) MA 0.00 0.0 GOL Credit Facility FNB MA 0.00 0.00 Total Closing Cash Balances 4,520,155.89 4,520,155.89 TOTAL 13,516,741.12 435,550,093,08 Page 15 METOLONG AUIHORITY CONSOUDATED SOURCES AND APPLICATION CF FUNDS BY FUNDING AGENCY AND CATEGORY aW 14Of14 METOLNGAUTHORITY CONSOLIDATED SOURCES AND APPLIrATON OF FUNDS HY FUNDING AGENCY AND CATEGORY METOLONG AUTHORITY CONSOUDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2010 Page 1l METOLONG AUTHORITY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2019 Pie 17 METOLONG AUTHDRITY CON1JSOATED SOURCES AND APPLICATION OF FUNDS SY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2019 Page18 METOLONG AUTHORTY CONSOLIDATED SOURCES AND APPLICATION OF FUNDS BY COMPONENTS AND CATEGORY FOR THE YEAR ENDED 31 MARCH 2019 Page 10 METOLONG AUTHORITY GOVERNMENT OF LESOTHO (GOL) Receipts and Payments by Component and Categary FOR THE YEAR ENDED 31 MARCH 2019 Page 20 METOLONG AUTHORITY GOVERNMENT OF LESOTHO (GOL) Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 201 Page 21 METDLONG AUTHORTY GOVERNMENT OF LESOTHO (GOL) Receipts and Payments by Component and Category FOR THEYEAR ENDED 31 MARCH 2019 Page 22 METOLONG AUTHORITY GOVERNMENT OF LESOTHO (GOL) Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2010 Page 23 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY Water Sector Improvement Project [in Support of the Second Phase of the Water Sector Improvement Program INTERNATIONAL DEVELOPMENT ASSOCIATION (IDA) CREDIT NUMBER 4574-LS AND GRANT NUMBER H475-LS Receipts and Paymnts by Component and Category FOR THE YEAR ENDED 31 MARCH 2013 For the Year Ende 31 March 20i9 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2019 M MI M M OPENING CASH BALANCES IDA Designated (USD) MA 9 9117 198 IDA Designaed (USD) COW (114711) IDA Current Malol MA IDA Current Maloli COW SOURCES OF FUNDS IDAGrant 115666254 IDA Loan G 001930 217 673 464 GOL - (105 000 Transfer toan IDA-COW . Foreign Exchange DIfference 11 622 8114 1 03B 884 Tota Financing 87 847 2v7 M09278 602 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works - -Goods Consultants 1389 8914024 Training PPF REfund Unallocated Operating Costs Sub - Total 138761 17949824 WATER TREATWIENT WORKS Works 6051113 Goods Consultants Training PPF REfund Unallocated operstina Costs Sub - Total 53252026 ENVIRONMENTAL AND SOCIAL IMPACT works 2023 444 a 628 081 Goods - I 28U 874 Consultants 3n649R671 92 302 0 Trui ning 10 Pg058 43 PPF REfund Linallocated Operaflno Costs 2 174 948 7 862 613 Sub - TOta BIM7 118 114 915 677 ENGINEERING SUPPORT & TRANSMIBBION WORKS Work- 167 O00 714 Goods Consultants 1 288 769 20) GB 802 TraiNng PPF Refund Unallocaled Operatinn Casts -8 892 Sub - Total 1 288 789 170 218 408, INSTITUTIONAL & POLICY SUPPORT CoWLEA works Goods 3 270889 488 W75 Consultants 48 704 314 113 817 233 Training 3 828 70 11 349 928 PPF Refund Unellocated Operating Coste 439 317 2 609 256 Sub - Total 53 21i2 02 133343 391 TOTAL. EXPENDITURE 84 847 799 4M 879 114 Closing Cash Balances Repmrenlrdd By IDA Designated (USD) MA 253 253 IDA Designatnd (USO) COW 22 O9N 235 22 890 236 IDA Currenit!VMaloli MA IDA Cunernt Malti COW Total Closing Cash Bafances 22 M9 488 22 6"9 48 TOTA.. 7 647 2817 500 278 O02 pope 24 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONS AUTHORITY Water Sector Imprmvement Project In Support or the Second Phase of the Water Sector Improvement Program INTERNATIONAl. DEVELOPMENT ASSOCIATION (IDAj CREDIT NUMBER 4174-LS AND GRANT NUMBER H478-LS Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2019 For the Year Ended 31 March 2019 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2019 Us$ US$ us Us$ OPENING CASH BALANCES IDA Designated (USD) MA B43 030 IDA Designated (USD) COW (9712) IDA Cunant Malod MlA IDA Current Maloti COW SOURCES Of FUNDS IDAGrantk 254979 IDA Loan 5371118 22190043 GOL -(12 078) Transfer to7m IDA-COW Foreign Exchange Difference -(12 782) Total Financing 0204436 44 440 8 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works . Goods Consultants 9394 4972087 Training PPF REfund Unallocated Operating Costs Sub - Total 09394 472907 WATER TREATMENT WORKS Works -s 79 Goods Consultants Training PPF REfund Unellocated Operatina CosM Sub - Total -39 790 ENVIRONMENTAL AND SOCIAL IMPACT Works 150 238 844 066 Goods - 118 B25 Consullants 211S 304 8 477 341 Training 75 R23 389 489 PPF REfund Unallocated Operating Coshs 156 423 814 932 Sub - Total G45 978 10 234 452 ENGINEERING SUPPORT & TRANSMISSION WRIKS Works -15 431 101 Goods Consultanbi 97 "40 1927 675 Training PPF Refund I.nallocated Oprtgcosts . gy Sub - oa27 G40 17 3119 861 INSTITUTIONAL & POLICY SUPPORT CoW,LEA Works Goods 234 294 407 004 Consultants 3 287388 9 099 116 Training 272 079 974 854 PIPF Refund Unallocabed Operatlng Costs 31 174 196 M7 Sub - Total 3 804 915 4 0 677 247, TOTAL EXPENDITURE 4 847 92B 42 BB4 047 Closing Cash Balances Repmaserrded By IDA Designated (USD) MA 17 17 IDA Designated (USD) COW I SSG 490.53 1 568 481 IDA Current Maloli MA IDA Current Malati COW Total Closing Caall Balances 1 165B1 98"w TOTAL 8 204 438 44 44055 P-g- 25 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG DAM - BULK WATER CONVEYANCE SYSTEM AND METOLONG PROGRAM MANAGEMENT UNIT COMPACT NUMBER - GR07LS07001 MILLENNIUM CHALLENGE ACCOUNT -LESOTHO AUTHORITY RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 CUMULATIVE TO THE YEAR ENDED 31 For the Year Ended 31 March 2019 MARCH 2019 M M M M Opening Cash Balances SOURCES OF FUNDS MCC Grant 0.00 583,056,828.87 Total Financing 0.00 583,056,823.87 USES OF FUNDS BY COMPONENTICATEGORY PROGRAM IMPLEMENTATION UNIT CDM Works Goods Consultants 0.00 108,418,267.90 Training operating Costs Sub - Total 0.00 108,413,267.90 WATER TREATMENT WORKS Works 0.00 454,996,867.77 Goods Consultants 0.00 6,287,888.07 Training Operating Costs 0.00 1,431.34 Sub - Total 0.00 461,286,187.18 DOWNSTREAM CONVEYANCE Works Goods Consultants 0.00 13,352,373.79 Training Operating Costs Sub - Total 0.00 13,352,373.79 Total Expenditures 0.00 583,056,828.87 Net Cash Available Closing Cash Balances Total Closing Cash Balances TOTAL 0.00 583,056,828.87 Page 2f MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG DAM - BULK WATER CONVEYANCE SYSTEM AND METOLONG PROGRAM MANAGEMENT UNIT COMPACT NUMBER - GR07LS07001 MILLENNIUM CHALLENGE ACCOUNT -LESOTHO AUTHORITY RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 CUMULATIVE TO THE YEAR For the Year Ended 31 March 2019 ENDED 31 MARCH 2019 US$ US$ US$ US$ Opening Cash Balances SOURCES OF FUNDS MCC Grant 0.00 69,921,356.54 Total Financing 0.00 69,921,356.54 USES OF FUNDS BY COMPONENTICATEGORY PROGRAM IMPLEMENTATION UNIT CDM Works Goods Consultants 0.00 13,028,309.67 Training operating Costs Sub - Total 0.00 13,028,309.67 WATER TREATMENT WORKS Works 0.00 54,237,564.29 Goods Consultants 0.00 852,228.80 Training Operating Costs 0.00 200.00 Sub - Total 0.00 55,089,993.09 DOWNSTREAM CONVEYANCE Works Goods Consultants 0.00 1,803,053.78 Training Operating Costs Sub - Total 0.00 1,803,053.78 Total Expenditures 0.00 69,921,356.54 Net Cash Available Closing Cash Balances Total Closing Cash Balances TOTAL 0.00 69,921,356.54 Page 27 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA) RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 CUMULATIVE TO THE YEAR ENDED 31 For the Year Ended 31 March 2019 MARCH 2019 M M M M Opening Cash Balances 0 SOURCES OF FUNDS BADEA Loan 0.00 142,974,907.94 BADEA Grant 0.00 1,944,337.85 Total Financing 0.00 144,919,245.79 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 0.00 114,946,747.24 Consultants 0.00 29,972,497.95 Unallocated Sub - Total 0.00 144,919,245.79 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 0.00 144,919,245.79 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 0.00 144,919,245.79 Page 28 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ARAB BANK FOR ECONOMIC DEVELOPMENT IN AFRICA (BADEA) RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 For the Year Ended 31 March 2019 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2019 US$ US$ USS US$ Opening Cash Balances SOURCES OF FUNDS BADEA Loan 0.00 14,896,122.61 BADEA Grant 0.00 271,750.03 Total Financing 0.00 15,167,872.64 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 0.00 11,807,913.19 Consultants 0.00 3,359,959.45 Unallocated Sub - Total 0.00 15,167,872.64 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 0.00 15,167,872.64 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 1 0.00 15,167,872.64 Page 29 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT - LOAN NUMBER 740 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 Page 50 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT - LOAN NUMBER 740 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 For the Year Ended 31 March 2019 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2019 US$ US$ US$ US$ Opening Cash Balances 0.00 SOURCES OF FUNDS Kuwait Fund 0.00 24,662,461.84 Total Financing 0.00 24,662,461.84 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 0.00 20,782,357.15 Consultants 0.00 3,880,104.69 Unallocated Sub - Total 0.00 24,662,461.84 PUMPING STATION Works Consultants Unallocated Sub - Total Total Expenditures 0.00 24,662,461.84 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 0.00 24,662,461.84 Page 31 METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT OPEC FUND FOR INTERNATIONAL DEVELOPMENT LOAN NO 1137P RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 Page 32 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT OPEC FUND FOR INTERNATIONAL DEVELOPMENT LOAN NO 1137P RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 Page 35 MINISTRY OF WATER- METDI.ONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT SAUDI FUND FOR DEVELOPMENT LOAN NO 21W RECEPTS AND PAYMENTS BYCOMPONENTAND CATEGORY- DIRECT PAYMENTS FOR THE YEAR ENDED 1 MARCH 2019 Page 54 METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT SAUDI FUND FOR DEVELOPMENT LOAN NO 21466 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 Page 35 MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ABU DHABI FUND FOR DEVELOPMENT LOAN NO 1190 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2i0 For tie Year Ended 31 March 2019 CUMULATIVE TO THE YEAR EOED 31 MARCH 2019 M N M M opening Cash alances 0.00 SOURCES OF FUNDS ABU DHABI 0,00 284 722 144,90 Total Financing 0.00 264 722 144,90 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Work 000 236 220 070,14 Consultants 0,00 9 8U 01,27 Unallocated Sub - Total 0,00 245 886 121,41 PUMPING STATION Works Consultants Unallocated Sub - Total WATER TREATMENT WORKS Works 0,00 3453 179,62 Consuhants Unallocated Sub-Total 0,00 3 463 179,62 DOWNSTREAM CONVEYANCE wor m00 15 383 843,87 Consultante Unallocated Sub - Total 0,00 15 383 843,87 Total Expendibures 0,00 261 26 9685,28 Closing Cash Slences Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 0,00 264 722 144,90 Pa-at MINISTRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT ABU DHABI FUND FOR DEVELOPMENT LOAN NO 1190 RECEIPTS AND PAYMENTS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 For the Year Ended 31 March 2019 CUMULATIVE TO THE YEAR ENDED 31 MARCH 2019 US$ Us$ ull US$ Opening Cash Balances 0,DD SOURCES OF FUNDS ABU DHABI 0,00 21439 143,82 Total Financing 0,00 21 439 143,82 USES OF FUNDS BY COMPONENTICATEGORY METOLONG DAM Works 0,00 19154880,51 Consultants 0,o0 ea1 448,60 Unallocated Sub - Total 9.00 20 083329.11 PUMPING STATION Works Consultants Unallocated Sub - Total WATER TREATMENT WORKS Works 0.00 245 337,40 Consultants Unallocated Sub - Total 0,00 245 837.40 DOWNSTREAM CONVEYANCE Works 0,00 1139977,31 Consultants Unallocated Sub - Total 000 1139 977,31 Total ExpendItures 0,00 21439143,52 Closing Cash Balances Represented By Closing Cash Balances Total Closing Cash Balances TOTAL 0,00 21439143.82 PV.ff7 MIIrSYOF WATER -METOLONG DAM MAT WATER UIPPLY PROGRAMME METOLOMG AUTHORITY METOLONG WATERSUPPLYPROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT [KUAIT) - LOAN NUMABERT. ARAB NK FOR ECONMIC DEVELOPMENT IN AFRICA (RADEA) RuDs FUND FOR DEVELOPMENT LOAN MO VVM OPEC FUND FOR INTERNATIDNAL DEVELOPMENT LOAN NO IIa0P AHU DHAH FUND FOR DEVELOPMER LOAN NOI IN CUIlDTED R M -PLCATIN OF MNDSWG CODONEN AND CTEGORY - DRETPAYM a FOOTRH YEAR ENDE 31 MAR2A019 PlgE 51 MINISBRY OF WATER - METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORifY METOLONG WATER SUPPLY PROJECT KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT (IWAIT). LOAN NUMBER 74I ARAP BANK FOR ECONDMIC DEVELOPMENT IN AFRICA (ADEA) SAUDI FUID FOR DEVELOPMENT LOAN NO 214M OPEC FUN FOR INTERNATIONAL DEVELOPMENT LOAN NO 1137P AU DHABI FUND FOR DEVELOPMENT LOAN NO 119 CONSOLIDATED goURCE AND APPLICATION OF FUNDS BY COMPONENT AND CAIEGORY" DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 ageA MISTRY OF WATER - METOLONO DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT AFRICAN RENNAISSANCE AND INTERNATIONAL COOPERATION FUND OF THE REPUBLIC OF SOUTH AFRICA SOURCE AND APPLICATION or FUNDS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 Page 40 MINISTRY OF WATER- METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY METOLONG WATER SUPPLY PROJECT AFRICAN RENNAISSANCE AND INTERMATIONAL COOPERATION FUND OF THE REPUBLIC OF SOUTH AFRICA SOURCE AND APPLICATION OF FUNDS BY COMPONENT AND CATEGORY - DIRECT PAYMENTS FOR THE YEAR ENDED 31 MARCH 2019 Page 41 METOLONG AUTHORrTY EUROPEAN INVESTEMENT BANK (EIB) FINANCE CONTRACT FINO 2.713 SERAPIS NO 20090581 METOLONG DAM AND WATER SUPPLY PROGRAM Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2019 METOLONG AUTHORITY EUROPEAN INVESTEMENT BANK (EIB) FINANCE CONTRACT FINO 25.713 SERAPIS NO 2009061 METOLONG DAM AND WATER SUPPLY PROGRAM Receipts and Payments by Component and Category FOR THE YEAR ENDED 31 MARCH 2019 ш и �а � а 4 6 $ у О О W Ф О $ Wт W О ° цтj � т г0 а � Й N 1�11 4�'1 LL W Oi 1Ф+ От�, Ф Ф т т� й О Ф N т А А О ОN ОрΡ�~О, У� � О1 V� О � Ф � Ф�^ Т� Ф � w N [� ° ьr9 Ф f� �+ �о м е й н ev т й N n и° n � й м й Г гё й oi r аб и'i w " iгi - сл � т о п�i �® т� w t+ й� й°i ё о г�i о°'i й� оё о � о � пi м м � м � т 4 г � а � т о И г а т �рΡ К Ф Ф Ф{А Й n Ф N b т[� !О N N W� � О� W ФрΡ� Ю�нV, ¢ [рΡ Nf �О[ Г� R!рΡО 67 !П СΡрΡ йрΡ О рΡ � т T�i И г ФуΡ � q� м� у т��� ��� у С] Й Й О N t�O W N�D jr� ' 1� tрΡ О� рΡ N бi О Qi рΡ Ф й Q V F t+i N Ф й Р] о 9G И GD Q Ф N уΡ Ф т[9 1� 1� А т t0 Ф и и� О W D Ф 1л V 00 N� _ О д И 4] fY бf Ф ь�] с6 � О t�1 1� Ш❑ � р � р � т 1� � N й Й А t7 й W W �1 N г I И н [° Й N И Ф � � б " � у ш 4 ё У Ш Q = � F rc � Ё а о � � 7 � й й ш ато v� т� т о v й� т � �' � о� т� пvi г� � О � �� Wм рΡуΡрΡ е$' � а Ф r� � ri г� `° �v а°'о т И�°А° �' й н й � � ❑ � N д А О и W Q О� д Й�� Ф И N 7 И W � О � д � й т r�[ арΡд Фry и рΡм ы ai й v�F+ й т т арΡо� о о j � �{-- Ф � О tФD W д б[7 � ц1 N^� О� А OГii Ф 1� tm° � и �� W б = ш ИО U 'р !'_i N � tp й пF �' �` м� И w N(Ф+1 Й i� й¢1 д Ф ct°V ш •-''s г � г `i' д т в � � а � � � 0 = 6 U g LL � ¢ й оп ш о t� ,д = °г г ш _ � � LL а' т w�' w т т°т д0 N й�� е� ш� �°о °о °° т�`� ❑ р LL� м т т ai Г ai ri r ui r� г� о � гп � ✓ F"о р} АИ т � н й r� й сФ+i � й й i+G М$ п т_ ш � о, ш i й ш� т г� ж т i6 г`4i °' W й� й б1 о о м й'O � � и с т о И ы � �� � й о б �'� �mV' cV п с i ' т м � б 5 ш � у и а � а � � о � � а й с=л � о т й ш �ni °о w ti� а v } nLi д б гп о ш о� � � � � ~ Е U f т с и т w й� о � Ф v_ й й � И л л т�'. � й �i � O1 о г'�' °м' м т т г � "' W �� �т � $ `с'� � r� м� ° о о �' б Ш У �у .� О о о о О О О О О W N N N W N N ё = Su т� е о о о � � � о й� й е и ° ш т ,� м � `� � К т й � `т } � � о"i n г� n � Ф S т г� й о� й т°о S°о °о о � S � ai а °i г� г� о об Ф д r cO °рΡ й о й О и о рΡ� т ё� т о Ф рΡ rn`�i ш°о г�+ г�i S о А И О т О (VуΡ W � � иАΡ N Nm Ф О О П t'1 О�рΡ � 0 л О а(в� рΡИ �� и 1� °иi Ф А О) � О О v� Й К1 � А° W 1р Ф д д О? 7 � � и� и О О 1�) N _� л ti � м й м 4� 6 � � � и ! 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Ф s t R гиа т О i р т Ф tир �� � О� v s�o � С) V V C.3U �Z Z U гQ�0а 5UC) MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 1.0 SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below: 1,1 Basis of Preparation The financial statements have been prepared in accordance with International Public Sector Accounting Standards (IPSAS) with particular emphasis on Cash Basis Financial Reporting under the Cash Basis of Accounting 1.2 Cash Basis of Accounting The cash basis of accounting recognizes transactions and events only when cash is received or paid by the entity. 1.3 Foreign Currency Transactions The reporting currency is the Maloti of the Kingdom of Lesotho as well as the United States of America Dollars. Foreign currency translation for the income and expenditure account items are converted using the actual exchange rate. All expenditure incurred in Local Currency Account is translated into US Dollars at the rate ruling on the date of the transaction. Cash balances held in foreign currency are reported using the closing rate. Gains/Losses on foreign cun-ency transactions/Mances are dealt within the Consolidated Uses of Funds by Component and Output Statments. 1.4 Income Finance income is accounted for upon receipt. The source of this income is the interest earned on positive balances on Government of Lesotho (GoL) contributions held at commercial banks and funds received on the sale of tender documents. 1.5 Income Tax In terms of the various Loan/Grant Agreements with Development Partners funding is not subjected to taxation by the Government of Lesotho. As GoL is a signatory to these agreements no taxation is provided for by the Metolong Authority. 1.6 Employee Benefits All employees have subsidised membership of medical aid funds. The Metolong Authority takes no further responsibility for their medical expenses. 1.7 Accounts Receivable Amounts due by employees are secured by an acknowledgement of debt allowing amounts due to be deducted monthly or in full on termination. No interest is payable by employees. 56 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 1.8 Financial Risk Management The Metolong Authority is subject to inflation risk for its large projects. A contingency amount is built into all capital project budgets for this. The finders of the projects have agreed to fund these contingencies. The Compact for the Millennium Challenge Corporation terminated on 16 September 2013 Post Compact an amount of M 10,749,132.21 was received from GoL Compact Reimbursement Call Account as a residual to finance the Water Treatment Plant contract. The funds were deposited in the FNB Account. (see note 4.3) The cumulative disbursement rate for the MDWSP is 8 1% at the end of the programme period. The Loans and the Grants in favour of the Metolong Dam and Water Supply Programme have been fully disbursed. European Investment Bank A total amount of M1,430,238,500 (EURO0110,000,000) has been disbursed in seven tranches from the European Investment Bank (EIB) under Finance Contract FIN No 25.713 Serapis No 20090581 between the Kingdom of Lesotho and the European Investment Bank. The design and construction of the tertiary lines were not under the MDWSP and implementation was to go beyond the Finance Contract closing date of November 2016. From the loan amount of Euro 140 million the Euro3O million initially earmarked for tertiary lines was cancelled as the final availability date of the funds expired on 12 May 2016. 1.9 Liquidity Risk Liquidity risk is the risk of the Metolong Dam and Water Supply Programme defaulting on its financial obligations as a result of insufficient funding capacity in relation to such obligations. The Authority manages this risk firstly through seeking guarantees from the Government of Lesotho and the Development Partners/ financiers and secondly by continuous review of the project costs and funding requirements. 1.10 Funding and Commitment Risk This risk is the risk that the Development funders and GoL (Metolong Authority) enters into commitments for amounts in excess of the available funding. There might not be sufficient funds to meet disbursement requests. This risk can potentially arise from currency volatility, investment losses and nonpayment and delays by the funders. The Government of Lesotho is obligated to monitor and bear the risk of any funding shortfall. 1.11 Currency Risk The Metolong Authority- Metolong Dam and Water Supply Programme is exposed to this risk through the different fuands which have a mismatch between the currency of the funder and the currency of disbursement. The currency exposure will a-rise when commitments exceed the expected funding due to currency exchange rate volatility and mismatch of loan and commitments currency and the disbursement currency 57 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 DONORS DISBURSEMENT BY LOAN/GRANT CURRENCY LOAN CURRENCY DISBURSEMENT CURRENCY KUWAIT KD USD SAUDI SR USD ABU DHABI AED USD BADEA USD USD OPEC USD USD MILLENNIUM CHALLENGE ACCOUNT EUROPEAN INVESTMENT EURO ZAR ACCOUNT IDA GRANT AND CREDIT XDR USD AFRICAN RENAISSANCE ANDINTERNATIONAL CO- ZAR OPERATION FUND RSA GRANT GOVERNMENT OF LSL LSL LESOTHO [- Funding Guarantee for the Construction of Metolong Dam Project GoL through the Ministry of Finance guaranteed to cover any and all funding shortfalls related to the Metolong Dam and Water Supply Programme. Bridging Overdraft Facility for the Construction of the Metolong Dam Project The Government of Lesotho requested FNB to facilitate the operation of the facility worth M30,000,000 to bridge the financing gap for the construction of Metolong Dam Project. The facility was closed in the financial year 2013-2014. 1.11 Risk Management Risk management is of critical importance to the Metolong Dam and Water Supply Programme (MDWSP) as it understands and recognizes that changing market conditions make risk unavoidable. The MDWSP has sought and will implement a comprehensive risk management process to consistently identify, understand and properly manage risk at all times. 1.12 Metolong Dam and Water Supply Programme (MDWSP) Assets The Metolong Authority will upon completion of the MDWSP transfer infrastructure assets risks and ownership to the Asset Management Agency 2.0 SCOPE The statements incorporate transactions related to the Metolong Dam and Water Supply Programme reflecting receipts and disbursement from the Government of Lesotho (GoL), the International Development Agency (IDA), the European Investment Bank and, the Direct Disbursement made by the Millennium Challenge Account (MCA-Lesotho), the Arab Bank for Economic Development in Africa (BADEA), Kuwait Fund for Arab Economic Development (KFAED), Abu Dhabi Fund 58 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 for Development (ADFD). Saudi Fund for Development (SFD) and African Renaissance and International Cooperation Fund of the Republic of South Africa (RSA). The period covered by these statements is from 1st April 2018 to 31st March 2019. 3.0 BUDGET The budget is developed on the same accounting basis (cash basis), same classification and for the same period as the financial statements. 4.0 CASH AT BANK 4.1 Cash at Bank and on Call The Nedbank Call and Current accounts contains funds from Government of Lesotho, a sweeping facility has been put in place to ensure that any cash deficits in the current account are immediately corrected. 4.2 Designated and Project Accounts The Designated Account A managed by the Commissioner of Water (CoW) and Designated Account B managed by Metolong Authority (MA) are held with the Central Bank of Lesotho and have been maintained in accordance with the provisions of the relevant financing agreements and funds disbursed out of the Accounts were used only for the purpose intended in the Financing Agreement Credit No 4574-LS, Grant No H475-LS and Grant No H738-LS. These are US dollar denominated accounts and the loan disbursement is also in US dollars The Project Account A managed by COW receives GOL funds to finance operating costs under component 3 and Project Account B managed by Metolong Authority (MA) receives GOL funds to finance cash compensation and operating costs under component 1 and 2 and all other MDWSP administrative costs. These maloti accounts are held in Nedbank Lesotho. The funds provided have been used in accordance with the relevant financing agreements, with attention to economy and efficiency, and only for the purpose for which they were provided. European Investment Bank Designated Account this account is managed Metolong Authority (MA) and is held with the Central Bank of Lesotho and is maintained in accordance with the provision and purpose intended in the Financing Contract Fin No 25713 Serapis No 20090581. This is a ZAR denominated account. The loan disbursement is in Euros. 59 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 4.3 BANK BALANCES 2019 2018 M US$ M us$ IDA Designated USD - MDWSP 253 17 9,957,196 843,030 IDA Designated USD - COW 22,699,235 1,556,490 (114,711) (9,712) EIB Designated ZAR - MDWSP 72 6 GOL Call 43,195,935 2,961,953 38,494,492 3,259,152 GOL Counterpart MA (162,830) (11,165) 40,748 3,450 GOL Credit Facility FNB MA(see note 1.8) 511,224 43,283 GOL Counterpart COW 187,552 12,860 25,713 2,177 TOTAL 65,920,145 4,520,156 48,914,734 4,141,386 A sweeping facility has been put in place to ensure that any cash deficits in the GOL Counterpart current account are immediately corrected. 5.0 DIRECT PAYMENTS Direct payments shown on pages 40 and 41 of the financial statements refer to those payments made directly by the lenders from the Loan/Grant account to the specified supplier/service provider in accordance with the terms and conditions of the financing Agreement. 6.0 OTHER RECEIPTS 2019 2018 M US$ M US$ Interest Income 1,252,823 91,375 1,249,595 97,226 Other Income 58,194 4,910 1,702,134 138,024 1 1,311,017 96,285 2,951,729 235,250 6.1 Other Income represents proceeds from the sale of the MDWSP vehicles which were to be transferred to the Asset Management Agency (AMA). The proceeds have been used to procure new cars for AMA and WASCO. 60 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 7.0 NON-CURRENT ASSETS 2019 2018 M US$ M USS Motor Vehicles 4,299,336 360,757 4,299,337 360,758 Boat 536,187 38,942 536,187 38,942 ICT Equipment 4,298,474 399,695 3,672,741 354,850 Office Equipment 4,167,150 368,294 2,106,580 219,760 Furniture and Fittings 1,791,490 184,085 1,097,488 135,162 15,092,637 1,351,774 11,712,358 1,109,472 This schedule includes all assets acquired from the commencement of the Programme. The Motor vehicles include vehicles amounting to M3, 677,337 received from the MDWSP contractors. This value was obtained from the Insurer Aon. Upon completion of the programme these vehicles are to be transferred to the Asset Management Agency as established by GoL Cabinet. The boat has been transferred to WASCO and vehicles amounting to M2, 358,477.78 were transferred to Asset Management Agency. 8.0 ACCOUNTS RECEIVABLE 2019 2018 M US$ M US$ Due by Employees 122,616 28,014 325,517 42,143 Prepayments 25,000 2,577 25,000 2,577 TOTAL 147,616 30,591 350,517 44,720 9.0 RELATED PARTY TRANSACTIONS MDWSP is controlled by the Government of Lesotho. 61 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 10.0 FOREIGN CURRENCY TRANSLATION Direct Payments by MCC, KBOSA are in foreign currency have been translated at the rate ruling at the date of transfer. All expenditure incurred in Local Currency Account is translated into US Dollars at the rate ruling on the date of the transaction. The Opening and Closing balances are translated at the prevailing rates of exchange at opening and closing dates. * Balances held at the end of the financial year 31sT March 2019 are translated using the following closing rates: USDI M14.5836 XDR M20.2434 XDR USD1.41107 Dinars USDO.4344 Riyal M3.7102 ABBREVIATION USD United State Dollars M/LSL Maloti/ Lesotho Loti XDR Special Drawing Rights (SDR) KD Kuwait Dinars SR Saudi Riyals AED Emirates Dirhams ZAR South African Rand 11.0 UNREALISED GAIN AND LOSSES ON EXCHANGE Unrealized gains and losses arising from changes in foreign currency exchange rates are not cash flows. The effect of the exchange rate changes on cash and cash equivalents held in foreign currency are reported in the consolidated sources and application of funds in order to reconcile cash and cash equivalents at the beginning and the end of the reporting period. The amount of M1 1,622,863.95 on page 12 represents gains/loss from the Foreign Currency Accounts and on page 13 USD798,839.93 unrealized exchange gains/loss from the Local Currency Accounts as at 31sT March 2019. 62 MINISTRY OF WATER - WATER SECTOR PROJECT METOLONG DAM AND WATER SUPPLY PROGRAMME METOLONG AUTHORITY PROGRAMME FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 12.0 COMMITMENTS Funding commitments at year end are as follows: . GoL - claims, tax refunds, disputes and any shortfall on the MDWSP. * There are pending compensation cases/ disputes in the courts which are pending judgement * MDWSP Closure reports from the design consultants, the panel of experts, programme management unit, the engineering manager, water treatment works, advance infrastructure Phase II, Social and Environmental Impacts and Upliftment projects. PROGRAMME COMMITMENTS BY FUNDING AGENCY 31 MARCH 2019 FUNDER M us$ Government of Lesotho 52,547,522 3,603,193 Kuwait, Badea Saudi, Opec and Abu Dhabi 0 0 World Bank 0 0 Millennium Challenge Corporation 0 0 Republic of South Africa 0 0 European Investment Bank 72 6 TOTAL COMMTTMENTS 52,547,594 3,603,198 13.0 The are thirteen (10) pending compensation cases against Metolong Authority amounting to M7,156,924.54 in the courts of law for adjudication. There are two Engineering cases, one amounting to M3,014,844 was settled in April 2018 and M4,600,000.00 is still under mediation. 14.0 NUMBER OF EMPLOYEES The Metolong Authority had 24 employees as at 31"t March 2019 and 33 as at 31st March 2018. 63