financial statements for the period from 1 january …documents.worldbank.org › curated › en ›...

SAVE THE CHILDREN INTERNATIONAL AND

WORLD VISION INTERNATIONAL Voice and Action: Social Accountability for Improved Service

Delivery Project JSDF Grant No. TF0A1514 and TF0A1513

Financial Statements for the period from 1 January 2018 to

31 March 2019 and

Report of the Independent Auditors

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Save the Children International and World Vision International

Voice and Action: Social Accountability for Improved Service Delivery Project JSDF Grant No. TF0A1514 and TF0A1513

Project Information Co-Recipients Save the Children International World Vision International Sub-Recipients Phnom Srey Organisation for Development (“PSOD”) Woman Organisation for Modern Economy and Nursing (“Woman”) WathanakPheap (“WP”) Active for Development ("AFD") Ponleur Kumar ("PK") Reproductive and Child Health Alliance (“RACHA”) Donor Japan Social Development Fund Fund administrator International Development Association (“World Bank”) Project management team Save the Children International: Elizabeth Pearce Country Director Kann Kall Programme Operations Director Tun Youheang Senior Project Manager Iek Thong Senior Finance Manager Koeu Linna Finance Coordinator World Vision International: Leng Vireak Operations Director Ry Sothearith Senior Project Manager Principal banker Acleda Bank Plc. Auditors KPMG Cambodia Ltd



Contents

Page

1 Statement by the management 1

2 Report of the independent auditors 2

3 Statement of financial position 5

4 Statement of sources and uses of funds 6

5 Statement of designated accounts 8

6 Notes to the financial statements 10



Statement of financial position as at 31 March 2019

5

As at 31 March 2019 As at TF0A1514 TF0A1513 Total 31 December 2017 Note US$ US$ US$ US$ Current assets Cash and bank balances 3 156,920 174,024 330,944 623,469 Advances - - - 4,975

156,920 174,024 330,944 628,444 Current liabilities Account payables 4 (47,984) (174,813) (222,797) (604,299)

108,936 (789) 108,147 24,145

Represented by: Fund balance at end of the period/year 108,936 (789) 108,147 24,145

The accompanying notes form an integral part of these financial statements

Save the Children International and World Vision International Voice and Action: Social Accountability for Improved Service Delivery Project JSDF Grant No. TF0A1514 and TF0A1513

Statement of sources and uses of funds for the period from 1 January 2018 to 31 March 2019

6

Period from Cumulative period 1 January 2018 to 31 March 2019 Year ended from 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 Note US$ US$ US$ US$ US$ Receipts World Bank 11 877,582 1,069,082 1,946,664 1,585,898 4,891,714 Interest income 752 - 752 1,330 2,879

878,334 1,069,082 1,947,416 1,587,228 4,894,593

Expenditure by categories Goods 6 10,787 13,712 24,499 55,415 151,421 Consultants’ services 7 186,449 193,022 379,471 399,054 913,170 Trainings and workshops 8 194,132 310,380 504,512 693,679 1,624,291 Operating costs 9 144,237 94,102 238,339 113,379 423,701 Sub-grants 10 552,329 164,264 716,593 659,732 1,673,863

1,087,934 775,480 1,863,414 1,921,259 4,786,446


Statement of sources and uses of funds (continued) for the period from 1 January 2018 to 31 March 2019

7

Period from Cumulative period 1 January 2018 to 31 March 2019 Year ended from 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 Note US$ US$ US$ US$ US$ (Deficit)/Excess of sources of funds over expenditure (209,600) 293,602 84,002 (334,031) 108,147

Fund balance at beginning of the period/year 318,536 (294,391) 24,145 358,176 -

Fund balance at end of the period/year 108,936 (789) 108,147 24,145 108,147

Expenditure by components 5 Access to information and open budgets 742,924 554,804 1,297,728 1,423,065 3,442,565 Capacity building and facilitation 171,811 158,837 330,648 249,040 754,668 Project management, monitoring and evaluation, and knowledge dissemination 173,199 61,839 235,038 249,154 589,213

1,087,934 775,480 1,863,414 1,921,259 4,786,446

The accompanying notes form an integral part of these financial statements.


Statement of designated accounts for the period from 1 January 2018 to 31 March 2019

8

Period from Cumulative period 1 January 2018 to 31 March 2019 Year ended from 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 Note US$ US$ US$ US$ US$ Sources of funds Fund received during the period/year 11 877,582 1,069,082 1,946,664 1,585,898 4,891,714 Interest income 752 - 752 1,330 2,879

878,334 1,069,082 1,947,416 1,587,228 4,894,593

Expenditure by categories Goods 6 10,787 13,712 24,499 55,415 151,421 Consultants’ services 7 186,449 193,022 379,471 399,054 913,170 Trainings and workshops 8 194,132 310,380 504,512 693,679 1,624,291 Operating costs 9 144,237 94,102 238,339 113,379 423,701 Sub-grants 10 552,329 164,264 716,593 659,732 1,673,863

1,087,934 775,480 1,863,414 1,921,259 4,786,446


Statement of designated accounts (continued) for the period from 1 January 2018 to 31 March 2019

9

Period from Cumulative period 1 January 2018 to 31 March 2019 Year ended from 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 Note US$ US$ US$ US$ US$ (Deficit)/Excess of sources of funds over expenditure (209,600) 293,602 84,002 (334,031) 108,147 Fund balance at beginning of the period/year 318,536 (294,391) 24,145 358,176 -

Fund balance at end of the period/year 108,936 (789) 108,147 24,145 108,147

Represented by Cash and bank balances 3 156,920 174,024 330,944 623,469 Advances - - - 4,975 Account payables 4 (47,984) (174,813) (222,797) (604,299)

108,936 (789) 108,147 24,145

The accompanying notes form an integral part of these financial statements.


Notes to the financial statements for the period from 1 January 2018 to 31 March 2019

10

These notes form an integral part of, and should be read in conjunction with, the accompanying financial statements.

1. Background and activities

On 20 November 2015, the International Development Association (“World Bank”) acting as an administrator of grant funded by Japan (“the Donor”) under the Japan Social Development Fund and Save the Children International and World Vision International (each individually, “Co-Recipient” and collectively, “Co-Recipients”) entered into a Funding Agreement covering the period from 20 November 2015 to 31 December 2018 to support the improvement of service delivery in schools, health centers, and communes for rural households in selected districts in Cambodia.

The Project’s objectives comprise:

• Part A - Access to information and budgets; citizen monitoring: Carrying out of a program of activities, including through the provision of Sub-grants, designed to improve citizen access to, and monitoring of, information and budget on education, health and commune services and functions in selected districts, including: (i) promoting citizens' understanding and use of local information sets and budget literacy in relation to communes, health centers and schools; (ii) carrying out a facilitated process of participatory citizen monitoring on the operation of communes, health centers and schools, to be undertaken through a community scorecard process; and (iii) action planning among local communities, district councillors, service providers and line ministry officials through the development and dissemination of results and joint accountability action plans.

• Part B - Capacity building and facilitation: Carrying out a program of activities, including through the provision of Sub-grants, designed to strengthen the capacity of stakeholders involved in the implementation of Part I of the Project to support and implement processes of social accountability in selected districts, including: (i) developing a cadre of trained local community accountability facilitators; (ii) building the capacity of local civil society partners to mentor and coach the community facilitators to carry out the planned information, budget, citizen monitoring and action-planning activities; and (iii) providing a platform and defined process and guidelines for ongoing dialogue between government service providers and citizens, mediated by commune councils, local civil society organisations and community facilitators.



Notes to the financial statements (continued) for the period from 1 January 2018 to 31 March 2019

11

1. Background and activities (continued)

• Part C - Project management, monitoring, evaluation, and knowledge dissemination: Provision of technical and operational assistance for: (i) the coordination, administration, financial management, procurement, and social safeguard management of the Project; and (ii) the monitoring, evaluation, knowledge dissemination and audit of the Project.

The table below sets forth the categories Eligible Expenditures that may be financed out of the proceeds of the Grant ("Category"), the allocations of the amounts of the Grant to each Co-Recipient under each Category, and the percentage of expenditures to be financed for Eligible Expenditures in each category:

No. Expenditure categories Amount of Grant No. TF0A1514

allocated to Save the Children

International US$

Amount of Grant No. TF0A1513

allocated to World Vision International

US$

Percentage of expenditure to

be financed (inclusive of

taxes)

1 Goods 86,225 62,736 100% 2 Consultants’ services 557,027 396,787 100% 3 Trainings and workshops 570,918 1,069,444 100% 4 Operating costs 299,335 192,270 100% 5 Sub-grants 1,386,495 278,763 100% of

amounts disbursed

Total 2,900,000 2,000,000 100%

The Project is expected to be closed by 31 December 2018 but it has subsequently been extended to 31 March 2019 through the approval letter dated 26 June 2018.




12

2. Significant accounting policies The following significant accounting policies have been adopted by the Project in the preparation of the financial statements.

(a) Basis of accounting The financial statements, which are expressed in United States Dollars (“US$”), have been prepared in accordance with a modified cash receipts and disbursements basis of accounting. This is a basis of accounting that is designed to meet the requirements of the Project; it is not designed to produce financial statements that are compatible with International Financial Reporting Standards. Under this basis of accounting, income is recognised when funds are received in cash and expenditure is recognised when payments are made rather than when it is incurred, except for the treatment of the followings: (i) Advances to implementing partners that are initially recognised as receivables and only

recognised as expenditure when they have been liquidated by supporting document of payments; and

(ii) Account payables are recognised when the Organisation made the payments for the Project’s expenditure using the Organisation’s core fund instead of the Project’s fund. The account payables will be derecognised when they are settled.

The financial statements are prepared for the information of and use by the Donor and management of the Project. As a result, the financial statements may not be suitable for another purpose.

(b) Statement of designated accounts The statement of designated accounts is prepared in accordance with the financing agreement and is purely used to receive and disburse for expenditure funded by JSDF through the World Bank.

(c) Non-expendable equipment The cost of non-expendable equipment is charged to the statement of sources and uses of funds upon acquisition. For control and management purposes, a memorandum account for non-expendable equipment is maintained by way of a non-expendable equipment listing.

(d) Foreign currency transactions The Project executes transactions and maintains its accounting records primarily in United States Dollars (“US$”). Transactions in currencies other than US$ are converted into US$ at the rates of exchange prevailing on the transaction dates. Cash and bank balances advances and account payables in currencies other than US$ are translated into US$ at the open market rates of exchange at the period ended date. All foreign exchange differences are recognised in the statement of receipts and expenditure.




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3. Cash and bank balances As at 31 March 2019 As at TF0A1514 TF0A1513 Total 31 December 2017 US$ US$ US$ US$ Cash at banks (*) 156,920 174,024 330,944 623,469

(*) Cash at banks is subsequently used as follows:

a. Cash at banks for TF0A1514 has been used to settle the account payables to Co-Recipients amounting to US$47,984 and US$9,769 respectively (See Note 4 and Note 12). On 9 August 2019, Save the Children International returned the remaining cash balance of US$96,613 to the World Bank while the remaining fund of US$2,554 representing the amount derived from interest income earned on the funds maintained in the bank account was approved by the World Bank’s letter dated 7 August 2019 to grant it to the Project. The Project closed its bank account on 27 August 2019.

b. Cash at banks for TF0A1513 has been used to settle the account payables to Co-Recipient amounting to US$174,813. World Vision International has the project’s commitment of US$4,275 in respect of professional fee (See Note 12) which has not claimed from the donor up to the date of these financial statements. The Project has also not closed the bank account as of the date of these financial statements.

4. Account payables As at 31 March 2019 As at TF0A1514 TF0A1513 Total 31 December 2017 US$ US$ US$ US$

Co-Recipients (*) 47,984 174,813 222,797 604,299

(*) These represent amounts due to Save the Children International and World Vision International (“the Co-Recipients”) for the payment on behalf of the Project’s cost. These amounts were fully settled on 17 May 2019 and 23 August 2019 respectively.




14

5. Expenditure by components Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Access to information and open budgets Access to Information and open budgets 303,077 264,499 567,576 717,753 1,568,866 Citizen monitoring 439,847 290,305 730,152 705,312 1,873,699

Sub-total 742,924 554,804 1,297,728 1,423,065 3,442,565

Capacity building and facilitation Build staff capacity of the Co-Recipients to implement the Social Accountability Framework processes 71,502 9,280 80,782 12,241 106,932 Contract and build staff capacity of training Local Non-Government Organisation partners 89,397 12,930 102,327 143,360 371,887 Conduct initial outreach - (1,822) (1,822) 2,037 215 Identify and engage strategic CBO partners in each commune - 21,328 21,328 4,772 34,478 Conduct a inception meeting with key stakeholders 3,192 21,138 24,330 21,924 59,329 Select, mobilise, train and mentor Community Accountability Facilitators 7,720 95,983 103,703 64,706 181,827

Sub-total 171,811 158,837 330,648 249,040 754,668




15

5. Expenditure by components (continued) Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$

Project management, monitoring and evaluation, and knowledge dissemination Project management 75,952 418 76,370 24,020 131,072 Monitoring and evaluation 97,247 61,421 158,668 225,134 458,141

Sub-total 173,199 61,839 235,038 249,154 589,213

Total 1,087,934 775,480 1,863,414 1,921,259 4,786,446




16

6. Goods Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Computer equipment - 2,088 2,088 21,716 64,739 Office furniture and equipment - - - 21,048 26,270 Hard Disk - - - - 297 Camera - - - - 5,005 Motorbikes - - - - 9,890 Software - - - - 736 Others (Printing IEC material, T-shirt, Cap & Rain coat) 10,787 11,624 22,411 12,651 44,484

10,787 13,712 24,499 55,415 151,421




17

7. Consultants’ services Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Project Coordinators 102,467 113,175 215,642 163,050 448,115 Project Assistants - 30,370 30,370 11,720 42,090 Project Manager 36,802 - 36,802 26,208 86,110 Monitoring and Technical Coordinator 12,960 17,976 30,936 37,687 96,006 Administration and Finance Assistant 29,945 15,168 45,113 33,264 93,116 Finance Clerk - 3,982 3,982 326 4,308 Civil Society Organisation Consultant-Racha - 8,076 8,076 16,514 24,590 Impact evaluation baseline - - - 98,883 98,883 Consulting fees for annual audit 4,275 4,275 8,550 11,402 19,952

186,449 193,022 379,471 399,054 913,170




18

8. Training and workshops Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Access to information and budgets, citizen monitoring 89,746 232,215 321,961 550,624 1,195,270 Facilitation and capacity building 40,420 17,128 57,548 64,184 173,446 Project management, monitoring and evaluation, and knowledge dissemination 63,966 61,037 125,003 78,871 255,575

194,132 310,380 504,512 693,679 1,624,291




19

9. Operating costs Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Access to information and budgets, citizen monitoring 23,301 72,973 96,274 51,589 172,219 Facilitation and capacity building 38,561 557 39,118 13,885 70,089 Project management, monitoring and evaluation, and knowledge dissemination 82,375 20,572 102,947 47,905 181,393

144,237 94,102 238,339 113,379 423,701




20

10. Sub-grants Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Phnom Srey Organisation for Development (“PSOD”) 226,364 - 226,364 202,799 523,866 Woman Organisation for Modern Economy and Nursing (“Woman”) 196,284 - 196,284 178,982 481,013 WathanakPheap (“WP”) 121,604 - 121,604 123,986 339,723 Racha Organisation 8,077 - 8,077 15,824 26,856 Active for Development (“AFD”) - 123,344 123,344 102,181 225,525 Ponleur Kumar (“PK”) - 40,920 40,920 33,232 74,152 Other expense by the National Office - - - 2,728 2,728

552,329 164,264 716,593 659,732 1,673,863




21

11. Designated accounts and withdrawal applications

11.1. Statement of designated accounts Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Balance at beginning of the period/year 345,352 278,117 623,469 457,031 - Add: - Total amount replenished from World Bank during the period/year 877,582 1,069,082 1,946,664 1,585,898 4,891,714 - Interest income 752 - 752 1,330 2,879 - Expenditure paid through pool account 47,984 174,813 222,797 604,299 827,096 - Advance paid in prior period but recorded as expenditure during the period/year 4,975 - 4,975 7,612 4,975 Less: - Total amount withdrawn for expenditure during the year/period (1,087,934) (775,480) (1,863,414) (1,921,259) (4,786,446) - Expenditure paid through Pool account in prior period but claim during the period/year (31,791) (572,508) (604,299) (106,467) (604,299) - Advance to sub-grant - - - (4,975) (4,975)

Balance as at end of the period/year 156,920 174,024 330,944 623,469 330,944




22

11. Designated accounts and withdrawal applications (continued)

11.2. Reconciliations of designated accounts Cumulative Period from period from 1 January 2018 to 31 March 2019 Year ended 20 November 2015 to TF0A1514 TF0A1513 Total 31 December 2017 31 March 2019 US$ US$ US$ US$ US$ Total replenished by World Bank at beginning 2,024,218 922,959 2,947,177 1,359,949 2,947,177 Total replenishment from World Bank 877,582 1,069,082 1,946,664 1,585,898 4,891,714 Interest income 752 - 752 1,330 2,879

Amount replenished to the designated accounts 2,902,552 1,992,041 4,894,593 2,947,177 7,841,770

Balance at designated accounts at end of the period/year 156,920 174,024 330,944 623,469 330,944 Add: - Amount claimed and replenished during the period/year 688,402 419,700 1,108,102 1,093,276 7,510,826 - Amount withdrawn but not yet claimed - - - 228,659 - - Liquidated from initial advance during the period 1,868,050 748,935 2,616,985 - - - Expenditure incurred in prior period but claimed during the period/year 189,180 649,382 838,562 1,001,773 -

2,745,632 1,818,017 4,563,649 2,323,708 7,510,826

Total replenished to designated accounts 2,902,552 1,992,041 4,894,593 2,947,177 7,841,770




23


11.3. Summary of withdrawal applications

Withdrawal Application Category

No. Date Currency Goods Consultants’ services

Training and workshops

Operating costs

Sub-grants Advances Total

2016 Save the Children International SCI1 15-Feb-16 US$ - - - - - 300,000 300,000 SCI4 11-Jul-16 US$ - - - - - 200,000 200,000 WA-SCI5 2-Aug-16 US$ 39,073 21,588 46,432 5,948 109,620 - 222,661 WA-SCI2 and WA-SCI3 5-Oct-16 US$ 12,354 21,513 10,121 6,498 - - 50,486 WA-SCI7 9-Dec-16 US$ 85 33,459 49,314 17,792 110,146 - 210,796

Sub total 51,512 76,560 105,867 30,238 219,766 500,000 983,943 World Vision International TF0A1513 12-Feb-16 US$ - - - - - 234,643 234,643 ADA001 05-Jul-16 US$ 19,360 588 114,943 5,675 - - 140,566

Sub total

19,360 588 114,943 5,675 - 234,643 375,209 Total 70,872 77,148 220,810 35,913 219,766 734,643 1,359,152




24


11.3. Summary of withdrawal applications (continued)




Operating costs Sub-grants Advances Total

2017 Save the Children International WA-SCI8 4-Jan-17 US$ 1,065 23,661 10,323 12,961 2,955 - 50,965 WA-SCI9 1-Mar-17 US$ - 11,923 17,639 8,052 74,818 - 112,432 WA-SCI10 15-May-17 US$ - 46,982 22,687 11,262 11,359 - 92,290 WA-SCI11 1-Jun-17 US$ - 14,060 35,986 7,446 86,209 - 143,701 WA-SCI12 27-Jul-17 US$ 6,534 25,149 50,050 9,590 8,160 - 99,483 WA-SCI13 16-Aug-17 US$ - 12,626 38,048 4,176 128,038 - 182,888 WA-SCI14 28-Sep-17 US$ - 16,850 8,237 3,623 - - 28,710 WA-SCI15 10-Nov-17 US$ 10,858 51,366 5,286 5,008 4,465 - 76,983 WA-SCI16 17-Nov-17 US$ - 12,310 26,307 3,729 153,757 - 196,103 WA-SCI17 29-Dec-17 US$ - 51,366 992 2,562 - - 54,920

Sub total 18,457 266,293 215,555 68,409 469,761 - 1,038,475




25







World Vision International ADA002 3-Apr-17 US$ - - - - - 149,282 149,282 WA007 17-Jan-17 US$ - 10,872 100,038 4,595 - - 115,505 WA008 5-Apr-17 US$ - 3,633 18,397 4,159 - - 26,189 WA009 28-Aug-17 US$ - 3,449 32,677 2,558 - - 38,684 WA010 28-Aug-17 US$ - 25,032 8,490 3,299 - - 36,821 WA011 28-Aug-17 US$ 7,407 3,449 7,177 3,906 - - 21,939 WA012 29-Nov-17 US$ - 7,408 35,719 4,599 - - 47,726 WA013 29-Nov-17 US$ 463 7,698 29,263 5,123 - - 42,547 WA014 29-Nov-17 US$ 7,721 9,345 46,768 4,896 - - 68,730

Sub total

15,591 70,886 278,529 33,135 - 149,282 547,423 Total 34,048 337,179 494,084 101,544 469,761 149,282 1,585,898




26







2018 Save the Children International WA-SCI18 23-Jan-18 US$ - 11,731 7,597 2,475 - - 21,803 WA-SCI19 26-Feb-18 US$ 2,076 11,731 23,270 697 129,603 - 167,377 WA-SCI20 26-Mar-18 US$ - 11,731 3,887 3,073 2,233 - 20,924 WA-SCI21 18-Apr-18 US$ - 12,735 33,865 1,762 - - 48,362 WA-SCI22 28-May-18 US$ 2,310 14,123 18,311 2,638 120,645 - 158,027 WA-SCI23 19-Jun-18 US$ - 13,095 14,388 2,688 - - 30,171 WA-SCI24 21-Aug-18 US$ 4,914 26,037 23,283 4,056 158,730 - 217,020 WA-SCI25 16-Oct-18 US$ - 43,799 39,762 25,538 104,799 - 213,898

Sub total 9,300 144,982 164,363 42,927 516,010 - 877,582




27

11. Designated accounts and withdrawal applications (continued) 11.3. Summary of withdrawal applications (continued)





2018 World Vision International WA015 18-Jun-17 US$ 28,362 9,103 47,704 7,792 - - 92,961 WA016 18-Jul-17 US$ - 15,255 71,575 5,422 - - 92,252 WA017 18-Aug-17 US$ - 23,473 76,377 6,699 8,940 - 115,489 WA018 17-Sep-17 US$ - 15,207 87,027 9,082 63,759 - 175,075 WA019 17-Oct-17 US$ - - 4,309 1,525 - - 5,834 WA020 17-Nov-17 US$ - 14,543 21,451 7,122 - - 43,116 WA021 17-Dec-17 US$ 14,469 36,957 7,787 65,442 - 124,655 WA022 17-Jan-18 US$ - 17,470 27,754 10,169 - - 55,393 WA023 17-Feb-18 US$ - 15,237 22,432 7,296 7 - 44,972 WA024 17-Mar-18 US$ - 29,177 28,353 10,071 10,033 - 77,634 WA025 17-Apr-18 US$ - - 22,189 6,073 29,558 - 57,820 WA026 17-May-18 US$ 1,973 26,174 34,289 8,495 8 - 70,939 WA029 17-Aug-18 US$ 8 14,787 3,698 8,104 20 - 26,617 WA030 17-Sep-18 US$ - 12,636 20,602 10,065 43,022 - 86,325

Subtotal 30,343 207,531 504,717 105,702 220,789 - 1,069,082 Total 39,643 352,513 669,080 148,629 736,799 - 1,946,664




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12. Commitments

The Project had the following commitments: As at 31 March 2019 As at TF0A1514 TF0A1513 Total 31 December 2017 US$ US$ US$ US$

Contracted, but not yet paid: Operation expenses (*) 5,494 - 5,494 - Racha - - - 2,338 KPMG Cambodia Ltd (**) 4,275 4,275 8,550 19,332

9,769 4,275 14,044 21,670

(*) These represents the remaining operation expenses over salary, maintenance, traveling and bank charge incurred in March 2019 but the payments were fully made in May 2019.

(**) These represent amounts due to audit fees which will be settled upon the completion of audit work.

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