sustainable rural water supply and sanitation development...

SUSTAINABLE RURAL WATER SUPPLY AND SANITATION DEVELOPMENTPROJECT

IDA CREDIT NUMBER 5907-KGIDA GRANT NUMBER D1 38-KG

IMPLEMENTED BYCOMMUNITY DEVELOPMENT AND INVESTMENT AGENCY

SPECIAL PURPOSE FINANCIAL STATEMENTS

AND

INDEPENDENT AUDITOR'S REPORT

For the year ended 31 December 2017

BISHKEKJune 2018

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SUSTAINABLE RURAL WATER SUPPLY AND SANITATION DEVELOPMENT PROJECT

IDA CREDIT NUMBER 5907-KGIDA GRANT NUMBER D1 38-KG

TABLE OF CONTENTS

Page

STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATIONAND PRESENTATION OF THE SPECIAL PURPOSE FINANCIAL STATEMENTS 3

INDEPENDENT AUDITOR'S REPORT 4-5

SPECIAL PURPOSE FINANCIAL STATEMENTSFor the year ended 31 December 2017:

Statement of cash receipts and payments 6

Statement of expenditures per components 7

Notes to the special purpose financial statements 8-15

ANNEX 1. RECONCILIATION BETWEEN THE AMOUNTS SUBMITTED BY THE ARIS AND DISBURSED BY THEWORLD BANK 16

2

STATEMENT OF MANAGEMENT'S RESPONSIBILITIES FOR THE PREPARATIONAND PRESENTATION OF THE SPECIAL PURPOSE FINANCIAL STATEMENTS

The management of the Community Development and Investment Agency (hereinafter: ARIS) isresponsible for the preparation of the special purpose financial statements of "Sustainable RuralWater Supply and Sanitation Development Project" ("Project") financed by Financing AgreementIDA Credit Number 5907-KG and IDA Grant Number D138-KG dated 26 October 2016 that presentfairly the Project's cash receipts and payments, and expenditures per components for the yearended 31 December 2017, in accordance with the International Public Sector Accounting Standard:Financial Reporting under the Cash Basis of Accounting, ("IPSAS-Cash Basis") issued by theInternational Public Sector Accounting Standards Board ("IPSASB") within the InternationalFederation of Accountants ("IFAC") and the Financial Management Manual for World Bank FinancedInvestment Operations (WB Guidelines).

In preparing the special purpose financial statements, ARIS's management is responsible for:* Properly selecting and applying accounting policies;* Presenting information, including accounting policies, in a manner that provides relevant,

reliable, comparable and understandable information;* Providing additional required disclosures for the year ended 31 December 2017.

ARIS's Management is also responsible for:* Designing, implementing and maintaining an effective and sound system of internal controls,

throughout the Project;* Maintaining adequate accounting records that are sufficient to show and explain the Project's

transactions, and which enable them to ensure that the special purpose financial statementsof the Project comply with IPSAS - Cash Basis and the WB Guidelines;

* Taking such steps that are reasonably available to them to safeguard the assets of the Projectand to affirm that funds received have been used in accordance with the Financing AgreementIDA Credit Number 5907-KG and IDA Grant Number D138-KG dated 26 October 2016, and WorldBank related guidelines, with due attention to economy and efficiency, and only for the purposesfor which the financing was provided; and

* Preventing and detecting fraud and other errors.

The special purpose financial statements for the year ended 31 December 2017 were authorized forissue on 14 June 2018 by the ARIS's Management.

On behalf of the ARIS Managpment:

Arstan Muktarox Rahat Junudilovk7Executive Di ctor Financial Manager

3

INDEPENDENT AUDITOR'S REPORT

To the management of the Community Development and Investment Agency

Opinion

We have audited the special purpose financial statements of "Sustainable Rural Water Supply andSanitation Development Project" ("Project") financed by Financing Agreement IDA Credit Number5907-KG and IDA Grant Number D138-KG dated 26 October 2016 ("Financing Agreement"), andimplemented by Community Development and Investment Agency ("ARIS"), which comprise thestatement of cash receipts and payments and the statement of expenditures per components for theyear ended 31 December 2017, and notes to the special purpose financial statements, including asummary of significant accounting policies.

In our opinion,1. the accompanying financial statements present fairly, in all material respects, the cash

flows for the year ended 31 December 2017 in accordance with International Public SectorAccounting Standard: Financial Reporting Under the Cash Basis of Accounting, (IPSAS-CashBasis);

2. funds have been used in accordance with the conditions of the Financing Agreementconcluded between the International Development Association (IDA) and the KyrgyzRepublic, and WB Guidelines, with due attention to economy and efficiency, and only forthe purposes for which the financing was provided;

3. supporting documents, records and accounts have been maintained to support claims forreimbursement of expenditures incurred. Expenditures included in the withdrawalapplications and reimbursed against are eligible for financing under the FinancingAgreement; Interim Unaudited Financial Statements (lFSs) issued by ARIS during theReporting year are in agreement with the underlying books of account;

4. The Designated account used has been maintained in accordance with the provision of theFinancing Agreement, and World Bank related guidelines;

5. Goods and Services financed have been procured in accordance with the FinancingAgreement and World Bank related guidelines.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) as issued byInternational Auditing and Assurance Standards Board (IAASB) of the International Federation ofAccountants (IFAC). Our responsibilities under those standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report.We are independent of the Project and of the ARIS in accordance with the International EthicsStandards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and wehave fulfilled out other ethical requirements in accordance with IESBA Code. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter- Cash Basis of Accounting

We draw attention to Note 2 to the financial statements, which describes that financial statementsare prepared in accordance with cash basis framework, as a result, they may not be suitable foranother purposes. Our opinion is not modified in respect of this matter.

Responsibilities of the Management for the Financial Statements

Management of the ARIS is responsible for the preparation and fair presentation of the specialpurpose financial statements in accordance with IPSAS-Cash Basis issued by the International PublicSector Accounting Standards Board (IPSASB) of the IFAC and Financial Management Manual for WorldBank Financed Investment Operations ("WB Guidelines"), and for such internal control asmanagement determines is necessary to enable the preparation of special purpose financialstatements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility for the Audit of the Special Purpose Financial Statements

Our objectives are to obtain reasonable assurance about whether the special purpose financialstatements as a whole are free from material misstatement, whether due to fraud or error, and toissue an auditor's report that includes our opinion. Reasonable assurance is high level of assurance,but is not a guaranty that an audit conducted in accordance with ISAs wilt always detect a materialmisstatement when it exists. Misstatements arise from fraud and error and are considered materialif, individually or in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these special purpose financial statements.As part of an audit in accordance with ISAs, we exercise professional judgement and maintainprofessional skepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the special purpose financialstatements, whether due to fraud or error, design and perform audit procedures responsiveto those risks, and obtain audit evidence that is sufficient and appropriate to provide a basisfor our opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressingan opinion on the effectiveness of the internal control.

* Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

* Evaluate the overall presentation, structure and content of the special purpose financialstatements, including the disclosures, and whether the special purpose financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with management regarding, among other matters, the planned scope and timingof the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit.

"BDO Armenia" CJSC14 June 2018

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Sustainable Rural Water Supply and Sanitation Deve[opme-- ProjectIDA Credit Number 5907-KGIDA Grant Number Di 38-KG

Notes to the special purpose financial statementsFor the year ended 31 December 2017(Amounts are shown in US dollars)

1. General information

1. 1. The Project

The Financing Agreement IDA Credit Number 5907-KG and IDA Grant D138-KG was concluded on 26October 2016 between the Kyrgyz Republic and the Intoro.-itionat Development Association (IDA),according to which IDA provided financing to the Kyrgyz P-1 'Jic in the amount of 9,300,000 SpecialDrawing Rights (SDR) and 7,600,000 SDR, respectively.The Financing Agreement became effective on 3 February 2

The financing was provided for the implementation of "Sust.dnabte Rural Water Supply and SanitationDevelopment Project" (the Project).The payment currency of both IDA Credit Number 5907-K-, ind IDA Grant D138-KG is United StatesdoLlars (USD).

The Closing date of both IDA Credit Number 5907-KG and ID,' -ant D1 38-KG is set 30 June 2022.The Grace Period for submitting withdrawal application I, xpenditures incurred before the Closingdate is four months following the Closing date: 31 October 2072.

1.2. The Project objectives

The objective of this project are: (i) to improve access : 1 quality of water supply and sanitationservices in the Participating Rural Communities; and (ii streri-then capacity of the Recipient'sinstitutions in the water supply and sanitation sector,

The Project consists of the following parts:

Part 1: Water supply investment

Rehabilitation of existing and/or construction of new wat supply systems in the Participating RuralCommunities, including preparation of designs and on-site struct n supervision.

Part 2: Sanitation Development

(a) Retrofitting of existing indoor sanitary facilities aj ,J construction of new sanitary facilities inschools, pre-schools, and other social institutions;

(b) Development of standard designs;(c) Provision of strategic technical, policy and capau -,upporc for improved sanitation;(d) Carrying out needs assessment for selected Samu, --piderri'otogical Surveillance (SES) units;(e) Development and implementation of communi on strategy and water, sanitation and

hygiene educational campaigns;(f) Preparation of national strategy for rural, sanitatioi

Part 3: Institutional Strengthening

Part 4: Project Management

8

Sustainable Rural Water Supply and Sanitation Development ProjectIDA Credit Number 5907-KGIDA Grant Number D138-KG


1.3. The Project Budget

The Project is financed by:* IDA Credit Number 5907-KG* IDA Grant D138-KG,* Government cofinancing.

IDA Grant/Credit

IDA Credit Number 5907- IDA Grant Number 0138- Government Expenditure

KG KG cofinancing Total FinancingCategory(inclusive of

taxes)USD USD USD U5D

SDR equivalent SOR equivalent equivalent equivalent(a) (a) %__ _ _ _ _ _ _ _ _ _ _ _ _

(1) Works for the Project 9,300,000 13,244,409 2,360,000 3,339,321 4,500,000 21,083,730 78%12) Goods, non-consultingservices, consultants' services,Training and Operating costs forthe Project 5,240,000 7,414,424 - 7,414,424 100%Total

9,300,000 13,244,409 7,600,000 10,753,745 4,500,000 28,498,154

(a) The budget USD equivalents for IDA Credit Number 5907-KG and IDA Grant D138-KG, with underlingcurrency of SDR, is calculated based on cumulative funds received in USD plus, if any, USD equivalentof undisbursed funds in SDR as at reporting date. SDR/USD rate as at 31.12.2017 is set at 1.42413.

1.4. Project Implementation

The Project is implemented by Community Development and investment Agency (ARIS).

The ARIS was established on 15 October 2003 according to the Kyrgyz President's Decree for operatingcontrol over the Projects financed by the World Bank. ARIS is an independent legal entity, and it isregistered in the legal organizational form envisaged by the legislation of the Kyrgyz Republic for non-for-profit organizations.

Co-founders of ARIS are Administration of the President of the Kyrgyz Republic, association of legalentities "Association of local self-government bodies of villages and communities of the KyrgyzRepublic" and "Counterpart-Sheriktesh" public association. The work of ARIS is supervised by theSupervisory Board, which is the superior steering body of ARIS.

The ARIS address is: 102 Bokonbayeva Street, Bishkek, the Kyrgyz Republic, 720040.

9

Sustainable Rural Water Supply and Sanitation Development ProjectIDA Credit Number 5907-KGIDA Grant Number D1 38-KG


2. Summary of significant accounting policies

2.1. Preparation and presentation of financial statements

The special purpose financial statements are prepared in accordance with the International PublicSector Accounting Standard: Financial Reporting Under the Cash Basis of Accounting (IPSAS-CashBasis), issued by the International Public Sector Accounting Standards Board (IPSASB) within theInternational Federation of Accountants (IFAC), and presented in accordance with FinancialManagement Manual for World Bank Financed Investment Operations (March 2010): RM 3 - FinancialReporting and Auditing.

The principal accounting policies applied in the preparation of these special purpose financialstatements are set out below. These policies have been consistently applied to all the periodspresented.

2.2 Cash basis of accounting

Project financing is recognised as a source of project funds when the cash is received. Project

expenditures are recognised as a use of project funds when the payments are made.

2.3 Reporting currency

The reporting currency of these special purpose financial statements is United States dollars (USD).The financing received and expenditures made in local currency, Kyrgyz Som (KGS), are translatedinto USD based at the exchange rate prevailing at the date of the transaction as issued by the CJSC"Kyrgyz Investment Credit Bank" ("CJSC KICB").

The exchange rate defined by the CJSC KICB is as follows:31 December 2017: USD 1 = 68.70 KGS.

2.4. Taxes

The taxes are paid in accordance with the tax regulation of the Kyrgyz Republic.

2.5. Budget

Expenditure budget is created based on actual accumulated expenditures for the last period plusthe updated procurement plans for the Reporting year.

10



3. Summary of Summary Reports and SOEs

3.1. IDA Credit Number 5907-KG

During the Reporting year, there were no Summary Reports or SOEs submitted to the WB by the ARISrelated to IDA Credit Number 5907-KG.

3.2. IDA Grant Number D138-KG

Disbursement categories TotalWithdrawal Withdrawalapplication No application (1) Works for the (2) Goods, non-consulting

value date Project services, consultants'services, Training andOperating costs for the

Project

2 20.Oct.2017 565,315.99 406,155.24 971,471.233 08.Nov.2017 370,791.75 37,975.80 408,767.554 22.Dec.2017 300,955.60 82,076.82 383,032.42

Total 1,237,063.34 526,207.86 1,763,271.20

4. Statement of Designated Accounts

Financing Agreement IDA Credit IDA GrantNumber 5907-KG Number D138-KG

Bank account number 1280016035865054 1280016035864246Bank CJSC "Kyrgyz Investment and Credit Bank"Bank location Erkindik 21, Bishkek, Kyrgyz RepublicAccount currency USD USD

IDA Credit IDA GrantNumber Number5907-KG D138-KG Total

For the year ended 31 Dec 2017

USD USD USD

1. Opening balance as at 01.01.2017

2. Add: opening discrepancy -

3. IDA advance/replenishment - 2,763,271 2,763,2714. Less: Refund to IDA from DA - -5. Present outstanding amountadvanced to DA - 2,763,271 2,763,2716. DA closing balance as at 31.12.2017 317,077 317,0777. Add: Amount of eligible expenditurespaid - 2,446,194 2,446,1948. Less: interest earned (if credited toDA) - -

9. Total advance accounted for - 2,763,271 2,763,271

10. Closing discrepancy (5)-(9) -

11



5. Statement of Financial Position

The Statement of Financial Position discloses assets, liabilities and net assets of the Project as atreporting date. It is prepared in accrual basis that is transactions are recognized when they occur(and not only when cash is received or paid).

Note 31 Dec 2017USD

ASSETSCash 6 324,842Prepayments (a) 660,191Other receivables (c) 2,920Total assets 987,953

LIABILITIESPayables (b) 325,709

Total liabilities 325,709

NET ASSETSCumulative incomeIDA Credit Number 5907-KG -IDA Grant D138-KG 2,763,271Government co-financing 250,862

Other income 16,2803,030,413

Cumulative expensesProject expenses 2,367,950Other expenditures (bank charges) 219

2,368,169Total net assets 662,244

(a) Prepayments consist of advances for construction works up to 20% of the contract amount,based on bank guaranties.

(b) Payable consists of warranty amounts of 5% withhold from contractors' invoices forconstruction works.

(c) Amount from interest account was transferred in Dec 2017 for another Project implementedby the ARIS, and was returned on February 2018.

6. CashUnderlying 31 Dec 2017Currency USD

IDA Credit Number 5907-KGDesignated Account USD -

IDA Grant D138-KGDesignated Account USD 317,077

317,077OtherInterest account USD 7,765Tender account KGS -

7,765324,842

12

Sustainable Rural Water Supply and Sanitation Development ProjectIDA Credit Number 5907-KGIDA Grant Number Di38-KG


7. Project Expenditures

7.1. Project expenditure financing per funds

USDYear ended 31 Dec 2017

IDA CreditNumber IDA Grant Government Other

Category 5907-KG D138-KG cofinancing income Total(1) Works for the Project - 1,862,758 250,862 - 2,113,620(2) Goods, non-consulting services, consultants'services, Training and Operating costs for the Project - 583,436 - 5,376 588,812

Total - 2,446,194 250,862 5,376 2,702,432

USDCumulative as at 31 Dec 2017


Category 5907-KG D138-KG cofinancing income Total(1) Works for the Project 1,862,758 250,862 - 2,113,620(2) Goods, non-consulting services, consultants'services, Training and Operating costs for the Project 583,436 5,376 588,812

Total - 2,446,194 250,862 5,376 2,702,432

7.2. Project expenditure budget execution

CumulativeExpenditures

as at 31 Dec 2017 Total budget ExecutionSub-Category USD USD %(1) Works for the Project 2,113,620 21,261,192 10%(2) Goods, non -consulting services, consultants' services,Training and Operating costs for the Project 588,812 7,414,424 8%

Total 2,702,432 28,675,616 9%

13



7. Project Expenditures

7.1. Project expenditure financing per funds

USDYear ended 31 Dec 2017


Category 5907-KG D138-KG cofinancing income Total(1) Works for the Project - 1,862,758 250,862 - 2,113,620(2) Goods, non-consulting services, consultants'services, Training and Operating costs for the Project - 583,436 - 5,376 588,812

Total - 2,446,194 250,862 5,376 2,702,432

UsDCumulative as at 31 Dec 2017


Category 5907-KG D138-KG cofinancing income Total(1) Works for the Project- 1,862,758 250,862 - 2,113,620(2) Goods, non-consutting services, consuttants'services, Training and Operating costs for the Project - 583,436 - 5,376 588,812

Total 2,446,194 250,862 5,376 2,702,432

7.2. Project expenditure budget execution

CumulativeExpenditures

as at 31 Dec 2017 Total budget ExecutionSub-Category USD USD %(1) Works for the Project 2,113,620 21,083,730 10%(2) Goods, non-consulting services, consultants' services,Training and Operating costs for the Project 588,812 7,414,424 8%

Total 2,702,432 28,498,154 9%

14

Sustainable Rural Water Supply and Sanitation Development ProjectIDA Credit Number 5907-KGIDA Grant Number D1 38-KG


8. Financing

8.1. IDA Credit Number 5907-KGReporting Cumulative as

year at 31 Dec 2017USD USD

Advance/ (advance recovery)

Direct PaymentSE and Summary ReportSpecial Commitment

Total

Total financing budget 13,244,409Percentage of finance provided as at 31 Dec 2017 0%

8.2. IDA Grant Number D138-KGReporting Cumulative as


Advance/ (advance recovery) 1,000,000 1,000,000Direct Payment - -SOE and Summary Report 1,763,271 1,763,271Special Commitment .

Total 2,763,271 2,763,271

Total financing budget 10,753,745Percentage of finance provided as at 31 Dec 2017 26%

8.3. Government cofinancingReporting Cumulative as


In-cash 250,862 250,862Total 250,862 250,862

Total co-financing budget 4,500,000Percentage of finance provided as at 31 Dec 2017 5%

9. Other income

Reporting Cumulative asyear at 31 Dec 2017USD USD

Interest accrued 11,107 11,107Tender fees 5,173 5,173Total 16,280 16,280

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ANNEX 1. RECONCILIATION BETWEEN THE AMOUNTS SUBMITTED BY THE ARIS AND DISBURSED BYTHE WORLD BANKFor the year ended 31 December 2017(Amounts are shown in US dollars)

IDA Credit Number 5907-KG

During the Reporting year there were no withdrawal apptications submitted by the ARIS to WBrelated to the IDA Credit Number 5907-KG.

IDA Grant Number D138-KG

Expenditure Category Appl. ARIS WB Difference

1 1,000,000.00 1,000,000.00Advance! (recovery)

1,000,000.00 1,000,000.00

2 565,315.99 565,315.99

3 370,791.75 370,791.75(1) Works for the Project 3 30095560 300,95.6

4 300,955.60 300,955.60

1,237,063.34 1,237,063.34_2 406,155.24 406,155.24

(2) Goods, non-consutting services, consultants' 3 37,975.80 37,975.80services, Training and Operating costs for theProject 4 82,076.82 82,076.82

526,207.86 526,207.86

Total 2,763,271.20 2,763,271.20

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sustainable rural water supply and sanitation development...

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