Second Rural Access Project Credit No YEM STATEMENT OF SOURCES AND USES OF FUNDS 31 DECEMBER 2015

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1 Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Second Rural Access Project Credit No.4121 YEM STATEMENT F SURCES AND USES F FUNDS 31 DECEMBER 215 Public Disclosure Authorized

2 Second Rural Access Project Credit No.4121 YEM Sana'a Republic of Yemen NDEX ndependent Auditor's Report 23 Statement of Sources and Uses Funds 4 Page Notes regarding the financial statement 512

3 HASBEEN C. Certified Accountants Financial Consultanats Dr.Abdulsalam All Almikhlafi & partners NEXA NTERNATNAL NTERNATNAL jl.2;p cstsfilmncnst AUDTRS, REPRT T THE MANAGEMENT F THE Second Rural Access Project Report on the financial statements: We have audited the accompanying statement of sources and uses of funds of the Second Rural Access Project (financed under the international Development Association (DA) Credit no. (4121 YEM) for the year ended 31 December 215 and summary of significant accounting policies and other explanatory notes. 1 Manaffement's Responsibility for the financial statements:, Management is responsible for the preparation and fair presentation of these financial statements in accordance with nternational Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error ; selecting and Applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor's Responsibility: ur responsibility is to express an opinion on theses financial statements based on our audit. We conducted our audit in accordance with nternational Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. n making those rise assessments, The auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements 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 entity's internal control.an audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Tele: =Fax: Mobile Box:13487 Yahoo.corn <.1 TxTrixiA

4 pinion: n our opinion the financial statements gives a true and fair view of the financial position of the Second Rural Access Project for the year ended 31 December 215 in accordance with nternational Financial Reporting Standards. Report on ther legal and Re2ulatory Requirements: n additional with respect to the statement of expenditures (SA) adequate supporting documentation has been maintained to support claims to the (DA) for the reimbursement of expenditures incurred and these expenditures are eligible for financing under (DA) Credit no. (4121 YEM) HASBEEN;P: AUDTR, 6 co AF p/apr/216 et;,()

5 Second Rural Access Project STATEMENT F SURCES AND USES F FUNDS FR THE YEAR ENDED 31 DECEMBER /12/ /12/214 SURCES F FUNDS Note nternational Development Association (DA) credit No 4121 Yemen Government Contribution thers sources TTAL SURCES F FUNDS USES F FUNDS Goods Civil works ,661,388 7,283,86 1,89,97 29,77,481 7,283, , ,338 39,59,585 1,89,97 37,618, ,936 58, ,375,57 1,854,897 3,52,16 Consultant services 8 3,654,851 34,79 3,35,142 Training 9 121,384 1,23 12,361 perating cost thers TTAL USES F FUNDS 1 2,823,111 35,237 2,787,874 39,488, ,425 5,425 2,195, (34,96) 37,292, ,781 Net of cash flows 325,781 BANK BALANCES AND CASH AT ,822 2, ,781 BANK BALANCES AND CASH AT =111751E=3111=1:= E1=e ====.1.1.=.1.111C The attached n to (13) form part of this statement, Fina Pro' t Director 4

6 Second Rural Access Project NTES T THE STATEMENT F SURCES AND USES F FUNDS FR THE YEAR ENDED 31 DECEMBER Brief summary about the project : n the 9Th of November 25 the loan agreement no, 4121 was concluded between DA and the Government of the Republic of Yemen to fund the second rural roads project, According to the Agreement DA extends twenty six million and six hundred thousand special withdrawal units Rights, The Project bjectives The objective of the project is to assist the Government of Yemen to reduce the economic isolation of the population through planning the priorities and application of quality to roads in all parts the country besides the creation of the technical aspects and the institutional infrastructure and the active participation to achieve this purpose, 2 mportant Accounting Policies: The most mportant Accounting Policies are represented on a fixed basis as follows: 2 1 Principles of preparing the Statement of sources and uses of funds: The project's management follows the cash accounting basis in recording financial transactions as per the instructions and requirements of DA, This basis includes the acknowledgment of the finance source during the cash receipt and acknowledgment of the expenses at the actual expenditure, The Statement of sources and uses of funds are demonstrated in as per the requirements of financer 22 received sources : The finance submitted by DA and Yemen Government Contribution at the date of receipt, 23 other Revenues : ther Revenues are proved at the date of their receipt 24 The project's Expenditure, The project's Expenditure are proved at the date of payment, 25 foreign currency transactions: The project records its transactions in US dollar, Transaction in non SDR currencies are recorded at the exchange rates prevailing on the date of the transaction, Monetary assets and liabilities in non currencies at the year end are retranslated at the year end market rate, Exchange differences thus arising are reported in the statement of source and uses of funds, 5

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9 Second Rural Access Project NTES T THE STATEMENT F SURCES AND USES F FUNDS FR THE YEAR ENDED 31 DECEMBER 215 4YemenGovernment Contribution : Balance as at 1 January Add: Total Withdrawals during the year Accumulative Withdrawal up to December 31 31/12/215 31/12/214 7,283,86 7,228,348 55,512 7,283,86 7,283,86 5 thers sources: Foreign exchange difference Advance of the local component of the Arab Fund thers TTAL 31/12/ , ,36 2, /12/ , ,36 2,6 564, ,338 6 Goods : Furniture and office equipment Computers and accessories Supply and network devices to the Ministry of Works Sales tax TTAL 31/12/215 33, , ,3 4, /12/214 33, , ,3 4,11 58,936 58,936 8

10 Second Rural Access Project NTES T THE STATEMENT F SURCES AND USES F FUNDS FR THE YEAR ENDED 31 DECEMBER Civil works : Projects brought forward from first phase Al Saddah Road Al Ridae Al Maghrabah Al Huraish Akamah Al Hubaish Maintenance of Madan Shabarik Road Al Maui Road Additional works for Al Saddah Road Al Ridae Price adjustments Sales Tax for Projects Completion of Akamat Hubaish Road Project Projects additional Grant TTAL 31/12/215 16,864,512/89 5,526,579/67 2,168,124/42 2,193,171/ 254,52/28 748,17/1 361,885/59 1,596,76r78 341,624/65 951,858/98 1,367,983/ ,774/88 31,594/48 431,544/4 1,367,983/49 31/12/214 16,84,738/1 5,526,579/67 2,168,124/42 2,193,171/ 254,52/28 716,512/62 361,885/59 1,596,76/87 341,624/65 52,314/58 32,375,56/85 1,854,897/25 3,52,159/6 8 Consultant services Local Consultants Training Designs and Studies Environmental studies Saba Co, wsp Technical Review Phase CE Review of contracting, consultancies and ndustry CTRAYMAN Capacity building training Consulting Services National Companies Sales Tax Consulting Services ndividuals Consulting Services for the additional Grant TTAL 31/12/215 1,596 1,523,36 29,42 79,57 11,332 63,558 1,219,77 7,83 384, , ,26 13,39 163,139 31/12/214 1,596 1,523,36 29,42 79,57 11,332 63,558 1,28,51 7,83 254,336 3,654,851 34,78 3,35,143 9

11 Second Rural Access Project NTES T THE STATEMENT F SURCES AND USES F FUNDS FR THE YEAR ENDED 31 DECEMBER Training: Foreign Training Local Training TTAL /12/215 31/12/214 99,871 99,871 21,513 1,23 2,49 121,384 1,23 12,361 1 perating cost: Salaries & wages Transportation Communications Stationery Hospitality & cafe Maintenance costs Rentals Local travel allowance External travel allowance Vehicles hiring Fuel &oils Vehicles Spare parts Tools Spare parts Electricity Water Advertisements nsurance Professional services thers and miscellaneous taxes Taiz branch expenditure Local Salaries nstead of meetings Allowances TTAL 31/12/215 1,397,624/13 7,93/28 23,174/44 51,33/9 15,535/64 15,129/36 132,934/23 22,948/99 21,37/94 19,335/6 52,966/69 65,53/31 11,789/11 23,245/66 4,11/53 47,314/75 44,98/ 3,418/44 77,338/74 7,958/64 5,138/1 263,494/1 57,612/6 246,275/ ,766/ 1,36/3 1,494/52 439/52 22/34 6,264/9 1,184/28 2,878/2 2,29/3 6,82/37 763/85 1,443/1 737/19 64/39 4,271/61 1,733/1 31/12/ / / / / / / / / / / / / / / / / / / / /64 3,45/ / / /9 2,823,111/18 35,236/ /48 1

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13 Second Rural Access Project NTES T THE STATEMENT F SURCES AND USES F FUNDS FR THE YEAR ENDED 31 DECEMBER SPECAL ACCUNT STATEMENT Account No : Depository Bank : Central Bank of Yemen Address : Sana'a, Republic of Yemen Credit No :4121YEM Currency : Balance as at 1 January 312, ,36 Add: Replenishment of designated account 53,99 Deduct: Payments from the designated Account Balance as at 31 December 312,334 1,72,945 34,499 76,611 7, , BANK BALANCES AND CASH: /12/215 31/12/214 Special account with central Bank of Yemen 12,987 (299,347) 312,334 C/A Government Contribution at the CBY 7,835 (5,612) 13,447 TTAL 2,822 (34,959) 325,781 12