IMPLEMENTED BY FOREIGN FINANCING PROJECTS MANAGEMENT CENTER
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1 PENSION PUBLIC AWARENESS AND LITERACY PROJECT IDF GRANT NUMBER TF IMPLEMENTED BY FOREIGN FINANCING PROJECTS MANAGEMENT CENTER - - OF THE MINISTRY OF FINANCE OF THE REPUBLIC OF ARMENIA Special Purpose Project Financial Statements and Independent Auditor's Report Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized YEREVAN April 2016
2 PENSION PUBLIC AWARENESS AND LITERACY PROJECT IDF GRANT NUMBER TF TABLE OF CONTENTS Page - INDEPENDENT AUDITOR'S REPORT 3-4 SPECIAL PURPOSE FINANCIAL STATEMENTS : Statement of cash receipts and payments 5 Statement of uses of funds by Project activity 6 Notes to the special purpose financial statements 7-11 ANNEX 1. RECONCILIATION BETWEEN THE AMOUNTS SUBMITTED BY THE FFPMC AND DISBURSED BY THE WORLD BANK 12 2
3 '1UOU_UlI LCbS11 U"Hlp "SOS-AUDIT" LTD INDEPENDENT AUDITOR'S REPORT On the special purpose financial statements of the "Pension Public Awareness and Literacy Project" for the year ended 31 December 2015 To the Management of the Foreign Financing Projects Management Center We have audited the accompanying special purpose financial statements of the "Pension Public Awareness and Literacy Project" (hereafter: the Project) financed by IDF Grant No. TF013654, and implemented by the Foreign Financing Projects Management Center (FFPMC), which comprise the statement of cash receipts and payments, and the statement of uses of funds by Project activity for the year ended 31 December 2015, and a summary of significant accounting policies and other explanatory notes. Management 's Responsibility for the Special Purpose Financial Statements The management of FFPMC is responsible for the preparation and fair presentation of these special purpose financial statements in accordance with International Public Sector Accounting Standard: Financial Reporting Under the Cash Basis ofaccounting, (IPSAS-Cash Basis) issued by the International Public Sector Accounting Standards Board (IPSASB) within the International Federation of Accountants (IFAC), and Financial Management Manual for World Bank Financed Investment Operations (WB Guidelines), and for such internal control as management determines is necessary to enable the preparation of special purpose financial statements that are free from material misstatements, whether due to fraud or error. Auditor 's Responsibility Our responsibility is to express an opinion on these special purpose financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (ISAs) as issued by International Auditing and Assurance Standards Board (IAASB) within the IFAC. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the special purpose financial statements are free from material misstatement. An audit involves performing procedures to obtain reasonable audit evidence about the amounts and disclosures in the special purpose financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risk of material misstatement of the special purpose financial statements, whether due to fraud or error. In making those assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the special purpose financial statement 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. QpnnL npwp PhqGhu UULwquh Uunghwg4wd Uorlw 33; p. bp6wi 0037, U.Shqpwjw0 38/55; lbn.' (+37410) ; blwu' (+37410) ; tl-onuln* info@sosaudit.am An Associate of the Crowe Horwath Business Alliance A.Tigranyan, 0037 Yerevan, RA; Tel.: (+37410) ; Fax: (+37410) ; info@sosaudit.am
4 "UOU-UflI41S" U(r "SOS-AUDIT" LTD An audit also includes the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the special purpose financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, 1. the special purpose financial statements present fairly in all material respects the cash receipts and payments of the Project for the year ended 31 December 2015 in accordance with IPSAS-Cash Basis and World Bank related guidelines; 2. funds have been used in accordance with the conditions of the Letter Agreement No. TF dated 15 April 2013 between the International Bank for Reconstruction and Development (IBRD) and the Republic of Armenia, and World Bank related guidelines, with due attention to economy and efficiency, and only for the purposes for which the financing was provided; 3. supporting documents, records and accounts have been maintained to support claims for reimbursement of expenditures incurred. Expenditures included in the withdrawal applications and reimbursed against are eligible for financing under the IDF Grant No. TFO dated 15 April 2013; 4. The Designated account used has been maintained in accordance with the provision of the dated 15 April 2013, and World Bank related guidelines. "SOS-Audit" LLC 8 April 2016 S( oauditor Nazik Chitchyan RpnnL. 9np4wp Pbqfibu Uuw uh Uunghtwgquw6 Ullrwd 99; 9. tplwg 0037, U.S qpugjwi 38/55; bn.' (+37410) ; 5bupu' (+37410) ; tinuu' info@sosaudit am An Associate of the Crowe Horwath Business Alliance 38/55 A.igranyan, 0037 Yerevan, RA; Tel: (+37410) ; Fax. (+37410) ; wwwsosaudit.am: info@sosauditam
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7 Pension Public Awareness and Literacy Project Notes to the special purpose financial statements 1. General information 1.1. The Project The Letter Agreement No. TF was concluded on 15 April 2013 between the Republic of Armenia and the International Bank for Reconstruction and Development (IBRD), according to which IBRD provided in the amount of 430,000 United States Dollars (). The grant is provided for the purpose of implementation of Pension Public Awareness and Literacy Project (the Project). Financial transactions under the Project commenced since May The Closing Date of the financing under IDF Grant No. TFO is set on 6 June The Grace Period for submitting withdrawal applications for the expenditures incurred before the Closing date is four months following the Closing date The Project objectives The objective of the Project is to strengthen the capacity of the Ministry of Labor and Social Issues as well as its State Social Security Service to raise pension reform awareness and financial literacy both, of the general public and specific target audiences. The Project consists of the following parts: Part I. Advancing Capacity to Deliver Awareness and Financial Literacy, Part II. Forming Well-equipped Mobile Groups of Trainers through Training of Trainers The Project Budget and Financing The Project is being financed by the following sources: - IDF Grant No. TF % exclusive of taxes - The Government of the Republic of Armenia (Government of RoA) - taxes. IDF Grant Government Total Category No. TF of the RA 1. Goods, Consultant's services, 430,000 94, ,600 Training and Workshops 1.4. Project Implementation The Project is implemented by the Foreign Financing Projects Management Center (FFPMC). The address of the FFPMC is: 4 Tigran Mets str., 3-rd floor, Yerevan, Republic of Armenia. I7
8 Pension Public Awareness and Literacy Project, Notes to the special purpose financial statements 2. Summary of significant accounting policies Preparation and presentation offinancial statements The special purpose financial statements are prepared in accordance with the International Public Sector Accounting Standard: Financial Reporting Under the Cash Basis of Accounting (IPSAS-Cash Basis), issued by the International Public Sector Accounting Standards Board (IPSASB) within the International Federation of Accountants (IFAC), and presented in accordance with Financial Management Manual for World Bank Financed Investment Operations (March 2010): RM 3 - Financial Reporting and Auditing. The principal accounting policies applied in the preparation of these special purpose financial statements are set out below. These policies have been consistently applied to all the periods presented. 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 (). The contribution of the Government of RA and expenditures made in local currency, Armenian Dram (AMD), are translated into based at the exchange rate defined by the Central Bank of the Republic of Armenia (CBA) at the date of the transaction. The effect of exchange rate changes on cash held on local currency is reported as separate line item in - the statement of cash receipts and payments. The average exchange rate at currency market issued by the CBA as at 31 December 2014 is I AMD. The average exchange rate at currency market issued by the CBA as at 31 December 2015 is I -, AMD 2.4. Taxes Taxes are paid in accordance with the tax regulations of the Republic of Armenia Budget Expenditure budget is created based on actual accumulated expenditures for the last period plus the updated procurement plans for the reporting period.
9 Pension Public Awareness and Literacy Project Notes to the special purpose financial statements 3. Summary of Summary Reports and SOEs Payment categories Withdrawal Withdrawal No application 1. Goods, Consultant's value date services, Training and Workshops 4DA 05-Mar , DA 15-Jul , Total 160, Statement of Designated Account Bank account number Bank Central Treasury Bank location 4 Tigran Mets str., I-st floor, Yerevan, 0010 Republic of Armenia Currency Year ended 31 Dec Opening balance as at , Add: opening discrepancy 3. IBRD advance/replenishment 157, Less: Refund to IBRD from DA - 5. Present outstanding amount advanced to DA 222, DA closing balance as at , Add: Amount of eligible expenditures paid 141, Less: interest earned (if credited to DA) 9. Total advance accounted for 222, Closing discrepancy (5)-(9) - 9
10 Pension Public Awareness and Literacy Project Notes to the special purpose financial statements 5. Statement of Financial Position The Statement of Financial Position discloses assets, liabilities and net assets of the Project as at reporting 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 AST Cash 6 81, , Prepayments - - Total assets 81, , LIABILITIES Payables - - Total liabilities NET ASSETS Cumulative Income 430, , Government of RoA 53, , , , Cumulative expenses Project expenses 402, , , , Foreign exchange gain/(loss) (413.42) (905.41) Total net assets 81, , Cash Account Underlying held at Currency Designated account ([DF Grant No. TF013654) Treasury 81, , Project account (Government of RoA) Treasury AMD - 8, Total 81, , Project Expenditures 7.1. Project expenditures financing per funds Reporting year Cumulative As at 31 Dec 2015 Expenditure category IDF Grant No. Government Total IDF Grant No. Govemme Total TF of RA TF nt of RA 1. Goods, Consultant's services, Training and Workshops 141, , , , , ,
11 Pension Public Awareness and Literacy Project Notes to the special purpose financial statements 7.2. Project expenditure budget execution Cumulative Expenditures as at 31 Dec 2015 Total budget Execution Category % 1. Goods, Consultant's services, Training and Workshops 399, , % 8. Financing 8.1. Reporting year Cumulative as at 31 Dec 2015 Advances/ (advance recovery) (2,935.46) 97, SOE and Summary Report 160, , Total 157, , Total financing budget 430, Percentage of finance provided as at 31 Dec % 8.2.Government of RoA Reporting year Cumulative as at 31 Dec 2015 Financed 9, , Total financing budget 94, Percentage of finance provided as at 31 Dec % 9. Event after the reporting date The application number 6DA in the total amount of 15,987.88, that includes expenditures relating to the reporting year (from 15 July 2015 to 31 December 2015) was submitted to WB on 16 February 2016 and approved on 17 February II
12 Pension Public Awareness and Literacy Project ANNEX 1. RECONCILIATION BETWEEN THE AMOUNTS SUBMITTED BY THE FFPMC AND DISBURSED BY THE WORLD BANK (Amounts are shown in US dollars) Expenditure Category Appl. FFPMC WB Difference Advance 5DA (2,935.46) (2,935.46) 4DA 84, , Goods, Consultants' services Trainings and Workshops 5DA 76, , , , Total 160, , L [1 12
K For the period from II February 2013 to 16 March 2016
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