Common Market for Eastern and Southern Africa (COMESA) Great Lakes Trade Facilitation Project (GLTFP) Financial statements for the year ended 3] December 2017 COMESA - Great Lakes Trade Facilitation Project Financial statements for the year ended 3] December 2017 Contents Page Project implementation report 1 -3 Statement of responsibility in respect of the preparation of financial statements 4 Independent auditor's report 5-7 Statement of financial position 8 Statement of income and expenditure 9 Statement of cash flows 10 Notes to the financial Statements 11 - 17 Appendix I - Comparison of actual to budgeted expenditure 18 -22 Appendix II - Schedule of fixed assets 23-26 COMESA - Great Lakes Trade Facilitation Project (GLTFP) Project implementation report for the year ended 31 December 2017 1. Introduction The International Development Association (IDA), an agency of the World Bank Group and the Common Market for Eastern and Southern Africa (COMESA) signed a Financing Agreement on 19"' November 2015 for a grant to the amount of Special Drawing Rights (DSR) - 3.6 million (US Dollar- 5 million equivalent) to facilitate implementation of the Great Lakes Trade Facilitation Project (GLTFP) over a period of five years. The rationale of the project is to facilitate cross-border trade by increasing the capacity for commerce and reducing the costs faced by traders, especially small-scale and women traders, at targeted borderland locations in Democratic Republic of Congo (DRC), Uganda and Rwanda. The project supports regional peace and stability through programs to improve livelihoods in border areas, promote cross-border trade, and strengthen economic interdependence. The beneficiaries of the COMESA components of the GLTFP will primarily be cross-border traders, especially women, and border agency officials. Vulnerable families in borderland areas will be secondary beneficiaries as incomes of cross-border traders' increase. The government of DRC, Uganda and Rwanda will also be secondary beneficiaries through increased revenue collection of trade taxes, the benefits of which should filter down to the general populations of these countries. The project will benefit COMESA through implementing regulations and procedures for the treatment of small-scale border traders, such as a toll-free complaint hotline, simplified immigration and health-related procedures, streamlined access to airfreight and duty-free entry for eligible goods. 2. Objectives of the project The Project objective is to facilitate cross-border trade by increasing the capacity for commerce and reducing the costs faced by traders, especially small-scale and women traders, at targeted locations in the borderlands. The total project amount is USD79 million distributed as follows: Rwanda USD 34 million (loan), DR Congo USD 30 million (loan), Uganda USD 10 million (loan) and Secretariat $5 million (grant). The project consists of four components. Two of the components will be executed at the national level while others will be executed at the regional level to provide for sharing experiences and best practices. Key components of the project include: * Improving core trade infrastructure and facilities in the border areas * Implementation of policy and procedural reforms and capacity building to facilitate cross- border trade in goods and services; * Performance based management in cross border administration; and * Implementation support, communication, monitoring and evaluation. COMESA - Great Lakes Trade Facilitation Project (GLTFP) Project implementation report (continued) for the year ended 31 December 2017 3. Project implementation status During the period under review the Secretariat focused on the implementation of the approved work plan of the year. In order to facilitate the smooth running of the project, staff of the project implementation unit (PIU) namely a Procurement Expert, a Project Accountant and a Regional Trade Information Desk Officer were recruited. Together with the Project Coordinator, the total staff of the PIU is now four. The project also proceeded with the operationalization of the Trade Information Desks. In total, eighteen Trade Information Desk Officers (TIDOs) were recruited to work at nine project border posts in DR Congo, Rwanda and Uganda. Office furniture, office equipment and stationery were purchased and sent to the TIDOs office at border posts. To enhance the capacity of the TIDOs in the delivery of their responsibilities and also to support the dissemination and application of the COMESA Regulations and Simplified Trade Regime, two training workshops were conducted in June and November 2017 respectively. As the project is also involve in the implementation of COMESA Simplified Trade Regime (STR), an STR Consultant was hired under the project in 2017 to assist. In order to provide a platform for sharing of information by various stakeholders in the implementation of the COMESA Simplified Trade Regime, a Regional Dialogue was organized in September 2017 where stakeholders from Rwanda, DR Congo and Uganda met and discussed. An STR training and awareness workshop was also conducted at all the ten project border posts in December 2017 to enhance the technical capabilities and skills of agents working at the borders. A total number of 400 border officials and traders participated in the workshop. Another major activity undertaken during the period was holding of the project border assessment mission by a team of staff from the Secretariat. The team visited all project borders and carried out an assessment of project infrastructure needs (such as office space), communication needs and other needs related to the gender aspects of the project. The team also held consultations with local actors fi-om government, civil society, Cross-Border Trade Associations in order to explore potential for partnerships in implementation of the various project activities, and to identify policy issues that need to be addressed for smooth implementation of the project. The hire of consultants for the development of Training of Trainers Manual and development of project communication and advocacy strategy are in progress. Their contract was Finalized in January 2018. In 2017, disbursement to the total amount of US$ 817,461 (2016: US$ 371,950) was made by World Bank Group in July 2017. As at 31 December 2017, a total amount of US$ 790,160 (2016: US$ 75,940) was spent to undertake planned activities which represent an expenditure rate of 49.6% (2016: 20%) of budgeted expenditure. 4. Prospects In order to meet the core objective of the project which is to facilitate cross border trade at targeted borderland locations in DR Congo, Uganda and Rwanda, the following activities will be implemented in the next financial year: a. Finalisation of training of trainer's manual and training of officials fi-om project Member States; COMESA - Great Lakes Trade Facilitation Project (GLTFP) Project implementation report (continued) for the year ended 31 December 2017 4. Prospects (continued) b. Finalisation of GLTFP Communication and Advocacy Strategy in order to ensure coordination and communication of COMESA Simplified Trade Regime ( STR) to cross border traders and implementation of recommendations of the strategy which will assist in greater visibility of the project; c. Finalisation of the development of GLTFP website and its maintenance. The website will assist in the disseinination of information to public; d. Recruitment of a part time Monitoring & Evaluation Expert so as to assist in building the capacity of government agencies to capture progress in improving conditions for cross border trade; e. Facilitate bilateral meetings between the project Member States so as to formalize and institutionalise cross-border collaboration platforms for information sharing and troubleshooting. f. GLTFP will continue to enhance the technical capacities and skills of agent working at the border, supporting improved governance, reduced levels of harassment and more efficient control and processing of goods and people by continuing to conduct comprehensive training programme at the project border posts. 5. Program management team The management team at the COMESA Secretariat is comprised of the following: Sindiso Ngwenya Secretary General Ambassador Kipyego Cheluget Assistant Secretary General (Programmes) Clement Kanyama Director - Budget and Finance Dr. Francis Mangeni Director - Trade Martha Elimu Acting Director - Human Resources & Administration Thomas Barasa Project Coordinator Sindiso Ngwenya Date:..VY...June 2018 COMESA - Great Lakes Trade Facilitation Project (GLTFP) Statement of responsibility in respect of the preparation of financial statements In accordance with the COMESA financial rules and regulations, the Secretary General is responsible for the preparation and fair presentation of the COMESA - Great Lakes Trade Facilitation Project Financial Statements, comprising the statement of financial position as at 31 December 2017, statements of income and expenditure and cash flows for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with the basis of accounting described in note 2, the requirements of the COMESA financial rules and regulations and the Protocol of agreement between COMESA and the World Bank Group. The Secretary General is also responsible for such internal control as he determines are necessary to enable the preparation of financial statements that are free friom material misstatement whether due to fraud or error and for maintaining adequate accounting records and an effective system of risk management as well as the preparation of supplementary schedules included in these financial statements. The Secretary General has made an assessment of the COMESA - Great Lakes Trade Facilitation Project's ability to continue as a going concern and has no reason to believe the Project will not be a going concern in the year ahead. The auditor is responsible for reporting on whether the financial statements are fairly presented in accordance with the applicable financial reporting framework. Approval of the Financial Statements The financial statements of COMESA - Great Lakes Tra Facilitation Project, as identified in the first paragraph, were approved by the Secretary General on June 2018 and are signed by: Sindiso gwenya Secretary General 4 KPMG Chartered Accountants Telephone +260 211 372 900 First Floor, Elunda Two Website www.kpmg.com Addis Ababa Roundabout Rhodes Park, Lusaka PO Box 31282 Lusaka, Zambia Independent auditor's report To the members of COMESA - Great Lakes Trade Facilitation Project Report on the audit of the financial statements Opinion We have audited the financial statements of COMESA - Great Lakes Trade Facilitation Project ("the Project"), which comprise the statement of financial position as at 31 December 2017, the statements of income and expenditure and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information as set out on pages 8 to 17. In our opinion, the financial statements present fairly, in all material respects, the financial position of COMESA - Great Lakes Trade Facilitation Project as at 31 December 2017 and its financial performance and cash flows for the year then ended in accordance with the basis of accounting described in note 2, and the requirements of the COMESA financial rules and regulations and the Protocol of agreement between COMESA and the World Bank. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial StateMents section of our report. We are independent of the Project in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Basis ofAccounting and Restriction of Use and Distribution We draw attention to note 2 to the financial statements, which describes the basis of accounting. The financial statements are prepared to assist the Project to comply with the financial reporting requirements referred to above. As a result, the financial statements may not be suitable for another purpose. Our report is intended solely for the Project and should not be used by or distributed to partie other than the Project. Our opinion is not modified in respect of this matter. Other information The Secretary General is responsible for the other information. The other information comprises the Project Implementation Report, the statement of responsibility in respect of the preparation of financial statements and supplementary information set out on pages 18 - 26. The other information does not include the financial statements and opinion thereon. Our opinion on the financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 5 KPMG Chartered Accountants, a Zambian partnership, is a member firm of the KPMG network of independent member firms affiliated Partners: A list of the partnets is available at the above mentioned itfh KPMG International Cooperative ("KPMG International"), a address. Swiss entity. All rights reserved. Responsibilities of the Secretay Generalfor the financial statements The Secretary General is responsible for the preparation and fair presentation of the financial statements in accordance with the basis of accounting described in note 2, the requirements of the COMESA financial rules and regulations and the Protocol of agreement between COMESA and the World Bank, and for such internal control as the Secretary General determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibilities of the Secretaiy Generalfor the financial statements (continued) In preparing the financial statements, the Secretary General is responsible for assessing the Project'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 the Secretary General either intends to liquidate the Project or to cease operations, or has no realistic alternative but to do so. Auditors' Responsibilities for the Audit offthe Financial Statements Our 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 auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise fiom 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 ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We 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 our opinion. The risk of not detecting a material misstatement resulting fi-om 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 Project's internal control. * Evaluate 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 Project's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Project 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. 6 We 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 we identify during our audit. KPMG Chartered Accountants Q...June 2018 Cheelo Hamuwelc AUD/F001044 Audit principal 7 COMESA - Great Lakes Trade Facilitation Project (GLTFP) Statement of financial position for the year ended 31 December 2017 In United States Dollars Note 2017 2016 Assets Current assets Cash and cash equivalents 11 282,512 306,963 Receivables 12 49,395 15,450 Total assets 331,907 322,413 Liabilities Current liabilities Payables 13 8,596 26,403 Deferred income 14 323,311 296,010 Total funds and liabilities 331,907 322,413 The Financial Statements were approved by the Secretary General o....e 2018 and signed by: Secretaiy General The notes on pages II to 17 are an integral part of these financial statements. 8 COMESA - Great Lakes Trade Facilitation Project Statement of income and expenditure for the year ended 31 December 2017 In Unlited States Dollars Note 12 months to 6 months to 31 Dec 2017 31 Dec 2016 Income Deferred Income released to income 14 790,160 75,940 Programme expenditure Salaries 282,199 8,500 Staff costs - repatriation 12,307 - Airfares 62,078 14,006 Daily subsistence allowance (DSA) 179,395 36,660 Translation fees 4,716 147 Interpretation fees 25,546 2,240 Meetings & workshops 85,334 1,139 Scanner - 293 Office equipment 24,189 2,581 Computer equipment 46,826 10,004 Bank Charges 4,926 370 Audit Fee 1,000 - Printing and stationery 3,828 - Office Supplies 26,022 - Consultancy fees 27,451 - Training costs 3,493 - Advertisement 850 - Total expenditure 10 790,160 75,940 Surplus of income over expenditure for the year - - The notes on pages 11 to 17 are an integral part oFthese financial statements. 9 COMESA - Great Lakes Trade Facilitation Project Statement of cash flows for the year ended 31 December 2017 In United States Dollars Note 12 months to 6 months to 31 Dec 2017 31 Dec 2016 Cash flows from operating activities Deferred Income released to income 10 (790,160) (75,940) Changes in: - Receivables 12 (33,945) (15,450) - Payables 13 (17,807) 26,403 Net cash used in operating activities (841,912) (64,987) Cash flow from financing activities Grants received 8 817,461 371,950 Net cash from financing activities 817,461 371,950 Net (decrease)/increase in cash and cash equivalents (24,451) 306,963 Cash and cash equivalents at 1 January 2017 11 306,963 - Cash and cash equivalents at 31 December 2017 11 282,512 306,963 The notes on pages 11 to 17 are an integral part of these financial statements. 10 COMESA - Great Lakes Trade Facilitation Project Notes to the financial statements for the year ended 31 December 2017 1 Reporting project The International Development Association (IDA), an agency of the World Bank Group and the Common Market for Eastern and Southern Africa (COMESA) signed a Financing Agreement on 19"' November 2015 for a grant to the amount of Special Drawing Rights (SDR)-3.6 million (US Dollar - 5 million equivalent) to facilitate implementation of Great Lakes Trade Facilitation Project (GLTFP) over a period of five years. The rationale of the project is to facilitate cross-border trade by increasing the capacity for commerce and reducing the costs faced by traders, specifically small- scale and women traders, at targeted borderland locations in Democratic Republic of Congo (DRC), Uganda and Rwanda. The project will benefit COMESA through implementing regulations and procedures for the treatment of small scale border traders such as a toll-free hotline, simplified immigration and health related procedures, streamlined access to airfreight and duty-free entry for eligible goods. The COMESA -Great Lakes Trade Facilitation Project (GLTFP) is domiciled in Zambia. The address of the registered office is COMESA Secretariat, Ben Bella Road, P. 0 Box 30051, Lusaka, Zambia. 2 Basis of accounting These financial statements have been prepared on a modified cash basis in accordance with the requirements of the COMESA rules and regulations and the Protocol of agreement between COMESA and the World Bank Group. 3 Going concern The financial statements have been prepared on a going concern basis and accounting policies have been applied consistently throughout the year under review. 4 Functional and presentation currency These financial statements are presented in United States Dollar (USD) as required by the Protocol of agreement between COMESA and the World Bank Group. 5 Use of estimates and judgements There were no estimates orjUdgements in the preparation of the financial statements. 6 Reporting date The Great Lakes Trade Facilitation Project started its operations in July 2016 and the set of Financial Statements presented for 3 1 December 2017 is the second report to be audited for the Project. COMESA - Great Lakes Trade Facilitation Project Notes to the financial statements (continued) for the year ended 31 December 2017 In United States Dollars. 7 Measurement base The accounting principles recognised as appropriate for the measurement and reporting of the financial performance, cash flows, and financial position is on an accrual basis and using historical cost in the preparation of the financial statements. 8 Income 12 months to 6 months to 31 Dec 2017 31 Dec 2016 Disbursement by World Bank Group 817,461 371,950 Disbursement for the amount of US$ 817,461 was effected by the World Bank in July 2017 for implementation of planned activities as per approved operational plan. 9 Other income 12 months to 6 months to 31 Dec 2017 31 Dec 2016 Other income - The GLTFP does not have any other income for the year under review. 10 Programme expenditure 12 months to 6 months to 31 Dec 2017 31 Dec 2016 Staff costs-salaries 282,199 8,500 Staff costs- Repatriation cost 12,307 - Other expenses - transport, subsistence, conferences and office supplies 495,654 67,440 Total 790,160 75,940 Staff emoluments pertain to payment of salary for staff namely the project implementation unit at the COMESA Secretariat and Trade Information Desk Officers (TIDOs) at the project border posts. The GLTFP staff comprise of 4 staff for the project implementation unit and 18 TIDOs stationed at 9 border posts. Other expenses which pertain to operating expenses, capital expenditure and programme expenditure which were incurred for implementation of planned activities. 11 Cash and cash equivalents 2017 2016 Cash at bank- Citi Bank US 5 Account 282,512 306,964 12 Receivables Imprest 26,500 15,450 Other receivables - 22,895 - Total 49,395 15,450 Imprest was for servicing of STR Training and Awareness Workshop conducted in December 2017. Retirement was done in January 2018. Other receivables pertain to amount debited in error by the Bank relating to another COMESA project from the GLTFP bank account during the year. This error was rectified through a refund to the GLTFP bank account in January 2018 by the Bank. 12 COMESA - Great Lakes Trade Facilitation Project Notes to the financial statements (continued) for the year ended 31 December 2017 In United Slates Dollars. 13 Payables 2017 2016 Kenya Airways 3,528 13,379 Reliance Technologies - 6,078 Microsource - 4,600 Ms Martha Mutesayire - 147 MFI Digital Solutions - 2,199 STR Consultant - Paul Bagabo 5,068 - 8,596 26,403 Payables pertain to expenditure for air fares and STR consultancy fee which was due in 2017 but payments effected only in 2018. 14 Deferred income 12 months to 6 months 31 Dec 2017 to 31 Dec 2016 Balance 1 January 296,010 - Grant received from World Bank 817,461 371,950 Deferred income released to income (790,160) (75,940) Balance 31 December 323,311 296,010 The amount relates to unspent grant for the year under review from disbursement made by World Bank Group in 2017 and also unspent amount carried forward from 2016. This amount will be carried forward to be used in next financial year. 14.1 Deferred income reconciled to cash and cash equivalents Note 2017 2016 Cash and cash equivalents 11 282,512 306,963 Charged to fund - Unpaid from bank 13 (8,596) (26,403) Paid from Bank - Unallocated to project expenditure 12 49,395 15,450 Deferred income 14 323,311 296,010 13 COMESA - Great Lakes Trade Facilitation Project Notes to the financial statements (continued) for the year ended 31 December 2017 In United States Dollars. 14.2 Undrawn funds from World Bank Group 2017 2016 Grant as per Financing Agreement 5,000,000 5,000,000 Cash drawn to date (1,189,411 (371,950) Available at 31 December 3,810,589 4,628,050 14.3 Assets: Analysis of cash received from World Bank Group as at 31 December 2017 2017 2016 Cash and cash equivalents 11 282,512 306,963 Cumulative expenditure recognised to date 866,100 75,940 Amount payable to third pa-ties 13 (8,596) (26,403) Amount receivable from third parties 12 49,395 15,450 Cumulative grant received to date 1,189,411 371,950 14.4 Deferred income analysis of cash received from World Bank Group 2017 2016 Deferred income - Fund as at 31 December 323,311 296,010 Income recognised to date 866,100 75,940 Cumulative grant received to date 1,189,411 371,950 15 Contingent liabilities There were no contingent liabilities as at 31 December 2017 (2016: Nil). 16 Subsequent events There were no subsequent events requiring disclosure or adjustments to these financial statements. 14 COMESA - Great Lakes Trade Facilitation Project Notes to the financial statements (continued) for the year ended 31 December 2017 In United States Dollars. 17 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these Financial Statements. Set out below is an index of significant accounting policies, the details of which are available on the pages that follow: a) Income recognition b) Deferred income c) Expenditure d) Income tax e) Financial instruments f) Foreign currency (a) Income recognition Grants are recognised where there is reasonable assurance that the grant will be received and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of the related asset. (b) Deferred income Deferred income are grants received from African Development Bank which have not been utilised in the period. Income is only recognised when related expenditure for which the grant was obtained has been incurred. (c) Expenditure Project expenditure is recorded when all the necessary conditions for the grant with regard to expenditure are met or when there is reasonable assurance that the project will comply with the conditions attaching to the grant with regard to expenditure. (d) Income tax The project is exempt fi-om income tax under paragraph 4b of Part 11 of Second Schedule to the Income Tax Act 1966 (as amended), Cap 323 of Laws of Zambia. 15 COMESA - Great Lakes Trade Facilitation Project Notes to the financial statements (continued) for the year ended 31 December 2017 In United Slates Dollars. 17 Significant accounting policies (continued) (e) Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Cash and cash equivalents Cash and cash equivalents are defined as cash on hand, demand deposits and short- term, highly liquid investments readily convertible to lnown amounts of cash and subject to insignificant risk of changes in value. Cash on hand and on call is carried at fair value. Deposits held on call are classified as loans originated by the Project and carried at amortised cost. Due to the short term nature of these, the amortised cost approximates its fair value. Other receivables Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Other receivables, which generally have 30 day terms, are recognised and carried at original invoice amount less an allowance for any uncollectible amounts as the effect of imputing interest is considered to be insignificant. In relation to other receivables, a provision for impairment is made when there is objective evidence (such as significant financial difficulties of the debtor) that the Project will not be able to collect all of the amounts due under the original terms of the invoice. The carrying amount of the receivable is reduced through use of an allowance account. Impaired debts are derecognised when they are assessed as uncollectible. (ii) Financial liabilities Other payables Other payables are subsequently measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Derecognition offinancial liabilities The Project derecognises financial liabilities when, and only when, the Project's obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. 16 COMESA - Great Lakes Trade Facilitation Project Notes to the financial statements (continued) for the year ended 31 December 2017 In United States Dollars. 17 Significant accounting policies (continued) (f) Foreign currency In preparing the financial statements, transactions in currencies other than United States Dollar are recorded at the middle rates of exchange at the date the transaction first qualifies for recognition. At each reporting date, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 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U V� с,о_, � � � и о,°_' ^ о� a��i е, �°U' р ` � � �1 и _ о � - о -- с�и _ я.- ' � �4 � � � � � � � Ё о о � � ? � � _" Г� " � а� с' у L й = °� С �' •= L1 � � � � > � . � и � , w о ' s� 5 � гг а Г��' _� � О - , � = � �р Е � �'�-о � о �- :. �а сС ` [� 1 U U и[" г� w° � `� � С � '� � о _ - � - � � оо rn О- - р О F' , г, U � V 7 7 V F'-' /. - APPENDIX 11 COMESA - Great Lakes Trade Facilitation Project Scbedule of fixed assets for the year ended 31 December 2017 2016 Asset Code Item Year Amount CWB/01:-;1003 LAPTOP 2016 1 890 CWB/OE1004 LAPTOP 2016 1890 CWB/OE1005 LAPTOP 2016 1 890 CWB/OE1006 PRINTER 2016 407 CWB/OE1007 DESKTOP COM13UTER 2016 1 309 -CWB/01---1008 DESKTO11 COMPUTER 2016 1 309 CWB/01---1009 DESKTO11 COMPUTER 2016 1309 Total computer equipment 10004 CWB/OE1007 HEAVY DUTY PRINTER 2016 2 199 CWB/OES004 SCANNER 2016 382 Total offiec cquipment 2016 2 581 2017 Asset Code Item Year Amount CWB/OFDOOI EXECUTIVE DESK 2017 722 CWB/0F D002 EXECUTIVE DESK 2017 722_ CWB/OFCOO1 H.B CHAIR 2017 445 CWB/OFC002 H.B CHAIR 2017 445 CWB/OFC003 VISITORS CHAIR 2017 329 CWB/OFC004 VISITORS CHAIR 2017 329 CWB/01--CO05 VISITORS CHAIR 2017 329 CWB/OFC006 VISITORS CHAIR 2017 329 CWB/OFC007 EXECUTIVE CHAIR 2017 877 CW13/01-AOOI OPEN SHELF 2017 266 CWB/OFA002 OPEN SHELF 2017 266 CW13/01,'AO03 OPEN SHELF 2017 266 CW13/01-ISOOI METAL STATIONERY 2017 198 CWB/OES002 METAL STATIONERY 2017 198 CWB/OES003 METAL STATIONERY 2017 198 CWt3/0FDOO1 OFFICE DESK 2017 392 CW13/0FDO02 OFFICE DESK 2017 392 CW13/01--DO03 OFFICE DESK 2017 392_ CWB/0FDO04 OF1,1CL DESK 2017 392 CW13/017DO05 - OFFICE DESK 2017 392 CW13/01-DO06 OFFICH DESK 2017 392 CW13/01--DO07 OFFICE DESK 2017 392 CW13/OFI)008 OFFICE DHSK 2017 392 CW13/0FDO09 OFFICH DESK 2017 392 23 APPENDIX II COMESA - Great Lakes Trade Facilitation Project Schedule of fixed assets (continued) for the year ended 31 December 2017 2017 Asset Code Item Year Aniount CWB/OFDOIO OFFICE DESK 2017 392 CWB/OFDOI I OFFICE DESK 2017 392 CWB/OFD012 OFFICE DESK 2017 392 CWB/OFD013 OFFICE DESK 2017 392 CWB/OFD014 OFFICE DESK 2017 392 CWB/OFDO15 OFFICE DESK 2017 392 CWB/OFC008 VISITOR'S CHAIR 2017 133 CWB/OFCOO9 VISITOR'S CHAIR 2017 133 CWB/OFCOIO VISITOR'S CHAIR 2017 133 CWB/OFCOII VISITOR'S Cl-AIR 2017 133 CWB/OFCO12 VISITOR'S CHAIR 2017 133 CWB/OFC013 VISITOR'S CHAIR 2017 133 CWB/OFC014 VISITOR'S CllAIR 2017 133 CWB/OFC015 VISITOR'S CllAIR 2017 133 CWB/OFCO16 VISITOR'S CHAIR 2017 133 CWB/OFC017 VISITOR'S CHAIR 2017 133 CWB/OFC018 VISITOR'S CHAIR 2017 133 CWB/OFC019 VISITOR'S CHAIR 2017 133 CWB/OFCO20 VISITOR'S CHAIR 2017 133 CWB/OFCO2I VISITOR'S CllAIR 2017 133 CWB/OFC022 VISITOR'S CllAIR 2017 133 CW3/OFC023 VISITOR'S CHAIR 2017 133 CWB/OFC024 VISITOR'S CHAIR 2017 133 CWB/OFC025 VISITOR'S ClIIAIR 2017 133 CWB/OFC026 VISITOR'S CH IAIR 2017 133 CWB/OFC027 VISITOR'S CH lAIR 2017 133 CWB/OFC028 VISITOR'S ClHlAIR 2017 133 CWB/OFC029 VISITOR'S CllAIR 2017 133 CWB/OFCO30 VISITOR'S CllAIR 2017 133 CWB/OFCO31 VISITOR'S CIHAIR 2017 133 CWB/OFC032 VISITOR'S Cl lAIR 2017 133 CWB/OFC033 VISITOR'S CHAIR 2017 133 CWB/OFC034 VISITOR'S CI lAIR 2017 133 CWB/OFC035 VISITOR'S CI lAIR 2017 133 CWB/OFC036 VISITOR'S CI lAIR 2017 133 CWB/OFC037 VISITOR'S CI lAIR 2017 133 CWB/OFC038 OFFICE SWIVEL CllAIR 2017 203 CWB/OFC039 OFFICE SWIVEL CHAIR 2017 203 CW13/OFCO40 OFFICE SWIVEL. CI lAIR 2017 203 24 APPENDIX II COMESA - Great Lakes Trade Facilitation Project Schedule of fixed assets (continued) for the year ended 31 December 2017 2017 Asset Code Item Year Amount CWB/OFCO41 OFFICE SWIVEL CHAIR 2017 203 CWB/OFC042 OFFICE SWIVEL CHAIR 2017 203 CWB/OFC043 OFFICE SWIVEL CHAIR 2017 203 CWB/OFC044 OFFICE SWIVEL CHAIR 2017 203 CWB/OFC045 OFFICE SWIVEL CHAIR 2017 203 CWB/OFC046 OFFICE SWIVEL CHAIR 2017 203 CWB/OFC047 OFFICE SWIVEL CHAIR 2017 203 CWB/OFCO48 OFFICE SWIVEL CHAIR 2017 203 CWB/OFCO49 OFFICE SWIVEL CHAIR 2017 203 CWB/OFC050 OFFICE SWIVEL CHAIR 2017 203 CWB/OFCO5I OFFICE SWIVEL CHAIR 2017 203 CWB/OFC052 OFFICE SWIVEL CHAIR 2017 203 CWB/OFAOOI FILLING CABINET 2017 273 CWB/OFA002 FILLING CABINET 2017 273 CWB/OFA003 FILLING CABINET 2017 273 CWB/OFA004 FILLING CABINET 2017 273 CWB/OFA005 FILLING CABINET 2017 273 CWB/OFA006 FILLING CABINET 2017 273 CWB/OFA007 FILLING CABINET 2017 273 CWB/OFA008 FILLING CABINET 2017 273 CWB/OFA009 FILLING CABINET 2017 273 CWB/OFA010 FILLING CABINET 2017 273 CWB/OFAOI I FILLING CABINET 2017 273 CWB/OFA012 FILLING CABINET 2017 273 CWB/OFAO13 FILLING CABINET 2017 273 CWB/OFAO14 FILLING CABINET 2017 273 CW13/OFAO15 FILLING CABINET 2017 273 VSAQUATI707002505 SMART PH1IONE 2017 60 VSAQUATI707000762 SMART PHONE 2017 60 VSAQUATI707002178 SMART PHlONE 2017 60 VSAQUATI707002441 SMART PHONE 2017 60 VSAQUAT SMART PIONE 2017 60 VSAQUATI707000257 SMART PHONE 2017 60 VSAQUATI707002502 SMART PMIONE 2017 60 VSAQUATI707000520 SMART PHONE 2017 60 VSAQUATI707000209 SMART PIONE 2017 60 VSAQUATI707000479 SMART PIIONE 2017 60 VSAQUATI707000351 SMART PHONE 2017 60 VSAQUAT 1707000201 SMART Pl-lONE 2017 60 25 APPENDIX II COMESA - Great Lakes Trade Facilitation Project Schedule of fixed assets (continued) for the year ended 31 December 2017 2017 Asset Code Item Year Amount VSAQUATI707000783 SMART PHONE 2017 60 VSAQUAT1707000244 SMART PHONE 2017 60 VSAQUAT]707002153 SMART PHONE 2017 60 VSAQUATI707000170 SMART PHONE 2017 60 VSAQUAT1707000260 SMART PHONE 2017 60 VSAQUATI707001387 SMART PHONE 2017 60 VSAQUAT1707000774 SMART PHONE 2017 60 SMART PHONE 2017 60 SMART PHONE 2017 60 Total office equipment 24 189 CWB/OEIO31 DESKTOP COMPUTER 2017 991 CWB/OE1032 DESKTOP COMPUTER 2017 991 CWB/OE1033 DESKTOP COMPUTER 2017 991 CWB/OE1034 DESKTOP COMPUTER 2017 991 CWB/OE1035 DESKTOP COMPUTER 2017 991 CWB/OE1036 DESKTOP COMPUTER 2017 991 CWB/OE1037 DESKTOP COMPUTER 2017 991 CWB/OE1038 DESKTOP COMPUTER 2017 991 CWB/OE1039 DESKTOP COMPUTER 2017 991 CWB/OEIO40 DESKTOP COMPUTER 2017 991 CWB/OE1041 DESKTOP COMPUTER 2017 991 CWB/OE1042 DESKTOP COMPUTER 2017 991 CWB/OE1043 DESKTOP COMPUTER 2017 991 CWB/OE1044 DESKTOP COMPUTER 2017 991 CWB/OEPOO P-1OTOCOPIERJPRINTElR/SCANNER 2017 3 990 CWB/OEP002 PHIOTOCOPIER/PRINTER/SCANNER 2017 3 990 CWB/OEP003 PHOTOCOPIER/PRINTER/SCANNER 2017 3 990 CWB/OEP004 PIOTOCOPIER/PRINTER/SCANNER 2017 3 990 CWB/OEP005 P-OTOCOPIER/PRINTER/SCANNER 2017 3 990 CWB/OEP006 P1OTOCOPIER/IPRINTER/SCANNER 2017 3 990 CWB/OEPOO7 P-OTOCOPIER/PRIN'1ER/SCANNER 2017 3 990 CWB/OEP008 PRINTER-SCANNER 2017 637 CWB/OE1045 LAPTOP 2017 807 UPS 2017 3 578 Total computer equipment 46 826 26