75320 THE SOCIAL INVESTMENT FUND OF BELIZE Financial Statements For the year ended 31 March 2012 and the year ended 31 March 2011 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Index to the financial statements Note Page Note Page Independent auditors’ report 1 Special report on compliance with contractual agreement (Basic Needs Trust Cumulative sources and uses of funds Fund) 12 statements 3 Compliance schedule to Basic Needs Statement of cumulative investments (cost Trust Fund 13 variance report) 5 Special report on compliance with 1 General information 6 contractual agreement (Caribbean Development Bank) 14 (a) Project Status-Basic Needs Trust Fund 6 Compliance schedule to CDB Loan #1 15 (b) Project Status-Caribbean Compliance schedule to CDB Loan #2 16 Development Bank Loan#1 7 Special report on compliance with (c) Project Status-Caribbean contractual agreement (IBRD) 18 Development Bank Loan#2 (SIF Compliance schedule to IBRD 19 Loan 11) 7 Report on supplemental schedules 20 (d) Project Status-Commonwealth Debt Initiative 7 Project expenditures by funding source (categories) 21 (e) European Union: (Banana Support Programme) 7 Project expenditures by funding source 22 (f) European Union: Poverty GOB project expenditures report Alleviation 8 (detailed) 23 (g) International Bank for CDI project expenditures report (detailed) 24 Reconstruction and Development BNTF 5 project expenditures report (IBRD) 8 (detailed) 25 (h) Project Status-IBRD 9 CDB Loan #1 project expenditures report (i) Department for International (detailed) 26 Development-Hurricane Iris CDB Loan #2 project expenditures report Recovery Project 9 (detailed) 27 2 Summary of significant accounting policies: 9 EU project expenditures report (detailed) 28 (a) Basis of preparation 10 BNTF 6 project expenditures report (b) Foreign currency translation 10 (detailed) 29 (c) Recognition of revenue 10 World Bank/IBRD project expenditures report (detailed) 30 (d) Expenses/costs 10 World Bank/IBRD project expenditures 3 Cash and bank balance 11 report (World Bank categories) 31 4 Risk management 11 5 Taxation 11 Crowe Horwath, Horwath Belize LLP Member Crown Hotw.iih lulf rrutmnal Jasmine Court. Suile 201 35A Regem Street, PO Box 756 Belize City. Belize Independent auditors' reporl 501-227-6660/6861/6629 501-227-6072 Fax ea1lp@crowehor\witli bz To the Board of Directors of The Social Investment Fund of Belize www.croweharwain bz Report on the financial statements We have audited the accompanying financial statements of The Social Investment l-'und of Belize (SIF) which comprise of the cumulative sources and uses of fluids statements, the statement of cumulative investments. and a summary of significant accounting policies and oilier explanatory noles for the year ended 31 March 2012. The activities of" SIF are financed with funds from the Caribbean Development Bank (CDB), the European Union (EU), the Commonwealth Debt Initiative (CD1). the International Bank Tor Reconstruction and Development (IBRD) and local counterpart funds from the Government ofBelize (GOB], Management's responsibility for Hie financial statements Management is responsible for the preparation and fair presentation of ihe.se financial statements in accordance with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant 10 the preparation and fair presentation of financial statements dial 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. Auditors1 responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing, and guidelines promulgated by the Caribbean Development Bank and the World Bank. Those .standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance aboui whether tfie financial statements are free of material inissiaiemeiU. An audit involves performing procedures lo obtain audit evidence about ilic amounts and disclosures in the financial statements. The procedures selected depend on ihe auditors" judgment, including the assessment of the risks of material misstatctnenl of the financial statements, whether due lo fraud or error. In making those risk assessments, the auditor considers internal control relevant lo the entity's preparation and fair presentation of the financial statements in order to design audit procedures thai are appropriate in the circumstances, but not for the purpose of expressing an opinion on ihc 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 oflhe financial statements. We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. As described in Note 2. the accompanying cumulative sources and uses of funds statements, and the statement of cumulative investments were prepared using the cash basis of accounting in accordance with the Cash Basis International Public Seelor Accounting Standards: Financial Reporting under the Cash Basis of Accounling. Cash basis accounting recognizes transactions and acts only when ihc cash (and/or cash Equivalent) is received or disbursed by Ihe entity, and not when they give rise lo. accrue or originate rights or obligations although there was no cash movement. Himva/h Belize LLP. d Buluu registered Limited Lmbilily PurtnarsDlp, rir o nmtnOer o( Cram) HnrfintU International, a Swiss vemn (Crime Huiwdthl Eacfr memtiel firm ill Ouivu hJ»j!Ii is svr/arate andindependent ifg.'i eniiiy niw American Marketing Association, and Ann Mcfie cpa Mombprnfihe Insiitiite of Cfterteted Accountants of Opinion in our opinion, the accompanying financial statements give a true and fair view of the financial position of SIF as of 31 March 2012, and of its financial performance for the period then ended in accordance with International Financial Reporting Standards modified by the basts of accounting described in the paragraph above and [he accounting policies described in Nole 2. Report on other legal and/or regulatory requirements We did not observe any situations suggesting noncompliance with the financial and other covenants of the ISasie Needs Trust Funds (BNTF) Programmes, the CDB loans, and the IBRD loan during the period reviewed by us. 9 July 2012 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 (In Belize dollars) Cumulative sources and uses of funds statements Cumulative Cumulative 2012 2011 2012 2011 Project Financing Government Funds: GOB – Capital III - - 16,931,880 16,931,880 Administrative Income 98,869 220,000 318,869 220,000 Consultancy Income - 800 800 800 Reimbursement from IBRD to GOB (CAP III) - - (11,783,091) (11,783,091) Reimbursement from World Bank - - (204,706) (204,706) Capital II 1,197,000 1,140,000 14,388,260 13,191,260 Reimbursement from CDB to GOB (Cap III) BNTF 5 1,650,481 2,535,914 10,875,338 9,224,857 Reimbursement from CDB to GOB (Cap III) CDB Loan 286,936 5,510,664 12,696,643 12,409,707 Reimbursement from CDB to GOB (Cap III) BNTF 6 2,154,063 - 2,154,063 - IBRD: Initial advance to special account - - 150,000 150,000 Reimbursement to special account - - 266,295 266,295 Reimbursements made to GOB - - 204,706 204,706 Reimbursements made to GOB (CAP III) BNTF 5 (1,650,481) (2,535,914) 600,997 2,251,478 Reimbursements made to GOB(Cap III) CDB Loan (286,936) (5,510,664) (13,028,380) (12,741,444) Reimbursement made to GOB (CAPIII) BNTF 6 (2,154,063) - (2,154,063) - World Bank Loan – BMDP 1,041,851 1,172,207 2,214,058 1,172,207 PPF financing: - 396,120 1,235,569 1,235,569 World Bank Counterpart Funding-BMDP 132,995 - 132,995 - Repayment to IBRD by UNICEF - - (18,790) (18,790) JAPANESE GRANT - - 393,568 393,568 ODA - - 333,752 333,752 European Union - 526,138 9,196,377 9,196,377 European Union Counterpart Funding 362,347 13,934 1,765,410 1,403,063 United Nations Children’s Fund - - 163,084 163,084 Inter-American Development Bank - - 933,801 933,801 SUPPLEMENTAL LOAN - - 678,591 678,591 CDB/BNTF - - 1,387,076 1,387,076 PAHO/WHO - - 238,777 238,777 UK/BNTF - - 3,342,416 3,342,416 CDI (Commonwealth Debt Initiative) - 2,868,900 15,027,298 15,027,298 BNTF 5 Grant 1,905,127 959,052 15,536,832 13,631,705 BNTF 5 Counterpart Funding 550,000 840,064 2,472,044 1,922,044 BNTF 6 Grant 3,500,000 2,078,972 6,239,215 2,739,215 BNTF 6 Counterpart Funding 764,468 203,800 1,104,268 339,800 CDB Loan 1,168,374 857,680 16,364,014 15,195,640 CDB Loan Counterpart Funding 185,448 117,512 2,516,638 2,331,190 CDB Loan #2 (SIF Loan II) 2,819,436 - 2,819,436 - CDB Loan#2 Counterpart Funding 389,553 175,000 564,553 175,000 Inter-bank / Organization transfers - - 409,391 409,391 Other income 206,244 137,620 1,863,927 1,657,683 Total financing 14,321,712 11,707,799 118,331,911 104,010,199 The accompanying notes form an integral part of these financial statements. 3 The Social Investment Fund of Belize for the year ended 31 March 2012 and tin.1 year ended 31 March 2011 (In Bella dollars) See notes to financial statemenls on pages 6 to II. Cumulative sources and uses of funds statements (continued) Cumulative Cumulative 2012 20 It 2012 2011 Project expenditures: Community projects 7,497,173 6,691,670 82,768.329 75,271.156 Consultants' services and training 667,273 397,533 4,518,090 3.850,817 Incremental operating costs 2,552,040 1.767,632 20,208.257 17,656.217 PPF charges 505.935 531.568 531.568 Recovery/other expenses-l'rojecis (52,021) 211.060 1,-140.811 1.492.832 Total expenditure 10,664,465 9,573,830 109 ,467.055 98,802,590 Ne! cash (outflow) inflow 3.657.247 2.133,969 8 ,864,856 5.207,609 Beginning cash balance 5,207.609 3,073.6-10 Ending cash balance 8,864,856 5,207,609 8 ,864,856 5,207,609 The financial statements were approved for issue by the Board of Directors on 2-1 July 2012 and signed on ils behall Director See notes to financial statements on pages 6 to II. The accompanying notes form an integral part of these financial statements. Statement of cumulative investments (cost variance report) ACTUAL (BZ $) PLANNED (BZ $) VARIANCE (BZ $) Cumulative Year Cumulative Cumulative Year Cumulative Cumulative Year Cumulative Investments 2011 2012 2012 2011 2012 2012 2011 2012 2012 Access 1,882,435 25,185 1,907,620 3,823,200 - 3,823,200 1,940,765 (25,185) 1,915,580 Agriculture 473,530 - 473,530 581,948 - 581,948 108,418 - 108,418 Community Market 331,459 32,099 363,558 3,670,350 - 3,670,350 3,338,891 (32,099) 3,306,792 Economic infrastructure 1,882,035 1,063,407 2,945,442 10,876,367 6,705,888 17,582,255 8,994,332 5,642,481 14,636,813 Education 26,853,340 2,908,763 29,762,103 38,148,943 4,055,231 42,204,174 11,295,603 1,146,468 12,442,071 Health 5,310,167 495,742 5,805,909 13,410,202 1,810,880 15,221,082 8,100,035 1,315,138 9,415,173 Housing 2,408,266 - 2,408,266 622,334 446,000 1,068,334 (1,785,932) 446,000 (1,339,932) Integrated Pilot Project 609,761 - 609,761 4,850,100 906,253 5,756,353 4,240,339 906,253 5,146,592 Maintenance 847,079 - 847,079 2,076,100 - 2,076,100 1,229,021 - 1,229,021 Micro Enterprise 2,028,595 - 2,028,595 3,935,315 - 3,935,315 1,906,720 - 1,906,720 Vulnerable groups - 233,079 233,079 460,000 578,788 1,038,788 460,000 345,709 805,709 Organizational strengthening 1,046,316 72,468 1,118,784 4,657,420 - 4,657,420 3,611,104 (72,468) 3,538,636 Skills Training 630,745 209,809 840,554 5,197,600 151,200 5,348,800 4,566,855 (58,609) 4,508,246 Social services 4,572,594 872,328 5,444,922 9,280,171 2,204,149 11,484,320 4,707,577 1,331,821 6,039,398 Water and sanitation 26,394,834 1,584,293 27,979,127 52,589,779 2,715,334 55,305,113 26,194,945 1,131,041 27,325,986 Community sub-projects 75,271,156 7,497,173 82,768,329 154,179,829 19,573,723 173,753,552 78,908,673 12,076,550 90,985,223 Consultants’ Services 3,864,257 667,273 4,531,530 3,041,118 2,141,000 5,182,118 (823,139) 1,473,727 650,588 Goods 1,156,648 140,949 1,297,597 874,086 74,000 948,086 (282,562) (66,949) (349,511) Operating costs 16,486,129 2,411,091 18,897,220 17,557,571 2,696,032 20,253,603 1,071,442 284,941 1,356,383 Incremental Costs 17,642,777 2,552,040 20,194,817 18,431,657 2,770,032 21,201,689 788,880 217,992 1,006,872 PPF charges 531,568 - 531,568 683,147 - 683,147 151,579 - 151,579 Recovery/other expenses–Projects 1,492,832 (52,021) 1,440,811 - - - (1,492,832) 52,021 (1,440,811) Total Investments 98,802,590 10,664,465 109,467,055 176,335,751 24,484,755 200,820,506 77,533,161 13,820,290 91,353,451 The accompanying notes form an integral part of these financial statements. 5 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) Notes 1. General Information The Social Investm ent Fund of Belize (SIF) w as established in May 1996 as a statutory body under the Social Investment Fund Act, Chapter 43 of the Laws of Belize. The Mission of the SIF is to respond to the basic hum an needs of the poorest of the poor in Belize in an efficient, transparent and ethnically sensi tive manner utilizing a pa rticipatory, collaborative and demand driven approach. SIF works in close collaboration with other social services institutions in Belize to deliver services that are m ore sustainable in the medium to long term, especially considering Belize’s geographic spacing, ethnic diversity, and gender equity and is funded through grants and loans provided by the Caribbean Developmen t Bank (CDB), the Interna tional Bank f or Reconstruction and Developm ent (IBRD), the Commonwealth Debt Initiative (CDI), th e European Union (EU), the Government of Belize (GOB) and other donors. (a) Project Status – Basic Needs Trust Fund The office of the Basic Needs Trust Fund (BNT FO), which operated under the Ministry of National Development, was closed in Belize City in Decem ber 2001. The BNTFO wa s responsible for executing comm unity sub-projects financed throug h the CDB’s BNTF 4 Programme, the UK Provision for Basic Ne eds Programme and the GOB. The BNTF 4 Programme was completed 11 December 2002. At the time the Belize City office was closed, several community sub-projects were still being im plemented. In 2002, SIF wa s given the responsibility for completing those community sub-projects that were under implementation and for implementing those that had already been approved. On 26 March 2002, the GOB signed a grant agreement with the C DB for US$ 3,254,203 to finance a Basic Needs Trust Fund 5 th Programme which funds basic social infrastructural small and large sub-projects in areas such as water and sanitation, educatio n, health, skills training, community markets, access and m aintenance projects. The GOB contributed US$ 1,133,000 as was required under the agreement. In June 2003, GOB was gran ted an additional am ount of US$ 2,006,897 by the Canadian International Development Agency to fund larg e sub-projects under the Basic Needs Trust Fund 5th Programme. The addition al grant was approved on the terms and conditions set out in Grant Agreement No. GA 23/BZE dated 26 March 2002 between the CDB and the GOB. On 30 January 2009 the GOB was provided w ith another grant of US$ 3,005,596 from the th Special Funds Resources of the CDB to finance the Basic Needs Trust Fund 6 Programme, which funds sub-projects focused on groups such as women, youth and poor households. GOB is also expected to contribute US$ 1,072,180 under the terms and conditions of Grant GA 30/BZE. In 2012, several projects were initiated under this grant, including: upgrades of both San Pedro Columbia and Bella Vista Rudim entary Water Systems, Libertad Health Center, Buena Vista Government Primary School, Bella Vista/San Isid ro Primary School Ment al Health Facility, rehabilitation of the Benque Community Preschoo l, and computer, vocational, academic and life skills training programmes, etc. 6 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) (b) Project Status – Caribbean Development Bank Loan #1 On 1 March 2004, the G OB entered into a loan ag reement with the CDB for funds totaling US$ 7,073,000 (Loan No. 15 SFR-OR-BZE). The Term inal Disbursement Date of this loan agreement has been extended to 30 September 2012. These funds are used for social and econom ic infrastructure, social serv ices and organizational strengthening sub-projects aimed at reducing poverty in Belize and for the institutional support of SIF. CDB Projects initiated in 2011 includ ed: Rudim entary Water Systems in Maya Center/Kendall, Sundaywood, Sa n Antonio, Bu ena Vista, Blackm an Eddy/Ontario, Santana/Corozalito; Resource/Library and/o r IT Centers in San Ign acio, Esperanza, Santa Clara/San Roman, Guinea Grass, Gracie Rock, San Joaquin, San Jose Succotz; Trial Farm Drainage Project (Phase 1); M opan Health Clinic (Phase 2) and San Pedro Columbia Health Center; St. Ann’s W omen’s Group; Queen Square Market; small infrastructural projects at Roaring Creek Nazarene School and other schools throughout the country. No new projects were initiated in 2012 as loan funds have now been disbursed and projects completed. (c) Project Status – Caribbean Development Bank Loan #2 (SIF Loan II) The GOB entered into a loan agreem ent with the CDB for funds to taling US$ 15,000,000 (Loan No. 19/SFR-OR-BZE) on 16 Novem ber 2011 (SIF Loan II). The f unds are earm arked for projects in six m ain categories including water and sanita tion, health, econom ic/other infrastructure, education, social services an d organizational strengthening. The period of disbursement is up to 30 Septem ber 2015. The borro wer is expected to contribute not less than BZ$ 3,597,000. Projects initiated under the SIF Loan II in 2012 include: the Golden Haven Home of the Elderly, S unday Wood Primary School, San Pedro Columbia Preschool, Santiago Juan Preschool, and the Trial Farm Drainage Project Phase 3. (d) Project Status – Commonwealth Debt Initiative In December 2002, SIF received funding under th e UK Debt Relief Prog ramme (Commonwealth Debt Initiative) and commenced implementation of community sub-projects in 2003. Additional funds were granted thereafter. Some of the projects funde d by CDI in 2011 include: Gulisi Community Primary School, San Rom an Preschool, Stann Creek Ecum enical Junior College, Placencia Preschool, in stallation of water faciliti es in several villages- Santana, Corozalito and Saint Ann’s, electrification projects in Cayo North East and Maya Mopan village, etc. (e) European Union (Banana Support Programme) The European Union (EU) entered into a comp rehensive development project agreement with SIF aimed at alleviating poverty and i mproving living conditions of select rural co mmunities in the banana producing areas of Belize through im provement of primary education and other water and sanitation infrastructure. The EU pr ovided a grant of €1,840,608.90. Projects funded under this grant include: United Community Prim ary School E xtension Project, Cowpen/Garage Rudimentary Water System Construction Project, San Juan Satellite Health Center Extens ion Project and the Independence Prim ary School Extension Project. The im plementation period for this agreement ended on 30 April 2008. 7 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) (f) European Union: Poverty Alleviation In June 1999, the European Uni on entered into a comprehensive development project agreement with SIF to alleviate poverty and improve the liv ing conditions of the mo st vulnerable groups in Belize. This included improving prim ary education and training center facilities and supporting small scale productive projects in the poores t communities by enab ling access to a m icro- enterprise credit scheme. The project was completed 31 December 2002. The total funding was 1,600,000 Million European Currency Units (MECU) of whi ch 400,000 MECU was slated for the education com ponent and 1,200,000 MECU for the m icro-enterprise credit project. Main results of the project were: 1. Eight primary schools and training centers rehabilitated and functioning. 2. Micro-entrepreneurs had access to over 2,250 short and medium term loans. 3. Family income was expected to increase by 40% to 60% for participating entrepreneurs. 4. The lasting effect of Belizean Micro-Finance Institutions and Training Centers. On 21 De cember 2007, an agreem ent was signed between the Mini stry of Economic Development (MED) an d the EU for the im plementation of Em ergency Reconstruction after Hurricane Dean in Belize. The to tal cost of the action eligible f or financing by the European Union was estim ated at € 600,000. The pro ject aimed to reduce pov erty by mitigating the vulnerability of poor ru ral families affected b y Hurricane Dean and re habilitating the rural productive sector, thereby contri buting to increased incom e, employment and livelihood options. The project has now come to an end. On 15 May 2009, an agreem ent was signed between the MED and the EU for € 483,181.81 to implement a water system for Crooked Tree Village in order to im prove the living and working conditions of residents of this poor comm unity by providing a re liable, potable, safe and year- round water supply to Crooked Tree village. The project has now come to an end. (g) International Bank for Reconstruction and Development (IBRD) Loan Agreement No 4142-0 BEL was executed on 14 May 1997 between Belize, (B orrower) and IBRD (Lender) to fund SIF. The loan wa s for US$ 7,000,000 repayable in twenty-three installments of US$ 290,000 and one final paym ent of US$ 330,000. Repaym ent is to be m ade twice yearly on 15 Nove mber and 15 May, co mmencing 15 November 2002 and ending 15 May 2014. In 2001, a Supplem entary Loan (No. 4142-1 BEL) of US$ 1,400,000 was secured under the “Agreement Amending the Loan A greement.� This second agreement amends the first and is inclusively repayable in twenty-three sem i-annual installments of US$ 60,000 on 15 May and 15 November of each year, commencing 15 Novemb er 2006 and ending 15 May 2018, with a final payment of US$ 20,000. Interest will be char ged on th e principal amount withdrawn and outstanding from time to time at a rate of three fourths of one percent, while the first loan shall accrue interest at one half of one percent annually. 8 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) (g) International Bank for Reconstruction and Development (IBRD) (continued) Projects were executed by SIF, an independent executing agency, who reported to the W orld Bank and the GOB. GOB was directly responsibl e for the overall SIF promotion, coordination, appraisal, financing, supervision, execution and completion of community projects. SIF was also responsible for the preparation and subm ission of quarterly financial reports to the World Bank. The project was completed in March 2003. (h) Project Status – IBRD On 2 December 2011, Loan Num ber 7958-BZ was executed between the GOB and the IBRD for US$ 15,000,000 to im prove access to basic m unicipal infrastructure and to enhance the service delivery and m unicipal management in selected towns. The Belize Municip al Development Project is designed into 3 categor ies: municipal infrastructure investments, technical assistance and capacity building f or TCC’S MLLGRD a nd MNRE and project m anagement. Prior to the signing of said loan, the IBRD provided an advance facility in respect of the loan agreement of up to US$ 800,000 (Project Preparation Advance N o. IBRD P4520-001 agreement signed on 16 July 2009 between the GOB and IBRD). The advance faci lity was used in 2011 for the preparation of a project designed to improve m unicipal service delivery and its sustainability in up to seven selected municipalities (San Ignacio/Santa El ena, Belmopan City, Be nque Viejo Del Carm en, Dangriga, Punta Gorda, Corozal and Orange Walk), including consultancies on traf fic management, municipal finance and revenue enhancement, participatory investment planning and municipal development strategies, and workshops on municipa l capacity building, social assessment and indigenous framework. Projects initiated in 2012 in cluded: a Pilot Traffic Safety Enhancements civil works project in three municipalities-San Ignacio, Santa Elena and Belmopan, preparation of designs, technical specifications and cost estimates for rehabilitation of municipal streets, revenue enhancement support to the respective town councils, and procurement of vehicles, computers and peripheral equipment. (i) Department for International Development - Hurricane Iris Recovery Project As a result of Hurricane Iris, funds equiva lent to £ 305,112 from the UK Departm ent for International Development were provided to SI F for the implem entation of recovery projects. These included the construction of starter houses, rudimentary water system s and hurricane shelters. Funds were origin ally granted to BNTF 4 under the Provision for Basic Needs Programme, which completed in 2002. 2. Summary of significant accounting policies The principal accounting policies applied in the prep aration of these financial statements are set out below. These policies have been consisten tly applied to all the years pr esented, unless otherwise stated. 9 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) 2. Summary of significant accounting policies (continued) (a) Basis of preparation The financial statem ents have been prepared in Belize dollars (BZ$) unde r the historical cost convention and conform with International P ublic Sector Accounting Standards (IPSAS), “Financial Reporting under the cash basis of accounting� issued by the Public Sector Committee of the International Federation of Accounts and World Bank guidelines appropriate to the activity in which SIF operates. SIF’s accounting and financial repo rting system aims to enable users to assess its accountability for the funds available for its activities. In order to satisfy this objective, the following accounting policies were adopted: (b) Foreign currency translation Items included in the financial statem ents are measured using the currency of the econom ic environment in which th e entity operates (‘the functional currency’). The financial statements are presented in Belize dollars, which is the organization’s functional and presentation currency. SIF recognizes foreign currency amounts received from funding agencies at the Belize equivalent credited to them by the Central Bank of Belize wit hout accounting for any foreign exchange gain or loss. (c) Recognition of revenue The fund receipts (cash received from the Ba nk/or GOB) are recognized and acco unted for when they are effectively deposited (value-date) in the Fund' s bank account. The expenses are recognized when they are paid (check's date or value-date of direct payment by the Fund). SIF’s Cumulative Sources and Us es of Funds Statem ents reflect receipts and disbursem ents relating to the community projects and operating costs. Funds available in the Special Account are rest ricted to S IF's purposes only. Fixed assets procured with SIF funds belong to SIF and are restricted to SIF purposes until SIF's completion. SIF is obliged to maintain adequa te records to control and protect all its fixed assets as well as other resources secured from SIF funding. (d) Expenses/Costs All costs related to SIF' s activities are classified where appropriate, according to the work plan budget for the period. The statem ent reflects fi xed assets as “Goods� and are recorded and reported at acquisition cost at date of purchase. No depreciation is charged to these fixed assets acquired by SIF’s funds. 10 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) 3. Cash and bank balances Cash and cash equivalents m ay include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. 2012 2012 2011 2011 BZ$ US$ BZ$ US$ Cash at bank 8,864,856 4,432,428 5,207,609 2,603,805 4. Risk management Credit Risk and Interest Rate Factors Financial instruments which potentially subje ct SIF to concentr ations of credit ris k consist principally of deposits with financial institutions. 5. Taxation Under the Social Inve stment Fund Act, Chapter 43 of the Laws of Belize, Revised Edition 2000, SIF is exem pt from the paym ent of inc ome tax and property ta x. All instrum ents executed by or on behalf of SIF are also exempt from stamp duty. 11 Crowe Horwath Horwalh Bcliic LLP Member c«owo Horwaifi intwnBtonai Jasmine Court. Suite 201 35A Regent Street, P.O Box 756 Belize Cny. Belize 501-227-6860/6861/6629 501-227-6072 Fax eailp@crowetiorwalh bz www crowehomalh bz Independent auditors' report To Hit-1 Basic Needs Trusl Fund (BNTF) Programme We have audited the cumulative sources and uses of funds statements, and the statement of cumulative investments for the year ended 31 March 2(112 for the Social Investment Fund (SIF) of Belize, entered into by the Government oT Belize (GOB), the Caribbean Development Bank (CD1J), the luiropean Union (EU), the Commonwealth Debi Initiative CCDI), the International Bank for Reconstruction and Development (IBRD), executed by SIF, and have issued our report thereon dated 9 July 2012. In relation to our audit, we determined compliance with financial and accounting contractual clauses and articles within the Special and General Provisions of the BNTF 5lh and 6th Grant Agreements, and compliance with liie applicable provisions of the SIF's Operating Regulations as ol"31 March 21)12. We have examined the Special Conditions described in Sections 3 and 5 of the BNTF'S Operations Manual. We conducted our audits in accordance with International Standards on Auditing and guidelines promulgated by the CDB. Those standards require thai we plan and perform the audit la obtain reasonable assurance that the SIF has complied with the pertinent Grant Agreement contractual clauses, applicable laws and regulations, and the provisions contained in the BNTF Operations Manual. The audit includes examining, on a test basis, the appropriate evidence. In our opinion, for the year ended 31 March 2(112 the SIF complied in all material respects with financial and accounting contractual clauses of the BNTF's Grant Agreements, and with all applicable laws and regulations and tin.1 Operating Regulations of the Fund. ^AP - a 9 July 2012 Hommli Biiluu UP. a Belve nw»enirf Lmwtf Lability Partnership is a matron' ol Cio<*e Human* International, n Swiss voiom (Coivn HcrvMlhl Eacfi member turn til Cime Hor*iiih rs a smmutt t«K< vxlopendent logni entity and la iictmsuti lo usa "Ciuwo llom/ilir a ■Honnalh" In connection wW :h» titormon ol Bialit. la,, advisory or oli>or proiaasmnat mrvlcti in »■ t'snis Pannm sjP£>™avFCA.Fultowotttmlnsum>olC)ia/leredAccoimlnnlsiiiEiwtM International, a Swiss voroin (Crowe Harnath) Each member finn of Crowe Hbrwatft ts a separate nnd lntSt-pendertr legal unlity and is licensed to use 'Crowe Howalh' or -HonvM/t' in connection with the provision of audit, la*, advisory or oth^r piafessktnftl serwrces to their clients Partners S JP Ermeav I~CA, Fellow ofttw li\st>Urti> of Chartered Accoi/nUmL-i in England and Wultrs, Lisa Znydon MSc Marketing. Member at ths Amenctttt Marketing Association, and Ami McFitUd CPA. MomOer oi the Institute of ClfQitBrod Accountants of Belize 1 ^J The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 (In Belize dollars) Caribbean Development Bank Loan #1 This is a summary of compliance with the loan agreement, exceptions noted in the Management Letter. Loan funds have now been disbursed and projects completed. Article No. Conditions Status Article VII Provisions applicable to sub-projects S7.01 (4) Conditions for financing of sub-projects Compliant General provisions Article IV Procurement Compliant 4.04 S6.02 Reporting Requirements Quarterly reports of status portfolio Compliant Schedule of Cumulative Commitments and Loan funds have now been Disbursements and Anticipated Approvals and disbursed and projects Disbursements for the next six months completed. Annual work plan and budget Loan funds have now been disbursed and projects completed. Audited Statements Compliant Consultants Report on Impact Evaluation Compliant Project Completion Report Not yet finalized by CDB, was due within 6 months of project completion (i.e. 30 March 2012). 15 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 (In Belize dollars) Caribbean Development Bank Loan #2 This is a summary of compliance with the loan agreement, exceptions noted in the Management Letter. Article No. Conditions Status Article V Conditions precedent to first disbursement S 5.01 Establish special bank account at commercial bank acceptable Compliant to CDB. Create and fill two additional positions (1 engineer and 1 Compliant (CDB no social development officer). objection to the hiring of a second engineer.) Other conditions Article IV Withdrawal and application of loan Compliant. S4.01 Article IV Procurement Compliant with S4.03 exceptions noted in the management letter. Article VI Particular conditions Article VI Execution of the Project (staffing) Compliant. S6.01 GOB to implement through the Ministry of Local Government Technical Assistance the portion of the Technical Assistance Component in respect Component not yet of the institutional and operational framework of the Village commenced. Water Boards. GOB to procure that the Statistical Institute of Belize Technical Assistance implement the portion of the Technical Assistance Component Component not yet for the update of the Poverty Map and Poverty Index commenced. Article VI Environmental Screening Checklist (Site specific checklist) Compliant. S6.05 for sub-projects. Article VI Project Proposal to Increase Sustainability of sub-projects Due Submitted to SIF’s S 6.06 31 December 2011 Board of Directors for approval June 2012. Article VII Sub-projects S7.01 Appraisal, financing and supervision of sub-projects; design, Compliant inspection and certification of infrastructure loans; eligibility of sub-projects; sub-project limits; sub-project approvals; approval of contracts / variations in respect of sub-projects. 16 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 (In Belize dollars) Caribbean Development Bank Loan #2 (continued) Article VI General Provisions Article VI Guarantee Agreement Undetermined S6.01 (a) (i) Article VI Requirement for non-CDB members Not Applicable S6.01 (a) (ii) Article VI Legal Opinion Compliant S 6.01 (a) (iii) (iv) S6.01 (a) (v) Designation of Representatives and Authorization for Compliant and (vi) Withdrawals S6.08 Reporting Requirements Quarterly reports of status portfolio Compliant. Schedule of Cumulative Commitments and Disbursements and Compliant. Anticipated Approvals and Disbursements for the next six months Annual work plan and budget Compliant. Audited Statements Compliant. Consultants Reports (Review of Village Water Boards, Reviews not yet Development of Monitoring and Evaluation System, commenced. Development of Poverty Map and Index, Impact Evaluation (Due June 2011, May including Beneficiary Assessment. 2011, Oct 2011 and Dec 2013 respectively) Environmental Performance Report CDB to provide training in fiscal 2013 prior to completion of report. (Due 31 May 2012) Annual Monitoring and Evaluation Report Most of the projects initiated in fiscal 2012 not yet completed. (Due within 30 days of the end of the financial year) Project Completion Report Due within 6 months of project completion. 17 Crowe Horwath Horwath Belize LLP Member Crowe HnnAadi InfemaLonal Jasmine Court. Suite 201 35A Regent Street, P.O Box 756 Belize City. Belize 501-227-6860/6861/6629 501-227-6072 Fax ea II p@croweh o rwath. bz www.crowehorwath.bz Celebrating 40 Years of Exceptional Client Service Independent auditors' repori To the International Bunk for Reconstruction and Development We have audited the cumulative sources and uses of funds statements, and the statement of cumulative investments for the year ended 31 Mardi 2012 for the Social Investment Fund (SIF) of Belize, entered into by the Government of Belize (GOB), the Caribbean Development Bank (CDB). the European Union (I£U). the Commonwealth Debt Initiative (CDI), the International Bank for Reconstruction and Development (IBRD), executed by Sli;, and have issued our report Ihereon dated 9 July 2012. In relation to our audit, we determined compliance with financial anil accounting contractual clauses and articles within llie Special and General Conditions of the loan agreement, and compliance with the applicable provisions of the SII"s Operating Regulations as of 31 March 2012. We have examined the Special and General Conditions described in the loan agreement. We conducted our audits in accordance with International Standards on Auditing and guidelines promulgated by the World Bank. Those standards require that we plan and perform the audit to obtain reasonable assurance that the SIF has complied with the pertinent loan contractual clauses, applicable laws and regulations, and the provisions contained in the loan agreement. The audit includes examining, on a test basis, the appropriate evidence. In our opinion, for the year ended 31 March 2012 the SIF complied in all material respects with financial and accounting contractual clauses of the loan agreement, and with all applicable laws and regulations and the Operating Regulations of the Fund. 9 July 2012 Horwath ReUia LLP. a Belize reg'Slerea Linnled Uob'lrty Parlnorstap. 'S a memtwr of Crowe Horwoih Iniematftnal n Swss voro'n {Cruwe Homof) Each member firm of C/nwe Harngft} is a separnto and intfeperttlont legal ent'ly and Ji licensed to use 'Crowo Honva:ti"or 'Ho/walto' "i connocuon with me piuvis>on ot nudrt, tax. ndwsory or otntir professional services to ihair tken'.s Partners: SJP Ermeav FCA, Fellow of the Instttirfo ot Chartttfotf Accountonls I" England ond Wafas, UsaZaydon MSc Markot'ng, Ktnmber of the Aismncan Marinating Association, and Ann McF/elG CPA. Membo'oflf\e tnsMuteof Chartered Accounlonts of Bellzo 18 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 (In Belize dollars) International Bank for Reconstruction and Development This is a summary of compliance with the loan agreement, exceptions noted in the Management Letter. Article No. Conditions Status Article V Effectiveness, Termination 5.01 Conditions of Effectiveness Project Operations Manual and Subsidiary Agreement Compliant 5.02 Legal Opinion Compliant Schedule Project Execution-Implementation Arrangements 2/S1(A) Project Steering Committee Compliant Project Implementation Unit (Project Compliant Coordinator/Key staff) Annual Work Plan Compliant Anti-corruption guidelines Compliant Environmental and social safeguards established Compliant, SIF has documented these safeguards in its: Environmental Management Framework, Land Acquisition and Involuntary Resettlement Policy Framework and the Indigenous Peoples Framework. S2 (a) -A Project Monitoring Reporting and Evaluation Project Reports (every 6 months) Compliant. Mid-term review Not due now. Completion Report Not due now S 2 - B. Financial Management, Financial Reports and Audits Financial Management System Compliant Quarterly Unaudited interim financial statements Compliant Annual audited financial statements Compliant S3 Procurement Procurement Plan Compliant, with exceptions noted in the management letter. S VI Other Covenants - Hiring of key staff Compliant 19 Crowe Horwath Horwath Belize LLP MOflibtf Crow Honniitft InN Jasmine Court, Suite 201 35A Regenl Slreel. PO Box 756 Belize Cily, Belize 50l-227-686(W6861/6629 501-227-6072 Fax e,illp@crawehorwath bz www croweliorwalh bz Independent auditors' report To the Minister ill Pi nance ;im) the Suci;i] In vestment Fund of Belize Board of Directors We have audited the cumulative sources and uses of funds statements, and the statement nt" cumulative Investments for the year ended .11 March 2012 for ihe Social Investment Fund (SIF) of Belize, entered into In the Government of Belize (GOB), the Caribbean Development Bank (CDB), the European Union (EU), the Commonwealth Debt Initiative (CD!), the International Bank for Reconstruction and Development (IBRD). executed by SIF, and have issued our report thereon dated 9 July 2012. We conducted our audits in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether ihe financial statements are free of material mtsstatements. We conducted our audits for the purpose of expressing an opinion on the sources and uses of funds statements and the statement of cumulative investments of the SIF taken as a whole. The accompanying supplementary financial information is presented for the purpose of additional analysis and should not be considered necessary to the presentation of the basic financial statements. We have read this information and verified that it is consistent with the information provided in the financial statements and is pan of the audit mentioned in the first paragraph and, in our opinion, except for the limitations mentioned in our report on the basic financial statements, is fairly presented, in all material respects, when taken as a whole with the basic financial statements. UP July 2012 itio LLP a Otlin regalena Limited imbMty Pattrmislup. is a member ol Crone Homam International, a Shiis .bi» fCraita Honmrtn) £ucn nwniMr Urm ol Cm» Hwwstn is a ssMrafo WR) «d»f»ni»« *9* »nlPlc srW « MmiH) to uu "Craw Hcntain' or -HonvaHi'm coonecMxi vntn Me pmwinn ol audit. ta< advisory or nthf protasswtl Sitrv-cei to ff*w clients Partners SJPEmwav FCA, FeUrm ol inn /naimrfn at Cluvtomd Accountants x\ England and Wales. Usa Zayoen WSc Martofiog. UemOei ol inn American UarXtioigAssiiaaian. ^g Ann UcField CPA Ktt!'nb#t ol Iht InMituli ol ChaffwJ Accountant* at Bohzo The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) Project expenditures by funding source (categories) CDB CDB WORLD 2012 2011 Expenditures: GOB CDI BNTF 5 LOAN#1 LOAN#2 EU BNTF 6 BANK/IBRD TOTAL TOTAL Access - 10,488 14,697 - - - - - 25,185 694,562 Consultancy (7,301) - 2,000 9,322 94,630 - 111,633 456,989 667,273 397,533 Education - 1,177,640 851,168 4,839 350,622 - 524,494 - 2,908,763 1,115,340 Goods 140,949 - - - - - - - 140,949 31,246 Health - 38,448 25,615 35,520 - - 396,159 - 495,742 394,227 Operational expenses 1,387,024 419 302 99,058 155,412 (452) 21,225 748,103 2,411,091 1,736,386 Organizational strengthening - - 67,928 4,540 - - - - 72,468 341,078 Recovery/other expenses-Projects - - - (52,021) - - - - (52,021) 211,060 Skills training - 129,234 34,653 - - - 45,922 - 209,809 107,384 Social services - 286,422 - 71,768 502,481 - 11,657 - 872,328 1,176,648 Community markets - - - - - - 32,099 - 32,099 269,368 Water and sanitation - 74,155 273,849 - - - 1,236,289 - 1,584,293 2,593,063 PPF refinancing - - - - - - - - - 505,935 Vulnerable Persons - - - - - - 233,079 - 233,079 - Economic Infras/Municipal Works - 12,463 - - 890,949 - - 159,995 1,063,407 - TOTAL 1,520,672 1,729,269 1,270,212 173,026 1,994,094 (452) 2,612,557 1,365,087 10,664,465 9,573,830 21 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) Project expenditures by funding source CDB CDB WORLD 2012 2011 Expenditures: GOB CDI BNTF 5 LOAN#1 LOAN#2 EU BNTF 6 BANK/IBRD TOTAL TOTAL Advertisement 25,927 - ----- - 25,927 10,109 Audit Fees 18,450 - ----- 32,873 51,323 17,212 Bank Charges 2,569 419 302 189 762 176 292 - 4,709 4,071 Board of Directors expense 13,158 - ----- - 13,158 14,414 Computer 9,596 - ----- 4,850 14,446 67,619 Equipment 1,141 - ----- - 1,141 4,218 Furniture 1,130 - ----- 795 1,925 18,083 Consultancy (7,301) - 2,000 9,322 94,630 - 111,633 839,758 1,050,042 906,009 Fuel 67,125 - ----- - 67,125 70,790 Income tax - - ----- - - - Insurance 59,604 - ----- - 59,604 53,970 Licensing 1,470 - ----- - 1,470 1,400 Miscellaneous expense 27,064 - - (52,021) 154,650 (598) (1,556) - 127,539 247,647 Postage 2,501 - ----- - 2,501 3,309 Promotional expense 11,022 - ----- - 11,022 23,595 Rental 34,810 - ----- - 34,810 61,352 Salaries 738,139 - - 98,869 -- (30,903) - 806,105 905,354 Severance - - ----- - - - Gratuity 97,852 - ----- - 97,852 220,372 Social Security employer’s contribution 20,239 - ----- - 20,239 18,434 Staff advance – personal loans 4,085 - - - - - - - 4,085 2,533 Staff advance – travel - - ----- - - (330) Supplies 17,802 - ----- - 17,802 26,814 Training 9,884 - ----- - 9,884 3,281 Travel 75,333 - ----- - 75,333 50,757 Utilities 84,164 - --- (30) - 84,134 81,180 Maintenance 69,839 - ----- - 69,839 55,520 Legal Fees 5,988 - ----- - 5,988 - Leasehold improvements - - ----- - - - Vehicle 129,081 - ----- 88,740 217,821 - General operating costs - - ---- 53,392 238,076 291,468 14,446 Projects - 1,728,850 1,267,910 116,667 1,744,052 - 2,479,699 159,995 7,497,173 6,691,671 TOTAL 1,520,672 1,729,269 1,270,212 173,026 1,994,094 (452) 2,612,557 1,365,087 10,664,465 9,573,830 22 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) Gob project expenditures report (detailed) Expenditures: 2012 2011 Advertisement 25,927 10,109 Audit Fees 18,450 17,212 Bank Charges 2,569 2,160 Board of Directors expense 13,158 14,414 Computer 9,596 20,629 Equipment 1,141 4,218 Furniture 1,130 264 Consultancy (7,301) 33,895 Fuel 67,125 69,487 Income tax - - Insurance 59,604 53,970 Licensing 1,470 1,400 Miscellaneous expense 27,064 22,051 Postage 2,501 3,309 Promotional expense 11,022 16,944 Rental 34,810 61,352 Salaries 738,139 708,787 Severance - - Gratuity 97,852 171,475 Social Security employer’s contribution 20,239 18,434 Staff advance – personal loans 4,085 2,533 Staff advance – travel - (330) Supplies 17,802 27,248 Training 9,884 7,116 Travel 75,333 51,313 Utilities 84,164 81,216 Maintenance 69,839 55,520 Legal Fees 5,988 - Leasehold Improvements - - Vehicle 129,081 - General operating costs - - Projects - - TOTAL 1,520,672 1,454,726 23 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) CDI project expenditures report (detailed) Expenditures: 2012 2011 Advertisement - - Audit Fees - - Bank Charges 419 400 Board of Directors expense - - Computer - - Equipment - - Furniture - - Consultancy - 23,217 Fuel - - Income tax - - Insurance - - Licensing - - Miscellaneous expense - - Postage - - Promotional expense - - Rental - - Salaries - - Severance - - Gratuity - - Social Security employer’s contribution - - Staff advance – personal loans - - Staff advance – travel - - Supplies - - Training - - Travel - - Utilities - - Maintenance - - General operating costs - - Projects 1,728,850 2,128,973 TOTAL 1,729,269 2,152,590 24 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) BNTF 5 project expenditures report (detailed) Expenditures: 2012 2011 Advertisement - - Audit Fees - - Bank Charges 302 560 Board of Directors expense - - Computer - 6,136 Equipment - - Furniture - - Consultancy 2,000 12,000 Fuel - - Income tax - - Insurance - - Licensing - - Miscellaneous expense - - Postage - - Promotional expense - 4,962 Rental - - Salaries - - Severance - - Gratuity - - Social Security employer’s contribution - - Staff advance – personal loans - - Staff advance – travel - - Supplies - - Training - - Travel - - Utilities - - Maintenance - - General operating costs - - Projects 1,267,910 1,858,218 TOTAL 1,270,212 1,881,876 25 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) CDB Loan #1 project expenditures report (detailed) Expenditures: 2012 2011 Advertisement - - Audit Fees - - Bank Charges 189 507 Board of Directors expense - - Computer - - Equipment - - Furniture - - Consultancy 9,322 150,914 Fuel - - Income tax - - Insurance - - Licensing - - Miscellaneous expense (52,021) 115,280 Postage - - Promotional expense - - Rental - - Salaries 98,869 167,527 Severance - - Gratuity - 48,897 Social Security employer’s contribution - - Staff advance – personal loans - - Staff advance – travel - - Supplies - - Training - - Travel - - Utilities - (36) Maintenance - - General operating costs - - Projects 116,667 2,109,947 TOTAL 173,026 2,593,036 26 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) CDB Loan#2 project expenditures report (detailed) Expenditures: 2012 2011 Advertisement - - Audit Fees - - Bank Charges 762 3 Board of Directors expense - - Computer - - Equipment - - Furniture - - Consultancy 94,630 - Fuel - - Income tax - - Insurance - - Licensing - - Miscellaneous expense - - Postage - - Promotional expense - - Rental - - Salaries 154,650 - Severance - - Gratuity - - Social Security employer’s contribution - - Staff advance – personal loans - - Staff advance – travel - - Supplies - - Training - - Travel - - Utilities - - Maintenance - - General operating costs - - Projects 1,744,052 9,999 TOTAL 1,994,094 10,002 27 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) EU project expenditures report (detailed) Expenditures: 2012 2011 Advertisement - - Audit Fees - - Bank Charges 176 264 Board of Directors expense - - Computer - - Equipment - - Furniture - - Consultancy - - Fuel - - Income tax - - Insurance - - Licensing - - Miscellaneous expense (598) (38,580) Postage - - Promotional expense - - Rental - - Salaries - - Severance - - Gratuity - - Social Security employer’s contribution - - Staff advance – personal loans - - Staff advance – travel - - Supplies - - Training - - Travel (30) - Utilities - - Maintenance - - General operating costs - - Projects - 14,810 TOTAL (452) (23,506) 28 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) BNTF 6 project expenditures report (detailed) Expenditures: 2012 2011 Advertisement - - Audit Fees - - Bank Charges 292 177 Board of Directors expense - - Computer - - Equipment - - Furniture - - Consultancy 111,633 66,022 Fuel - 1,303 Income tax - - Insurance - - Licensing - - Miscellaneous expense (1,556) 102,179 Postage - - Promotional expense - 1,689 Rental - - Salaries (30,903) 29,040 Severance - - Gratuity - - Social Security employer’s contribution - - Staff advance – personal loans - - Staff advance – travel - - Supplies - (434) Training - (3,835) Travel - (446) Utilities - - Maintenance - - General operating costs 53,392 - Projects 2,479,699 569,724 TOTAL 2,612,557 765,419 29 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) World Bank/IBRD project expenditures report (detailed) Expenditures: 2012 2011 Advertisement 32,873 - Audit Fees - - Bank Charges - - Board of Directors expense - - Computer 4,850 40,854 Equipment - - Furniture 795 17,819 Consultancy 839,758 619,961 Fuel - - Income tax - - Insurance - - Licensing - - Miscellaneous expense - 46,717 Postage - - Promotional expense - - Rental - - Salaries - - Severance - - Gratuity - - Social Security employer’s contribution - - Staff advance – personal loans - - Staff advance – travel - - Supplies - - Training - - Travel - (110) Utilities - - Maintenance - - Vehicle Maintenance - - Vehicle 88,740 - General operating costs 238,076 14,446 Projects 159,995 - TOTAL 1,365,087 739,687 30 The Social Investment Fund of Belize for the year ended 31 March 2012 and the year ended 31 March 2011 Notes to the financial statements (In Belize dollars) World Bank/IBRD project expenditures report (World Bank categories) Expenditures: 2012 2012 2012 2012 2012 2012 World Counter Total World Counter- Total Bank -part Bank part Bz $ Bz $ Bz $ US $ US $ US$ Consultancy and non-consultancy 322,762 - 322,762 161,688 - 161,688 services Part A Goods and works Part A 156,037 3,958 159,995 78,167 1,979 80,146 Goods, consultancy, non-consulting 134,228 - 134,228 67,242 - 67,242 services, training Part B Goods, consultancy services, 715,250 32,852 748,102 358,306 16,426 374,732 operations, training Part C TOTAL 1,328,277 36,810 1,365,087 665,403 18,405 683,808 Expenditures: 201 2011 2011 2011 2011 2011 2011 2011 World Counter PPF Total World Counter- PPF Total Bank -part Bank part Bz $ Bz $ Bz $ US $ US $ US$ Consultancy and non-consultancy 42,704 - - 42,704 21,419 - - 21,419 services Part A Goods and works Part A - - ---- - - Goods, consultancy, non-consulting 68,781 - - 68,781 34,498 - - 34,498 services, training Part B Goods, consultancy services, 122,323 55 - 122,378 61,355 28 - 61,383 operations, training Part C PPF 505,825 505,825 - - 254,242 254,242 TOTAL 233,808 55 505,825 739,688 117,272 28 254,242 371,542 31