-Th PKr Accountants & business advisers GOVERNMENT OF GRENADA MINISTRY OF FINANCE, PLANNING, ECONOMIC DEVELOPMENT, ENERGY, FOREIGN TRADE AND CO-OPERATIVES OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT WORLD BANK CREDIT NO. 4534 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economy, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 TABLE OF CONTENTS Page SUM M ARY OF ACTIVITIES................................................................................2 to 5 AUDITORS' REPORT ON: FINANCIAL STATEM ENTS....................................................................... 6 STATEMENT OF PROJECT SOURCES AND USES OF FUNDS BY DISBURSEM ENT CATEGORY.................................................................... 7 USES OF FUNDS BY PROJECT ACTIVITIES....................................................8-13 STATEMENT OF CASH WITHDRAWALS (DISBURSEMENT) ....................14 DESIGNATED ACCOUNT STATEMENT........................................................ 15 STATEMENT OF APPLICATION FOR WITHDRAWALS ..............................16 NOTES TO THE FINANCIAL STATEMENTS ................................................ 17 to 30 AUDITORS' REPORT ON: INTERNAL CONTROLS............................................................................ 31 COMPLIANCE WITH AGREEMENT TERMS AND APPLICABLE LAWS AN D REGULATION S.............................................................................32 PROJECT EX PENDITURE....................................................................... 33 D ESIGNATED A CCouNT ........................................................................34 REQUEST FOR REIMBURSEMENT ...........................................................35 Audit of the resources managed during the year ended 31st December, 201 by the Project Coordination Unit in the Ministry of Finance, Planning, Economy, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project financed by World Bank Credit No. 4534 Summary of Activities For the year ended 31st December, 2013 (Expressed in Eastern Caribbean Currency Dollars) AUDIT OBJECTIVES The overall objective of this audit was to express a professional opinion on the financial position of the project at the end of the period audited. The specific objectives of the audit were to determine whether: - (a) The Project's financial statements present fairly, in all material respects, the funds received and the disbursements made during the period audited, as well as the cumulative investments at the end of the period, in accordance with the requirements of the credit agreement. (b) The Project Coordination Unit complied with the terms and conditions of the grant agreement and applicable laws and regulations. (c) The expenditure reported under uses of funds by project activities, and included in the Financial Monitoring Reports, and Statement of Expenditures (SOEs), is eligible for financing. (d) Project funds have been used solely for the purpose of the project as stipulated in the grant agreement; and (e) The structure of internal control of the Project Coordination Unit was adequate to manage the project's activities. (f) The supplementary financial information for the project is fairly presented, in all material respects. The objectives of the audit of the Designated Account were to determine whether:- (a) The Designated Account Statement is fairly presented. (b) Disbursements from the Designated Account were in accordance with the grant agreement. (c) The statement fairly reflects the activities of the Designated Account. (d) Funds withdrawn were used solely for the purposes of the project. 2 Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economy, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 Summary of Activities For the year ended 31st December, 2013 (Expressed in Eastern Caribbean Currency Dollars) (continued) BACKGROUND On 19th March, 2009 the Government of Grenada entered into a grant agreement with the International Bank for Reconstruction and Development (IBRD) to finance the cost of the OECS (Grenada) Skills for Inclusive Growth Project. The estimated cost of the project is US$4,481,010. OBJECTIVES The objective of the project is to assist Grenada in improving the employability of youth through public/private sector partnerships for technical and life skills training that is demand driven. 3 Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economy, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 Summary of Activities For the year ended 31st December, 2013 (Expressed in Eastern Caribbean Currency Dollars) (continued) SCOPE OF AUDIT AND AUDIT PROCEDURES The audit covered the year l" January, 2013 to 31st December, 2013 and was performed in accordance with International Standards on Auditing. The audit included the following procedures: - . Review of the documentation and evaluation of the accounting system in order to assess its adequacy in forming the basis for the preparation of the financial statements. . Performance of substantive tests on transactions for the period. . Checked bank reconciliations for the period audited. . Vouched payments made to bills, receipts, contracts and bank approvals. . Examined returned cheques for authorized signatures. Reviewed events occurring after the end of the period. . Traced receipts to bank statements. . Ensured the following: Contracts were signed. Quotations were received from three suppliers for operating expenditure purchases. Project funds were used in accordance with financing agreements. 4 Audit of the resources managed during the year ended 31st December, 201 by the Project Coordination Unit in the Ministry of Finance, Planning, Economy, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 Summary of Activities For the year ended 31st December, 2013 (Expressed in Eastern Caribbean Currency Dollars) (continued) AUDIT RESULTS The results of our audit procedures were sufficient to enable us to express the various opinions stated in the enclosed reports. 5 Pannell House I P. O. Box 1798 1 Grand Anse I St. George's Grenada I West Indies Tel (473) 440-2562/3014/212710414 Fax (473) 440-6750 j Email pkf@spiceisle.com Accountants & business advisers Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economy, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 AUDITORS' REPORT We have examined the financial statements of the OECS (Grenada) Skills for Inclusive Growth Project for the year ended 31st December, 2013. These statements are the responsibility of the project's management. Our responsibility is to express an opinion on the financial statements of the project based on our audit. We conducted our audit in accordance with International Standards on Auditing. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the Project financial statements referred to above, present fairly in all material respects, the financial position of the project, the funds received and disbursements made during the year audited, as well as the cumulative investments at the end of the year, in accordance with International Financial Reporting Standards and the requirements of the respective agreements with the Bank. GRENADA: June 12th, 2014 Accountants & business advisers: 6 Partners: Henry A. Joseph FCCA (Managing), Michelle A. Millet B.A. CGA (Mrs.) PKF. OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 Sources and Uses of Funds For The Year Ended 31 December, 2013 (Expressed in Eastern Caribbean Dollars) Current Year Cumulative Cash Receipts World Bank IDA Funds 4,194,845.02 8,581,475.67 Government Funds 720,000.00 1,402,314.00 Participating Firms 0.00 0.00 Interest 13,226.55 24,621.14 Other Miscellaneous Income 0.00 0.00 Total Financing 4,928,071.57 10,008,410.81 Less: Expenditures by Category 1.0: Goods, works, consultants' services and Operating Costs for the Project Goods 180,017.09 282,290.20 Consultant Services 1,542,665.91 4,536,674.05 Non - Consultant Services 491,618.15 851,760.65 Operating Costs 395,692.59 555,091.23 2,609,993.74 6,225,816.13 2.0: Unit Cost of Training Life skills & Technical Training 1,513,145.80 2,524,800.00 Apprenticeship Stipend 528,080.00 528,080.00 2,041,225.80 3,052,860.00 Total Expenditures 4,651,219.54 9,278,696.13 Receipts less Expenditures 276,852.03 729,714.68 Add: Foreign Exchange Difference -0.04 Net Change in Cash 276,851.99 729,714.68 Opening Cash Balances IDA Designated Account 429,142.34 Project Chequing Account 14,795.46 Project Savings Account 8,924.86 Total Opening Cash 452,862.66 Net Available Cash 729,714.65 729,714.68 Closing Cash balances IDA Designated Account 125,706.20 Project Chequing Account 150,406.50 Project Savings Account 453,601.95 Total Closing Cash Balances 729,714.65 729,714.68 Exchange Rate: 1USD =XCD2.6882 7 OECS (Greiada) Skills for Inclusive Growth Project World Bank Credit No. 4534 Uses of Funds by Project Activity For The Year Ended 31 December 2013 (Expressed in Eastern Caribbean Dollars) Current Year Cumulative PAD: Life of PAD: Adjusted Project Component/ Activity Actual Planned Variance Actual Planned Variance Project Component 1.Skills Training for Unemployed Youth Investment Costs - A. Sensitization of Employers for Mentorship Role 1. Consultancy to design mentorship module 17,473.00 20,000.00 2,527.00 43,818.00 28,000.00 -15,818.00 25,323.00 26,344.00 2. Consultancy to deliver Mentorship Module 0.00 10,000.00 10,000.00 16,129.00 30,000.00 13,871.00 101,291.00 33,603.00 3. Workshop for Employers 3,360.00 3,000.00 -360.00 13,332.00 21,000.00 7,668.00 18,065.00 13,500.00 Subtotal 20,833.00 33,000.00 12,167.00 73,279.00 79,000.00 5,721.00 144,679.00 73,447.00 B. Preparation and Selection of Youth Participants 1. Registration of Youth Orientation and Training of 38 Field Officers 0.00 0.00 0.00 0.00 12,000.00 12,000.00 11,645.28 - Orientation and Training for Guidance Counselors 0.00 0.00 0.00 0.00 2,100.00 2,100.00 2,145.18 - Training for Data Entry Personnel 0.00 0.00 0.00 0.00 500.00 500.00 1,075.28 - Stipend for Data Entry Personnel 0.00 0.00 0.00 0.00 5,000.00 5,000.00 13,978.64 - Printing of Application/Registration Forms 0.00 0.00 0.00 0.00 2,000.00 2,000.00 2,365.62 - Subtotal 0.00 0.00 0.00 0.00 21,600.00 21,600.00 31,210.00 - 2. Orientation Sessions for Selected Youth Participants 1,686.00 2,000.00 314.00 11,390.74 37,300.00 25,909.26 38,710.00 20,000.00 C.Skills Training Delivery to Youth Participants 1. Pre-Service Training Life Skills Training 83,200.00 148,000.00 64,800.00 175,084.70 270,000.00 94,915.30 174,001.81 200,000.00 Stipend during Life Skills training 32,015.00 32,000.00 -15.00 148,601.30 302,000.00 153,398.70 270,002.81 150,000.00 Technical Training course 964,840.00 841,000.00 -123,840.00 1,484,823.10 1,436,000.00 -48,823.10 1,789,502.48 1,500,000.00 Stipend during Technical Training Course 433,090.00 680,000.00 246,910.00 716,290.90 1,995,000.00 1,278,709.10 1,530,015.91 1,100,000.00 Subtotal 1,513,145.00 1,701,000.00 187,855.00 2,524,800.00 4,003,000.00 1,478,200.00 3,763,523.01 2,950,000.00 2. Apprenticeship Stipend during Apprenticeship 528,080.00 877,000.00 348,920.00 528,080.00 877,000.00 348,920.00 1,583,984.22 900,000.00 3. Graduation/Recognition Ceremony 102,834.00 100,000.00 -2,834.00 129,023.83 117,000.00 -12,023.83 29,032.56 130,000.00 Total 2,166,578.00 2,713,000.00 546,422.00 3,266,573.57 5,134,900.00 1,868,326.43 5,591,138.79 4,073 O 8 OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 UJses of Funds by Project Activity For The Year Ended 31 December 2013 (Expressed in Eastem Caribbean Dollas) Currert Year Cumulative PAD: Life of PAD Adjusted Project Componenti Activit Actual Planned Variance Actual Planned Variance Project Component 2.Establishing the Standards Framework Investment Costs A. Acquisitions of Standards 1. Parchase of Licenses for 4 sectors 0.00 1,0D.0o 18,000.00 0.00 21.00000 21,000.00 21,505.50 0.00 2. Purchase of Competency Standards 0.00 5,000.00 5,000.00 0.00 51000,00 5,000.00 4,677.47 0 DD 3. Purchase of Cuniculum Materials 0.00 5,00000 5,000.00 0.00 5,00000 5,000.00 4,677.47 0.00 4. Purchase of Facilities Standards 0.00 200.00 200.00 0.00 200L00 200.00 215.06 0.00 5. Purchase of Student Manuals 0.00 0.00 0.00 0.00 2,000.00 2.000.00 1,935.50 . 0.00 6. Purchase of Leamer Guides 000 1,000.00 1,000.00 0.00 13,000.00 130D.00 12,009.27 0.00 7. Purchase of Reference Materials 0 00 0.00 0.00 0.00 24,000.00 24000.0 24,193.00 0.00 Subtotal 0.00 29,200.00 29,200.00 0.00 70,200.00 70,200.00 70,014.7 0.00 B. Validation of Standards by Industry Groups 1. Consultant to conduct orientationltraining forindustlrya eams 000 0.00 0,00 0.00 5,100.00 5,1DD.DD 10.080.75 0.00 2. Training Workshop for Industrytams 0.00 0.00 0,00 1,308.23 1,000.00 -30.23 1,075.28 1,3D8.23 3. Printing of Validated standards 3,956.00 27,000.00 23,044,00 19,875.52 56,000.00 3,124.48 00,000.50 25,037.02 Subtotal 3,956.00 27,000.00 23.044,00 21,183.75 62,100.DD 40,916.26 66,805.3 25,345.25 C.PrDaDtion of Competency-based training with Stakeholder groups 1. Workshop for MOE 0.00 0.00 0.00 0.00 2,000.00 2,000.00 6,537.70 0.00 2. Workshop for Training prDviders 1.403.00 1,000.00 -403.00 2,859.00 3,000,00 141.00 3,360.25 4,859,00 3 Workshops for Sector association,trade unions,employers 0.00 0.00 0.00 4,76D.91 10,000.00 5.239.09 12,03.36 4,750.91 4. Workshops for Youth 0.00 0.00 0.00 765.70 5,000.00 4.214.30 17,204.48 3,785.70 Subtotal 1,40.00 ,000.00 -403.00 8,405.61 20,000.00 0f,594,39 40,005.79 13,405.61 D. Training of Assessors 1.Regional Consultant to condLct training workshopo 0.00 0.00 0.00 30,242.25 30,000.00 -242.25 30.242.25 30,242.25 2.Training of65Assessors 64,715.75 64,000.00 -715.70 67,479.37 66,640.00 -639.37 2,795.73 78,013.51 3.Tralning of2 AssessorTrainers 15,909.97 16,000.00 10,03 37,151.83 69,000.00 31,840.17 61,290.96 00,000.00 Subtotal 80,705.73 80,000.00 -705.73 134,873,45 165,640.00 30,766.56 94,328.94 163,255.6 E. Conduct Assessment of Trainees 1. Fees for the work of assessors 158,975.00 100,000.00 21,025.00 180,525.00 256,000.00 75,475.00 217,58291 188,025.00 2. Transportation stipend for assessors 9,433.00 9,00000 -433.00 9,643.00 31,100,00 21,457.00 60,667.30 17,642.00 3. Co-assessnert & re,assessment exercise 0.00 0.00 D.00 54,436.00 54,000,00 -436.00 54,43&05 54,436.00 4. Conduct verification of assessments 0.00 0.00 D.00 19,786.00 20,00000 214.00 37,419.74 10,786.00 Subtotal 108,40800 189,000.00 20,592.00 264,390.00 36rf00.00 95,710.00 370,106.00 279,889.00 F. Veification ofTraining Praviders 1. Regional consultant for training of auditors 0.00 0.00 0.00 30,242.00 30,00000 -242.00 30,242.00 30,24200 2. Fees for auzdg of training facilities 0.00 0.0 0,00 1.090.00 1,500.00 410.00 2,247.00 1,0000 3. Expenses for audit of training facilities 0.00 0.00 0.00 1,234.00 BDD.00 -434.00 a28.00 1,234.00 4. Consultant in OA & Accreditation 0.00 13,000.00 13,000.00 3,377.00 13,000.00 9823.00 20,602.00 3,377.00 56 Provision of QA by visiting accreditiglawarding bodies 0r00 0.00 0.00 2,33.00 0.00 -2,330.00 23,710.00 2,336.00 Subtotal 0,00 13,000.00 13,000.00 38,279.00 45,300.00 7,021.00 03,009.00 38,279.00 G. Training in Proposal Development 1. Consultant to deliver training in proposa development 0.00 0.00 0.00 2,745.23 14,000.00 11,254.77 14,113.05 2,745.23 2.2 Day workshop in proposal devrn fortrairning providers 0.00 0.00 0.00 4,30800 5,200.00 892.00 5,161.34 4.308.44 Subtotal 0.00 0.00 0.00 7,053,23 19,200.00 12,146.77 19,274.39 7,053.87 H. Certificate of Graduates 1. Printing of Certificates S0.00 3,000.00 2,095.00 5,230.00 3,00000 -2.20.00 3,091.00 5,499.00 2. Cost of CVQ co-certification to awarding bodies 9.854.00 10,000.00 140.00 10,397.00 13,000.00 2,803,00 13307.00 139,743.00 Subtotal 10,759.00 13,000.00 2,241.00 05,027.00 06,000.00 373.00 16,398.00 145,242.00 1. Participation in Regional Exchange Activites 1. Study Tours Regional Study Tours 6,516.00 6,500.00 -18.00 42,008.72 26,50000 -15,008.72 32,258.40 42,749.28 Australia and New Zealand 0.00 0.00 0.00 12.591.82 60,000.00 47,438.10 130,323.94 14,282.26 Subtotal B,518.00 6,600.00 -08.00 54,570.54 96,0000 31,929.46 162,582.34 57,031.54 2. Workshop Participation 56,460.00 06,000.00 -460.00 104,651.24 87,00000 -17,651.24 101,292.00 107,32797 Total 328,209.73 4f4,700.00 86,490.27 649,033.82 933,040.00 24,006.18 1,04,766.16 837,'82.90 L - - I 1 1 0 OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 Uses of Funds by Project Activity For The Year Ended 31 December 2013 (Expressed in Eastern Caribbean Dollars) Current Year Cumulative PAD: Life of PAD: Project Component/ Activity Actual Planned Variance Actual Planned Variance Project Adjusted Component 3A:nstitutional Strengthening Investment Costs A. Institutional Strengthening 1. Technical Assistance to Strengthen the GCTVET & NTA operations TA contract for on-going support 0.00 0.00 0.00 9,385.98 20,000.00 10,614.02 32,258.40 9,385.98 Regional Consultancy for specific interventions 0.00 0.00 0.00 0.00 0.00 0.00 18,145.35 0.00 Intl Consultancies to build NTA's ability to manage QA/Accreditation syster 0.00 0.00 0.00 0.00 0.00 0.00 48,387.60 0.00 Subtotal 0.00 0.00 0.00 9,385.98 20,000.00 10,614.02 98,791.35 9,385.98 2. Training for TVET Instructors 210,449.18 200,000.00 -10,449.18 393,526.11 475,449.18 81,923.07 264,518.88 500,000.00 3. Training for TVET Instructors 0.00 0.00 0.00 0.00 50,000.00 50,000.00 396,778.32 0.00 4. Feasibilty study on strengthening labor market coordination 0.00 0.00 0.00 0.00 0.00 0.00 107,528.00 0.00 5. Consulting firm for Labor Market Assessment 341,426.29 345,000.00 3,574.71 341,426.29 400,426.29 59,000.00 268,820.00 345,000.00 Total 551,875.47 545,000.00 -6,875.47 744,338.38 945,875.47 201,537.09 1,136,436.55 854,385.98 10 OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 Uses of Funds by Project Activity For The Year Ended 31 December 2013 (Expressed in Eastern Caribbean Dollars) Current Year Cumulative PAD: Life of PAD: Adjusted Project ComponentV Activity Actual Planned Variance Actual Planned Variance - Project Component 38: Project Management and M&E Investment Costs A. Formal Projebt Launch Activities 1. Project Launch Ceremony 0.00 0.00 0.00 0.00 11,000.00 11,000.00 11,048.50 0.00 2. Project Orientation Workshop 0.00 0.00 0.00 0.00 2,000.00 2,000.00 1,844.11 0.00 Subtotal 0.00 0.00 0.00 0.00 13,000.00 13,000.00 12,892.61 0.00 B. Establishment of the NTA - First.year only 1. Personnel for the NTA a. NTA Chief Executive Officer 0.00 0.00 0.00 16,620.75 45,000.00 28,379.25 75,269.60 16,620.75 b. NTA Project Manager 0.00 0.00 0.00 58,065.12 44,700.00 -13,365 75,269.60 58,065.12 c. NTA Quality Assurance Coordinator 0.00 0.00 0.00 51,451.80 61,000.00 9,548.20 50,363.43 51,211.80 d. NTA Standards and Planning Coordinator o.o 0.00 0.00 49,419.00 59,000.00 9,581.00 50,363.43 49,302.72 a. NTA Training and Support Coordinator 0.00 0.00 0.00 45,226.25 61,000.00 15,773.75 50,363.43 46,576.20 f. NTA ClerkfTypist 0.00 0.00 0.00 7,908.13 13,000.00 5,091.87 26,279.84 7,908.13 g. M&E 0.00 0.00 0.00 47,074.00 45,400.00 -1,674.00 59,140.40 47,984.00 Subtotal 0.00 0.00 0.00 275,765.05 329,100.00 53,334.95 387,049.73 277,668.72 2. Office Funiture & Equipment for NTA Desks 8,502.30 10,000.00 1,497.70 10,101.31 11,800.00 1,698.69 8,392.56 1,599.01 Chairs 0.00 0.00 0.00 0.00 5,000.00 5,000.00 10.500.11 0.00 Filing Cabinets 9,524.30 10,000.00 475.70 9,524.30 14,000.00 4,475.70 3,903.27 0.00 Desk top copiers 144,129.27 145,000.00 870.73 173,561,07 189,000.00 15,438.93 9,000.09 107,709.20 Subtotal 162,155.87 165,000.00 2,844.13 193,186.68 219,800.00 26,613.32 31,796.03 109,308.21 3. Computer Equipment for NTA Computers 0.00 50,000.00 50,000.00 24,154.00 71,000,00 46,846.00 20,699.14 24,154.00 Laser Printer D.oD 0.00 0.00 0.00 4,000.00 4,000,00 4,301.12 0.00 Subtotal 0.00 50,000.00 50,000.00 24,154.00 75,000.00 50,846.00 26,000.26 24,154.00 C. Implementation of M&E System 1. Hardware a. Server 13,000.00 13,000.00 0.00 13,000.00 13,000.00 0.00 13,441.00 16,129.20 b. Internet Access 0.00 0.00 0,00 0.00 3,000.00 3,000.00 3,763.48 0.00 Subtotal 13,000.00 13,000.00 0.00 13,000.00 16,000.00 3,000.00 17,204.48 19,129.20 2. Software a. Development of M&E software License for software 0.00 0.00 0.00 0.00 13,000.00 13,000.00 13,441.00 13,441.00 Consultant for development of software + training to staff & stakeholders 101,720.14 120,000.00 18,279.86 101,720.14 170,000.00 68,279.86 96,775.20 130,883.09 Follow up technical assistance for implementation 20,792.53 0.00 -20,792.53 60,434.32 0.00 -60,434.32 47,312.32 68,714.32 Subtotal 122,512.67 120,000.00 -2,512.67 1O2,154.46 183,000.00 20,845.54 157,528.52 213,038.41 D. Project Management & Operating Costs 1. Financial Audits 15,525.00 16,000.00 475.00 50,857.00 56,000.00 5,143.00 60,000.62 50,857,00 2. PCU Staff Financial Management 69,600.00 70,000.00 400.00 374,100.00 330,000.00 -44,100.00 282,099.50 374.100.00 Procurement Officer 56,000.00 56,000.00 0.00 307,500.00 276,000.00 -31,500.00 221,776.50 307,500.00 PlannerProgrammer 0.00 0.00 0.00 176,000.00 220,000.00 44,000.00 221,776.50 201,319.40 3.Strategic Plan 79,301.90 80,000.00 698.10 79,301.90 80,000.00 698.10 0.00 80,646.00 Subtotal 204,901.90 206,000.00 1,098.10 936,901.90 906,000.00 -30,901.90 705,652.50 963,556.40 Total Investment Costs 518,095.44 570,000.00 51,904.56 1,656,019.09 1,797,900.00 141,880.91 1,397,124.75 1 654,720.94 OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 Uses of Funds by Project Activity For The Year Ended 31 December 2013 (Expressed in Eastern Caribbean Dollars) Current Year Cumulative PAD: Life of PAD: Adjusted Project Componentf Activity Actual Planned Variance Actual Planned Variance Project I. Recurrent Costs A. Establishment of the NTA - Years 2 to 4 1. Personnel for the NTA a. NTA Chief Executive Officer 92,649.60 60,000.00 -32,649.60 354,090.60 286,000.00 -68,099.60 225,808.80 321,33000 b. NTA Project Manager 121,219.90 96,000 00 -25,219.90 408,319.65 322,000,00 -86,319.65 225,808.80 382,79967 c. NTA Quality Assurance Coordinator 70,968.00 47,000,00 -23,968.00 244,248.20 197,000.00 -47,248.20 151,090.28 220,712.20 d. NTA Standards and Planning-Coordinator 69,768.00 47,000.00 -22,768.00 241,281.00 197,000.00 -44,281.00 151,090.28 218,141,28 e. NTA Training and Support Coordinator 69,768.00 47,000.00 -22,768.00 245,473.75 150,000.00 -95,473,75 151,090.28 220,932.00 f. NTA Executive Assistant 33,192.00 22,000.00 -11,192.00 136,720.64 116,000.00 -20,720.64 116,280.60 127,531.48 g. NTA ClerkrTypist 22,620.00 15,000.00 -7,620.00 78,496.55 72,000.00 -6,496.55 78,839.53 69,081.71 h. M & E Officer 48,864.00 33,000.00 -15,864.00 138,448.00 129,000.00 -9,448.00 161,292.00 122,330.00 i. Career Counselors 0.00 28,000.00 28,000.00 0.00 28,000.00 28,000.00 28,494.92 0.00 Subtotal 529,049.50 395,000.00 -134,049.50 1,847,087.39 1,497,000.00 -350,087.39 1,291,795.69 1,662,658.34 B. Project Management and Operating Costs 1. NTA Recurrent Costs Telephone 0.00 0.00 0.00 664.32 500.00 -164.32 6,451.68 664.32 Internet 0.00 0.00 0.00 0.00 0.00 0.00 11,290.44 0.00 Electricity 14,706.10 15,000.00 293.90 60,173.30 57,800.00 -2,373.30 144,001.50 57,741.25 Office rental 33,000.00 35,000.00 2,000.00 141,000.00 134,000.00 -7,000.00 182,797.60 135,000.00 Courier services 1,470.36 700.00 -770.36 1,732.13 1,600.00 -132.13 2,397.87 261.77 Bank Charges 186487 200.00 13.13 1,303.07 1,520.00 216.93 967.75 1,717.09 Vehicle 67,900.00 0400 -67,900.00 67,900.00 0.00 -67,900.00 0.00 75,000.00 Stationery and consumables 278,429.26 50,000.00 -228,429.26 282,318.41 53,840.00 -228,478.41 8,000.08 64,867.45 Subtotal 395,692.59 100,900.00 -294,792.59 555,091.23 249,260.00 -306,831.23 355,906.92 335,251.88 Total Recurrent Costs 924,74209 496,900,00 -428,842.09 2,402,178.62 1,746,260.00 -655,918.62 1,647,702.61 2,018,110.22 Total 1,442,837.53 1,065,900.00 -376,937.53 4,056,197.71 3,544,160.00 -514,037.71 3,044,827.36 3,672,831.16 12 OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 Uses of Funds by Project Activity For The Year Ended 31 December 2013 (Expressed in Eastern Caribbean Dullars) Current Year Cumulative PAD: Life of PAD: Adjusted Project Component Activity Actual Planned Variance Actual Planned Variance Project Component 3C:Communications Strategy & Campaign Investment Costs A. Build the Communications Strategy 1. Design of the Communications Strategy 0.00 0.00 0.00 46,000.00 48,000.00 0.00 16,129.20 48,000.02 B. Technical Assistance for the Communications Campaign 1. Consulting firm to Implement & provide TA /11 537,640,00 a. Goods 15,299.20 30,000.00 14,700.80 102,904.41 77,010.00 -25,904.41 0.00 105,000.00 b. Non - Consultant Services 94,092.31 90,000.00 -4,092.31 111,678.06 99,000.00 -12,678.06 0.00 115,000.00 c. Consultant Services 0.00 5,000.00 5,000.00 53,599.40 60,000.00 6,400.60 0.00 54,000.00 2. Communications Officer 0.00 0.00 0.00 71,263.00 59,000,00 -12,263.00 . 53,764.00 71,263.00 Subtotal 109,391.51 125,000.00 15,608.49 339,444,87 295,000.00 -44,444,87 591,404.00 345,263.00 Total Investment Costs 109,391.51 125,000.00 15,608.49 387,444.87 343,000.00 -44,444.87 B07,533.20 393,263.02 Recurrent Costs A. Technical Assistance for Communications Campaign 1. Communications Officer 52,326,00 47,000.00 -5,326.00 173,107.16 167,000.00 13.00 161,292.00 167,123.16 Total Recurrent Costs 52,326.00 47,000.00 -5,326.00 173,107.16 167,000 -6,107.16 161,292.00 167,123.16 Total 161,717.51 172,000.00 10,282.49 560,552.03 510,000.00 -50,552.03 768,825.20 560,386.18 GRAND TOTAL 4,651,219,54 4,910,600.00 259,380.46 9,278,696.13 11,067,975.47 1,789,279.34 11,625,994.56 9,998,880.16 Notes 1. This consultancy will be executed by the Communications officer and as a result, the funds were distributed to different areas. USD XCD A.PCU Staff - Planner/Programmer 82,500.00 221,776.50 B.Design of Communications Strategy 11,855.82 31,870.62 C.Communications Officer 6,147.16 16,524.80 D.Communications: 0.00 i. Goods 58,915.26 158,376.00 ii. Non - Consulting Services 40,581.76 109,091.88 idi. Consulting Services 0.00 0.00 200,000.00 537,640.00 13 OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 PROJECT CASH WITHDRAWALS (DISBURSEMENTS) FOR THE YEAR ENDED 31 DECEMBER 2013 In Eastern Caribbean Dollars In USD Project DEp re IDA Eligible Expenditures GOG Share of Expenditures IDA FINANCED Disbursement Category Expenditures Amts Pro- i ~~~ - Total forAmsPe IDA Eligible Total for Period Paid from DA To Paid Financed by the. Total % World Bank Paid from DA (1) Goods, works, consultants' services and Operating Costs for the Project Goods 180,017.09 100% 180,017.09 180,017.09 - - 0.00 66,965.66 Consultant Services: 1,374,887.13 100% 1,374,887.13 1,374,887.13 - - 0.00 511,452.69 NTA Salaries 167,778.78 0% - - 167,778.78 167,778.78 0.00 Non Consultant Services: 491,618.15 100% 491,618.15 491,618.15 - - 0.00 182,880.05 Operating Costs 14,003.77 0% - - 14,003.77 14,003.77 0.00 Operating Costs 381,688.82 100% 381,688.82 381,688.82 - - 0.00 141,986.76 (2) Unit Cost of Training Local 2,041,225.80 100% 2,041,225.80 2,041,225.80 - 0.00 759,328.10 Total 4,651,219.54 4,469,436.99 4,469,436.99 181,782.55 181,782.55 0.00 1,662,613.26 14 OECS ( Grenada) Skills for Inclusive Growth Project P K F World Bank Credit No.4534 Designated Account Reconciliation Expenditures paid from DA in the period 1 January to 31 December 2013 (in United States Dollars) DESIGNATED ACCOUNT BANK RECONCILIATION 1. Cumulative advances to end of current reporting period 3,192,275.75 2. Cumulative documented expenditures to end of last reporting period 3,056,253.10 3. Outstanding Amount Advanced to be accounted (line I minus line 2) 136,022.65 4. Closing Balance: (As per Cash Book) 102,712.97 Designated Account 46,762.15 Project Account 55,950.82 5. Expenditure paid from the DA NOT YET claimed 0.00 (1) Goods, works, consultants' services and Operating Costs for the Project 0.00 (2) Unit Cost of Training 0.00 6. Expenditure paid from the DA claimed but not yet Replenished 0.00 (1) Goods, works, consultants' services and Operating Costs for the Project 0.00 (2) Unit Cost of Training 0.00 7. Adjustments (Reconciling items to reconcile to Outstanding Amount advanced in line 3 above): 33,309.68 a) Interest -6,964.62 b) Amount prefinanced by World Bank 11/ 40,274.30 8. Outstanding Amount Advanced to be accounted for (line 4 plus lines 5, 6 and 7) 136,022.65 Exchange Rate: 1USD = XCD2.6882 Notes 1. Reimbursement to the World Bank's Designated Account to be made in the following month. OECS (Grenada) Skills for Inclusive Growth Project World Bank Credit No. 4534 Schedule of Applications for Withdrawal For The Year Ended 31 December 2013 (Expressed in Eastern Caribbean Dollars) Application Amount Requested Amount Received Remarks Date No. USD ECD USD ECD 05-Mar-13 14 505,640.28 1,359,262.20 505,640.28 1,359,262.20 Replenishment. Received 8 March 2013 25-Jun-13 15 1,054,825.84 2,835,582.82 1,054,825.84 2,835,582.82 Replenishment. Received 26 June 2013 17-Dec-13 16 0.00 0.00 0.00 0.00 Documentation of Expenditure only 31-Dec-13 17 0.00 0.00 0.00 0.00 Documentation of Expenditure only 1,560,466.12 4,194,845.02 1,560,466.12 4,194,845.02 16 PKF GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT 7 World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 NOTE 1: OBJECTIVE AND NATURE OF THE PROJECT On March 19 2009, the Government of Grenada entered into a credit agreement with the International Development Association (IDA). The objective of the project is to assist Grenada in improving the employability of youth through public/private sector partnerships for technical and life skills training that is demand driven. The Project is organized into three major components: 1. Skills Training for Unemployed Youth This component will finance the outreach to, and enrollment in the skills training scheme, submission and evaluation of proposals from training providers, life skills and technical training, traineeships and certification of skills. 2. Improving the Policy Framework for Delivering Training In an effort to carry out the necessary steps to introduce and use occupational standards, the project is financing the acquisition of standards, validating competency standards, assessing and certifying trainees, training inspectors to pre-qualify and assuring the quality of the training providers. 3. Project Management and Institutional Strengthening This component aims to strengthen institutional capacity of the implementing agency to plan, implement, monitor training, and manage the project. It consists of three subcomponents: * A - Institutional Strengthening This will support the Grenada Council for Technical and Vocational Education and Training (GCTVET) and the associated National Training Agency (NTA) in their role of establishing TVET policy. B - Project Management and Monitoring and Evaluation This subcomponent would support the NTA and the PCU to closely monitor and evaluate the implementation of the project, including the development and maintenance of a Management Information System (MIS). * C - Communications Campaign This supports a targeted communications campaign focusing on the three main stakeholders: youth, training providers, and employers. 17 GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 2: PROJECT FINANCING The total cost of the project is estimated at US$4,481,010, and will be financed as follows: * Private sector - $589,236 (13.2%) * The Government of Grenada - $897,962 (20%) * International Development Association - $2,993,812 (66.8%) Due to the challenges encountered by the Implementing Agency, the Project was restructured in March 2013. The restructured cost of the Project is US$3.72 Million as follows: * Private sector - $50,000 * The Government of Grenada - $420,000 * International Development Association - $3.25 Million The project funds must be utilized in accordance with the terms of the respective credit agreement. NOTE 3: MAIN ACCOUNTING POLICIES 1. All transactions are recorded, and the financial statements prepared, using the cash basis of accounting. 2. The financial accounts are maintained and the financial statements are prepared in Eastern Caribbean Dollars. Where required within this report, translation into United States Dollars is effected using the exchange rate of US$1.00 to EC$2.6882. 3. Fixed assets procured with project resources are recorded at their acquisition cost at the date of purchase. No depreciation is recorded for project assets. 4. The financial statements have been prepared on the basis of historical cost convention. No account is taken for inflation. 18 PKr GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 4 - FIXED ASSETS At December 31", 2013, fixed assets amounted to EC$360,494.12 as follows: Cumulative Computer equipment 84,065.27 Office equipment 184,367.64 Office furniture 24,161.21 Vehicle 67,900.00 The Skills for Inclusive Growth Project is being implemented by the Ministry of Education. Fixed assets, procured with project funds, are in use by the National Training Agency but belong to this . Ministry and are restricted to project purposes until project completion. The Project Co-ordination Unit maintains records to control these assets. NOTE 5 - PROJECT ACCOUNT The Project account includes funds transferred from the Designated Account as well as counterpart funding. The account functions in this manner to easily facilitate payments and to minimize exorbitant bank charges. The accounts are all reconciled monthly and accurate records are kept to properly account for the funds expended from both financiers. The cash balance of the Project Account at December 31st, 2013, amounted to EC$150,406.50. This amount represents funds from the Designated Account only, for IDA eligible expenditures. 19 GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 6 - EXPENDITURE PRE-FINANCED BY WORLD BANK Expenditure in the amount of US$339,897.86 was previously classified as belonging to the Government of Grenada. This expenditure was made eligible for World Bank financing, through the restructuring and was documented as such. The Cash Withdrawal Statement displays Government of Grenada expenditure totaling US$67,622.41 whereas US$40,274.30 is shown as Government of Grenada expenditure pre- financed by World Bank, on the Designated Account Reconciliation. The difference of $27,348.11 indicates Government of Grenada expenditure funded by counterpart fuds. US$40,274.30 was reimbursed to the World Bank, by the Government of Grenada, on January 10t, 2014. 20 GOVERNMENT OF GRENADA POE . OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW Goods: 1I Promotional Items for NTA 0 Procurement Method: Shopping o Date of Contract No-Objection: N/A - Post Review o Contract Amount: EC$15,200.00 0 Supplier: Screen Stars Ltd. o Nationality: Trinidadian 0 Amount Paid for the period: EC$15,200.00 0 Financing: 100% IDA 2. Certificate Holders of NTA o Procurement Method: Shopping 0 Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: US$12,213.96 o Supplier: Simply Forms & Computer Services Ltd. o . Nationality: USA o Amount Paid for the period: US$12,213.96 0 Financing: 100% IDA 3. Supply of Shredders, Printers, Binders, Projectors & Scanners 0 Procurement Method: Shopping o . Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: EC$50,876.00 0 Supplier: Hankey's Computer Store 0 Nationality: Grenadian a Amount Paid for the period: EC$50,876.00 0 Financing: 100% IDA 21 1 GOVERNMENT OF GRENADA PKF OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJEC World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW Goods: (continued) 4. Supply of Office Equipment for the NTA 0 Procurement Method: Shopping o Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: EC$12,725.01 0 Supplier: Geo. F. Huggins & Co. (Grenada) Ltd o Nationality: Grenadian 0 Amount Paid for the period: EC$8,502.30 0 Financing: 100% IDA 5. Supply of Filing Cabinets o Procurement Method: Shopping 0 Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: EC$16,125.30 0 Supplier: Geo. F. Huggins & Co. (Grenada) Ltd. o Nationality: Grenadian 0 Amount Paid for the period: EC$9,524.30 0 Financing: 100% IDA 6. Supply of Photocopiers for NTA 0 Procurement Method: Shopping o Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: EC$91,037.22 0 Supplier: Geo. F. Huggins & Co. (Grenada) Ltd. o Nationality: Grenadian o Amount Paid for the period: EC$91,037.22 0 Financing: 100% IDA 22 GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Goods: (continued) 7. Supply of Laminating Machine a Procurement Method: Shopping 0 Date of Contract No-Objection: N/A - Post Review o Contract Amount: EC$9,608.82 0 Supplier: Geo. F. Huggins & Co. (Grenada) Ltd 0 Nationality: Grenadian 0 Amount Paid for the period: EC$9,608.82 0 Financing: 100% IDA 8. Supply of Server o Procurement Method: Shopping 0 Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: EC$13,000.00 0 Supplier: Tapir Markets o Nationality: Grenadian 0 Amount Paid for the period: EC$13,000.00 o Financing: 100% IDA 9. Supply of Laptops, Desktops, Servers & Accessories 0 Procurement Method: Shopping o Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: US$18,563.00 0 Supplier: , Planson International Corporation a Nationality: USA o Amount Paid for the period: US$18,563.00 0 Financing: 100% IDA 23 GOVERNMENT OF GRENADA PKF OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Goods: (continued) 10. Supply of Toners 0 Procurement Method: Shopping a Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: EC$81,275.96 0 Supplier: Geo. F. Huggins & Co. (Grenada) Ltd. o Nationality: Grenadian 0 Amount Paid for the period: EC$49,964.62 0 Financing: 100% IDA 11. Supply of Vehicle 0 Procurement Method: Shopping o Date of Contract No-Objection: N/A - Post Review 0 Contract Amount: EC$67,900.00 0 Supplier: * Geo. F. Huggins & Co. (Grenada) Ltd. o Nationality: Grenadian 0 Amount Paid for the period: EC$67,900.00 0 Financing: 100% IDA 24 GOVRNMNTOF GRENADAPK World Rank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Consultant Services: 1. Employer Mentorship Training 0 Procureme nt Method: Single Source Selection o Date of Contract No-Obj ection: 25-Jan-20 13 0 Approved Contract Sum: US$6,500.00 a Consultant: Arlene Marcelle o Nationality: Grenadian o Amount Paid for the period: US$6,500.00 0 Financing: 100% IDA 2. Labour Market Needs Assessment a Procurement Method: Consultants Qualification o Date of Contract No-Obj ection: 27-May-20 13 o Approved Contract Sum: US$125,710.00 0 Consultant: Seor Erasmus School of Economics o Nationality: Grenadian o Amount Paid for the period: US$125,710.00 o Financing: 100% IDA 3. Revision of Life Skills Module o Procurement Method: Individual Consultant o Date of Contract No-Objection: N/A o Approved -Contract Sum: EC$26,500.00 o Consultant: Ian Blanchard o Nationality: Grenadian a Amount Paid for the period: EC$26,500.00 a Financing: 100% IDA 25 GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Consultant Services: (continued) 4. Development of Strategic Plan for NTA o Procurement Method: Individual Consultant o Date of Contract No-Objection: N/A o Approved Contract Sum: US$29,500.00 o Consultant: Michael Julien o Nationality: Grenadian o Amount Paid for the period: US$29,500.00 0 Financing: 100% IDA Training 1. Training Provider - Garment Production 0 Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 0 Consultant: Evadne Bartholomew o Nationality: Grenadian o Amount Paid for the period: EC$32,229.20 0 Financing: 100% IDA 2. Training Provider - General Construction o Date of Contract No-Objection: N/A - Post Review 0 Approved Contract Sum: EC$32,720.00 o Consultant: Andrae Belfon Contractors Ltd. o Nationality: Grenadian o Amount Paid for the period: EC$31,738.40 o Financing: 100% IDA 26 GOVERNMENT OF GRENADAPK OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Training (continued) 3. Training Provider - General Construction o Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 0 Consultant: Her Majesty's Prison o Nationality: Grenadian o Amount Paid for the period: EC$27,321.20 o Financing: 100% IDA 4. Training Provider - Garment Production a Date of Cdntract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 0 Consultant: Ruth Joseph o Nationality: Grenadian o Amount Paid for the period: EC$31,738.40 0 Financing: 100% IDA 5. Training Provider - Industrial Security Operations 0 Date of Contract No-Objection: N/A - Post Review 0 Approved Contract Sum: EC$32,720.00 o Consultant: Christopher Stroude o Nationality: Grenadian o Amount Paid for the period: EC$29,284.40 o Financing: 100% IDA 27 PKr GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Training (continued) 6. Training Provider - Fashion Design Level 2 Batch 1 0 Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 0 Consultant: Celia Ann Fletcher o Nationality: Grenadian o Amount Paid for the period: EC$32,720.00 0 Financing: 100% IDA 7. Training Provider - Fashion Design Level 2 Batch 2 o Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 0 Consultant: Celia Ann Fletcher o Nationality: Grenadian a Amount Paid for the period: EC$31,738.40 0 Financing: 100% IDA 8. Training Provider - Housekeeping a Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 0 Consultant: Point Salines Hotel o Nationality: Grenadian o Amount Paid for the period: EC$32,720.00 o Financing: 100% IDA . *28 PKF7 GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Training (continued). 9. Training Provider - General Cosmetology Level 2 o Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 0 Consultant: Chalene's School of Cosmetology 0 Nationality: Grenadian o Amount Paid for the period: EC$18,977.60 0 Financing: 100% IDA 10. Training Provider - Data Operations Level 2 0 Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 o Consultant: Tech World o Nationality: Grenadian o Amount Paid for the period: EC$32,720.00 0 Financing: 100% IDA 11. Training Provider -Livestock Rearing o Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 o Consultant: Gabriel Clarke o Nationality: Grenadian o Amount Paid for the period: EC$29,120.80 o Financing: 100% IDA 29 PKF GOVERNMENT OF GRENADA OECS (GRENADA) SKILLS FOR INCLUSIVE GROWTH PROJECT World Bank Credit No. 4534 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2013 (continued) NOTE 7 - SIGNIFICANT BIDS PROCESSED AND AWARDED FOR THE YEAR UNDER REVIEW (continued) Training (continued) 12. Training Provider - Electrical Installation Level 2 0 Date of Contract No-Objection: N/A - Post Review o Approved Contract Sum: EC$32,720.00 o Consultant: Telfa Charles o Nationality: Grenadian o Amount Paid for the period: EC$30,756.80 0 Financing:. 100% IDA 30 Panneli House I P. 0. Box 1798 | Grand Anse I St. George's Grenada I West Indies Tel (473) 440-2562/3014/212710414 P K F Fax (473) 440-6750 Email pkf@spiceisle.com Accountants & business advisers Project Coordinator Project Coordination Unit OECS (Grenada) Skills for Inclusive Growth Project Ministerial Complex Botanical Gardens ST. GEORGE'S Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economic Development, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 Auditors' Report on Internal Controls We have examined the financial statements of the OECS (Grenada) Skills for Inclusive Growt Project for the year ended 31st December, 2013 and has issued our report thereon dated June 12 , 2014. We conducted our audit in accordance with International Standards on Auditing. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatements. As part of our examination, we made a study and evaluation of the Project Coordination Unit's system of internal control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study was to determine the nature and extent of the auditing procedures necessary for expressing an opinion on the financial statements and not to provide assurance on the internal control structure. The Project Coordination Unit's management is responsible for establishing and maintaining an adequate internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. The objectives of a system are to provide management with reasonable, but not absolute assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any system of internal control, errors or irregularities may nevertheless occur and not be detected, Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions, or that the degree of compliance with the procedures may deteriorate. We obtained an understanding of the design of relevant policies and procedures which comprise the control structure, determined they have been placed in operation and assessed the control risks. We believe that the Project Coordination Unit's internal control system is adequate to meet the objectives stated above in so far as those objectives pertain to the prevention or the detection of errors or irregularities in amounts that would be material. GRENADA: pgj June 12t, 2014 Accountants & business advisers: . 31 Partners: HenryA. Joseph FCCA (Managing), MichelleA. Millet B.A. CGA (Mrs.) Pannell House j P. 0. Box 1798 Grand Anse I St. George's Grenada I West Indies Tel (473) 440-2662/301412127/0414 P K F Fax (473) 440-6750 1 Email pkf@spiceisle.com Accountants & business advisers Project Coordinator Project Coordination Unit OECS (Grenada) Skills for Inclusive Growth Project Ministerial Complex Botanical Gardens ST. GEORGE'S Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economic Development, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 Auditors' Report on Compliance with Agreement Terms And Applicable Laws and Regulations * We have examined the financial statements of the OECS (Grenada) Skills For Inclusive Growth Project for the year ended 31st December, 2013 and have issued our report thereon dated June 12th 2014. We conducted our audit in accordance with International Standards on Auditing. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatements. The Project Coordination Unit is responsible for compliance with the terms of the credit agreement and applicable laws and regulations. As part of obtaining reasonable assurance as to whether the financial statements are free from material misstatements, we performed tests of the Project Coordination Unit's compliance with certain terms of the credit agreement and provision of laws and regulations. In connection with our examination, nothing came to our attention that caused us to believe that the Project Coordination Unit did not comply with the terms of the agreements and the provisions of the applicable laws and regulations in all material respects. GRENADA: June 12, 2014 Accountants & business advisers: 32 Partners: Henry A. Joseph FCCA (Managing), MichelleA. Millet B.A. CGA (Mrs.) Pannell House I P. 0. Box 1798 | Grand Anse St. George's Grenada I West Indies Tel (473) 440-2562/30141212710414 P K F Fax (473) 440-6750 | Email pkf@spiceisle.com Accountants & business advisers Project Coordinator Project Coordination Unit OECS (Grenada) Skills for Inclusive Growth Project Ministerial Complex Botanical Gardens ST. GEORGE'S Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economic Development, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills For Inclusive Growth Project, financed by World Bank Credit No. 4534 Auditors' Report on Project Expenditure We have examined the annexed project sources and uses of funds and the statement of expenditures of the OECS (Grenada) Skills for Inclusive Growth Project for the year ended 31st December, 2013. Our responsibility is to express an opinion on these financial statements based on our audit. In our opinion, the expenditures included in the statements and the financial monitoring reports are supported by appropriate documentation and are eligible for financing. GRENADA: June 12th, 2014 Accountants & business advisers: 33 Partners: Henry A. Joseph FCCA (Managing), Michelle A. Millet B.A. CGA (Mrs.) Pannell House F P. 0. Box 1798 I Grand Anse | St. George's Grenada J West Indies Tel (473) 440-2562/3014/2127/0414 P K F Fax (473) 440-6750 j Email pkf@spiceisle.com Accountants & business advisers Project Coordinator Project Coordination Unit OECS (Grenada) Skills for Inclusive Growth Project Ministerial Complex Botanical Gardens ST. GEORGE'S Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economic Development, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 Auditors' Report on the Designated Account We have examined the annexed Designated Account Statement of the OECS (Grenada) Skills for Inclusive Growth Project for the year ended 31st December, 2013. Our responsibility is to express an opinion on this statement based on our audit. In our opinion, the Designated Account Statement adequately reflects the flow of funds for the period along with the availability of funds at the end of the year, in accordance with the provisions for the use of the funds established by the relevant credit agreement. GRENADA: June 12, 2014 Accountants & business advisers: 34 Partners: Henry A. Joseph FCCA (Managing), Michelle A. Millet B.A. CGA (Mrs.) Pannell House | P. 0. Box 1798 | Grand Anse I St. George's Grenada West Indies Tel (473) 440-256213014/2127/0414 P K F Fax (473) 440-6750 Email pkf@spiceisle.com Accountants & -~ business advisers Project Coordinator Project Coordination Unit OECS (Grenada) Skills for Inclusive Growth Project Ministerial Complex Botanical Gardens ST. GEORGE'S Audit of the resources managed during the year ended 31st December, 2013 by the Project Coordination Unit in the Ministry of Finance, Planning, Economic Development, Energy, Foreign Trade and Co-operatives under the OECS (Grenada) Skills for Inclusive Growth Project, financed by World Bank Credit No. 4534 Auditors' Report on the Statement of Request for Reimbursement We have examined the Statement of Request for Reimbursement for the year ended 31st . December, 2013. Our responsibility is to express an opinion on the statement based on our audit. In our opinion, the expenditure included in the Statement of Request for Reimbursement is supported by appropriate. and dependable documentation and is eligible for financing. The accountancy and internal control procedures used for the preparation of the statement are adequate. The credit funds have been used for project purposes only and these expenditures were made in conformity with relevant credit agreement. GRENADA: June i2h, 2014 Accountants & business advisers: 35 Partners: Henry A. Joseph FCCA (Managing), Michelle A. Millet B.A. CGA (Mrs.)