World Bank Document · 2017. 12. 22. · Report on other matters We are required to verify that the...

4 6 ZambiaChartered Accountants

CONCERN WORLDWIDE ZAMBIAREPORT AND FINANCIAL STATEMENTSFor the year ended 31 December 2016

Inspired Around the World

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CONCERN WORLDWIDE ZAMBIAFINANCIAL STATEMENTSfor the year ended 31 December 2016

CONTENTS PAGE

Management information and professional advisors 1

Statement of management's responsibilities 2

Report of independent auditors 3- 4

Statement of accounting policies 5-6

Statement of Income and Expenditure 7

Statement of financial position 8

Statement of cashflows 9

Notes to the financial statements 10 - 17

Appendix i - World Bank funded grant project financial statements 18

CONCERN WORLDWIDE ZAMBIAFINANCIAL STATEMENTSfor the year ended 31 December 2016

Management information and professional advisors

Management Danielle Harvey - Country Director

Marie Rongeard - Programmes Director - From July 2016Zenebe Mekonnen - Programmes Director - Upto June 2016Sospeter Baitwa - Director Systems -From September 2016

Mbeluko Phiri - Country Financial Controller - From November 2016Nangana Simwinji - District Programme CoordinatorLibakeni Nabiwa - District Programme CoordinatorRichard Mwape - District Programme Coordinator

Mercy Phiri - Country Financial Controller - Upto January 2016Maria Ndhtovu -Country Financial Controller - April 2016 to August 2016

Registered Office Plot No. 5466Libala RoadKalunduP.O.Box 36700Lusaka

Auditors HLB Zambia

2nd Floor Saturnia House

Dunduza Chisidza Crescent

LongacresP.0 Box 32232Lusaka.

Main Bankers Standard Chartered Bank Zambia PLCManda Hill BranchP.0 Box 31934Lusaka.

CONCERN WORLDWIDE ZAMBIASTATEMENT OF MANAGEMENT RESPONSIBILITIESfor the year ended 31 December 2016

The NGO Act of Zambia requires the Management to prepare financial statements for each financial year thatgive a true and fair view of the state of the Organisation and of the surplus or deficit for that year. Inpreparing those financial statements, the .Management have selected suitable accounting policies and thenapplied them consistently, made judgements and estimates that are reasonable and prudent and followed theapplicable accounting standards. The Management are responsible for ensuring that the Organisaiton keepsproper accounting records which disclose with reasonable accuracy at any time the financial position of theOrganisation. Management is also responsible for safeguarding the assets of the Organisation and for takingreasonable steps for the prevention and detection of fraud and other irregularities.

The Management of Concern Worldwide Zambia are of the opinion that:

* the statement of financial position is drawn up so as to give a true and fair view of the state of the affairsof the Organisation as at 31 December 2016; and

* the statement of income and expenditure is drawn up so as to give a true and fair view of the surplus forthe year ended 31 December 2016;

* there are reasonable grounds to believe that the Organisation will be able to pay its debts as and whenthey fall due.

* the financial statements have been prepared in accordance with the Generally Accepted AccountingPolicies (GAAP) and in a manner required by the NGO Act of Zambia.

Management is responsible for keeping proper accounting records, which disclose with reasonable accuracy, atany time, the financial position of the Organisation. They have a general responsibility for taking such steps asare reasonably available to them to safeguard the assets of the Organisation and to prevent and detect fraudand other irregularities.

Management are also responsible for the Organisation's system of internal financial control. These controlsare designed to provide reasonable, but not absolute, assurance as to the reliability of the financial statementsand to adequately safeguard, verify and maintain accountability of assets, and to prevent and detectmisstatement and loss. Nothing has come to the attention of Management to indicate that any materialbreakdown in the functioning of these controls, procedures and systems has occurred during the year underreview.

On behalf of Management by:

Danielle Har Mbeluko riCountry Director Country ancial Controller

2

REPORT OF THE INDEPENDENT AUDITORS

TO THE MANAGEMENT OF CONCERN WORLDWIDE ZAMBIA

OpinionWe have audited the financial statements of Concern Worldwide Zambia ("the Organisation"), which comprisethe statement of financial position as at 31 December 2016, and he statement of income and expenditure,statement of cash flows for the year then ended, and notes to the financial statements, including a summary ofsignificant accounting policies.

In our opinion, the financial statements give a true and fair view of the financial position of Concern WorldwideZambia at 31 December 2016, and of its financial performance and cash flows for the year then ended inaccordance with accounting policies and basis of preparation set out on pages 5 - 6.

Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities underthose standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Organisation in accordance with the International EthicsStandards Board for Accountants' code of ethics for Professional Accountants (IESBA Code) that are relevant toour audit of the financial statements, and we have fulfilled our other responsibilities in accordance with theserequirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our opinion.

Managements' responsibilityManagement is responsible for the preparation of the financial statements in accordance with the accountingpolicies, and for such internal control as Management determines necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Organisation's ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the goingconcern basis of accounting unless Management either intend to cease operations, or have no realisticalternative but to do so.

Those charged with governance are responsible for overseeing the Organisation's financial reporting process.

Auditors responsibilityOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if, individually or in the aggregate, they could reasonably beexpected to influence the economic decisions of users taken on the basis of these financial statements.

Global in Reach, Local in Touch

2nd Floor Satumia House Plot 6392 Dundza Chisidza Road, Longacres, Lusaka, Zambia.ITelephone: +260 211 294441. WMobile: +260 978 980558 IE-mail: [email protected] [email protected] zm Website: http://WW.hlbi.com

HLB Zambia is an independent member of HLB International. A world-wile network of accounting firns and business advisers HLB International Limited registered in EnglandNo- 2181222 Limited by Guarantes

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Report on other mattersWe are required to verify that the World Bank funded grant project financial statements (PFSs) have beenprepared in accordance with the agreed accounting standards and give a true and fair view of the financialposition of the project at the relevant date and of resources and expenditures for the financial year ended onthat date, following our review we report as follows:

according to the information and explanations given to us, the Project Financial Statements have beenprepared in accordance with the agreed accounting policies;

all expenditures reviewed, based on a representative selection, are supported by original bills, dutycancelled, stamped and signed; and

Internal, appropriate and approved procedures for authorising disbursements have been adhered to.

HLB ZambiaChartered Accountants

Shuko Ndhlovu FCCA, FZICA Dae

Partner OAUD/F 002917

32

VMCAFOC F;CA 4

4

CONCERN WORLDWIDE ZAMBIA

STATEMENT OF ACCOUNTING POLICIESfor the year ended 31 December 2016

The following accounting policies have been applied consistently in dealing with items which are considered

material in relation to the financial statements of Concern Worldwide Zambia.

Basis of preparationThe financial statements have been prepared in accordance with the Organisation policies and in a manner

required by the NGO Act of Zambia for the purpose of reporting to donors as required under the terms of co-funding agreements.

The financial statements have been prepared on a cash-basis of accounting with respect to income and on anaccruals basis with respect to expenditure, in accordance with the accounting policies as set out below. Theseaccounting policies are in accordance with the policies and guidelines of Concern Worldwide (the parent).However, in relation to the accounting treatment of the acquisition of property, plant, equipment and stocks,Concern Worldwide Zambia's policy is to expense these immediately to the statement of income andexpenditure at acquisition. This is deemed to be a more appropriate accounting treatment than the treatmentnormally afforded to such transactions in Generally Accepted Accounting Principles (GAAP), which wouldrequire these transactions to be recorded as assets subject to annual accounting charges as these assets areutilised or consumed. These policies are in line with the normal accounting policies applied by InternationalNon-Government Organisations (NGOs), which are observed due to their working environment.

IncomeIncoming resources are recognised by inclusion in the statement of income and expenditure only when receivedin the form of cash or of other assets, the ultimate cash realisation of which can be assessed with reasonablecertainty.

ExpenditureExpenditure is recognised and recorded on an accruals basis.

Expenditure is analysed between direct costs and program support costs.

The costs of each programme are separately accumulated and are disclosed and analysed according to theirmajor components. Support costs, which may not be attributed directly to any one programme, have beenallocated in proportion to the estimated benefits received.

Foreign currenciesThe financial statements are prepared in Zambian Kwacha. Transactions denominated in other currencies aretranslated into Kwacha at the rate of exchange prevailing at the transaction date or at a contracted rate.Monetary assets denominated in foreign currencies have been translated into Zambian Kwacha at the exchangerates ruling at the reporting date or the contracted rate. The resulting gains or losses are dealt with in thereserves.

Income taxThe Organisation is exempted from Income Tax under paragraph 6 (1) of the second schedule of the Income TaxAct of the Republic of Zambia effective 1 January 2005.

5

CONCERN WORLDWIDE ZAMBIASTATEMENT OF ACCOUNTING POLICIES (continued)

for the year ended 31 December 2016

Property, plant and equipment

ALL items of property, plant and equipment are expensed to the statement of income and expenditure in the

year of acquisition.

InventoriesAll inventory items are expensed to the statement of income and expediture on acquisition.

Employee's cessation benefit

Provision is made for commitments to local permanent staff to provide service related payments in the event

of resignation or retirement or termination of employment. Termination arises when programmes are

completed or when staffing requirements change. Amount payable are linked with length or service.

Membership of the National Pension Scheme (NAPSA) is compulsory and monthly contributions by the employer

and employees are made.

6

CONCERN WORLDWIDE ZAMBIASTATEMENT OF INCOME AND EXPENDITUREfor the year ended 31 December 2016

2016 2015Notes K Euro K Euro

IncomeCo Funder 3 29,443,390 2,584,829 23,901,638 2,503,707Project Sponsorship 3 371,096 32,578 10,195,158 1,067,947General Donations 4 8,112,176 712,165 (1,439,625) (150,801)Other Income 5 67,003 5,881 176,720 18,512

Total Incoming Resources 37,993,665 3,335,453 32,833,891 3,439,365

ExpenditureDirect Project Costs 6 34,808,054 3,055,791 23,076,478 2,417,271Program Support Costs 7 4,410,230 387,173 6,884,917 721,198

Total Resources Expended 39,218,284 3,442,964 29,961,395 3,138,469

(Deficit)/Surplus for the year (1,224,619) (107,511) 2,872,496 300,896

Surplus at beginning of year 3,007,165 251,823 134,669 17,383

Conversional FX Gain/Loss 12 - 26,973 - (66,456)

(Deficit)/Surplus at end of year 1,782,546 171,285 3,007,165 251,823

Approved on behalf of Concern Worldwide Zambia by:

Danielle Harye MbelukoCountry Director Country V ancial Controller

7


STATEMENT OF FINANCIAL POSITION

As at 31 December 20162016 2015

Notes K Euro K Euro

Current Assets

Debtors and prepayments 8 1,499,581 144,095 991,416 83,022

Cash and Bank 9 3,581,056 344,104 4,953,829 414,838

5,080,637 488,199 5,945,245 497,860

Current LiabilitiesOther payables 10 2,354,509 226,245 2,334,093 195,459

Net Current Assets 2,726,128 261,954 3,611,152 302,401

Long Term Liabilities

Cessation Benefit Provision 11 943,582 90,669 603,987 50,578

Total Net Assets 1,782,546 171,285 3,007,165 251,823

Funded by:Co Funder 12 733,697 70,502 2,182,292 182,747

Project Sponsorship 12 785,230 75,452 4,836,596 405,021

General Donations 12 263,619 25,331 (4,011,723) (335,945)

1,782,546 171,285 3,007,165 251,823

Approved on behalf of Concern Worldwide Zambia by:

Danielle Harvey Mbeluko P

Country Director Country Financial Controller

8


STATEMENT OF CASHFLOWS

As at 31 December 20162016 2015

Notes K Euro K Euro

Operating activities

(Deficit)/ surplus income over

expenditure (1,224,619) (107,511) 2,872,503 300,896

Adjustments for items not involving

movement of funds:

Foreign currency difference - 26,973 - (66,456)

(1,224,619) (80,538) 2,872,503 234,440

Movement on working capital:

Increase in debtors and prepayments 8 (508,165) (61,073) (416,035) (8,751)

Increase in accruals and creditors 10 20,416 30,786 1,500,917 87,913

Increase (decrease) in cessation 11benefit provision 339,595 40,091 (11,301) (28,844)

Net cash inflows from operating

activities (1,372,773) (70,734) 3,946,084 284,758

Cash and cash equivalents at the

beginning of the year 4,953,829 414,838 1,007,745 130,080

cash and cash equivalents at the end 3

of the year 3,581,056 344,104 4,953,829 414,838

9


NOTES TO THE FINANCIAL STATEMENTS


1. BACKGROUND

Concern Worldwide Zambia is a Non Governmental Organisation (NGO) registered and domicle in Zambia. The

address of the Organisation's registered office and nature of business has been disclosed on the information

page 1.

Concern Worldwide is a non-denominational voluntary organisation devoted to the relief, assistance and

advancement of people in need in less developed areas. The work of the Organisation is carried out through

field operations located in each of the countries where Concern Worldwide is based. Concern Worldwide

currently has programmes in Zambia, which are focused on building the capacity of the local people to manage

their own development.

2. LEGAL STATUSConcern Worldwide is a company limited by guarantee and not having a share capital. It is incorporated in

Dublin, Ireland. The guarantee of the members in Ireland is limited to Euro 6.35 each. This guarantee also

continues for one year after membership ceases.

The status of Concern Worldwide Zambia is governed by the NGO Act and the Societies Act of Zambia

3. CO FUNDER AND PROJECT SPONSORSHIP

Amount in

Date Original Original Exch. Amount in GL Amount in

Donor Received Currency Currency Rate Currency Euro

Co Funder

IncomeFrmDFIDRain+Marcl6 29-Mar-16 GBP 151,493 16.227 2,458,225 215,807

DFID UK AID MATCH RAIN 31-May-16 GBP 89,163 14.312 1,276,121 112,030

DFID UK Aid Match Zambia 30-Sep-16 GBP 86,944 13.044 1,134,065 99,559

DFID Direct Cash Zambia 30-Nov-16 GBP 1,401,769 11.850 16,611,356 1,458,307

Cash to be transferred to SC 29-Dec-16 GBP (882,190) 11.906 (10,503,605) (922,109)

IncomeFrmDFID-NEEPMarcl6 29-Mar-16 GBP 10,850 16.227 176,059 15,456

IncomeConcern USAJanl6FPL\ 31-Jan-16 USD (45,500) 10.930 (497,293) (43,657)

IAPF INCOME 31-May-16 EUR 436,143 11.347 4,948,799 434,454

IAPF INCOME 30-Jun-16 EUR 613,857 12.002 7,367,343 646,777

Unspent IAPF baL. trf 29-Dec-16 EUR (325,115) 10.356 (3,366,919) (295,581)

Ref:mdwll/16/2407 29-Dec-16 EUR (27,540) 10.356 (285,207) (25,038)

IncomeConcern USAJanl6FPL 31-Jan-16 USD 45,500 11.100 505,041 44,338

START ALERT/ STC Partner Pymnt 29-Dec-16 GBP (40,760) 11.906 (485,297) (42,604)

Startfund(Z) Atert 73 - Unspen 31-JuL-16 GBP (1,091) 13.207 (14,409) (1,265)

START FUND ANTICIP ALLOC ZAMBI 30-Apr-16 GBP 74,727 14.154 1,057,704 92,856

incomeConcern USAJanl6FPL\ 31-Jan-16 USD 45,500 10.930 497,293 43,657

$16,600 IBRD PC01 25/11/15 - 3 29-Dec-16 USD 16,600 9.578 159,000 13,959

$47,120.22 IBRD PCO2 1/7/15 - 29-Dec-16 USD 47,120 9.578 451,333 39,622

$42,868.62 IBRD PCO3 Q1 2016 29-Dec-16 USD 42,869 9.578 410,610 36,047

$170,061.05 IBRD PCO4 Q2 2016 29-Dec-16 USD 170,061 9.578 1,628,900 143,001

Subtotal carried forward 23,529,119 2,065,616

10


NOTES TO THE FINANCIAL STATEMENTS


3. CO FUNDER AND PROJECT SPONSORSHIP (continued)

Amount in

Date Original Original Exch. Amount in GL Amount in

Donor Received Currency Currency Rate Currency Euro

Subtotal brought forward 23,529,119 2,065,616

$173,470.53 IBRD 29-Dec-16 USD 173,471 9.578 1,661,557 145,868

Care Int Transfer correct Curr 31-Mar-16 USD 18,271 11.339 207,171 18,187

Funds: Care Int. USD18,958 31-Jut-16 USD 18,958 9.741 184,670 16,212

Fund transfer from Care Int. 30-Sep-16 USD 19,935 9.956 198,469 17,424

Income from UNHCR 30-Jun-16 ZMW 662,297 1.000 662,297 58,143

Transfer from UNHCR 8-Aug-16 ZMW 1,507,851 1.000 1,507,851 132,374

Bank:Tranfer UNHCR 29-Dec-16 zMW 935,197 1.000 935,197 82,101

Rev Income 29-Dec-16 ZMW 470,335 1.000 470,335 41,291

Transfer from UNHCR 29-Dec-16 zMW 86,716 1.000 86,724 7,613

Total 29,443,390 2,584,829

Project Sponsorship

Income From Greg Heylin Feb1 6 29-Feb-16 EUR 20,000 12.554 251,079 22,042

PS FEB 2016 ELECTRIC AID 30-Jun-16 EUR 10,000 12.002 120,017 10,536

Total 371,096 32,578

11

CONCERN WORLDWIDE ZAMBIANOTES TO THE FINANCIAL STATEMENTS (continued)


4. GENERAL DONATION 2016 2015K Euro K Euro

Inter Company Expense A/C Cash Transferfrom Head OfficeExpenditure paidby Head OfficeRecharges forother fields 32,944,224 2,892,165 23,399,539 2,451,112

- 7,015,229 734,848

32,944,224 2,892,165 30,414,768 3,185,960

LESS:Inter Company Income A/C Income received

in Head Office (24,832,048) (2,180,000) (31,854,393) (3,336,761)

TOTAL 8,112,176 712,165 (1,439,625) (150,801)

5. Other income2016 2015

Sumary of Other income K Euro K Euro

Rental Income WFP 62,580 5,494 - -

Sundry income 4,423 387 - -

First prize from Agricultural show - 500 53

Disposal of assets - - 176,220 18,459

Total 67,003 5,881 176,720 18,512

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6. EXPENDITURE2016 2015

Direct Costs Program Support Cost Total Cost Total Cost

K Euro K Euro K Euro K Euro

Livelihood 10,048,641 882,168 1,091,626 95,834 11,140,267 978,002 26,709,436 2,797,825

Health 624,478 54,823 83,966 7,371 708,444 62,194 521,011 54,576

Integrated 24,134,935 2,118,800 3,234,638 283,968 27,369,573 2,402,768 -

Emergency - - - - - 2,730,948 286,068

Total 34,808,054 3,055,791 4,410,230 387,173 39,218,284 3,442,964 29,961,395 3,138,469

In accordance with the accounting policy, programme support costs, which may to be attributable directly to any one programme have

been allocated in proportion to the estimated benefit received. An analysis of programme support costs is presented in note 7.

7. PROGRAM SUPPORT COSTS2016 2015 - restated 2015

Total Total Total cost

K Euro K Euro K Euro

Transport 1,368,692 120,157 976,292 102,267 1,504,414 157,588

International Staff - - - - 2,401,861 251,596

Administration 3,041,538 267,016 1,068,168 111,891 2,978,642 312,014

Total 4,410,230 387,173 2,044,460 214,158 6,884,917 721,198

During year ended 31 December 2016, Concern Worldwide Zambia implemented a review of the process by which it allocated programme

support costs to programmes. As a result of that review, costs relating to international staff, transport staff and certain categories of

administration staff have been reclassified as direct programme operating costs. As a result, the 2015 expenditure has been re-stated for

comparative purposes

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8. DEBTORS AND PREPAYMENTS 2016 2015K Euro K Euro

Unconfirmed recharges 154,948 14,889 281,057 23,536

Sundry debtors 701,685 67,425 120,252 10,070

Advance rent 364,876 35,061 349,519 29,269

Prepaid expense 278,072 26,720 240,588 20,147

1,499,581 144,095 991,416 83,022

9. CASH AND BANK 2016 2015K Euro K Euro

Cash at Bank 3,505,304 336,825 4,913,085 411,426

Cash on hand 75,752 7,279 40,744 3,4123,581,056 344,104 4,953,829 414,838

10. ACCRUALS AND CREDITORS 2016 2015K Euro K Euro

Accrued expenses 2,085,355 200,382 2,290,936 191,845Creditors 269,154 25,863 43,157 3,614

2,354,509 226,245 2,334,093 195,459

11. CESSATION BENEFIT PROVISION 2016 2015K Euro K Euro

At the beginning of the year 603,987 50,578 615,288 79,422

Provisions made during the year 659,572 63,378 718,492 60,167

Payments made during the year (319,977) (30,747) (729,793) (61,114)

Adjustments to opening balance - 7,460

Foreign exchange gains - - (27,897)At the end of the year 943,582 90,669 603,987 50,578

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CON, N WORLDWIDE ZAMBIANOTES TO THE FINANCIAL STATEMENTS (continued)


12. FUNDING OF PROGRAMMES IN CONCERN WORLDWIDE ZAMBIA

---------------------------- Kwacha--- ------------------------ ----------------------- Euro--- -----------------------

Balance at Balance at Conversional Balance at

Balance at 1- Expenditure Exchange 31-Dec- 1-Jan- Cash Expenditure F/X Adj exchange Gain 31-Dec-

Jan-2016 Cash received charge Gain / (Loss) 2016 2016 received charge posted / (Loss) 2016

Co funders

Irish Aid - IAPF 1 8,956,973 (8,257,053) (699,921) - - 786,331 (724,885) (61,446) - -

Irish Aid recovery 1,300,277 (285,207) (873,148) (141,922) - 108,886 (25,038) (76,654) (12,459) 5,265 -

DFID (SUN intiative) (35,624) 590,310 (703,015) 136,833 (11,496) (2,983) 51,823 (61,717) 12,013 (241) (1,105)

DFID (NEEP/PATH) (243,379) 176,059 (70,173) 26,574 (110,919) (20,381) 15,456 (6,160) 2,333 (1,906) (10,658)

DFID (AID MATCH) (2,437,806) 4,868,411 (7,146,436) 1,857,595 (2,858,236) (204,144) 427,397 (627,384) 163,078 (33,595) (274,648)

DFID (DiRECT/Zambia EL Nino) 6,107,751 (3,845,982) 197,070 2,458,839 - 536,198 (337,638) 17,301 20,409 236,270

UNCHR 2014 - 3,575,680 (2,499,452) - 1,076,228 - 313,908 (219,426) - 8,933 103,415

UNCHR 2015 (18,513) 86,722 - - 68,209 (1,550) 7,613 - - 491 6,554

World Bank 3,562,692 4,311,400 (8,340,334) 273,805 (192,437) 298,342 378,497 (732,196) 24,038 12,828 (18,491)

Start Fund - 557,998 (437,135) (120,863) - - 48,987 (38,376) (10,611) -

Concern USA - 497,293 (203,349) (39,864) 254,080 - 43,657 (17,852) (3,500) 2,110 24,415

TOPS (3)- 3 - - - - -

Secure Nutrition 54,648 - - (5,218) 49,430 4,576 - - (458) 632 4,750

Sub total 2,182,292 29,443,390 (32,376,077) 1,484,092 733,697 182,746 2,584,829 (2,842,288) 130,289 14,926 70,502

Project Sponsorship -

Accenture 3,171,382 - (2,479,131) (143,772) 548,479 265,576 - (217,642) (12,622) 17,391 52,703

Kerry Group 1,306,966 - (1,246,700) (60,266) - 109,447 - (109,447) (5,292) 5,292 -

Greg Heytin 358,248 251,079 (310,408) (62,168) 236,751 30,000 22,042 (27,251) (5,458) 3,416 22,749

Electric Aid - 120,017 (113,957) (6,060) - - 10,536 (10,005) (531) - -

Sub total 4,836,596 371,096 (4,150,196) (272,266) 785,230 405,023 32,578 (364,345) (23,903) 26,099 75,452

General Donations (4,011,723) 8,179,179 (2,692,011) (1,211,826) 263,619 (335,947) 718,047 (236,331) (106,386) (14,052) 25,331

TOTAL 3,007,165 37,993,665 (39,218,284) - 1,782,546 251,823 3,335,454 (3,442,964) - 26,973 171,285

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CONCERN WORLDWIDE ZAMBIA[ ES TO THE FINANCIAL STATEMENTS (continued)


12. FUNDING OF PROGRAMMES IN CONCERN WORLDWIDE ZAMBIA

(for the year ended 31 December 2015)------- --- ----- Kwacha ----------------------------------- o------------------------------ Euro--------------- - ----------

Balance at Balance conversional Balance

Balance at Expenditure Exchange 31-Dec- at 1-Jan- Cash Expenditure F/X Adj exchange Gain at 31-Dec-

1-Jan-2015 Cash received charge Gain I (Loss) 2015 2015 received charge posted / (Loss) 2015

Co funders

Irish Aid - IAPF 8,844,518 (10,501,149) 1,656,632 1 - 926,467 (1,100,000) 213,839 (40,306) -

Irish Aid recovery 3,063,478 (2,715,539) 952,338 1,300,277 - 320,901 (284,454) 122,928 (50,489) 108,886

DFID (SUN intiative) (182,689) 807,252 (515,329) (144,858) (35,624) (23,581) 84,560 (53,981) (18,698) 8,718 (2,983)

DFID (NEEP/PATH) 544,148 (764,644) (22,883) (243,379) - 57,000 (80,097) (2,954) 5,670 (20,381)

DFID (AID MATCH) 4,389,284 (5,537,194) (1,289,897) (2,437,807) - 459,779 (580,023) (166,501) 82,601 (204,144)

UNCHR 2014 (36,535) 36,535 - - (4,716) 3,827 - 889 -

UNCHR 2015 - 1,287,293 (1,305,806) - (18,513) - 134,844 (136,784) 389 (1,550)

World Bank - 4,486,855 (833,329) (90,836) 3,562,690 - 470,000 (87,293) (11,725) (72,640) 298,342

World Fish (61,041) 75,053 (3,980) (10,032) - (7,879) 7,862 (417) (1,295) 1,729 -

TOPS 295,371 (185,812) (109,562) (3) - 30,940 (19,464) (14,142) 2,666 -

Secure Nation 35,579 - 19,069 54,648 - 3,727 - 2,461 (1,612) 4,576

The Nature Conservancy - - 36,270 (36,270) - - 3,799 (3,799) -

Sub total (280,263) 23,901,636 (22,399,052) 959,971 2,182,292 (36,177) 2,503,706 (2,346,312) 123,913 (62,385) 182,746

Project Sponsorship

Accenture 1,360,948 6,707,009 (4,474,362) (422,212) 3,171,383 175,672 702,562 (468,691) (54,499) (89,469) 265,575

Kerry Group 195,349 3,258,668 (1,585,042) (562,009) 1,306,966 25,216 341,347 (168,569) (72,544) (18,802) 106,648

Greg Heylin - 229,481 - 128,767 358,248 - 24,038 - 16,621 (10,660) 30,000

Bank of Ireland 145,351 - (143,930) (1,421) - 18,762 - (12,541) (183) (3,238) 2,800

Sub total 1,701,648 10,195,158 (6,203,334) (856,875) 4,836,597 219,650 1,067,947 (649,801) (110,605) (122,169) 405,023

General Donations (1,286,716) (1,262,904) (1,359,008) (103,096) (4,011,724) (166,090) (132,290) (142,357) (13,308) 118,098 (335,947)

TOTAL 134,669 32,833,890 (29,961,395) - 3,007,165 17,383 3,439,364 (3,138,469) - (66,456) 251,823

16



14, CONTINGENT LIABILITIESThere were no known material contingent Liabilities at 31 December 2016 and 2015.

15. APPROVAL OF FiNANCIAL STATEMENTSThe management approved these financial statements on 7 April 2017.

17

CONCERN WORLDWIDE ZAMBIA APPENDIX I

WORLD BANK FUNDED GRANT PROJECT FINANCIAL STATEMENTS


2016 2015K Euro K Euro

IncomeOpening fund balance from 1 January 3,562,692 298,342 -

Income from World Bank 4,311,400 378,497 4,486,855 470,000

Total incoming resources 7,874,092 676,839 4,486,855 470,000

ExpenditureProgram expenditure (8,340,334) (732,196) (833,329) (87,293)

Foreign exchange gains (Losses) 273,805 24,038 (90,836) (11,725)

Closing balance prior to currencyconversion gains or loss (192,437) (31,319) 3,562,692 370,982

Conversional FX Gain/(Loss) - 12,828 - (72,640)

Closing balance at 31 December (192,437) (18,491) 3,562,692 298,342

18

Shuko Ndhlovu FCCA, CMIIA, FZICAHLB ReLiancePLot 6392 Dunduza Chlsidza Road

pr n lac in cLongacres LusakaExternal Audit. Internal Audit. Tax compliance CeL:097 8980558

Plot 6392 Dunduza Chisidza Road Directors: Shuko NdhLovu FCCA, FZICA

2n Floor Saturnia House, Longacres Masuzyo MuLenga ACCA, AZICAP.0 Box 32232 Jonathan Mwale ACCA, FZICALUSAKA, Zambia

I Mobile 1: +260 955 336060/ +260 955 336061-. Landline 1: +260 211 2944412 Email: [email protected] I [email protected]

Web: www.hibi.comLocal Expertise. Global Knowledge.

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