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World Bank Document ARMENIAN SOCIAL INVESTMENT FUND III PROJECT IDA Credit 4238-AM IDA Credit 4548-AM (Additional financing) IBRD Credit 7847-AM (Second additional financing) IDA Credit 5071-AM (Third additional financing) Public Disclosure Authorized IMPLIMENTED BY ARMENIAN SOCIAL INVESTMENT FUND (renamed to: ARMENIAN TERRITORIAL DEVELOPMENT FUND) Public Disclosure Authorized SPECIAL PURPOSE FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT For the period from 1 January 2015 to 31 July 2015 Public Disclosure Authorized Public Disclosure Authorized YEREVAN September 2015 CONTENT Page THE BOARD ........................................................... 3 INDEPENDENT AUDITOR'S REPORT ......................................... 4 STATEMENT OF CASH RECEIPTS AND PAYMENTS ............................... 6 STATEMENT OF USES OF FUNDS BY PROJECT ACTIVITY ......................... 7 NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS ............... ....... 8 ANNEX 1. RECONCILIATION BETWEEN THE AMOUNTS SUBMITTED BY THE PROJECT AND DISBURSED BY THE WORLD BANK...................................... 25 ,lrmienian Soc ial Invstment Fund III Proj'ect1 ProjetSpecialPlurpoME' FinancialStatements For the peniod./rom I Janiuamv 20/5 t31JulY 20/.5 THE BOARD The Chairman Hovik Abrahamyan Prime Minister of the Republic of Armenia Members Armen Yeritsyan Minister of Territorial Administration and Emergency Situations of the Republic of Armenia Gagik Khachatryan Minister of Finance of the Republic of Armenia Narek Sargsyan Minister of Urban Development of the Republic of Armenia Artem Asatryan Minister of Labor and Social Affairs of the Republic of Armenia Armen Ashotyan Minister of Education and Science of the Republic of Armenia Karen Chshmarityan Minister of Economy of the Republic of Armenia Executive Director of representation in Armenia of charitable Jirayr Markosyan organization "Aznavour pour l'Armenie" Ara Vardanyan Executive Director of All-Armenian Fund Levon Karaqashyan Representative of the NGO "Vardanants Azbetner" (Knights of Vardan), USA Hovik Yeordekyan Head of AGBU Armenian Residence Armenian So ial Investnw Fund III Project Project Special l1wrYse FinancialStatements For the period./rom I Januaiy 20/5 to 31 July 2015 "1UOU-UflFrll'S" U"1QI "SOS-AUDIT" LTD INDEPENDENT AUDITOR'S REPORT N 82 On the specialpurpose financial statements of Armenian Social Investment Fund III Project for the periodfrom 1 January2015 to 31 July 2015 To the Management of the Armenian Territorial Development Fund (the ATDF) We have audited the accompanying special purpose financial statements of the "Armenian Social Investment Fund III" Project (the Project) financed by Financing Agreements IDA 4238-AM, IDA 4548-AM, IDA 5071-AM and IBRD 7847-AM, which comprise the statement of cash receipts and payments, the statement of uses of funds by project activity for the period from 1 January 2015 to 31 July 2015, and a summary of significant accounting policies and other explanatory notes. Management's Responsibilityfor the FinancialStatements The ATDF management is responsible for the preparation and fair presentation of these special purpose financial statements in accordance with International Public Sector Accounting Standards: FinancialReporting Under the Cash Basis of Accounting (IPSAS- Cash Basis), issued by the International Public Sector Accounting Standards Board (IPSASB) within the International Federation of Accountants (IFAC), and Financial Management Manual for World Bank Financed Investment Operations, and for such internal control as management determines is necessary to enable the preparation of special purpose financial statements that are free from material misstatements, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these special purpose financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (ISAs) as issued by International Auditing and Assurance Standards Board (IAASB) within the IFAC. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the special purpose financial statements are free from material misstatement. An audit involves performing procedures to obtain reasonable audit evidence about the amounts and disclosures in the special purpose financial statements. The procedures selected depend on the auditor's judgment including the assessment of the risk of material misstatement of the special purpose financial statements, whether due to fraud or error. In making those assessments, the auditor considers internal control relevant to the preparation and fair presentation of the special purpose financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. RpnnL 9npqwp PhqGbu UuwGuh Uunghwg4w6 UGrVwd 1R; p. bpL&w 0037, U.ShqpwjwG 38/55; 9bn.' (+37410) 20 11 51; Ibwpu' (+37410) 20 11 50; www.sosaudit.am; 4t-nuu' [email protected] An Associate of the Crowe Horwath Business Alliance 38/55 A.Tigranyan, 0037 Yerevan, RA; Tel.: (+37410) 20 11 51; Fax: (+37410) 20 11 50; www.sosaudit.am; E-mail: [email protected] "1UOUUIlflSS" U%Q "SOS-AUDIT" LTD An audit also includes the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the special purpose financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, 1. the special purpose financial statements present fairly in all material respects cash receipts and payments of the Project for the period from 1 January 2015 to 31 July 2015 in accordance with IPSAS-Cash Basis; 2. funds have been used in all material respects in accordance with the conditions of the Credit Agreement 5071-AM (third additional financing) between the Republic of Armenia and International Development Association, and World Bank related guidelines, with due attention to economy and efficiency, and only for the purpose for which they were provided; 3. supporting documents, records and accounts have been maintained to support claims for reimbursement of expenditures incurred. Expenditures included in the withdrawal applications and reimbursed against are eligible for financing under the IDA Credit Agreement 5071-AM (third additional financing); 4. the Designated account used has been maintained in accordance with the provision of the IDA Credit Agreement 5071-AM (third additional financing), and World Bank related guidelines. Emphasis ofmatters Without qualifying our opinion we draw your attention to Note 13 of these special purpose financial statements which disclose that financing under IDA 4238-AM, IDA 4548-AM, IBRD 7847-AM and IDA 5071-AM Credit Agreements and the Project were completed as at reporting date. "SOS-Audit" LLC 28 September 20 G ryan Gnel Khachatryan, FCCA or Auditor 4k~ rrCb P hir "u UUwGuh Uunghwg4w6 l10qw6~ 91; p. bpUwG 0037, LLSbqpr / . +410 20 51; 5wpu' (+37410) 20 11 50; wwwsosaudit.am; t-04nuui' info@so audit.am An-'Agg the Crowe Horwath Business Alliance 38/55 A.Tigranyan, 0037 Yerevan, RA; Tel.: (+37410) 20 11 51; Fax: (+37410) 20 11 50; www.sosaudit.am; E-mail: [email protected] ! ：方 ， ! - !_!!：懦 〕＇〕 : NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMIENTS Armenian Social Investment Fund 111 Project IDA Credits 4238-AM and4548-AM(additionalfinancing) IBRD Credit 7847-AM (second additionalfinancing) IDA Credit 5071-AM (thirdadditionalfinancing) For the periodfrom I January 2015 to 31 July 2015 1. General information I. I. The Projectfinancing According to the Agreement between the Republic of Armenia and the International Development Association (IDA) on I November 2006, IDA provided Credit 4238-AM in the amount of 16,900,000 SDR (Special Drawing Rights) to the Republic of Armenia. The credit was provided for implementation of Annenian Social Investment Fund III Project (hereinafter Project). Additional financing agreement IDA Credit 4548-AM in the amount of 5,200,000 SDR was entered into between the Republic of Armenia and the International Development Association on 26 February 2009. Second additional financing agreement, IBRD Credit 7847-AM, in the amount of 7,000,000 USD was entered into between the Republic of Annenia and the International Bank of Reconstruction and Development (IBRD) on 5 May 2010. Third additional financing agreement IDA Credit 5071 -AM in the amount of 7,100,000 SDR was entered into between the Republic of Armenia and the International Development Association on 24 February 2012. Closing date for the IDA Credit 4238-AM is set on 31 March 2012. Closing date for the IDA Credit 4548-AM is set on 30 June 2011. Closing date for the IBRD Credit 7847-AM is set on 31 October 2012. Closing date for the IDA Credit 5071-AM is set on 31 March 2015. The Grace period for submitting the expenditures incurred before the Closing date is set four months after the Closing date. LZ The Project'sobjective The objective of the Project is to support the Recipient's policy to raise the living standards of the poor and vulnerable groups through: (a) improving the quality and access, and increasing the coverage of community infrastructure and services in poor communities, and for the most vulnerable groups in response to critical emerging needs; and (b) promoting complementary institutional capacity
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