tion Centre REDDnipie 16b banflea, f N ZGI3l-. #&Irf~t~ 4 tphne: Public Disclosure Authorized

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1 Public Disclosure Authorized REDDnipie tion Centre f N ZGI3l. #&Irf~t~ 4 tphne: b banflea, Public Disclosure Authorized Date : 16 april, 2013 The World Bank Country Office Hotel Yak and Yeti, Kathmandu Sub: Submission of audited Report of REDD IC for FY 2016/17 (2073/74) Dear sir/madam, Public Disclosure Authorized Please find attached an original copy of the audited Report of under Forest Investment Plan (IDA GrantTF OA4496 NEP) and Readiness Fund of FCPF (IDA GrantTF OA4169 NEP) herewith. Thank you for your cooperation. Regards, Sindhu Prasad Dhungana, PhD Public Disclosure Authorized Joint Secretary and Chief

2 Ref No. 2074/75371 Date: April 12, 2018 INDEPENDENT AUDITORS REPORT The Secretary Ministry of Finance Singh Durbar, Kathmaindu Report on the Financial Statements We have audited the accompanying Project Financial Statements including Designated Account (and Statements of Expenditures SOEs) of the "Readiness Plan Readiness fund of the FCPF " financed under the IDA Grant TF 0A4169 NEP and "Forest Investment Plan" financed under the IDA Grant TFO A 4496 NEP as at 15 July 2017 (31 Ashad, 2074) and for the year then ended and a summary of accounting policies and other explanatory notes. Managements Responsibility for Financial Statements The management is responsible for the preparation and fair presentation of the Financial Statements in accordance with the Government of Nepal (GON) accounting policies and relevant practices. This responsibility includes: designing, implementing and maintaining internal control relevant to preparation and fair presentation of project financial statements that are free from material misstatement, whether due to fraud and error. Auditors Responsibility Our responsibility is to express an opinion on these Project Financial Statements based on our audit. We conducted our audit in accordance with the INTOSAI (International Organisation of Supreme Audit Institutions) Fundamental Auditing Principles. Those Principles require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements 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 entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence, we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion Management letter highlighting areas for improving financial management including compliance with financial covenants is attached herewith. In our opinion, the Project Financial Statements including Designated Account, in all material respects. give a true and fair view of the financial position of the "Readiness Plan Readiness fund of the FCPF" Financed under the IDA Grant TF 0A4169 NEP and "Forest Investment Plan" financed under the IDA Grant TFA4496NEP as at 15 July 2017 (31 Ashad, 2074) and of the results of its operations and its cash flows for the year then ended in accordance with GON accounting policies. We also report that funds provided under IDA Grant TF 0A4169 NEP and IDA Grant TF 0A4496 have been utilized for intended purposes. In addition with respect to SOEs, a) no disbursement has been made till to date b) expenditures are eligible for financing under the above mentioned Grants. (Mohadatta Timilsina) Deputy Auditor General

3 Government of Nepal Ministry of Forests and Environment. ol, nidu Forest Investment Plan (IDA GrantTF 0A4496 NEP) and Readiness Plan Readiness Fund of the FCPF (IDA GrantTF 0A4169 NEP) Audited Project Account FY 2016/17 (2073/74) Government of Nepal Ministry of Forests and Environment REDD Implementation Center Babarmahal, Kathmandu

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5 Note to the Account! Ministry of Forest and Environment Note A Accounting Policy jo IV, " I I The project has m@intained the accounts as per GON accounting system i.e. on cash 66,,,cc:f.Pr tnegon accounting system, all disbursement including advances are treated as expenditures. The project a uh4las n comphed from GON accountina records. Cftmand%l Amount in NPR Cate Line Item Budget Item As on 16 July FY As on 15 July 2017 gory 2016 Recurrent Expenditure Salary Deareness Allowance Other Allowance Clothing W ater and Electricity Communication Fuel and Oil Vehicles Operation and Maintenance Insurance General Office Exnenses Fuel Oth r Pulrpc se Consultancy and Serviece Expenses 5,029, ,029,554, Other Service fee Training Program Program, Expenses Monitoring & Evaluation Expenses Travel Expenses Miscellaneous Sub total recurrent expenditure 5,029, ,029, Capital Expenditure Furniture and Fixtures Vehicles Plant & Machinery Sub total capital expenditure Totall 5,029, ,029, Nawara andit S ndhu Prasad Dhungana, PhD Account Officer Chief/Joint Secretarv

6 Budget Release ; Ministry of Forest and EnvironmeN Lntation Cs,a21O Note B Amount in NPR Particulars As on 16 July FY As on 15 July 2017 i) GON Fund Released _ ii) Designated Account Disbursement 5,029, ,029, Total 5,029, ,029, lessi) Unspent balance ii) Replenishment received Total GON Expenditure Designated Replenishable 5,029, ,029, Sub Total 5,029, ,029, Nawa j Pandit Sindhu Prasad Dhungana, PhD Account Officer Chief/Joint Secretary

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8 Note D Ministry of Forest and 05 4 PIC,, 4entatW IDA Grant TF OA 4496 NEP, Forest IW8 f Ian (HP) Memorandum of Designated Account Account H FY: (FY ) Particulars Amount in NRs Fquvalent in US$ A Balance of Designated A/C as of July 15,, 2017 as per Bank Statement 1 19, (Fxchange Rate I USD = NPR ) Total 119, , utstandinE replenishment of FY Direot Payment Transfer 1rom Designated account Total C Disbursement during FY : Direct Payment 5,029, Transter Irom Designated account Total 5,029, , D Replenishment During FY Direct Payment Transrer 1rom Desianated account Total E Outstandinj! Replenishment as on Julv 15, 2017 (B+CD) Direct Pmment Transfer Irorn Designated account Total 5,029, , I I.xchange Gain/Loss (A+EG) 18, G Initial Advance to DA A/C (F.\change Rate: I USD l 102,61 NPR) 5,130, ;000 0 Y Nawar Zpand it Sindhu Prasad Dhungana, PhD Account Officer Chief/joint Secretary

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11 .Client Code lient Name REDD IMPLIMENTATION CENTRE A/c No / Nepal Rastra Bank Ministry of Forest and Environment (Account Statement) A/c Name. KHA 5 SPECIAL GRANT NO. TFOA 4496 e e Currency : USD a al, a Arnount Date Value Date Ref,/Chq. Description Dr/Cr FC NPR Exch, Rate Balance 61RMT/12 TRANSFER ACCOUNT TO 6/6/2017 6/6/2017 1/073/74 ACCOUNT CR 50,00C.0c 5,130, , /10/2017 7/10/2017 ORMT DR 2, , , /12/2017 7/12/2017 ORMT OR 33, ,443, , TRANSFER ACCOUNT TO 7/14/2017 7/14/2017 ACCOUNT DR 12, ,328,386, , *This statement is for viewing purpose only and can not be claimed as authenticated statement,