Public Disclosure Authorized - World Bankdocuments.worldbank.org/curated/.../pdf/BRAC-Uganda... ·...

.~

KPMGCertified PublicAccountants3rd Floor, Rwenzori CourtsPlot 2 & 4A, Nakasero RoadPOBox 3509Kampala, UgandaReg No. AF0026

TelephoneFaxEmailWebsite

Sarah Namulondo Mugerwa FCCACountry Head of Accounts 1BRAC UgandaPlot 90, Busingire ZoneP.O.Box31817Kampala, Uganda

23 March 2018

Dear Madam,

BRACUGANDAFinancial Statements for the year ended 31 December 2017

We enclose five (5) copies of the above report for the year ended 31 December 2017.

Please note that we have retained one (1) copy of the financials for our records.

+256414340315/[email protected]/eastafrica

Our ref. B015101lgo/ee/tm

We thank you and your staff for the support accorded to us during the course of this assignment.

Yours sincerely,

GOO~PU~Director Audit

Ene!.

KPMG Uganda IS a registered partnership and a member.firm of the KPMG network of independent member firmsaffiliated with KPMG International Cooperative ("KPMGInternational"), a Swiss entity. Partners

Benson Ndung'uEdgar IsingomaAsad Lukwago

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

Pub

lic D

iscl

osur

e A

utho

rized

mailto:[email protected]

http://www.kpmg.com/eastafrica

BRACUGANDA

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

KPMGPOBox 3509

Kampala

BRACUGANDAREPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

Table of contents

Corporate information

Directors' report 3-7

Statement of directors' responsibility 8

Report of the independent auditors 9 - 10

Statement of comprehensive income II

Statement of financial position 12

Statement of changes in capital fund 13

Statement of cash flows 14

Notes to the financial statements 15-37

Segmental reporting 38-45

"

..

IL

BRACUGANDAREPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

DIRECTORS

Dr. A.M.R Chowdhury*Mr. Faruque Aluned*Mr.Shib Narayan Kairy*

ChairpersonMemberMember

ADMINISTRATORS

Ms. Hasina Akhter * Country Representative

*Bangladeshi

PRINCIPAL PLACE OF BUSINESS: OffEntebbe Road, NyanamaPlot 90, Busingiri ZonePOBox31817Kampala Uganda

REGISTERED OFFICE: Off Entebbe Road, NyanamaPlot 90, Busingiri ZonePOBox 31817Kampala, Uganda

COMPANY SECRETARY: Mr. Shib Narayan KairyTreasurer of BRAC University,66 Mohakhali, Dhaka 1212, Bangladesh.

AUDITORS

"

KPMGCertified Public Accountants3rd Floor, Rwenzori CourtsPlot 2 & 4A, Nakasero RoadPO Box 3509Kampala, Uganda

BANKERS

Standard Chartered Bank Uganda LtdPlot 5 Speak RoadPOBox 7111Kampala, Uganda

Stanbic Bank Ltd.17 Hannington RoadCrested Tower BuildingPOBox 7131Kampala, Uganda

Bank of AfricaPlot 45 Jinja RoadPO Box 2750Kampala, Uganda

Post Bank Uganda LtdPost Bank HousePlot 416 Nkrumah RoadPOBox 7189Kampala, Uganda

DFCU BankPlot 26, Kyadondo RoadPOBox 70Kampala, Uganda

Centenary BankMapeera HousePlots 44-46 Kampala RoadPOBox 1872Kampala, Uganda

Tropical Bank LtdPlot 27 Kampala RoadPOBox 9487Kampala, Uganda

Pride Microfinance Limited (MDI)Victoria Office Park, Block B,Bukoto,Plot 6-9, Ben Kiwanuka Okot ClosePOBox 7566 Kampala, Uganda

Orient Bank LtdPlot 6/6A Kampala RoadPOBox 3072Kampala, Uganda

2

BRACUGANDADIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2017

The directors have pleasure in submitting their report and the audited financial statements of BRAe Uganda ("thecompany") for the year ended 31 December 2017, which disclose the state of affairs of the company.

(a) Registration

BRAe Uganda Limited got incorporated as a company limited by guarantee on 18th September 2009 as anindependent company. The Organization prior to incorporation was a component of BRAe Uganda whichwas first incorporated as BRAe Foundation in January 2006 and it commenced business in June 2006. InMarch 2007 the name was changed to BRAe through the registry of companies. Later Microfinance andNon Microfinance programs got incorporated as independent companies in August 2008 and September2009 respectively. The Organization was duly registered under the non-governmental organizationregistration statute (1989) on 19th March 2010 as BRAe Uganda.

The two entities effectively commenced trading separately on 0 I January 2010 and therefore have separatefinancial statements for BRAe Uganda and BRAe Uganda Microfinance Ltd. BRAe Uganda registeredwith the registrar of companies on 18th March 20 10 as a company limited by guarantee under the names ofBRAe Uganda ("the company").

(b) Vision

A world free from all forms of exploitation and discrimination where everyone has the opportunity to realizetheir potential.

(c) Mission

The company's mission is to empower people and communities in situations of poverty, illiteracy, diseaseand social injustice. Our interventions aim to achieve large-scale, positive changes through economic andsocial programmes that enable men and women to realize their potential.

(d) Our Values

.' Innovation - the company has been an innovator in the creation of opportunities for the poor to lift themselvesout of poverty. We value creativity in programme design and strive to display global leadership in groundbreaking development initiatives.

Integrity - the company values transparency and accountability in all our professional work, with clear policiesand procedures, while displaying the utmost level of honesty in our financial dealings. The company holdsthese to be the most essential elements of our work ethic.

" Inclusiveness - the company is committed to engaging, supporting and recognizing the value of all membersof society, regardless of race, religion, gender, nationality, ethnicity, age, physical or mental ability,socioeconomic status and geography.

Effectiveness - the company values efficiency and excellence in all our work, constantly challenging ourselvesto perform better, to meet and exceed programme targets, and to improve and deepen the impact of ourinterventions.

(e) Principal activities

The company provides charitable and welfare activities on non-profit basis, engages in poverty eradication,promotes women empowerment in rural areas, and provides sanitation and clean water and provides basiceducation for school dropouts in rural areas in over 64 districts in Uganda.

3


(t) Results from operations

The results for the company for the year ended 31 December 2017 are set out on page 12.

(g) Composition of Directors

The directors who served during the year are set out on page 2.

(h) Directors benefits

No director has received or become entitled to receive any benefits during the financial year.

(i) Corporate Governance

The directors are committed to the principles of good corporate governance and recognize the need to conduct thebusiness in accordance with generally accepted best practices. In so doing the Directors therefore confirm that:

• The board of directors met regularly throughout the year;

• They retain full and effective control over the company;

• The board accepts and exercises responsibility for strategic and policy decisions, the approval of budgets andthe monitoring of performance; and

• They bring skills and experience from their own spheres of business to complement the professional experienceand skills of the management team.

In 2017 the board of directors had three directors. The board continued to carry out its role of formulating policiesand strategies of the company, reviewing the business plan, ensuring that the accounting system is maintained inaccordance with acceptable standards, the books of the company are kept properly, and that the accounts are checkedby authorized auditors as well as recruitment and development of key personnel.

G) Risk management

The board accepts final responsibility for the risk management and internal control system of the company. Themanagement ensures that adequate internal financial and operational control systems are developed and maintainedon an ongoing basis in order to provide reasonable assurance regarding:

• The effectiveness and efficiency of operations;• The safeguarding of the company's assets;• Compliance with applicable laws and regulations;• The reliability of accounting records;• Business sustainability under normal as well as adverse conditions; and• Responsible behaviour towards all stakeholders.

The efficiency of any internal control system is dependent on the strict observance of prescribed measures.There is always a risk of non-compliance of such measures by staff. Whilst no system of internal control can provideabsolute assurance against misstatement or losses, the company's system is designed to provide the Board withreasonable assurance that the procedures in place are operating effectively.

(k) Management Structure

The Company is under the supervision of the board of directors and the day to day management is entrusted to theCountry Representative who is assisted by the heads of divisions, departments and units. The organization structureof the Company comprises of the following divisions:

• Agriculture and Poultry

• Education

• Health

• Empowerment and Livelihood for Adolescents (ELA)

• Research and Evaluation

4


• Training

• Emergency Response Program

• Accounts and Finance

• Internal Audit

• Monitoring

• Branch Review

• Information Technology(IT) and Management Information System(MIS)

• Human resources

• Communication and Public Relations

• Proposal Development

• Procurement, Logistics and Transportation

(I) Related Party Transactions

Related party transactions are disclosed in notes 14 and 17 to the financial statements.

(m) Corporate Social Responsibility

BRAC Uganda is a development company dedicated to alleviating poverty by empowering the poor to bring aboutchange in their own lives.

(n) Key achievements in 2017

• Forty new play labs were put up in Luwero, Wakiso and Kampala District. The Play labs are for 3 to 5 yearold children to support their social and emotional learning through play. The Pedagogical principles of the playbased learning approach are play, think, make and share ... • The Scholarship Programme completed the midterm undertaken by Advisem Canadian consulting firm.

• Additional 506 (259 Females; 51.2%) Scholars graduated from the Program bringing the number to 1606(51.6% Female) scholars who have completed their cycle on the Program since 2014.

• Basic training for 990 Community Health Promoters (replacement of inactive Community Health Promoters)and 49 newly recruited staff were also conducted as planned

• Health Management Information System training provided to 113 stafffor 6 days

• Enhanced Family Planning (Sayana press) Pilot training to 34 staff and 60 Community Health Promoters weregiven and 12 staff; and 240 Community Health Promoters were also provided with 3 days training on visioncare under Vision Spring Project Pilot.

• Completed Community Health Promoters digital transition through android application training and mobilephone distribution for assessments, reporting, supervision and monitoring in real time.

• Community Health Promoter revolving loan pilot also designed and initiated

• Empowerment Livelihood for Adolescents /End Child Marriage project set up 1,025 clubs across the 19districts enrolling 15,723336 girls were trained in livelihood (short term) and 2300 trained in apprenticeshipand input supply

• 19,266 were trained in lifo skills and 18,926 in financial literacy respectively

• More funding has been received from Ministry of Gender and also Uganda National Roads Authority to addressgender based violence and violence against children

• Smallholder farmers (19,200) trained and provided with nutrient rich crops and farming inputs

• 24.75 smallholder farmers in the project areas adopting Orange-Fleshed Sweet Potato (OFSP) as a newtechnology.

5


• Increase t078% of mothers practicing exclusive breast feeding since the project began

66.94% of children aged 6-23 months receiving minimum dietary diversity, marking a 12.94% increase sincethe project began

• Target the Ultra Poor beneficiaries 1,650 received livelihood assets in form of livestock and petty trades.

•

(0) Expectations for the year ending 31 December 2018

• Implement a transition project of the Programme through Technical Vocational and Education Training(TVET) support for 20% of the Scholars and strengthen career education support services to the Scholars.Increase the transition into further education or employment to at least 95% from current 77%.

• Organize the third Leadership Congress of the Program at Which over 1700 Advanced level Scholars areexpected to attend.

• Scholarship program $1.5m unspent fund over the last four years will be utilized for recruiting an additional200 Advanced level Scholars in 2019 from most disadvantaged districts of Karamoja region, West Nile andEastern Uganda and to also support transition of Scholars by providing TVET tuition to 20% of the graduatingScholars over the next three years

• Scholarship program got extra funding of $ 1.1 million from Master Card Foundation to implement atransitional project to improve transition of graduating Scholars into further education and employment.

• Health Management Information System (rollout to all staff and branches) and improve on AndroidApplication - New additions/upgrades

• Community Health Promoters loan and revolving fund initiative pilot to continue

• More funding expected from donors for youth skilling and empowerment for Kiryandongo refugee camp andKaramoja region; and for gender based violence and violence against Children

• Under Japanese Social Development Fund (JSDF), increase the cultivation, consumption and market-basedproduction of modern varieties of Vitamin A-rich Orange-Fleshed Sweet Potato (OFSP) and nutrient rich cropslike carrot, tomato, Beans, Ground nut and pumpkin

" • Skill local Vine Producers in 40 villages and Marketing Agents to ensure activities' sustainability beyond theproject.

(p) Solvency

The Board of directors has reasonable expectation that the Company has adequate resources to continue inoperational existence for the foreseeable future. The Board of directors confirms that the applicable accountingstandards have been followed and that the financial statements have been prepared on a going concern basis.

"

(q) Employee's Welfare

Management/employee relationship

There were continuous good relations between employees and management tor the year 2017. There were nounresolved complaints received by management from the employees during the year. Staff continued to getperformance incentive schemes in 20 l7.Grievance handling guidelines were circulated to all employees to createawareness about employee rights.

The company is an equal opportunity employer. It gives equal access to employment opportunities and ensuresthat the best available person is appointed to any given position free from discrimination of any kind and withoutregard to factors such as gender, marital status, tribe, religion and disability which does not impair ability todischarge duties.

L 6


Training

Training and development of staff capacity is one of the key priorities of the company. During the year, 71 line. managers had special training in People Leadership Program, 123 staff had training in BRAC values, HumanResource Policies and Procedures (HRPP) and Performance Management System (PMS), 6 staffhad a Training ofTrainers (TOT) in PMS, 28 staff were trained in Risk Management,1 driver received training in customer care, 2Human Resource staff received training on HR strategic leadership conducted by Human Resource ManagersAssociation of Uganda (HRMAU), 2 Finance & Accounts staff were trained on Preparation and management ofpayroll by Clear Focus Consult Ltd and 20 staff received training in First Aid by the Uganda Red Cross. Therewere also several program related trainings within programs. The company will continue to train, retrain anddevelop its staff to improve staff delivery and innovation.

Medical assistance

The company maintains a medical insurance scheme which covers all staff. We plan to add employees' dependantsgradually.

Retirement benefits

All eligible employees are members of the National Social Security Fund (NSSF) which is an approved pensionfund. The company contributes 10% ofthe employees' of the gross salary and employee contributes 5%. The NSSFis a defined contribution scheme with BRAC Uganda having no legal or constructive obligation to pay further top-up contribution.

(r) Gender Parity

In 2017, the company had 605 staff(588 in 2016). The female staff were 81.5% (80% in 2016).

(s) Auditors

The auditors, KPMG, being eligible for reappointment have expressed their willingness to continue in officein accordance with the terms of Section 167 (2) of the Companies Act of Uganda.

(t) Approval of the financial statements

The financial statements were approved by the directors at a meeting held on .11...M0:~~..2018.By order of the Board

..

(

DateJ.1.. •.to.~!('.do.2018

17

BRACUGANDASTATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for the preparation and fair presentation of the financial statements, comprising thestatement of financial position as at 31 December 2017 and the statements of comprehensive income, changes incapital fund and cash flows for the year then ended, and the notes to the financial statements, which include asummary of significant accounting policies and other explanatory notes, in accordance with International FinancialReporting Standards and the Non- Governmental Organizations Act 2016, and for such internal controls as thedirectors determine is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.

The directors' responsibilities include: designing, implementing and maintaining internal controls relevant to thepreparation and fair presentation of these financial statements that are free from material misstatement, whetherdue to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimatesthat are reasonable in the circumstances. They are also responsible for safe guarding the assets of the company.

Under the Non- Governmental Organizations Act 2016, the directors are required to prepare financial statementsfor each year that give a true and fair view of the state of affairs of the company as at the end of the financial yearand ofthe operating results of the company for that year. It also requires the directors to ensure the company keepsproper accounting records that disclose with reasonable accuracy the financial position of the company.

The directors accept responsibility for the financial statements set out on pages 11 to 37 which have been preparedusing appropriate accounting policies supported by reasonable and prudent judgment and estimates, in conformitywith International Financial Reporting Standards and the Non- Governmental Organizations Act 2016. Thedirectors are of the opinion that the financial statements give a true and fair view ofthe state of the financial affairsand of its operating results for the year ended 31 December 2017. The directors further accept responsibility forthe maintenance of accounting records that may be relied upon in the preparation of financial statements, as wellas adequate systems of internal financial control.

The directors have made an assessment ofthe company's ability to continue as a going concern and have no reasonto believe the company will not be a going concern for the next twelve months from the date ofthis statement.

Approval of the financial statements· iThe financial statements, as indicated above, were approved by the board of directors on J.....~~.ck2018and were signed on its behalf by:

H d fF' ?:??~~ Wea 0 mance: .........•..•...•......•...•...... :.

Director: ••••••••••~~ ••••.•.

\

Country Representative: .. ~

Director: .•••~-r" .•.....................

Date: j~ ~.~~.~ 2018

8

-

KPMGCertified Public Accountants3rd Floor, Rwenzori CourtsPlot 2 & 4A, Nakasero RoadPOBox 3509Kampala, UgandaReg No, AF0026

TelephoneFaxEmailWebsite

+256414340315/6+256414340318info@kpmg,co,ugwww.kpmg.com/eastafrica

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRAe UGANDA

Report on the audit of the financial statements

Opinion

We have audited the financial statements of BRAC Uganda ("the company"), which comprise the statement of financialposition as at 31 December 2017, and the statements of comprehensive income, changes in capital fund and cash flowsfor the year then ended, and notes to the financial statements including a summary of significant accounting policies as setout on pages 11 to 37.

In our opinion, the financial statements give a true and fair view of the financial position of BRAe Uganda as at 31December 2017, and of its financial performance and its cash flows for the year then ended in accordance with InternationalFinancial Reporting Standards (IFRS) and the Non- Governmental Organizations Act 2016.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under thosestandards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants'Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to ouraudit ofthe financial statements in Uganda, and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the IESBA Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

The directors are responsible for the other information. The other information comprises the information included in thecorporate information, directors' report, the statement of directors' responsibility, the memorandum figures reported inUnited States Dollars (USD) and project reporting but does not include the financial statements and our auditors' reportthereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assuranceconclusion thereon.

In connection with our audit ofthe financial statements, our responsibility is to read the other information and, in doing so,consider whether the other information is materially inconsistent with the financial statements or our knowledge obtainedin the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude thatthere is a material misstatement of this other information, we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of Directors for the Financial Statements

The directors are responsible for the preparation of financial statements that give a true and fair view in accordance withInternational Financial Reporting Standards (IFRS), the Non- Governmental Organizations Act 2016, and for such internalcontrol as the directors determine is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as agoing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountingunless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to doso.

Directors are responsible for overseeing the company's financial reporting process.

Auditors' Responsibillties for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from materialmisstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assuranceis a high level of assurance, but is not a.guarantee that an audit conducted in accordance with ISAs will always detect amaterial misstatement when it exists.

9

KPMG Uganda is a registered partnership and a memberfirm of the KPMG network of independent member firmsaffiliated with KPMG International Cooperative ("KPMGInternational"), a Swiss entity. Partners

Benson Ndung'uEdgar IsingomaAsad Lukwago

http://www.kpmg.com/eastafrica

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRAC UGANDA (Cont'd)

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they couldreasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticismthroughout the audit. We also:

• Identify and assess the risks of material misstatement ofthe fmancial statements, whether due to fraud or error, designand perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher thanfor one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or theoverride of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internalcontrol.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relateddisclosures made by the directors.

• Conclude on the appropriateness of directors' use of the going concern basis of accounting and based on the auditevidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubton the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditors' report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors' report. However, future events or conditions may cause the Company to cease to continue as agoing concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, andwhether the financial statements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit andsignificant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The engagement partner on the audit resulting in this independent auditors' report is CPA Asad Lukwago- P0365.

KPMGCertified Public Accountants3rd Floor, Rwenzori CourtsPlot 2 & 4A, Nakasero RoadP. O. Box 3509Kampala, Uganda

Date: )?. ..M~ 2018

10

BRACUGANDASTATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED31 DECEMBER

Notes 2016 2016

Ushs '000 USD

Grant income 3 50,014,479 14,805,944

Other income 4 3,906,827 1,156,550

Foreign exchange gains 5 1,206,696 357,222

Total income 55,128,002 16,319,716

Staff costs and other benefits 6 (8,961,153) (2,652,798)

Training, workshops &seminars 7 (8,682,443) (2,570,291 )

Occupancy expenses 8 (1,365,482) (404,228)

Program supplies, travel andother general expenses 9 (33,845,400) (10,019,360)

Depreciation 11 (340,592) (100,827)

Total expenses (53,195,070) (15,747,504)

Operating surplus 1,932,932 572,212

Taxation 10

Surplus reserve 1,932,932 572,212

,

The notes set out on pages 15 to 37 form an integral part of these financial statements.

, ,

11

BRACUGANDASTATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER

2016

Notes USD

ASSETS

Non-current assets

Property and equipment 11 420,634

Current assets

Cash and bank 12 12,264,858

Inventory 13 291,381

Due from related parties 14

Other receivables 15

Total Current Assets

Total Assets

Liabilities

Other payables

Due to related parties

Total LiabilitiesCapital fund

Donor funds

16

17

851,153

1,193,553

18 8,075,954

Retained surplus

Total Capital Fund

Total liabilities and capital fund

The financial statements on pages 11 to 37 were approved by the board of directors on .1t..M0:~~..2018 andwere signed on its behalf by:

"

Country Representative: ..~

D~dO" ........• ~ ••••.••..•.......•.••... ( ~ \b/

Director: •......•....•.!..~ .

Date: J~ M~~.0A 2018

The notes set out on pages 15 to 37 form an integral part of these fmancial statements.

12

BRAC UGANDASTATEMENT OF CHANGES IN CAPITAL FUND FOR THE YEAR ENDED31 DECEMBER 2017

Donor Retained Total TotalNote Funds Surplus Capital Capital

Fund FundUshs '000 Ushs '000 Ushs '000 USD

At 1 January 2016 26,415,728 13,054,009 39,469,737 11,841,142

Donations received during theyear IS.I(a) 50,866,190 50,866,190 14,280,233

Utilised during the year (48,343,949) (48,343,949) (l3,572,l36)

Transfers to donor 18.1 (70,443) (70,443) (19,776)

Transfer to other projects (100,979) (100,979) (28,349)

Surplus for the year 1,932,932 1,932,932 572,212

Currency translation (789,921)

At 31 December 2016 28,766,547 14,986,941 43,753,488 12,283,405Donations received during theyear 2017 18.1(a) 49,533,261 49,533,261 l3,637,712

Utilised during the year (52,842,054) (52,842,054) (14,780,581 )

Transfers to donor 18.1 (147,235) (147,235) (40,537)

Donor Receivable 15 4,618,981 4,618,981 1,271,718

Surplus for the year 5,294,085 5,294,085 1,480,821

. Currency translation (28,358)

At 31 December 2017 29,929,500 20,281,026 50,210,526 13,824,180

The notes set out on pages 15 to 37 form an integral part of these financial statements

.

l3

BRAC UGANDASTATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER

2016 2016Notes Ushs '000 usn

Net cash generated from operatingactivities 19 4,344,335 1,254,220

Cash flows from investing activities

Proceeds from disposal of fixed assets 14,161 3,976

Acquisition of fixed assets (299,044) (83,954)

Net cash used in investing activities (284,883) (79,978)

Cash flows from financing activities

Decrease in fixed deposits 6,044,223 1,696,862

Increase in grants received in advance 2,350,819 659,972

Net cash generated from financingactivities 8,395,042 2,356,834

Net increase in cash and cashequivalents 12,454,494 3,531,076

Currency translation (635,629)

Cash and cash equivalents at the start ofthe year 31,232,932 9,369,411

Cash and cash equivalents at yearend 12 43,687,426 12,264,858

The notes set out on pages 15 to 37 form an integral part of these financial statements

14

BRACUGANDANOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

1. THE REPORTING ENTITY

BRAC begun its work in Uganda in June 2006, it chose to work in Uganda because of the opportunities to make asignificant difference in a post-conflict country with high poverty and fertility rates as well as demonstrate the potentialof its "micro finance multiplied" approach to the micro finance industry in Africa.

The organization was incorporated as BRAC Foundation in January 2006 and it commenced business in June 2006.In March 2007, the name was changed to BRAC through the registry of Companies. Later the Microfinance andNon-Microfinance Programs got incorporated as independent companies in August 200S and September 2010respectively but were still trading during the year under the umbrella ofBRAC.

On 30 September 2010, at a duly convened meeting of the Governing Board, BRAC transferred all assets andliabilities that relate to or are in any way connected with the Microfinance activity it had been operating in Uganda toBRAC Uganda micro finance limited and all assets and liabilities that relate to or are in any way connected with theNon-Microfinance activities it had been operating in Uganda to BRAC Uganda

BRAC Uganda effectively commenced operations as an independent entity on 1 January 2010. The core elements of thebusiness model are BRAC's community outreach - based delivery methodology and its unwavering focus on the poorerend of the poverty spectrum. These two principles distinguish BRAC from other operators in Africa, are apparent in theway BRAC has designed its operations.

2. BASIS OF PREPARATION

The financial statements have been prepared in accordance with and comply with International FinancialReporting Standards (IFRS) and the Non-Governmental Organizations Act 2016.

(i) Basis of measurement

The financial statements are prepared under the historical cost convention.

"

(ii) Basis of preparation

The preparation of financial statements in conformity with International Financial Reporting Standards requiresmanagement to make judgments, estimates and assumptions that affect the application of policies and reportedamounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of financialstatements and reported amounts of revenues and expenses during the reported period.

The estimates and associated assumptions are based on historical experiences, the results of which form thebasis of making the judgments about the carrying values of assets and liabilities that are not readily apparentfrom other sources. Actual results ultimately may differ from these estimates.

(iii) Functional and presentation currency

These financial statements are presented in Uganda shillings (Shs'OOO), which is the entity's functionalcurrency.

The financial statements include figures, which have been translated from Uganda Shillings (Shs'OOO) toUnited States Dollars (USD) at the year-end rate ofUSD 1: Ushs 3,632 «2016: Ushs 3,562) for balancesheet items and USD 1: Ushs 3,575 «2016: Ushs 3,37S) ) for the income statement balances. These figuresare for memorandum purposes only and do not form part of the audited financial statements.

(iv) Use of estimates and judgment

The preparation of financial statements in conformity with International Financial Reporting Standardsrequires management to make judgments, estimates and assumptions that affect the application of policies andreported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date offinancial statements and reported revenues and expenses during the reported period. The estimates andassociated assumptions are based on historical experiences, the results of which form the basis of making thejudgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

15


Actual results may differ from the estimates. The estimates and underlying assumptions are reviewed on anongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revisedif the revision affects only that period or il! the period of the revision and the future periods ifthe revision affectsboth current and future periods. In particular, information about significant areas of estimation, uncertainty andcritical judgment in applying accounting policies that have the most significant effect on the amounts recognizedin the financial statements are described in note 23.

a. Property and equipment

(i) Recognition and measurement

Property and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includesexpenditures that are directly attributable to the acquisition of the asset.

The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directlyattributable to bringing the asset to a working condition for its intended use, and the costs of dismantling andremoving the items and restoring the site on which they are located. Purchased software that is integral to thefunctionality of their latest equipment is capitalized as part of that equipment.

Gains and losses on disposal of an item of property and equipment are determined by comparing the proceedsfrom disposal with the carrying value of property and equipment and recognized net with other income in profitor loss.

(ii) Depreciation

Depreciation is recognized in profit or loss and calculated to write off the cost of the property and equipment ona straight line basis over the expected useful lives of the assets concerned, and intangible assets on a straight linebasis. Land is not depreciated.

The estimated useful lives for the current and comparative periods are as follows: -

Motor vehicles, motor cycles and bicyclesFurniture and FixturesEquipmentBuildings

Percentage (%)20%10%15%4%

Management and directors review the depreciation methods, residual value and useful life of an asset at the yearend and any change considered to be appropriate in accounting estimate is recorded through the incomestatement.

Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are included inthe operating result for the reporting period.

b. Foreign currency transactions

Transactions in foreign currencies are translated to Ugandan Shilling at the foreign exchange rate ruling at thedate of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet dateare translated to Ugandan Shillings at the foreign exchange rate applicable for settlement. The foreign currencygain or loss on the monetary items is the difference between amortized cost in the functional currency at thebeginning of the period, adjusted for the effective interest and payments during the period, and the amortized costin the foreign currency translated at the exchange rate at the end ofthe period. Non-monetary assets and liabilitiesdenominated in foreign currencies, which are stated at historical cost, are translated to Ugandan Shillings at theforeign exchange rate ruling'at the date of transaction. Non-monetary assets and liabilities denominated in foreigncurrencies that are stated at fair value are translated to Ugandan Shillings at foreign exchange rates ruling at thedates the fair values were determined. Foreign exchange differences arising on translation are recognized in thestatement of comprehensive income.

16


c. Impairment

(i) Financial assets

At each statement of financial position date BRAC Uganda assesses whether there is objective evidence thatfinancial assets not carried at fair value through profit or loss are impaired. Financial assets are considered to beimpaired when objective evidence indicates that one or more events that have a negative effect on the estimatedfuture cash flows of an asset has occurred. '

An impairment loss in respect of financial assets measured at amortized cost is calculated as the difference betweenits canying value and present value of the estimated future cash flows discounted at the original effective interestrate. An impairment loss in respect of an available for sale financial asset is calculated by reference to its fair value.

Individually significant fmancial assets are tested tor impairment on an individual basis. The remaining financialassets are assessed collectively in groups that share similar credit characteristics.

All impairment losses are recognized in the profit or loss and impairment losses on available-for-sale investmentsecurities are recognized by transferring the difference between the amortized acquisition cost and current fairvalue out of equity to profit or loss.

An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairmentloss was recognized. For financial assets measured at amortized cost and available for sale securities is recognizedin profit or loss. For available for sale securities that are equity securities the reversal is recognized directly inequity.

(ii) Non-financial assets

The canying amounts of BRAC Uganda's non-financial assets other than inventories are reviewed at eachstatement of financial position date to determine whether there is any indication of impairment. If such conditionexists, the assets recoverable amount is estimated and an impairment loss recognized in the income statementwhenever the canying amount of an asset exceeds its recoverable amount.

" An impairment loss is reversed if there has been a change in the estimates used to determine the recoverableamount. An impairment loss is reversed only to the extent that the assets canying amount that would have beendetermined net of depreciation or amortization if no impairment loss was recognized.

d. Inventory

Inventory is stated at the lower of cost and net realizable value. Net realizable value is the estimated selling pricein the ordinary course of business, less the estimated costs of completion and selling expenses. Cost comprisesdirect item cost that has been incurred in bringing the inventories to their present location and condition."

e. Other Receivables

Other receivables comprise of prepayments, deposits and other recoverable which arise during the normal courseof business. They are carried at original invoice amount less provision made for impairment losses. A provisionfor impairment of trade receivable is established when there is objective evidence that the company will not be ableto collect all amounts due according to the original terms of receivables. The amount of the provisions is thedifference between the carrying amount and the recoverable amount.

f. Cash and cash equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than 90 daysmaturity from the statement of financial position date and include: cash in hand, deposits held at call with banks,net of bank overdraft facilities subject to sweeping arrangements.

17

/.i


g. Provisions and Other Liabilities

A provision is recognized if, as a result of a past event, BRAC Uganda has a present legal or constructive obligationthat can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle theobligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflectscurrent market assessments of the time value of money and, where appropriate, the risks specific to the liability.Other accounts payables are carried at cost, which is the fair value of the consideration to be paid in the future forgoods and services received.

h. Revenue recognition

Revenue is recognized on an accruals basis.

i. Grants

(i) Donor Grants

All donor grants received are initially recognized as deferred income at fair value and recorded as liabilities inthe Grants Received in Advance Account for the period.

The portion of the grants utilized to purchase property and fixed assets are transferred as deferred income inliabilities and subsequently the portion of the depreciation expense of the same assets for the period is recognizedin the Statement of Comprehensive Income as grant income. Grants utilized to reimburse program relatedexpenditure are recognized as Grant Income for the period.

Grant income is classified as temporarily restricted or unrestricted depending upon the existence of donor-imposed restrictions. For completed or phased out projects and programs, any unutilized amounts are dealt within accordance with consequent donor and management agreements.

Donor grants received in kind, through the provision of gifts and/or services, are recorded at fair value (excludingsituations when BRAC Uganda may receive emergency supplies for onward distribution in the event of a disasterwhich are not recorded as grants). For ongoing projects and programs, any expenditures yet to be funded but forwhich funding has beep agreed at the end of the reporting period is recognized as Grants receivable.

(ii) Grant income

Grant income is recognized on a cash basis to the extent that BRAC Uganda fulfills the conditions of the grant.This income is transferred from the deferred grant received from Donors and recognized as income in thestatement of comprehensive income.

A portion of BRAC Uganda donor grants are for the funding of projects and programs, and for these grants,income recognized is matched to 'the extent of actual expenditures incurred on projects and programs for theperiod. For donor grants restricted to funding procurement fixed assets, grant income is recognized as the amountequivalent to depreciation expenses charged on the fixed asset.

(iii) Other income

Other income comprises of other project incomes from Agriculture, Training, Research and Health projects,interest from short term deposits, gains less losses related to trading assets and liabilities, and includes gainsfrom disposal ofBRAC Uganda assets and all realised and unrealised foreign exchange differences.

j. Interest from bank and short term deposits

Interest income on BRAC Uganda bank deposit is earned on an accruals basis at the agreed interest rate withthe respective financial institution.

18


k. Employee benefits

Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made forthe estimated liability for annual leave as a result of services rendered by employees up to the Statement offinancial position date. The company does not operate any retirement benefit fund. However severance pay isprovided for in accordance with the Ugandan statute. The company also operates an employee bonus incentivescheme. The provision for employee bonus incentive is based on a predetermined cOlJ1panypolicy and isrecognized in other accruals. The accrual for employee bonus incentive is expected to be settled within 12months.

I. Contingent liabilities

The company recognizes a contingent liability where it has a possible obligation from past events, the existenceof which will be confirmed only by the occurrence of one or more uncertain events not wholly within the controlof the company, or it is not probable that an outflow of resources will be required to settle the obligation, or theamount of the obligation cannot be measured with sufficient reliability.

m. Related party transactions

Related parties comprise directors, subsidiaries of BRAe International and key management personnel of thecompany and companies with common ownership and/or directors.

n. Fundraising Costs

BRAe Uganda normally raises its funds through discussion with various donors and stake holders. It also followsa competitive process where it submits its proposal to multinational donor organizations and gets selected basedon merit. BRAe Uganda does not incur any additional costs for fund raising purposes other than over headswhich is recorded under HO logistic and management expenses.

"

o. Adoption of new and revised standards

i. New and amended standards adopted by the Company

The following standards have been adopted by the company for the first time for the financial year beginning onor after 1 January 2017: The adoption of these new standards has not resulted in material changes to thecompany's accounting policies.

New amendments or interpretation effective for annual periods beginning on or after 1 January 2017 aresummarised below:

New amendments or interpretation Effective date

• Disclosure Initiative (Amendments to lAS 7)

• Recognition of Deferred Tax Assets for Unrealised Losses 1 January 2017(Amendments to lAS 12)

19

"


ii. New and amended standards and interpretations in issue but not yet effective for the year ended31 December 2017

At the date of authorisation of the financial statements ofBRAC Uganda for the year ended 31 December 2017,the following Standards and Interpretations were in issue but not yet effective;

New standard or amendmentsEffective for annual periods

beginning on or after

• IFRS 15 Revenue from Contracts with Customers 1 January 2018

• IFRS 9 Financial Instruments (2014) 1 January 2018

• Classification and Measurement of Share-based To be determined

• Payment Transactions (Amendments to IFRS 2)

• Transfers ofInvestment property (Amendments to lAS 40)

• Applying IFRS 9 Financial Instruments with IFRS 4 Insurance 1 January 2018contracts (Amendments to IFRS 4)

• IFRS 16 Leases 1 January 2019

• Sale or Contribution of Assets between an Investor and its To be determinedAssociate or Joint Venture (Amendments to IFRS 10 and lAS28).

• IFRS 17 Insurance contracts I January 2021

All Standards and Interpretations will be adopted at their effective date (except for those Standards andinterpretations that are not applicable to the entity).

Revenue from Contracts with customers (Amendments to IFRS 15)

This standard replaces lAS 11 Construction Contracts, lAS 18 Revenue, IFRlC 13 Customer LoyaltyProgrammes, IFRlC 15Agreements for the Construction of Real Estate, IFRlC 18 Transfer of Assets fromCustomers and SIC-31 Revenue - Barter of Transactions Involving Advertising Services.

The standard contains a single model that applies to contracts with customers and two approaches torecognising revenue: at a point in time or over time. The model features a contract-based five-step analysis oftransactions to determine whether, how much and when revenue is recognised.This new standard will most likely have a significant impact on the Group, which will include a possible changein the timing of when revenue is recognised and the amount of revenue recognised.

The adoption of the amendment will not have an impact on the financial statements of the company.

IFRS 9: Financial Instruments (2014)

On 24 July 2014, the IASB issued the final IFRS 9 Financial Instruments Standard, which replaces earlierversions of IFRS 9 and completes the IASB's project to replace lAS 39 Financial Instruments: Recognitionand Measurement.

This standard introduces changes in the measurement bases of the financial assets to amortised cost, fair valuethrough other comprehensive income or fair value through profit or loss. Even though these measurementcategories are similar to lAS 39, the criteria for classification into these categories are significantly different.In addition, the IFRS 9 impairment model has been changed from an "incurred loss" model from lAS 39 to an"expected credit loss" model.


Classification and Measurement of Share-based Payment Transactions (Amendments to IFRS 2)

Currently, there is ambiguity over how a company should account for certain types of share-based payment

20

BRACUGANDA.NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

arrangements. The IASB has responded by publishing amendments to IFRS 2 Share-based Payments.

The amendments cover three accounting areas:

Measurement of cash-settled share-based payments -The new requirements do not change the cumulativeamount of expense that is ultimately recognised, because the total consideration for a cash-settled share-basedpayment is still equal to the cash paid on settlement.

Classification of share-based payments settled net of tax withholdings -The amendments introduce anexception stating that, for classification purposes, a share-based payment transaction with employees isaccounted for as equity-settled if certain criteria are met.

Accounting for a modification of a share-based payment from cash-settled to equity-settled -. The amendmentsclarify the approach that companies are to apply.


Transfers ofInvestment property (Amendments to lAS 40)

The IASB has amended the requirements in lAS 40 Investment property on when a company should transfer aproperty asset to, or from, investment property.


Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4)

The amendments in Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts' (Amendmentsto IFRS 4) provide two options for entities that issue insurance contracts within the scope ofIFRS 4:

an option that permits entities to reclassify, from profit or loss to other comprehensive income, some ofthe income or expenses arising from designated financial assets; this is the so-called overlay approach;

an optional temporary exemption from applying IFRS 9 tor entities whose predominant activity is issuingcontracts within the scope of IFRS 4; this is the so-called deferral approach.

The application of both approaches is optional and an entity is permitted to stop applying them before the newinsurance contracts standard is applied.


"

An entity applies the overlay approach retrospectively to qualifying financial assets when it first applies IFRS9. Application of the overlay approach requires disclosure of sufficient information to enable users of financialstatements to understand how the amount reclassified in the reporting period is calculated and the effect of thatreclassification on the financial statements.An entity applies the deferral approach for annual periods beginning on or after 1 January 20 18. Predominanceis assessed at the reporting entity level at the annual reporting date that immediately precedes I April 2016.Application of the deferral approach needs to be disclosed together with information that enables users offinancial statements to understand how the insurer qualified tor the temporary exemption and to compareinsurers applying the temporary exemption with entities applying IFRS 9. The deferral can only be made useof for the three years following 1 January 2018. Predominance is only reassessed if there is a change in theentity's activities.The adoption of this standard is not expected to have a significant impact the financial statements of theCompany.


IFRS 16: Leases

IFRS 16was published in January 2016. It sets out the principles for the recognition, measurement, presentation

21

_1


and disclosure of leases for both parties to a contract, i.e. the customer ('lessee') and the supplier (,lessor').IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.

IFRS 16 includes a single model for lessees which will result in almost all leases being included in theStatement of Financial Position. No significant changes have been included for lessors. IFRS 16 also includesextensive new disclosure requirements for both lessees and lessors.

The adoption of the amendment will not have an impact on the financial statements of the company,

IFRS 17

IFRS 17 supersedes IFRS 4 Insurance Contracts and aims to increase comparability and transparency aboutprofitability. The new standard introduces a new comprehensive model ("general model") for the recognitionand measurement of liabilities arising from insurance contracts. In addition, it includes a simplified approachand modifications to the general measurement model that can be applied in certain circumstances and tospecific contracts, such as:

• Reinsurance contracts held;• Direct participating contracts; and• Investment contracts with discretionary participation features.

Under the new standard, investment components are excluded from insurance revenue and service expenses.Entities can also choose to present the effect of changes in discount rates and other financial risks in profit orloss or OCI.

The new standard includes various new disclosures and requires additional granularity in disclosures to assistusers to assess the effects of insurance contracts on the entity's financial statements.

The adoption of the amendment will not have an impact on the fmancial statements of the company.

q. Comparatives

The prior year comparatives have been adjusted to achieve a comparable presentation with the current yearnumbers. Balances affected are other payables and amounts due to related parties. Other than thereclassifications in the presentation above, no other changes have been made in the comparatives.

22


3. GRANT INCOME

2016 2016

Ushs '000 USDAgriculture, poultry& Livestock 3,597,995 1,065,126

Education 24,400,712 7,223,420

Health 11,904,202 3,524,039

Empowerment and Livelihood ofAdolescents 3,427,392 1,014,622

Research & Evaluation 3,084,636 913,155

Karamoja 150,673 44,604Emergency Preparedness andresponse 55,098 16,311TUP 571,168 169,085

Play Lab 762, III 225,610

ECM 1,662,517 492,160Community Connector 397975 117,812

50.014.479 14.805.944

Grant income relates to the operating expenses incurred by the different projects that are transferred from grantsreceived in advance to the statement of comprehensive income.

4. OTHER INCOME

2016 2016

Ushs '000 USD

Other project income 2,330,058 689,774

Bank interest income 1,576,769 466776

3.906.827 1.156.550

Other project income relates to the income from the training program, sale of the agricultural seeds agriculture,poultry and health program.

5. FOREIGN EXCHANGE GAINS

Foreign exchange gains

2016Ushs '000

1,206,696

1.206.696

2016USD

The exchange gains arise from translation of foreign currency transactions and revaluations of foreign currencydenominated assets and liabilities to Uganda Shillings. Financial assets and liabilities denominated in foreigncurrencies are translated to Uganda Shillings at the rate ruling at balance sheet date.

23


6. STAFF COSTS AND OTHER BENEFITS

2016 2016

'- Ushs '000 USD

Salaries 7,881,343 2,333,139

Bonus 178,851 52,946

10% employer NSSF contribution 775,721 229,638

Insurance for staff 125,238 37075

8,961.153 2,652,798

7. TRAINING, WORKSHOPS AND SEMINARS

2016 2016

Ushs'OOO USD

External member trainings 8,229,579 2,436,228

Staff training 452,864 134,063

8.682.443 2.570,291

8. OCCUPANCY EXPENSES

2016 2016

Ushs '000 USD

Rental charges 1,299,824 384,791

Utilities 65,658 19437

1,365.482 ~

.9. PROGRAM SUPPLIES, TRAVEL AND OTHER GENERAL EXPENSES

2016 2016

Ushs '000 USD

Legal and Other fees 526,621 155,897

Audit feesMaintenance & general expenses 4,876,759 1,443,682

Printing, stationary and supplies 906,123 268,243

Telephone expenses 223,916 66,286

Program supplies 21,199,131 6,275,646

Other general expenses 7,536 2,231

Provision for Unrecoverable 491,514 145,505receivables

Fixed assets write-off

Inventory write-off 43,476 12,870

Software Maintenance Cost 135,976 40,253

Head Office logistics expenses 1,683,260 498,302

Travel and transportation 3 751 088 1,110,445

33,845.400 10,019.360

24

//


Program supplies mainly comprise of tuition, Scholarship, training materials, health kits, stipends, learningmaterials, technical support to projects and supplies for the beneficiaries.

10. TAXATION

BRAC Uganda is registered as an NGO, which is involved in charitable activities and therefore falls within thedefinition of exempt organizations for tax purposes as described in the Income Tax Act, Section Z'(bb)-interpretation.Under section 2(bb) (ii), the Income Tax Act states that for an organization to be tax exempt, it should have beenissued with a written ruling by the Commissioner stating that it is an exempt organization.

Uganda Revenue Authority issued an exempt organization ruling to BRAC Uganda for the period ended 31December 2017 in a notice DT -1109 dated 07 August 2017.

11. PROPERTY AND EQUIPMENT

Furniture Building Equipment Motor Total TotalVehiclesUshs(OOO) Ushs(OOO) Ushs(OOO) Ushs{OOO) Ushs{OOO) USD

CostAt 1 January 2016 662,363 221,701 1,154,879 864,354 2,903,297 1,057,910Additions 137,709 161,335 299,044 83,954Disposals (51,020) (51,020) (14,323)

At31 December 2016 800,072 221,701 1,316,214 813,334 3,151,321 1,127,541Additions 76,307 82,799 197,790 356,896 99,828DisposalsCurrency translation (261,471)At 31 December 2017 876,379 221,701 1,399,013 1,011,124 3,508,217 965,898

Depreciation

At 1 January 2016 302,911 1,890 511,535 779,052 1,595,388 664,744

Charge for the year 77,196 8,868 164,300 90,228 340,592 100,827Accumulated Depreciation on (48,682) (48,682) (13,667)DisposalReinstated Depreciation (234,275) (234,275) (65,771)Currency translation 20,774At 31 December 2016 380,107 10,758 675,835 586,323 1,653,023 706,907

Charge for the year 83,621 8,868 147,107 95,476 335,072 93,724Currency translation (253,260)At 31 December 2017 463,728 19,626 822,942 681,799 1,988,095 547,371

Net Book ValueAt 31 December 2016 419,965 210,943 640,379 227,Oll 1,498,298 420,634

At 31 December 2017 412,651 202,075 576,071 329,325 1,520,122 418,527

25


"

12. CASH AND BANK

Note 2016

USD

Cash in hand 3,362

Cash at bank 12.a 12,261,496

12.264.858

12. a) Cash at bank

2016USD

Standard Chartered Bank 11,253,511

Bank of Africa 18,716

Crane Bank 53

DFCU 1,475

Pride Microfinance Ltd 1,809

Equity Bank 10,054

Post Bank 215,797

Orient Bank Limited 1,173

Centenary Bank 11,481

Tropical Bank 2,303

Stanbic Bank 745.124

12 261.496

13. INVENTORY

2016

USD

Stock and consumables 291,381

~

Stock and consumables includes the amount of the stock of health materials, poultry and agriculture that were notyet sold as at 31 December 1017. These materials are normally sold at subsidized rates to low income earners incommunities.

26

I

BRAe UGANDA .NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

14. DUE FROM RELATED PARTIES

BRAC Bangladesh

2016Ushs '000

2016USD

Due from related parties relates to amounts owing from BRAC Bangladesh for the settlement of operationalexpenditure on behalf of BRAe Bangladesh. The fair value of these related party receivables approximates theircarrying amounts. Bangladesh are fellow subsidiary/ under common ownership as that of BRAe Uganda. Thisamount will be settled during the ordinary course of business and bear no interest.

15. OTHER RECEIVABLES

2016 2016

Ushs '000 USDAdvances to third parties 407,997 114,541Donor receivables 1,373,306 385,544

1.781 303 ~

Donor receivables relate to unremitted donor committed funds at yearend. The agreements with some donors are onreimbursement basis and thus this receivable relates to project expenditure incurred and yet to be reimbursed bydonors. The carrying amounts of other receivables approximates their fair value.

16. OTHER PA YABLES

2016 2016Ushs '000 USD

Accrued expenses 1,958,196 549,746Bonus 19,459 5,463NSSF 82,989 23,298Self-insurance fund -scheme 17,669 4,960VAT payable 254,448 71,434Provision for audit fees 75,636 21,234Withholding tax provision 298,289 83,742Salary provision 178,211 50,031PAVE 146,912 41,245

3.031.809 8.5lJ.53.

17. DUE TO RELATED PARTIES

2016 2016Ushs '000 USD

BRAe Bangladesh 13,676 3,839Stitching BRAe International 921,040 258,575

BRAe IT Services Limited (bits) 135,976 38,174

BRAe Uganda Microfinance Ltd 148.936 41812

1.2]9.628 342.400

27


Related party payables relate to amounts owing to BRAC Bangladesh, Stitching BRAC International and BRACMicrofinance (Uganda) Ltd, for the settlements of staff costs and operating expenditures incurred on behalf of BRACUganda. The fair value of these related party payables/receivables approximates their carrying amounts. StitchtingBRAC International is the parent ofBRAC Uganda. BRAC Bangladesh is an affiliate company ofBRAC Uganda.Payable to Bits relates to annual software maintenance fees payable to BRAC International. The amounts bear nointerest and are settled in normal course of business.

18. DONOR FUNDS

2016 2016Note Ushs '000 USD

Donor funds received in advance 18.1 27,166,402 7,626,727Donor funds-investment in fixedassets 18.1 b 1,600,145 449227

28.766.547 8.075.954

18.1 Donor funds received in advance

2016 2016Note Ushs '000 USD

Opening balance 25,008,310 7,020,862Donations received during theYear I8.1a 50,866,190 14,280,233Transferred to donor*Transferred to deferred income -investment in fixed assets (299,044) (83,954)Assets transferred to FHI (20,843) (5,852)Transferred to BRAC Tanzania(IDS) (100,979) (28,349)Transferred to JSDF Loan Product (49,600) (13,925)Donor ReceivablesUtilized during the year (48,237,632) (13,542,288)

27,166402 1 fi2fi 121

*Transfer to donors relates to project fund balances returned by BRAC Uganda to the donor upon closure of the project.

28

BRAe UGANDA·NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

18.1 a) Donations received during the year

MasterCard Foundation (poultry)MasterCard Foundation (Scholarship)

BRAC USA (Youth Research)BRAC USA (PEDL Youth Research)BRAC USA (Capacity Building)

Emergency Preparedness

IDRCLiving Goods (Health)

Vision Spring (Eye care)

Clinton Health Initiative

IFS

"

Women win

Oak Foundation

Straight Talk Foundation

Stockholm university (Research study)

Stockholm University (Tenancy)

BARR Foundation

UNICEF

BRAC UK-ECDBuilding Young Future

Village Enterprise

JSDF (Agriculture)

Agriculture (George Washington)

FHIWorld Bank -{ADP)

Lego Foundation

MasterCard Foundation (ELA)

ECM (ELA)

ELA -SCOPE MoGender

S.Sudan refugees fund( BRAC USA)

TUP (Cartier Foundation)

TUP (Aestus foundation)

IERC (BRAC USA-Mobile Money)

BRAC USA( [ERC-Mobile Money)

BRAC USA (IERC)

Stanford UniversityMenstral (Research)

Qatar Foundation

"

2016 2016Ushs '000 USD435,706 122,321

25,972,722 7,291,612480,847 134,994369,413 103,70938,100 10,696

6,859,889 1,925,853

56,410140,225

149,501

15,83739,367

41,971

1,187,596 333,40733,460

1,360,3709,394

381,912

2,310,509 648,655

252,531 70,896498,309 139,896

314,807 88,379

1,187,458 333,368

547,928 153,8262,033,161 570,792

2,235,309 627,543

349,230 98,043247,393 69,453

1,476,304 414,4591,946,145 546,363124,429 34,932133,768 37,554124670 35001

50.866.190 14.280.233

29

BRACUGANDA.NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

18.1 b) Donations - investment in fixed assets

2016

Ushs '000

Opening balance 1,407,418

Transferred from donor funds received in 299,044advance

Adjustments for the year 234,275

Depreciation charged during the year (340,592)

Closing balance 1 600 145

19. CASHFLOW FROM OPERATING EXPENSES

2016Ushs '000

Excess of income over expenditure 1,932,932Depreciation 340,592

Charge on prior period transfer (234,275)

Gain on disposal of assets (11,823)

Cash flows before changes in working 2,027,426capitalChanges in working capital

Increase in inventory (351,365)

Increase in receivables (1,203,475)

(Increase )/Decrease in related party receivables 779,044

Increase in other payables 830,408

Increase in related party payabies 2,262,197

Net cash generated from operations 4344335

20. SUBSEQUENT EVENTS"

2016

usn395,120

83,954

65,771(95,618)

2016USD

572,212100,827 .

(65,771)

(3,500)

603,768

(98,643)

(337,865)

218,710

233,130

635 120

1254220

The company has evaluated the subsequent events through the date of signing these financial statements and there wereno significant events to be reported in these financial statements,

21. CURRENCY

The financial statements are expressed in Uganda Shillings which is the entity's functional currency.

22. CAPITAL COMMITMENTS

There were no capital commitments as at 31 December 2017 (2016: Nil).

23. USE OF ESTIMATES AND JUDGMENT

The preparation of financial statements in conformity with International Financial Reporting Standards requiresmanagement to make judgments, estimates and assumptions that affect the application of policies and reportedamounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of financial statementsand reported amounts of revenues and expenses during the reported period.

30

I.i


The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognized in the period in which the estimates are revised and in any future periods affected. The estimates andassociated assumptions are based on historical experiences, the results of which form the basis of making thejudgments about the carrying values and liabilities that are not readily apparent from other sources. Actual resultsultimately may differ from these estimates.

BRAC Uganda makes estimates and assumptions that affect the reported amounts of assets and liabilities within thenext financial year. Estimates and judgments are continually evaluated and are based on historical experience andother factors, including expectations of future events that are believed to be reasonable under the circumstances.Management identifies all significant accounting policies and those that involve high judgment and in particular thesignificant areas of estimation and un-certainty in applying accounting policies that have the most significant effecton the amounts recognized in the financial statements. These are:

(i) Impairment

The company makes estimates and assumptions that affect the reported amounts of assets and liabilities within thenext fmancial year. Estimates and judgments are continually evaluated and are based on historical experience andother factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company regularly reviews its assets and makes judgments in determining whether an impairment loss shouldbe recognized in respect of observable data that may impact on future estimated cash flows. The methodology andassumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduceany differences between loss estimates and actual loss experience.

(ii) Provisions and contingencies

A provision is recognized if as a result of past events, the company has a present legal or constructive obligation thatcan be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle theobligation. For provisions included in the fmancial statements see note 16.

24. FINANCIAL RISK MANAGEMENT

Introduction and overview

" The company has exposure to the following risks from fmancial instruments:

i) Credit risk

ii) Liquidity risk

iii) Market risk

iv) Operational risk

This note presents information about the company's exposure to each of the above risks and the company'sobjectives, policies and processes for measuring and managing risk.

Risk management framework

The Board of Directors has overall responsibility for the establishment and oversight of the Company's riskmanagement framework.

The Board of BRAC Bangladesh International, the parent company, has established the Group Audit and RiskCommittee, Remuneration Committee, Investment Committee, Group Executive Committee and SubsidiaryCompanies Executive Committee which are responsible for developing and monitoring Group risk managementpolicies in their respective areas. All Board committees have both executive and non-executive members, apart fromthe Group Executive Committee. which comprises of executive directors and senior management and report regularlyto the Board of Directors on their activities.

BRAC financial risk management policy seeks to identify, appraise and monitor the risks facing BRAC whilsttaking specific measures to manage its interest rate, foreign exchange, liquidity and credit risks. BRAC does not

31


however, engage in speculative transactions or take speculative positions, and where affected by adversemovements, BRAC has sought the assistance of donors.

i) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument failsto meet its contractual obligations, and principally from trade and other receivable balances and investment in cashand cash equivalents. The Credit policy ofBRAC Uganda requires all credit exposures to be measured, monitoredand managed proactively. All cash and cash equivalents are held with reputable banks that are regulated by theCentral bank of Uganda and as a result the risk is low.

Management of the risk

The Board of Directors has delegated responsibility for the oversight of credit risk to the Country Representativeand the Monitoring department.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to creditrisk at the reporting date was;

Cash and Cash equivalents

Other receivables

2016

Shs '000

43,675,4501,781,303

2016

usn12,261,496

500,085

12.761.58145,456,753

The aging of trade receivables and other assets as at the reporting date was:

2016 2016Shs '000 usn

Between 0 - 30 days 958,147 268,991Between 31 - 60 days 823,156 231 094

1,781,303 500,085

ii) Liquidity risk

Liquidity risk is the risk that operations cannot be funded and financial commitments cannot be met timeously andcost effectively. The risk arises from both the difference between the magnitude of assets and liabilities and thedisproportion in their maturities. Liquidity risk management deals with the overall profile of the balance sheet, thefunding requirements of the Company and cash flows. In quantifying the liquidity risk, future cash flow projectionsare simulated and necessary arrangements are put in place in order to ensure that all future cash flow commitmentsare met from the working capital generated by the Company and also from available financial institutions facilities.

BRAC Uganda manages its debt maturity profile, operating cash flows and the availability of funding so as to meetall refinancing, repayment and funding needs. As part of its overall liquidity management, BRAC Uganda maintainssufficient levels of cash or fixed deposits to meet its working capital requirements. In addition, BRAC Ugandamaintains banking facilities ofa reasonable level. The company's approach to managing liquidity is to ensure, as faras possible, that it will always have sufficient resources to meet its liabilities when due, under both normal andstressed conditions, without incurring unacceptable losses or risking damage to the company's reputation.

32


Exposure to Liquidity risk

The table below indicates the company liquidity at the statement of financial position date and an analysis of theliquidity period of the company's financial assets and liabilities.

2017Matured Less than Between 31-60 Over 60

Total30 days Day . Days

Ushs '000' Ushs '000' Ushs '000' Ushs '000' Ushs '000'

ASSETS

Cash and bank 48,586,830 48,586,830

Due from related parties 13,947 13,947

Other receivables 3537795 1,597001 5 134796

48,586,830 3,551,742 1,597,001 53,735,573

LIABILITIES AND CAPITAL FUND

Other payables 1,507,349 904,409 602,941 3,014,699

Due to related parties 1,039,669 1,732,782 693 114 3.465.565

2,547,018 2,637,191 1,296,055 6,480,264

Liquidity gap 48.586.830 1.004724 (1.040.190) (1.296055) 47255.309

2016Matured Less than 30 days Between 31-60 Day Over 60 Days Total

Ushs '000' Ushs '000' Ushs '000' Ushs '000' Ushs '000'ASSETS

Cash and bank 43,687,426 43,687,426

Other receivables 1 373 306 407997 I 781 303

43,687,426 1,373,306 407,997 45,468,729LIABILITIES AND CAPITAL FUND

Other payables 1,900,671 1,131,138 3,031,809

Due to related parties 650 191 569437 1,219.628

2550,862 1,700,575 4,251,437

Liquidity gap 43,68:M26 (I 171556) (I 222518) 41211"22

,iii) Market risk

Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates will affect thefair value or future cash flows of a financial instrument. Market risk arises from open positions in interest rates andforeign currencies, both which are exposed to general and specific market movements and changes in the level ofvolatility. The objective of market risk management is to manage and control market risk exposures withinacceptable parameters, while optimizing the return on risk.

Management of market risks

Overall responsibility for managing market risk rests with the Country Representative. Management is responsiblefor the development of detailed risk management policies and for the day to day implementation of those policies.

i. Interest rate risk

There is no significant exposure to interest rate risk as there is no material overdraft or interest bearing assets orliabilities.

33


ii. Foreign exchange risk

BRAC Uganda foreign exchange risks comprise transactions risk which arise from donor grants received incurrencies other than the local currency and minimal foreign currency deposits and cash at bank placed with licensedfinancial institutions. Foreign exchange exposures in transactional currencies other than the local currency aremonitored via periodic cash flow and budget forecasts and are kept to an acceptable level. The company'stransactional exposures give rise to foreign currency gains and losses that are recognized in profit or loss.

Exposure to Foreign currency risk

The following significant exchange rates applied during the year:

Closing Rate2017 2016

Average Rate2017 2016

USD

The table below summarises the company's exposure to foreign exchange risk;

2017 2016Ushs equivalent USO'OOO USO'OOOBank Balances 29,496,645 25,144,972Donor receivable 4,618,982 1,373,306Due to related parties 1,918,484 1,070,692Due from related parties' 13947

36048058 27.588970

Sensitivity Analysis

A reasonably strengthening (weakening) of the US dollar against the Uganda Shilling at 31 December 2017 wouldhave affected the measurement of the above financial instruments denominated in a foreign currency as shownbelow:

2017 2016+1-5% +1-5%

Ushs equivalent USO'OOO Ushs'OOO USO'OOO Ushs'OOOBank Balances 29,496,645 1,474,832 25,144,972 1,257,249Donor receivable 4,618,982 230,949 1,373,306 68,655Due to related parties 1,918,484 95,924 1,070,692 53,535Due from related parties' 13 947 697

36048058 ] 802402 27588970 ] 379439

iv) Operational risk

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with thecompany's processes, personnel, technology and infrastructure and from external factors other than credit, marketand liquidity risks such as those arising from legal and regulatory requirements and generally accepted standards ofcorporate behavior.

The company's objective is to manage operational risk so as to balance the avoidance of financial losses and damageto the company's reputation with overall cost effectiveness to avoid control procedures that restrict initiative andcreativity. The primary responsibility for the development and implementation of controls to address operationalrisk is assigned to senior management within each BRAC Program. This responsibility is supported by thedevelopment of company level standards for the management of operational risk in the following areas:

34

BRAe UGANIJANOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

i.

11.,_. iii.

IV.

v.

VI.

VII.

viii.

IX.

x.

Requirements for appropriate segregation of duties, including the independent authorization of transactions.

Requirements for the reconciliation and monitoring of transactions.

Compliance with regulatory and other legal requirements.

Documentation of controls and procedures.

Requirements for the periodic assessment of operational risks faced and the ade,quacy of controls andprocedures to address the risks identified.

Requirements for the reporting of operational losses and proposed remedial action.

Development of contingency plans.

Training and professional development.

Ethical and business standards.

Close monitoring and management oversight.

Compliance with Company standards is supported by a programme of periodic reviews undertaken by the monitoringdepartment. The results of reviews are discussed with the management of the programs to which they relate, withsummaries submitted to the senior management of the company.

25. CAPITAL RISK MANAGEMENT

The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidenceand to sustain future development of the business. The directors monitor the performance of the company throughmanagement accounts and operational reviews. They also review the working capital requirements and these arediscussed in the periodic board meetings with management.

There are no externally imposed capital requirements and there were no changes in the company's approach to capitalmanagement during the period.

26. FAIR VALVES OF FINANCIAL ASSETS AND LIABILITIES

The fair values of financial assets and financial liabilities that are traded in active markets are based on quotedmarket prices or dealer price quotations. For all other financial instruments, the company determines fair valuesusing other valuation techniques.

For financial instruments that trade infrequently and have little price transparency, the fair value is less objective,and requires varying degrees of judgment depending on liquidity, concentration, uncertainty of market factors,pricing assumptions and other risks affecting the specific instrument.

Valuation models

The Company measures fair values using the following fair value hierarchy, which reflects the significance of theinputs used in making the measurements.

• Level I: inputs that are quoted market prices (unadjusted) in active markets for identical instruments e.g. quotedequity securities. These items are exchange traded positions.

Level 2: inputs other than quoted prices included within Level I that are observable either directly (i.e. asprices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted marketprices in active markets for similar instruments; quoted prices for identical or similar instruments in marketsthat are considered less than active; or other valuation techniques in which all significant inputs are directly orindirectly observable from market data.

• Level 3: inputs that are unobservable. This category includes all instruments for which the valuation techniqueincludes inputs not based on observable data and the unobservable inputs have a significant effect on theinstrument's valuation. This category includes instruments that are valued based on quoted prices for similar

•

35

,J

.,


instruments for which significant unobservable adjustments or assumptions are required to reflect differencesbetween the instruments.

Valuation techniques include the net present value and discounted cash flow models, comparison with similarinstruments for which market observable prices exist. Assumptions and inputs used in valuation techniques includerisk-free and benchmark interest rates, credit spreads and other premia used in estimating discount rates, bond andequity prices, foreign currency exchange rates, equity and equity index prices and expected price volatilities andcorrelations. I

The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would bereceived to sell the asset or paid to transfer the liability in an orderly transaction between market participants at themeasurement date.

The following table sets out the carrying amounts and fair values of financial assets and financial liabilities notmeasured at fair value. The carrying amounts of the financial assets and liabilities approximate their fair values andthus the fair value information has not been presented.

Carrying amount loansand receivables

Other financialliabilities

31 December 2017Financial assetsCash and cash equivalents

Other receivables

Due from related parties

Financial liabilities

Other payables

Due to related parties

48,586,830

5,134,796

13,947

(3,014,699)

(3,465,565)

27. CONTINGENT LIABILITIES

There are no known contingent liabilities as at 31 December 2017.

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Stichting BRAe International, a foundation registered in Netherland .

36

BRACUGANDAPROJECT REPORTING (UNAUDITED)

BRAC Uganda has the following projects. These projects offer different services and are managed separately. The followingsummary describes the operations of each project.

Agriculture-MCF

This segment has funds tor agriculture from MasterCard Foundation and ASARECA. Fundingstopped but there are a few activities still ongoing using the balance of funds from the previous year.

Japanese SocialDevelopmentFund

These are funds from the Japanese Social Development Fund -for Agriculture targeting the rural grassroot farmer in Western and Central Uganda.

Poultry -MCF

Health-MCF

Living Goods

Scholarship

ELA-MCF

OAKFoundation

TRAINING

Research

UNICEF Project

Play Lab

, EmergencyPreparednessandTargeting theUltra Poor

End ChildMarriage(ECM)

Building YoungFutures(BYF)

BARRFoundation

AdolescentHealth Promoter

CommunityConnector

These are funds from MasterCard Foundation to boost poultry farming project. The funding stoppedand the project has ended.

This has 3 projects which include: primary health care, Tuberculosis project and a revolving fundproject. The first 2 projects ended but the revolving fund project is still active. The revolving fundproject is self-sustaining-Funds from the project are used to purchase health products for sale by theCommunity Health Promoters(CHP), who refund the money with a small margin after selling thehealth products.

This is a health project that focuses on mainly children and mothers. Focuses mainly on maternalhealth and treatment of common diseases like malaria, diarrhoea, and pneumonia.

These are projects offering education by giving scholarships for secondary school education to brightstudents from poor families.

These projects focus on the empowerment and livelihood of adolescents. The focus is girls betweenthe ages 11-21; giving them life skills and building their capacity. The funding is from MasterCardFoundation and World bank.

This is an empowerment and livelihood of adolescents project through formation of clubs

This is the training arm of BRAC Uganda; where staff are trained in different aspects like BRACvalues, leadership skills. The running projects pay a minimal sum for the staff to be training and tohelp in sustainability.

This has all the research and independent evaluation funds / projects. BRAC Uganda has anindependent research unit that carries out all the research and evaluation required by the projects andthe entity as a whole.

The project was focuses on children and their welfare.

This is an education project (Early Child Development) targeting children between the ages 00 and5.This is a project focusing on emergency rescue. It focuses on areas where there is disaster, naturalcalamities and refugee camps.

This project targets the very poor in the Community; especially the youths and women, by providingthem with start-up capital and animal assets, and offering them training.

This is an "End Child Marriage" projects which targets the adolescent girls, giving them life skillsand apprentice.

This project focuses on empowering and giving skills to adolescents; following the Empowerment ofLivelihood Adolescents(ELA) model-financial literacy, vocational training, livelihood training.

This project focuses on reducing fertility rates, teenage pregnancy and the risk of maternal mobility,increase in use of contraceptives and girls' income generation activities.

Adolescent Health Promoter- Using the ELA model, to support health related aspects in youths likesexual reproductive training, sanitation.

It was an Agricultural project funded by USAID to improve the food security and nutrition of childrenand women. It ended.

37

:.z rJ) ..., 0 :r: (1) 0 0 ..., ~ 3: trI ..., 'Tl 0 0 z rJ)trI e 0 " 0 x s- n ...,

0> ;.<: 0 0 s- §:., "0 "0 n '" '" ;:; 0> o..., ..., (1) ~ 5 < " -e ..., ~ g'E. > ;; 0 ~ .§5 !!. "0 trI > ~. 0 ""tr: " n (JO (JO '" 0 " 5' 5' ~ 3c ~ r- §l. !a. (1)

" " go 5 ::;: :.z r-'" (1) n c: "" '"':i ed:;= " n (JO ~ 0 trI ~:;= trI s: "'. " '< ::;: Z x 0 0"Il ;.<: e. § =l n 8 8 ~ ~'" " " " g § .,. .,e- '" "Il x C o 0> " " ..., 0 >C '" x Ro "0 ~ c, c, 0 "., trI "0 :;= o '-' <"'ltr: -e :.z " " g- o:; n ~ (JO ., t"l'" " '" p § 0 trI "'TI rJ) '" @" '" ~ :3 trI (JO 3 <"'l c::0 trI 0; 0; '" 0> "C"0 "0 C'):;= rJ) ~: 0: g " 5· ., -3

" p ~ "" >..., c.. §: '" .,. ~q !e ~ '" :z::I: '" 5 0 p t"ltrI !e " 5 '" 0:t 8 :; p '" :;;. '"':i'" >-< " 5· " '" 0trI ~ ~ - ~> :;

" -3:;= e3

....'" z

> 8' C')C IJQ

.,'" , ., :T C•... •... w :r ~ ;:;.•... •... N v. '0 w .t- '0 •... N '" '" :z•... •... N .t- ..,. N C '0 til w N -= n=- '< >t. t. U. '", '.t- v.> 00 '00 '..,. :_, N V. 0 'TI'" '"-= " ., C'" '" 0 '0 C C C W v. '" o-. c ., .,

0 0 '" o-. ..,. v. o- v. C C e- C o- '" '" 0p ....;;; c.. -3•... '"••• .t- N N .t- U. '.t- ""'

eo t"l:r C~ .t- v. o- ..., .t- o \0 '" rJ) •...•... •... ..., v. v. v.> 0 N '0 0 ~ w ..., -= 0 •...1.. 1.. U. 'o, '.t- '0 '00 ''0 V. Oc v. \0 V...., 0 'TI 0til til •... v. o- ....• ..,. .t- o-. 00 v. N W -= ""0 0""

0 .t- v. w"" ~ v. .t- '"""3

c 0-"Il '"'" ~g

.,1! N

Q\ -;; -= n;::; 0<:0 <:0 '" v. 'TI~

•...<:0 ''0 - 0 ...,..., ..., -= ">~ ~ ..., o- -ee 00 0

3c

C "'" ~ ::I: ~N N •... w :r '"..., ..., oe v. til v. '" o ~ =""

... •... o-: N ..,. v. til v. -= 'TI ~ C••• ••• 1.. 0- 'o, 0- '0 'N 'N Oc 00 0

-= IJQtil til ~ ..,. c- - v. '0 til v. .,w ~ ~ til '0 0 v.> 00 \0 o-: ... .t- =00 Q..,•... - ;;; rJ)'" - w N .t- '" N v.

<:0 '00 \0 '0•.•... V. '00 <:0 .t- 'ce 1! C')r' ~~ ~ ... '0 '0 ....• o- w 0 00 ... w .t- w e :;;.•... •... \0

Oc Oc •... ,v. .t- o- .t- o \0 cr. .t- -= ., _. ;;.U. ''0 '0 'N 0- '.t- '0 o, 00 '..., eo"~ ~ o-. 0 ",IJQ ~~ ~ 0 .t- o-. o-. 0 .t- o-. N - ,:::3 w .t- -=ce '0 0 '0 w 0 '-" N til w \0

rJ)N - N N C n.... - •... '0 JV "" w '" :r

1.. 1.. ••• 'N V. :_,'0 w ~ e•... .t- w ;-

'" '" •... .t- o, ....• 0 w 0 ~ 00 w 00

'" '" 0 .,'0 ,0 w 00 o-. -..J 0 '-" 0 .,o, o, u. '", 'N ''0 ''0 W '0 '....• 0 '"'-" •... -= :r0 0 ... o. o-. w \0 .t- v.>

"" N w \0 -6.til til ... -..J '-" 00 w o. '-" ~ - ....•

N N N N ;;;1.. 1.. N o, V. ~trIN N ~ \0 '-" IV N w \0 1!~ ~ N ,'0 ..., ,o, o-. ,w N 0 -= nr'u. u. Oc 00

N 'v. 1.. V. 00 0 'TI::-

"" "" - - ..., ....• til 0 v. -=til til""

o- N w .t- oo ~ w o-

C 'TIe'" "N - N N.,.

" 0•... - ... - - - w ..., til .t- '" eo.,0 0 '" - w '" N N ..., 0 '" -= ~ ",.u. u. ••• 00 '0 0- 00 '0 <:0 V. ".t- o~ ~ N w 0 w 00 o, - \0 N -= o·0 0 '" .t- v. 00 IV ...,

'" 0 o, "C

'TI.,'" " =- - - 1! " >..., N -..J ....•-= g-:;=•... •... <:> w w 0 '0 IV •... W 01.. 1.. t. 'N ".t- \0 \0 0- o, W N 0 e. :;=~ ~ 0 N .t- ...,

'" 0 '0 0 -= .,~ ~ ~ ..., w ..., 0 Qe \0 \0 "C ~.,'" 3:r

'" N '" o, '" '"•... •... - v. ..., w '" \0 til w -= "... ... ~ .; '-" '0 •... ,.t- \0 0 ~••• ••• ••• - 'v. W •.•... 'o, o,N

'.t- -=N N ~ o, v. '-" ....• '-" N '0 ;;.•... •... -..J 0 W ....• w .t- o w ...,

C'TI-<~'":r

'" 2~§:'" w w ~ '" o, -=o, 0- '.t- o, 0- 0 '"'! = _.'-" ~(JQ~Qe 0 w \0 ~ oc 00 -=""

v. w ..., ... .t-

........0-- 0--'" '"

'"::'"

NQO0--

NQO0--

IV ~W _. Ul

00 IV '""tv N "0

00 •...• '"IV .,. IV

0-, \0 01..0 -.l v. 0\"I'-) \0 "tv 0-..00 Ul \0N -.) .+;:.. \0

.,.0-, W 0"0\ v. "00Ul _. \0.,. _. \0

w ~ 0'\W 0

"W "'w "....J "WW 00 W Wo N \0 N

IV W'" \0 _.

OOVl~NW "N ..•~ aw Vl ~ 0W _. W

W-.J.4oo_oo+:-.v.coWV'!";::"a., \0 "w "wV'l0'\.p..v.

W 00 0

.:-'•....W-o

'T}o~.

0--•...•...•....<:>

.•.....QO•...N<JlN

0--<:><Jl

_.•••• 1-.>t.J C"I~ 0•..• 1.J.o 0_. ""

o:;.g5""o3<b

IVo.,.NIV00

0-,oUl

onoo 3;;3" ::... ::o~",,<

'"g"3"ao....,("lo3'C'"":::'"::'":;;."-::...o3"0-'"...•:::'

"''':".,'"

"::Q."Q.•....•....

:z 1JJ .., o :r: 0 0_, _,

$: t"'l .., ." 0 !;l :z tr: '"C =t"'l = 0 ('l) 0 5' o ..., ..., >: 0 0 5' -.., (") '" '" § ~. "' o lO> :;d :;d..,"C .., ...,

0" ('l) .: 5" -c '" .., ~ g -[ ;..- ('l) ...,"C 5" ~ "C t"'l ;..- 0 '" 0 >1JJ o (JO (JO § 0 z ;- ;- ~ 3c: r ~. ~. ('l) !P 5 ::: r '-('j

:;1:1 ::s (") (JO ~ ~ (") " t"'l '" t'jO:;1:1 t"'l 0" 0" ('l) '< ::: 2 0 0 ::'" ro >: ::s e ('l) 0 '" '" .., 3 3 - Q~r- '" '" ('l) >< s- ::s ::s ,.... o n "c: ro >< p;o "C 0- 0- ~ 0 0.., t"'l "C .., :;d>1JJ -e :z " ('l) ::r ::; (") ~ n,.. ::s '" ::s 0 '" 0 t"'l l'j'2""l 1JJ '" 3- '" "C e 3 t"'l 00 t"'l ('l) ('l)

'" '" 0: 3 '"CO'" '" "C -0:;1:1 1JJ §: '" 0 ('l) [ 'C 0>::s ;:;. ::s ...., !:9: 0- '"~ ~ '" :;d::c '" :rt"'l ~ " 0" 0" 0" '" >-3

:2" 3 ::s ::s ~ e ....-< ('l) 5" (J) '" '2t"'l (J) '" ~ :;;. ~;..- >< ...,'""C '":;1:1 (l) S· 0::s n'"(J) 0 '2'" 3 >'" 0;..- 0' 0..

(JQ - ......• :r >-3"" tv tv "" '0

, ;;"'" l'j••• ••• <= V> Q\ .'0

._, ••• W 0 c: ~ =- -e 0-:.., -:.., N "'tv .•.. .•.. 00 \c .._, "'tv== '"0 <= <= ._, tv 0 00 ._, tv .... 0 0 1JJ o .., lO>

"" "" "" Q\ Q\ Q\ Q\ Q\ 00 00 -o -o 0 "':i ,.. ..'"~•.. •.. •.. '".... tv ._,

V> N .... Co00 tv ._, ._,

V> \0 V> "" 00 c: •.. ~"" "" 00 .._, w

"".._,

.V> .._, 00 "'0 00 1JJQ\ 1JJ I:)••• ••• ....• Q\ -o •.. V> Q\ •.. .... -c ._,

0_, ....•"" -o 00 w 00 w 00 '" 00 -o 0 ""l

'"n'"'" 3,-. ,-. 0 :r.... .... .... ~~ '"-:.., -:.., -:...

""c: ..

<= <= 1JJ (j~ N-= -= <= Q\ W I:) 0<= -o "':i , •...•-l,-_

.j:>.

::c ;.-0 ....• ....• N :4 "" \0 3

'" '" N •.. :- "" '" ~,..

0-:.., -:... -:... .0\ .•.. ._, tv .•.. 1J1 V. c: ::. c'" '" '" V> W ..,. V> ::0 00 ••• w 1JJ o :r ::"" "" -a ._, ._,

V> ....• ....• ._, 0 ""l -S·e•.. :- •.. •.. ::-:...

V> tv _, •.. w -:... 0\ .•.. -00 tv tv .... _, 0\ 0\ 00 .._, tv tv C'lt"' '"Ul Ul_,

0\ '" .... 0 •.. \0 V>_, •.. .'" e :;;" Co

'" ""·tv .V> "'tv .",

""·tv '= .", C

N N tv 1JJo _. rJj~ ~ '" :4 0 \0 V> .... -o 00 ••• ~ 00 _,

I:) e.::S -"" V> 0\ 00 w '" w "" ..,. _, ",(JQ lO>-'"1JJ '"n 0. '" V> '" .0\ ::s-... ... '" w V> •.. \c tv V> 0 ~00 00 Ul .... 00 tv 00 tv tv ••• 0 00 •.. 0: 50N N ••• w ._,

0_, tv '" 0\ 00

C.., ..N N 00 .._, .•.. v. .._, .._, v. '= ·w W ·tv '"1JJ ::s- ~Ul Ul .... V> tv -o V>

._,0

_, 00 -o -o 0 -co'" '" Ul w 0 00 00 -o 00 N •.. ._,

'" '"_, ._,

Ul Ul 00 V> ••• 0 tv :::;t"'l.... .... .... tv V> V>._, ••• ._,

V>C

""a., \c V. W

"".•..

00 '" 00 0,1JJ (jt"'<= <= <= V> •.. -o .... 00 <= w -o ""l;;-••• ••• •.. 0 00 •.. 00 u, 00 '" w 0

"':i0.:::s

'" w tv _,Q\ e.

N N 00 W W tv .\0 .0 .... tv 00 c: e.O\c \c \c W 0, .0\ ::0 ~ 00 \0 \01JJ'" '" N w tv "" Q\ tv 0 .,

N N 00. 0 00 V>._,

00 .... tv 00 0 ::s :r::-

"':i0e::s•.. w •.. •.. e. =....• .... V> U, W 00 _,

c: ., ;..-"" "" "" '"

.._, 00 .u, v. '" -o .0\1JJ o· :;1:1Ul Ul .... 0 tv V> 00 •.. '" VI -.... .... <= 0 tv 00 00 <= 0 0 0 ::s :;1:1

.... .... ~....• _,W tv 00 _,

"" "" ••• •.. V>_,

'" V> N 'D w c: 0

'" '" N W \0 00 .V> .Q\ 00 .V> "'tv ~3•.. •.. 00 - V> Q\ W N •.. 00 1JJ _. roUl Ul .... 0

_, - 0\ _,'" V> I:) ::: :::

=.... .... ~ -< : .00 ·0 'D - 00 00 e """,00:

tv 1JJ = = _.....• 0_,

2)_, ._,

0 ..• ::: :::<= 00 'D 00 <= 0 ,.. (JQ (JQ

'2 VJ ..., 0 ::c (1) 00 -l -l $: t"l ..., "TJ 0 Q Z frJ "'C =t"l = 0 (1) 0;.: 8-0 ..., ..., ~ 0 0 8- ..•.-. "" !::. 0> 0>

~.0> (j ~ ~ ~..., -e ...,

@ 0"(1) ~ g ::> <: ::> -e ..., ~ ;:? ..•.

;: > ::>(J<:l'g 5· g, "" t"l > 0 ..• 0 > ~~

VJ 0 (J<:l '" 0c ~ r §o ~. (1)

(1) ::> \!" ~ '2 r ;- ;- ~ s '"'" o'" ::> ° :::(1) 0 0 0 ..• t'j:;z:l :;z:l t"l o· n· ~'< ~ oe ..., 2 0 0 t"l = C"e '" ~ ::: 0 § "' =i 3 3 ..•. ("')

r '" "e (1) 0> (1) ..., ::> o (1) (1) 0-3 o'" ;.: -;.:'"

0- 0- C 0C>

C -. t"l "" R:o?i '" q :;z:l ... >VJ -e '2 (1) ::0- .o ~ '" ~'" ::> 0> ::> 0 § 0 t"l C> z~ VJ '" S~ "" 3 t"l t'j0 t"l (1) '" s 0'" '" -e "" 0> "'C:;z:l VJ §: 0> 0 (1) s "C 0 >::> ::1- ::> ~ ......, q 0- a '" ..• ~::t; '" a =-~ (1) 0 s: 0" ..• 0-3t"l <. 3 ::> ::> ~ = --< (1) 5· ft '" :zt"l '" ~ :e. o> :;l ..•:;z:l S· C'"C> 2s >..• c

> 0- 0oc ~ c ... ....QC QC

00 VJ == ..•. 0-3<:> <:> -= ,3 0 -e =-..• t'j

-e 0..•..., ~~ ~ ...

~ - - N N til V> -. ..•.... .... !.:., :., tH N 0 '0 U> a- '0 ... e =QC QC ••• "0 ...,. W "0 0, 00 '" 'e- VJ :. Q.

-= -= .... _, a- _, ;::; .,. .,. tH W 0 ~ ..•tH W 0 '0 .,. U> tH w Q.

~0.... :;z:l ..•

"0 ••• '"tH tH .,. :;;: w a- a- i! ..•tH tH tH - -> 0 w U> _,

00 '0 sQC QC tH 0 .a- .0" a- 0 w _,00 '"N N -;... :_, W \0 W V. ••• ..,. \0 C '" 1:1'":;;: ;::; a- VJ -. ..•.,. .,. ~ 0 U> a- '0 •.... .•.. ,5!) 0 0 0

... ...'" '"

_,00 N a- U> - 0 a- 0\ 00 '" :0-

N0-(j --l(jo ..-

.j:>o o :3 >; :3 s.... •... c '" = C>til til "0 00 U. v. ... ::: =VJ - _..... .... .... a- w •.... N N

o _=0\ 0\ <:> -> C> W 0\ a- 0 -.'< ..•.So

"e e-. t"l ='" ~-e s'"

..•-. '" Q..... .... '" .,_, •.... w _, _, e Coil<> frJ"0 "00 :_, ".,. "0 "0 ::: '" ..•.

VJ ••• ::> ~~ a- '0 .,. ~ '0 0 '" .., ..•."" - 00 0 '" '0 ",,< ..•

'", 0:..i»

tH tH w "e ...:;;: '"tH N w a- .,. tH w ., '-"N 00 00 _,

N .,. N N e '<Qo "_, W "", "w "0 00 Qo ·00~ '" '0 '" 0 N .,. '" '0 VJ .,~ -> w 0 '0 w _, ~ '0 0 ~

QC '" ;; QC 00N 00 00 '" N N

'" '" N N.,. .,.

'" '0 C ...,••• \0 W V. W "0 ••• W.... U> W 00 00 U> .... VJ C.... N '" '0 .,. •.... 0 "e

.... r:.... ;; w N •.... N-;...

til til .... W 00 - N W 0\ '" ;::;-:: ~. N w -> .'0 '0 .,. 00 '" ,-> Ct"l••• "0 W tv "U> "'0 U. '.,. o

N N N -> 00 w 00 o-. -> .•.. N N VJ ~til til tH '0 00 .,. '0 N QC '" w 0

, cN "e '2., •...

.... .... :_,w "0 •.... c 2.(j

tH tH tH -> •.... U>0\ ;; VJ '" t"l•.... QC 00 '0 ~ ~ '0 0 ~~

•.... •.... •....•.... til 00 •.... •.... N Q'I N .j:>o

~ ~ (.; --l (.; ~ 'iD b ~ Qc b ~00 00 Q'I \J:l til N Yo 0 --l -.J

"'- Yo Yo 000 0 -.J Yo til ~ 00 Q'I !" Q'I 00 -.J 0 0 e >-3Qc Qc Qc ~ ~ '""" b \c •.... ~ '""" N Qc V. 0N N "'- N Yo \J:l \J:l •.... \J:l 00 Q'I Yo til 00 1JJ ..•.Yo Yo Yo ~ \J:l \J:l 0 Q'I •.... ~ Q'I N Yo •.... 0 ~

n....., ....., ;0 0 n ....., ;0 0 t"" nt"" >....., 4' >;0 'T] o > :!' "'0 =>0 ::;. " 0 > 0 " ET ... > •.• rJJO '" " i<. 0> rJJ0; '" g ;;;- > "'Il> 0 '" () on ~ ~ ~"'Il""" ~ -e " rJJ....., '" ~ " " =- rJJ

=i> 5· S; =i " .., 1:1:1 -1:1:1 t"'l> " on ::: 0- t"'l '" 0 >... ....., ... ::+ 0> an " 2' t"" 0- o t"" ~t"" 0> 0 ".....,

~ o>t"" ., 0- > ;. "0 c >t '<: 0- " 0- rJJ ,.t""t"" ~. en " t""~

0> ~ =i t""....., "'Il 0> r;- '" 0- :!~ " ~. o c""l>c ::+ " [;; ""l- :;::I 0- on 0>~ i! ""l '<: a c=?;l 0 0> " 0 -3 C1C=I:I:I C " " Vi" ;.;- -.

""l if ;:;. "0 rJJ "'Il .0 0- ""l >z- Z 0> s:~~ ~t::lt = '" '<: t"'l = 0 s 2= 0 0>

~ :;::I ';:;. 8- O' ~....., 0.. 0- ....., a = "'0 0if 0 ";; ~. >< " .., ,., >a n [ 0rJJ > = ~> z ~ "'Il -3z 0 '" 0a ~:•.....e 2o·

= C10' C> "'~ "" - 2"' ;;~ .,.. N N w ~ ~ ::0 w =- ;:;. >N = N 00 .... -..) N _". 00 '" , = <e e= 00 0\ N "0 00 = "0 0 \0 -= ;:::::;- '"'l.H b \0 "0 'l.H 'l.H :._, "_". O' 0:;;: N = n= "''-C ~ 0\ \0 N -3 '-C -..) _". -..) -= ""l~

•......... N -..) _". '-C \0 .... 00 ,., -3=0.. ~C ...

0IV 0..-- N '"N .... _". v. W N N =- •...N -..) w -..) .,.. 00 "00 N 0 _". _". '" '-' ....N '-C -..) 0-, N 0 N - "0 _". -=b \0 0-, t- "N - b "_". "-..) rJJ t::l00 V. \0 = C ,.,'-C VI _". ~ •... 00 -3 '-C VI ~ N -= ..,•... ~ 0 00 -..) •... \0 0\ ""l "3

0-

"~ c "'N ~ ~ N w '" "'Il N

N w .,.. w ~ w w ! 0 =... -..) 0 = \0 ... -..) N -'" 0. N V, •... "\0 _".

'" \0 "00 "w ;:::~ ....•"....• t- "0 =....• ... 00 ;:;; ....• 0\ \0 0;; = n"' s.::! .- ... ~ ~ .::! ::!3 -3 -= 'rI'1~ VI ... W w a

0=•... ... w,_

'0 t - ~ :!t- t- o-, VI '-C ~ "N \0 ::c s·~ VI - :r....• ... w 0 N 0- \0 ....•

W VI ... II> c=00 .... ... 0- :.. "N w 00 0-, - - -= ;::: e,'" b "... 0-, "00 '" "0 w

""~ .... _". \0 = o ;. .,tv 00 '-C ,,> 0\ -= W 00 ~ N V. -=... ... ... ... 0 00 ""l , =0...,

rJJ....• ~ ... N ....• VI C ~'l.H \0 "VI ...,. 'l.H "0 0-, '"•... W 0\ :r s·c-. 00 00 00 00 0 ~ w v. -..)

2?~'-C N ]V ....• VI '-C -..) -..) _". -= ~0. t- ':..! "00 00 0. \0 0-, "N = o _.~ .- - til 0\ 00 ~ 0\ V. _". -= 0..='-C ~ 0\ •... VI 00 '-C VI \0 VI "'''''~ ~ rJJ

N N N N N C..,•... ....• 0\ - 0. '0 •... w =-\0 ':..! "0\ '0 N \0 -- \0 '" 0.- 00 w =- ;;;-~ 00 00 \0 ... W 0\ ~ N -..) 00 '", ....• N N \0 ':..! :._, 00 ....• 0 "0- Vo -= ~'" 'l.H 00 V,

til "\0 '" "N V. '0 = =-N ....• N VI -= ~ 0\ N VI ~ N -= -0.•... •... N N •... 0 0\

...~ w N N IV ... ... c

0. "0 '0 0. "00 '"~ 00 :r... = v. V. til N ... N 0 ;:::t"'l.... ....• 0 0\ :.. "w 0\ .... N -..) -=0. 'l.H "v. 00 '-C v. 00 0. :._,"N 00 = nt""....• ....• ... w .::! ::!3 0- ....• 00 -..) -= ""l~'-C ~ v. N '-C ... 0- \0

""l

~ 0

0:; 0:: =,_ ,_IV :r =·c .... 00 ~ v. .... 0..:.. ....•

"... = 0 \0 t- W :- -= ;.0....• = '0 -..) N "0- "VI ....• 0\ - =.::! ::!) -..) ~ N 0- 0- .::! ~ \0 -= 0 .,w 00 00 0 = i""

""l, ,_ -- c 0

IV .... - ~ '" =.... N w = 0 .... :;;: - =- =....• 00 "00 - ... w ....• \0 '"0.. 1:1:100 N 0 N V, 0:: 00 '0 N -= ., >'l.H U. - 0-, 'l.H "w e. :;::I0- = \0 0 w =.... N ~ 00 C e ~ ....

Cv. -= g :;::I'-C = v. '-C 0

~c 0.... 0:: W .... - .... - '" 3~ :r ...

N •... ....• w 00 Vo N N VI N =.... 'l.H 0 00 ... 00 v. .... w tv "w -=t- ....• "...N ~JI V, \0 t- W 0- N = ~'-C ::E ... -3 ....• -..) \0 '-C W ~ -= S·... (H v. 00 ... 0 \0

C.... -- 00 ~ '"00 =-.... = v. 00 N N .... - '"00 = "v. 0\ t- "0 \0 00 00 -= 1:1:1'" ':..!\0 W N \0 \0 '" "v. = -<.... ... ::!3 ... .::! .::! -..) .... - 0 -=... .... 0 0 ... _". 0 'rI

"'C eo("').., -3 ;N 0 o -3 ;N 0 r "l r- -3 -0 ;N 'T] o > ~ ~ ~>0 ::;. ~ 0 > ::;. (1) S' > c-:;; 0

.," x" 0> rJJ "" 0 ;..

0;- 0 () on -"':l-3 :.. '" ;:I "':l :.. (1) Zt:I:I -3 '0 (1) " ::>" rJJ " c... o-> 5 0~

;:;- .., ! > " :::" Q.. t'l 3 t"'l.., 0_ ::+ '"~r o " ? r Q.. \) r- e- '" 0 ;:I -3 '" (j C., Q.. > ;;;" -0 c r '< 0- (1) Q.. rJJ arr "§; rJJ ;:I :oJ s - "':l § " '0 -3 o~ r~ '" -3 0 0" 0"l> " "l ::+ '" .... ::= Q.. on on '" .., ;..:.. -a '< ~ t"l t'l 0 (1) '" ;:;." ~ "l ~ 2C-:t:I:I ~ c:: ;:;" -0 rJJ rJJ "':l ..0 ;:I on S" t"'lz- "l Z '" s: Q..

0c on '" t'l " ., "'CoC 0 '<~

> ';:;" 0:: '" Z ::= S' :: 0 ;......, Q.. 0" -3 a " ";.; ~ <ii" 0 -< (1) .., [ ~rJJ on ("') > ~ o "':l -3> " -> Z @ 0

"':l ~. 2Z ~ 0 a o0 > 0°> rJJ > ::r- rJJ on C' c::ont'l " .., 2-3 Vi ;. ;..rJJ

'" §'<'"c::., -.., -3'" '"'=' '=' 00 ~ ':j;; '=' -;:: 0\ ::>" :: t"'lw '"•.. ~ W "N C, 0, •.. '" -0 > Q.. 0U. U. :;;: 0, ".... 00 '" N N = ::t Q..

N til ~ w ::E -2S N ~ 0\ ~= = N = 0\ -e w-0~ N N W N c:: -3 ").. w -;.. ....,. '" ".... _.0\ N ..,. ::>" .., '"'=' I..> W 'D N 0\ 0\ '=' 00 0- 0 '" ., 3I..> QO 'D 00 til "w N I..> -..J -..J 00 -0 So'" -= W "0- '" "00 '" ....,.

"00..__, 0"= So '"_. - v- 0- '" W N -..J v- 0 ~ ..,

til til a- 0 = v- v- til 'D -..J 0 (J<I N=•...'=' e-, w w '0 ~ '" "a- s: ::=

_.w c, "0 "a- t...> W '>•... fr ~til '" v- 0 = 0 til 'D N ..,.til '" -..J 00 N "0 N til "..,. 0 -0 " 3~ -= 00 "N ~ "w W

.,0til •... ..,. ;; = ..,

'" til N N ~ .... ~ '" N ~ ..., ::'" '" 'D -..J '" 00 0 ::>" a

("')QSO

oj:. c:: c-:w o 3 IJQ

I..> N N I..> •... N '" .,::>" § 3'" '" ..,. v- '" 'D N '" w 0 v- '" ::= _.

0- N U> \0 = N "00 0 -0 " :: Q,

~ 00 w "..,. '" \0 ~ "0 V. ..., :: .,w ~ = 8" ~.'" - a- U> QO •... ~ '" W 0\ ~ rJJ

'" '" U> = W '" W v- 00 ..,,<~So

"':l ~..," t'lc:: "0 3'".,

QO QO 00 QO ~ 00 ::>" .., "_. = \0 •... '" a-_.

w -..J '" " ..,•.. •.. 0, ..,. '" 'D •.. a- W 0 -0 Q,IJQ

-= ).. "0 U. V. -= "..,. "00 :: "a- = " ::= N ~ 00 QO 00 = ..,. ,::: -..J ~ '" ...,•.. = 0- .•.. ..,. •.. v- 0 ",,<

c-:QO til

,-.. v- I..> N QO 00 '" "C- •...'D W = U> v- - •... 0 fr .,

QO •..."N 0

_.U> QO 0 00 -0 -eC, U.

'D "00 -;.. "N \0 C, "N "..,. = .,e-: N :;;: I..> w '" N ..,. ~I..> I..> '" 0 0 I..> w 0 e-

N •... N .!" ~-;..til U> U. "U> -;..

-;:: •... =-•.. QO 00 '" N w ..,. N N '"'" N "..,. w I..> "U> 00 '" "'" "0 N -0 -3).. U. "'D \0 •... 00 ).. :;;: w = c-:QO = W N_.

'" N QO ~ '" ~I..> _. ~ 0 '" W N W 0 -..J "C

N - •... N N c::N til ..,. C, "U> N ~ "N '";; =-'" '" 00 0 '" w '" 0- N

..,.'"'" '" -..J 'D '" 00 '=' 0 0, 00 -0 t'l-;.. 00 0, '"N N "N "0 -;.. "..,. '" w = ("')

'" '" 'D 0 '" 00 0 '" 'D .:; v- ~ ~= '" N -..J •... ..,. -..J = w

'0 W c-:I c-:'"•.. ..,.

N W ,-.. fr "':lZQO - •.. 0 QO a- 'D ......._.N N \0 W v-

_.W w -0 .20("')U. U. V.

QO 00 "..,. u. v- \0 = '" t'ltil I..> W ,::: ~ 0 til .::; ~ ::;.I..> •.. ..,. -..J W 0 "l

(II (II N N (II .••.. e0\ <:> <:> \D 0\ I..> W0\ •.... 0\ QOa- N N \,c) ...••.. Q., u. u. u. '").. -= =-I,Q •.... QO N QO '" •... \D N QO QO '"<:> <:> •.... \D <:> til •.. <:> <:> ~ 0\ ,-, >-l~ U. b U. N U. C, ~ -;.... Qo Qo <:> 0

\D ~ ~ <:> 0\ e-, '" \D N ~ ~ <:> ...•.-l ~ ~ <:> .••.. til '" -l \D QO <:> -8 ~

~..., ..., ;:0 tJ ~ ..., ;:0 0 t"" ""r > ..., '"0 ;:0 .." ~ > tr:>0 0 ~ 0 > 0 " :;. ;; c-:- 'fJ0 (3 " ;;<" 0- tr:§: = §: ~ 2> n '" g":I"" 0> ":I !:1 'fJ..., >0 .., " ;:r 'fJS g t;I:l O~ " 0- t"l-> =l 1:"1> ::. :;::: § ....

~t"" ~ " 2' t"" 0- 0 = r- ;;Jr '< 0- 0 ...,3 "t:I eti0- 0- > ;. '"0 <= cr " 0- m ....

t""C =. rFl = e- § ~ .=1 :3 :3 ":I 0- ;:;- >0 sr a ~ ~<= ~ (1) ;:0 = '" 0 0- 0 >..,,> §: ..a .." '< ::; t"l t"l 0-

a" ~ 0C-:t;I:l <= c-: ~. '"0 tr: tr: 0 " § ...,

""" o2- .." 2 0- s: ":I ..0 0- .." t<'JoC c '" '< > t"l c

0 s· c= 0 '" g: ;:0 -6" ('")..., 0. cr 2 3:;. '" ..., 0;:;- 0

...," =;; iii" -< " '"' .., >'" g ~'fJ '" o > 0 §: z> c t<'J> :; 2 ~ ":I "t:I 02 0 (1) 0 >0 -, g ~ 0

> ~ o· ~r In = ...," 0- -v; ., z

~ 0>

....'< e(JQ ....

N..,

'" z- - w ..- ;:;. .., >--J ..- __,Ul 00 a, _, U> 0 I C ....0 •.. .j>. __,00 U>

''0 0 IV__,

c-: 3:;:;- = eQe .•.. \0 W ••• 'w Qe '0 .u> '1'-.>0 .... U> '0 Ul '0

w 0 a, w 'fJ ~c 0.0!:::: 0 ..,,~ ....

"" ""__,

IV "" IV "" IV a, 0. -•... ...,- t<'J- ~ '::: ~ 0 0__,w00- .... I'-.> 0 - IV

.000- U> •.j>. W •... ......- "" 0 \0 - .IV ..- U. '0 ~ '"'u. '.j>. 0\ U> -:.:.. 00 m ....

~ .j>. - 0 - a-, m 0 3.... '0 -:::! 0 0 !:::: .... o-. ~ .j>.QC 00- W •.. v. QC

__, __, 0 .." C"......,N0,.....

":I ..-•.. -:0__,

'0; .... •.. 0,..... ~ 00

0 '>--J .00 00- IV W 3:~-:.:. -:.:. - '0 :- -:.:. :.... '0 00U> b '00 \0 c-: 3

"" ""__,

U> "".j>. IV 'fJ ~~-!; .:!) U> -::: 0 '0 0 -!; ~ ::: 00 0 0o- - __, .... 0 .." I Ca

•.. sQC ..- '0 N N

QC W U>

==c-:

00- '0 W 'fJ--J .... 0 w .... 0 I'-.> _, .j>. wUl 0 0 "" \:> '00

v. ~ '__, .j>. .j>. ~ 3:~ S•... •... '" '.j>. --J 0 00 __, '.j>. v- m ~;:;-00- .... .j>. -o .:!) ::: w 00- 3 w 0 0 ..,,9".•.. "".... __, __, .j>.

"" a-, w.•..N ..- •..b - :; \:> '1'-.> a-, b - 'w .j>.N 0 N o- o- •.. __,

'0 a-, ~r."" Ul U> •... I'-.> "" U> I'-.> 0 c-:•... N '1'-.> Qe '.j>. '.j>. •... '" '.j>. \0 o ...,

'fJo _.

0 0 0 "" '0 0 0 .... '0 a-, 0.=.... 00- a-, "" "" 0 ..•. __, __,0 0 ",(JQ

-- ~ 'fJ'"'00- --J - U> - 00- a-, ::r

U. 0\ 00 00 b - ~JI 'a-, 0Ul I'-.> ;'"" .... w 0 0 .... __,

"" 0 0QC ~ -o '0 N w .... QC v. W w c-: ..,Qe \0 '1'-.>

"" .... '0 Qe v- a-, '" 'fJ ;.--J 00- .... I'-.> -!; ~ U> --J __,

-:::! a-,0 -c.. 0 •... w 0 I'-.> 0 U> -

t"l- - ..- r-••• ••• 00 v. ':::t ,..... ••• w >__,•... 0 w a-, •... __, •... I'-.>~•... 00- -o a-, b :.... .... •... o-. .... I'-.> ~b •... 00 '1'-.>

"" .... 'a-, b '1'-.> '__, '0 'fJ oQC QC 00 '0 ~ 3.... QC v. v. __,

0--J Ul -o a-, W --J .... "" .j>. .."

.."0~ ~ c- - =00- 00 ..- c:; 0.

~ \:> - 00 00- I'-.> ~ 0\ c-: ;.0N 0 \0 v. U. \0 'a-, N v. W m-!; ~ .j>. -!; QC .j>. W -!; !:::: I'-.>0 0 .,__,

N 00 v. 00 = iI'"

.."0

N Ne

':::t ~ =.... --J 00 QC 00 .... w v. 0. ="" --J :.... v. 0\ v- ~ "" '00I'-.> ~ ., >b .:_' v- - '0 \0 e.v. QC IV o-. a-, m ~"" QC ~ W ::; ~ ~ "" ~ U> 0 0

00- Ul -o 00- <o =

~0

~ ~ 3•... ..- - wUl .j>. •... w

...•--J a-, - =•... ••• -o '00 0 w .__, •... '.j>. w c-:••• Ul W .j>. Qe '" ;:;; 't.. '0 v. '"" 'fJ ~00- -=: '0 -!; ..- o. 00- 3 0 0 s·QC .j>. --J 0 00 QC 00 0

N N N =N w v. •.. th 2l -< =.Ul --J v- '" 'w I'-.> Ul v. ~ ~0Q:•... :_. a-, w ..- th:.... •... '0 m = = _.•.. •... -:::! 0 !:! -:::! .j>. N '0 I'-.>

0 .., = =Ul 00- .j>. v. Ul

__,00 ,,(JQ(JQ

""I"" ..., '" tJ o ..., '" 0 r r ..., v '" "Tl n ••• o:CO S. co 0 ••• s. " 9- ;; .... 0 d " x· OJ m gZ..., 0;- i:l Ol ••• ..., "0 n " ~ m~ 5· 0 -e e," ~ 0: 0: " " 0- t'l I'>~ •.. ....• :=:i ••• ::\ <. OJr- o " 2' r 0- o t= t= r '< OJ tJ i:l

..., s., 0- ••• ;. v c: 0- " 0- tr: I'>r ~. tr: i:l r~

OJ ~ :=:i :=:i ;g '" [ "0 0- ;:;.c: 0- ::\ " i:l 0 "ti =;; en ""I [;:j ;; 0- ~. '"~ -a -e. g 0 OJ i:l 0 ~~e " :>;- ...,0: 2" ;;' -c tr: m -:: s: i:l

""I 0F ""I Z OJ ",. 0-= en '" t"l c: S'~ '< § ••• -a 0 '-< o:=:i i:l .,Z ;;:l 9- ., trl0- cr ..., 3 i:l C[;:j [ e " " .., o". -< ....•

m en n •••g n [ >-3 o

••• ••• z ~ ~ ~ >-eZ :=:i e " ~ trl Ze ••• g"ti 0o ••• tr: ;J> 0' 0 >••• r tr: ~ i:l

~ ""I t"l :l 0' ~:=:i c ..., en ..., >-3z tr: ~ -••• e Zr- I'>

'< o'".,C...,

'" Ze > =.... .... W N ~ .... .... 0- >.... ....'" ::c I'>.... '" 0- N N ·N

...• ~ 00 ~ 0. c::-:..,'=> ....• -:.., w "0 "C00 .... ._, .... 0a-. .... ~ N ~ v- a-. 2;

._, -•.. '" w ~ •.. -c -~ >-3I'> trl..., ..,,.

000 a-. 0, - QC 0, e ...,3.... .... +> N '" 00 .... ...• ._, N 0, .,- - +> .._, '" N ._, .'" 00 .w m S' 0-

N "0 Qc V. ·N -:.. ·00 ~ ,..... S' ..•.... •.. 00 0\ .... ._, -o ~ +> a ._,'" .... N W •.. ._, 00 v- +> IJ<l N

Q............ .... .... ;;:l '>

e I'> 3-:.., Qc 00 -o ~ ~ -:.., 0- '"00 00 m I'> 0•.. .... +> -o .... v- •.. v- -c ., ='" .... w .•.. ·w '" w v- a ~ ..., =\c ••• 00 .+> 0:: \c "'+> V. 00 ...N v- ::r -Q N -o W .... ,.:; ~ c v- -c v- S'a-. 00 V> W ,_, a-. -c V> N

enn mo 0 E- .... C i:l 3i:l =Q 00 0\ N N C N 0\ tr: '".... .... N -o .... 0, ~ ...• 00 -c 00 e ... =U. \c :.., Iv b-, .+> 00 U. 00 .._, .", - =-I>- '" '" 0\ w c a a

'" 00 00 o -,v. a-. a-. +> N C ._, .::::! eo- <o -o 00

..•q

~t'l

C.; 3., I'>

N N N N N m ..., ..••.. ~ ';::J N .... •.. w ~ ,.1J<lQ 0- .+> ~ .'" Q ~ '" 0.1'>b-, .•.. b-, :.., :.., = =0\ W ,. ....... .... .... ..•. V> -::; .... ._,

~._, ",,<..•. a-. ,_, 00 00 00 ..•. +> N '"

~N .... .... N N e 0;-N •.. ~ +> 00 0, N N '" -e..•. Q

v..0, •.. .'" v- ..•. N N ~ 0;-w••• Qc .... .... u. w ••• 00 v. 0-

'" .... .... +> a-. 0, <o '" .... 0000 .... ,_, 0, .... +> '" QC V> W

e ...,.... .... .... •• •.. VI Vl '" c::'" '" 0\ ....

"" 00 ~ ~Q C W a Q \0 a c 0, ';::J •..\c ••• 00

:.., b-, \0 .0, \c .", ._, w.... .... ::s 0\ Q N 00 .... N ::s w'" 00 00 .... -c '" N ._,

a-. .... •.. •.. eo- ~ 0, e t'l.... '" Vl a-. N •.. .... .... w oN •.. .... N .... w •.. ,p 0\ "'+> -o m-:.. ••• .0, 0- Qc V. W .... 0- 00 "0 0 ~'" •.. ._, 0\ ..•. N N '" V> ,.:; N.... .... 0\ V> a-. ._, -o .... V> 0\

.... ~ ~ 'eC "CzN ....

'" a N N ..• -t .... w .•.. \0 .... •.. :.., V> o: ,,:,n11. v. .... 0, .•.. •....V> 00 ~ ..• t'lQ 00 00 ~ ,.:; 00 Q -3 V> ::;.... .... -o VI 0\ ""I

- - - -Ul (.N Ul QO - Ul (.Nc:: ..,a., Qo U. N ':..! a., -I>- Qo 1....

0 ~ QO •• QO -o 00 0 - - -...l 1JJ 0V> w ...•

QO ~-I>- (.N 0 •• .•.. a QO QO ~ -...l i::' ::.1.... - Qo 1.... .... .... "0 1.... U. a., ._Ul QO 0\ ~ -...l

Vl N Ul ~ '" (.N0\ ~ ~ 0 •• •.. a 0\ '" - 0\

Public Disclosure Authorized - World Bankdocuments.worldbank.org/curated/.../pdf/BRAC-Uganda... ·...

Documents

Transcript of Public Disclosure Authorized - World Bankdocuments.worldbank.org/curated/.../pdf/BRAC-Uganda... ·...