ADC IRLS OFFICE

Pho41ne. +("75 31 "0 Fx +j7 3258 EnnJum:l .1 pp ag l m pJ Wibs 5i: ,N N d np

(lur R fre~nce 3M..3.The flanourible Leu Dion, I IPDeputy Prim e \liniser & Miniter for inler1r-GmrnmnI RClationi

im oh imnlIu-r

A11 I)T (I RTIFICATE

V RBAN VOTH EMPLOYMNENT PROECT IDA(WORLD IhA NK > CR E DIT NO: (4854-PNG )

FOR THE FINANCIAl YEAR ENDJE) 31 DECEMBER 2015

SCOPE OF AUDIT

c have audited the accompnr ing icial titemnenNt of Urban Ynuth Emplnym-ent

Prnjct IDA <urli Bank) Credit No. 4,54-PNG ls at 31 December. 2015 The

prepartion I this Pr'JCIs finaIIn l statemnfls is Ihe responsibility of the PrIjectManageent.L M respon-,i ilty i. lo epres r an epnon on fhesc iinanciial sttemllls beI

011 1 udit.

I lie cornducted my aud in acc rdan c % th Inwr jnmdStandard uim 1J'ing j"

ad"pted b ihe ic ingMI aWndard fj,ard o 'apua \ciw Gumwa and the requirenens of

the~ i'uh/i Fiinmes dlanagemenmo At, i. 9:. b-ese MUtadard require that 1 plan and

perform the audit to obtai1 reasonable assurance ohether fhe [nanial statemnts are fr2e

of mlerial mi¶taIeme. The aidit proedures inhide eamimimkion. on a test basis, ofe idence c pporting the amout and disclosures in the Finaniial Statemeni. My udit alo

includd asessing the accounting Principles applied and signiiicant accounting es1tiatsmde by minageme as well as evaluming the uerall stemenl IreenlationI. 1 heliev

that mn audit pro,, des a reasonabl ha.u for mv opinion.

The polic of the lnagement of Project iS to prePare tb accompany inV statCmCnts in

accordance n hh Internatimnal .counigm Standard' as adnpted bw h <iourmg Ntndards

Biourd aj l'apfm \c iH mntea and the requiremnents of the Warbd Bank (. °rnit Fritsv Crdit\vro.. -. PH>.rem nri,ate \rckcci M ih h 1,

W N"; 11 [VIII~421~~~~~~~ r'TVCI~Ilii ii~~ ! P F!V 1 \.N1

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rized

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lic D

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rized

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rized

Aud RqtY m the Imum and ~rrfrd flrbs rent nrmwe Pry)«rf mhm - enr ended j1 wkemre lI

UNQUALIFIED AUDIT OPTNION

In my opiniort the aforPmenioned Projecl Finnial Statemenut give 1 true and fair ive inall materidal respect, of the financial poiion of the rban fouth 11'rmn1 Pteel J.41(World Mmk, Crvdir Vo: 3S4 PGj as 311 3 ecember. 20/5 ind i ihc tawment of res enuCand expenses and the acquisition of assels are in accordince with thf 'uN0i£ Finane

l uanagemnn ct, 1 9 la arended.

In additionv

(a) With respect to dishursement by the World Bank paid on the basis of certitledSlactmentsý of Expenditure, adequte suppurtng documw ntaions had beenmuaintained lo support the C3i1S to the wrld Bank lor rimburements of

ex~enditure incurred and the expenditure concemed are chgible fr financing underthe lIM (Wor/d [hmki Creit Faudin /o 4Uä4-PG); and

(b Iblhe Y34 /Mpist åc~unt gives a true and dur vice J)f the receipts coleeted andpayments made during the year ended and Ihe tatus of the ämprmt cmvunt a a 31!J'ermber. 2r>Li

HILIP NA1 GAAuditor43Aieera

27Jun, 2016

Page

NATIONAL CAPITAL DISTRICT COMMISSIO*URBAN YOUTIA EMPLONIENT PROJECT

FINANCIAL STATEMENTSFOR TIE VEAR ENDET) 31 DECEMBER 2115

CONTF,NTS PageuN

Manmgelents Decrion

Staementi of Reeipts and Expenditure 3

BAlianc She 4

Casi Iow Stement 5

Noies to and furming pirt of the aectunt-

Detaied Statemeng or Receipts & Expendturei 9

Stalement of Source and Use< of Funds lin World Bank formiad Id

NATIONAL CAPITAL. DISTRICT COMMISSIONURB,AN YoLTH ENPLOMENT PROJECT

FINANCIAL STATEMENTSFOR THE YEAR ENDED) 31 D ECEMifER 2I15

NIANAGEMENTS DECLARATION

[te Prject Managemem is resprnsiblefr the prepration t te Fmiancial Staemen I of iheUrTbn Youth Employmem Preci.

Establishrnit und principlc activitics

The NCDC I rin Yuth Prz-ci a e abhshed under the toan armigment ,iih tih Wprld Bdnkand grants tum he Kurean Bank to carry not research mm- ihe ta anJ -fj pitternå Af urbanyouth and posivbly ämd a wy 1n har Ihem im ingmitU pariipaie m de.ekipment and findemploymenL The prinect, dkeeIpment objecse are tn provide i- adumaged urban yuih wi h

mBcomt fmm teimpoargr !mlpk)yrnt (opporUmii>es and to icrease hen emphryrbility The

princip:l a are cnduczing Bajk Lie Skils Träining HLSIa Pre-2mpnyment TrmingPETK, Publir Wrks prgralinYJC) and On he Jib Tramiring (OT) fr the di sdvamap OWcs

Resu1Iu

The nel opecatiig wurplus fkr theyear wa- K9MI,7 2l14 K1,Y3047¯)

Manap_ment'h Declartioin

[r --ur npi r er .accounng record5 have een kept m ihe yar ro 31 LScember 2å5 and the

attached financial repurts meudmg Sire and Use of Fund- Satemeni ha c been drawn up toCãIr-t the fimanacuiA perfirmnice ind po'1141 or the L IKn Y:uh EmpIora Piect or oie

year ended 31 DeceMrhetr, 7111

For and on behalf CI- ihe MargemenL

TOI G1LIS PINX0 KALUSPROFC MANAGER D1 CORPURA1 E S R VCES - NCDC

Date at /... . ... This.... .dua of 20

NATIONA. CAPT AL DISTR ICT COMMISSION

FtNANCIAL STATEMENTS FOR URBA N YOUTH EMPI OMENT PROJECT

STATEMENT OF RECElPTs ANU EXPENMITURIFOR THE YEAR ENDED 31 DECEMBER 2015

2015 214

N.te K K

Tt>TA L RECKIPTS I~3~9 I~74

LESs; ExPENDITURE

ge ü483 682 4354399

Supends ~i J58 X32¶

F¶-nu36it 506A23 M

Operdaug costs 795S _______

NET UALANCE~ B3EFORE OPFEN1bNG BALANCE t041 1 9,9

NETSURPLj&cIDEFTCM AFTER OPENING IIALANCH 9 53

This Matemeris W i0 road rfl ceµnc with the nores on pages 6 to 8

3.L

MIN Ljdj:ý0

NATIONAL CAPITAL DISTRICT COMMISSION

FINANCIAL STATEMENTS FOR URBAN YOUTI EMPLOMENT PROJECT

BALANCE SIIEETFOR T[E YEAR EN-DED 31 DECEM ER 2015

2015 204K K

AsogT

NON.KIRRENT ASSETS

ropery PTani a E qui pa7 u i 239 i2 31-1

Taai Nfn.nurFnt l AM,2. i

CURENT ASSETCas a bank 1 laM ~ 3~5

Toftai carrem A'et 903NU56J IL7

TOTAL ASSETS __22____ .5<iL

CLRIRENT IAIITlES

Furd Ba 1 ei r - 3 2 1

Tota .u.ren..L..b....

TOTAL 1ABLITIES

Fur må .Jf eair er the M.1f e:t

TOM ,l IS PIN10 KALl S

ROQJECT MANA<E DCM CORPORATE SERVIES • NCDC

hs baiarce shee .ur be teaa n aunclon wn the nros JAnt pa.es C1 8

NATIONAL CAPItAL DISTRICT COMMISSIONFINANCIAL STATEMENTS FOR URBAN VUTH EMPLOMENT PROJECT

CASH FLOW STATEMENTFOR THE YEAR ENDED 31 DECEMBER 2015

2015 2014NtsK K

Caih no»N rfr-mi u$ertiing artlit-cs

C.uh receiptb frui dana ~ 4U9

Net Ead fl>tb frwm upering acfing

Cw-bh flew> fram nvesdng acths iPurchkae of pripeny, phm1 & equipme

PNr1eeds ram .imi

Net cah flew firami inves d aties____

C1*h no" fru am 1nancing «i- itle.%

N<, C.Lam fnw From niungacl k -

Ca h th L:imlt of the~ y_ __ _

m GST rintsrserrumi n

ca Li % he end of he r 91P3,L57 I 0347

R«eminidan ur ena

re im> mirke & smnnenI CashI t dhe mni nf the~ year a show n i uir saturment oh lin~ raorcisnedI!hi rea i1en ir; 1i alan, s hee F! rjfo,_! un:ý i

Tis cash flow salem-n~ s tD be read wn oijuncti th the notes an pages o 8

NATIONAL CAPITAL DISTRIC 1'COMMISSION

FINANCIAL STATEMENT FOR URBAN YO1T1 EMPLOMENT PROJECT

NOTES TO AND U'ORM INi PART OF TIE ACCOUNTS

FOR THE YLAR FNDED 31 L)EEMBER 21I

NTANTEIMENT OF ACCOl Tim POLI CILE

f ¯mri uwmern i:e prinnL J acodanx w ch ihr hw r it: ,i--nanql, r.i m _iridr

apprrved oin use PuIu New Giuinera h the Acousnr Suradrrb Buard U nie~ 01 Me MiaM

ABdsolf plrepa4ratiesTh rundana icnnng umprem rÉ4n!ed ai ip.p% ji, ii de merreen andJ k,"rrm ic,

The~ cash aummurg penIry hii then adopted in the preprton of I teislc

«> State~nient of Sou-rz. nd1 Lees of Fumnis for tiuyeaStatemnt of Sourrce~ aln I M Frtk4h til 1h4 year (being the' wurl R.ink IFRI IemMIt Ia incdd

FA, PARTHLLAR ACCOL NTING POL C11.SThe f(r1rI irEc ari gILd ela rr m pohere whIich g1Nurkw;| urr i rht' rremem .. , wri r2cle

M Goingý (,ms:kern drr!1~~~~ ri Trac~ pýitrin i 'N~f ÉipIt

The~ aItVmm!t Ihil bæn prepMred on~ Ite I2-inI !he s ammumeI1n dÅ ¡s a Jng flLmeemI i hie L

Iqvb-i upon tIte errn.lm r a :rit .remr wiiP ihri Wuar M La. and Gmerrnm of PNG

(10> Re~inmcThe preparoomI oi Ii lÅlw s rrmtr rr otorfII.c w h~ Ie R& r r neum ~o

starrnrll xit. l dr awdowr ,i wprkq.le: i1hmei 0 wrrdr l I ¶hu4t io.~ un d 41 ' ptwr ithe~ World B uk drmL ihe e

(idK Proper-ryl Pliit and EquLimntl

I eai1of pur:M '.1xed me. ia the~ a4lue etI conrsarmo gyr io ,wrr ;tN n: r

i of other dir,t' r:mtuurelc in w in rtve cir -ucuroi -- L '.PI 1he0 li; LI r h

uali amdir.n neesn !or Ibrririi'trak~d sernac

(iv) )icciaktiun ind Arn"rtizadto

D caonand1 amommmorn re rio appIred to~ prOpeny. plaint Ilq neli and IIiUnfes du. b gsMI

SFund 3asnirFuad ; lk es t~I~ i e eq . n a : llk ri! '! rmay Ie due Itj me don.wr Pr

w rinLI .reemem I <Xn Ir :ii ioe! ii rte a

/1

I1 -

NAT1 ONA[. CAPITAL DISTRICT COMMISSI0NFINANCIAL STrATEMtENTS FOR URBHAN YOUT H E MPLOMENi PRO)JECT

NOTES TO AND )RMINC PART IF THE ACCOUNTSFOR THE YEAR ENDED 3 DECEMHER 2O 5

I SATEMFTT OIF ACCOLNdT POILtCIES <Continiuedl

(v> Cash1AX Oe Urp LM ý the, umu m, Hzu e m w * in w~ ==vm: i "cn i o und.! crrm e :

4ii) CuTL t

W r i e r ,he i ror e , peri : !-lnie r-xn !id Mi .e .rina compa krin

2015 2bK K

Ni t: VI":Eý

Reteips inlfl (u GPNU

RecLe i --r ýin -i - r r

114£1 LÚ57.14

~1

NATIONAL CAPITAL )lISTRICT COMMISSIONFINANCIAL STATEMENTS FOR URBAN VOUTH EMPLOMENT PROJECT

NOTES TO AND FORMING 'ART OF THE ACCOUNTSFOR THE YEAR ENDEi) 31 DECEMBER 2015

3 EXPENDMR FN,1 BY M AJOR TEM

(qI Ci i W orks-iAl wrk· expendi:m e 0; k 1.783.1569 C i4: K 23319 3 y",h umi lA: h c! omRtN

enga m m p :rnk: i miiniuge -Tnd &:pco LieIl ,ir1 ieavh: under Ih'r d i , ,hu! Ji ( rps A V-

enm yntir, .ic and rudhh i n icTini r - r n g and d;;i i del1 | ihiT e --

till CortngCortaany egnt of K4,4&,6S2 (201d&K4.3~64399> ~test in t-u sil cnd.Isms liiÆd le s&a up'

rvi in i i p i ,'ctI,

u p paymn ir K3,. I281 12414:K-,O33.29a) rjaws h. w= = ly i 4 A i~A enagam

idefr iIc ¼ : Jh b 4~ -rp- i)ji i TIJfmpml n W s and rubbP 'el .i-ne:mi .j t. ld . jir:g -

clesnrng rn wi~m4rg yni s eny O cd ur,der lid Baic I 4c Sk i TrWC0ij 4IiS} pruizi duni i W

« a l me i y e rigged unDs Pe' rr yrni Tr:urtæn TakEi I rmd PE¯T hI ræ mi ir 'iiI dub Tr.iung (O!T promn ewered in comp Ilr

The gon con ofK36,463 (2l141 K&49,053> riaåes to piuebn of comupumr and itar acei Iri u

of the'~ pojec during dI year whih ar dasfed a gatd under ihe Wtodd Bank an

Operating cosa olI K795,455 <ol 43S% US ) en ~Im~ig t evmuæppe a4Iv d inr Irui~nd

by the pnije; du rigi the yer

Mvi TrainingTrammg. ,-ptmn ~ nr K527,238 (20l4: K355&.02» reikte Lv i ames, o ariinnrI iflnelis nirn-h

trrmn enues urd nawr rie nirang pese

l'ii) GST rnmhuememl

T A L .kd -W ~ ~ ~ ~ ~E;~nnl miLp I

ln~ ue~ n lår, liio _~a MLTn Snnu4f~ IZ~n n41 nv t ii In~ f

NATIONAL CAP¯TA. DISTRICT COMMISSiONFINANCLL VTATE.MENTS FOR URKAN YOUH EMPIOMENT PROJECT

DETAIlED STATEMENT OF RECEAPTS AND EXPENDITURIFOR ThE VEAR ENDED 31 DECEMBER 20t5

2015 U014

K KREiCEJPTS

I L A SpeediI n a nmer Ix.ar I31A4

Go1NG Corutin

krn~ True Furn~ Gnls____________

TOTAL REChLTS 17M 1 -;

LES: EXPENDI-tiil

T0A e1 F-IJII Con

C2-ac 44 125

ir,,in !,11 1 J -

frmnog 46.7

TtL C-omt Kamponr i 43656 ,_ _

eprp ment 2 . Skih lyn p:anrn! «J iap:evimer1 Sacmefl

:eti,1 IutN9I3f10 m 426327

Tqea1 Cots Compornet 2 A7__ 5_

TOTL EXPFNS4S lionlponens 1. kl.3)hnagee

NET 7S4ARPLUS UJEHIT) 193 43TaM4 7059 ' A

a 27a 9%21

絞

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