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Japan Fund for Poverty Reduction
Annual Report 2011
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Japan Fund for Poverty Reduction
Annual Report 2011
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About This Book
The Japan Fund for Poverty Reduction (JFPR) was established in May 2000 and provides direct grant assistance to the poorest and most vulnerable groups in developing member countries (DMCs) of the Asian Development Bank (ADB) while fostering long-term social and economic development. The grants target poverty reduction initiatives with the direct participation of nongovernment organizations, community groups, and civil society. In 2009, the Government of Japan and ADB expanded the scope of JFPR to include provision of support to DMCs through capacity development, policy and advisory, research and development, and project preparatory technical assistance.
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Appendix 1
2011 Audit Report and Financial Statements
Deloitte.
JAPAN FUND FOR POVERTY REDUCTION
(ADMINISTERED BY ASIAN DEVELOPMENT BANK)
INDEPENDENT AUDITORS’ REPORT
AND FINANCIAL STATEMENTS
FOR THE YEARS ENDED
31 DECEMBER 2011 AND 2010
JAPAN FUND FOR POVERTY REDUCTION
(ADMINISTERED BY ASIAN DEVELOPMENT BANK)
INDEPENDENT AUDITORS’ REPORT
AND FINANCIAL STATEMENTS
FOR THE YEARS ENDED
31 DECEMBER 2011 AND 2010
Deloitte
INDEPENDENT AUDITORS’ REPORT
To the Asian Development Bank - Administrator for Japan Fund for Poverty Reduction
We have audited the accompanying statement of financial position of Japan Fund for Poverty Reduction administered by the Asian Development Bank (ADB) (the Administrator) as of 31 December 2011 and 2010 and the related statements of activities and changes in net assets, and cash flows, for each of the years in the two-year period ended 31 December 2011. These financial statements are the responsibility of ADB’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis of designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Administrator’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by the Administrator’s management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the financial position of ADB - Japan Fund for Poverty Reduction as of 31 December 2011 and 2010, and the results of its operations and its cash flows for each of the years in the two-year period ended 31 December 2011 in conformity with accounting principles generally accepted in the United States of America.
Public Accountants and
Certified Public Accountants
Singapore
30 March 2012
JAPAN FUND FOR POVERTY REDUCTION
(ADMINISTERED BY ASIAN DEVELOPMENT BANK)
INDEPENDENT AUDITORS’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEARS ENDED 31 DECEMBER 2011 AND 2010
CONTENTS | |
PAGE | |
Independent Auditors’ Report | 1 |
Statement of Financial Position | 2 |
Statement of Activities and Changes in Net Assets | 3 |
Statement of Cash Flows | 4 |
Notes to Financial Statements | 5 - 10 |
JAPAN FUND FOR POVERTY REDUCTION
(Administered by Asian Development Bank)
STATEMENT OF FINANCIAL POSITION
31 December 2011 and 2010
Expressed in United States Dollars
2011 | 2010 | |
ASSETS | ||
DUE FROM BANKS | $275,569 | $374,283 |
INVESTMENTS (Notes C and G) Time deposits | 318,658,819 | 292,533,147 |
ADVANCES UNDER POVERTY REDUCTION ASSISTANCE AND TECHNICAL ASSISTANCE | 10,014,867 | 9,231,029 |
INTER FUND RECEIVABLE (Note D) | 878 | - |
ACCRUED REVENUE | 10,403 | 33,930 |
TOTAL | $328,960,536 | $302,172,389 |
LIABILITIES AND UNCOMMITTED BALANCES | ||
INTER FUND PAYABLE (Note D) | $205,200 | $139,446 |
ACCRUED EXPENSES | 25,907 | 51.042 |
UNDISBURSED COMMITMENTS (Note E) | 151,826,007 | 122,158,804 |
TOTAL LIABILITIES | 152,057,114 | 122,349,292 |
UNCOMMITTED BALANCES (Note F) Unrestricted net assets | 176,903,422 | 179,823,097 |
TOTAL | $328,960,536 | $302,172,389 |
The accompanying notes are an integral part of these financial statements (JFPR-4).
JAPAN FUND FOR POVERTY REDUCTION
(Administered by Asian Development Bank)
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS
For the Years Ended 31 December 2011 and 2010
Expressed in United States Dollars
2011 | 2010 | |
CHANGES IN NET ASSETS | ||
CONTRIBUTIONS (Note F) | $58,474,523 | $52,908,584 |
REVENUE | ||
From investments | ||
Interest income | 702,789 | 894,174 |
From other sources | ||
Unrealized holding loss on investments | - | (49,250) |
Interest income from bank accounts | 219 | 1,662 |
Other Income | 11,038 | 21,661 |
Total | 714,046 | 868,247 |
TOTAL CONTRIBUTIONS AND REVENUE | $59,188,569 | $53,776,831 |
EXPENSES | ||
Poverty reduction and technical assistance, net | 60,394,314 | 30,489,112 |
Administrative expenses | 1,540,080 | 1,430,573 |
Financial expenses | 2.331 | - |
Total | 61,936,725 | 31,919,685 |
CONTRIBUTIONS AND REVENUES (LESS THAN) IN EXCESS OF EXPENSE | (2,748,156) | 21,857,146 |
EXCHANGE (LOSS) GAIN, NET | (171,519) | 3,613 |
(DECREASE) INCREASE IN NET ASSETS | (2,919,675) | 21,860,759 |
NET ASSETS AT BEGINNING OF YEAR | 179,823,097 | 157,962,338 |
NET ASSETS AT END OF YEAR | $176,903,422 | $179,823,097 |
The accompanying notes are an integral part of these financial statements (JFPR-4).
JAPAN FUND FOR POVERTY REDUCTION
(Administered by Asian Development Bank)
STATEMENT OF CASH FLOWS
For the Years Ended 31 December 2011 and 2010
Expressed in United States Dollars
2011 | 2010 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Contributions received | $58,193,967 | $ 52,824,004 |
Interest on investments received | 726.271 | 895,299 |
Interest earned on bank accounts | 219 | 1,662 |
Poverty reduction assistance and technical assistance disbursed | (31,400,216) | (31,996,689) |
Administrative expenses paid | (1,567,546) | (1,407,418) |
Cash received from other source | 11,038 | 21,661 |
Net cash provided by operating activities | 25,963,733 | 20,338,519 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of investment securities | (9,211,469,139) | (5,584,852,909) |
Maturities of investment securities | 9,185,406,692 | 5.564,644,920 |
Net cash used in investing activities | (26,062,447) | (20,207,989) |
Net (decrease) increase in due from bank | (98,714) | 130,530 |
Due from banks at beginning of year | 374,283 | 243,753 |
Due from banks at end of year | $275,569 | $374,263 |
RECONCILIATION OF (DECREASE) INCREASE IN NET ASSETS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | ||
(Decrease) Increase in net assets | $(2,919,675) | $21,860,759 |
Adjustments to reconcile (decrease) increase in net assets | ||
to net cash used in operating activities: | - | 49,250 |
Unrealized holding loss on investments | (43) | - |
Amortization of discounts/premiums | (63,182) | - |
Exchange gain | ||
Change in advances under poverty reduction assistance and technical assist... |