Japan Fund for Poverty Reduction

Annual Report 2011

• Éditeur: Asian Development Bank
• Année: 2012
• ISBN:
  9789290929079
• Édition: 1
• Sujet: Economics
• Sous-sujet: Development Economics

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.

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...