Public Disclosure Authorized - World Bankdocuments.worldbank.org/curated/en/420161476056557863/... · 2016-10-11 · Uigaese Paelate, Tuvalu - Member 2011 Chris de Seria, World Bank

PACIFIC AVIATION SAFETY OFFICE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

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GENERAL MANAGER'S REPORT TO THE COUNCIL OF REPRESENTATIVESFOR THE YEAR ENDED 31 DECEMBER 2015

Your General Manager presents this report on the financial statements of the Organisation for the year ended 31December 2015.

The following held offices in the Council of Representatives at the date of this audit report are as follows:

Date appointed Date resigned

Wilson Sagati, PNG - Chairman 2003Bill MacGregor, Niue - Member 2006Joseph Niel, Vanuatu - Member 2011Uigaese Paelate, Tuvalu - Member 2011Chris de Seria, World Bank - Observer Member 2013Michelle Poyser, Australia - Member 2013Netava Waqa, Fiji - Member 2014Nanai Saaga, Samoa - Co-deputy Chairman 2014Ringo Fa'oliu, Tonga - Co-deputy Chairman 2014

State of affairsThe result of the organisation's operations for the financial year was a surplus of AUD 132,555 (2014: deficitAUD 17,465).

ActivitiesThe principal and continuing activity of the organisation is the conduct of aviation oversight and safety in thePacific Region.

Property, plant and equipmentDuring the financial year the organisation purchased AUD 12,346 worth of plant and equipment (2014: AUD49,715).

Events subsequent to balance dateThere does not exist at the date of this report any other contingent liability or any charge on the organisation'sassets securing the liability of any other person which has arisen since 31 December 2015.

No contingent or other liability has become enforceable on or before the date of this report which, in theGeneral Manager's opinion, will or may substantially affect the ability of the organisation to meet its obligationsas and when they fall due (2014: Nil).

Loan and Grant covenantsThe following have been produced in accordance with:

(i) Section 4.02 of the ADB Loan Agreement(ii) Section 311 .B. 3 of the WB Financing Agreement IDA-H883(iii) Article 24 of the Government Hosting Agreement(iv) Dedicated Bank accounts

(a) In Australian Dollars for the ADB loan related funds(b) In USD Dollars for WB Grant funds

(v) Audited financial statements have been furnished to ADB no later than 6 months following the end ofthe financial year; and

(vi) Furnish ADB such other information concerning such accounts and financial statements and the auditthereof.


GENERAL MANAGER'S REPORT TO THE COUNCIL OF REPRESENTATIVESFOR THE YEAR ENDED 31 DECEMBER 2015

Other circumstancesAt the date ofthis report the General Manager is not aware of any circumstances which would render any amountstated in the accounts misleading.

Place of businessThe Pacific Aviation Safety Office is a non-profit International Organisation set up under the Pacific IslandsCivil Aviation Safety and Security Treaty and operated for the benefit of member states. PASO is currentlyheadquartered in Port Vila, Vanuatu.

DistributionsAny surpluses are used in the furtherance of its objectives and no distributions are made to members.

Signed on behalf of the Council of Representatives.

......... 31 August 2016General Manager Date

......... 31 August 2016Councillor Date

2

Iu parLnersCIHARTE FRED ACOU IANTS AND BUS. E ADVISER,S,

Independent Auditors' Report to the Council Representatives of

Pacific Aviation Safety Office

We have audited the accompanying financial statements of Pacific Aviation Safety Office which comprise the statementof financial position as at 31 December 2015, the statement of comprehensive income, the statement of changes inequity and the statement of cash flows for the year then ended, and a summary of significant accounting policies andother explanatory notes set out on pages 5 to 15.

Council of Representatives' responsibility for the financial statementsThe Council of Representatives of the Organisation are responsible for the preparation and fair presentation of thesefinancial statements in accordance with International Financial Reporting Standards. This responsibility includes:designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financialstatements that are free from material misstatements, whether due to fraud or error; selecting and applying appropriateaccounting policies, and making accounting estimates that are reasonable in the circumstances.

Auditors' responsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with International Standards on Auditing. These standards require that we comply with relevant ethicalrequirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free ofmaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on our judgement, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we considerinternal control relevant to the Organisation's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion onthe effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accountingprinciples used and the reasonableness of accounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.

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

OpinionIn our opinion, the financial statements have been properly prepared in accordance with the provisions of the CharitiesAssociation (Consolidation) Act [CAP 140] and give a true and fair view of the financial position of the Organisation asat 31 December 2015, and of its financial performance and its cash flows for the year then ended in accordance withInternational Financial Reporting Standards.

Emphasis of matterWithout qualification to the opinion expressed above, we draw attention to Note 2 to the financial statements concerningthe preparation of the financial statements on a going concern basis.

LAW PARTNERSChartered Accountants(Qualified auditors under Section 130 of the Port VilaCompanies Act No. 25 of 2012 of the Dated at this 31st day of August 2016Republic of Vanuatu)

TEL+r678 22 091FAX +678 23 665

mail fdawpartnersvanuatu.comPRINCIPALS LAW PARTNERS HOUSEJONATHAN LAW PO BOX 212

www.awpcrtriers vanuatu.com ViCKI JOE PORT VILA I VANUATU 3


FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015INDEPENDENT AUDIT REPORT TO THE MEMBERS

Audit FindingsIn addition to our opinion on the statutory audit, as auditors of PASO we are required to form an opinion for thefollowing items:

(a) Repayment of ADB Loan FundsIn our opinion PASO fully utilised ADB funds for purposes as indicated in the loan agreement, as at 31December 2015 and currently conforms with the repayment schedule.

(b) Compliance with Specific and Financial ADB CovenantsIn our opinion PASO has complied with the Particular Covenants set out in Article IV of the loan agreement.

In our opinion PASO has adhered to the requirements of the Financial Covenants in Schedule 5 paragraphs 13,14, 18 - 20 of the loan agreement, except that PASO has not complied with paragraph 21 of the loan agreementwhich requires PASO to ensure its member countries to provide, in a timely manner, all necessary counterpartfunds and in-kind contributions for successful project implementation. The main reason for PASO not being ableto comply with this particular covenant is due to the failure by some member countries to comply with their treatyobligations with regards to payment of subscriptions and consulting services.

(c) Utilisation of Designated Funds under the WB Grant FundsIn our opinion PASO was compliant with the operation of the Designated Account as indicated in the FinanceAgreement.

(d) Statement of Expenditure ProceduresWe are unable to form an opinion on the Statement of Expenditure (SOE) Procedures as they are not currentlyapplicable to PASO.

(e) Conformity with WB Procurement GuidelinesIn our opinion PASO adhered to the WB Procurement Guidelines.

4

PACIFIC AVIATION SAFETY OFFICESTATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2015

Expressed in A ustralian dollars

RestatedNote 2015 2014

Revenue

Operating revenue 1,761,697 878,682

Interest income 117,799 1,865

Total revenue 3 1,879,496 880,547

Expenses

Operating expenses 3 (1,746,941) (898,012)

Net surplus / (deficit) 132,555 (17,465)

The income statement is to be read in conjunction wit/h the notes to the financial statements set out on pages 9 toIs5.

5

PACIFIC AVIATION SAFETY OFFICESTATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2015


Restated2015 2014

Accumulated deficit at the beginning of the financial year (1,934,955) (1,917,490)

Prior year adjustments: 17

Restated Opening balance (1,934,953) (1,917,490)

Net surplus/(deficit) for the financial year 132,555 (17,465)

Accumulated deficit at the end of the financial year (1,802,400) (1,934,955)

The statement of changes in equity is to be read in cotjunction with the notes to the financial statements set outon pages 9 to 15.

6

PACIFIC AVIATION SAFETY OFFICEBALANCE SHEETAS AT31 DECEMBER2015

Expressed in Australian dollars


Current assetsCash 4 353,361 464,846Receivables 5 260,675 106,663Other assets 6 4,682 -WB Grant Receivable 18 -

Total current assets 618,718 571,509

Non-current assetsProperty, plant and equipment 7 51,992 52,528

Total non-current assets 51,992 52,528

Total assets 670,710 624,037

Current liabilitiesCreditors 8 359,534 136,169Prepaid subscriptions 130,998 0Provisions 10 10,297 9,830Deferred revenue 35,049 56,348Loan - Asian Development Batik 9 89,649 80,903

Total current liabilities 625,527 283,250

Non-current liabilitiesLoan - Asian Development Bank 9 1,475,489 1,644,817Provisions 10 26,585 21,254WB Grant Reimbursables 18 147,457 207,198WB Revolving Fund 19 198,052 402,471

Total non-current liabilities 1,847,583 2,275,740

Total liabilities 2,473,110 2,558,990

Excess of liabilities over assets (1,802,400) (1,934,953)

Accumulated deficit (1,802,400) (1,934,953)Total accumulated deficit (1,802,400) (1,934,953)

The balance sheet is to be read in conjunction with the notes to the financial statents set out on pages 9 to 15.

General Manager

31 Auiust 2016Date

7

PACIFIC AVIATION SAFETY OFFICESTATEMENT OF CASH FLOWSFOR 'ri-E YEAR ENDED 31 DECEMBER 2015



Cash flows from operating activitiesCash receipts in the course of operations 1,722,621 1,361,244Cash payments in the course of operations (1,636,924) (855,718)Interest received 2,788 1,865Interest expense (27,117) (24,699)

Net cash provided by operating activities I1(b) 61,368 482,692

Cash flows from investing activitiesPurchase of property, plant and equipment (12,346) (36,449)Proceeds on sale from property, plant and equipment 75 411

Net cash used in investing activities (12,271) (36,038)

Cash flows from financing activitiesMovement in borrowing (160,582) (40,819)

Net cash used in financing activities (160,582) (40,819)

Net cash increase (111,485) 405,835

Cash and cash equivalents at the beginning of thefinancial year 464,846 59,011

Cash and cash equivalents at the end of the financialyear 11(a) 353,361 464,846

The statement of cash flows is to be read in conjunction with the notes to the financial statements set out on pages9 to 15.

8

PACIFIC AVIATION SAFETY OFFICENOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2015


Statement of significant accounting policies

Pacific Aviation Safety Office is a non-profit International Organisation set up under the Pacific IslandsCivil Aviation Safety and Security Treaty and operated for the benefit of member states.

The significant policies which have been adopted in the preparation of these financial statements are:

(a) Statement of compliance

The financial statements of the organisation are drawn up in accordance with International FinancialReporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB) andinterpretations issued by the International Financial Reporting Interpretation Committee (IFRIC) of theIASB and the requirements of the Charities Association (Consolidation) Act [CAP 140].

(b) Basis of preparation

They are prepared on the basis of historical costs and do not take into account changing money values or,except where stated, current valuations of non-current assets,

The financial statements are presented in Australian dollars (AUD).

The accounting policies are consistently applied and, except where there is a change in accounting policy,are consistent with those of the previous year. There were no changes in accounting policies during thecurrent financial year.

(c) Revenue recognition

Grant revenue

Grants are recognised in the income statement principally on an accrual basis. Grants that compensate theorganisation for expenses incurred are recognized as revenue in the income statement in the same periods inwhich the expenses are incurred.

Service revenue

Income from services are recognized in the income statement upon completion of the service.

(d) Foreign currency

Transactions

Foreign currency transactions are translated to Australian dollars at the rates of exchange ruling at the datesof the transactions. Amounts receivable and payable in foreign currencies at balance date are translated atthe rates of exchange ruling on that date.

Exchange differences relating to amounts payable and receivable in foreign currencies are brought toaccount in the profit and loss account in the financial year in which the exchange rates change.

(e) Property, plant and equipment

Acquisitions

Items of property, plant and equipment are recorded at cost and depreciated as outlined on the next page.

9



Disposal of assets

The gain or loss on disposal of assets is calculated as the difference between the carrying amount of the

assets at the time of disposal and the proceeds on disposal, and is included in the result in the year ofdisposal.

Depreciation

Depreciation is charged on a straight line basis and the following rates are used:

* Office furniture 20%

* IT and office equipment 20%* Motor vehicles 20%

Assets are depreciated from the date of acquisition.

(f) Employee entitlements

Wages, salaries and annual leave

The provision for employees' entitlements to wages, salaries and annual leave represents the amount that the

organisation has a present obligation to pay resulting from employees' services provided up to balance date.

The provision has been calculated at nominal amounts based on current wage and salary rates and includes

related on-costs.

Severance allowance

Severance allowance is calculated at the rate of a month's salary for each year of service. It is assumed that

employees will remain in the organisation employment for the period necessary to qualify for the respective

entitlements.

Vanuatu National Provident Fund

Contributions to the Vanuatu National Provident Fund are recognized as an expense in the income statement

in the period in which they are incurred.

(g) Receivables

Receivables are stated at nominal values, less write-downs for any amounts expected to be irrecoverable.

(h) Value Added Tax (VAT)

Under the Host State Agreement between the Government of the Republic of Vanuatu and the Organisation,its assets, income and property, owned or occupied in Vanuatu shall be exempt from all forms of taxation

including Customs duties and Value Added Tax.

(i) Impairment

The carrying amounts of the company's assets are reviewed at each balance sheet date to determine whether

there is any indication of impairment. If any such indication exists, the asset's recoverable amount is

estimated. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating

unit exceeds its recoverable amount. Impairment losses are recognised in the income statement.

(j) Comparatives

Where necessary, comparative information has been reclassified to achieve consistency in disclosure with

current financial year amounts and other disclosures.

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2. Going concern

The financial statements of the organisation have been prepared on a going concern basis, which assumescontinuity of normal business activities and the settlement of liabilities in the ordinary course of business.The Council representatives consider the going concern principle to be applicable in the preparation of thesefinancial statements given the ongoing financial support provided by the organisation's aid donors andmember nations' utilisation of its services in generating income as well as yearly subscriptions of eachmember nations.

Restated2015 2014

3. Net surplus/(deficit)

Net deficit has been arrived at after including:

Operating revenue

Service revenue 440,987 231,832Members subscriptions 279,670 279,620

Grant income - Vanuatu government hosting 224,405 79,936Grant income - Taiwan - 25,861Grant income - AusAID - 23,918Grant Income - World Bank 757,243 186,687General administration funds 51,670 40,175Interest income 2,788 1,865Net foreign exchange gain - unrealised 4,859 -Net foreign exchange gain - realised 117,799 -Proceeds on sale of fixed assets 75 9,947Other revenue - 707

Total operating revenue 1,879,496 880,547

Operating expenses

Depreciation 12,882 10,038Net foreign exchange loss - realised - 38,888VNPF contributions 5,382 4,059Wages and salaries 316,017 347,207Other expenses 1,412,660 497,820

Total operating expenses 1,746,941 898,012

Net surplus/ (deficit) 132,555 (17,465)

4. Cash

Petty cash 245 235Cash in bank - AUD account 131,417 26,267Cash in bank- AUD ADB account 2,911 11,424Cash in bank - NZD account - -Cash in bank - Vatu account 15,486 19,199Cash in bank - USD account 198,052 402,471

348,111 459,596Term deoositsTerm deposit - AUD 5,250 5,250

5,250 5,250

353,361 464,846

11



Restated5. Receivables 2015 2014

Trade debtors 315,875 160,005Less: Provision for doubtful debts (57,688) (57,688)

258,187 102,317Sundry debtors 2,488 4,346

260,675 106,663

6. Other assets

Prepayments 4,682 -

7. Property, plant and equipment

Office firnitureAt cost 16,347 14,983Less: Accumulated depreciation (13,498) (14,475)

2,849 508

IT and office equipmentAt cost 147,776 138,105Less: Accumulated depreciation (134,015) (131,117)

13,761 6,988

Motor vehiclesAt cost 48,248 48,248Less: Accumulated depreciation (12,866) (3,216)

35,382 45,032Total property plant and equipment - at net bookvalue 51,992 52,528

Movement in property, plant and equipmentOpening net book value 52,528 26,117Additions 12,346 49,715Disposals - (13,266)Depreciation (12,882) (10,038)

Closing net book value 51,992 52,528

8. Creditors

Trade creditors - AUD 13,640 30,846Trade creditors - VUV 18,612 12,662Trade creditors - NZD 36,933 74,572Trade creditors - USD 290,349 18,089

359,534 136,169

9. Borrowings

CurrentLoan - Asian Development Bank 89,649 80,903

Non-currentLoan - Asian Development Bank 1,475,489 1,644,817

12



Bank loan details

The loan from Asian Development Bank is for a Special Project, the objective of which is to ensure that thePacific Aviation sector meets all international requirements for safety and security regulation and oversight.The loan facility is for USD1,500,000. PASO has fully exhausted its loan from ADB as at 31 December 2010resulting in no drawdowns for the current year ended 31 December 2015. An interest rate of 1.5% per annumis charged on the amount of the loan withdrawn on the loan account and outstanding from time to time.

Restated2015 2014

10. Provisions

CurrentEmployees' entitlements 10,297 9,830

Non-currentEmployees' entitlements 26,585 21,254

11. Notes to the statement of cash flows

(a) Reconciliation of cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand and atbank, net of outstanding bank overdrafts. Cash and cash equivalents as at the end of the financial year asshown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:

Cash in bank and on hand 353,361 464,846

(b) Reconciliation of net surplus/(deficit) to net cashprovided by operating activities

Net surplus/ (deficit) 132,555 (17,465)

Non-cash items- Depreciation 12,882 10,038- Gain on sale of property, plant and equipment (75) (411)

Net cash used in operating activities before change inassets and liabilities 145,362 (7,838)

Change in assets and liabilities during the financialyear

- (Increase) / decrease in receivables (154,012) 197,314- (Increase) / decrease in other assets (4,682) 4,198- Increase / (decrease) in payables 90,201 346,850- (Decrease) / increase in deferred revenue (21,299) (34,927)- Increase in provisions 5,798 (22,905)

Net cash used in operating activities 61,368 482,692

13



12. Principal activities

Pacific Aviation Safety Office's primary activity is providing technical services for aviation safety incompliance with international requirements for safety and security regulation and oversight within the 13member South Pacific nations. The organisation receives income as follows:

(a) Annual subscription fees from member nations and income from services rendered to various CivilAviation Authorities.

(b) Grants from the Government of Vanuatu and other organisations.

(c) A soft term loan from the Asian Development Bank.

13. Auditors' remunerationRestated

2015 2014Amounts received or due and receivable by theauditors of the company for:

Auditing the financial statements 9,846 9,266

14. Contingent liabilities

The Council of Representatives are aware of no contingent liabilities as at the date of signing the General

Manager's report (2014: Nil).

15. Post balance sheet events

No events have occurred since the balance sheet date which would require adjustments or disclosure in thefinancial statements (2014: Nil).

16. Employees

The number of full time permanent employees as at 31 December 2015 was 4 (2014: 8).

17. Prior year adjustment

A net adjustment of AUD207,198 was made to correct the World Bank Receivable and World BankRevolving balance as at 31 December 2014. This is represented by:

2015

Reported Surplus (as at year end 31 December 2014) 189,733

- Adjust to correct actual grant funds received during 2014 (159,145)(decrease)

- Adjust to reduce foreign exchange gain - unrealised (39,851)(decrease)

- Adjust to take up foreign exchange loss - realised (8,202)(decreased)

(207,198)

(17,465)

14



18. Notes to WB Grant Receivable and WB Grant Reimbursable

(a) WB Grant ReceivableRelated adjustments per note 17 have reduced the receivable balance to NIL. As such the WB GrantReimbursable has remained and has been replenished during the year. The movement during the year asfollows:

Restated2015 212014

Opening Balance - 207,198

Corrective adjustment to ineligible expenditures as nofunds are owing from the World Bank. - (207,198)

(b) WB Grant Reimbursable

Reimbursables movement during the year represent efforts to replenish ineligible spending in 2014against the Grant.

Restated2015 2014

Movement in WB Grant Reimbursable:Opening balance 207,198 -Add: Ineligible expenditure against DA - 207,198Less: Replenishment payment made during the year (59,741) -

Closing balance 147,457 207,198

19. WB Revolving Fund

The revolving balance represents cash in bank pertaining to the World Bank Disbursement Account(USD) as at year end is also part of Cash at Bank - see also note 4.

2015Movement in WB Revolving FundOpening balance 402,471Add: Receipts (increase) 712,414Less: Funds utilised during the year (decrease) (916,833)

Closing balance 198,052

15

cUoclLner5

C I I IFR F1 I I H l fA i : - 11 11 -1 t I S: I )v 1,1ii'


ACCOUNTANTS STATEMENT

The additional financial data presented on pages 16 and 22 are in accordance with the books and records of theOrganisation which have been subjected to the auditing procedures applied in our audit of the Pacific AviationSafety Office for the year ended 31 December 2015, It will be appreciated that our audit did not cover all detailsof the additional financial data.

Accordingly we do not express an opinion on such financial data and no warranty of accuracy or reliability isgiven.

In accordance with our firm's policy, we advise that neither the firm nor any member or employee of the firmundertakes responsibility arising in any way whatsoever to any person (other than the Pacific Aviation SafetyOffice) in respect of such data, including any errors or omissions therein, arising through negligence or otherwisehowever caused.

A &r4o4LAW PARTNERS Port VilaChartered Accountants 31 August 2016

TEL+678 22 091FAX .678 23 665

mai (Rawpartnersvanuatu.comPRINCIPALS LAW PARTNERS HOUSE 16JONATHAN LAW PO BOX 212

www. lauJpartners vanuatucom VICK) JOE PORTVILA I VANUATU

PACIFIC AVIATION SAFETY OFFICEINCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2015


RestatedAccount Name 2015 2014

IncomeMembers subscriptions 279,670 279,620

Service revenue 440,987 231,832Grant income - Vanuatu Government 224,405 79,936

Grant income - Taiwan 0 25,861Grant income - AusAID 0 23,918

Grant income - WB 757,243 186,687Sundry income - 51,745 50,829

1,754,049 878,682Other incomeForeign exchange gain - unrealised 4,859 -

Foreign exchange gain - realised 117,799 -Interest received 2,788 1,865

Total Income 1,879,496 880,547

ExpendituresAccounting fees 0 0

Advertising and promotion 1,056 0

Auditor's remuneration 10,140 9,846

Bank charges 1,732 1,313

Communication expenses 6,012 7,101

Consultancy expenses 106,061 146,917

Council expenses 19,748 0

Depreciation 12,882 10,038

Entertainment expenses 314 173

Foreign exchange loss - realised 0 47,091

Foreign exchange loss - unrealised 0 881

Information technology expenses 16,495 17,416

Insurance 3,800 9,527

Interest paid 39,108 24,698

Late Charges 0 52

Light and power 13,235 10,140

Miscellaneous expenses 1,218 26,093Motor vehicle expenses 3,267 2,818

Office expenses 1,335 1,882

Postage and freight 130 641

Printing and stationery 816 1,634

Provision for annual leave 0 5,111

Provision for severance pay 0 0

Rent 49,823 10,201

Repairs & maintenance 457 66

Salaries and wages - administration 124,755 182,207

Salaries and wages - operations 181,537 165,000

Security costs 132 0

Staff expenses 17,622 (99,690)

Staff recruitment and relocation 2,589 23,677

Superannuation 5,382 4,059

Transport - taxi/bus 149 16917



RestatedAccount Name 2015 2014

2014

Travel 79,095 94,097Water expenses 473 162

World Bank ActivitiesA.0 1 Governance and Management Specialist 31,035 0A.02 Financial Sustainability Analysis 168,442 0A02.1 Marketing & Communication Planner 38,206 6,337A02.2 Legal Specialist 121,621 0A06.0 Recruitment of New Staff 67,292 23,045A07.0 Training 99,169 7,665A08.0 Project Implementation Support (TFSU) 116,275 0A08.1 Project coordinator 50,294 12,685A08.2 PASO steering committee 203,522 34,150A07.0 Workshop PASO states - 11,579B.01 Regulatory Specialist (CLOSED) 17,186 52,227B.01.1 Regulatory Specialist 27,586 -B.02 Register of Inspectorate Pool 44,240B.03 Training - RPI Candidates 59,235 -Incremental operating cost 1,404 46,160Bank charges 2,070 844

Total Expenses 1,746,941 898,012

Net Surplus/(Deficit) 132,555 (17,465)

18



Account Name 2015 WB IDA H883 Other FundsDR(+)/CR(-) DR(+)/CR(-) DR(+)/CR(-)

IncomeMembers subscriptions 279,670 279,670Service revenue 440,987 440,987Grant income - Vanuatu Government 224,405 224,405Grant income - Taiwan 0 0

Grant income - AusAID 0 0Grant income - WB 757,243 757,243 0Sundry income - 51,670 51,670

1,753,974 757,243 996,731Other incomeForeign exchange gain - unrealised 4,859 - 4,859Foreign exchange gain - realised 117,799 - 117,799Interest received 2,788 - 2,788Proceeds on sale of fixed assets 75 - 75

1,879,496 757,243 1,122,253ExpenditureAccounting fees 0 - 0Advertising and promotion 1,056 - 1,056Auditor's remuneration 10,140 10,140Bank charges 1,732 - 1,732Communication expenses 6,012 - 6,012Consultancy expenses 106,061 - 106,061Council expenses 19,748 - 19,748

Depreciation 12,882 - 12,882Entertainment expenses 314 - 314

Foreign exchange loss - realised 0 - 0Foreign exchange loss - unrealised 0 - 0information technology expenses 16,495 - 16,495

Insurance 3,800 - 3,800Interest paid 39,108 - 39,108Late Charges 0 - 0

Light and power 13,235 - 13,235Miscellaneous expenses 1,218 - 1,218Motor vehicle expenses 3,267 - 3,267Office expenses 1,335 - 1,335Postage and freight 130 130Printing and stationery 816 816Provision for annual leave 0 0Provision for severance pay 0 0

Rent 49,823 - 49,823

Repairs & maintenance 457 - 457

Salaries and wages - administration 124,755 - 124,755Salaries and wages - operations 181,537 - 181,537

Security costs 132 - 132

Staff expenses 17,622 - 17,622Staff recruitment and relocation 2,589 - 2,589Superannuation 5,382 - 5,382Transport - taxi/bus 149 - 149

Travel 79,095 - 79,095Water expenses 473 473

19

PACIFIC AVIATION SAFETY OFFICEINCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER2015


Account Name 2015 WB IDA H883 Other FundsDR(+)/CR(-) DR(+)/CR(-) DR(+)/CR(-)

World Bank ActivitiesA.0 1 Governance and Management Specialist 31,035 31,035 -A.02 Financial Sustainability Analysis 168,442 168,442 -A02.1 Marketing & Communication Planner 38,206 38,206 -A02.2 Legal Specialist 121,621 121,621 -A06.0 Recruitment of New Staff 67,292 67,292 -A07.0 Training 99,169 99,169 -A08.0 Project Implementation support (TFSU) 116,275 116,275 -A08.1 Project coordinator 50,294 50,294 -A08.2 PASO steering committee 203,522 203,522 -B.01 Regulatory Specialist (CLOSED) 17,186 17,186 -B.02 Register of Inspectorate Pool 44,240 44,240 -B.03 Training - RPI Candidates 59,235 59,235 -B.01.1 Regulatory Specialist 27,586 27,586Incremental operating cost 1,404 1,404 -Bank charges 2,070 2,070

Total Expenses 1,746,941 1,047,578 699,363

Net Surplus/(Deficit) 132,555 (290,335) 422,890

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COMPREHENSIVE INCOME AND EXPENDITURE ACCOUNT 2014 (re-stated)

Account Name Restated 2014 WB IDA Other FundsH883

IncomeMembers subscriptions 279,620 279,620Service revenue 231,832 231,832Grant income - Vanuatu Government 79,936 79,936Grant income - Taiwan 25,861 25,861Grant income - AusAID 23,918 23,918Grant income - WB 186,687 186,687 -Sundry income - 40,882 - 40,882

868,735 186,687 691,995Other incomeForeign exchange gain - unrealised 0 - -Interest received 1,865 1,865Proceeds on sale of fixed assets 9,947 - 9,947

Total Income 880,547 186,687 693,860

ExpendituresAccounting fees 0 - 0Advertising and promotion 0 - 0Auditor's remuneration 9,846 - 9,846Bank charges 1,313 - 1,313Communication expenses 7,101 - 7,101Consultancy expenses 146,917 - 146,917Council expenses 0 - 0Depreciation 10,038 - 10,038Entertainment expenses 173 - 173Foreign exchange loss - realised 47,091 - 47,091Foreign exchange loss - unrealised 881 - 881Information technology expenses 17,416 - 17,416Insurance 9,527 - 9,527Interest paid 24,698 - 24,698Late Charges 52 - 52Light and power 10,140 - 10,140Miscellaneous expenses 26,093 - 26,093Motor vehicle expenses 2,818 - 2,818Office expenses 1,882 - 1,882Postage and freight 641 641Printing and stationery 1,634 - 1,634Provision for annual leave 5,111 - 5,111Provision for severance pay 0 - 0Rent 10,201 - 10,201Repairs & maintenance 66 - 66Salaries and wages - administration 182,207 - 182,207Salaries and wages - operations 165,000 - 165,000Security costs 0 - 0Staff expenses (99,690) - (99,690)Staff recruitment and relocation 23,677 - 23,677Superannuation 4,059 - 4,059

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WB IDAAccount Name Restated 2014 Other FundsH883Transport - taxi/bus 169 - 169Travel 94,097 - 94,097Water expenses 162 - 162

World Bank Activities .A02.1 Communication planner 6,337 6,337 -A06.0 Recruitment of New Staff 23,045 23,045 -A07.0 Training 7,665 7,665 -A08.1 Project coordinator 12,685 12,685 -A08.2 PASO steering committee 34,150 34,150 -A07.0 Workshop PASO states 11,579 11,579 -B.O1 Regulatory Specialist 52,227 52,227 -Incremental operating cost 46,160 46,160Bank charges 844 844 -

Total Expenses 898,012 194,693 703,319

Net Surplus/(Deflcit) (17,465) (8,005) (9,459)

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Documents

Public Disclosure Authorized - World Bankdocuments.worldbank.org/curated/en/420161476056557863/... · 2016-10-11 · Uigaese Paelate, Tuvalu - Member 2011 Chris de Seria, World Bank