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PACIFIC AVIATION SAFETY OFFICE

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

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GENERAL MANAGER'S REPORT TO THE COUNCIL OF REPRESENTATIVESFOR THE YEAR ENDED 31 DECEMBER 2014

Your General Manager presents this report on the financial statements of the Organisation for the year ended 31December 2014.

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

Date apointed Date re$igned

Wilson Sagati, PNG - Chairman 2003Benitera Tabokai, Kiribati - Member 2005Bill MacGregor, Niue - Member 2006Melaney Bill, New Zealand - Member 2011Joseph Niel, Vanuatu - Member 2011Uigaese Paelate, Tuvalu - Member 2011Darin Cusack, TFSU - Observer Member 2012Chris de Serio, World Bank - Observer Member 2013George Satu, Solomon Islands - Member 2013Ned Howard, Cook Islands - Member 2013Michelle Poyser, Australia - Member 2013Netava Waqa, Fiji - Member 2014Mark Everitt, New Zealand - Member 2014Nanal Saaga, Samoa - Co-deputy Chairman 2014Ringo Fa'oliu, Tonga - Co-deputy Chairman 2014Felicity Steel, New Zealand - Member 2006 2014Magele Hoe Viali, Samoa - Deputy Chairman 2007 2014William Cocker, Tonga - Member 2011 2014

State of affairsThe result of the organisation's operations for the financial year was a surplus of AUD 189,733 (2013: deficitAUD 468,817).

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 49,715 worth of plant and equipment (2013: Nil).

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 2014.

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.

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.

1


GENERAL MANAGER'S REPORT TO THE COUNCIL OF REPRESENTATIVESFOR THE YEAR ENDED 31 DECEMBER 2014

Other circumstancesAt the date of this report the General Manager is not aware of any circumstances which would render anyamount stated 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.

al Manager Date

~~~................ ...... . .. ..........Councillor Date

2

law F arLnersindependent 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 2014, 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 14,

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 2014, 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 24th day of September 2015Republic of Vanuatu)

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

INDEPENDENT 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 2014 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 21of the loan agreement which requires PASO to ensure its member countries to provide, in a timelymanner, all necessary counterpart funds and in-kind contributions for successful project implementation.

The main reason for PASO not being able to comply with this particular covenant is due to the failure by

some member countries to comply with their treaty obligations 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 theFinance Agreement.

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

currently applicable to PASO.

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

4

PACIFIC AVIATION SAFETY OFFICESTATEMENT OF COMPREFIENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2014

Expressed in Australian dollars

Note 2014 2013

Revenue

Operating revenue 1,076,797 749,324

Interest income 1,865 4,121

Total revenue 3 1,078,662 753,445

Expenses

Operating expenses 3 (888,929) (1,222,262)

Net surplus / (deficit) 189,733 (468,817)

The income statement is to be read in conjunction with the notes to the financial statements set out on pages 9 to14,

5

PACIFIC AVIATION SAFETY OFFICESTATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2014


2014 2013

Accumulated deficit at the beginning of the financial year (1,917,488) (1,448,671)

Net surplus/(deficit) for the financial year 189,733 (468.817)

Accumulated deficit at the end of the financial year (1,727,755) (1.917.488)

The statement ofchanges in equity is to be read in conjunclion with the notes to the financial statements set outon pages 9 to 14.

6

PACIFIC AVIATION SAFETY OFFICEBALANCE SHEETAS AT 31 DECEMBER 2014


Note 2014 2013

Current assetsCash 4 464,846 59.011Receivables 5 106,663 303,975Other assets 6 - 4.198WB Grant Receivable 207,198 -

Total current assets 778,707 367,184

Non-current assetsProperty, plant and equipment 7 52,528 26.117

Total non-current assets 52,528 26, 117

Total assets 831,235 393.301

Current liabilitiesCreditors 8 138,461 118,987Prepaid subscriptions - 280,000Provisions 10 7,538 37.845Deferred revenue 56,348 91,275Loan - Asian Development Bank 9 80,903 74.372

Total current liabilities 283,250 602.479

Non-current liabilitiesLoan -Asian Development Bank 9 1,644,817 1,692,166Provisions 10 21,254 16.144WB Grant Reimbursable 207,198 -WB Revolving Fund 4 402.471 -

Total non-current liabilities 2,275,740 1,708,310

Total liabilities 2.558,990 2.310.789

Excess of liabilities over assets (1,727,755) (1,917.488)

Accumulated deficit (1,727,755) (1.917,488)

Total accumulated deficit (L727,755) (1,917,488)

The balance sheet is to be read in conjunction with the notes to the financial statements set out on pages 9 to 14.

Counci rGeral Manager

Date

7

PACIFIC AVIATION SAFETY OFFICESTATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2014


Note 2014 2013

Cash flows from operating activitiesCash receipts in the course of operations 751,573 626,175Cash payments in the course of operations (246,049) (1,109,357)Interest received 1,865 4,234Interest expense (24,699) (9)

Net cash used in operating activities I1(b) 482,692 (478.957)

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

Net cash used in investing activities (367038) 411

Cash flows from financing activitiesMovement in borrowing (40,819) 204.017

Net cash used in financing activities (40,819) 204.017

Net cash decrease 405,835 (274.529)

Cash and cash equivalents at the beginning of thefinancial year 59,011 333,540

Cash and cash equivalents at the end of the financialyear 11 a) 464,846 59.011

The statement of cash flows is to be read in conjunction with the notes to thefinancial statements set out on pages

9 to 14.

8

PACIFIC AVIATION SAFETY OFFICENOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2014


Statement of significant accounting policies

Pacific Aviation Safety Office is a non-profit International Organisation set up under the Pacific Islands

Civil 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 Financial

Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB) and

interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC) of the

IASB 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 the

current financial year.

(c) Revenue recognition

Grant revenue

Grants are recognised in the income statement principally on an accrual basis. Grants that compensate the

organisation for expenses incurred are recognized as revenue in the income statement in the same periods in

which 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 dates

of the transactions. Amounts receivable and payable in foreign currencies at balance date are translated at

the rates of exchange ruling on that date.

Exchange differences relating to amounts payable and receivable in foreign currencies are brought to

account 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


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2014


(e) Property, plant and equipment (cont.)

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 of

disposal.

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 arc 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.

Vanuat 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.

10



2. Going concern

The financial statements of the organisation have been prepared on a going concern basis, which assumes

continuity 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 these

financial statements given the ongoing financial support provided by the organisation's aid donors and

member nations' utilisation of its services in generating income as well as yearly subscriptions of each

member nations.

2014 2013

3. Net surplus/(deficit)

Net deficit has been arrived at after including:

Operating revenue

Service revenue 231,832 312,323Members subscriptions 279,620 279,956

Grant income - Vanuatu government hosting 79,936 74,557Grant income - Taiwan 25,861 -

Grant income - AusAid 23,918Grant Income - World Bank 345,832General administration funds 40,175 66,335Interest income 1,865 4,121

Net foreign exchange gain - unrealised 38,970 14,083Proceeds on sale of fixed assets 9,947 411

Other revenue 707 1,659

Total operating revenue 1.078,662 753.445

Operating expenses

Depreciation 10,038 14,145

Net foreign exchange loss - realised 38,888 219,831VNPF contributions 4,246 3,742Wages and salaries 351,266 661,307Other expenses 484,491 323.237

Total operating expenses (888,929) (1,222,262)

Net Surplus/ (deficit) 189,733 (468.817)

4. Cash

Petty cash 235 228Cash in bank - AUD account 26,267 38,845Cash in bank - AUD ADB account 11,424 12,840Cash in bank - NZD account - 455Cash in bank - Vatu account 19,199 1,393

Cash in bank - USD account 402,471 -

459,596 53,761

Term depositsTerm deposit - AUD 5,250 5,250

5,250 5.250

Total 464,846 59.011

I1



4. Cash (cont.)

The cash balance in the USD account represents Revolving Funds due to the WB and are therefore reflectedalso as a liability.

2014 2013

5. Receivables

Trade debtors 160,005 351,713Less: Provision for doubtful debts (57,688) (57,688)

102,317 294,025Sundry debtors 4,346 9,950

106,663 303,975

6. Other assets

Prepayments - 4,198

7. Property, plant and equipment

Office furnitureAt cost 14,983 15,768Less: Accumulated depreciation (14,475) (15,012)

508 756

IT and office equipmentAt cost 138,105 145,431Less: Accumulated depreciation 131,117) 136,145

6,988 9.286

Motor vehiclesAt cost 48,248 37,590Less: Accumulated depreciation (3,216) (21,516)

45,032 16,074Total property plant and equipment - at net bookvalue 52,528 26,117

Movement in property, plant and equipmentOpening net book value 26,117 40,262Additions 49,715Disposals (13,266)Depreciation (10,038) (14,145)

Closing net book value 52,528 26,117

8. Creditors

Trade creditors - AUD 30,846 16,656Trade creditors - VUV 14,954 15,210Trade creditors - NZD 74,572 87,121Trade creditors - USD 18,089 -

138,461 118,987

12



2014 2013

9. Borrowings

CurrentLoan - Asian Development Bank 80,903 74,372

Non-currentLoan - Asian Development Bank 1,644,817 1,692,166

Bank loan details

The loan from Asian Development Bank is for a Special Project, the objective of which is to ensure that the

Pacific Aviation sector meets all international requirements for safety and security regulation and oversight.The loan facility is for USDI,500,000. PASO has fully exhausted its loan from ADB as at 31 December 2010

resulting in no drawdowns for the current year ended 31 December 2014. An interest rate of 1.5% per annum

is charged on the amount of the loan withdrawn on the loan account and outstanding from time to time.

10. Provisions

Current

Employees' entitlements 7.538 37,845

Non-currentEmployees' entitlements 21,254 16.144

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 at bank.

net of outstanding bank overdrafts. Cash and cash equivalents as at the end of the financial year as shown in

the statement of cash flows is reconciled to the related items in the balance sheet as follows:

Cash in bank and on hand 464,846 59,011

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

Net surplus/ (deficit) 189,732 (468.,817)

Non-cash items- Depreciation 10,038 14,145- Gain on sale of property, plant and equipment (411) (411)

Net cash used in operating activities before change inassets and liabilities 199,359 (455,083)

Change in assels and liabilities during the financialyear

- (Increase) / decrease in receivables (9,885) (47.119)

- (Increase) / decrease in other assets 4,198 (3.943)

- Increase / (decrease) in payables 349,142 80.348

- (Decrease) / increase in deferred revenue (34.927) (75,548)- increase in provisions (25,197) 22.388

Net cash used in operating activities 482.692 (478.957)

13


NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014


12. Principal activities

Pacific Aviation Safety Office's primary activity is providing technical services for aviation safety in

compliance with international requirements for safety and security regulation and oversight within the 13

member South Pacific nations. The organisation receives income as follows:

(a) Annual subscription fees from member nations and income from services rendered to various Civil

Aviation Authorities.

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

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

13. Auditors' remuneration2014 2013

Amounts 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 (2013: Nil).

1S. Post balance sheet events

No events have occurred since the balance sheet date which would require adjustments or disclosure in the

financial statements (2013: Nil).

16. Employees

The number of full time permanent employees as at 31 December 2014 was 6 (2013: 8).

14

law arners


ACCOUNTANTS STATEMENT

The additional financial data presented on pages 16 to 19 are in accordance with the books and records of the

Organisation which have been subjected to the auditing procedures applied in our audit of the Pacific Aviation

Safety Oflice for the year ended 31 December 2014. It will be appreciated that our audit did not cover all details

of 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 firm

undertakes responsibility arising in any way whatsoever to any person (other than the Pacific Aviation Safety

Office) in respect of such data, including any errors or omissions therein, arising through negligence or otherwise

however caused.

LAW PARTNERS Port Vila

Chartered Accountants 24 September 2015

15

PACIFIC AVIATION SAFETY OFFICEINCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2014


2014 2013

IncomeMembers subscriptions 279,620 279,956

Service revenue 231,832 312,323

Grant income - Vanuatu Government 79,936 74,557

Grant income - Taiwan 25,861 -

Grant income - AusAID 23,918

Grant income - WB 345,832 -

Sundry income - 40,882 67,881

1.027,881 734,717

Other incomeForeign exchange gain - unrealised 38,970 14,083

Interest received 1,865 4,234

Proceeds on sale of fixed assets 9,946 411

1,078,664 753,445

ExpenditureAccounting fees - 53

Advertising and promotion

Auditor's remuneration 9,846 9,266

Bank charges 1,287 2,609

Communication expenses 7,101 8,005

Consultancy expenses 191,722 36.418

Council expenses 0 -

Depreciation 10,038 14,145

Entertainment expenses 173 648

Foreign exchange loss - realised 38,888 219,831

Information technology expenses 17,417 12,550

Insurance 9,527 4.396

Interest paid 24,698 9

Late Charges 52 -

Light and power 10,140 15,846

Motor vehicle expenses 2,818 3,759

Office expenses 2,213 3,260

Postage and freight 641 25

Printing and stationery 1,634 2,166

Provision for annual leave (26,653) 19.141

Provision for severance pay (77,751) 78,334

Rent 6,473 40,089

Repairs & maintenance 66 276

Salaries and wages - administration 186,266 195,352

16



2014 2013

Salaries and wages - operations 165,000 417355

Security costs - 4,098

Staff expenses 5,578 46,504

Staff recruitment and relocation 23,677 21,636

Superannuation 4,246 3,742

Transport - taxi/bus 169 472

Travel 59,263 61,119

Water expenses 162 138

World Bank Activities 194,691

Miscellaneous expenses 19548 27556

888,929 1,222,262

Net Surplus/(deficit) 189,733 (468.817)

17



Account Name 2014 Total WB IDA 1883 Other Funding

DR+) / CR(-) DR(+) / CR(-) DR(+) / CR(-)

IncomeMembers subscriptions 279,620 - 279,620Service revenue 231.832 231,832Grant income - Van Gov Host 79,936 - 79,936

Grant income - Taiwan 25,861 25,861

Grant income - AusAID 23.918 - 23,918Grant income - WB Grant 345.832 345,832

Sundry income - 40.882 40,882

1,027,881 345,832 682.049

Other IncomeForeign exchange gain -unrealised 38,970 38,970Interest received 1,865 1865

Proceeds on sale of fixed assets 9,948 9,948

50,783 - 50.783

Total Income 1,078,664 345,832 732,832

ExpenseAdvertising and promotion -

Auditor's remuneration 9,846 - 9,846Bank charges 1,287 - 1,287

Communication expenses 7,101 - 7,101

Consultancy Expenses 191,722 - 191,722

Council expenses -

Depreciation 10,038 - 10,038

Entertainment expenses 173 - 173

Foreign exchange loss - realised 38,888 - 38,888Information Technology 17,417 - 17.417expensesInsurance 9,527 - 9,527

Interest paid 24,698 - 24,698

Late Charges 52 - 52

Light and power 10,140 - 10,140

Motor vehicle expenses 2,818 - 2,818

Office expenses 2,213 - 2.213

Postage and freight 641 - 641

Printing and stationery 1,634 - 1,634

Provision for annual leave (26,653) - (26.653)

Provision for severance pay (77,751) - (77,751)

18



Account Name 2014 Total WB IDA H883 Other Funding

Rent 6,473 - 6.473

Repairs & maintenance 66 - 66

Salaries and wages - 186,266 - 186.266administrationSalaries and wages - 165,000 - 165,000operationsStaff expenses 5,578 - 5.578Staff recruitment and relocation 23,677 - 23.677Superannuation 4.246 - 4.246Transport - taxi/bus 169 - 169Travel 59,263 - 59.263Water expenses 162 - 162Miscellaneous expenses 19.548 - 19.548

World Bank ActivitiesA02. I - CommunicationPlanner 6,337 6,337 -

A03. 2 - Workshop costs 11,579 11,579A06 - Recruitment new staff 23.045 23,045A07 - Training 7.665 7,665A08. I - Project Coordinator 12.685 12,685A09 - PASO SteeringCommittee 34,150 34,150BO - Regulatory Specialist 52,227 52,227 -

IOC - Incremental OperatingCosts 46,160 46,160Bank charges 844 844 -

Total Expense 888,931 194,692 694,239

Net Surplus 189,734 151,141 38,593

19

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