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THE REPUBUC OF UGANDA

REPORT OF THE AUDITOR GENERAL

ON THE FINANCIAL STATEMENTS OF THE PETROLEUM FUND

FOR THE SIX MONTH PERIOD ENDED 31sT DECEMBER 2016

OFFICE OF THE AUDITOR GENERAL

UGANDA
 TABLE OF CONTENTS

LIST OF ACRONYMS ..... ... ....... .. .... ....... ...... ... .... ... .... ........... ......... ... .............. ... ............... ii

1.0 INTRODUCTION ............................ ................................... ....... ... .......... ... .. .. ......... 3

2.0 BACKGROUND INFORMATION .. .. .............................................. .. ............... ............ 3

3.0 OBJECTIVE OF THE PETROLEUM FUND ........................ .......................... ................ 4

4.0 FINANCING OF THE FUND ..... ............... ......... ................... .................................... 4

5.0 AUDIT OBJECTIVES ............. ......... ..... .... ...... ... ........ ......... ..................................... 4

6.0 AUDIT PROCEDURES PERFORMED ...... ......... ... ....... ............................................... 5

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.LIST OF ACRONYMS I

sou Bank of Uganda

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NTR Non Tax Revenue I
PF Petroleum Fund
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PFMA Public Finance Management Act

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UGX Uganda Shillings
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URA Uganda Revenue Authority
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 REPORT OF THE AUDITOR GENERAL
ON THE FINANCIAL STATEMENTS OF THE PETROLEUM FUND FOR THE SIX MONTH
PERIOD ENDED 31sT DECEMBER 2016

THE RT. HON. SPEAKER OF PARLIAMENT

I have audited the financial statements of the Petroleum Fund for the six month period ended
31st December, 2016. These financial statements comprise of the Statement of Financial
Position as at 31 1st December, 2016, Statement of Financial Performance, Statement of Changes
in Equity and Statement of Cash Flows for the period then ended together with other
accompanying schedules, notes and accounting policies.

Management Responsibility for the financial statements

Under section 56 of the Public Finance Management Act (PFMA), 2015 the Minister responsible
for finance is responsible for the overall management of the Petroleum Fund. Under Section 60
of the PFMA, the Accountant General is responsible for maintenance of proper books of account
and proper records of the Petroleum Fund; and preparation and submission of semi-annual and
annual financial statements for the Petroleum Fund that are free from material misstatement
whether due to error or fraud.

Auditors' responsibility

My responsibility as required by Article 163 (3) of the Constitution of the Republic of Uganda,
1995 (as amended) and Sections 13 and 19 of the National Audit Act, 2008 is to audit and
express an opinion on these statements based on my audit. I conducted the audit in accordance
with the International Standards of Supreme Audit Institutions (ISSAis). The standards require
that I comply with ethical requirements, plan and perform the audit to obtain reasonable
assurance on whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on t he Auditor's
judgment, including the assessment of the risks of material misstat ements of financial
statements whether due to fraud or error. In making those risk assessments, the Auditor
considers internal controls relevant to the entity's preparation and fair presentation of financial
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statements in order to design audit procedures that are appropriate for the circumstances, but I
not for the purpose of expressing an opinion on the effectiveness of the entity's internal I
controls. An audit also includes evaluating the appropriateness of accounting policies used and
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the reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements. I believe that the audit evidence obtained is
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sufficient and appropriate to provide a basis for my opinion. I
Part "A" of this report sets out my opinion on the financial statements. Part "B" which forms an I
integral part of this report presents in detail all the significant audit findings made during the I
audit which have been brought to the attention of management.
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PART "A"
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Opinion
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In my opinion, the financial state~ents present fairly, in all material respects, the financial
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position of the Petroleum Fund as at 31st December 2016 and the results of its operations and
cash flows for the six month period then ended and comply in all material respects with Public I
E-A (PFMA), 2015. I
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John F.S. Muwanga
AUDITOR GENERAL I
ih June, 2017 I
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PART "B" I
DETAILED REPORT OF THE AUDITOR GENERAL ON THE FINANCIAL STATEMENTS OF I
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THE PETROLEUM FUND FOR THE SIX MONTH PERIOD ENDED 31st DECEMBER 2016 I
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This section outlines the detailed audit findings, management responses and my I
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recommendations in respect thereof. I
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1.0 INTRODUmON I
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Article 163(3) of the Constitution of the Republic of Uganda, 1995 (as amended) I
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requires me to audit and report on the public accounts of Uganda and of all public I
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offices, including the courts, the central and local government administrations, I
universities and public institutions of like nature, any public corporation or other bodies I
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or organizations established by an Act of Parliament. I
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Section 73 of PFMA, 2015 .further requires me to specifically audit the accounts of the I
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Fund. Accordingly, I carried out the audit of the Fund's financial statements to enable I
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me report to the Parliament.
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2.0 BACKGROUND INFORMATION
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The Petroleum Fund was established under section 56 of The Public Finance I
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Management Act (PFMA) 2015 as a Fund where all petroleum revenues which accrue to I
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Government shall be paid into. I
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Withdrawals from the Petroleum Fund shall only be made under authority granted by an
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Appropriation Act and warrant from the Auditor General to the Consolidated fund to I
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support the annual budget and or to the Petroleum Revenue Investment Reserve I
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Account in Bank of Uganda for investments to be undertaken in line with section 63 of I
the PFMA 2015 I
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Section 60 (b) of the Public Finance and Management Act, 2015 provides that, the I
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Accountant General shall submit semi-annual and annual financial statements to the I
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Minister, Secretary to the Treasury and the Auditor General by the 15th of February and I
the 31 ~t of August, respectively. I
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3.0 OBJECTIVE OF THE PETROLEUM FUND
The Objectives of the Fund are:
Serve as a depository for all revenues accruing to Government from petroleum
related activities and disbursements either to the Consolidated Fund or Petroleum
Revenue Investment Reserve Account

4.0 FINANCING OF THE FUND

For the six months ending December 31, 2016, the Fund received non tax revenue
worth UGX 922,348,854 (USD270,900) as surface rental fees from Tullow Uganda
Operations Pty and Total E & P Uganda.

5.0 AUDIT OBJECTIVES

The audit was carried out in accordance with the International Standards on Auditing
and accordingly included a rE7view of the accounting records and agreed procedures as
was considered necessary. In conducting my reviews, special attention was paid to
establish whether:
a. The financial statements have been prepared in accordance with consistently
applied Accounting Policies fairly presenting the revenues and expenditures for the
period and the financial position as at the end of the period .

b. All funds, if any, were utilized with due attention to economy and efficiency and
only for the purposes for which the funds were provided.

c. Goods and services financed, if any, have been procured in accordance with the
Government of Uganda procurement regulations.

d. Sufficient internal controls have been applied consistently throughout the year to
safeguard the assets of the Fund and mitigate the risk of misstatement of the
financial statements.

e. All necessary supporting documents, records and accounts have been kept in
respect of all Fund receipts and transfers are in agreement with the financial
statements presented.
6.0 AUDIT PROCEDURES PERFORMED
The following audit procedures were undertaken:
a. Receipts
Obtained the Fund's cashbooks and bank statements and confirmed the revenues
collected during the reporting period.

b. Expenditure

From the Fund's cashbooks and bank statements I ascertained that there were no
expenses made from the Fund except bank charges.

c. Internal Control System

Reviewed the internal control system and its operations to establish whether sound
controls were applied throughout the period audited.

d. Fixed Assets Management

The Petroleum Fund does not own any property, plant and equipment as at the time
of reporting.

e. Financial Statements

Examined, on a test basis, evidence supporting the amounts and disclosures in the
financial statements; assessed the accounting principles used and significant
estimates made by management; as well as evaluated the overall financial
statements presentation.
 7.0 FINDINGS

Management has in al l material respects complied with the Government of Uganda

financial regulations except for the following issues;

7.1 Categorization of audit findings

The following system of profiling of the audit findings has been adopted to better
prioritise the implementation of audit recommendations.

Category Description

1 High significance Has a significantI material impacli has a high likelihood

of reoccurrence, and in the opinion of the Auditor
General, it requires urgent remedial adion. It is a
matter ofhigh risk or high stakeholder interest.
2 Moderate Has a moderate impacli has a likelihood of
significance reoccurrence, and in the opinion of the Auditor General,
lt requires remedial adion. It is a matter ofmedium risk
or moderate stakeholder interest.
3 Low significance Has a low impacli has a remote likelihood of
reoccurrence, and in the opinion of the Auditor General,
may not require much attention, though 1ts remediation
may add value to the entity. It is a matter of low risk or
low stakeholder interest.

7.2 Summary of audit finding according to the above profiling

No Title of finding Significance

1 Non Submission of Petroleum Income tax to the High
Petroleum Fund

7.3 Non Submission of Petroleum Income tax to the Petroleum Fund

The Public Finance and Management Act 2015 describes Petroleum revenue as "tax paid
under the Income Tax Act on income derived from petroleum operations, Government
share of production, signature bonus, surface rentals, royalties, proceeds from the sale
of Government share of production, any dividends due to Government, proceeds from
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the sale of Government's commercial interests and any other duties or fees payable to
the Govern ment from cor~tr:Jct revenues under a petroleum agreement. "
It was however noted that monies collected by Uganda Revenue Authority (URA) under
the income tax on income derived from petroleum operations such as PAYE, VAT and
WHT is not being remitted to the Uganda Petroleum Fund. This contravenes the Public
Finance and Management Act 2015.

In addition the definition of revenues appears restrictive as it doesn't include import

duties and VAT payments from petroleum activities.

Management explained that according to URA's interpretation of the law petroleum

revenues include only:
a) Withholding tax deducted by Ucensees from specialised contractors who provide
services exclusively for petroleum operations
b) Withholding tax deducted by specialised contractors from their subcontractors who
exclusively perform petroleum activities on their behalf and
c) Corporation tax from both the licensees and the specialised contractors in the sector.

In their opinion PAYE is not tax charged on income derived from petroleum operations
but paid by the employees and as such it had been excluded from the definitions of
petroleum revenues. Arising out of the above it was established that
UGX.l1,390,530,053 collected through the commercial banks and remitted to the
consolidated fund should have instead been transferred to the Petroleum Fund.
Management has promised to remit it to the Petroleum Fund before closure of the
financial year 2016/17.

Meanwhile effective 1st July 2017, the eTax system at URA has been reviewed to provide
for the separate identification, collection and accountability of petroleum revenues in
order to transfer the same to the Fund directly.

I await the transfer of the petroleum revenues to the UCF and the subsequent review of
the eTax system. Meanwhile, I advised the accounting officer of the need to engage the
Solicitor General to ensure clarity in the law regarding definitions of petroleum revenues.
FINANCIAL STATEMENTS
Government of the Republic of Uganda

Financial Statements of the Petroleum Fund

For the Six months period ended 31 December 2016
Government of the Republic of Uganda
Financial statements of the Petroleum Fund

Table of Contents
Commentary by the Accountant General to the Financial Statements ................................... 1
Statement of Financial Performance for the year ended 31 December 2016 ........................ 2
Statement of Financial Position as at 31 D ecember 2016 ......................................................... 3
Statement of Changes in Equity (Net Worth) as at 31 December 2016 ................................. 3
Cash Flow Statement for the year ended 31 December 2016 [Direct Method] .................... 4
Reconciliation of movement of cash during the period ............................................................ 4
Accounting Policies ........................................................................................................................ 5
Notes to the Financial Statements ................................................................................................ 8

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Government of the Republic of Uganda
Financial statements of the Petroleum Fund

Commentary by the Accountant General to the Financial Statements

The Petroleum Fund is established b y section 56 of the Public Finance Management (PFM)
Act (PFMA), 2015 as amended that came into law effective 6th March 2015. The Fund
serves as a depository for all revenues accruing to government from petroleum and related
activities, and disbursement either to the Consolidated Fund or to the Petroleum Revenue
Investment Reserve Account in Bank of Uganda.

These financial statements are prepared in compliance with Generally Accepted Accounting
Principles and the provisions of the PFMA, 2015. The Petroleum Fund is maintained in two
separate Accounts in Bank of Uganda. One for the proceeds denominated in the local
currency and the other for the USD denominated proceeds.

During the period under review, the fund received USD 270,900 (Two hundred seventy
thousand, nine hundred dollars) in respect of surface area rentals consisting of USD 113,400
(One hundred thirteen thousand, four hundred dollars) paid by Total E& P Uganda for the
development areas of Ngiri, Jobi-Rii and Gunya and USD 157,500 was paid by Tullow
Uganda Operations Pty Ltd for development areas of soga, gege, Kasemene, Wahrindi,
Nzizi-Mputa & Waraga, and Kigogole- Ngara

Unrealised foreign exchange gains worth UGX 15,093,435,449 have been recognised in the
Statement of Changes in Equity. These arose from translating the USD opening balances
and revenue collected during the period into UGX at the closing rate for reporting purposes.

With the exception of bank charges, no withdrawals have been effected from the Fund since
its creation in March 2015.

~A~-~~
LSela~ll! -
ACCOUNTANT GENERAL

Pagel
Government of the Republic of Uganda
Financial statements of the Petroleum Fund

Statement of Financial Performance for the six months ended 31 December 2016

Notes Actual Actual

31 December 2016 30 June 2016
Shs Shs

Operating revenue

Sale of Petroleum 2 0 0

Other revenue 3 922,348,854 133,099,656,037

Total revenue 922,348,854 133,099,656,037
E xpe nses 0 0

Transfers to the Consolidated Fund 4 0 0

Transfers to Petroleum Revenue Invesrmem 5 0

0
reserve

Bank Charges 6 136,188 885,065

Realised Foreign exchange losses (gains) 7 0 0

Total E xpe n ses 136,188 885,065

Excess o f revenue over exp endirure from

922,212,666 133,098,770,972
op e ra ting activities

Accounting poticies and notes ro the financial Statements on pages 5-9 form an tnte)ttal pan of the Financial Statements

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L Semakula
Accountant General

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Government of the Republic of Uganda
Financial statements of the Petroleum Fund

Statement of Financial Position as at 31 December 2016

Notes 31 December 2016 30 June 2016

Shs Shs

ASSETS

Cash and Cash equivalents 8 271,589,231,661 255,855,61 0,606

Receivables 9 0 0
Investments 10 0 0
T o tal Assets 271,589,231,661 255,855,610,606
L ia bilities 0 0
Borrowings 0 0
Tota l Li abilities 0 0
Net Assets 271,589,231,661 255,855,610,606
REPRESENTE D BY;
N e t Worth 271,589,231,661 255,855,610,606

Statement of Changes in Equity (Net Worth) as at 31 December 2016

31 D ecem ber 2016 30 June 2016

Shs Shs
Net worth Last Year (B/ r) 255,855,61 0,606 118,969,615,274
Revaluation Reserve (Unrealised gains/ (losses)) 15,149,885,252 3,787,224,360
Adjustment of overstated cash balances 1 (338,476,863)
Add: Excess of revenue over expenditure for the
922,212,666
Year (See Statement of f-inancial Performance) 133 098,770,972
C lo sing Net F ina ncial Worth 271,589,231,661 255,855,610,606

IShs 338,476,863 was refunded to Oramo / Atlas Petroleum. This was after the companr paid the above amount C\\1Ce fo r the purchase of data for
'gasa deYelopment area in Mar 2016.

Accounting policies and nores LO the financial ratemems on pages 59 form an integral pan of the Financial Statements

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L Semak-ula
Accountant General

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Government of the Republic of Uganda
Financial statements of the Petroleum Fund

Cash Flow Statement for the six months ended 31 December 2016 [Direct Method)

31 December 2016 30 June 2016

Shs hs

CASH FLOWS FROM OPERATING ACTIVITIES

Operating Revenue

Sale o f Petroleum 0 0

Other revenue 133,099,656,037

922,348,854
Total receipts from operating activities 133,099,656,037
922,348,854
Payments For Operating Expenses:
Transfers to the Consolidated Fund 0 0
Transfers to Petroleum Re,enue Investment reserve 0 0

Bank Charges 136,188 885,065

Foreign exchan~e losses (gains) 0

Total payments for operating activities 136,188 885,065

Net cash inflows/(outflows) from operatin g 133,098,770,972

922,212,666
activities
Net increase (decrease) in cash and cash equivalents 922,212,666 133,098,770,972

Reconciliation of movement of cash during the period

31 D ecember 2016 30 June 2016
Shs Shs

At the beginning of the year 118,969,615,274

255,855,61 0,606
Revaluation Reserve (Un Realised gains/ Qosses) 3,787,224,360
15,149,885.252
Adjustment of overstated cash balances**** (338,476,863)
Net increase (decrease) of cash from the Cash flow 133,098,770,972
922.212,666
Statement
At the end of the year 255,855,610,606
271,589,231,661

For purposes of the cash flow statement, cash and cash equivalents comprise

31 December 2016 30 J une 2016

Shs Shs

Cash and bank balances 255,855,610,606

271,589,231,661
Less bank overdrafts 0 0

Net cash and bank balances 271,589,231,661 255,855,610,606

~-~ Refund of over payment made to Oranto / t\tlas petroleum U:d

Accounting policies and notes to the fmanc1al Statements on pages 5-9 form an Integral pan of the Financial Statements

Page 4
Government of the Republic of Uganda
Financial statements of the Petroleum Fund
Accounting Policies
The Treasury is the reporting entity of the Government of the Republic of Uganda for purposes of preparing financial
statements of the Petroleum Fund. The Principal address of the Treasury is set out below:
The Ministry of Finance, Planning and Economic Development,
Plot 2/12 Apollo Kaggwa Road,
P.o. Box 8147,
Kampala- UGAl"JDA
Tel: +256 (0) 41 707900;
Fax: +256 (0) 41 250005
Website: www.finance.go.ug

Bankers
Bank of Uganda
P.O Box 7120
Plot 37/45 Kampala Road
Kampala

1. The Petroleum Fund

The Petroleum Fund is established by Section 56 of the PFMJ\ as a depository into which petroleum oil revenues that
accrue ro the Government shall be paid.

2. Governance of the Fund

In accordance with Section 56(3) of the PFMA, the Minister of Finance is responsible for the overall management of the
fund and oversees all transfers into and \\~thdrawals from the fund. Any ~thdrawals from the Fund shall be made under
authority granted by an appropriation Act and a warrant of the Auditor General. On the other hand, the Bank of
Uganda is responsible for the operational management of the Petroleum Revenue Investment Reserve.

3. Purpose of the Fund

Withdrawals from the Fund shall only be made ro the Consolidated Fund ro support the annual budget and to the
Petroleum Revenue Investment Reserve fo r investments. In support of the annual budget, Petroleum revenue as per
Section 59(4) shall be used fo r the financing of infrastructu re and development projects of Government and not d1e
recurrent expenditure.

4. Accounting policies
These are the specific principles, bases, conventions, rules and practices adopted by the Government of the Republic of
Uganda in preparing and presenting the fJ.nancial statements. The principal accounting policies adopted in the
preparation of these financial statements are set out below. These policies have been consistendy applied to all years
presented, unless o tb er~se stated.
a) Basis of preparation of financial statements
The financial statements have been prepared in compliance ~rh generally accepted accounting principles and the legal
and regulato ry framework for management of public finances of the Government of Uganda.
The measurement basis applied is the historical cost basis, except where otherwise stated. Under the cash basis of
accounting, revenue is recognized generally in the period in which it is received and not when earned, while expenditure
is recognized in the period in which it is paid not incurred.

Accounting Policies PageS

Government of the Republic ofUganda
Financial statements of the Petroleum Fund
b) Going concern consideration

The financial statements have been prepared . on a going concern basis, and this policy has been applied consistently
throughout the reporting period.
c) Presentation currency

Items included in the financial statements are measured in the currency of the primary economic environment in which
the entity operates. The reporting and presentation currency is the Uganda Shilling, which is the legal tender of the
Republic of Uganda
d) Reporting Period

The reporting period for these financial statements is the financial year of the Government of Uganda that runs from 1
July to the next 30 June. Prior period comparative information has been presented in the current year's financial
statements. \Xfhere necessary, figures included in the prior period financial statements have been reclassified to ensure
that the format in which the information is presented is consistent with the format in the current year's financial
statements.
e) Revenue
For the purpose of preparing the Statement of Financial Performance, petroleum revenue represents cash received or
earned by the Petroleum Fund during the financial year. Petroleum revenue as defined by the Act includes tax paid
under the Income Tax Act on income derived from petroleum operations, Government share of production, signarure
bonus, surface rentals, royalties, proceeds from the sale of Government share of production, any dividends due to
Government, proceeds from sale of Government's commercial imerests and any other duties o r fees payable to
Government from contract revenues under a petroleum agreement.
f) Transfers to the Consolidated Fund

Transfers to the Consolidated Fund are recognized when disbursement is made from the Petroleum Fund for amount
appropriated in accordance with Sections 58 & 59 of the Act.
g) Transfers to the Petroleum Revenue Investment Reserve
Transfers to the Petroleum Revenue Investment Reserve are recognized when disbursement is made from the Petroleum
Fund for amount appropriated in accordance with Sections 58 & 59 of the Act.
h) Translation of transactions in foreign currency
Foreign currency transactions are translated into Uganda Shillings using the exchange rates prevailing at the dates o f the
transactions (spot rates). These result imo realized gains/losses which are recognized in the Statement of Financial
Performance. Foreign currency assets and liabilities of the fund are translated into Uganda Shillings using the period
closing rate for reporting purposes resulting into unrealized gains/ losses. The unrealized gains/ losses are recognized in
the statement of changes in Equity through the revaluation reserve.
i) Expenses

The Petroleum Fund does not own any property, plant and equipment in its books of accounts. There are also no
expenses on the Fund except bank charges. Tn general, charges to the Fund are withdrawals into the Consolidated Fund
or the Petroleum Revenue I nvestment Re serve and these are recognized at the time of disbursement.

j) Receivables

Receivables are carried at original historical cost. Bad debts when identified are wrinen off in accordance with procedure
outlined in the Public Financial Management Regulations.
k) Inventories
The Petroleum Fund does not own any invento ries in its books of accounts. Any inventories are held through the
ational Oil Company (NOC) and the Petroleum Revenue Investment Reserve for which separate financial sratemems
are prepared by the oc and Bank of Uganda respectively.

Accounting Policies Page 6

Government of the Republic of Uganda
Financial statements of the Petroleum Fund

I) Investments
Transfers to Bank of Uganda for Petroleum Revenue Investment Reserve are treated as Inves tmenrs on- current
assets) in the Statement of Financial Position of the Petroleum Fund. Any incomes from these investments are shown as
increases in the I nvestments in the books of Petroleum Fund.
m) Investment properties

The Petroleum Fund does nor own any inves!lTient properties in its books of accounts.

n) Cash and cash equivalents

Cash and cash equivalents are carried in the balance sheer at cost. For the purposes of the cash flow statement, cash and
cash equivalents comprise cash on hand, deposits held at call with banks, and bank overdrafts. In the statement of
financial position bank overdrafts are included in borrowings.

Accounting Policies Page 7

Government of the Republic of Uganda
Financial statements of the Petroleum Fund
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Notes to the Financial Statements

N ote 1 : Exchange rates

The Exchange rates as per Bank of Uganda as at December 30, 2016 for the Uganda Shilling against the USD
were as in the table below;-
Actual Actual
31 December 2016 30 June 2016
Shs Shs
United States DoUar 3613.67 3404.38

Note 2 : Sale of Petroleum

Actual Acrual Actual

31 December 2016 31 December 2016 30 June 2016
Shs USD Shs
Sale of Crude oil 0 0 0

Sale of Gas 0 0 0
Total Revenue 0 0 ()

Note 3 : Other revenue

Actual Actual Actual

31 December 2016 31 December 2016 30 June 2016
Shs USD Shs
Gains/ loss on Propenr sales and Trading 0 0 0
Interest earned 0
() 0

Sale of Data 0 0 7,895,196,943

Proceeds from l nsurance 0

Surface Remals 922,348,854 0 2,447,403,872

MisceUaneous Re,enue 0 122,757,055,222

0
Total other revenue 922,348,854 0 133,099,656,037

Note 4 : Transfers to the Consolidated F und

0 appropriation was made and therefore nil transfers to the ucr
Actual Actual i\crual
31 December 2016 31 December 2016 30 J une 2016
Shs USD Shs
Transfer eo UCF 0 0 0
Total transfer to UCF 0 0

Note 5: T ransfers to Petroleum Revenue Investment Reserve

Actual Actual Actual

31 D ecember 2016 31 December 2016 30 June 2016
Shs USD Shs
Transfer to Petroleum Revenue Invesrmem 0 0 0
Reserve
Total Transfers 0 0 0

Notes to the Financial Statements PageS

Government of the Republic ofUganda
Financial statements of the Petroleum Fund
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N ote 6 : Bank Charges

Actual Actual Actual

31 D ecember 2016 31 D ecember 2016 30 June 2016
Shs USD Shs
Bank Char)!C's 136,188 40 885,065
Total 136,188 40 885,065

N ote 7 : Fo reign E xchange losses

Actual Actual
31 D ecemb er 2016 30 June 2016
Shs Shs
Realised Foreign exchange losses(j,rains)(SFP) 0 0
Un-tea!Jsed Foreign exchange losses(gains)(Revaluation Resene) (1 5,149,953,353) (3,787,224,360)
Total
(1 5,149,953,3532_ (3,787,224,360)

N o te 8 : C ash and Cash E quivalents

Ac rual Actual Actual

31 December 2016 31 December 2016 30 June 2016
Shs USD Shs
Petroleum Fund Account (USD) 261,585,845,274 72,387,862 245,513,747,356
Petroleum Fund Account (UG)I.') 10,003,386,387 0 10,341 ,863,250
Petroleum Revenue Investment Resene a 0 0 0
Other 0 0 0
Total 271,589,231,661 255,855,610,606

N ote 9 : Receivables

Actual Actual i\crual

31 December 2016 31 December 2016 30 June 2016
Shs USD Shs
Crude oil and gas in kind 0 0
lnvesrment income 0 0
Others 0 0
Tota l 0 0

Note 10 Investments
Acrua l Acrual Actual
31 December 2016 31 December 2016 30 June 20 16
Shs USD Shs
Petroleum Revenue Investment Resene 0 0 0
Other 0 0 0
Total 0 0 0

Notes to the Financial Statements Page9