The Project Completion Financial Report has two main components:
A normal Annual Financial Report, that covers the last financial year of the project. This should be completed in exactly the same way as the other Annual Financial Reports.
Financial Summary Report. This is essentially a summary of the actual expenditures over the life of the project. This report does not need to include the same level of detail as the Annual Financial Reports. It is sufficient to include the sub-totals for each of the summary budget headings: Capital Costs, Local Staff, Overseas Administration etc.. If your project is not 100% funded by DFID, similar summary level information is required to indicate the total project budget (i.e. including funds from DFID and all other sources), the total actual expenditure and the variance over the whole lifetime of the project. The template includes a separate table for this and there is also a separate worksheet for notes on the overall summary variance. The main headings for the Annual Financial Report section are as follows:
Budget Headings, Items & Budget Amounts: The Annual Financial report’s budget headings and budget items should follow the same structure and level of detail as the most up-to-date agreed budget used for the preparation of your current Grant Funding Agreement (or Revised Grant Funding Agreement). It is important to NOTE that the Annual Financial Report budget must include a detailed breakdown of budget items and NOT be based on the summary Budget headings only (which are normally used on quarterly claim forms).
Actual Expenditure for the Financial Year: This column should capture (for every individual budget item) the actual expenditures incurred over all four quarters of the relevant financial year. Figures are required for both the total project expenditure against the total project budget and the DFID grant expenditure against the DFID contribution. The total of the "DFID Actual Expenditure” should equal the sum of all the actual expenditures reported on the quarterly claim forms submitted for the project in the relevant financial year. Please note that DFID's funding policy defines "Actual Expenditure" as expenditures that have actually been incurred and paid for within the reporting year. Actual Expenditures should NOT include accruals and/or commitments
Variances (Amounts and Percentages): Your report should include a calculation of the differences between the budgeted amounts and actual expenditures for each budget item. The variance amount is computed for each budget line by subtracting the actual expenditures from the budgeted amounts. A positive result denotes an under-spend and a negative result denotes an over-spend. The report also requires the calculation of the variance as a percentage (i.e. the item variance amount divided by the by the budget amount and multiplied by 100%).
Variance Explanations: Once the variances have been calculated, all variances above 10% need to be supported by detailed justification irrespective of whether they are negative or positive. Justifications should include why unit costs have changed and why the total number of units forecast for each budget item has changed. The explanations should not be generic. Please refer to budget heading numbering and also to logframe outputs and indicators as applicable and include explanations of any changes to the total number of units compared to forecast, or the cost per unit. Please note that the Terms and Conditions of CSCF grants require grant holders to request approval in advance for any transfer of funds between budget sub-headings and any transfers of >10% within budget sub-headings. If the variance has already been approved, please include the date of the confirmation of approval
Please check that the information you are submitting is complete and accurate
Does the report include a detailed breakdown of the agreed budget for the period 1st April to March 31st March, for both total budget and the DFID contribution?
Does the total DFID budget for the year correspond to the most recently agreed Grant Agreement or revised Grant Agreement for the period?
Does the breakdown of expenditure per main budget sub-heading agree with the expenditure reported on the cumulative claim forms over the year?
Have significant budget variances been clearly explained? If there was an approval of these variances has this been clearly stated?
Reporting Periods For Projects That Do Not End On 31 March
DFID Projects work to DFID financial years (01 April to 31 March). However, individual projects may end at any time during the financial year. As stated above, the Project Completion Financial Report must be submitted with the narrative report and other required documentation within 3 months of the agreed project end date.
If the project end date falls within three months after the Financial Year (FY) end of 31st March, a project completion financial reports needs to be completed and submitted covering the final year of the project.
If the project end date falls more than three months after the Financial Year (FY) end of 31st March, a separate Annual Report (financial and narrative) will be required for the last full financial year. Following this a project completion financial report needs to be completed and submitted covering the final part year of the project.
CSCF PROJECT No.
ANNUAL REPORT FOR FINANCIAL YEAR
mm / yyyy - mm/yyyy
DATE SENT TO TRIPLE LINE
dd / mm / yyyy
TOTAL COST OF PROJECT
TOTAL PROJECT BUDGET
(including DFID and Other contributions)
(Only DFID contributions)
NOTES ON VARIANCE OF +/- 10%
Please complete the headings following those used in your latest full budget. The headings below are for guidance only. Details are required under each heading.