DFID is issuing an amendment for its results on Private sector capital mobilised by CDC. The figure for private sector capital mobilised for the two year period from January 2015 to December 2016 as reported in DFID’s 2017 Annual Report and Accounts (ARA) and the Results sector pages was $2.8bn. This was based on initial figures provided by CDC using the OECD methodology. During quality control for the publication of CDC’s own annual review, CDC reclassified a number of co-investments as not meeting the criteria for inclusion in private sector investment mobilised, and therefore amended the reported figure to $2.6 billion. This figure is amended to $2.6bn on page 32 and is also reflected in the table on page 23.
Note these figures are now superseded by CDC’s release of their 2017 figures in their annual review which estimate total private sector capital mobilised over a 3 year period (from January 2015 through to December 2017) to be $3.3bn.
The Annual Report meets DFID’s obligation to report on its activities and progress under the International Development (Reporting and Transparency) Act 2006. It includes information on DFID’s results, spending, performance and efficiency.
DFID’s Accounts are prepared in accordance with the 2017 to 2018 Government Financial Reporting Manual (FReM), issued by HM Treasury. The accounting policies contained in the FReM apply International Financial Reporting Standards as adapted or interpreted for the public sector context. DFID’s Accounts are similar in many respects to the annual accounts prepared by private sector businesses. They contain the primary financial statements recording the full costs of activities, DFID’s assets and liabilities as well as providing information on how resources have been used to meet objectives.
The format is tailored to central government accounting including, for example, financial comparisons against the Department’s resource-based estimates. Those not familiar with the format of the accounts might like to focus on the Financial Review within the Performance Report, which summarises the key areas of performance. The Financial Statements and certain sections of the Accountability Report are audited by the National Audit Office before they are presented to Parliament.
The figure for private sector capital mobilised for the 2 year period from January 2015 to December 2016 as reported was $2.8bn. This figure is amended to $2.6bn on page 32 and is also reflected in the table on page 23.