Kilimanjaro International Burundi Limited
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MEETING POINT INTERNATIONAL AUDIT REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 JWIS & CO. Certified Public Accountants P O Box 8300 KAMPALA Uganda 0 MEETING POINT INTERNATIONAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 Table of contents Page ORGANIZATION INFORMATION ............................................................................................................. 2 REPORT OF THE DIRECTORS ................................................................................................................ 3 STATEMENT OF THE BOARD OF DIRECTORS’ RESPONSIBILITIES ............................................................. 4 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS ................................................................ 5 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019.......................... 8 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019 ........................................................... 9 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 .................................................. 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019............................ 11 _________________________________________________________________________________________ 1 MEETING POINT INTERNATIONAL ORGANIZATION INFORMATION BOARD OF DIRECTORS Name Position Rose Busingye Founder Member Teddy Bongomin Founder Member Emmanuel Ochaya Founder Member Vicky Aloyo Member Fred Kamihanda Member Martin Bichachi Member EXECUTIVE COMMITTEE Name Position Rose Busingye Founder Member Teddy Bongomin Founder Member Emmanuel Ochaya Founder Member Vicky Aloyo Member Fred Kamihanda Member Martin Bichachi Member REGISTERED OFFICE Kireka Banda P. O. Box 21261, Kampala, Uganda BANKERS DFCU Bank Uganda Limited Luzira Branch Kampala KCB Bank Uganda Limited 6th Street Branch Kampala AUDITORS JWIS & CO. Certified Public Accountants 26 Lumumba Avenue P O Box 8300, Kampala, Uganda 2 MEETING POINT INTERNATIONAL REPORT OF THE DIRECTORS The Board of Directors takes great pleasure in presenting their Annual Report with the audited Financial Statements for the year ended 31 December 2019. 1. Principal activity The Luigi Giussani Institute of Higher Education Limited provides academic courses at Certificate and Diploma levels, continuous professional development trainings, seminars, and workshops for persons operating especially in the fields of education, health, welfare and human development. The Institute is accredited and recognized by the National Council of Higher Education as an institution of higher learning offering Certificate and Diploma courses. 2. Results The operating results for the year ended 31 December 2019 are set out on page 10. 3. Auditors JWIS & CO. Certified Public Accountants were appointed as Auditors and have expressed their willingness to continue in office. 4. Acknowledgement The Board of Directors wishes to express its deep appreciation of the support, assistance and encouragement the Organization has received from the donors and other stakeholders. The Board of Directors further expresses its appreciation for the co-operation extended by the staff and employees during the year. 5. Approval of the financial statements The financial statements were approved at a meeting of the Board of Directors held on ......... 2020 By order of the Board Secretary Date: 3 MEETING POINT INTERNATIONAL STATEMENT OF THE BOARD OF DIRECTORS’ RESPONSIBILITIES The organization’s directors are responsible for the preparation and fair presentation of the financial statements, comprising the statement of financial position as at 31 December 2019, the statement of comprehensive income, the statement of changes in equity and cash flow statement for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards and the Uganda Companies Act. The directors’ responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. They are also responsible for safe guarding the assets of the organization. The directors accept responsibility for the financial statements set out on the pages below, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with International Financial Reporting Standards and the requirements of the Ugandan Companies Act. The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs and the loss for the year ended 31 December 2019. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control. The directors have made an assessment of the organization’s ability to continue as a going concern and have no reason to believe the business will not be a going concern in the next twelve months from the date of this statement. Approval of the financial statements The financial statements of the Organization, as indicated above, were approved by the Board of Directors on ....................... and were signed on its behalf by: DIRECTOR DIRECTOR 4 JWIS & CO. Certified Public Accountants Plot 26 Lumumba Avenue P. O. Box 8300 Kampala Tel: +256 752 746920 Email: [email protected] REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MEETING POINT INTERNATIONAL Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Meeting Point International (the Organization), which comprise the statement of financial position as at 31 December 2019, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements give a true and fair view of the financial position of Meeting Point International as at 31 December 2019, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) and Companies Act, 2012. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and Guidelines issued by the Institute of Certified Public Accountants of Uganda. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Uganda, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 5 In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional