NIGER STATE FADAMA Ill AF COORDINATION OFFICE AUDITED REPORTS AND ACCOUNTS FOR THE PERIOD ENDED 31 5r DECEMBER, 2015.
I NIGER STATE FADAMA Ill AF COORDINATION OFFICE
CONTENTS
Page
Content 1
Project Management Team 2
Report of Auditors 3-4
Statement of Accounting Policies 5
Balance Sheet 6
Receipt and Payment Account 7
Cash flow Statements 8
Notes to the Financial Statements 9-10
Special Account Reconciliation Statement 11
1
I NIGER STATE FADAMA Ill AF COORDINATION OFFICE
PROJECT MANAGEMENT TEAM
ENGR. ALIYU USMAN KUTIGI STATE PROJECT COORDINATOR
ALHAJI SULEMAN MOHAMMED VASTA AGRONOMIST
ALHAJI ABUBAKAR NDAGUYE COMMUNITY DEVELOPMENT OFFICER
ALHAJI ABDULKAREEM YUSUSF KONTAGORA ENVIRONMENTAL OFFICER
ALHAJI BABA SHABA COMUUNICATION OFFICER
ALHAJI SHEHU KUDU MOHAMMED PROJECT ACCOUNTANT
MALLAM SHEHU JIBRIN PROCUREMENT OFFICER
MALLAM MOHAMMED MUSA ISAH MONITORING AND EVALUATION OFFICER
HAJIYA AISHATU S. MOHAMMED PUBLIC PRIVATE PARTNERSHIP OFFICER
ALHAJI BABA ISMAILA PROJECT ENGINEER
BANKERS UBA PLC
PROJECT AUDITORS HARUNA YAHAYA & CO (Chartered Accountants) Ahmadu Bello House Shiroro Road P.O Box 2994 Minna, Niger State Tel: 08078490823
2 Accountants & Tax Pra www.harunayahaya.org e-mail: [email protected]
CORPORATE HEAD OFFICE: ABUJA OFFICE: LAGOS OFFICE: KADUNA OFFICE: Ahmadu Bello House, No. 20, Victoria lronsi Crescent, No. 10 , Tafawa Balewa Crescent 4th Floor, Hamza Zayyad House, Shiroro Road, Gwarinpa II Estate, Abuja. Off Adedlran Ogunsanya Street No. 4, Muhammadu Buhari Way, P. O. Box 2994, Minna. Tel: 08078490826. P. 0 . Bax 3043, Surulere, Lagos P. 0 . Box 8607, Kaduna. Tel : 08078490823. Tel: 08078490824. Tel: 08078490825.
The Head, PFMU, June 13, 2016 Old Secretariat Block C, Behind Pilgrims Welfare Board , Minna Niger state
REPORT OF THE AUDITORS ON THE FINANCIAL STATEMENTS OF THE NIGER STATE FADAMA Ill AF COORDINATION OFFICE FOR THE YEAR ENDED 31 51 DECEMBER. 2015 (CREDIT N0.52930-UNI) We have audited the accompanying project Financial Statements of the World-Bank Assisted Niger State Fadama Ill AF Coordination Office, as at December 31, 2015 for the period 1st January 2015 to 31st December, 2015 ended as set out on pages 6 to 12 and prepared on the basis of the accounting policies on page 5. The project is financed by the IDA, credit number 52930-UNI. Respective responsibilities of the Project Management and Auditors: The World-Bank Assisted Niger State Fadama Ill AF Coordination Office, Project Implementation Unit and Project Management Office coordinate the activities of the project and are as such responsible for the preparation of the Financial Statements. It is our responsibility as Auditors to express an independent opinion, based on our audit, on the Financial Statements and to report our opinion to you . Basis of Opinion We conducted our audit in accordance with International Standards on Auditing and World Bank guidelines. These standards and World Bank guidelines require that we plan and perform the audit to obtain reasonable assurance that the Financial Statements are free of material misstatement. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements. It also includes an assessment of the estimates and judgments made by the project officers in the preparation of the Financial Statements, and whether the accounting policies are appropriate to the project circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Financial Statements are free of material misstatements, whether caused by fraud , other irregularity or error. In forming our opinion , we also evaluated the overall adequacy of the presentation of the Financial Statements. ·
3 Opinion
In our opinion, the project Financial Statements give a true and fair view of the financial position and of the cash flow statements of the World-Bank Assisted Niger State Fadama Ill AF Coordination Office for the period ended December 31, 2015, in accordance with the provisions of section 4.01 of the Development Credit Agreement (DCA) and the statement qf Accounting Standards issued by the Financial Reporting Council of Nigeria.
The Statement of Expenditure (SOE) are in agreement with the books of accounts, adequate supporting documentation has been maintained to support claims to the World Bank for reimbursements of expenditure incurred and which expenditure are eligible for financing under the credit agreement.
The Statement of Special Account: (SA) of the project on page 13 have been prepared on the basis of cash deposits and withdrawals for the purpose of complying with the credit agreement and did show a true and fair view of the beginning and ending balances and the account activity for the period ended 31st December 2015
The Counterpart Funds have been provided in accordance with the financing agreement; and have been properly used for project purpose. Payments from this account are properly backed up by relevant supporting documents and are recorded in the books of account.
H runa N. Yahaya, FCA Minna, Nigeria FRC/2013/ICAN/00000002270 June 13, 2016 For: Haruna Yahaya & Co. (Chartered Accountants).
4 NIGER STATE FADAMA Ill AF COORDINATION OFFICE STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 51 DECEMBER. 2015
The following are the significant accounting policies adopted by World-Bank Assisted Niger State Fadama Ill AF Coordination Office in preparing its project's financial statements.
ACCOUNTING CONVENTION
The accounts are prepared under the historical cost convention.
BASIS OF ACCOUNTING
The cash basis is adopted in the preparation of the project's financial statements.
INVENTORY
Inventories are valued at the lower of cost and net realizable value.
DEBTORS
Debtors are stated after making specific provision for debts considered doubtful of recovery.
FOREIGN CURRENCY
Transactions in foreign currencies are converted into Naira at the rates of exchange ruling at the date of each transaction. Balance in foreign currencies are translated into Naira at the exchange rates ruling at the balance sheet date and gains or losses arising on translation are credited to or charge to reserve in the period which they arise.
5 NIGER STATE FADAMA III AF COORDINATION OFFICE BALANCE SHEET AS AT 31ST DECEMBER, 2015
ASSETS NOTES 2015 N
Bank Balances 1 72,109,709
Project Development Expenditure:
Civil Works 2 153,022,033
Goods & Equipments 3 6,903,064
Tra ining Workshops 4 19,191,730
Consultancy Services 5 14,987,451
Operating Cost 6 39,785,317
Grants & Funds 7 66,769,555
TOTAL ASSETS 372,768,859
FINANCED BY:
IDA Credit Loan Account 8 340,731,335
Government Counterpart Account 9 26,656,651
Community Contribution 10 5,380,873
TOTAL LIABILITIES 372,768,859
State Project Cordinator ~ •
HeadPFMU ~~~
C'r\ L y--- S \ Project Accountant. __~__,. '------
6 NIGER STATE FADAMA III AF COORDINATION OFFICE RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2015.
RECEIPTS 2015 N
IDA Credit Loan Account 340,731,335
Government Counterpart Account 26,656,651
Community Contribution 5,380,873
372,768,859
PAYMENTS
Project Development Expenditure:
Civil works 153,022,033
Goods & Equipments 6,903,064
Training Workshops 19,191,730
Consultancy Services 14,987,451
Operating Cost 39,785,317
Grants & Funds 66,769,555
300,659,150
Excess/ (Deficit) of Receipts over Payments
IDA Credit Loan Account (State Drawdown Account) 72,065,822
GCA 43,887
Closing Bank balance at the end of the year 72,109,709
7 NIGER STATE FADAMA III AF COORDINATION OFFICE CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2015.
2015 N
Operating Activities
Adjustment for changes in operating Assets:
(lncrease)/Decrease in amount due (to) from Government Counterpart Account
Cashflow from Operating Activities
Investment Activities:
Project Development Expenditure: Civil Works 153,022,033 Goods & Equipments 6,903,064
Training Workshops 19,191,730
Consultancy Services 14,987,451
Operating Cost 39,785,317
Grants & Funds 66,769,555
Cashflow used in investing activities 300,659,150
Financing Activities:
IDA Credit Loan Account (State Drawdown Account) 340,731,335
Government Counterpart Account 26,656,651
Community Contribution 5,380,873
Cashflow from Financial Activities 372,768,859
Net cash/cash Equivalent 72,109,709
Opening cash balance
Closing cash balances 72,109,709
8 NIGER STATE FADAMA III AF COORDINATION OFFICE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER 2015.
2015 N 1 Bank Balances
Drawdown Account 72,065,822 Government Countapart Account 43 887 72,109,709
2 Civil Works Opening Balance for the year 153,022,033 153,022,033
3 Goods &. Equipments Opening Balance for the year 6,903,064 6,903,064
4 Training Workshops Opening Balance for the year 19,191J30 19,191,730
5 Consultancy Services Opening Balance for the year 14,987,451 14,987,451
6 Operating Cost Opening Balance for the year: Printing & Stationeries 2,497,970 Telephone and Postage 139,000 Repair and Maintenance 4,972,020 Salaries and Allowance 14,036,000 Utilities 35,000 Office supplies 4,282,802 Travel per diem and Allowane (DSA) 11,404,364 Insurance Advertisement 2,397,208 Bank Charges 20,953 39,785,317 9 NIGER STATE FADAMA III AF COORDINATION OFFICE NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER 2015.
2015 N
7 Grants & Funds
Opening Balance
for the year:
Capacity Building 18,341,696
Advisory Services & Input Support 48,427,859
66,769,555
8 IDA Credit Loan Amount {State Drawdown Account)
Opening Balance 340,731,335
for the year
340,731,335
9 Government Counterpart Account
Opening Balance 6,656,651
for the year 20,000,000
26,656,651
10 Community Contribution
Opening Balance
for the year 5,380,873
5,380,873
10 NIGER STATE FADAMA III AF COORDINATION OFFICE DBAWDOWN ACCOUNT RECONCILIATION STATEMENTS AS AT 31ST DECEMBER 2015.
IDA CREDIT NO. 52930-UNI. ACCOUNT NO.: 1019028155 BANK: UBA PLC MINNA.
N
1 Initial amount advanced by the IDA to the State drawdown account 346,170,219
2 Additional advance by the IDA to the State drawdown account
3 Less: Amount recovered
4 Present outstanding amount advance to the State 346,170,219 drawdown account as at 31/12/15.
5 State drawdown account closing balance as at 31/12/15 72,065,822.21 as per bank statement carried to the next period
6 Add: Amount of eligible expenditures paid and documented in the following withdrawal applications.
NG-SFC0-001-NG-SFC0-003 47,241,419.68
NG-SFC0-004 126,942,785.91 Plus Amount of eligible expenditure documented under 99,906,132.00 withdrawal application under processing Plus Amount of Cummulative Bank charges 14,059.75 Total advance accounted for 346,170,219.55
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