Myanmar Red Cross Society (MRCS) Financial Statements ((1-1-2015) to (31-12-2015)
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Myanmar Red Cross Society (MRCS) Financial Statements ((1-1-2015) to (31-12-2015) Contents Statement of Management Representation Independent Auditor's Report Income Statement Balance Sheet Society's Equity Statement Cash Flow Statement Notes to Financial Statements UTHA IT j C 0 nt '0.(154)• • an IJn R Auditor's Report We have audited the financial statements ofthe Myanmar Red Cross Society for the year ended 31st December 2015. These financial Statements are the responsibility of the Society while our responsibility is to express an opinion on these financial statements based on our audit. We Conducted our aud it in accordance with Myanmar Auditing Standards. Those Standards require, that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, an audit includes examining on a that basis evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Society, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion the financial statements are properly drawn up in accordance with Myanmar Accounting Standards and so as to present fairly the state ofaffairs ofthe Organization-as at 31st December 2015, and of its results , and Cash flow ofthe Organization for the financial year ended on that date , U v Aye (PA -739) B. Com (A . A)., B . A ., C . P . A U Tha Tun Au dit Firm No . (154) Anawrahta Road, Kyauktada Township, Yangon Region, Myanmar. 16th Jaunary 2018 Tha fun Firm tor.. eCOU.lI( Il C nsur Statement of Management Representation. Myanmar Red Cross Society Myanmar Red Cross Society, does herby state that, true and fair opinion, the accompanying income statement, Financial position and together with the relevant notes are drawn up in accordance with the applicable reporting framework and complete state of affairs of the financial statement of the Myanmar Red Cross Society for the year ended 31Sf December 2015. This is the fair presentation of financial statements that are free from material misstatement, whether due to fraud or errors, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. We do not aware of any regularities, including fraud or intentional misrepresentation, involving management or employees of the society nor are we aware of any events which involve possible non Compliance with the Myanmar Red Cross Society Act and Rules which provide a legal framework within to the society's ability to conduct it business and hence its financial statements. On behalf of Myanmar Red Cross Society. 1 . President Director of Finance Myanmar Red Cross Society Myanmar Red Cross Society Date: 16tJJ Jaunary 2018 Myanmar Red Cross.Society Income Statement for the year ended .31st December 2015. (31-12-2015) (31-12-2014) Income Income 11,114,952,939.63 6,120,656,634.81 Total Income 11,114,952,939.63 6,120,656,634.81 Less; Expenses Programs and Relief Services 5,346,451,768.52 2,384,820,345. 12 Trading Expenses - 300,000.00 Support Services and other Admini strative Exp: 6,381,398,179.54 4,107,28 6,339.14 Total Expenses 11,727,849,948.06 6,492,406,684.26 Gross Income (612,897,008.43) (371,750,049.45) Add; Other Income Other Income. 804,173,406 .78 341,275,261.91 Disposal Gain / (Loss) • 14,800,000.00 15,600,000.00 Total Other Income 818,973,406.78 356,875,261. 91 Net Surplus / (Deficit) 206,076,398.35 (14,874,787.54) Myanmar Red Cross- Society Balance Sheet as at 31st December 2015. Assets (31-12-2015) (31-12-2014) Non - Current Assets Property & Equipments 2,383,678,607.00 2,371,484,707.00 Long Term Investments 1,200,000.00 4,220,000.00 Total Non - Current Assets 2,384,878,607.00 2,375,704,707.00 Current Assets Cash & Bank 4,438,520,089 .57 2,594,252,338.39 Sundry Debtors Advances & Prepayment 1,139,445,364.13 1,079,627,031.85 Accrued Income - 10,375,460.00 Inter - Branch 95,554,344.00 150,554,344.00 Project Core Cost Recoverable 179,103,918.09 94,165,823.07 Total Current Assets 5,852,623,715.79 3,928,974,997.31 Total Assets 8,237,502,322.79 6,304,679,704.31 Funds Equity and Liabilities . Funds Equity General Fund 3,817,898,406.1 ° 3,622,197,467.75 Designated Fund 20,100,301.00 6,422,369.00 Earmarked Fund 3,570,650,429.89 2,126,471 ,238.19 Total Funds Equity 7,408,649,136.99 5,755,091,074.94 Current Liabilities Sundry Creditors 295,729,882.25 91,088,985.30 Deposits Received 49,708,388.05 52,368,564.75 Advance & Payables 144,698,818.34 151,457,899.60 Inter - Branch 156,715,000.00 156,715,000.00 Project Core Cost Payables 182,001,097.16 97,958,179.72 Total Liabilities 828,853,185.80 549,588,629.37 Total Funds Equity and Liabilities 8,237,502,322.79 6,304,679,704.31 2 j (.n Myanmar Red Cross.Society Society's Equity Statement for the year ended 31st December 2015. (31-12-2015) (31-12-2014) I Equity / Corpus. Opening Balance 2,919,857,882.15 3,420,760,326.80 Transfer for the year (10,375 ,460.00) (500,902,444.65) Total Equity / Corpus 2,909 ,482,422.15 2,919,857,882.15 II Reserve & Surplus Opening Balance 702,339,585.60 717,214,373.14 Surplus / (Deficit) for the year 206,076,398.35 (14,874,787.54) Total Reserve & Surplus 908,415,983.95 702,339,585.60 III Total General Fund 3,817,898,406.10 3,622,197,467.75 .' Myanmar Red Cross 'Society Cash Flow Statement for the preiod ended 31 st December 2015. (31-12-2015) (31-12-2014) (A) Cash Flow From Operating Activites Net Porfit I (Loss) 206,076,398.35 (14,874,787.54) (Gain)1Loss on Disposal of Fixed Assets (14,800,000.00) (15,600 ,000.00) 191,276,398.35 (30,474,787.54) (Increase) I Decrease Accounts Receivable (134,380,967.30) (223,932,537.14) (Increase) I Decrease Accounts Payable 279,264 ,556.43 222,179 ,854.20 Net Cash I (Used for) Operating Activites 336,159,987.48 (32,227,470.48) (B) Cash Flow From Investing Activites Sales of Fixed Assets 14,800,000.00 15,600,000.00 Fixed Assets Purchase (12,193 ,900.00) (66,158 ,100.00) Increase I Decrease Long Term Investment 3,020,000.00 12,315,349.00 Inter. - Branch 55,000,000.00 34,000,000.00 . Net Cash I (Used for) Investing Activites 60,626,100.00 (4,242,751.00) (C) Cash Flow From Financing Activites Increase I( Decrease )From Donors 1,444,179,191.70 (148,170,053.10) Increase I( Decrease )Fund 3,302,472.00 14,190,449.00 Net Cash I (Used for) Financing Activites 1,447,481,663 .70 (133,979,604.1 0) Net Cash Increase I (Decreased) 1,844,267,751.18 (170,449,825.58) Beginning of the year 2,594,252,338.39 2,764,702,163.97 Cash at End of year 4,438,520,089.57 2,594,252,338.39 --; Myanmar Red Cross Society Notes to Financial Statements as at 31st December 2015 (1) General Myarunar Red Cross Society was established in,1920 by the Government of British - ruled Burma. Myanmar Red Cross Society Act was enacted in 1959 and is amended from time to time. The office of the Organization is at No. 42 Strand Road, Botataung Township, Yangon. (2) Significant Accounting Policies. (A) Expressed Currency The Financial Statement of the" Myarunar Red Cross Society" are expressed in Myanmar Kyat: (B) The Accounting Convention The Financial Statement have been prepared in accordance with the historical Cost Conventioi (C) Financial Year The Financial Statement is 1st Jaunarx 2015 to 31st December 2015 . (3) Property & Equipments Purchase of this year are as follows. Power Meter Installation 3,509,000.00 Transformer 2,000,000.00 Computer 4,279,000.00 Aircon 2,405,900 .00 Total 12,193,900.00 ·.. ~ (31-12-2015) Details are as follows. (31-12-2015) (31-12-2014) Original Cost Build ing 2,287,017,844.00 2,287,017,844 .00 Motorvehicles 5,000,017.00 5,000,017.00 Other Office Equipments 27,982,646.00 17,788,746 .00 Furniture 2,224,000.00 2,224,000.00 Transformer 61,454,100 .00 59,454,100 .00 2,383,678,607.00 2,371,484,707.00 (4) Long Term Investment Long Term Investment Kyat 1,200,000.00 is Saving Certificate Relief fund in Myarnnar Economic Bank. (5) Cash & Bank Balance Cash and Bank Balance are as follows. (31-12-2015) (31-12-2014) Cash 011. Hand (Kyats) 7,417,789.21 12,020,994.00 Cash on Hand (US$) 3,298,445.57 2,114,713.57 Cash at Bank (Kyats) 4,092 ,582,595.79 2,380,557,022.51 Cash at Bank (US$) 335,221 ,259.00 199,559,608.31 4,438,520,089.57 2,594,252,338.39 (6) Sundry Debtors Advances & Prepayments. Details are as follows. (31-12-2015) (31-12-2014) Total 1,139,445,364.13 1,079,627,031.85 (7) Inter - Branch Inter - Branch are as follows.