Public Disclosure Authorized - World...
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KANO STATE THIRD FADAMA DEVELOPMENT PROJECTFINANCIAL STATEMENT FOR THE YEAR ENDED
31st DECEMBER 2016
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KANG STATE: T1IRDr-sFADAMA DEVELOPMAENT PROJECTFINA,NCIAL STATEMENT:n FOrHE YEAR ENDED31st DECEMBER 2016
CONTENTS PAGE
Project Information and Professional Advisers
1
Report of Auditors 2
Significant Accounting Policies 3
Income and Exienditure Account 4
Balance Sheet5
Statement of Cash Flow 6
Notes to Fin1DW1 Statement 7-8
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KANO STATE THIRD FADAMA DE:vELOfPMiENT PRO.]ECT
PROJE
PRINCIPAL OFFICERS
1. Shuaibu SulJ&Ii - Project Coordinator2. Amninu A. M a;3. Nasiru Sani a danci - Training and Technical Asst. Officer3. Nsir Sa G ,ladncl- Rural Finance Livelihood Officer4. Aisha Larni Muhammed - Community Development Officer5. Rufa'l Halilu - Environmental Officer6Zawal Muham-imied - Project Accountant7.Garba I Bichi - Procurement Officer8. Haiii-na Musa - Project Internal Auditor9. Mustapha Beliu, Ban - Head Project Financial Management Unit
OFFICE ADDRESSKano State Commercial Agricultural Development ProjectKM 9 Hadejia Rloa dKaEno
n State
AUDITORSNamadi Umar & Co(Chartered aPcrcicntaoas)No4 Suit 4 AbiPesa HouseZaria RoadKano.
ANKERSKeystone Bank Pic17/18 Bello R(,' c.idKanc
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HEAD OFFICE: ABUA OFFICE:Suite 4 Abinsa House, Ist Floor Amma House,No.4 Zaria Road, Kano. Plot 4293. Pam Street,08050700849, 08023898740 Opposite National Hospital,N%IAMi1ADI, UM1AR & COE SOKOTO OFFICE: Central Business District, Abuja NigeraNo. 13, Abdullahi Fodio Road, e-mail: namadiumar@yahoo co r(Chartered Accountants) Sokoto. 08032190396Sokoto State
REPORT OF AUDITORS TO THE MEMBERS OF THE KANO STATE THIRD FADAMADEVELOPMENT PROJECT
We have audited the accompanying financial statements of Kano State Third FadamaDevelopment Project as at 3Vt1 December, 2016 set out on page 4 to 10 which have beenprepared on the basis of the accounting policies set out on page 3 and other explanatory note onpage 7 to 8.
Respective responsibilities of directors and auditorsIn accordance with the provision of the edict establishing the Project, the project management isresponsible for the preparation and fair presentation of these financial statements. It is ourresponsibility to form an independent opinion based on our audit, on these statements and toreport our opinion to you.
Auditors' ResponsibilitvOur responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance weather the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amount and disclosuresin the financial statements. The procedures selected depend on the auditors' judgment, includingthe assessment of the risks of material misstatement of the financial statements, weather due tofraud or error. In trying to asses these risks, the auditors take into account internal controlrelevance to the entity's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstance, but not for the purpose ofexpressing an opinion on the effectiveness of the entity's internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by managemnent., as well as evaluating the overall presentation of the financialstate s men ts
Independent confirmations of completeness of the accounting records were not available.
OpinionIn our opinion the financial statement gives a true and fair view of the state of affairs of the projectas at 31t December, 2016 and of the deficit and cash flow for the year ended.
Chartered AccountantsKano.
36/CA
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KANO STATE THIRD FADAMA DEVELOPMENT PROJECT
SIGNIFICANT ACCOUNTING POLICIES
The following are the significant accounting policies which have been adopted bythe Project.
1. Basis of Accounting
The accounts are prepared on cash basis. Receipts and Payments arerecognized in the books when money is received or paid.
2. FIXED aSSETS
Fixed Assets are stated at cost
3. Depreciation
No deprediation is provided on the assets.
4. FOREIGi4 EXCHANGE TRANSACTIONS
Transaction i) foreign currencies will be converted to naira at the ruling rateat the time of each transaction. Balances held in foreign currencies at theend of ie year will be translated at the rate ruling on the balance sheetdate. All exchange rate differentials are treated appropriately in the receiptand payment account.
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KAiv TETHIRDFADAMADEVELOPMENT PROJECTRFIHPT AND PAYMENT ACCOUNT FOR THE YEARENDED 3 IST DECE MER, 2016
NOTE 2016 2015
N NRECEIPTS:
Receipt from IDA 11,638,228 15,150,384
Other receipt 4 12,936,025 39,552,886
Total Receipts 24,574,253 54,703270
PAYMENTS:
Capacity Building 5 499,100 21,733,940
Small scale Community Owned Infrastructure 11,500,000 16,190,150
Operatiiq Costs j1g63 40,433,568
Total Expendituto 21,215,793 78,357.658
(Deficit) / Excess l income over Expenditure 3358460 (23654388)
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KANO STATE THIRD FADAMA DEVELOPMENT PROJECTBALANCE SHEET AS AT 3 1 ST DECEMBER, 2016
NOTES 2016 2015
FIXED ASSETS 2 25,856,314 25,856,314
Bank Balance 3 4,668,930 1,310,470
Project Development Cost 1,107,585,936 1,107,585,9361.138.11.18p1.30752362
FINANCED BY:
IDA Fund 945,112,292 943,521,745
State Government Counterpart Fund 114,464,692 113,185,192Local Government Counterpart 63,000,000 63,000,000Other Receipts 15
118,J11,180 1,134,752,720
Project Coordiniior
Head of PFMU
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~~-ATE THIRD FADAMA DEVELOPMENT PROJECTCASH FLO SV TATEM4ENT FOR THE YEARENDE.D 3 JST DECEMqBER, 2016
2016 2015
Cash Flow From Fi~JnCj _!nL Activities:
Funds from IDA 11,638,228 15,150,384
Other Receipts 12936,025 39552886
Ttal Cash Flow Frqm Financing 24,54253 54
CASH FLWFROM INVE STING ACTIVITIES
Capacity Building (499,100) (21,733,940)
Operating Costs (9,216,693) (40,433,568)
Small Scale Community Owned Infrastructure (11,500,000) (16,190,150)
Purchase of Fixed A(500,000
Total Cash Outfln-w From Investing.Activities (2Ll215 7 93 (78§857,658)NET CASH EQUIVAL-N AT THE END OF THE YEAR 3,358,460 (24,154,388)CASH EQUIVALENTI AT THE BEGINNING OF THE YEAR 1,310,470 25,465,858CASH AND CASH EC:1ALENT AT HFE END OF THE YEAR A&R930 1310,470
PRESENTED B Y
Bank and Can Balar,i 4,668,930 ,470Bank & Cash Balance at 31 Dec, 2016 4 1 31070
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KANQ) STATE THIRD FADAMA DEVELOPMENT PROJECTNOTES TO THE ACCOUNT FOR THE YEAR
ENDED 3 1ST DECEMBER, 2016
2016 2015N NInterest & Other Income
Bank Interest Received 2,500 2,299Donation From Coordinating Office 2 2State Government Counterpart Funding 12,933,525 54,700,97
12,936,025 54,703,270
Capacity Building IaId SupportSupport for Community Organization
15,423,440Local Government Co uinity SupportMonitoring and Evauationi 499,0 6,310,500
499.10021,733P940
Small Scale Community Owned InfrastructureFCA Owned Infrastructure 11,500,000 11,530,150Advisory Services 54,210,000Support to Adp and Adoptive Research 410,000
1.1,500,000 16,190,150
Operating CostAudit feesStaff Allowance 1,250,700 770,000Operational Cost 3,719,300 13,273,654Asset to FUG/EIG 3 8,940,320Coordination Expenses 3,960,000 7,393,874Training / workshop 3 10,030,720Bank Charges 289 1 ,0020
9,216,693 433,568
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