AFRICAN HIGHER EDUCATION CENTRE OF EXCELLENCE PROJECT (NATIONAL UNIVERSITY COMMISSION (NUC)

Transcription

1 Public Disclosure Authorized THE WORLD BAK Public Disclosure Authorized AFRICA HIGHER EDUCATIO CETRE OF EXCELLECE PROJECT (ATIOAL UIVERSITY COMMISSIO (UC) Public Disclosure Authorized FIACIAL STA TEMETS FOR THE PERIOD EDED 3 1Sr DECEMBER, 2016 Public Disclosure Authorized AUDITED BY OFFICE OF THE AUDITOR-GEERAL FOR THE FEDERATIO Plot 273, Central Business District, Abuja

2 FIACIAL STATEMET FOR THE YEAR EDED 31sT DECEMBER 2016 COTETS CORPORATE IFORMATIO PAGE(S) 1 REPORT OF THE PROJECT MAAGEMET TEAM 2-3 STATEMET OF THE PROJECT MAAGEMET RESPOSIBILITIES 4 REPORT OF THE AUDITORS 5 STATEMET OF FIACIAL POSITIO 6 STATEMET OF FIACIAL PERFORMACE 7 STATEMET OF CHAGES I ET ASSETS/EQUITY 8 CASHFLOW STATEMET OTES O THE ACCOUT

3 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 CORPORATE IFORMATIO Project ame: Project ID: Total Project Cost: Commitment Amount: Responsible Agency: Project Co-ordinator: Africa Centres of Excellence Project 5415-G US$ million US$ million ational Universities Commission (UC) Dr Joshua Attah SEIOR PROJECT MAAGEMET TEAM 1. Dr. Joshua Atah Project Coordinator 2. Mrs Amos Hauwa Project Accountant 3. Mr Jubril Momoh Procurement Officer 4. Dr (Mrs) Chinelo wosu Monitoring & Evaluation Officer 5. Mrs Adebukola Olatunji Communication Officer 6. Mr Matthew thayere Internal Auditor IMPLEMETIG AGECY Africa Higher Education Centers of Excellence Project ational Universities Commission 26, Aguiyi Ironsi St. Maitama Abuja FCT AUDITOR Office of the Auditor-General for the Federation BAKER Central Bank of igeria 1

4 FIACIAL STATEMET FOR THE YEAR EDED 3 1 T DECEMBER 2016 REPORT OF THE PROJECT MAAGEMET TEAM Project overview On 1 s August, 2012, The ational Universities Commission hosted a meeting with a team from World Bank to discuss on igeria's participation in the proposed Regional Higher Education Africa Centers of Excellence Project targeted at universities with strong postgraduate training and research in Africa. Following preliminary discussions, the countries including igeria, the Republic of Benin, Burkina Faso, Cameroon, Ghana, Senegal and Togo agreed to work together and thus the project was launched in The Gambia and Cote d'ivoire subsequently came on board as a beneficiary of the services of these ACEs in the seven countries. Objective of ACE The Africa Higher Education Centers of Excellence Project (ACE), is a World Bank Assisted Project whose major objectives are to promote regional specialization amongst participating universities within areas that address particular regional development challenges and strengthen the capacities of these universities to deliver high quality training and applied research. The primary focus of the project is in three (3) thematic areas; 1. Science, Technology, Engineering and Mathematics (STEM) 2. Health Sciences and 3. Agriculture Selection of the ACEs In October, 2013, nineteen (19) centers were selected by the Project Steering Committee in Dakar, Senegal. Out of the 19 selected centers, igerian Universities won ten (10). The universities form igeria and their project tittle are: 1. Redeemer University Mowe, Ogun State (Africa Center of Excellence for Genomics of Infections Disease) 2. African University of Science and Technology, Abuja (PA African Materials Institute) 2

5 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER Federal University of Agriculture, Abeokuta (Center for Agriculture Development & Sustainable Environment) 4. Ahmadu Bello University, Zaria (Center of Excellence on eglected Tropical Disease and Forensic Biotechnology) 5. University of Jos, Jos (Phytomedicine Research and Development) 6. University of Benin (Center for Excellence in Reproductive Health and Innovation) 7. University of Port-Harcourt (ACE Centre for Oil Field Chemicals) 8. Obafemi Awolowo University, Ile Ife (African Center of Excellence on ICT -Driven Knowledge Park) 9. Bayero University, Kano (African Center of Excellence ACE in Dryland Agriculture 10. Benue State University, Markurdi (Center for Food Technology and Research) Governance Structure The ACE project has the following Government Structure: 1. The Project Steering Committee (PSC) The ACE Project Steering Committee (PSC) provides overall guidance and oversight for the project. The PSC made the final recommendation(s) and selection of the initial 19ACEs in the region following a technical evaluation by the Independent Evaluation Committee. The PSC will provide oversight and guidance on the project and direct ACEs to ensure the achievement of the project objectives. Composition of the Committee I. Executive Secretary, ational Universities Commission as Chairman II. All the ten (10) Vice Chancellors of the centers III. All Center leaders Representatives of Minister of Education, Finance, Health, Agriculture, Science & Technology, Environment, Power Works & Housing. 3

6 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 STATEMET OF THE PROJECT MAAGEMET RESPOSIBILITIES The International Public Sector Accounting Standards (IPSAS) and the Project Implementation Manual (PIM) require the Project Management Team to prepare financial statement for each financial year that gives a true and fair view of state of financial affairs of the ACE at the end of the year and of its excess or deficit. The responsibilities include: a) Keep proper accounting that disclose, with reasonable accuracy, the financial position of ACE and comply with the requirements of IPSAS. b) Establish adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities in line with S.3.3. of PIM c) Prepare annual financial statements in accordance with IPSAS and as provided by S.3.4 of PIM, using suitable accounting policies supported by reasonable and prudent judgments and estimates, and are consistently applied. The Management Team accepts responsibility for the annual financial statement, which has been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with International Public Sector Accounting Standard (IPSAS) as issued by International Public Sector Accounting Standard Board (IPSASB) and the requirement of the Africa Higher Education Centers of Excellence Project (ACE) Project Implementation Manual. The Management Team is of the opinion that the financial statements give a true and fair view of the state of financial affairs of ACE and of its excess for the year ended 3 1 st December The Management further accepts the responsibility for the maintenance of accounting records that may be relied upon in the preparation of the financial statement, as well as adequate system of the internal financial control. othing has come to the attention of the Management Team to indicate that ACE will not remain a going concern fqr at least twelve months from the date of this statement v Dr. Joshua Atta Project Coordinator... Mrs. Amos Hauwa Project Accountant 4

7 fice OF THE AUDITOR-GEERAL FOR THE FEDE DEPARTMET HADQUARTERS: VAE"t LAGOS OFFICE dit House, 5, Sir Mobolaji at "At 273, Samuel Ademulegun Street, P.M.B ntral Business District, M.B. 128,Garki-Abuja, igeria Lgo4, 26ei O So... THE PRICIPAL OFFICERS (MAAGEMET), Date REPORT OF THE IDEPEDET AUDIT O THE FIACIAL STATEMETS OF THE AFRICA HIGHER EDUCATIO CETRES OF EXCELLECE PROJECT (WORLD BAK ASSISTED) We have audited the Financial Statements of the African Higher Education Centres of Excellency Project (World Bank Assisted) for the year ended 3 1 "t December, 2016 as set out on pages... to which have been prepared on the basis of the Accounting Policies set out in ote 1 on page MAAGEMET'S RESPOSIBILITY FOR THE FIACIAL STATEMETS The Management of the Project is responsible for the preparation and fair presentation of the Financial Statements in accordance with the International Public Sector Accounting Standards (IPSAS) accrual and also for instituting such internal controls as the Management determines it necessary to enable the Financial Statements that are free from material misstatement. AUDITORS' RESPOSIBILITY Our responsibility is to express an independent opinion on the Financial Statements based on our audit. We conducted the audit of African Higher Education Centres of Excellency Project in accordance with the International Standards of Supreme audit Institutions (ISSAs) as promulgated by the International Organisation of Supreme Audit Institutions (ITOSAI). These standards require that we comply with ethical requirement, plan and perform the audit so as to obtain reasonable assurance about whether the Financial Statements free from material misstatements, whether caused by fraud or other irregularity or error. The procedures selected for obtaining assurance and evidence to support audit opinion depends on the auditors' judgment, including assessment of the risk of material misstatement of the Financial Statements. In making those risk assessment, we considered the Internal Control relevant to African Higher Education Centres of Excellency Project's preparation and fair presentation of the Financial Statements. We also evaluated the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPIIO In our opinion, the Financial Statements, which are in agreement with the books of account, present a true and fair view of the financial position of African Higher Education Centres of Excellency Project (World Bank Assisted) as at 3 1 st December, 2016, and of its performance of its operations, changes in net assets, its cash flows for the year ended 3 1 st December, 2016 and have been prepared in accordance with the International Public Sector Accounting Standards (IPSAS) accrual, accounting principles generally accepted in igeria and in the manner required by the Worldieankl 1. A. ADELEYE For: Auditor-General for the Federation 21st June, 2017

8 FIACIAL STATEMET FOR THE YEAR EDED 3 1 1T DECEMBER 2016 STATEMET OF FIACIAL POSITIO AS AT 31ST DECEMBER, 2016 Assets Current Assets OTES Cash and Cash Equivalents 6 1,246,280, Total Assets 1,246,280, on-current Assets Property, Plants and Equipment 7 4,019, ,019, Total Assets 1.,250,300, Financed By IDA Credits 8 2,489,780, Surplus/(Deficit) of Revenue over Expenditure (1,829,623,514.74) 660,156, Prior year adjustment 9 590,143, Total Assets 1,250,300, Dr. Joshua Atta Project Coordinator Mrs. Amos Hauwa Project Accountant The notes to the financial statements on pages /] to 19fbri an integral part of these financial statements 6

9 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 STATEMET OF FIACIAL PERFORMACE AS AT 31ST DECEMBER, 2016 OTES REVEUE Interest Received , Miscellaneous Receipts 12 24,847, Direct Receipt , Direct Transfer 14 1,354,681, Total Receipts 1,380,367, EXPEDITURE Goods and on-consulting 15 3,171,682, Operating Cost 16 17,120, Training 17 19,847, Depreciation 7 1,339, Total Expenses 3,209,990, Surplus/(Deficit) for the year (1,829,623,514.74) The notes to thefinancial statements on pages 11 to 19 form an integral part of these financial statements 7

10 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 STATEMET OF CHAGES I EQUITY/ET ASSETS Prior Year Accumulated Capital Grant Adjustment Surplus/Deficit Total Balance at 1st January, ,220, Additional Grant/Fund 3,870,147, ,143, Balance at 31st December, ,898,367, ,143, (1,829,623,514.74) 2 8

11 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 CASH FLOW STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER, 2016 Amount Received 3,869,540, Cashflow from operating Activities Goods & on-consulting services 3,171,682, Operating cost 17,120, Training 19,847, ,208,650, Cashflow from Investing Activities Interest Received 606, Cashflow from Financing Activities Cash in hand (Refund) 620, ,226, Surplus of revenue over Expenditure 662,116, Cash and Cash Equivalents at the beginning of the year 584,164, Cash and Cash Equivalents at the end 1,246,280,

12 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 ote: Reconciliation of Cash and Cash Equivalents Bank Balance (ote) 1,245,660, Cash in Hand Amount in aira 412, Amount in Dollars 207, , Cash and Cash Equivalents 1,246,280, The notes to the financial statements on pages 11to 19 form an integral part of these financial statements 10

13 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 otes to the Accounts 1. Statement of compliance with IPSAS The preparation and contents of these Financial Statements are in accordance with the requirements of the International Public Sector Accounting Standards (IPSAS) accrual basis, except that Statement of Budget and Actual of the Coordinating Unit was excluded because it has not been made publicly available as required by IPSAS Accounting Policies The following are the summary of the significant Accounting Policies adopted in the preparation of the Project's Financial Statements: a) Basis of Preparation The Financial Statements have been prepared under the historical cost convention and in accordance with International Public Sector Accounting Standards (IPSAS) Accrual Accounting. b) Funds All contributions by the financiers are only recognized when they become receivable and capitalized as IDA Credit/Fund. These funds are subsequently increased or reduced by surplus or deficit from the statement of financial performance. c) Recognition of Revenue and Expenditure Revenue and expenditures are recognized when they become receivable or payable or incurred. d) Depreciation Depreciation is provided on on-current assets on a straight-line basis in order to write-off their costs over their remaining useful economic lives, it is the project policy to depreciate Furniture at 20%. e) Reporting/Foreign Currency The Financial Statements were prepared using the igerian aira as the reporting currency. 11

14 FIACIAL STATEMET FOR THE YEAR EDED 3 11T DECEMBER Comparative figures for 2015 financial year were not provided in the current Financial Statements since the two Statements were prepared using the different Accounting basis IPSAS cash basis and 2016 IPSAS accrual basis. For example, Property, Plants and Equipment were written off in the year of purchase, depreciation was not provided for in 2015 financial Statements. 4. The Cash in hand represents the bank balances and refund from the unspent balance from the various amounts granted to staff for hotel accommodation which were not lodged in the bank during the year under review. 5. The amount disclosed for Good and on-consulting under the expenses totaling 3,171,682, includes the amounts transferred to some Universities totaling 800,344,

15 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER Bank Balances (TSA) Bank Balances (TSA) as at aira - Account o CB 221,628, aira - Account o CB271, Dollar- Account o USD-CDCB-70 Dollar - Account ,787, USD-CDCB-89 Cash in hand Amount in aira Amount in Dollars $ , Cash and Cash Equivalents 1,246,280,

16 FIACIAL STATEMET FOR THE YEAR EDED 3 1 T DECEMBER PROPERTY, PLAT AD EQUIPMET SCHEDULE (Furniture) COST AT ,359, Additions Disposal Cost at ,359, Depreciation at Depreciation for the year 1,339, Depreciation as at ,339, et Book Value as at ,019, REVEUE OTE 12 REVEUE TOTAL () IDA CREDIT 2,489,780, ITEREST RECEIVED 606, MISC RECEIPT DIRECT PAYMET DIRECT TRASFER1,354,681, TOTAL RECEIPTS 24,847, '232, ,870,147, The prior year adjustments (PYA) represent the exchange difference during the past years and other adjustments in converting from Cash Basis to IPSAS Accrual Basis of Accounting from 1 st January

17 FIACIAL STATEMET FOR THE YEAR EDED 3 1 st DECEMBER IDA CREDITS 1ST Quarter 2 D Quarter 1,641,747, RD Quarter 4 TH Quarter 848,032, Total 2,489,780, Interest Received from Dollar Bank Account 1ST Quarter 1, D Quarter 77, RD Qurt 300, TH Quarter 226, Total 606, Miscellaneous Receipt ST Quarter 2 D Quarter 3 RD Quarter 536, T1 Quarter 24,310, Total 24,847,

18 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER Direct Receipts 1"S Quarter 2 D Quarter 232, RPD Quarter 4 TH Quarter - Total 232, Funds from Account usd-cedacbn-70 i ST Quarter 2 D Quarter - 3 RD Quarter 228,031,200 4TH Quarter 1,126,650,000 Total 1,354,681, Goods and on-consulting Services 1sr Quarter 2 D Quarter 3 RD Quarter 473,189, TH Quarter 2,698,493, Total 3,171,682,

19 FIACIAL STATEMET FOR THE YEAR EDED 3 1 T DECEMBER Operating Cost 1s" Quarter 2 D Quarter 4,882,50 3 RD Quarter 5,997, TH Quarter 11,118, Total 17,12!0, Training I1S Quarter. 2 DQuarter 9,854, RD Quarter 1,664, TH Quarter 8,328, Total 19,847,

20 FIACIAL STATEMET FOR THE YEAR EDED 3 1 ST DECEMBER 2016 AMOUT TRASFERRED TO UIVERSITIES S/O DATE PV O AME OF UIVERSITY AMOUT 1 22/09/16 UC/ACE/44/9/16 PAYMET FOR 38,450, ISTALLATIO AD SUBSCRIPTIO FOR GRE CVC BAYERO UIVERSITY 2 22/9/16 UC/ACE/443/9/16 PAYMET FOR REFUD FOR 54,383, STUDETS ITERSHIP ACTS AD OTHERS BEUE STATE UIVERSITY 3 25/11/16 ACE/10/11/16 PAYMET TOO MEET UP EXP 37,700, (CERHI) UIVERSITY OF BEI 4 25/11/16 ACE/09/11/16 CERHI - GRAT FROM WORLD 150,000, BAK UIVERSITY OF BEI 5 24/10/ : SUBSCRIPTIO TO 29,450, gre CVC 6 1/11/ : ISTALLATIO 27,850, AD SUBSCRIPTIO FOR gre 7 1/11/ : ISTALLATIO 31,450, AD SUBSCRIPTIO FOR gre 8 1/11/ : ISTALLATIO 35,450, AD SUBSCRIPTIO FOR gre 9 22/12/ : PAYMET FOR 57,850, ISTALLATIO AD 18

21 FIACIAL STATEMET FOR THE YEAR EDED 3 1 T DECEMBER 2016 SUBSCRIPTIO OF BADWIDTH TO gre CVC 10 11/10/2016 ACE/01/10/16 PAYMET FOR 131,744, REPLEISHMET OF ACE PROJECT BAYERO UI, KAO 11 1/11/ PAYMETFOR 91,350, REPLEISHMET OF ACE PROJECT UI JOS 12 25/10/16 ACE/05/1/16 PAYMET FOR 69,813, REPLEISHMET OF ACE PROJECT OAU ICT 13 1/7/2016 ACE/12/7/16 PAYMET FOR ACE PROJECT 44,852, BAYERO UI, KAO 800,344,