DANDORA DUMPSITE REHABILITATION GROUP(DANDREG) FINANCIAL STATEMENTS

Transcription

1 DANDORA DUMPSITE REHABILITATION GROUP(DANDREG) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2014

2 Annual report and financial statements CONTENTS PAGE Organization Information 1 Report of the Members 2 Statement of Directors' responsibilities 3 Report of the independent auditors 4 Income statement 5 Statement of Financial position 6 Cash flow statement 7 Notes 8-11 The following does not form an integral part of these financial statements: Tax Computation Apendix i

3 1 Annual report and financial statements BOARD OF DIRECTORS REGISTERED OFFICE Ms Alice Gekonde Mrs Agnes Marete Mr Willi Lemke Mr. Simon Baraza Dandora Phase V P.0 Box Nairobi,Kenya Chairperson Secretary Member Treasurer BANKERS Family Bank Limited AUDITORS Wamutu & Associates Certified Public Accountants (K) Embassy House,Harambee Avenue

4 2 Annual report and financial statements The Management Committee submits its report and financial statements for the year ended 31st March 2014 which show the state of the project's financial affairs. 1. PRINCIPAL ACTIVITY Rehabilitation and intergration of street children through skills development,sports and culture,education support and economic empowerment. 2. ACTIVITIES The planned activities as per the budget proposals are achieved. There were no major cost overruns or shortfalls. However it is important to note that other programme activities are on going. 3. RESULTS The results for the year are as shown on page 4.of this report. 4. REGISTERED OFFICE The project registered and domiciled in Kenya. The offices of the project are situated at:- Dandora P.O. Box Nairobi, Kenya 5. MANAGEMENT COMMITTEE The Management Committee members who served during the year are as shown on page 1 of this report. 6 PRINCIPAL BANKERS The principal bankers of the project are shown in page 1 of this report 7 AUDITORS Wamutu & Associates are auditor appointed for this period. An appointed Auditor should be a Certified Public Accountants of Kenya, who can be re-appointed during the year if they express their willingness to continue in office in accordance with the Co-operative Societies Act CONCLUSION The accompanying financial statements are extracted from the books of accounts maintained for this project. We have certified the financial statements to be an accurate record of the financial activities of the project during the period 1st April st March 2014 BY ORDER OF THE MANAGEMENT COMMITTEE / BOD SECRETARY / CHAIRPERSON Date 2014

5 Gambino Bottling Limited For The Year Ended 31st December, 2012 STATEMENT OF CHANGES IN FUND BALANCE Note GENERAL PROJECT FUND 2013 At 1st April Surplus/(Deficit) for the year (Page 1) 1,441, At 31st March,2014 1,441,407.50

6 3 Annual report and financial statements The Co-operative Societies Act requires the Management Committee to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the society as at the end of the financial year and of its surplus or deficit. The Management Committee is required to ensure that the society keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the society. The Management Committee is also responsible for safeguarding the assets of the society. The Management Committee accepts responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgements and estimates, in conformity with International Financial Reporting Standards and in the manner required by the Co-operative Societies Act. The Management Committee is of the opinion that these financial statements give a true and fair view of the state of the financial affairs of the society and of its operating results. The Management Committee further accepts responsibility for the maintenance of accounting records that may be relied upon in the preparation of the financial statements, as well as adequate systems of internal financial control. Nothing has come to the attention of the Management Committee to indicate that the society will not remain a going concern for at least twelve months from the date of this statement. This report was approved by the Management Committee on...and signed on its behalf by :- Chairman. Dated at Nairobi this 31 st day of February, 2014

7 Annual report and financial statements AUDITORS REPORT We have audited the Financial Statements set out on pages 4 to 7 which have been prepared on the basis of the accounting policies set out on page 6. We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit and to provide a reasonable basis for our opinion. The Financial Statements of the Organization are in agreement with the books of accounts. RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITORS As stated on page 2 the Directors are responsible for the preparation of Financial Statements which give a true and fair view of the Organization s state of affairs and its operating results. Our responsibility is to express an independent opinion on the Financial Statements based on our audit and to report our opinion to you. BASIS OF OPINION We conducted our audit in accordance with international Standards of Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the accounts are free of material misstatements.an audit includes examining on a test 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 management, as well as evaluating the overall Financial Statements Presentation. We believe that our audit provides a reasonable basis of our opinion. OPINION In our opinion, proper books of accounts have been kept and the financial Statements,which are in agreement therewith, give a true and fair view of the state of the organization's affairs as at 31st March Certified Public Accountants (K) DATE

8 5 STATEMENT OF COMPREHENSIVE INCOME 2013 Note Shs INCOME Grants Received 6 4,808,750 4,808,750 EXPENDITURE 7 Program cost (A) 2,454,323 Personell cost (B) 509,580 Administrative cost (C) 249,942 Transport & Travelling (D) 104,060 Depreciation 2. 49,438 Total Expenditure 3,367,343 Surplus/(Deficit) Before Taxation 1,441,408 Taxation - SURPLUS/(DEFICIT) AFTER TAXATION 1,441,408

9 STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH, Note Shs NON CURRENT ASSETS Property and Equipment 2 206,063 Investments(Old Mutual) 512,000 Better Place Donations Account 88, ,063 CURRENT ASSETS Trade & other receivables 8 12,000 Cash & cash equivalents 9 648, ,345 Total Assets 1,466,408 FINANCED BY General Project Fund 1,441,408 1,441,408 Current liabilities Trade and other payables 10 25,000 25,000 1,466,408 Chairman. Dated at Nairobi this...day of

10 7 CASH FLOW STATEMENT 2013 Note Shs Cash flows from operating activities Profit before income tax 1,441,408 Adjustments for: Depreciation on property, plant and equipment 2 49,438 Operating profit before working capital changes 1,490,845 Decrease / (increase) in: Trade and other receivables 8 (12,000) Increase / (decrease) in: Trade and other payables 10 25,000 Increase / (decrease) in: Inventory - 1,503,845 Net cash generated from operating activities 1,503,845 Cash flows from investing activities Purchase of property, plant and equipment 2 (255,500) Investments in Old Mutual 11 (512,000) Better place investments 11 (88,000) Net cash (used in) investing activities (855,500) Cash flows from financing activities Shares issued - Loan received - Loan repaid - Net cash generated from financing activities - Net (decrease) in cash and cash equivalents 648,345 Cash and cash equivalents at 1st January, - - Cash and cash equivalents at 31st December, 648,345

11 NOTES 1.Accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below: a) Basis of preparation The financial statements are prepared in compliance with International Financial Reporting Standards under the historical cost convention, and are presented in the functional currency, Kenya Shillings (Shs). The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of estimates and assumptions. It also requires management to exercise its judgement in the process of applying the accounting policies adopted by the business. Although such estimates and assumptions are based on the proprietors' best knowledge of the information available, actual results may differ from those estimates. b) Revenue recognition Turnover represent the fair value of consideration received or receivable for the provision of services. Sale of services are recognised in the period in which the proprietor offers the service to the customer, the customer has accepted the service and the collectibilty of the related receivables are reasonable assured. c) Property, plant and equipment All categories of property, plant and equipment are initially recognised at historical cost.all other items of property, plant and equipment are stated at historical cost less accumulated depreciation. Subsequent costs are included in the asset's carrying value only when it is probable that future economic benefits associated with the item will flow to the business and the cost of the item can be measured reliably. Repairs and maintenance is charged to the profit and loss account in the year to which it relates. Depreciation is provided at rates culculated to write off the costs of the fixed assets, less their estimated residue value, over their expected useful life on the following bases: Rate - % Computers 30% Fixtures & Fittings 12.5% d) Cash and cash equivalents Cash and cash equivalents include cash in hand, term and call deposits with banking institutions and other short-term highly liquid investments in money market instruments with maturities of three months or less from the date of acquisition. 8

12 Premier Foods Industries Limited For the year ended 31st December 2001 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2. Segmental reporting The predominant business of the company is... The other activities do not come within the "significant" parameters as set out in the International Accounting Standard No. 14 and accordingly have not been separately reported. In case of multinational or transnational companies, the following information is required for each separable segment: i) the total carrying amount of segment assets; ii) the segment liabilities; iii) the capital expenditure; iv) the depreciation and amortisation expense; v) any revenue or expense whose disclosure might be relevant to the company; vi) the total amount of non-cash expenditure other than depreciation or amortisation. (Note: inter-segmental transfers must be eliminated). 11

13 NOTES 2. Property, Plant & equipments Furniture Totals Computers & Equipments COST Kshs. - Kshs. - Kshs. - Acquisitions 100, , , , , ,500 DEPRECIATION Charge for the Year 30,000 19,438 49, ,000 19,438 49,438 NET BOOK VALUE , , , Financial risk management objectives and policies The proprietors activities expose her to a variety of financial risks including credit, liquidity and changes in market prices of the business's services. The proprietor's overall risk management programme focuses on unpredictability of changes in the business environment and seeks to minimise the potential adverse effect of such risks on its performance by setting acceptable levels of risk. The proprietor does not hedge any risks and has in place policies to ensure that credit is extended to customers with an established credit history. 4 Critical accounting estimates and judgements The proprietor makes estimates and assumptions that affect the reported amounts of assets and liabilites within the next financial period. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including experience of future events that are believed to be reasonable under the circumstances. i) Property, plant and equipment Critical estimates are required in determining the depreciation rates for property, plant and equipment. The management determines these rates of depreciation based on their assessment of the useful lives of the various items of property, plant and equipment. ii) Provision for liabilities and charges Provisions are recognised when the proprietor has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. 9

14 NOTES 5 INCOME EXPENDITURE ANALYSIS German Embassy BILD hilft e.v Willi Lemke Natasha Muller Total 6 INCOMES Grants 1,305, ,788, , , ,808, EXPENDITURE 1,305, ,788, , , ,808, (A) Program cost Skills Development & Economic empowerment 900, ,500 - School fees & Books for Library stocking - 522, ,000 70,400 Special Education facilities & enhancement - 345,340 - Sports for peace & Development 71, , , ,500 70,400 2,454, (B) Pesonell cost 105, , , , , , , (C) Administraive cost Rent 54, Printing &stationery 5, ,500 3,220 - Postage & Delivery 1, ,400 - Telephone & Internet 7, Electricity 7, ,250 - Allowances 31, ,000 21,500 - Transport - 22,400 30,130 10, , , ,500 10, , (D) Travelling & Accomodation 104, , , TOTAL EXPENDITURE 1,287,660 1,318, , ,800 3,317,905 PROJECTS SURPLUS/(DEFICIT) 17, ,470,195-3,200 1,490, Shs 8 Deposits & prepayments Trade receivables 12,000 12,000 9 Cash and cash equivalents For the purpose of the cash flow statement, cash and cash equivalents comprise the following: Cash and current account balances 648, Trade and other payables Audit & accountancy 25, , Other Cash Investments Investments in Old Mutual Donations-Bestplace Investments 512, ,