UMARU MUSA YAR'ADUA UNIVERSITY KATSINA, KATSINA STATE

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1 UMARU MUSA YAR'ADUA UNIVERSITY KATSINA, KATSINA STATE FINANCIAL REPORT FOR THE YEAR 2015

2 PRINCIPAL OFFICERS & PROFESSIONAL ADVISERS COUNCIL MEMBERS Engr. Musa D. Abdullahi, MFR Pro-Chancellor Chairman Prof. Idris Isa Funtua Vice Chancellor Member Prof. Danjuma Maiwada External Member Member Prof. Halimatu Sa adiya Idris External Member Member Dr. Rabe Nasir External Member Member Alhaji Aminu Bello K/Bai Permanent Secretary, Member Ministry of Finance, Budget Economic Planning Katsina State Dr. Badamasi Lawal Special Adviser Member Dept. of Higher Education Katsina State Dr. Sunusi Mamman Deputy Vice Chancellor (Adimin) Member Dr. Mani Ahmed Rep. of the Senate, UMYU Member Dr. Abdulhamid Ahmed Rep. of the Senate, UMYU Member Dr. Muhammad Saleh Salga Rep. of the Congregation Member Abdu Halliru Abdullahi, FNIM Registrar, UMYU Secretary PRINCIPAL OFFICERS Professor Idris Isa Funtua Dr. Sunusi Mamman Abdu Halliru Abdullahi Abubakar Muhammad Misbahu Na iya Katsina REGISTERED OFFICE Vice Chancellor, UMYU DVC (Administration), UMYU Registrar Bursar Librarian Dutsin-ma Road PMB 2218 Katsina, Katsina State Nigeria

3 BANKERS Stanbic IBTC Bank Plc Keystone Bank Plc Unity Bank Plc First Bank Nig. Plc Zenith Bank Plc Fidelity Bank Plc Diamond Bank Plc Mainstreet Bank Plc JAIZ BankPlc Guaranty Trust Bank Plc UBA PLC AUDITORS Messrs Mayowa Onanibosi & Co. (Chartered Accountants) A3 Ahmadu Bello Way Box 414 Kaduna Tel:

4 REPORT OF THE VICE CHANCELLOR It is with great delight that I present to you the financial performance of Umaru Musa Yar adua University for the year ended 31 st December, FINANCIAL PERFORMANCE The Net Assets of the University as at 31 st December, 2015 stood at N15,875,343,139 against N14,495,290,002 as at 31 st December, 2014 resulting in an increase of N1,380,053,137. The increase is mainly attributable to surplus due to rise in the University s Internally Generated Revenue. THE FUTURE The Management of the University is optimistic that year 2016, will present an improved operating environment compared with the year under review, and that the performance in year 2015 will be greatly enhanced. Finally, I wish to express sincere appreciation to the Chairman and Members of the Council and the Management Staff of the University and indeed all other Stakeholders, without whose support and contributions we would neither achieve the successes of 2015 nor would we be looking forward, as we indeed do to a strong year Thank you. Professor Idris Isa Funtua Vice Chancellor

5 REPORT OF THE GOVERNING COUNCIL The Council of Umaru Musa Yar'Adua University, Katsina is pleased to present here the Operating Report and Financial Statement of the Institution for the year ended 31st December,2015. PRINCIPAL ACTIVITIES The principal activities of the University among other shall continue to be advancement of learning through provision of regular courses of Instruction, Research, Scholarship, Sound Moral Principles and National Unity. RESULT FOR THE YEAR Find below the summary of the Income and Expenditure of the University for the year ended 31st December, 2015 N Total Income 2,967,253,368 Total Expenditure 2,612,698,618 Surplus for the Year 354,554,750 Depreciation for the year (617,694,917) Surplus / (Deficit) for the year (263,140,167) LEGAL STATUS Umaru Musa Yar'adua University was established with perpetual succession, a common seal and power to sue and be sued in its corporate name by law No.7, Katsina State of Nigeria, and came into effect on 19th September, AUDITORS The Auditors, Messrs Mayowa Onanibosi& Co. (Chartered Accountants) have indicated their willingness to continue in office as External Auditors to the University.

6 REPORT OF THE AUDITORS We have audited the Financial Statements on page 7 to 9 which have been prepared on the basis of accounting policies set out on page 6. RESPECTIVE RESPONSIBILITIES OF THE MANAGEMENT AND AUDITORS The Management is responsible for the preparation of the Financial Statements. It is our responsibility to form an independent opinion, based on our audit, on those statements and to report our opinion thereon. BASIS OF OPINION We conducted our audit in accordance with generally accepted auditing Standards. An audit includes examination, on a test basis, of evidence relevant to the amounts of disclosures in the Financial Statements. It also includes an assessment of the significant estimates and judgments made by the Management in the preparation of the Financial Statements, and of whether the accounting policies were appropriate to the Institution s circumstances and consistently applied, and adequately disclosed. We planned and performed the 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 from material misstatement, whether caused by fraud or other irregularities or errors. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Financial Statements. We have examined the Books of Accounts of the University and have obtained all the information and explanations which we considered necessary. The accounts are in agreement with the books of accounts. OPINION In our opinion, the Financial Statements give true and fair view of the state of the University's affairs as at 31 st December, 2015 and of thedeficit and Cash Flow for the year then ended, and have been prepared in accordance with statement of Accounting Standards Government guidelines. Mayowa Onanibosi& Co. (Chartered Accountants) issued by NASB and other relevant DATE: KADUNA, NIGERIA

7 BASIS OF ACCOUNTS These Financial Statements have been prepared under the historical cost convention. FIXED ASSETS Fixed Assets are stated at cost less accumulated depreciation. DEPRECIATION Building 2% Motor Vehicle 25% Plant and Machinery 10% Office Furniture, Fittings &Equipments 10% Household Furniture and Equipments 20% Classroom Furniture & Equipment 10% Library Furniture & Equipment 10% Laboratory/Teaching Equipment 10% Academic Robes 10% Library Books 10% Computer Hardware 20% Infrastructural Facilities 10% STOCK Stock are stated at the lower of cost and net realizable value. INCOME Income is recognized on the basis of cash received from the Government in form of Subvention/Grants and internally generated revenue or donations. INVESTMENTS Investments are stated at cost CONTRACT GRATUITIES Contract gratuities are calculated on cash flow basis.

8 BALANCE SHEET AS AT 31 ST DECEMBER, =N= =N= =N= =N= ASSETS EMPLOYED Fixed Assets 11,140,939,573 9,799,983,189 Work In Progress 1,580,205,232 1,253,406,844 Investment 604,530, ,504,997 13,325,675,249 11,674,895,030 CURRENT ASSETS Stock 37,076,785 - Debtors & Prepayments 29,956,209 35,922,029 Short Term Investments 1,577,127,968 2,582,557,000 Bank and Cash Balances 979,470, ,988,063 2,623,631,200 2,848,467,092 CURRENT LIABILITIES Creditors & Accrued Charges 73,963,310 28,072,120 73,963,310 28,072,120 Net Current Assets 2,549,667,890 2,820,394,972 Total Assets 15,875,343,139 14,495,290,002 FINANCED BY: Capital Grant 300,203, ,203,441 Grants / Endowment Funds 107,785, ,379,702 Katsina State Government 9,938,391,507 9,938,391,507 Education Trust Funds Grant 6,345,307,012 4,740,596,012 Accumulated Funds (816,344,164) (590,280,660) 15,875,343,139 14,495,290,002

9 INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 ST DECEMBER, =N= =N= =N= =N= INCOME Recurrent Subvention 1,916,194,803 1,521,921,000 Other Subvention 601,333, ,324,985 Internally Generated Income 449,725, ,862,123 2,967,253,368 2,258,108,108 Less: Expenditure General Academic Expenses 488,320, ,976,479 Staff Costs 1,805,746,702 1,463,122,539 Administrative & General Expenses 246,714, ,242,929 Repairs & Maintenance Cost 63,928,198 54,718,413 Financial Cost 7,988,702 5,775,379 2,612,698,618 2,085,835,739 Surplus (Deficit) before Depreciation 354,554, ,272,369 Depreciation (617,694,917) (519,444,386) Surplus/(Deficit) for the year (263,140,167) (347,172,017) Prior Year Adjustment 37,076,663 (19,281,615) Accumulated fund B/Forward (590,280,660) (223,827,028) Accumulated fund C/Forward (816,344,164) (590,280,660)

10 CASHFLOW STATEMENT FOR THE YEAR ENDED 31 ST DECEMBER, 2015 Cash Flow from Operating Activities =N= =N= Surplus/(Deficit) for the year (263,140,167) (347,172,017) Depreciation of Fixed Assets 617,694, ,444,386 Depreciation on Asset Disposed - 4,237,500 Prior Year Adjustment 37,076,663 (19,281,615) Working Capital Changes 391,631, ,228,254 (Increase)/Decrease in Stock (37,076,785) 7,440,959 (Increase)/ Decrease in Debtors 5,965, ,105,961 Increase/ (decrease) in Creditors 45,891,190 (170,686,935) Cash Flow from Investing Activities 406,411, ,088,239 Short Term Investment 1,005,429,032 (1,436,557,000) Work in Progress (1,721,064,635) (1,706,405,649) Add: Takeover Asset 1,394,266,247 1,447,307,956 Addition of Fixed Assets in the Year (1,958,651,301) 1,790,360,089) Cash Flow from Financing Activities (873,609,019) (3,321,926,543) Long Term Investment 16,974,553 (39,771,078) Capital Grant (Endowment Fund) 1,405, ,634,834 Tetfund Grand 1,604,711,000 2,935,974, ,482,175 (217,088,368) Cash and Cash Equivalent at the Beginning of the year 229,988, ,076,431 Cash and Cash Equivalent at the end of the year 979,470, ,988,063

11 UMARU MUSA YAR'ADUA UNIVERSITY, KATSINA ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2015 FIVE YEAR FINANCIAL SUMMARY BALACE SHEET =N= =N= =N= =N= =N= '000 '000 '000 '000 '000 11,140,940 9,799,983 8,533,305 8,815,481 7,849,203 1,580,205 1,253, , , , , , , , ,272 13,325,675 11,674,895 10,109,348 10,018,704 8,615,533 37,077-7,442 3,500 4,684 29,956 35, ,028 44,733 30,133 1,577,128 2,582,557 1,146, , , , , , , ,151 2,623,631 2,848,467 1,806,546 1,728,465 1,163,593 15,949,306 14,523,362 11,915,894 11,747,169 9,779,845 73,963 28, ,759 19,940 17,334 73,963 28, ,759 19,940 17,334 15,875,343 14,495,290 11,717,135 11,727,229 9,762,511

12 UMARU MUSA YAR'ADUA UNIVERSITY, KATSINA ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2015 FIVE YEAR FINANCIAL SUMMARY BALACE SHEET =N= =N= =N= =N= =N= '000 '000 '000 '000 ' , , , , , , , , , ,829 9,938,392 9,938,392 9,730,488 9,730,488 8,537,038 6,345,307 4,740,596 1,804,622 1,267, ,541 (816,344) (590,281) (223,827) 327, ,900 15,875,343 14,495,290 11,717,135 11,727,229 9,762,511 1,916,195 1,521,921 1,298,384 1,365,257 1,251, , , , , , , , , , ,085 2,967,253 2,258,108 1,731,001 1,971,713 1,655, , , , , ,113 1,805,747 1,463,123 1,181,613 1,187,979 1,068,691

13 UMARU MUSA YAR'ADUA UNIVERSITY, KATSINA ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2015 FIVE YEAR FINANCIAL SUMMARY BALACE SHEET =N= =N= =N= =N= =N= '000 '000 '000 '000 ' , , , , ,153 63,928 54,718 50,161 59,783 44,629 7,989 5,775 3,660 1,964 1,445 2,612,699 2,085,836 1,759,489 1,588,778 1,394, , ,272 (28487) 382, ,501 (617,695) (519,444) (434775) (413,278) (335,057) (263,140) (347,172) (463,262) (30,343) 216,501 37,077 (19282) (88,087) 6,964 6,368 (590,281) 223, , , ,089 (816,344) (590,281) (223,827) 327, ,901

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