INSTITUITION OF ENGINEERING AND TECHNOLOGY (GH) BOARD OF COUNCIL MEMBERS, OFFICIAL AND REGISTERED OFFICE

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1 INSTITUITION OF ENGINEERING AND TECHNOLOGY (GH) BOARD OF COUNCIL S, OFFICIAL AND REGISTERED OFFICE PRESIDENT 1ST VICE PRESIDENT 2ND VICE PRESIDENT IMMEDIATE PAST PRESIDENT PAST PRESIDENT EXECUTIVE SECRETARY AUDITORS: SOLICITORS: REGISTERED OFFICE BANKERS: ENGR. E.K. BOADU ENGR. FRANCIS L.QUAYE ENGR. SYLVESTER MAGLO REV.DR ENGR.E.O.ANKRAH ENGR.K.OFORI BRUKU ENGR. EMMANUAL AGBEDOZAH ENGR.RICHARD OMARI-SAFO ENGR.R.TETTEHTSU KWAO ENGR.EMMANUEL AKABUTU ENGR.JOHN BENTOOM ENGR.ALHAJI ISS-HAK OMAR ENGR.STEPHEN BISMARK AMPONSAH ENGR.SEBASTIAN DEH ENGR.G.K.AYERTOR ING.TETTEH JOHN ENGR. E.W.K. DONKOR OPOKU,ANDOH & CO CHARTERED ACCOUNTANTS ACCOUNTANCY HOUSE SDA 8 COMMUNITY 5 P.O. BOX Co 1364 TEMA K-SAN LAW FIRM ANONA HOUSE,C125 SUBUKWE CLOSE OFF FARRAR AVENUE,ADABRAKA-ACCRA SCIENCE MUSEUM & TECHNOLOGY COMPOUND P.O. BOX AN11615 ACCRA - NORTH SG -BANK LIMITED STANBIC BANK ii

2 INSTITUTION OF ENGINEERING AND TECHNOLOGY (GH) INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, In Ghana Cedis NOTE Income 3 324, ,961 Administrative & General Expenses 4 323, ,166 Net Surplus Transferred to Accumulated Fund Account 1,437 53,795 INCOME SURPLUS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, Balance at 1st January, ,509 78,714 Loss for the Year 1,437 53,795 Balance at 31st December, 2017 Per the Balance Sheet 133, ,509 2

3 INSTITUTION OF ENGINEERING AND TECHNOLOGY (GH) STATEMENT OF FINANCIAL STABILITY AS AT 31ST DECEMBER, In Ghana Cedis FIXED ASSETS NOTE Land and Equipments 5 37,003 41,074 CURRENT ASSETS Account Receivable 6 85,969 44,123 Bank and Cash Balance 16,974 53, ,943 97,435 CURRENT LIABILITIES Account Payable 7 6,000 6,000 NET CURRENT ASSETS 96,943 91,435 NET ASSETS 133, ,509 FINANCED BY: Accumulated Fund 133, , , ,509 PRESIDENT EXECUTIVE SECRETARY 3

4 NOTES FORMING PART OF FINANCIAL STATEMENTS OF INSTITUTION OF ENGINEERING AND TECHNOLOGY, (GH) FOR THE YEAR ENDED 31ST DECEMBER, ACCOUNTING POLICIES The following are the principal accounting policies adopted by the Institute and have been used in preparing these accounts. i. ACCOUNTING CONVENTION These accounts have been prepared under the historical cost convention. ii. DEPRECIATION Depreciation is computed on a straight line basis at the rate calculated to write off the cost of each asset over its estimated economic useful life. The annual rates are as follows: Land - - Furniture, Fittings & Equipment - 10% b. Account Receivable These are stated after providing for specific debts considered to be doubtful. c. Account Payable They represent normal business commitments and none has a charge on the assets of the Institute. 3. INCOME The following is the breakdown of the above: They are mainly dues, subscriptions and donation Dues,Subscription & Donations 324, ,961 TOTAL 324, ,961 4

5 4. ADMINISTRATIVE AND GENERAL EXPENSES Honorarium 4,500 3,000 Meeting Allowances 37,955 33,050 Audit & Accounting Fees 6,000 6,000 Salaries & Wages 116,712 76,724 Bonus - 3,579 Social Security Contribution 8,681 7,290 Income Tax 17,108 10,307 Staff Welfare 3,201 3,500 Annual Leave Expenses - 7,415 Medical Expenses 2,100 8,148 Telephone & Postage 4,350 6,285 Annual General Meeting Expenses 4,410 - Subscription & Periodicals 2,500 2,200 Cleaning & Sanitation Travelling & Transport 15,335 13,264 Entertainment & Public Relations 21,540 25,109 Advertising and Publicity 23,025 17,500 Printing & Stationery 8,873 23,316 Provident Fund 6,713 4,794 Electricity & Water 11,341 13,942 Hiring Expenses Donation 2,500 2,600 Bank Charges 1,161 1,143 Ex-Gratia Benefit - 4,820 Registration & Licensing 1,500 4,300 Northern Sector Expenses 5,000 3,000 Southern Sector Expenses 5,000 3,000 Consultancy Fees Fuel & Lubricants 7,250 6,000 Repairs & Maintenance Fixed Assets 1,140 2,413 Depreciation - Fixed Assets 4,071 4,071 TOTAL 323, , FIXED ASSETS Land & Furniture Building & Fittings Project Equipments Total COST At 1/1/ ,269 40,710 58,979 Additions At 31/12/ ,269 40,710 58,979 DEPRECIATION RESERVE At 1/1/ ,905 17,905 Charge For The Year - 4,071 4,071 31/12/ ,976 21,976 5

6 NET BOOK VALUE At 31/12/ ,269 18,734 37,003 At 31/12/ ,269 22,805 41, ACCOUNTS RECEIVABLE Trade Debtors 85,969 44,123 85,969 44, ACCOUNTS PAYABLE Audit Fees 6,000 6,000 6,000 6,000 6