CASE STUDY OF
EDDA WEST
DEVELOPMENT CENTRE
IGBARA EDDA
THIS IS A SAMPLE | WE ARE PROFESSIONALS IN WRITING
FINANCIAL
STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 20....
DATE:……………………………
TABLE OF
CONTENTS PAGES
Statement No.1:
Statement financial Reasonability 1
Statement No.3:
Cash Flow Statement 2-3
Statement No.4:
Statement of Assets and
Liabilities 4
Statement No.5
Statement of Revenue and expenditure 5
Statement No.6:
Note to the Financial Statement 6-12
STATEMENT NO.
1
EDDA WEST
DEVELOPMENT CENTRE, IGBARA EDDA
Responsibility
for Financial Statement:
These financial statements have been prepared by
finance officer of EDDA WEST DEVELOPMENT CENTRE, IGBARA EDDA in accordance with
provisions of the finance (Control and Management) act 958 as amended. The
financial statement comply with general accepted accounting practice.
The Finance Officer is responsible for establishing
and maintaining a system of internal control designed to provide reasonable
assurance that the transaction recorded are within statutory authority and
properly record the use of public financial resources by EDDA WEST DEVELOPMENT
CENTRE, IGBARA EDDA. To the best of our knowledge, this system of internal
controls has operated adequately throughout the reporting Period.
…………………………… ……………………..
Finance
Officer Date
We accept responsibility for the integrity of this
Financial Statement, the information they contain and their compliance with the
finance (Control and Management) act 1958 as amended.
In our opinion, these financial, statement fairly
reflect the financial position of EDDA WEST DEVELOPMENT CENTRE, IGBARA EDDA as
a 31st December 2014 and its operation for the period ended on that
date.
………………………. ……………………
(Finance Officer) Date
………………………. ……………………
(Coordinator) Date
STATEMENT NO.3
EDDA WEST
DEVELOPMENT CENTRE, IGBARA EDDA
CASH FLOW
STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2014
CASH FLOW
FROM OPERATING ACTIVITIES
|
Note
|
2014
|
2012
|
RECEIPTS
|
|||
Internally generated revenue
|
-
|
-
|
-
|
Grant/Subvention
|
-
|
-
|
-
|
VAT
|
-
|
-
|
-
|
Statutory Allocation
|
3
|
169,950,167.06
|
154,754,423.09
|
Miscellaneous
|
-
|
124,359.98
|
|
Total
Receipts (a)
|
 169,950,167.06 |
 154,878,783.07 |
|
PAYMENTS
|
|||
Personal Emolument
|
4
|
(57,066,938.66)
|
(62,803,378.72)
|
Education Services
|
(2,040,000)
|
5,182,671.40)
|
|
Transport Services
|
(330,000)
|
(657,000)
|
|
Health Services
|
(1,260,000)
|
(512,000)
|
|
Mining and petrol chemical services
|
-
|
-
|
|
Agricultural Services
|
(240,000)
|
(1,645,000)
|
|
Other of general nature
|
5
|
(78,607,555.11)
|
(69,087,874.80)
|
Total
Payment (b)
|
 139,544,493.77 |
 139,887,924.92 |
|
NET CASH FLOW FROM OPERATING
ACTIVITIES (a-b)
|
30,405,673.29
|
14,990,858.15
|
THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE STATEMENT
CASH FLOW FROM OPERATING ACTIVITIES
|
Note
|
2014
|
2012
|
Purchase/construction of Asset
|
6
|
25,352,000
|
12,357,072,63
|
Purchase of finance instrument
|
-
|
-
|
-
|
Process from sale of Assets
|
-
|
-
|
-
|
Net cash flow from investing activities
|
-
|
5,053,673.29
|
2,633,785.52
|
Cash flow from financing activities
|
-
|
-
|
-
|
Proceeds from loan and other borrowing
|
-
|
-
|
-
|
Divided received
|
-
|
-
|
-
|
Repayment of loan
|
-
|
-
|
-
|
Net cash flow from financing activities
|
|||
Net increase/ decrease in cash & its
equipment
|
-
|
5,053,673.29
|
2,633,785.52
|
Cash and its equivalent as at 1/1/2014
|
-
|
633,785.52
|
4,860,648.19
|
Cash and its equivalent as at 31/12/2014
|
-
|
5,218,220.51
|
633,785.52
|
STATEMENT NO.4
EDDA WEST
DEVELOPMENT CENTRE, IGBARA EDDA
STATEMENT OF ASSETS AND LIABILITY FOR THE YEAR ENDED 31ST
DECEMBER, 2014
ASSETS
|
Note
|
Actual 2014
|
Actual 2012
|
Cash and bank balances
|
7
|
5,218,220.51
|
633,785.52
|
Investment
|
-
|
-
|
-
|
Advances
|
8
|
469,238.30
|
5,060,647.65
|
Total Asset
|
 5,687,458.81 |
 5,694,433.17 |
|
LIABILITIES
|
|||
Deposit
|
-
|
-
|
-
|
Loan
|
-
|
-
|
-
|
General Revenue balance
|
9
|
5,687,458.81
|
5,694,433.17
|
Total
Payment (b)
|
5,687,458.81 |
5,694,433.17 |
THE
ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE STATEMENT
STATEMENT NO.5
EDDA WEST
DEVELOPMENT CENTRE, IGBARA EDDA
STATEMENT OF
REVENUE AND EXPENDITURE FOR THE YEAR ENDED 31ST DECEMBER, 2014
ACTUAL YEAR
|
NOTES
|
BUDGETED
2014
|
ACTUAL
2014
|
VARIANCE
|
|
4,860,648.19
|
Opening balance
|
-
|
633,785.52
|
||
-
|
Add revenue
|
-
|
|||
-
|
Rates
|
-
|
|||
-
|
Fines, fees and licene
|
-
|
533,270
|
-
|
-
|
-
|
Earning and sales
|
-
|
660,270
|
-
|
-
|
-
|
Rent
on LG property
|
-
|
-
|
-
|
-
|
-
|
Interest
payment and dividends
|
-
|
-
|
-
|
|
-
|
Taxes
|
-
|
106,040
|
-
|
-
|
154,754,423.09
|
Statutory
Allocation
|
10
|
228,000,000
|
169,950,167.06
|
58,049,832.94
|
124,359.98
|
Miscellaneous
|
2,200,430
|
-
|
-
|
|
 159739,431.26 |
Total Revenue (a)
|
 231,500,010 |
 170,583,952.58 |
 60,916.057.42 |
|
LESS EXPENDITURE
|
|||||
64,469,080.54
|
General
Administration
|
11
|
72,642,159.01
|
||
24,788.003.90
|
Health
and Environment
|
12
|
25,847,346.51
|
||
8,368,485.49
|
Works
and Housing
|
13
|
8,322,203.99
|
||
14,408,609.54
|
Education
|
14
|
8,254,653.97
|
||
7,166,342.91
|
Agric
& Social Development
|
15
|
2,880,655.18
|
||
-
|
Grants
and subsides
|
-
|
-
|
-
|
|
12,357,072.62
|
Capital
Projects
|
16
|
25,352,000.00
|
||
20,687,402.54
|
Miscellaneous
|
17
|
21,597,475.11
|
||
152,244,997.55
|
Total Expenditure (b)
|
164,896,493.77
|
|||
5,694.433.71
|
Operating balance (a-b)
|
5,687,458.81
|
THIS IS A SAMPLE | WE ARE PROFESSIONALS IN WRITING
EDDA WEST
DEVELOPMENT CENTRE
IGBARA EDDA
STATEMENT NO.6
NOTES TO
FINANCIAL STATEMENT
NOTES1: STATEMENT OF COMPLIANCE WITH KNOWN ACCOUNTING STANDARDS:
·
Compliance with international and Nigeria standards (IAS and SAS)
·
Compliance with FAAC approved format for preparation and presentation
of local government accounts.
NOTES
2: STATEMENT OF ACCOUNTING
POLICES ADOPTED IN THE PREPARATION OF ACCOUNT
·
Basic accounting (cash basis).
The accompanying notes are
an integral part of these statements.
NOTE 3
|
STATUTORY ALLOCATIONS
|
||
Head
|
Sub
|
Month
|
Amount
|
1009
|
1
|
JANUARY
|
18,057,428.51
|
FEBRUARY
|
12,503,752.43
|
||
MARCH
|
10,043,125.56
|
||
APRIL
|
16,688,557.04
|
||
MAY
|
15,836,945.45
|
||
JUNE
|
17,513,170.01
|
||
JULY
|
14,379,783.02
|
||
AUGUST
|
9,750,403.43
|
||
SEPTEMBER
|
10,785,812.58
|
||
OCTOBER
|
11,822,771.78 +8,434,573.34
|
||
NOVEMBER
|
NIL
|
||
DECEMBER
|
12,289,679.65 + 11,844,164.26
|
||
169,950,167.06
|
|||
NOTE 4:
|
PERSONNEL
EMOLUMENT
|
|
Head
|
Department
|
Amount
|
2001
|
POHS
|
4,837,993.26
|
2002
|
Admin
|
4,674,562.01
|
2004
|
Finance
|
5,628,724.07
|
2005
|
PRS
|
490,799.67
|
2006
|
Education and Social Welfare
|
6,214,653.97
|
2007
|
Health
|
24,587,346.51
|
2009
|
Works /Housing
|
7,992,203.99
|
2010
|
Agric & Natural Resources
|
2,640,655.18
|
57,066,938.66
|
||
NOTE 5:
|
OTHERS OF
GENERAL NATURE
|
||
Head
|
Sub Head
|
Department
|
Amount
|
2001
|
2-12
|
Council
|
36,564,500
|
2002
|
2-12
|
Administration
|
6,003,000
|
2004
|
2-12
|
Finance
|
10,108,000
|
2005
|
2-12
|
PRS
|
2,995,080
|
2014
|
1
|
T/Rulers
|
1,339,500
|
2
|
NYSC/IT students
|
970,000
|
|
3
|
Aids control
|
-
|
|
4
|
MCCI
|
540,000
|
|
5
|
NPC
|
660,000
|
|
6
|
NSCDC
|
1,164,000
|
|
8
|
Adult Education
|
1,430,000
|
|
9
|
Contingencies
|
16,833,475.11
|
|
78,607,555.11
|
|||
NOTE 6:
|
PURCHASE/CONSTRUCTION
OF ASSETS
|
|
Head
|
Department
|
Amount
|
Construction of Road
|
9,752,000
|
|
General Administration
|
15,600,000
|
|
25,352,000
|
||
NOTE 7:
|
CASH AND
BANK BALANCE
|
|
Cash at FBN
|
666,635.70
|
|
Cash at Skye Bank
|
4,551,584.81
|
|
5,218,220.51
|
||
NOTE 8:
|
ADVANCES
|
|
Description
|
Amount
|
|
Sundry Advances
|
469,238.30
|
NOTE 9:
|
GENERAL
REVENUE
|
|
Total Revenue
|
169,950,167.06
|
|
Total Expenditure
|
164,896,493.77
|
|
5,694,433.71
|
NOTE 10
|
STATUTORY ALLOCATIONS
|
||
Head
|
Sub
|
Month
|
Amount
|
1009
|
1
|
JANUARY
|
18,057,428.51
|
FEBRUARY
|
12,503,752.43
|
||
MARCH
|
10,043,125.56
|
||
APRIL
|
16,688,557.04
|
||
MAY
|
15,836,945.45
|
||
JUNE
|
17,513,170.01
|
||
JULY
|
14,379,783.02
|
||
AUGUST
|
9,750,403.43
|
||
SEPTEMBER
|
10,785,812.58
|
||
OCTOBER
|
11,822,771.78 +8,434,573.34
|
||
NOVEMBER
|
NIL
|
||
DECEMBER
|
12,289,679.65 + 11,844,164.26
|
||
169,950,167.06
|
|||
NOTE 11:
|
GENERAL ADMINISTRATION
|
||
Head
|
Department
|
Description
|
Amount
|
2001
|
Council
|
Personnel cost and Overhead
|
41,402,493.24
|
2002
|
Administration
|
Personnel cost and Overhead
|
10,677,562.01
|
2004
|
Finance
|
Personnel cost and Overhead
|
15,736,724.07
|
2005
|
PRS
|
Personnel cost and Overhead
|
3,485,879.67
|
2014
|
Traditional Rulers
|
Allowances
|
1,339,500.00
|
72,642,159.01
|
|||
NOTE 12:
|
HEALTH AND
ENVIRONMENT
|
||
Head
|
Description
|
Amount
|
|
2007
|
Personnel cost
|
24,587,346.51
|
|
Overhead
|
1,260,000
|
||
25,847,346.51
|
|||
NOTE 13:
|
WORKS AND
HOUSING
|
||
Head
|
Description
|
Amount
|
|
2009
|
Personnel cost
|
7,992,203.99
|
|
Overhead
|
330,000
|
||
8,322,203.99
|
|||
NOTE 14:
|
EDUCATION
|
||
Head
|
Description
|
Amount
|
|
2006
|
Personnel cost
|
6,214,653.97
|
|
Overhead
|
2,040,000
|
||
8,254,653.97
|
|||
NOTE 15:
|
AGRIC AND
SOCIAL DEVELOPMENT
|
||
Head
|
Description
|
Amount
|
|
2010
|
Personnel cost
|
2,640,655.18
|
|
Overhead
|
240,000.00
|
||
2,880,655.18
|
|||
NOTE 16:
|
CAPITAL
PROJECTS
|
||||
Head
|
Description
|
Amount
|
|||
4008
|
Construction of Roads
|
9,752,000
|
|||
4018
|
General Administration
|
15,600,000
|
|||
25,352,000
|
|||||
NOTE 17:
|
MISCELLANEOUS
EXPENDITURE
|
||||
Head
|
Subhead
|
Description
|
Amount
|
||
2014
|
2
|
NYSC/IT Students
|
970,000
|
||
2014
|
3
|
Aids controls
|
-
|
||
2014
|
4
|
MCCI
|
540,000
|
||
2014
|
5
|
NPC
|
660,000
|
||
2014
|
6
|
NSCDC
|
1,164,000
|
||
2014
|
7
|
Adult Education
|
1,430,000
|
||
2014
|
8
|
Contingencies
|
16,833,475.11
|
||
21,597,475.11
|
|||||
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