HOW TO WRITE A FINANCIAL STATEMENT FOR AN ORGANISATION | FEASIBILITY STUDY | BUSINESS PLAN

CASE STUDY OF

EDDA WEST DEVELOPMENT CENTRE

IGBARA EDDA

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FINANCIAL STATEMENT FOR THE YEAR ENDED 31^ST 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 31^st 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 31^ST 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 31^ST DECEMBER, 2014

ASSETS	Note	Actual 2014 N	Actual 2012 N
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 31^ST DECEMBER, 2014

ACTUAL YEAR		NOTES	BUDGETED 2014 N	ACTUAL 2014 N	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

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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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