CASE STUDY OF
EDDA WEST DEVELOPMENT CENTRE
IGBARA EDDA
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. |
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 < /td> |
– |
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 |
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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