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NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMBER 30, 2020 CONTENT PAGE(S) PROJECT OFFICERS, PROFESSIONAL ADVISERS, ETC. 2 REPORT OF THE PROJECT MANAGEMENT TEAM 3-4 STATEMENT OF THE PROJECT MANAGEMENT RESPONSIBILITIES 5 AUDITORS REPORT 6 STATEMENT OF ACCOUNTING POLICIES 7-8 STATEMENT OF FINANCIAL POSITION 9 STATEMENT OF FINANCIAL PERFORMANCE 10 STATEMENT OF CASH FLOW 11 NOTES TO THE ACCOUNTS 12-14 SUMMARY OF PROJECT INFLOW & OUTFLOW PERFORMANCE 15 1 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMBER 30. 2020 SENIOR PROJECT MANAGEMENT 1. Dr. Emmanuel Meribole - DPRS 2. Mr Bolaji Oladejo - Principal Investigator 3. Udechukwu Obi Osakwe - Project Accountant 4. Mr Ahmed Isa - Program Officer 5. Nwokedi Nwodo - Procurement Officer 6. Akin Fayinininu - Asst. Project Accountant 7. Mrs. Caroline Abdusalam - Project Internal Auditor IMPLEMENTING AGENCY Nigeria State Health Investment Project (NSHIP) Federal Ministry of Health, 11th Floor, Federal secretariat Complex, Phase III, Ahmadu Bello Way, Central Area, P. M. B. 083, Garki-Abuja. AUDITORS Messrs Akinlolu Akinkuade & Co. (Chartered Accountants) BANKERS Central Bank of Nigeria Standard Chartered Bank (NY) 2 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMBER 30, 2020 REPORT OF THE PROJECT MANAGEMENT TEAM The Project Management Team has the pleasure of presenting this report and accounts for the period ended 30 November; 2020. Project Overview The Nigeria State Health Investment Project (NSHIP), is a World Bank Assisted Project whose major objectives are to improve the delivery and use of high impart maternal and child health interventions improve care at selected facilities in the participating states, by ensuring pro-poor focus. The Project was negotiated by the Government of Nigeria and the World Bank on March 1, 2012 and approved by the Board of the World Bank on April 12, 2012. The Project which has a five (5) year life span, became effective on October 11, 2012 and is expected to close on June 30, 2018 but extended to close on May 30, 2020. Three states: Adamawa, Nasarawa and Ondo States are participating in the project as a pilot scheme, while the Federal Ministry of Health is the supervising Ministry. Functions of the Team * The Team has the overall responsibilities of project planning, execution and monitoring. * They interface with World Bank and equally ensure that funds are disbursed in line with the requirement of the World Bank, * They have the responsibilities of preparing the accounts of NSHIP, render quarterly returns of * Income and expenditure and end of financial statement. * They ensure adequate internal control policy, continuous audit of the project and render quarterly audit report to World Bank. Funding the Project The NSHIP total project cost was US$ 170m. USS150m to be borrowed from International Development Association (IDA); and US$20m to be funded through Health Results Innovation Trust Fund. However, Federal Government of Nigeria contributed to the project. Expenditure of the Project The disbursement of the fund is designed in two components with provision for contingencies as follows: 3 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMBER 30, 2020 REPORT OF THE PROJECT MANAGEMENT TEAM (CONT.D) Component 1: Result Based Financing (RBF) - US$122m; the project aims to strengthen service delivery and institutional performance by using two RBF approaches which are: * Performance Based Financing (PBF) for outputs of health facilities and Local Government Area Primary Health Care (LGA PHC) Departments. * Disbursement Link Indicators (DI-I) at State and I-GA level. Component 2: Technical Assistance (TA) - US$12m; for (i) Strengthening of States Projects implementation capacity. (ii) Support to Federal, State, LGA and facility levels to manage and operate the RBF approach. * Overall project management activities, as well as Monitoring and Evaluation (M&E) activities aimed at providing independent assessment of results and building national capacity for M&E. They are divided as follows: * Federal Ministry of Health: US$ 10m. * National Primary Health Care Development Agency (NPHCDA): US$ 12m Contingencies: US$ 12.2m 4 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMBER 30, 2020 STATEMENT OF THE PROJECT MANAGEMENT RESPONSIBILITES The International Public Sector Accounting Standards (IPSAS) and the Project implementation Manual (PIM) require the Project Management Team to prepare financial statement for each financial year that gives a true and fair view of state of financial affairs of the NSHIP at the end of the period and of its excess or deficit. The responsibilities include: a) Keep proper accounting that disclose, with reasonable accuracy, the financial position of NSHIP and comply with requirement of IPSAS. b) Establish adequate internal control to safeguard its assets and to prevent and detect fraud and other irregularities in line with S.3.3 of PIM. c) Prepare annual financial statements in accordance with IPSAS and S.3.4 of PIM, using suitable accounting policies supported by reasonable prudent judgements and estimates, and are consistently applied. The Management Team accepts responsibility for the annual financial statement, which has been prepared using appropriate accounting policies supported reasonable and prudent judgements and estimates, in conformity with International Public Sector Accounting Standard (IPSAS) as issued by International Public Sector Accounting Standard Board (IPSASB) and the requirement of the Nigeria State Investment Project (NSHIP) Project Implementation Manual. The Management Team is of the opinion that the financial statement gives a true and fair view of the state of financial affairs of NSHIP and of its excess for the period ended 30t November, 2020. The Management further accepts the responsibility for the maintenance of accounting records that may be relied upon in the preparation of the financial statement, as well as adequate system of internal financial control. The project came to close on May 29, 2020. However, the last transaction on the bank statement which was the refund of unspent balances to the IDA and Trust Fund were carried out in November 2020. Mr Bolaji Oladejo Mr. Udlchukwu Csakwe Principal Investigator Projet Accountant 5 AKINLOLU AKINKUADE & CO. A AINKADE o ADCGUN ' JA ADEMEH N A OASEH NDE REPORT OF THE AUDITORS ON THE FINANCIAL STATEMENTS OF THE NIGERIA STATE HEALTH INVESTMENT PROJECT (WORLD BANK ASSISTED - PROJECT ID P120798) FOR THE PERIOD ENDED NOVEMBER 30, 2020 We have audited the financial statements of the Nigeria State Health Investment Project for the period ended November 30, 2020 as set out on page 9 to I I and prepared on the basis of accounting policies on page 7-8. The project is financed by International Development Association (IDA) and Department for International Development (DFID). Respective Responsibilities of Project Management and Auditors The Project Team coordinates the activities of the Project and as such is responsible for the preparation of the financial statements. It is our responsibility to express an independent opinion, based on our audit, on those financial statements prepared by the Project Team. Basis of Opinion We conducted our audit in accordance with generally auditing standards and international standards on auditing of non-profit making organizations. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the estimates and judgments made by the project officers in the preparation of the project financial statements, and whether the accounting policies are appropriate to the projects and circumstances, and were consistently applied and have been adequately disclosed. We planned and performed our audit so as to obtain all 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 mis-statements, whether caused by fraud, other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of the project financial statements. Opinion In our opinion, the project financial statements give a true and fair view of the financial position and of the cash flow of the project for the period ended November 30, 2020, and have been properly prepared in accordance with the Development Credit Agreement and International Standards on Auditing (ISA) promulgated by the International Federation of Accountants (IFAC). The Statements of Special Account (SA) of the Project have been prepared on the basis of cash deposit and withdrawals for purposes of complying with the credit agreement and give a true and fair view of the beginning and ending balances of the account activity for the period ended November 30, 2020. The procedures adopted in acquiring assets (goods) ensure the achievement of economy, efficiency and effectiveness in conformity with the IDA and DFID procurement guidelines. In our opinion, the counterpart funds have been provided in accordance with the financing agreement, and have been properly used for project purposes: all payments from this account are properly backed up by relevant supporting documents, and are all properly recorded in the books of accounts. KANO, NIGERIA Signed April 1, 2021 AKINLOLU AKINKUADE B.Sc, MBA, FCA FRC/2013/ICAN/00000003031 FOR: 3 WIN! 01 T T *V)JNk!I4DE & CO. NTANTS) S040217777 IBADAN 7.>c. ' , LAGOS JALINGO NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMEBER 30. 2020 a) Basis of Accounting: The financial statements have been prepared under the historical cost convention and in accordance with the accrual basis of International Public Sector Accounting Standards (IPSAS) b) Property, Plant and Equipment: They are stated at cost less accumulated depreciation or impairment loss. The initial cost of an assets comprises of its purchases price or construction costs, any cost directly attributable to bring the asset into operation. Within the period, there was no impairment recorded on the Property, Plant and Equipment, hence no basis for revaluation of the assets. Derecognition of Property, Plant and Equipment An item of Property, Plant and Equipment is derecognized upon disposal or when no future economic benefits are expected to arise from continued use of assets. Upon disposal or retirement of the property, plant and equipment, the cost and related accumulated depreciation are moved from the financial statements and any resulting gain or loss is recognized arising on derecognition of asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the excess or deficit in the period in which the item is derecognized. c) Depreciation: Property, Plant and Equipment are depreciated on straight line basis at rates considered adequate to write off their cost over the estimated useful life. The rates applied during the year are as follows: Motor Vehicles 20 Furniture and Fittings 20 Office Equipment 20 7 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMBER 30. 2020 d) Inventories Inventories are assets held in the form of materials or supplies to be consumed or distributed in the rendering of services. Inventories are stated at the lower of costs and net realizable value, determined under first-in, first-out (FIFO) method. Net realizable value is determined by reference to prices existing at reporting date. e) Foreign currency transaction NSHIP financial statement is presented in Naira as the functional currency. Transaction balances: Transactions in foreign currencies are initially recorded at the functional currency spot rate at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange ruling at the reporting date. Differences arising on settlement or translation of monetary items are recognized in excess or deficit. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. f) Revenue This consist of revenue from government contributions, IDA Credit and TF grants, exchange gains as well as bank account interest income. g) Employee benefit NSHIP is a project that has initial estimated life span of five years but has been extended for additional two years. The project staffs are drawn from the Federal Ministry of Health and Accountant General of the Federation. The benefit plans in terms of staff emoluments, pensions and gratuity of staff deployed by Ministries and agencies is not the responsibilities of the project but handled by the staff respective parent ministries. However, the emoluments of Project drivers and PA is the responsibility of the project, h) IDA CREDIT: The loans are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. It is measured by the functional currency spot rate as at the date it is recognized. 8 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) STATEMENT OF FINANCIAL POSITION AS AT PERIOD ENDED NOVEMBER 30, 2020 2020 2019 (11 Months) NOTE N N CURRENT ASSETS Cash and Cash Equivalents 1 12,383 289,393,763 Receivables 2 6,345,296 4,334,405 6,357,679 293,728,168 NON-CURRENT ASSETS Property, Plant & Equipment 3 52,624,681 83,218,149 TOTAL ASSETS 58,982,360 376,946,317 DEDUCT:- CURRENT LIABILITIES Accounts Payable 4 2,557,500 3,482,585 Accounts~~~ Pybe_.--- -------------- TOTAL LIABILITES 2,557,500 3,482,585 TOTAL------- LIBLTS-.. ..-------- NET ASSETS 56,424,860 373,463,732 FINANCED BY: World Bank Contribution 1,192,200,862 1,331,339,649 IDI Grant 156,216,249 202,410,000 FGN Contribution 168,367,015 168,367,015 TOTAL OPERATING ACTIVITIES 5 (1,460,359,266) (1,328,652,932) 56,424,860 373,463,732 --------- PRINC7AL NVESTIGATOR PROJECT ACCOUNTANT 9 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) STATEMENT OF FINANCIAL PERFORMANCE FOR THE PERIOD ENDED NOVEMBER 30, 2020 2020 2019 (11 Months) NOTE N N OPERATING REVENUE Exchange Transactions 7 50,284 105,457 Non-Exchange Transactions IDA Credit 8 - 239,855,142 Exchange Gain 9 26,715,455 611,622 26,715,455 240,466,764 TOTAL REVENUE 26,765,739 240,572,221 DEDUCT:- OPERATING EXPENSES Consulting Services 29,936,515 2,982,750 Operating Expenses 64,835,774 146,689,241 Training 32,346,926 16,705,918 Goods . - Maintenance - 1,951,160 TOTAL OPERATING EXPENSES 127,119,215 168,329,069 Deficit/Surplus from Operating Activities (100,353,476) 72,243,152 Depreciation 31,352,858 31,200,980 TOTAL NON-OPERATING EXPENSES 31,352,858 31,200,980 Deficit for the year (131,706,334) 41,042,172 10 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) STATEMENT OF CASHFLOW FOR THE PERIOD ENDED NOVEMBER 30, 2020 2020 2019 (11 Months) N N Deficit/Surplus from ordinary activities (131,706,334) 41,042,172 ADD: Non-Cash Movement Depreciation 31,352,858 31,200,980 Prior Year Adjustment - 3,037,592 (100,353,476) 75,280,744 Increase /Decrease in Accounts Receivable (2,010,891) 13,469,021 Decrease/Increase in Accounts Payable (925,085) (16,917,833) Net Cash flow from Operating Activities (103,289.452) 71,831.932 CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant & Machinery 759,390 35,933,195 Net Cash outflows from Investing Activities (759,390) (35,933,195) CASH FLOWS FROM FINANCING ACTIVITIES - Cash Withdrawn by IDA 185,332,538 - (185,332,538) - Net Increase/Decrease in Cash & Cash Equivalents (289,381,380) 35,898,737 Cash and Cash Equivalent at 1/1/2020 289,393,763 253,495,026 Cash and Cash Equivalent at 30/11/2020 12,383 289,393,763 REPRESENTED BY: Bank Balances 12,383 289,393,763 Cash Balances 12,383 289,393,763 11 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED NOVEMBER 30, 2020 2020 2019 (11 Months) N N 1. CASH AND CASH EQUIVALENT Domiciliary A/C (CBN) (US 34.22@N361.87) 12,383 197,618,348 FGN (CBN 1032) - 214,080 Draw Down A/C (CBN 1048) - 91,561,335 12,383 289,393,763 2. ACCOUNT RECEIVABLES Advances (staff training) 6,345,296 4,334,405 6,345,296 4,334,405 12 и � i ii �� а i ,--i GO � гТ � +.r 11 О� i i ,,,� `� � � `� � �Гi Vг � С � 4б 11 Zt i i � М� N � �--- qG � 1С � 1 �О 11 т-i � � Н,w� �Ач � il�3 �� i ОО 4fi �� � N11 � �1 � � I i° !'? ,^'� , Vi ы N ы 1'�� 1 *"1 � �' iri � � � U/ 11 � 11 i в"1 11 11 � � 1 11 1 � 1 1 �/уΡ� о� 1•ь�1 � � W � � �I (� ' 11 !1 Г 1 � W � r-� LL-i^ � Q� 1 � 1 � �J 1 � 1 � А1 �1 [1 4/ М�у w i�% Q� 1 iV 1 {V � 1 1 rI 11 � 11 � I.� ��� � �м � Гл i� i 90 N�� 1 М+1 Г`7 ы W fV -�ч '� l° Q� i�Q i � Gh i,..� i �rj'1 ЕГj н Cj �.,, А� Г� С.� м и � а, � мэ и � � � �= �� `=' �� � ��~� О LТв � ц'i С'^ о N i � О i� i � i1 ~ ы а�:.. �""1 r�Ci � о "� � w Ц't i {�9 G'ч i[+ i [° ы� ы � W�уΡ� w�i � GT и О'� i `у' +"'! 1�. i N ы �Г ы z W�� р W � i i � ы 11 о � , � � , � �с��� � >�"A,.�Z м � ����W � � в уΡьв� �"7" � 5 � 1 � 11 11 �, VI F-a 1г � 1� ц� �!�L 7 �Г^ ' � �i ! �ь} � �: � ; � 1 � 11 � 11 � а � �-1 � ` � r".. f � � у�^ � 1 � � �n�! � 11 W ���в�у � [� � 1 1 1 1 � 1 �J 11 1в�1 � Г�' � 1 � i � � 1'� 1 Q'11й ® 11 1 � 1 1 � и �n 11 �^. �1 � W 1.iЭ � N 1 iV � �..[ � 1 V) 1 OQ ы ('Г} 11 i i i т�1 � 11 .-1 ы ����� �у р"'� i i i i �++. 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TOTAL OPERATING ACTIVITIES Balance brought forward (1,328,652,932) (1,372,732,696) Prior Year Adjustment 3,037,592 Deficit for the year (131,706,334) 41,042,172 -------------- -------------- (1,460,359,266) (1,328,652,932) 6. PRIOR YEAR ADJUSTMENT 3,037,592 -------------- -------------- 3,037,592 7. SUNDRY INCOME Interest Income 50,284 105,457 8. IDA CREDIT FOR THE YEAR Replenishment-FM HSDP/11 239,855,142 Lom Withdrawal-FM HSDP/12(US 512,185.06) 125,981,114 111,126,239 9. EXCHANGE GAIN Closing rate - 0.95k Bal in Dom (withdrawal) 26,715,455 611,622 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) FEDERAL MINISTRY OF HEALTH (WORLD BANK ASSISTED - PROJECT ID P120798) SUMMARY OF INFLOWS AND OUTFLOWS FROM INCEPTION INFLOWS US$ N IDA CREDIT 6,889,972 1,432,933,887 Trust Fund 1,172,347.11 169,774,031 Federal Govt. Contribution 168,367,015 Interest Received 4,140,680 Exchange Gain Rate 296,443,247 TOTAL INFLOWS 2,071,658,860 DEDUCT:- OUTFLOWS Office Equipment 90,298,074 Furniture & Fittings 24,027,866 Motor Vehicles 37,440,000 Consultancy Services 749,278,382 Training 426,388,682 Advances 6,345,296 Non Consultancy Services 8,379,090 Operating Cost 566,392,783 Loan Recovery __63,09.3)4 2,071,646,477 Cash and Cash Equivalent 12,383 15