I I I I I I I from the British people I I Girls PASS-Component No. 202493-105 I Project Audit Report and Financial Statemen I for the year ended 31st December, 2015 I I I I I 2]1:h June, 2016 I I GHANA EDUCATION SERVICE I GIRLS PASS PROGRAMME ACCOUNT I I TABLE OF CONTENT Audit Report 11-111 I Statement of Financial Performance 2 I I Statement of Reserve 3 I Statement of Financia l Position 4 I Notes to the Accounts 5-8 I I I I I I I I I I 1 I I I AUDIT SERVICE I lr I\( 1f1rph tlH· ;11111 thlt "' 1!1 1 I 11111, ' ( ' 'I I ,fll ,tftl 1'.( U ll ll n J '''NI ~,, ~~/v.;,-:_/Mf>/?~ ( ~ I I '""I(, I \ I I 1 I ! I I i fl I iOZ lll14 11Zfli2X/l9 ' ' """ (, t1•t'r1111111,_· 11111/ I rn1111tullili11 P. 0 . Bin. fv\_ ~ I I\ 2n1111 102 h 7 'il4•)' ~ c._!2- i\ I Ht''""•" 1111\\ .!,!ha11di1.11ro " ·~ .... \i't:-. - ~ - I GPASS Programme I Ghana Education Service I Audit Opinion on the Financial Statement for 2015 We have audited the accompanying fi nancial statements on pages 2 to 8 of the I GPASS Programme, financed under DFI D Grant Component No. 202493-105 for I the period ended 31st December, 2015. Management's responsibility for the financial statements I Ministry of Education/Ghana Education Service, which is the implementing I agency for G-PASS under GPEG Project is responsible for the preparation and fair presentation of these fina ncial statements in accordance with International Financial Reporting Standards, and for such internal control as Management determines is necessary to enable the preparation of financial statements that I are free from material misstatements. I Auditor's responsibility Our responsibility is to express an opi nion on these fi nancial statements based I on our audit to ascertai n whether the underlying records and accounts are in I accordance with accounting policies of the Government as well as the enabling terms and conditions set out in the Project Financing Agreements and the I Implementation Manual. I ii I I I Scope and Methodology I We conducted our audit in accordance with International Standards of Supreme Auditing Institutions (ISSAI), which require that we comply with ethical requirements, plan and perform the audit to obtain reasonable assurance that the financia l statements are free from material misstatement. I An audit involves performing procedures to obtain audit evidence about the I amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including t he assessment of the risks of I material misstatement of the financial statements, whether due to fraud or error. I In making those risk assessments, we consider internal control relevant to the Project's preparation and fa ir presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances. We believe that the audit evidence that we have obtai ned is sufficient and appropriate to provide a basis for our audit opinion. I Opinion I In our opinion, the financia l statements present fairly, in all material respects, the financial position of G-PASS as at 31st December 2015 and in accordance I with Generally Accepted Accounting Principles and the Project Financing Agreement and respective Guidelines. I I I OR DEPUTY A OR-GENERAL I FOR: AUDITOR-GENERAL I I iii I GHANA EDUCATION SERVICE I GIRLS PASS PROGRAMME ACCOUNT I STATEMENT OF FINANCIAL PERFORMANCE I FOR THE YEAR ENDED DECEMBER 31 2015 I I DFID 2a 10,199,489.59 17,234,620.64 I Interest Earned 2b 209 290.24 32 346.93 10 408 779.83 17 66967.57 I I Ex enditure I Scholarshi 3 20,967,591.58 1,463,281.28 I Monitorin 4 385,748.00 114,899.01 I Trainin 5 73,435.05 481 ,984.26 I Administrative 6 326,236.26 210,825.61 Assets 7 13,893.00 223 ,121.33 I 21,766,903.89 2,494,111.49 I Excess eficit of Income over Ex enditure transferred to I Accumulated Fund Account 9 11,358,124.06 14,772,856.08 I I I 2 I I I GHANA EDUCATION SERVICE I GIRLS PASS PROGRAMME ACCOUNT I 14, 772,856.08 I Transfer from Income and Ex end iture 11,358,124 14.772,856.08 Balance at the end 3,414,732.02 14,772,856.08 I I I I I I I I I I 3 I I GHANA EDUCATION SERVICE I GIRLS PASS PROGRAMME ACCOUNT I STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER 2015 I CURRENT ASSETS I Bank Balances 8 3 414 732.02 14 772 856.08 3,414,732.02 14,772,856.08 I I NET ASSETS 3,414,732.02 14,772,856.08 I I REPRESENTED BY: I ACCUMULATED FUND 9 3,414,732.02 14,772,856.08 I ~~ ... L??.. ......~.~ ...... I Financial Controller ~; Director General I I I I 4 I I GHANA EDUCATION SERVICE GIRLS PASS PROGRAMME ACCOUNT 1 Accounting Policies The Financial Statements are prepared on a modified cash basis: The Project reports revenue in the period in which they are received. Expenditure is recognized when goods and services are received and paid for. Payments for Fixed Assets acquired are written off in the accounting year of Acquisition. All transactions denominated in foreign currencies are translated at the time of transactions and balances thereon are translated at the closing rate. I 2 Revenue Inflow I a. Inflow from DFID represents on draw down based on request to the Ministry of Finance. b. Interest earned is made up of earnings from Funds deposited into HFC Interest bearing account. I 3 Scholarship Package These comprise eligible expenses by the 75 Implementing Districts on beneficiary Girls. 2015 2014 GH¢ GH¢ I Photograph fee 89,313.00 Teaching & Learning Materials 5,211,895.51 289,301.28 Supplementary Readers 89,421.00 School uniform materials 4,130,221.80 278,307.00 School bags and sandals 5,257,679.75 270,510.00 Sanitary pads 3,640,906.22 291,269.40 Sewing of school uniforms 1,415,522.72 148,220.00 I B.E.C.E. Registration Fee Distribution and Procurement Cost 620,904.40 250,769.63 52,896.00 43,356.60 I Bicycle Solar Lamps 275,595.05 74,783.50 I Total 20,967,591.58 1,463,281.28 I 5 I I I GHANA EDUCATION SERVICE GIRLS PASS PROGRAMME ACCOUNT I 4 Monitoring 2015 GH¢ 2014 GH¢ Transfer to Regions 24,270.00 2,869.00 Transfer to Districts 269,370.00 88,080.01 National 92)08.00 232950.00 385,748.00 114,899.01 5 Training 2015 2014 I GH¢ GH¢ Sensitisation 281 ,390.00 Hiring of Venue 175, 104.26 Meals 600.00 School Based Facilitators 73,435.05 10,640.00 I Accommodation 142250.00 732435.05 4812984.26 I I I I I I I 6 I GHANA EDUCATION SERVICE GIRLS PASS PROGRAMME ACCOUNT 6 Administration 2015 2014 GH¢ GH¢ I Repairs of Vehicle Contract Printing 9,247.34 121 ,469.04 148,276.10 I Bank Charges Review Meeting 708.01 194, 122.87 1,244.51 Communication 239.00 1,000.00 Repairs of Office Equipment 450 I DSA Travel & Transport - - 6,820.00 15,300.00 Other Charges 500.00 Technical Meeting 37,685.00 I 326,236.26 210,825.61 I 7 Assets These are expenditure on the acquisition of office equipment and computers. 2015 2014 I GH¢ GH¢ Office Furniture 11,700.00 I Teaching & Learning Materials L, 730.00 174,470.80 Supplementary Readers 463.00 I School uniform materials 48,650.53 Total 13,893.00 223,121.33 I I I 7 I I I GHANA EDUCATION SERVICE I GIRLS PASS PROGRAMME ACCOUNT I 8. Bank Balance This is made up of the reconciled cash book balance on the Proj ect account with HFC I 9. Accumulated Fund I This represents Un-allocated Funds and balances of Income Surplus GHC 3,414,732.02 I I I I I I I I I I I