SEND-GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER, 2015 - EGALA & ASSOCIATES CHARTERED ACCOUNTANTS POBOX AN 16626 ACCRA-NORTH SEND -GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS 31ST DECEMBER, 2015 CONTENTS PAGE GENERAL INFORMATION DIRECTORS' REPORT 2 STATEMENT OF DIRECTORS' RESPONSIBILITIES 3 INDEPENDENT AUDITORS REPORT 4-5 INCOME AND EXPENDITURE STATEMENT AND ACCUMULATED FUND 6 STATEMENT OF FINANCIAL POSITION 7 STATEMENT OF CASH FLOWS 8 NOTES TO THE STATEMENT OF CASH FLOW 9 NOTES ON.THE FINANCIAL STATEMENTS 10- 15 - SEND-GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS 31ST DECEMBER, 2015 GENERAL INFORMATION I DIRECTORS SIAPHA KAMARA (CEO) MIKE DZAKUMA ALHASSAN Y SEINI JANET MOHAMMED JUSTINA ANGLAAERE AUDITORS· EGALA & ASSOCIATES CHARTERED ACCOUNTANTS 14 ABEKA ROAD TESANO - ACCRA POBOX AN 16626 ACCRA NORTH BANKERS STANDARD CHARTERED BANK GHANA LIMITED (TAMALE AND ACCRA) GHANA COMMERCIAL BANK - SA LAG A BARCLAYS BANK GHANA LIMITED - BOLGATANGA AND WA ZENITH BANK GHANA LIMITED - ACCRA SEND -GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS TO THE EXECUTIVE COUNCIL OF SOCIAL ENTERPRISE DEVELOPMENT The directors have pleasure in submitting their annual report together with the audited accounts of the SEND - GHANA (a subsidiary of Social Enterprise Development Foundation of West Africa) for the year ended 31 st December, 2015 showing an accumulated fund carried forward of GH¢3,526,935 made up as follows:- GH¢ Balance b/fwd 2,374,088 Refund of donations (4,445) Prior adjustment 8,372 Transfer from income & expenditure statement 1,148,920 3,526,935 ======== There has been no change during the year in the nature of business of the organisation. AUDITORS. In accordance with Section 134(5) of the Companies Act 1963 (Act 179) MESSRS EGALA & ASSOCIATES, CHARTERED ACCOUNTANTS have expressed their willingness to continue in office as Auditors. BY ORDER OF THE BOARD DIRECTORS - -w --- 11-. J~hl ........................................................ 2016 2 SEND - GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF DIRECTORS' RESPONSIBILITIES 31ST DECEMBER, 2015 The Companies Act 1963 (Act 179) requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the organisation as at the end of the financial year and of the incomes and expenditures for that period. The directors consider that in preparing the financial statements they have used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates and that Ghana National Accounting Standards have been followed. The directors are responsible for ensuring that the organisation keeps accounting records which disclose with reasonable accuracy the financial position of the organisation and which enable them to ensure that the financial statements comply with the Companies Act 1963 (Act 179). They are also responsible for taking such steps as are reasonably operi to them to safeguard the assets of the organisation and to prevent and detect fraud and other irregularities. The above statement which should be read in conjunction with the statement of the auditors' responsibilities set out on pages 4-5 is made with a view to distinguishing for members the respective responsibilities of the directors and the auditors in relation to the financial statements. -- 3 - EGALA AND ASSOCIATES (CHARTERED ACCOUNTANTS & BUSINESS ADVISORS) BRANCH OFFICE 14, Abeka Road P.O. Box 441 Tesano-Accra +-tarnale P. O. Box AN 16626 Tel.: 03720-22549 Accra-North, Ghana Fax.: 233 (0) 302 229358 Tel: 233 (0) 30222 2199 E-mail: enquiry@eaaghana.com 233 (0) 302 268458 ~ www.eaaqhana.corn 233 (0) 302 268424 SEND - GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEND - GHANA Report on the Financial Statements We have audited the accompanying financial statements of SEND-GHANA, which comprises the statement of financial position as at 31 December 2015, the income and expenditure statement, accumulated fund and statement of cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information as set out in pages 10-15. Directors' Responsibility for the Financial Statements The Company's Directors are responsible for the preparation and fair presentation of these financial r statements in accordance with Statement of Recommended Practice (SORP) and Donor Agreements and the requirements of the Ghana Companies Act, 1963 (Act 179) and for such internal control as the Directors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance on whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making these risk assessments, the auditors consider internal controls relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient to provide a basis for our audit opinion . • Opinion In our opinion, the financial statements give a true and fair view of the financial position of SEND- GHANA as at 31 December 2015 and of its financial performance for the year then ended in accordance with Statement of Recommended Practice (SORP) and Donor Agreements and comply with the Ghana Companies Act, 1963 (Act 179). 4 PARTNERS: I. Egala I E. . O. Dodoo I A. Abugri SEND - GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS' REPORT (CONT'D) REPORT ON OTHER LEGAL REQUIREMENTS The Companies Act, 1963 (ACt 179) requires that in carrying out our audit, we consider and report to you on the following matters. Accordingly, we confirm that; a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b) in our opinion proper books of account have been kept by the organisation, so far as appears from our examination of those books; c) the company's statement of financial position and income and expenditure are in aqreernent with the books of account. /<>: . i' Siqnature Partner signing & membership number: IDRIS EGALA - ICAG/P/1168 Name of Firm: EGALA & ASSOCIATES -ICAG/F/2016/135 CHARTERED ACCOUNTANTS, Date ?( -r= ACCRA,GHANA ~? . - 5 SEND -GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 Notes GH¢ GH¢ r INCOME 3 9,862,978 5,832,132 Other Income 4 18,561 206,069 -------------- -------------- 9,881,539 6,038,201 -------------- --------------- EXPENSES Administrative & general 5 1,699,087 1,300,120 Field 6 7,033,532 3,489,917 -------------- ------------- 8,732,619 4,790,037 --------------- -------------- Excess of income over expenditure transferred to accumulated fund 1,148,920 1,248,164 ======== ======== ACCUMULATED FUND FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 GH¢ GH¢ Balance b/fwd 2,374,088 1,125,924 Refund of donation (4,445) Prior year adjustments 8,372 2,378,015 1,125,924 - Excess of income over expenditure transferred from income & expenditure statement 1,148,920 3,526,935 1,248,164 2,374,088 ======== ======== the accompanying notes 1 - 10 form an integral part of these financial statements and should therefore be read in conjunction therewith 6 SEND-GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2015 2015 2014 Notes GH¢ GH¢ FIXED ASSETS 7 1,117,588 1,133,546 CURRENT ASSETS Cash at bank & on hand 8 2,273,560 1,190,736 Debtors & prepayments 9 214,276 209,525 -------------- ------------- 2,487,836 1,400,261 LESS: CURRENT LIABILITIES Creditors & accruals 10 78,489 159,71'9 rr- ------------ ------------ 78,489 159,719 -------------- ------------- NET CURRENT ASSETS 2,409,347 1,240,542 -------------- ------------- NET ASSETS 3,526,935 2,374,088 ======== ======== REPRESENTED BY Accumulated fund 3,526,935 2,374,088 ======== ======== the year 2015 financial statements were approved by the Board of Directors on 2016 and signed on its behalf by:- - ··············1·· DIRECTOR . The accompanying notes 1 - 10 form an integral part of these financial statements and should therefore be read in conjunction therewith. 7 r (A SUBSIDIARY SEND -GHANA OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION (A COMPANY LIMITED BY GUARANTEE) OF WEST AFRICA) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 Notes GH¢ GH¢ NETCASHFLOW FROM OPERATING ACTIVITIES 1,285,565 1,403,242 INVESTING ACTIVITIES Treasury bill redeemed/fixed deposit redeemed 75,916 Acquisition of fixed assets (257,820) (802,828) Disposal of fixed assets 51,152 3,641 -------------- ------------- 1,078,897 679,971 -------------- ------------- Net cash Inflow/(outflow) II 1,078,897 679,971 ======== ======= - The accompanying notes 1 - 10 form an integral part of these financial statements and should therefore be read in conjunction therewith • 8 SEND -GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 NET CASHFLOW FROM OPERATING ACTIVITIES GH¢ GH¢ Excess of income over expenditure/(expenditure over income) per accounts 1,148,920 1,248,164 Depreciation 262,862 247,760 Decrease (increase) in debtors (4,751) (63,316) Increase (decrease) in creditors & accruals (81,230) (26,891) (Gain) on disposal of fixed assets (40,236) (2,475) ------------- ------------- 1,285,565 1,403,2~2 ======== ======= II ANALYSIS OF NET CASH & CASH EQUIVALENTS AS SHOWN IN THE BALANCE SHEET r CHANGE IN THE YEAR 2015 2014 2015 2014 GH¢ GH¢ GH¢ GH¢ Cash at bank/in hand 2,273,560 1,190,736 1,082,824 (229,835) ======== ======= ======= ======= III ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS DURING THE YEAR 2015 2014 GH¢ GH¢ Balance at January 1 1,190,737 510,766 - Refund of donations (4,445) Prior year adjustment 8,372 ------------- ------------ Adjusted balance 1,194,664 510,766 Net cash inflow 1,078,897 679,971 -------------- ------------ Balance at 31/12/15 2,273,561 1,190,737 ======== ======== 9 SEND -GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015 1 BASIS OF ACCOUNTING The financial statements have been prepared under the historical cost convention. 2 ACCOUNTING POLICIES r i) Fixed assets Fixed assets are stated at cost less accumulated depreciation. Depreciation on fixed assets is calculated to write-off the cost of fixed assets over their estimated useful lives to the Organisation, by applying a fixed annual rate to the cost of the related fixed assets. . The following rates have been applied: Office premises 5% Furniture, fixtures & fittings 7.50% Office equipment 15% Motor vehicle 20% Motor bike 20% ii) Foreign Currency Translation Transactions denominated in foreign currencies have been translated into cedis at the rates of exchange prevailing on the dates of transactions. Assets and liabilities deno- minated in the foreign currencies are translated at the exchange ruling on the balance sheet date. 10 SEND-GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 3 INCOME CEDI FOREIGN CEDI FOREIGN EQUIVALENT CURRENCY EQUIVALENT CURRENC'( USD USD This is made up as follows: DONATIONS GH¢ $ GH¢ $ COROAIO 852,320 245,297 711,982 235,385 Christian aid 882,461 231,606 656170 168232 CCA 4,914,764 1,301,465 2,233,929 793,900 IBIS 216,970 57,251 109,238 37,222 Oiakonnia 204,168 69,,069 Other donations 14,555 3,819 25,407 8,025 IFOC 2,510 621 70,595 22,879 New Venture Fund 174,213 49,925 SNV 3,024 946 Star Ghana/G-RAP 882,408 305,436 OXFAM 394,119 108,565 150,000 47,408 IBP 27,968 7,304 33,012 10,614 Southern Africa Trust 22,156 5,332 71,622 23,548 European Union 116,009 31,199 492,389 179,783 CARE International 53,429 14,097 96,210 31,215 Trust Africa 285,360 66,275 7,969 2,705 World Bank 819,344 251,950 84,009 28,513 USAIO 462,402 123,869 HIVOS 624,398 168,329 ------------- ------------- -------------- ------------- 9,862,978 2,666,904 5,832,132 1,964,880 ======== ======== ======== ======== - 11 SEND - GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 r= 4 OTHER INCOME GH¢ GH¢ Interest on treasury bill 2,828 Gain on disposal of vehicle 40,236 2,475 Exchange gain (78,384) 166,630 Other income 56,709 34,136 ---------- ----------- 18,561 206,069 ====== ====== 5 ADMINISTRATIVE & GENERAL EXPENSES Salaries, wages & allowances 686,626 463,004 Fuel & lubricants 39,948 32,432 Printing & stationery 47,250 28,750 Postages, telephone & fax 10,342 7,347 Repair & maintenance: - Motor vehicles & bikes 135,51~ 53,847 - Office equipment 57,232 32,964 - Office building 41,076 28,060 Travelling & transport . 65,196 23,310 Medical expenses 1,563 22,323 Insurance 24,428 21,592 Legal fees 2,069 29,232 Rent & rates 36,083 19,026 Utilities. 45,723 36,629 Education support 2,500 Management board meetings 5,690 8,277 End of service benefits 4,691 1,942 Audit fees 34,336 27,469 Special project audit 18,000 Bank and other financial charges 54,479 65,626 - Staff training & recruitment Office supplies Accommodation Depreciation support 15,888 55,032 55,059 262,862 49,468 43,087 55,475 247,760 ------------- -------------- 1,699,087 1,300,120 ======== ======== 12 SEND -GHANA (A SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 6 FIELD EXPENSES GH¢ GH¢ Partner support 1,850,144 392,896 Professional staff - salaries 1,681,051 1,133,449 Media & publicity 28,842 23,691 Miscellaneous field expenses 9,033 19,037 Credit Union support 1,629 2,649 Project monitoring 127,763 142,166 Communication/internet & website 121,881 55,213 Consultancy fees 379,134 237,020 Dues/subscription 25,203 4,220 Medical expenses 3,827 54,652 Networking/fundraising & management 63,000 43,810 Review & planning 149,965 73,625 Conference & workshops expenses 2,352,504 1,089,102 Accommodation support 94,202 86,467 Report publications 145,354 131,920 -------------- ------------- 7,033,532 3,489,917 ======== ======== - • 13 [ I SEND - GHANA (A SUBSIDIARY OF SOCIAL E.NTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICA) (A COMPANY LIMITED BY GUARANTEE) NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER, 2015 7 FIXED ASSETS OFFICE FURNITURE, OFFICE . MOTOR MOTOR TOTAL PREMISES FIXTURES & EQUIPMENT VEHICLE BIKE FITTINGS COSTN ALUATION GH¢ GH¢ GH¢ GH¢ GH¢ GH¢ Balance at 1/1/2015 359,622 111,361 280,851 755,505 140,989 1,648,328 Additions 110,231 17,029 124,860 - 5,700 257,820 Disposals - - - (57,778) - (57,778) ----------- ---------- ---------- ----------- ---------- ----------- Balance at 31/12/2015 469,853 128,390 405,711 697,727 146,689 1,848,370 ------- ====== ====== ======= ------ ======= DEPRECIATION Balance at 1/1/2015 53,338 16,143 93,083 310,850 41,369 514,783 Charge for the year 23,493 9,629 60,857 139,545 29,338 262,862 Disposals - - - (46,863) - (46,863) ---------- ----------- ---------- ----------- Balance at 31/12/2015 76,831 25,772 153,940 403,532 70,707 730,782 ------ ------ ----- ------ ------- ------ ======= CARRYING VALUE As at 31/12/2015 393,022 102,618 251,771 294,195 75,982 1,117,588 ------- ------- ------ ------ ------- ------ ------- As at 31/12/2014 306,284 95,218 187,768 444,655 99,620 1,133,545 ------- ------- ------ ------ ------ ------- ------ ------- 14 I SEND -GHANA ~ SUBSIDIARY OF SOCIAL ENTERPRISE DEVELOPMENT FOUNDATION OF WEST AFRICJl (A COMPANY LIMITED BY GUARANTEE) NOTES ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015 2015 2014 GH¢ GH¢ 8 CASH AT BANK AND ON HAND Cash at bank 2,261,724 1,167,107 Cash in hand 11,836 23,629 -------------- ------------- 2,273,560 1,190,736 ======== ======= 9 DEBTORS & PREPAYMENTS Cash advance 18,166 7,217 Staff debtors 86,055 102,890 Rent & rates prepaid 6,634 23,616 Sierra Leone account 92,679 50,902 Insurance prepaid 6,930 7,273 Liberia account 4,651 Other assets(Refundable expenses) 3,812 12,976 ------------ ----------- 214,276 209,525 ======= ======= 10 CREDITORS & ACCRUALS SENDFiNGO 27,322 132,362 Audit fees ·24,159 27,469 SSNIT 24,391 43 PAVE (237) Other accounts payable 1,444 PETRA 1,173 82 ----------- ----------- - 78,489 ======= 159,719 ======= 15