TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 SUNNY OKON & CO S (CHARTERLD ACCOUNTANTS) TARABA STATE GOVERNMENT OF NIGERIA. NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 TABLE OF CONTENT PAGE CORPORATE INFORMATION 1 AUDITORS REPORT 2 STATEMENT ACCOUNTING POLICIES 3 STATEMENT OF FINANCIAL POSITION 4 STATEMENT OF RECEIPTS AND PAYMENTS 5 STATEMENT OF SPECIAL ACCOUNT 6 STATEMENT OF EXPENDITURE 7 NOTES ON THE ACCOUNT 8-12 N/qeria for Women Project TARABA STATE GOVERNMENT OF NIGERIA. NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2020 CORPORATE INFORMATION 1. SIGNATORIES Project Coordinator Head PFMU Project Accountant 2. BANKERS UBA Jalingo 3. EXTERNAL AUDITORS Sunny Okon & Co. (Chartered Accountants) 94 Moh'd Mustapha Way P.0 Box 514 Jimeta Yola GSM: 08055635688, 08035770136 E-Mail: admin@sunnyokonandco.com, sundaysokon@yahoo.com Website:www.sunnyokonandco.com N/geria for Women Project REPORT OF THE AUDITORS TO THE HEAD, PROJECT FINANCIAL MONITORING UNIT (PFMU) ON THE FINANCIAL STATEMENTS OF THE WORLD BANK ASSISTED NIGERIA FOR WOMEN PROJECT FOR TIlE YEAR ENDED DECEMBER 31, 2020 We have audited the accompanying project financial statements of the Nigeria for Women Project, for the year ended December 31, 2020 prepared on the basis of the accounting policies on page 3. The project is financed by the IDA, credit number. Respective responsibilities of the project Management and Auditors: The Project Implementation Unit (PIU) coordinates the activities of the project and is as such, responsible for the preparation of the financial statements. It is our responsibility as auditors to express an independent opinion, based on our audit, on these financial statements and to report our opinion to you. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing, issued by the International Federation of Accountants, and World Bank guidelines, These standards and World Bank guidelines require that we plan and perform die audit to obtain reasonable assurance that the financial statements are free of material misstatement. 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 financial statements, and whether the accounting policies are appropriate to the project circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the infonnalion and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free of material inisstatements, whether cause by fraud, other irregularity or error. Informing our opinion, we also evaluated the overall adequacy of the presentation of the financial statements. Opinion In our opinion, the Project Financial Statements give a true and lair view of the financial position ant] of the cash flows of Nigeria for Women Project, for the year ended December 31, 2020, in accordance with International Accounting Standards, The Statement of Expenditure (SOE) are in agreement with the books of account and adequate supporting documentation has been maintained to support claims to the World Bank for reimbursements of expenditures incurred; and which expenditures are eligible for financing under the credit agreement. The Statement of Special Account (SA) of the project on page 6 have been prepared on the basis of cash deposits and withdrawals for purpose of complying with the credit agreement and give a true and fair view of the beginning and ending balance and the account activity for the year ended December 31, 2020. Chief Sunday Sampsoi Okon FCA MBA (FRC/20/4/ICAN/00000007288) For, SUNNY OKON & CO (Ciartered AccoUntants) YOLA, NIGERIA. I l" JUNE, 2021. Nigeria for Women Project > 166 Atiku Ahubukair \. Off IdORo RoacL tUy . Akwn-l bin Statc T: 080W62626078 08055635688x 08035770136 > 94 IU01. itplicpI Wa'. OBm 514. iimie i Yhi fel: [)055635688.0 80570 136 I'-ii ail iditi l l's Utyok Olla1ieo colia. sti sokowi a coi 66 W ite t itu akotaudco com > Alkolnic hIic Complex. Bagd ROcd. P.O.Box 10 18. M1l8 iduWLui. Bornl St t l: 076- 974010 > 63Mayne 'C A u, c r C ros e R ir Statt Tel: 050-357483. 10805563156X TARABA STATE GOVERNMENT OF NIGERIA. NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) STATEMENT OF ACCOUNTING POLICIES The following are the significant accounting policies adopted by the Project in the preparation of its financial statements. a. Accounting Convention: The accounts of the project are prepared under the historical cost convention. No adjustments are made in respect of any changes in specific or general price levels. b. Basis of Accounting: The financial_statements of the project are prepared on cash basis and no balance sheet is prepared because it is non- revenue earning. c. Non-Current Assets: (i). Items intended for use over a period exceeding one accounting year and whose value per unit is not below N100,000 are classified as Non- Current Assets. (ii). Items intended for use over a period exceeding one accounting year but with unit cost below N100,000 are classified as Special Project Assets. (iii). All Non-Current Asset Assets and Special Project Assets are recorded in the Non-Current Assets and Special Project Assets Registers respectively. (iv). No depreciation is charged on fixed assets as there are no revenues to match and because the accounts are on cash basis. d. Foreign Currency: Foreign currencies are converted to Naira at the rates ruling at dates of the transactions. End of period balances in foreign currency are converted to Naira at the rate ruling at the last date of the period, while gains and losses resulting from such conversions are aggregated and recognized in the period they arise. 3 Nigeria for Women Project TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2020 DECEMBER 2020 NOTES N Non-Current Assets 1 48,282,530 Special Project Assets 2 2,372,515 Development Expenditure 3 (37,873,824) Cash and Cash Equivalent 4 775,037,699 Total Assets 787.818.920 FINANCED BY: Project Funding 5 787,818 920 Project Coor dinator Head PFMU Project Accountant Nigeria for Women Project 4 TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 NOTES DECEMBER 2020 Cummulative N N RECEIPTS International Development Association 6 729,913,600 729,913,600 interest From Dollar Account 7,246,275 7,246,275 Funding From Federal office [Fixed Asset] 50,655,045 50,655,045 Other Receipt 4,000 4000 Total Receipts 787,818,920 787,818,920 PAYMENTS: Proj. Mgt, Mornit, Evaluation & Training 51,633,544 51,633,544 Operational Cost 21,282,997 21,282,997 Total payments 72,916,541 72,916541 Surplus of Receipts over Payments 714,902,379 714,902,379 Exchange Difference 60,135,320 60,135,320 Closing Balance 775,037.699 775.037.699 Nigeria for Women Project 5 TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) STATEMENT OF SPECIAL ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2020 Account Number: 3002602375 Bank: UBA Plc Address: Jalingo, Taraha State Currency: Us Dollar ($3 DECEMBER 2020 Cummulative $ $ Opening Balance ADD: Initial Advance (Note 6] 2,000,000.00 2,000,000.00 Replenishment 26,296.02 26,296.02 Interest from Dollar Account 19,243.27 19,243.27 2,045,539.29 2,045,539.29 DEDUCT: Payments (Transfer to drawdown A/C) 78,689.79 78,689.79 Service Char ges 0.38 0.38 Total Payments 78,690.17 78,690.17 Closing Balance 1,966,849.12 1,966,849.12 Ni ri r 14'v i w omen Proj t 6 TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK LDAj STATEMENT OF EXPENDITURE FOR THE YEAR ENDED DECEMBER 31, 2020 Month Project Management, Operating Total Monitorng,Evaluation & Learn in Cost N N N Jan - 3,050 3,050 Feb 519,152 127 519,279 March 738,180 341 738,521 April - 28 28 May 11 11 June 7,694,365 7,694,365 July - - Aug 1,082,827 2,782,627 3,865,454 Sept - 182 182 Oct - 184,557 184,557 Nov 6,778,305 300 6,778,605 Dec 1,162,290 1,315,154 2,477,444 10,280,754 11,980,742 22,261,496 Nigeria for Women Project 7 TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) NOTE TO THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2020 2020 1 NON-CURRENT ASSETS Motor Vehicle (Note la) 23,980,000 Plant and Machinery (Note Ib) 5,335,000 Furnitures and fittings (Note 1c) 2,767,990 Computer and Accessories (Note Id) 4,700,340 Equipments (Note le) 11,499,200 48,282,530 (a] MOTOR VEHICLE Ino Hilux van 23,980,000 23,980,000 (b) PLANT AND MACHINERY 45KVA Generator 5,041,667 External Fuel Tank 293,333 5,335,000 (c) FURNITURE AND FITTINGS Chairs, tables and cushions 2,167,990 3Nos Fire Proof Cabinet 600000 2,767,990 (d) COMPUTERR AND ACCESSORIES 3Nos HP Desk Top Computers 653,790 3Nos HP Pavallion Laptops 982,800 3Nos HP Laserjet Printers 2035 318,000 3Nos HP Laserjet Printers 30ppm 693,750 JNo Sharp Photocopier M464N 2.052,000 4,700340 (e) EQUIPMENTS 2Nos ]phone 7 plus 590,000 4Nos Lenovo Think pad 2,195,200 1No Projector & Accessories 360,000 1No Canon Digital Camera 740,000 3No Refrigerator 429,000 8Nos Ac Inverter 1,620,000 9nos CCTV Cameras 5,280,000 INo Public Address System 285,000 11,499,200 Nigeria jor Women Projecr 8 TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) NOTE TO THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2020 2020 N 2 SPECIAL PROJECT ASSETS Furniture and Fittings (Note 2a) 693,000 Equipments (Note 2b) 1,679,515 Computer and Accessories (Note 2c) 510,000 2,372,515 (a) FURNITURE AND FITTINGS Steel Filing Cabinet 333,000 Cupboard 360,000 693,000 (b) EQUIPMENTS 7Nos Paper Shredder 232,000 SNos Infinix Note 5 pro 473,515 2Nos Binding Machine 70,000 12Nos Duravolt Stabilizers 414,000 1ONos Intercom & Accessories 280,000 3Nos Water Dispencer 210,000 1679 515 (c) COMPUTER AND ACCESSORIES 6Nos Seagate Hard drives 222,000 6Nos UPS 288,000 510,000 Nigeric for Women Project TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2020 2020 N 3 DEVELOPMENT EXPENDITURE Project Mgt, Mornitoring, Evaluation & Training (Note3o) 10,280,754 Operational Cost (Note 3b) 11,980,742 Exchange Loss/Gain 160,135,320) Balance Carried Forward 73,824) (a] PROJECT MGT. MONITORING,EVALUATION AND LEARNING 10,280,754 10,280,754 (b] OPERATIONAL COST Contribution to PFMU 275,000 Vehicle Repairs/Maintenance 267,500 Stationeries and Printing 297,500 Salaries and Wages 1,624,800 Diesel 147,000 Bank Charges 6,753 Legal Expenses 171,938 Utility 296,033 Security 1,200,000 Building RenovItion and M,in6enance 94,218 Balance Carried Forward 11,980,742 4 CASH AND CASH EQUIVALENTS United Bank For Africa (UBA) - Special A/c 767,071,157 United Bank For Africa (UBA) - DrawDown A/c 558,125 United Bank For Africa (UBA) - Interest A/c 7,408,417 775,037,699 5 PROJECT FUNDING IDA Funds 729,913,600 Interest on Dollar A/c 7,246,275 Funding from Federal Office ( Fixed Assets) 50,655,045 Other Funds 4o 0 Balance Carried Forward 787,818,920 Nfigeria for Women Project 10 TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31,2020 6 RECEIPTS Date Particular IDA $ Special IDA Interest Others Total N N N N 1/1/2020 IDA Transfer 2,000,000.00 720,000,000 - 720,000,000 6/26/2020 IDA Transfer 26,296.02 9,913,600 - 9,913,600 1/31/2020 Bank Interest 255.09 - 91,832 91,832 2/28/2020 Bank Interest 1,605.85 - 578,106 578,106 3/31/2020 Bank Interest 1,715.10 - 617,436 617,436 4/30/2020 Bank Interest 1,659.35 - 604,003 604,003 5/29/2020 Bank Interest 1,714.68 - 624,144 624,144 1/24/2020 Miscellaneous - 4,000 4,000 6/30/2020 Bank interest 1,645.41 641,710 641,710 7/29/2020 Bank interest 1,716.52 - 647,128 647,128 8/31/2020 Bank Interest 1,710.55 - 660,272 660,272 10/2/2020 Bank Interest 1,655.38 - 624,078 624,078 10/30/2020 Bank Interest 1,699.52 - 656,015 656,015 11/30/2020 Bank Interest 2,002.02 - 774,669 774,669 12/31/2020 Bank interest 1,86380 - 726,882 726,882 2,045,539.29 729,913,600 7,246,275 40 737163.875 Nijerlo for Women Project 11 TARABA STATE GOVERNMENT OF NIGERIA NIGERIA FOR WOMEN PROJECT WORLD BANK (IDA) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2020 7 EXCHANGE DIFFERENCE $ Received Amount Withdrawal Amount Difference Rate A) Rate B N N N N N 0.02 360.00 7 360.00 7 - 1,442.09 360.00 519,152 360.00 519,152 - 1,605.85 360.00 578,106 360,00 578,106 - 1,350.00 360.00 486,000 360.00 486,000 - 001 360.00 4 360,00 4 - 700.50 360.00 252,180 364.00 254,982 (2,802] 1,715.10 360.00 617,436 364.00 624,296 (6,860] 0.03 360.00 11 364.00 11 - 1,659,35 360.00 597,366 364.00 604,003 (6,637] 0,02 360.00 7 364.00 7 - 1,714.68 360,00 617,285 364.00 624,144 (6,859) 22,803,43 360.00 8,209,235 377.00 8,596,893 (387,658] 0 04 360.00 14 377.00 15 (1) 1,64541 360.00 592,348 377.00 620,320 (27,972) 8,286.52 377.00 3,124,018 390.00 3,231,743 (107,725) 0.03 377.00 11 390.00 12 - 0.04 377.00 15 390.00 16 (13 2,848.00 390.00 1,110,720 385.00 1,096,480 14,240 0.04 390.00 16 388.54 16 - 15,327.76 390.00 5,977,826 388.54 5,955,448 22,379 0.08 390.00 31 385.37 31 0 6,943.31 390.00 2,707,891 385.37 2,675,743 32,148 (487,830) Special Account Closing Balance [9,106,511) Net Exchange Difference 19,594,341) Nfgeriv for Woten Project 12