KANO STATE THIRD FADAMA DEVELOPMENT PROJECT FINANCIAL STATEMENT FOR THE YEAR ENDED 31st DECEMBER 2016 U ]ßD FADAMA DEVELOPMENT PROJECT ALSTATEMENT FOR THE YEAR ENDED 31st DECEMBER 2016 PAGE P roject in orm~ nd Proessional Advisers 1 ReFport of Audit 2 Signiican lt AC ung Polkiis [nc)fne anc I Accun 4 B3a;aince Sheet 5 Statement low 6 7-8 KA, rSTATEr THRD FADAMA DEVELOPMEN_T PROJECT' RO 1 N FORMATION AND PROFESSIONAL ADVISERS PRINCIPAL ~~ - Project Coordinator n uA 3 Naiu /r- Training and Technical Asst. Officer 3 NasirI - Rural Finance Livelihood Officer 4. Rrmea ~ i- Community Development Officer 5 itulaWui - Environnental Officer (3 a vvaj iu ~~ Project Accountant lB ~ Procurement Officer 8. Hu;iinMi - Project Internal Auditor 9 Mulstapha e Head Project Financial Management Unit E AQ,R S ctal Agricultural Development Project AUI TORS Namad,fi u o (Chartered ianis; No-4 Sult 4iA)sa House BAen \S Keysone Ban 17/118 Bio REPORT OF AUDITORS[ THE MEMBERS OF THE KANO STATETHIRD FADAMA DEVELOPMENT pROJECT We have audited thce accorpanying financial statements of Kano State Thirdhv badam Development Project as- at .31'! December, 2016 set out on page 4 to 10 whichhaebn piepared o the bask of the at ( rOUting policies set out on page 3 and other explanatory note on page / to 8. Respctive epos itesf directors and auditors In accordance with the provision of the edict establishing the Project, the project management is responsible for the preparation and fair presentation of these financial statements. It is our iesponsibiliLy to forr an independent opinion based on our audit, on these statements and to po or a n opilion to you. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accoirdaice with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonale assurance weather the financial statements are free from material misstatement. Air aUdit ivUlves performIring proCedures to obtain audit evidence about the amount and disclosures In he thIancIa1l statenCts. I he procedures selected depend on the auditors' judgment, including the assessmn,ent of the risks of material misstatement of the financial statements, weather due to id of ror.In trying to asses these risks, the auditors take into account internal control rijeevance to the entity's preparration and fair presentation of the financial statements in order to esign audit proceduirts thait are appropriate in the circumstance, but not for the purpose of ressinrg an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the approprratene,s of accounting policies used and the reasonableness of accounting t - 1liade b manag, , as well as evaliaiting the overall presentation of the financial idependert confirnii r ons ori rompleteness of the accounting records were not available. Ppinio-n in our opiion the finarncial 'teenrt gives a true and fair view of the state of affairs of the project as at 31 Dieceber, )0 16 and of the deficit and cash flow for the year ended. Chartered Accountants Kano. 32I rAN --.E . -RD FADAMA DEVELOPMENT PROJECT iCLI -CAiAT ACCOUNTING POLICIES The following arw Lhe sinificant accounting policies which have been adopted by The acconits are prepared on cash basis. Receipts and Payments are recognei the books vhen money is received or paid. 2. FIXED METS Fixed t osre stated at cost 3. i No depr on is provided on the assets. S(iELil :A-A E TRANSACTIONS norei f; currencies will be converted to naira at the ruling rate ' the action. Balances held in foreign currencies at the (nd oi ye- \ v I)e translated at the rate ruling on the balance sheet & ^ll ng, rrl e differentials are treated appropriately in the receipt a n d 'It acount. K TE THIRD-FADAMA DEVELOPMENT PROJECT f EANu PAYMENT ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2016 NOTE 2016 2015 N N RECE-IPTS: 11,638,228 15,150,384 4 12,936J025 39552,886 Total Receipts. 24,574,253 54,703,270 PAYrwv rS: Capacity Bu 5 499,100 21,733,940 !)wi lu,,ý1 l rir i d.ructure 11,500,000 16,190,150 9216693 40,433568 21,215,793 78,357,658 ( ic Exce - i1icIncme over Expenditure U35460 (23,654,388) 4 KAN ]TE TuRO FADAMA DEVELOPMENT PROJECT HK= SNCE HEET AS AT 31ST DECEMBER, 2016 NOTES 2016 2015 N N N N 2 25,856,314 25,856,314 Bank la3 4,668,930 1,310,470 1,107,585,936 1,107,585936 S1 41752,720 ENANCED [i,'ý' IDA Fund 945,112,292 943,521,745 State Governmniounterpart Fund 114,464,692 113,185,192 Loca! Goverrne. Counterpat 63,000,000 63,000,000 Othe15,534,196 1 045,783 11 A 8, 1si1u 1 1,3? 7272 lead of PVM 5 KA ATE THIRD FADAMA DEVELOPMENT PROJECT _ASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2016 2016 2015 N N Cash Flow. From F e ij_ci N Funds hýorn ID1, 11,638,228 15,150,384 Other Receipts 12,936,025 319,552,86 Total CashHow F. vnancinlActivities: 24,574,253 54,703,270 CASH FLOFRO ESTING ACTIVITIES Capacity (499,100) (21,733,940) Operating Cos. (9,216,693) (40,433,568) Small Scale Comr n )wned infrastructure (11,500,000) (16,190,150) Purchase( i LQO 0 00) Total asb, Outtk'v' i- Invostin Activities (21,215,793) (78,857,658) NET CASH lQUIVAL lHE 'ND OF THE YEAR 3,358,460 (24,154,388) CASHENNNG OF THE YEAR 1,310,470 25465858 CASH AND CASI NT H END OF THE YEAR 4668-9 311,470 PRESENTED B Bank a&C 11310,470 6 i11 сз , � � `r ' � �1- •�}�; <у. .S� }...- �ч� � Г �- _ t� ��> ; � �"�� м � �г� � � css и �3 е{.� � � и � CL ц�} � � рр ар �.� �� � ��� � "� с� �;� ;и �ё �,� й; г� � � tS�I' c,n `л $ f`- СО � 1�, О р,,,_ а; •' 1 �t �.� � о Cf� �.Г� О с+')I t� �� -.. � I c�j -� N С� � �`? сtЭ 'д' C° и � � о г� � v ; � �1 � м `� � о t"'� а. `� � м � N � �� � �^ �w � � в. � `; F�- т �� ,� � Cs ш ш �_ U 'у _ CL ш �` ц � i �С � I Г а.+ � � ��. iv � N N N � й - � cV N N N � М � .. - `f:j ; й � Г - � с�� � � и � � ш � Q ;'� U. �У � ��- � �� ���� � �С �- �3 ~, �-�� с, � �' � � Z � са � ' _ и71 и � 8 б� � �Q = 11% U r ��; � � гI � о W б� Q с� �� I �� '� й; `"` tS� � � N �. � V' д' б� Сг i и � � Д �, . г �._ , I � О р � а й (� 00 l� �' л ` fL71� CD О � � = ш Г! �,! � Г ��1 � � � � _ �и - � F- � .г е�` ® са L � аз , �� ; rэ мi м л' t1J ; С1 О :sз � � �� � �� I"' с'� �:,. . � � а-- r® ,`°_ � ��� i �л и й Z � �у I с� сч " ,1� °� С� с, I � �I � и и � L_ � Ш F... I___ Г�: V � Ш о� ,�:; �=� �L 1, � � � L � г с м м пs � � _ LJ.1 � , �' ,�. _� Z �_ � � пs s �' �; и и гл _ � i- г - . _ , �.. �- � � � � � � сУз .- ш �� � � r-� � � �- ,� о � � йi с с __ ,`� t= � N � Ш � � U С � и � с0 U О LL U � . и; С; �� L- у > Z С) .� Q 0 U� � О � т а � � � Q � т т � й . �, � oN oN т � � о - г; �ц с� У с� с Ш � �г> (Cf Ш �� '''' v Z Ш � 'S L ._. .. тС� z0 го т й U � � iLýOTE$ TO THE ACCOUNT FOR THE YEAR E-NDED 31ST DECEMBER, 201 2016 2015 N N Interest & Other lo B a n k l i i 1 e rý s ýffl e,,7c 2,500 2,299 Donatioýi Frorn State 1-ii,iiding 12,933,525 54,700,971 12,936025 54 03,270 Capaci!y 0 p ort Support for Cof11111x 15,423,440 Local Gc iity SI-i,,port - Monitoring and EvaK,,ýý 499,100 6,310,500 499 1Q0 2 1 , U33,540 Small Scale, Co,ý:ý-, kifrastructure FCAOvvilc;Jlrlifý, 11,500,000 11,530,150 Advisoiy - 4,210,000 Suppoli Joi,., p ý,i i c--,- es,., 1 -1 450,000 VLÄPPOKIN090 1ý6 i 90, 150 Qperatt(iq Cost Audit f - Staff A, 1,250,700 770,000 Operatýjvý 3,719,300 13,273,654 Asset to l -i(-' - 8,940,320 Coordlnaý11-,, 3,960,000 7,393,874 Training I vv,-,,ý 16 10,030,720 Bank Char(-),,c, 286,693 25,000 9216693 A0,4i