NIGERIA STATE HEALTH INVESTMENT PROJECT WORLD BANK CREDIT NONG50940 AUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 30TH SEP' 020 F IO F.A.O. OSEKITA & CO O +CO (CHARTERED ACCOUNTANTS) Suites 42, Akure Shopping Complex Ado/0wo Road, Akure, Ondo State Tel: 08030677462; 08051078912 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) REPORTS AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER, 2020 CONTENTS Corporate Information 2 Project Principal Activities 3 AC it Cert:I : c ev, & S Balance sheet 6 Cash Flow Statement Statement of Accounting Policies Notes to the Account 9 to 12 NIGERIA STATE HEALTH INVESEMENT PROJECT (NSHIP) REPORTS AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER, 2020 CORPORATE INFORMATION MANAGEMENT/PROJECT DIRECTORS Honourable Commissioner of Health - Dr. Jibayo AdeyyE (Chairman, NSHIP Steering Committee) Executive Secretary Dr Akanbiemu Adegoke Francis (Chairman, Techinical Working Group) Head of PFMU Mr. Akinkatu Okunadce PROJECT IMPLEMENTATION UNIT State Project Coordinator Dr Paulinus K. Ornode Crief Programme Officer Dr, Olubunmi Olakunle Project Accountant Mr Temijana MN;. Olaniyv Project M& E Officer - Mr Similoluwa Bamigboye Procurement Officer - Mrs Adeosur Olubukola Communicaton s Officer - Mr Adeleye Kohinde Internal Auu tor - Mr Baa Olarind External Auditor - F.A.0 Osekita & Co (Chartered Accountants) Suite 42, Akure Shopp ng Centre Alagbaka, AKure, Ondo Statc Banker HicL: .t Bank Pic 2 NIGERIA STATE HEALTH INVESEMENT PROJECT (NSHIP) REPORTS AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER, 2020 PROJECT PRINCIPAL ACTIVITIES The Prindpal Activities of the World Bank Assisted Nigeria Slate Health Investment Projct are: 1) To Increase the delivery and utilization of hgr impact maternal, child, .podc ti.e ana disease control health interventions particuLarly among the poor and improve the qua it,of care provided in public y-financed hea[th fac lities within project states 2) To improve the qualty of care provided in pub licly-financed health facities wthn Onda F. A. 0. OSEKITA & CO, 8.co (CHARTERED ACCOUNTANTS) The Honourab e Comiissioner, Ministry of Health, Akure, Ondo State Deai Sir, REPORT OF THE AUDITORS ON THE FINANCIAL STATEMENTS OF THE WORLD - BANK ASSISTED NIGERIA STATE HEALTH INVESTMENT PROJECT FOR THE PERIOD ENDED 30TH SEPTEMBER 2020 (CREDIT NO. NG 50940) We have audited the accompanying Fnancial Statements of World-Bank Assisted Nigeria State Health Investment Project, which comprise the Statemert cf Fi,nacial Position as a: September 30, 2 anc the Statement of Cash Flows for the year then ended, and a summary of signifcant accorunting pocies and other explanatory information. Project Manqaements' Responsibility for the Financial Statements The Project Management are responible for th e i fairi piresnatin o t statements in accordance vith Intrnatonai F nancia Standards as applicable n Nijria an f intern coaintrol as management detrmines is incsy to enable the prepartio of ic ar statements that are frce from mnaterial misstatement, whethr due to fra ud or error, Auditor's Responsibiliy Our responsibility is to cxpress an opinion on tihese firaincal statenents bas on our aud t conducted our audit in accordance with Nigerian Standars oin Audting Those standards req ti we cornply wt" ethical reqiiriemnts and plan and perform tn audit t.o obtain raonabl ni about whether the financial statements are free from materal misstatemen. An audit involves performing procedures to obtain audit evidence about the amnouts and disclosuire in the financial Statenents. The procedures selected depend on the auditor's judgnent, incluhng t assessment of the risks of material misstatement of the fiancal statements, whether due tc fr ener, In maik i [have v .is asesvt mi ai< culideJr i. ,onuci eva.nt r hea preparation and far presentation cf the financia sttmn si n orderto dil zc cut p dt are apparopriat in the circumstances, but not for the uiros f expressi a oinion n effect veness o the entity's internal coitol. An audit e o ricludes evaluating the appri a te s of accounting policies used and the reasableness of accounting estiates made av tie management as wel as evaluating the overall pretat on of the financial statements. WebeVlieve tha: the audit evideince we nave obtained is sufficient ane approprate to provice a bis for our audt opinin. 1. Aduralere Way Sulte 1, 2,&3, Akure Shopping Complex 24, Onibode Street, P.O. Box 2, P.O. Box 1761, Oke-Onlyo, Ado Ekiti Iworoko Ekiti. Ekiti State. Akure, Ondo State. Ekiti State Tel: 030-250271 Tel: 034-240113, 08030677462. 08189773475. Tei 030-250271 Opinion in ur opnon h accompning Nna ciauttmetrr rean d fnair -mu h iaclaa of World-Bank Assisted Nigeria State Health Investment Project as af Septm r 0 20- ja t inancial performance and Cash Flows for the year then ended in accordance with Internationai Fiancial Reporting Standards and the requirements of the InstItuta of Chartered Accountants of Nigeria A The Stame of Expenditures (SOEs) are in agreement witn the booKs of accourt and ad!Luate supporting dccumentation has been maintained to support cairms ta the WoId bank 'cr reimburse m ets of expnditures incurred, and which mxpunditures air c cpble for fnan under the credit agreernit. 5652-48 F,AO Os akia & Ca (Chartered Accountants) Akure, Nigeria. 5t NIGERIA STATE HEALTH INVESTMENT PROJECT BALANCE SHEET FOR THE PERIOD ENDED 30TH SEPTEMBER, 2020 EMPLOYEMENT OF FUND DEVELOPME'T ý CAPI-AL EXPEKPITURE 1,C30,05474 RESULTS BASED APPROACH - OPERATING 2 913 > 10,2 RFORMANE BASED FACILITY F NANCIN 4 5.396,465,501 382.03 DECENIRALISE FACILITY FINANC!NG (DFF) 5 3,915,659,937 379 855,0 FIXED ASSETS 25990S5550 11,515,779,948 9r584029356 CURRENT ASSETS CASH AND BANK BALANCES 6a 25355 945 1 700,212,211 11-541,135,893 11284241,567 GRANTS & LIABILITIES GRANT/VOTE FROM WORLD BANK & OTH 8 9 75705700 5 OTHER ]J. 7 i 7 E 3 11,541 007247 11, 2841122921 CURRENT LIABILITIES Total Current Liabilities 6b 2564 128616 11,5_4_1135,893 11a 2,241 567 PROJECT Ma ager REPORTING AUDITOR HEAD PFMU NIGERIA STATE HEALTH INVESTMENT PROJECT CASH FLOW STATEMENT FOR THE PERIOD ENDED 30TH SEPTEMBER, 2020 2020 2019 CASHFLOW FROM OPERATING ACTIVITIES 17 83,01,547 - - 7 Operating Development Expenditure 913,693,082 766,510,274 Operating Development Capital Expenditure 1,030,054,474 1,005 274,319 Grant to M nistr es 5,396,465,501 4,272,382,403 Grant to Local G)vernment 3,915,659,937 3,279,855,405 11,255,872,994 9,324,122,401 Net Cashflow from Operations -9,472,671,446 -7,797,815,181 CHANGES N OPERATING ASSESTS/LIABILITIES Creditors 128,646 128,546 CASHFLOW FROM INVESTING ACTIVITIES Purcahse of Fixed Assets -259906,9555 Staff Advances 0 0 Net cash inflovw From Investing Activities -259,906,955 -259,906,955 CASHFLOW FROM FINANCING ACTIVITIES IDA CREDIT 9,757,269,676 9,757,269,676 FUNDING FROM STATE GOVERNMENT 536,024 536024 9,757,805,700 9,757,805,700 CASH AND BANK BALANCES AS AT 30/09/20 Z5,355,945 1,700,Z12,Z1 NIGERIA STATE HEALTH INVESTMENT PROJECT REPORTS AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31TH SEPTEMBER, 2020 NOTES TO THE FINANCIAL STATEMENTS STATE OF i SIN!IAT ACCS O N MDG LN S VESTAES ANi ASSJIPT 5 ThE la t sin r AS & Lc GAAP whc reiresm m nageme ru n H v a lu m s ha d r v re es ärlåhlesas i in paricua iom ion about gna a ireas o, estmaton ad ncertainy considered by Management n p aing i h a ncia 1, CORPORATE INFORMATION he innIl a em s vf Ward-Bank Assisted Nigera Sate Health 1nvestment Project fr the3 yer ende 30 Septemers l--2 w re authried for issue wi accornie in reuuiement o si vm m i Se'tmrr2 2. BASIS OF PREPARATION The firsanca state-nentseae ee prepared ini aco r nce ith h ie n il A u n t a nd Genera||y Accepted Accounting Stancards (GAAS) as i by 'he -ne rnationa in n1dB JASB) as adn ted by Fina ncal Rpoting o uncil of 0ieri The , ,tements hae bee p a do hrisorrIc'a st ndCash bass ad vls are ro nded't "isune res N 1r n b xep hr fh a. Depreciation Ne prsoviins norr Dpreciatron of F 1 onr 0 tA ds They areasstsntnd-d for- use uvr a e3 dece m n c utgya n hs a e i T , 1 An mas trm i - b. Reccivables c. Repairs and Rernewals A reairs and '-netas aere wrr n s -,d. en -rr :.ro. d, Foreign Currency iv'Ž91 rab'n'r'''.' -u ma g nF-jrre y naar mr n m,1 I'5 r '.2<3j"'i transa lii Cairrses. sallces i r r ni ~i>'l a 5 i nto-i5i~ a3 e ' 0 10 PBF Sup.p. Fu 'ndo Las L.GA 33,971500 00 24 Gu1 500.0 Urb iS (s dies & Su Fund) Ondo Wes: LGA 73 2793617 4, 83 945 00 DF LFGA PhC L C -23 1580 2 <5 ý, CFJ 54 ) .3- 22355 4 PiF4W e2 .le LO t XsL16,59 1.39 00 4 3, ½ PBF LGA PHC Delt OWo 14 427, 113 0 1 427 113.0C PB LGA PHC DepI Akoko Nort' West 13 465, 95 0 13 4 C 95C . I-GA -HC Lgt'EseOd 12 , onk 7n - P:F LG PHC Dep iecor 14 588 262 14 PBF LGA Pt De.i Ak)ko Sout1 west 12,811, ( 00 8u 8 0 DII' 235 ~ IC ~L Q> 5 3< 653; . D2FF LG-A PHC 1se GFF LA ý)H(- MOigoa5 LGA PC Dept - te I kl pFF Lu PHC Dp e oth- i, DFF LG-A PHC Dept Akure North 17 394 55r !0 178 5 9 '0 LGA PHCODep - 'nc is' 16,29W -r i 1 '29 '508 Jrr LGs p m OC ip OFF LGA PHC Dep de 24 493009 p2 ,30 i-' HoMita' Mrt Bord 127 647/013 1 5' 76'" 39649D2 4 72 322Q 5. DECENTRALISE FACILITY FINANCING (DFF) N DFF 5 1Suppor F ud) Idanre LGA 1l 57 i 88 8' 6 2.. DFF (upport i Akure Nortl LGA 1 DF (Spt Fu n Ak,re Scuti LG 143 119 3 - 8 j LF) Sppor'.nC) Ak5k Nor EaGA 12<.. D F FSupor en Odigb .3A 121 993 451 DFF~~~~~~~~~ (Supor Fud r0LA9 3 72 0C5 40 DEF Sus " i A re Sout LA SI38e /0 D > L DiF S s .254 l9 84 15, . 7.S6 5 5. 51- Sr Su .si r.s 0ligb.. '.2 124,664 80. 8i, 11, 5. û7' DF F Sub's ties Akure No ...DS974 319m -49 'rio. DFr Subs"d es 'Okitipupa 168 0/2.324 30 16.._ 32-580 K41 4S,2 - ,,I DF- Susi dy Irele LOA 115,4756658 1.' 715,3 DFF1 Subt e i". iL.GA 310i 488 233c.. Cd20 5 8 95 ai 1 3 915 659,936.69 3,27 ie55305l 37 NIGERIA STATE HEALTH INVESTMENT PROJECT (NSHIP) REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER, 2020 NOTES TO THE FINANCIAL STATEMENTS (CONT'D) 6a. CURRENT ASSETS 2020 2019 CASH AND BANK BALANCES N SPECIAL ACCOUNT J.00 1,6 539 596.u00 DRAW-DOWN ACCOUNT -3,8s2,039.9 2 INTEREST DOMICILIARY ACCOUNT 27,3 U744. 2_, 54. 25,35S,94516 1, 700,2 12,210.93 OTHER DEBTOR - STAFF ADVANCES CURRENT LIABILITIES N DRAW DOW'N ACCOUNT 12U tU 028,64E.00 NB: Bank Charges on unoperated Draw down acct 7. OTHER INCOME NTEREST RECEIVED FROM DOLLAR ACCT 20,22-;.SOi- A MISCELLANEOES RECE PTS 9 0.0 C, EXCHANGE 1SA N ERO)N DOLLAR ACC-CJNT 1,761,202, O2I L61 7>P1 INTERST I RECE VED -ROM NA RA BANK ACCCUN- 7 1.,783,201,547.8 1526,3 2S 8. FUNDING SUMMARY N IDA CRED iT 9,757 7 2) 69,6 .17' > 0 0 STATE GOVERNMENT CONTRIBUTION 536,2400 6 A 0 9,757,805,700.00 9,757,305,700.00