TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 FINANCIAL STATEMENTS FOR THE SEVENTEEN (17) MONTHS ENDED DECEMBER 31, 2018 SUNNY OKON & CO (CHARTERED ACCOUNTANTS) TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 FINANCIAL STATEMENTS FOR THE SEVENTEEN (171 MONTHS ENDED DECEMBER 31, 2018 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 8-11 TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 FINANCIAL STATEMENTS FOR THE SEVENTEEN (17) MONTHS ENDED DECEMBER 31, 2018 CORPORATE INFORMATION PROJECT IMPLEMENTATION UNIT (PIUJ Mohammed Bashiru Suleiman - Project coordinator Christian Peter Toshi - Monitoring and Evaluation Martins Sambo - Project Accountant Miracle S. Mbakwi - Procurement Monica D. Bukuni - Technical Officer Gidado Bello - Auditor Mulak Robertson - Comm. Officer Rashad Adamu Abubakar - Environment and Safe guards Job Julius - EMIS BANKERS Zenith Bank Plc. Jalingo EXTERNAL AUDITORS Sunny Okon & Co. (Chartered Accountants] 94 Moh'd Mustapha Way P.O. Box 514 Jimeta Yola GSM: 08055635688, 08035770136 E-mail: admin@sunnyokonandco.com, sunnyokonandco@gmail.com Website: www.sunnyokonandco.com 1 TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 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 income statement 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 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 iit 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 ariso. 3 TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 STATEMENT OF FINANCIAL POSITION FOR THE SEVENTHEEN (17) MONTHS ENDED DECEMBER 31, 2018 DECEMBER 2018 NOTES N Non-Current Assets 1 85,001,288 Special Project Assets 2 5,351,181 Development Expenditure 3 758,126,806 Cash and Cash Equivalent 4 179,888,244 Total Assets 1,028,367.519 FINANCED BY: Project Funding 5 1.Q28.367,519 Project Coordinator Head PFMU 4 TARABA STATE GOVERNMENT OF NIGERIA. STATE EDUCATION PROGRAM INVESTMENT PROJECT- AF WORLD BANK (IDA) STATEMENT OF RECEIPTS AND PAYMENTS FOR THE SEVENTEEN (17) MONTHS ENDING DECEMBER 31,2018 DECEMBER 2018 Cummulative N N Opening Balance RECEIPTS International Development Association 1028,367,519 1,028,367,519 Total Receipts 1,028,367,519 1.,028,367,519 PAYMENTS: Goods 179,681,681 179,681,681 Works 5,160,242 5,160,242 Consultant Services/Training 316,477,872 316,477,872 Operating Cost 61,009,794 61,009,794 Grants 287,948,000 287,948,000 Total payments 850,277,589 850,277,589 Surplus of Receipts over Payments 178,089,930 178,089,930 Exchange Difference 1,798,314 1,798,314 Closing Balance 179.888,244 179,888,244 5 TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 STATEMENT OF SPECIAL ACCOUNT FOR THE SEVENTHEEN (17) MONTHS ENDED DECEMBER 31, 2018 Account Number: 5070535762 Bank: Zenith Bank Plc Address: Jalingo, Taraba State Currency: Us Dollar ($) DECEMBER 2018 Cummulative $ $ Opening Balance ADD: Initial Advance (Note 12) 1,000,000.00 1,000,000.00 IDA Replenishments (Note 12) 2,159,134.59 2159 134 59 3159,134.59 3,159,134.59 DEDUCT: Payments (Transfer to drawdown A/C) 2,672,349.93 2,672,349.93 Direct Payments from Special Account 438.00 438.00 Service Charges 110,000.00 110,000.00 Total Payments 2,782,787.93 2,782,787.93 Closing Balance 376,346.66 376,346.66 6 TARABA STATE GOVERNMENT OF NIGERIA. STATE EDUCATION PROGRAM INVESTMENT PROJECT.(SEPIP- AF) WORLD BANK (IDA) CREDIT NO. 58480 STATEMENT OF EXPENDITURE FOR THE SEVENTEEN (17) MONTHS ENDED DECEMBER 31, 2018 Goods Consultant Operating Works Incentives $ N Service & Trainin Cost 63,234,419 7,664,990 5,160,242 160,611,115 740,902.38 236,670,766 46,477,370 11,147,759 - 19,474,000 207,879.72 77,069,129 41,589,383 5,198,110 - 119,410,865 519,369.66 166,198,358 114,528,506 33,301,492 - 76,977,500 585,623.08 224,807,498 8,847,552 2,763,469 - 11,709,000 87,020.95 27,846,721 821,450 1,965,271 - 25,060,000 87,020.95 27,846,721 900,000 1,192.295 - 68,659.000 212,061.44 70,751,295 276,398680 63,233,386 5,160,242 481.901.480 826-663,788 7 TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROIECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 NOTES ON THE ACCOUNTS FOR THE SEVENTHEEN (17) MONTHS ENDED DECEMBER 31 2018 2018 N 1 NON-CURRENT ASSETS Motor Vehicle (Note 6) 75,147,300 Equipments (Note 7) 9,53,98 85001,288 2 SPECIAL PROJECT ASSETS Furniture and Fittings 2,619,316 Equipments 231865 3 DEVELOPMENT EXPENDITURE Balance brought forward Consultancy Services and Training (Note 8) 266,724,414 Goods and Works (Note 9) 184,444,982 Operational Cost (Note 10) 61,009,794 Grants (Note 11) 247,745,930 Exchange Loss/Gain (Note 13) 1798314 Balance Carried Forward 758.126,806 4 CASH AND CASH EQUIVALENTS Zenith Bank Plc - Special A/c 1 29,839,598 Zenith Bank Plc - DrawDown A/c U4646 179,8 88.244 5 PROJECT FUNDING Balance brought forward IDA Funds (Note 12) 1.028,367,519 Balance Carried Forward 1 028,367,519 6 MOTOR VHICLES 3Nos. Toyota Hilux 75,147,300 758147,300 8 TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 NOTES ON THE ACCOUNTS FOR THE SEVENTHEEN (17) MONTHS ENDED DECEMBER 31, 2018 2018 N 7 EQUIPMENTS Internet and Installation 2,700,000 TVS, ACs and Accessories 2,875,450 Printers and Photocopier 1,320,000 Laptops and Accessories 8 CONSULTANTS' SERVICES AND TRAINING Consultants' Services 229,803,517 Training 9 GOODS AND WORKS Goods 103,505,326 Works 80,939,656 184,444.982 10 OPERATIONAL COST Transport and Travelling 42,396,908 Contribution to PFMU 900,000 Salaries and Allowances 2,682,126 Insurance 5,000,000 Entertainment and Hospitality 5,362,160 Vehicle Maintenance 2,120,000 Media and Publicity 11 GRANTS Teachers Incentives 72,650,000 Grants to various Schools 175,095,930 2479745,930 9 TARABA STATE GOVERNMENT OF NIGERIA. STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP- AF) WORLD BANK (IDA) CREDIT NO. 58480 NOTES ON THE ACCOUNTS FOR THE SEVENTEEN (17) MONTHS ENDED DECEMBER 31- 2018 12 RECEIPTS Date Particulars Init Replenishment Total Advance 22/06/2017 IDA Credit 1,000,000 319,000,000 15/02/2018 IDA Credit - 740,975.63 237,112,202 14/05/2018 IDA Credit 207,879.72 66,521,511 20/07/2018 IDA Credit 513,588.39 165,375,462 19/11/2018 IDA Credit 546,624.74 188,585,535 21/12/2018 IDA Credit 78,312.50 27,017,813 21/12/2018 IDA Credit -1753.61 2425j1996 10159134.59 1,28,6 10 TARABA STATE GOVERNMENT OF NIGERIA STATE EDUCATION PROGRAM INVESTMENT PROJECT (SEPIP - AF) WORLD BANK (IDA) CREDIT NO. 58480 NOTES ON THE ACCOUNTS FOR THE SEVENTHEEN (17) MONTHS ENDED DECEMBER 31, 2018 13 EXCHANGE DIFFERENCE $ Received Amount Withdrawal Amount Difference Rate wA Rate B N N N N N 500,000.00 319.00 159,500,000 319 159,500,000 - 133,389.00 319.00 42,551,091 320 42,684,480 133,389 113,092.00 319.00 36,076,348 320 36,189,440 113,092 136,873.00 319.50 43,730,924 320 43,799,360 68,436 2,325.00 319.50 742,838 320 744,000 1,162 186,309.00 320.00 59,618,880 320 59,618,880 - 196,874.00 320.00 62,999,680 320 62,999,680 - 266,025.27 322.00 85,660,137 320 85,128,086 (532,051) 66,090.63 322.00 21,281,183 320 21,149,002 (132,181) 131,981.38 320.00 42,234,042 322 42,498,004 263,962 171,875.00 320.00 55,000,000 320 55,000,000 - 111,384.62 320.00 35,643,078 325 36,200,002 556,924 116,307.69 320.00 37,218,461 325 37,799,999 581,538 150,142.18 320.00 48,045,498 325 48,796,209 750,711 24,463.77 345.50 8,452,233 345 8,440,001 (12,232) 91,304.35 345.50 31,545,653 345 31,500,001 (45,652) 273,913.05 345.50 94,636,959 345 94,500,002 (136,957) 1,610,141 Special Account Closing Balance 188,173 Net Exchange Difference 1,798,314