financial statement 31st october,...

GODWIN OSUNG INTERNATIONALFOUNDATION INC

FINANCIAL STATEMENT31ST OCTOBER, 2014

NTEKIM ROBSON & CO

CHARTERED ACCOUNTANTSNIGERIA

GODWIN OSUNG INTERNATIONAL FOUNDATION INC

TABLE OF CONTENT PAGE

Corporate Information 2

Report of the auditors 3

Balance sheet 4

Income and Expenditure Account 5

Statement of Cash Flow 6

Notes on the accounts 7-10

1

GODWIN OSUNG INTERNATIONAL FOUNDATION INC CORPORATE INFRMATION

REGISTRATION NO: CAC/IT/NO 34719 BOARD OF TRUSTEES: Rev Dr. Godwin Anangatang Osung Mr. Emmanuel Uweh Pastor Temple Okorie Mrs Wealth Godwin Osung Mr. Godwin Jim APPOINTED TRUSTEES Mrs. Grace Michael Obong Mrs Christiana Sampson Samuel Mrs Alice Ifiok Atang REGISTERED OFFICE: 31 Ekong Edon Street Eket Akwa Ibom State POSTAL ADDRESS: P. O. Box 691, Eket. NATIONAL ECRETARIAT #1 Living Grace Avenue, Off Ikot Udoma Estate, Eket Akwa Ibom State AUDITORS: Ntekim Robson & Co Chartered Accountants 45, Liverpool Road, Eket. Akwa Ibom State. BANKERS: Akwa Savings and Loans Limited

2

GODWIN OSUNG INTERNATIONAL FOUNDATION INCINCOME AND EXPENDITURE ACCOUNTS – 31ST OCTOBER 2014

NOTE2014INCOMEN

Income from grants and donations86,235,000

Less

EXPENDITURE

Project Executed71,523,880

Administrative expenses62,601,375

Net Surplus/(Deficit) for the year2,109,745

The notes on pages 7 to 10 form an integral part of these accounts

Audit report, page 3

5

GODWIN OSUNG INTERNATIONAL FOUNDATION INC CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST OCTOBER 2014

NOTE 2014

Cash Flow from Operating Activities N

Cash Receipt from donors 6,235,000

Changes in receivables (-)

Changes in payable 6235,000

Cash used in operations

Cash paid to employees (960,000)

Cash used in project implementation (1,523,880)

Other cash payments (1,641,375)

Net Cash from operating activities 2,109,745

Cash flow from investing activities

Acquisition of fixed assets (2,960,000)

Net Cash flow (850,255)

Fund from Trustees 893,755

Cash and cash equivalent at 1st November -

Cash and Cash equivalent at 31st October N43,500

The notes on pages 7 to 10 form an integral part of these accounts Audit report, page

6

GODWIN OSUNG INTERNATIONAL FOUNDATION INC NOTES ON THE ACCOUNT – 31ST OCTOBER 2014

1. NATURE OF OPERATIONS AND GENERAL INFORMATION

GODWIN OSUNG INTERNATIONAL FOUNDATION INC is a registered NGO

with corporate affairs commission under CAMA 1990 in Nigeria. The main office of

the organisation is location at 31 Ekong Edon Street, Eket, Akwa Ibom State –

Nigeria.

The organisation receives its funding from members, local and foreign charitable

foundations and carries out projects in the federal republic of Nigeria.

2. BASIS OF ACCOUNT

The financial statements have been prepared on historical cost basis of accounting.

3. FUNCTIONAL AND PRESENTATION CURRENCY

The national currency of Nigeria, the Naira which is the organisation’s functional

currency best reflects the economic substance of the underlying events and

transactions of the organisation.

4. FOREIGN CURRENCIES

In preparing the financial statements, transactions in currencies other than the

functional currency are recorded at the rates of exchange prevailing on the dates of the

transactions by the central Bank of Nigeria.

5. DEPRECIATION:

Depreciation on fixed assets has been charge on a straight-line basis to write-off the

expected useful life of the assets.

The principal annual rates used for this purpose are;

Building Under Construction 0% Motor Vehicle 20% Furniture and Fittings 10%

Notes on accounts continued on page 8


7

GODWIN OSUNG INTERNATIONAL FOUNDATION INC NOTES ON THE ACCOUNT 31ST OCTOBER 2014

6. Administrative expenses:

2014 N

Salaries & wages 960,000

Office Stationary 50,000

Courier Services and Bulk SMS 25,000

Professional Services 300,000

Rent and Rates 250,000

Internet Services 21,000

Outreaches 155,000

Telephone Expenses 43,000

Office Supplies 70,000

Security Cost -

Shoe for Orphans 80,000

Widows maltreatment expenses 55,000

Scholarships 101,000

Transport and Travelling 49,000

Staff Retreat 100,000

Bank charges

Auditing and Accounting fees 10,000

Depreciation 346,000 2,601,375

7. Project

2014 N

Rehabilitation of Orphanage Home 2,523,880 2,523,880

Notes on accounts continued on page 9 Audit report, page 3

8

GODWIN OSUNG INTERNATIONAL FOUNDATION INC NOTES ON ACCOUNTS-31ST OCTOBER 2014

8. INCOME:

Income of the organisation is derived from grant and other donations from donor.

2014 N

Co-financing (Board Of Trustees) 4,885,000

Morning Star Academy 350,000

Kingdom Life Christian University 1,000,000 6,235,000

9. Current Liabilities

2014 N

Outstanding Audit fees 20,000

10. Bank and Cash Balance:

2014

Cash 43,500 43,500

Notes on accounts continued on page 8 ĖÞŇÒP report, page 3

9


G O D W I N O S U N G I N T E R N A T I O N A L F O U N D A T I O N I N C

N O T E S O N A C C O U N T S -3 1 S T O C T O B E R 2 0 1 4

1 1 F ix e d A s s e ts L a n d /B u ild in g U n d e r

C o n s tru c tio n

M o to r V e h ic le

F u rn itu re a n d

f i t t in g s

T o ta l

N N N N M o v e m e n t s : -

C o s t :

A t 1 s t N o v e m b e r 2 0 1 3 1 ,0 0 0 ,0 0 0 1 ,5 0 0 ,0 0 0 4 6 0 ,0 0 0 2 ,9 6 0 ,0 0 0 A d d it io n - - - - A t 3 1 S T O C T O B E R

2 0 1 4

1 ,0 0 0 ,0 0 0 1 ,5 0 0 ,0 0 0 4 6 0 ,0 0 0 2 ,9 6 0 ,0 0 0

D e p r e c ia t io n :

A t 1 s t N o v e m b e r 2 0 1 3 - - - - C h a rg e d to In c o m e a n d

e x p e n d itu re a c c o u n t

- 3 0 0 ,0 0 0 4 6 ,0 0 0 3 4 6 ,0 0 0

A t 3 1 S T O C T O B E R

2 0 1 4

- 3 0 0 ,0 0 0 4 6 ,0 0 0 3 4 6 ,0 0 0

N e t B o o k V a lu e A t

3 1 S T O C T O B E R 2 0 1 4

1 ,0 0 0 ,0 0 0 1 ,2 0 0 ,0 0 0 4 1 4 ,0 0 0 2 ,6 1 4 ,0 0 0

A u d it re p o r t , p a g e 3

10



NTEKIM ROBSON & CO





Balance sheet 4




1

GODWIN OSUNG INTERNATIONAL FOUNDATION INC CORPORATE INFORMATION

REGISTRATION NO: CAC/IT/NO 34719 BOARD OF TRUSTEES: Rev Dr. Godwin Anangatang Osung Mr. Emmanuel Uweh Pastor Temple Okorie Mrs Wealth Godwin Osung Mr. Godwin Jim APPOINTED TRUSTEES Mrs. Grace Michael Obong Mrs Christiana Sampson Samuel Mrs Alice Ifiok Atang REGISTERED OFFICE: 31 Ekong Edon Street Eket Akwa Ibom State POSTAL ADDRESS: P. O. Box 691, Eket. NATIONAL ECRETARIAT #1 Living Grace Avenue, Off Ikot Udoma Estate, Eket Akwa Ibom State AUDITORS: Ntekim Robson & Co Chartered Accountants 45, Liverpool Road, Eket.

2

GODWIN OSUNG INTERNATIONAL FOUNDATION INC INCOME AND EXPENDITURE ACCOUNTS – 31ST OCTOBER 2015

NOTE 2015

2014

INCOME N N Income from grants and donations 8 1,370,000 6,235,000

Less

EXPENDITURE Project Executed 7 670,000 1,523,880 Administrative expenses 6 3,102,000 2,601,375 Net Surplus/(Deficit) for the year (2,402,000) 2,109,745 Net Surplus/(Deficit) B/fwd 2,109,745 - Net Surplus/(Deficit) C/fwd (292,255) 2,109,745

5




NOTE 2015 2014 Cash Flow from Operating Activities N N Cash Receipt from donors 1,370,000 6,235,000 Changes in receivables (-) (-) Changes in payable 1,370,000 6,235,000 Cash used in operations Cash paid to employees (1,044,000) (960,000) Cash used in project implementation (670,000) (1,523,880) Other cash payments (2,058,000) (1,641,375) Net Cash from operating activities (2,402,000) 2,109,745 Cash flow from investing activities Acquisition of fixed assets (1,000,000) (2,960,000) Net Cash flow (3,402,000) (850,255) Fund from Trustees 3,425,050 893,755 Net Cash and Cash equivalent 23,050

The notes on pages 7 to 10 form an integral part of these accounts Audit report, page

6



GODWIN OSUNG INTERNATIONAL FOUNDATION INC is a registered NGO with corporate affairs

commission under CAMA 1990 in Nigeria. The main office of the organisation is location at 31 Ekong Edon

Street, Eket, Akwa Ibom State – Nigeria.

The organisation receives its funding from members, local and foreign charitable foundations and carries out

projects in the federal republic of Nigeria.

2. BASIS OF ACCOUNT The financial statements have been prepared on historical cost basis of accounting.


The national currency of Nigeria, the Naira which is the organisation's functional currency best reflects the

economic substance of the underlying events and transactions of the organisation.


In preparing the financial statements, transactions in currencies other than the functional currency are

recorded at the rates of exchange prevailing on the dates of the transactions by the central Bank of Nigeria.

5. DEPRECIATION:

Depreciation on fixed assets has been charge on a straight-line basis to write-off the expected useful life of the

assets.

The principal annual rates used for this purpose are;Building Under Construction 0%Motor Vehicle 20%Furniture and Fittings 10%



7



2015 2014 N N Salaries & wages 1,044,000 960,000 Office Stationary 75,000 50,000 Courier Services and Bulk SMS 31,000 25,000 Professional Services 115,000 300,000 Rent and Rates 208,000 250,000 Internet Services 49,000 21,000 Outreaches 60,000 155,000 Telephone Expenses 55,000 43,000 Office Supplies 25,000 70,000 Security Cost 20,000 - Shoe for Orphans 200,000 80,000 Widows maltreatment expenses 70,000 55,000 Scholarships 164,000 101,000 Transport and Travelling 500,000 49,000 Staff Retreat 120,000 100,000 Bank charges Auditing and Accounting fees 20,000 20,000 Depreciation 346,000 346,000 3,102,000 2,601,375

7. Project

2015 2015

N N Rehabilitation of Orphanage Home - 1,523,880 Donation of Materials to orphanage home 670,000 - 670,000 1,523,880


8


8. INCOME:


2015 2014 N N Co-financing (Board Of Trustees) 500,000 4,885,000 Morning Star Academy 170,000 350,000 Kingdom Life Christian University 700,000 1,000,000 1,370,000 6,235,000


2015 2014 N N Outstanding Audit fees 20,000 20,000


2015 2014 Cash 66,550 43,500 66,550 43,500

9



NOTES ON ACCOUNTS-31ST OCTOBER 2015

11 Fixed Assets Land/Building Under Construction

Motor Vehicle

Furniture and

fittings

Total

N N N N Movements:- Cost: At 1st November 20143 1,000,000 1,500,000 460,000 2,960,000 Addition 1,000,000 - - 1,000,000 At 31ST OCTOBER 2015 2,000,000 1,500,000 460,000 3,960,000 Depreciation: At 1st November 2014 - 300,000 46,000 346,000 Charged to Income and expenditure account - 300,000 46,000 346,000 At 31ST OCTOBER 2015 - 600,000 92,000 692,000 Net Book Value At 31ST OCTOBER 2015 2,000,000 900,000 368,000 3,268,000


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NTEKIM ROBSON & CO






Balance sheet 4




1

GODWIN OSUNG INTERNATIONAL FOUNDATION INC CORPORATE INFORMATION

REGISTRATION NO: CAC/IT/NO 34719 BOARD OF TRUSTEES: Rev Dr. Godwin Anangatang Osung Mr. Emmanuel Uweh Pastor Temple Okorie Mrs Wealth Godwin Osung Mr. Godwin Jim APPOINTED TRUSTEES Mrs. Grace Michael Obong Mrs Christiana Sampson Samuel Mrs Alice Ifiok Atang REGISTERED OFFICE: 31 Ekong Edon Street Eket Akwa Ibom State POSTAL ADDRESS: P. O. Box 691, Eket. NATIONAL ECRETARIAT #1 Living Grace Avenue, Off Ikot Udoma Estate, Eket Akwa Ibom State AUDITORS: Ntekim Robson & Co Chartered Accountants 45, Liverpool Road, Eket.

BANKERS: Akwa Savings and Loans Limited Wema Bank Plc

2

GODWIN OSUNG INTERNATIONAL FOUNDATION INC INCOME AND EXPENDITURE ACCOUNTS – 31ST OCTOBER 2016

NOTE 2016

2015

INCOME N N Income from grants and donations 8 3,885,000 1,370,000

Less

EXPENDITURE Project Executed 7 830,000 670,000 Administrative expenses 6 2,732,000 3,102,000 Net Surplus/(Deficit) for the year 323,000 (2,402,000) Net Surplus/(Deficit) B/fwd (292,255) 2,109,745 Net Surplus/(Deficit) C/fwd 30,745 (292,255)

The notes on pages 7 to 10 form an integral part of these accounts Audit report, page 3

5


NOTE 2016 2015 Cash Flow from Operating Activities N N Cash Receipt from donors 3,885,000 1,370,000 Changes in receivables (-) (-) Changes in payable 3,885,000 1,370,000 Cash used in operations Cash paid to employees (1,048,000) (1,044,000) Cash used in project implementation (830,000) (670,000) Other cash payments (1,684,000) (2,058,000) Net Cash from operating activities 323,000 (2,402,000) Cash flow from investing activities Acquisition of fixed assets (255,000) (1,000,000) Net Cash flow 68,000 (3,402,000) Fund from Trustees (103,550) 3,425,050 Net Cash and Cash equivalent (35,550) 23,050

Cash and cash equivalent at 1st November 66,550 43,500 Cash and Cash equivalent at 31st October N31,000 N66,550


Audit report, page

6



GODWIN OSUNG INTERNATIONAL FOUNDATION INC is a registered NGO

with corporate affairs commission under CAMA 1990 in Nigeria. The main office of

the organisation is location at 31 Ekong Edon Street, Eket, Akwa Ibom State –

Nigeria.

The organisation receives its funding from members, local and foreign charitable

foundations and carries out projects in the federal republic of Nigeria.

2. BASIS OF ACCOUNT

The financial statements have been prepared on historical cost basis of accounting.


The national currency of Nigeria, the Naira which is the organisation’s functional

currency best reflects the economic substance of the underlying events and

transactions of the organisation.


In preparing the financial statements, transactions in currencies other than the

functional currency are recorded at the rates of exchange prevailing on the dates of the

transactions by the central Bank of Nigeria.

5. DEPRECIATION:

Depreciation on fixed assets has been charge on a straight-line basis to write-off the

expected useful life of the assets.

The principal annual rates used for this purpose are;

Building Under Construction 0% Motor Vehicle 20% Furniture and Fittings 10%



7



2016 2015 N N Salaries & wages 1,048,000 1,044,000 Office Stationary 92,000 75,000 Courier Services and Bulk SMS 45,000 31,000 Professional Services 400,000 115,000 Rent and Rates - 208,000 Internet Services 134,000 49,000 Outreaches 62,000 60,000 Telephone Expenses 68,000 55,000 Office Supplies 50,000 25,000 Security Cost 40,000 20,000 Shoe for Orphans - 200,000 Widows maltreatment expenses - 70,000 Scholarships - 164,000 Transport and Travelling 212,000 500,000 Staff Retreat 215,000 120,000 Bank charges Auditing and Accounting fees 20,000 20,000 Depreciation 346,000 346,000 2,732,000 3,102,000

7. Project

2016 2015

N N Rehabilitation of Orphanage Home 125,000 670,000 Donation of Materials to orphanage home 250,000 - Shoe for Orphans 334,000 - Campaign against Widows Maltreatment 121,000 - Scholarship 150,000 - 830,000 670,000


8


8. INCOME:


2016 2015 N N Donation from Individuals 2,000,000 Co-financing (Board Of Trustees) 545,000 500,000 Morning Star Academy 490,000 170,000 Kingdom Life Christian University 850,000 700,000 3,885,000 1,370,000


2016 2014 N N Outstanding Audit fees 20,000 20,000


2016 2015 Cash 31,000 66,550 31,000 66,550

9



NOTES ON ACCOUNTS-31ST OCTOBER 2016

11 Fixed Assets Land/Building Under Construction

Motor Vehicle

Furniture and

fittings

Total

N N N N Movements:- Cost: At 1st November 20143 2,000,000 1,500,000 460,000 2,960,000 Addition 255,000 - - 255,000 At 31ST OCTOBER 2016 2,255,000 1,500,000 460,000 3,215,000 Depreciation: At 1st November 2014 - 600,000 92,000 692,000 Charged to Income and expenditure account - 300,000 46,000 346,000 At 31ST OCTOBER 2016 - 900,000 138,000 1,038,000 Net Book Value At 31ST OCTOBER 2016 2,255,000 600,000 322,000 3,177,000


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financial statement 31st october,...

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