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Wem The Final Accounts 2017
Wem The Final Accounts 2017
Wem The Final Accounts 2017
The Managing Committee hereby presents their report and audited financial statements
for the year ended 31th December, 2017
The results of World Evangelical Mission Church are shown as per attached Balance Sheet and
Income and Expenditure account as set out on pages 2 to 6
AUDITORS
The Auditors M/S. ROMACC ASSOCIATES have indicated their willingness to continue in
office for the ensuring year.
……………………
CHAIRMAN
MOSHI
DATE:
Sheet and
WORLD EVANGELICAL MISSION CHURCH - (WEM)
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing.
We planned and performed our audit so as to obtain reasonable assurance that the
financial statements are free from material misstatement. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures
in the financial statements.
OPINION
In our opinion the financial statements present a true and fair view of the state of
affairs as at 31st December, 2017and of its results of operation and cash flow
statement for the year then ended and comply with International Financial
Reporting Standards.
……………………………
MOSHI
Date:
CERTIFIED PUBLIC ACCOUNTANT'S IN PUBLIC PRACTICE
al statements which give
express an independent
31.12.2017
ASSETS NOTES TSHS.
Non-Current Assets
Furniture , Computers 2.0 101,106,250
Current Assets
Bank Balance 3.0 4,265,059
Cash Balance 335,209
4,600,268
TOTAL ASSETS 105,706,518
Current Liabilities
Trade and Other Payables 5.0 -
The financial statements were approved by the board of Committee and signed
on their behalf by:
…………………………… …..…..................................
CHAIRMAN TREASURER
MOSHI
Date:
Page 02
............................
WORLD EVANGELICAL MISSION CHURCH - (WEM)
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR
ENDED 31st DECEMBER 2017
31.12.2017
NOTES TSHS
INCOME
7,870,418
DEVELOPMENT ACTIVITIES 8.0 -
7,870,418
OPERATING EXPENDITURES
Financial 12.0 -
5,053,900
Page 03
WORLD EVANGELICAL MISSION CHURCH - (WEM)
STATEMENT OF CASH FLOW FOR THE YEAR
ENDED 31st DECEMBER 2017
31.12.2017
TSHS.
OPERATING ACTIVITIES:
Surplus/(Deficit) of Income over Expenditure 2,816,518
Adjustment for:
Depreciation 1,783,750
(Increase)/Decrease in Trade & other Receivables 0.00
Increase/(Decrease) in Trade & other Payables -
1,783,750
Net Cash in (out) flow from operating activities 4,600,268
INVESTING ACTIVITIES:
Acquisition of Tangible Assets - 102,890,000
Net Cash in/(out) flow from investing activities - 102,890,000
Net Cash in/(out) flow before financing - 98,289,732
FINANCING ACTIVITIES:
Members Contribution / Grant Received 102,890,000
Bank Facility 0.00
Net Cash in/ (out) flow from financing activities 102,890,000
Increase/(Decrease) in Cash and Cash Equivalents 4,600,268
31.12.2017
3.0 BANK BALANCES TSHS
4,265,059
4.0 MEMBERS ACCOUNT
102,890,000
6.0 INCOME
Charity ### 7,870,418
###
7.0 OTHER INCOME
0.00
Page 06
WORLD EVANGELICAL MISSION CHURCH - (WEM)
NOTES TO THE FINANCIAL STATEMENTS AT 31st DECEMBER 2017
1.1 The accounts have been prepared under historical cost convention.
1.3 The trade and other receivables are carried on at the original invoice amounts less an
estimate made for bad and doubtful amounts on a review of all outstanding
amounts at the end of the period. Bad debts are written off when identified.
1.4 The trade and other payables are stated at their nominal value.
1.5 The Retirement benefits obligations; the company makes statutory contribution to the
National Social Security Fund. The Company's obligation with respect to contribution
is 10% of the employee gross emmoluments. The company's contribution with respect
to retirement benefits obligations are charged to the Income and Expenditure
Statement with the year to which they related.
1.6 The Cash and Cash Equivalents; for the purposes of the Statement of Cashflow,
comprise of the Cash in hand and deposits held at call with banks.
Page 05
ith respect
WORLD EVANGELICAL MISSION CHURCH - (WEM)
31.12.2021
TSHS
8.0 DEVELOPMENT ACTIVITIES
Whole School Managerial programme
Teachers Resource Programme
Litaracy Material Resource Programme
Sponsorship towards equipments
Volunteer Programme (School outgoing)
Medical Expenses
School fees
-