WORLD EVANGELICAL MISSION CHURCH - (WEM)

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31st DECEMBER 2017

 WORLD EVANGELICAL MISSION CHURCH - (WEM)

REPORT OF MANAGING COMMITTEE

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.

BY ORDER OF THE MANAGING COMMITTEE

……………………
CHAIRMAN

MOSHI
DATE:
Sheet and
 WORLD EVANGELICAL MISSION CHURCH - (WEM)

REPORT OF THE AUDITORS

We have audited the financial statements on pages 2 to 6 which have been

prepared under the historical cost convention.

RESPECTIVE RESPONSIBILITIES OF MANAGEMENT AND AUDITORS

The Management is responsible for preparation of the financial statements which give
a true and fair view of operations. Our responsibility is to express an independent
opinion on the financial statements based on our audit and to report our opinion
to you.

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

nable assurance that the

 WORLD EVANGELICAL MISSION CHURCH - (WEM)
STATEMENT OF FINANCIAL POSITION AT 31st DECEMBER 2017

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

EQUITY AND LIABILITIES

Capital and Reserves

Membership Account 4.0 102,890,000
Accummulated Fund
Surplus/(Deficit) for the year 2,816,518
105,706,518

Current Liabilities
Trade and Other Payables 5.0 -

TOTAL EQUITY AND LIABILITIES 105,706,518

The notes on pages 05 - 07 form part of these financial statements.

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

CHARITY RECEIVED 6.0 7,870,418

OTHER INCOME 7.0 -

7,870,418
DEVELOPMENT ACTIVITIES 8.0 -
7,870,418

OPERATING EXPENDITURES

Establishment 9.0 2,683,250

Administrative 10.0 1,775,650
Labour 11.0 595,000

Financial 12.0 -
5,053,900

Surplus/(Deficit) for the year 2,816,518

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

Corporate Tax paid 0.00

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

CHANGES IN CASH AND CASH EQUIVALENTS

Increase (Decrease) in Cash and Cash Equivalents 4,600,268
Cash & Bank balance at end of the year 4,600,268
Page 04
 WORLD EVANGELICAL MISSION CHURCH - (WEM)
NOTES TO THE FINANCIAL STATEMENTS AT 31st DECEMBER 2017 (Cont'd.)

2.0 FURNITURE, FIXTURES, COMPUTERS AND DEPRECIATION

FURNITURE COMPUTER & LAND & BUILDINGS TOTAL

& FIXTURES ACCESSORIES TSHS
COST
At 01.1.2017 - -

Additions 3,190,000 4,700,000 95,000,000 0.00

3,190,000 4,700,000 95,000,000 102,890,000
DEPRECIATION
At 01.01.2017 - - -
Charge for the year 1,196,250 587,500 1,783,750
1,196,250 587,500 1,783,750
NET BOOK VALUE
At 31.12.2017 1,993,750
### 4,112,500 95,000,000
### 101,106,250

31.12.2017
3.0 BANK BALANCES TSHS

Cash at Bank NMB 4,265,059

4,265,059
4.0 MEMBERS ACCOUNT
102,890,000

Amount Subscribed 102,890,000

5.0 TRADE AND OTHER PAYABLES

Trade Payables 0.00
Other Payables

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

1.0 ACCOUNTING POLICIES

1.1 The accounts have been prepared under historical cost convention.

1.2 Depreciation has been calculated to write off the cost of

furniture, fixtures and computers over their expected useful
lives on straight line basis at the following rates:-

Furniture and Fixtures 12.5%

Computers 37.5%

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.

1.7 The financial statements figures are expressed in Tanzanian shillings.

Page 05
ith respect
 WORLD EVANGELICAL MISSION CHURCH - (WEM)

NOTES TO THE FINANCIAL STATEMENTS AT 31st DECEMBER 2017 (Cont'd.)

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
-

9.0 ESTABLISHMENT EXPENDITURE

Repairs and Maintenance 385,000
Equipments Repairs and Maintenance 514,500
Depreciation 1,783,750
Insurance
2,683,250

10.0 ADMINISTRATIVE EXPENDITURE

Travelling and Accommodation 250,000
Rent
Postages and Faxes
Stationery and Printing 21,000
Telephone & Mobiles
Cleaning & Sanitation 162,000
Security 600,000
Contribution to central collection fund 278,000
Utilities 304,500
Donations 160,150
Audit and other Professional
1,775,650

11.0 LABOUR EXPENDITURE

Staff Costs 595,000
NSSF Contribution
Staff Subsistence
 Staff Medical
595,000
12.0 FINANCIAL
Bank Charges
Page 07