The Economic Policy Reseach Network (EPRN)

Statement of profit or loss and Other Comprehensive Income

For the year ended 31 December 2022
Notes 2022 2021
Frw Frw
Revenue 1 361,631,651 128,898,487
Other Incomes 2 6,286,261 30,847
Administrative expenses 3 (330,164,791) (131,209,844)
Operating Profit(loss) 37,753,122 (2,280,511)
Finance costs 4 (256,731) (291,447)
Net Income 37,496,391 (2,571,958)
Income tax expenses 9 (11,248,917) -
Net Income after tax 26,247,473 (2,571,958)
Total comprehensive income 26,247,473 (2,571,958)

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The Economic Policy Reseach Network (EPRN)
Statement of financial position
As at 31 December 2022
Notes 2022 2021
Frw Frw
Assets
Non Current Assets
Property, Plant and Equipment 8 1,101,088 2,425,274
Total Non current assets 1,101,088 2,425,274
Current Assets
Accounts receivables 6 - 68,750
Cash and cash equivalents 5 64,220,280 32,649,692
Total Current Assets 64,220,280 32,718,442
Total Assets 65,321,368 35,143,716
Equity and liabilities
Capital and reserves
EPRN_Opening Balance Equity 27,824,977 30,396,934
Net Income 26,247,473 (2,571,958)
Total Equity 54,072,450 27,824,977
Current Liabilities
Accounts payables 7 - 1,285,083
Other current liabilities 8 - 6,033,656
Current Tax Payable 9 11,248,917 -
Total current liabilities 11,248,917 7,318,739
Total liabilities 11,248,917 7,318,739
Total equity and liabilities 65,321,368 35,143,716

Seth KWIZERA Executive Director

Executive Director Legal Representative

6 June 2023 6 June 2023

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The Economic Policy Reseach Network (EPRN)
Statement of Changes in Equity
For the year ended 31 December 2022
Share Capital Retained Earnings Total Equity
Frw Frw Frw
Opening balance (1 January 2022) 27,824,977 - 27,824,977
Net Income for the Year 26,247,473 26,247,473
Closing balance (31 December 2022) 27,824,977 26,247,473 54,072,450
Statement of Changes in Equity
For the year ended 31 December 2021
Share Capital Retained Earnings Total Equity
Frw Frw Frw
Opening balance (1 January 2021) 30,396,934 - 30,396,934
Net Income for the Year (2,571,958) (2,571,958)
Closing balance (31 December 2021) 30,396,934 (2,571,958) 27,824,977

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The Economic Policy Reseach Network (EPRN)
Statement of cash flows
For the year ended 31 December 2022
Cash flow from operating activities 2022 2021
Frw Frw
Profit before tax 37,496,391 (2,571,958)
Profit(loss) before working capital changes 37,496,391 (2,571,958)
Cash flows from operations 30,246,401 4,678,032
Net Cash flow from operating activities 30,246,401 4,678,032
Cash flow from financing activities
Proceeds from issue of shares (Repurchase of shares) (2,571,957) 30,396,934
Payment of dividends 2,571,958 -
Net Cash flow from financing activities 1 30,396,934

Net cash inflow (Outflow) for the period 31,570,588 32,649,692

Cash and cash equivalent and the beginning 32,649,692 -
Cash and cash equivalent and the end 64,220,280 32,649,692

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The Economic Policy Reseach Network (EPRN)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022
1 Revenue
2022 2021
Frw Frw
Revenues:Grants 125,610,174 73,711,993
Revenues:Membership 935,000 4,459,894
Revenues:Studies & Consultancies 206,809,800 42,401,800
361,631,651 128,898,487
2 Other Incomes
2022 2021
Frw Frw
INCOME & RECEIPT ACC:Other Income 6,286,261 30,847
6,286,261 30,847
3 Administrative expenses
2022 2021
Frw Frw
Other Expenses:Depreciation 1,324,187 4,219,058
Output 1- CAPACITY BUILDING: Refreshment & Transport - 502,620
Output 1- CAPACITY BUILDING: Refreshment and Trainer Cost - 8,895,500
Output 1- CAPACITY BUILDING: YEP Program Coordination - 14,524,800
Output 1- CAPACITY BUILDING: Membership management - 5,265,000
Output 1- CAPACITY BUILDING: ICT Support - 3,564,000
Output 2 - Research Initiative:Conference & Meeting 70,714,187 -
Output 2 - Research Initiative:Data collection cost 3,706,500 -
Output 2 - Research Initiative:Studies& Consultancies expenses 51,860,815 15,635,609
Output 2 - RESEARCH INITIATIVES: Student Chapter Representative - 1,800,000
Output 2 - RESEARCH INITIATIVES: Student Chapter Dep. Repres. - 1,170,000
Output 2 - RESEARCH INITIATIVES: Mentors cost - 3,241,875
Output 2 - RESEARCH INITIATIVES: EPRN Publication Printing Cost - 1,700,000
Output 2 - RESEARCH INITIATIVES: Research Conference promo mater - 7,225,760
Output 2 - RESEARCH INITIATIVES: Research conference journalists - 285,000
Output 2 - RESEARCH INITIATIVES: CBM Consultancy services - 1,550,000
Output 6 - Fundraising Cost:Adverstisment fee 50,000 -
Output 6 - Fundraising Cost:Equipments Cost 1,400,000 -
Output 6 - Fundraising Cost:Office Communication 2,064,000 -
Output 6 - Fundraising Cost:Refreshment for Visitor, Meetin 1,480,316 -
Output 6 - Fundraising Cost:Stationaries 1,435,931 -
Output 6 - Fundraising Cost:Subscription fee 148,000 -
Output 6 - Fundraising Cost:Utilities 419,900 -
Output 6 - FUNDRAISING COST: Dev Partners Meeting - 511,093
Output 6 - FUNDRAISING COST: Staff Capacity Building - 470,000
Output 6 - FUNDRAISING COST: Website mgt cost - 236,000
Output 6 - FUNDRAISING COST: Prom Materials&Media Expenses - 1,950,776
Output 6 - FUNDRAISING COST: Marketing & Communication Cons. - 2,079,000
Output 6 - FUNDRAISING COST: Financial audit - 1,230,000
Output 6 - FUNDRAISING COST: M&E and Operations Management - 1,782,000
RUNNING COST:Consultancy fee 138,904,143 -
RUNNING COST:Field Transport 2,182,401 -
RUNNING COST:Intern support Man- Stakeholder 249,860 -
RUNNING COST:Intern Support Manag - Training 198,900 -
RUNNING COST:Local Experts Salaries 33,647,483 22,157,774
RUNNING COST:Medical cover 4,567,844 -
RUNNING COST:Office maintanance 265,000 291,000
RUNNING COST:PAYE Expenditures 7,107,449 10,523,284
RUNNING COST:Staff transport 630,000 720,000
RUNNING COST:Transport facilitation 6,811,784 1,405,000
RUNNING COST:Young consultant in charge IT 458,360 -

RUNNING COST:Young consultant in charge M&E 537,731 -

RUNNING COST: Staff to Support Activities - 4,006,139
RUNNING COST: Pension expenditures - 3,057,932 14
RUNNING COST: Maternity expenditures - 229,350
RUNNING COST: CBHI - 134,943
 RUNNING COST:PAYE Expenditures 7,107,449 10,523,284
RUNNING COST:Staff transport 630,000 720,000
RUNNING COST:Transport facilitation 6,811,784 1,405,000
RUNNING COST:Young consultant in charge IT 458,360 -

RUNNING COST:Young consultant in charge M&E 537,731 -

RUNNING COST: Staff to Support Activities - 4,006,139
RUNNING COST: Pension expenditures - 3,057,932
RUNNING COST: Maternity expenditures - 229,350
RUNNING COST: CBHI - 134,943
RUNNING COST: Office Rent - 1,800,000
RUNNING COST: Office Communication Expenses - 827,950
RUNNING COST: LR Communication Expenses - 550,000
RUNNING COST: Local Experts Communication Exp - 960,000
RUNNING COST: Office utilities Expenses - 490,000
RUNNING COST: Refreshment Expenses - 1,049,550
RUNNING COST: Office Stationaries Expenses - 1,250,400
RUNNING COST: Group Medical Insurance - 3,918,429
Reconciliation Discrepancies - 2
330,164,791 131,209,844
4 Finance costs
2022 2021
Frw Frw
Other Expenses:Bank Charges 256,731 291,447
256,731 291,447
5 Cash and cash equivalents
2022 2021
Frw Frw
EPRN_Petty Cash Account 91,393 102,549
Bank of Kigali_ Consult 25,149,029 22,810,964
Bank of Kigali_ GIZ Funds 5,679,428 7,727,856
Bank of Kigali_ NGO Acc 33,024,940 -
EPRN_Momo account 275,490 2,008,323
64,220,280 32,649,692
6 Accounts receivables
2022 2021
Frw Frw
Employee Receivable - 15,000
DPO Receivables - 4,794
EPRN CONSULT CO. Ltd receivable - 48,956
- 68,750
7 Accounts payables
2022 2021
Frw Frw
Accounts Payable - 1,285,083
- 1,285,083
8 Other current liabilities
2022 2021
Frw Frw
Unearned or Deferred Revenue - 6,033,656
- 6,033,656
9 Income Tax Expense
2022 2021
Provisional Tax computation: Frw Frw
Accounting Profit as per Profit & Loss A/c 37,496,391 (2,571,958)
Total Profit after Add backs 37,496,391 (2,571,958)
Taxable profit for the year 37,496,391 (2,571,958)
Corporate Income Tax(CIT) Payable 30% 11,248,917 0
Tax Payable/refundable 11,248,917 -

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