SCHOOLING FOR LIFE FOUNDATION FINANCIAL STATEMENT FOR THE MONTH OF MAY 2014 TO JUNE 2015
SCHOOLING FOR LIFE FOUNDATION CONTENTS: PAGE GENERAL INFORMATION 3 REPORT ON THE ACCOUNT DEPT. 4 FINANCIAL STATEMENT 5, 6 & 7 BALANCE SHEET 8 NOTE TO THE FINANCIAL STATEMENT 9, 10 & 11
SCHOOLING FOR LIFE FOUNDATION GENERAL INFORMATION: COUNTRY DIRECTOR: S. RODRIGUES PEREIRA REGISTERED OFFICE: 16 ADELAIDE STREET FREETOWN, SIERRA LEONE BANKER: Former ECOBANK (SL) LIMITED CONGO CROSS BRANCH OFFICE FREETOWN, SIERRA LEONE BANKER: Present UNITED BANK OF AFRICA (UBA) CHARLOTTE STREET, HEAD OFFICE FREETOWN, SIERRA LEONE
SCHOOLING FOR LIFE FOUNDATION REPORT FROM THE ACCOUNT DEPARTMENT The Accountant is responsible for the preparation of the accounts for it to give a true and fair view of the state of affairs of the organisation on an on-going basis. The Accountant is responsible for ensuring that suitable accounting policies are instilled and that accounting standards have been followed and applied consistently and to make sound judgements and estimates that are reasonable and prudent. It is also the Accountant's responsibility to keep proper accounting records, to safeguard the assets of the organisation and take reasonable steps for the prevention and detection of fraud and other irregularities. The results of the financial statement show the state of affairs of the organisation. Accountant Edward I. G. Massaquoi
Financial statement for the month of May 2014 to June 2015 Donor 5150 Donor Funding 5151. SLL 574,825,029.00 104,418.72 Total 5150 Donor Funding SLL 574,825,029.00 104,418.72 Expense 6000 SELLING & MARKETING EXPENSE 6010 Advertising and Promotions SLL 400,000.00 72.66 6030 Public Relations SLL 292,000.00 53.04 6040. Gifts and Donations SLL 447,566.85 81.30 Total 6000 SELLING & MARKETING EXPENSE SLL 1,139,566.85 207.01 6100 SALARY WAGES, & Taxes 6110. Salary Country Director SLL 119,769,105.00 21,756.42 6111. Salary Office Assistant SLL 6,951,786.49 1,262.81 6120. Outstation Allowances SLL 0.00 0.00 6140. Employee Bonuses (Leave Allowance) SLL 5,142,434.06 934.14 6160. Programme Manager SLL 24,232,957.16 4,401.99 6161. Accountant SLL 6,336,549.48 1,151.05 6162. NRA Contribution SLL 7,887,402.01 1,432.77 6163. Driver SLL 4,684,913.63 851.03 6155. Pension contribution (NASSIT) SLL 643,231.73 116.85 Total 6100 SALARY WAGES, FEES & TAXES SLL 175,648,379.56 31,907.06 6200. Legal & Medical Fees 6320. Legal Fees SLL 0.00 0.00 7840 Staff Medical cost SLL 59,000.00 10.72 Total 6300 LEGAL & MEDICAL FEES SLL 59,000.00 10.72 6400 BANK AND FINANCE CHARGES 6410 COT Charges SLL 1,257,291.95 228.39 6430 Other Bank Charges SLL 163,773.75 29.75 Total 6400 BANK AND FINANCE CHARGES SLL 1,421,065.70 258.14 6500 TRANSPORT AND FEEDING 6510 Purchase of vehicle SLL 44,980,000.00 8,170.75 6520 Transport and Travelling SLL 2,024,020.00 367.67 6530. Hotel Accommodation/Lodging SLL 0.00 0.00 6540. Food/Feeding Allowance SLL 0.00 0.00 8050. Vehicle hiring fee SLL 4,680,000.00 850.14 Total 6500 TRANSPORT AND FEEDING SLL 51,684,020.00 9,388.56 6600 COMMUNICATIONS & COURIER SERVICES 6610 Telephone line SLL 0.00 0.00 6620 Mobile Telephone Lines SLL 4,158,785.79 755.46 6630. Courier Services SLL 0.00 0.00 7330. Internet Subscription SLL 5,757,082.00 1,045.79 Total 6600 COMMUNICATIONS & COURIER SERVICES SLL 9,915,867.79 1,801.25
6700 UTILITIES 6710 Electricity SLL 0.00 0.00 6720 Fuel SLL 4,423,500.00 803.54 6730 Water SLL 173,000.00 31.43 Total 6700 UTILITIES SLL 4,596,500.00 834.97 6800 REPAIRS AND MAINTENANCE 6810. Building Repairs SLL 0.00 0.00 6820 Equipment Repairs SLL 0.00 0.00 6830 Furniture and Fitting Repairs SLL 0.00 0.00 6840 Generator Repairs SLL 0.00 0.00 6850 Motor Vehicle Repairs SLL 5,115,500.00 929.25 6860. Landscaping Services SLL 0.00 0.00 6870. Janitorial Services SLL 150,000.00 27.25 6800 REPAIRS AND MAINTENANCE - Other SLL 0.00 0.00 Total 6800 REPAIRS AND MAINTENANCE SLL 5,265,500.00 956.49 6900. INSURANCE 6910. Health Insurance SLL 1,879,359.70 341.39 6920. Auto Insurance SLL 0.00 0.00 Total 6900. INSURANCE SLL 1,879,359.70 341.39 7200 COMPUTER AND OFFICE SUPPLIES 7110 Computer and Software Supplies SLL 600,000.00 108.99 7120 Office Supplies SLL 8,072,900.00 1,466.47 7130. Maintenance Supplies SLL 0.00 0.00 7210. Printing and Photocopying SLL 657,868.45 119.50 Total 7200 COMPUTER AND OFFICE SUPPLIES SLL 9,330,768.45 1,694.96 7300 LEASES AND RENTALS 7310 Office Rent SLL 24,095,000.00 4,376.93 7320. Residential Rent SLL 66,047,000.00 11,997.64 7340. Equipment Rental SLL 0.00 0.00 Total 7300 LEASES AND RENTALS SLL 90,142,000.00 16,374.57 7400. NEWSPAPER AND PERIODICALS 7420. Newspaper and Periodicals SLL 0.00 0.00 Total 7400. Newspaper and Periodicals SLL 0.00 0.00 7500 SECURITY SLL 0.00 0.00 7600 LICENSES, FEES & PERMITS 7610. Registration SLL 11,486,000.00 2,086.47 7620 Licenses SLL 235,000.00 42.69 7630. Permits SLL 3,610,000.00 655.77 Total 7600 LICENSES, FEES & PERMITS SLL 15,331,000.00 2,784.92 7800 Food and Beverages 7810 Food and beverages SLL 678,399.30 123.23 Total 7800 Food and Beverages SLL 678,399.30 123.23 8,051. Staff Loan SLL 400,000.00 72.66
9500 MISCELLANEOUS 9510 Miscellaneous SLL 970,000.00 176.20 Total 9500 MISCELLANEOUS SLL 970,000.00 176.20 9545. DIRECTOR EXPENSES 9541. Travel cost SLL 25,022,801.40 4,545.47 9540. Other Expenses SLL 2,750,000.00 499.55 Total 9545. DIRECTOR EXPENSES SLL 27,772,801.40 5,045.01 9570. EXPENDITURE HOLLAND 9571. Expenditure- Holland Office SLL 922,098.00 167.50 9572. Website SLL 599,732.00 108.94 Total 9570 DEVELOPMENT EXPENSES SLL 1,521,830.00 276.45 9580. SKILL TRAINING 9581. Trainers SLL 4,517,250.00 820.57 9582. Training Materials SLL 1,028,000.00 186.74 9583. Other expenses SLL 1,107,000.00 201.09 9584. Training Facilities SLL 4,000,000.00 726.61 Total 9580. SKILL TRAINING SLL 10,652,250.00 1,935.01 9590. FORMAL EDUCATION 9591. School fees SLL 0.00 0.00 9592. School Materials SLL 0.00 0.00 Total 9590. Formal Education SLL 0.00 0.00 Total Expense SLL 408,408,308.75 74,188.61 Surplus SLL 166,416,720.25 30,230.10
Balance Sheet from 1st May 2014 to 30th June 2015 FIXED ASSET Note Leones Euro Motor vehicle 1 SLL 30,600,000.00 5,563.64 Current Asset Cash at bank both Leones & Euro 2 SLL 19,859,044.65 3,610.74 Cash in hand 3 SLL 200,000.00 36.36 Other Asset Laptop Computers 4 SLL 1,350,000.00 245.45 Total Asset SLL 52,009,044.65 9,456.19 LIABILITIES Accrued expenses 5 SLL 8,980,000.00 1,632.73 Unreserved fund 6 SLL 43,029,044.65 7,823.46 Total Liabilities SLL 52,009,044.65 9,456.19
Note to the financial statement 1 & 4. Fixed and other Assets The fixed assets are shown at cost less depreciation. The depreciation was calculated according to the estimated length of use of the assets and at the following rate: Laptop Computers 10% Motor Vehicle 15% ASSET Description Qty Unit Cost Cost Value Depreciation NBV Motor Vehicle Toyota 4 Runner 1 Computers and Accessories SLL 36,000,000.00 SLL 36,000,000.00 SLL 5,400,000.00 SLL 30,600,000.00 Laptop Computer 1 1,500,000.00 1,500,000.00 150,000.00 1,350,000.00 TOTAL ASSET SLL 31,950,000.00 2. Statement of Changes in Cash Flow The financial statements do not include a statement of cash flow; as such a statement would not add significant financial information to that already included in the financial statements. 2 & 3. Cash and Cash Equivalents None of the organisation s liquid fund is restricted to withdrawal or use, to be cash equivalents. Cash and Cash Equivalents 30 th of June 2015 Le Euro Cash at bank- Euro SLL 3,300,000.00 600.00 Cash at bank - Leones SLL 16,559,044.65 3,010.74 Cash in hand- Leones SLL 200,000.00 36.36 Total Cash and Cash at Bank SLL 20,059,044.65 3,647.10
3. Purchase of Vehicle The second purchased car, Toyota RAV4, cost Le 36,000,000. This amount plus the accrued expenses of Le 8,980,000 gives a total of Le 44,980,000, which is what is stated in the financial statement. 4. Exchange Gain Regarding the income aspect of the financial statement; the organisation received 100.798 Euros in funding in the Netherlands. After transfer and exchange of these Euros to Sierra Leone and SL Leones, the favourable rate fluctuation from May 2014 to June 2015 left the organisation with a gain of 3,620.72 Euro. That is why our income indicates 104,418.72 Euros. 5. Accrued Expenses Account code 6500 sub code 6510. Purchase of Vehicle: Schooling for Life bought a Mitsubishi Pajero Monteru at the cost of $ 5,700 in the month of May 2014 at an exchange rate of Le 4,400 amount to Le 25,080,000. Soon the organisation started having problems with the vehicle; they decided to sell it for $ 3,500 at an exchange rate of Le 4,600, which amounted to Le 16,100,000. Therefore Le 25,080,000 Le 16,100,000 = Le 8,980,000, the difference is what is written as accrued expenses. 6.1 Fund Balance Fund balance is the difference between assets and liabilities, in essence what would be left over if the asset were used to satisfy the liabilities. This can be reported into two basic components (1) Reserved fund balance and (2) Unreserved fund balance. Fund balance may be reported as reserved because it is related to resources that cannot be spent, like inventory. Unreserved fund balance represents resources that are available to be used for the purpose of the fund they are reported in; it is also called Capital project fund.
6.1.a ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing with items which are considered material to the organisation s affairs: b. ACCOUNTING CONVENTION The financial statements set out on page 5 to 7 are prepared under the Historical Cost Convention. c. Foreign Currencies The converted Euro exchange rate for donor funding for the month of May - June 2014 was calculated in Leones at a rate of Le 5,815 and the month of July December 2014 was calculated averagely using a rate of Le 5,719.21. The month of January to June 2015 the rate was calculated using an average rate of Le 5,500, the same was used for the balance sheet. The balance shown on the income and expenses (financial statement) for the month of May 2014 to June 2015 will be carried forward to the opening balance of the next budgeted period. SCHOOLING FOR LIFE APRIL 2016