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RELIEF SOCIETY OF TIGRAY (REST)

MOTHER AND CHILD HEALTH CARE CENTER IN ENDASELASSIE, TIGRAY (KUW MCHC PROJECT)
Independent auditors report and financial statement at and for the year ended 31st December, 2005

Contents:

Pages:

1-2

Independent auditors report

Statement of Receipts, Payments & Fund Balance

4-5

Notes forming part of the accounts

Page 1 of 5

INDEPENDENT AUDITORS REPORT to:


The Board of Directors of Relief Society of Tigray (REST)
We have audited the financial statement set out on page 3 which has been prepared under the historical
cost convention and the accounting policies set out on page 4.
Respective Responsibilities of Management and Auditors
The societys management is responsible for the preparation of the financial statement. Based on our
audit, it is our responsibility to form an independent opinion on the said statement and to report our
opinion to you.
Basis of opinion
We conducted our audit in accordance with the Generally Accepted Auditing Standards and accordingly
included such tests of the financial records and other auditing procedures as we considered necessary
under the circumstances. An audit includes examining, on a test basis, evidences supporting the amounts
and disclosures in the financial statement. An audit also includes assessment of the significant estimates
and judgements made by the management in the preparation of the financial statement and of whether the
accounting policies are appropriate to the projects circumstances and adequately disclosed. We believe
that our audit provides a reasonable basis for our opinion.
We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary under the circumstances in order to provide us with sufficient evidence to give
reasonable assurance that the financial statement is free from material misstatement, whether caused by
fraud and other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of
the presentation of the relevant information in the financial statement.

Page 2 of 5

Unqualified opinion:
In our opinion, the financial statement, when read together with the notes set out on pages 4 - 5, gives a
true and fair view of the financial position of the project as at 31st December, 2005 and of the funds the
management has received and expended during the year then ended, in conformity with the Generally
Accepted Accounting Principles.

Addis Ababa, Ethiopia


June 13, 2006

Taddesse Woldegabriel & Co.


Auditors of
Relief Society of Tigray
Mother and Child Health Care Center in Endaselassie, Tigray
(KUW - MCHC Project)

Page 2 of 5

RELIEF SOCIETY OF TIGRAY (REST)


MOTHER AND CHILD HEALTH CARE CENTER IN ENDASELASSIE, TIGRAY (KUW MCHC PROJECT)
Statement of Receipts, Payments & Fund Balance - for the year ended 31st December, 2005

Currency: Birr
Notes
Receipts from:
Donations
In cash - Kinder Unserer Welt (KUW)
In kind - Kinder Unserer Welt (KUW)
REST

5
6
7

1,143,168.35
246,318.10
214,925.33
1,604,411.78

Payments
Salaries
Employee benefits
Fees
Communications & utilities
Travel & related expenses
Supplies, vehicle & equipment
Purchased services
Education & training
Administration cost

417,858.50
35,389.68
14,244.53
7,945.10
135,294.88
911,017.57
22,662.79
117,829.01
101,313.57
(1,763,555.63)
(159,143.85)
428,846.26
269,702.41

Excess of (payments)/receipts for the year


Fund balance, b/f
Fund balance, c/f
Represented by:
Fixed assets - nominal values
Cash at bank

20.00
269,682.41
269,702.41

Page 3 of 5

RELIEF SOCIETY OF TIGRAY (REST)


MOTHER AND CHILD HEALTH CARE CENTER IN ENDASELASSIE, TIGRAY (KUW MCHC PROJCT)
Notes forming part of the accounts at and for the year ended 31st December, 2005

Currency: Birr
1. Introduction
This is the fist audit of the project. The opening balances, therefore, are as assembled by the
management of the society.
2. Objectives
The project period is from January 1, 2005 to December 31, 2006 and has the following objectives.
- To expand Community Level Maternal Child Care Services.
- To strengthen existing capacity of health service provision.
- To provide basic Mother and Child Health Care (MCHC) at static and outreach level.
3. Accounting policies
3.1 Basis of accounting
The records are kept on accrual basis of accounting.
3.2 Fixed assets
Fixed assets are expended on acquisition but leaving a nominal value of Br. 10.00 for each asset
in existence for control purposes.
3.3 Office supplies are expended on acquisition, regardless of usage.
3.4 Foreign currency translation
The donations in cash were received in foreign currencies and converted to birr by the bank at the
rates ruling on the dates of receipts.
4. Cash at bank - Br. 269,682.41
The balance shown above is kept in a bank account with the other funds managed by the society.

Page 4 of 5

RELIEF SOCIETY OF TIGRAY (REST)


MOTHER AND CHILD HEALTH CARE CENTER IN ENDASELASSIE, TIGRAY (KUW MCHC PROJCT)
Notes forming part of the accounts at and for the year ended 31st December, 2005

5. Donation in cash
The cash transfers from Kinder Unserer Welt (KUW) during the year under review are as follows:
Net
Exchange
Amount
Equivalent
Ref
Euro
Rate
Birr
USD
Date
28/03/05 BDV 6779
27,900.00
11.1731
311,729.42
35,296.25
04/07/05 BDV 6785
27,900.00
10.4576
291,767.00
33,006.81
30/09/05 BDV 6791
27,900.00
10,4622
291,895.32
32,992.96
10.3150
247,776.61
27,982.18
30/12/05 BDV 6799
24,021.00
107,721.00
1,143,168.35
129,278.20

6. Donation in kind - Br. 246,318.10


The amount is the cost of the Land Cruiser donated by Kinder Unserer Welt (KUW) with an invoice
value of 2,957,000.00 Yen converted to Birr at the rate ruling on the date of the invoice.
7. Contribution made by REST for:
Salaries
Provident fund
Fees
Training

191,280.00
2,800.80
14,244.53
6,600.00
214,925.33

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