| |
OPERATING RESULT
INCOME |
2008
N
|
% |
2007
N
|
% |
Subscription |
2,937,950 |
73.81 |
3,334,200 |
81.80 |
Donations |
965,830 |
24.26 |
709,800 |
17.42 |
Zakat |
12,000 |
0.30 |
8,000 |
0.20 |
Interest on FTD |
44,384 |
1.11 |
|
|
Others |
20,900 |
0.52 |
23,500 |
0.58 |
|
3,981,064 |
100.0 |
4,075,500 |
100.0 |
EXPENSES |
|
|
|
|
Staff Salaries |
539,000 |
14.84 |
444,000 |
19.44 |
MUKEF Day Expenses |
659,899 |
18.17 |
346,750 |
15.18 |
Donation to Institutions |
2,050,000 |
56.45 |
1,000,000 |
43.81 |
Financial Expenses |
184,084 |
5.06 |
191,300 |
8.38 |
Administrative Expensive |
199,085 |
5.48 |
301,208 |
13.19 |
|
3,632,067 |
100.0 |
2,283,258 |
100.0 |
Excess of Income Over Expenditure |
348,995 |
|
1,792,242 |
|
ANALYSIS
The endowment fund made excess income over
expenditure of #348, 995 in the year under review as against #1, 792,242 in
year 2007. The drop is due apparently to the follow reasons:
i. Drop income of the fund from
#4,075,500 in year 2007, to #3,981,064 in year 2008 a decrease of #94,4360,
over that of the year.
ii. An increase of #1,430,934 in
Donation to tertiary institution in year 2008. Salaries increased by
#95,000, this is due to take over of payment of AIS staff and recruitment of
additional staff. MUKEF day expenses increased by #293,149 in the year under
review.
MUKEF
DAY EXPENSES
We observed that MUKEF Day Expenses jumped
from N346, 750 in year 2007 to N659,899 in year 2008. This is an increase of
45.81% over that of the proceeding year.
MUHAMMED KAMALUDEEN
EDUCATION FOUNDATION
(MUKEF)
AUDITED ACCOUNTS FOR
THE YEAR ENDED 31ST DECEMBER 2008
- BOARD AND MANAGEMENT
MEMBER
- Hon. Justice M.A. Ambali
Chairman
- Alh. Dr. Aliyu Salman
(SAN) 1st Vice Chairman
- Prof. Shuib Oba Abdul
Raheem 2nd Vice Chairman
- Alhaji Abdul Kareem A,
Ishola (ACA.CNA) Treasurer
- Alh. Mahmud A. Alfanla
Secretary
- Dr. Moshood M. jimba
Asst. Secretary (Communication)
- Alhaji Nassam M.
Alfa
Asst. Secretary (Minutes)
8. Alhaji Abdul Lateef Ahmed Adekilekun Director of Contacts
and Mobilization
- Alhaji Saka Sa’adu
Member
- Alhaji Ahmed Olayiwola
Kamal Member
- Hon. Justice I.A Haroon
Member
- Engr. Ahmed Kola Ibrahim
Member
- Alhaji Umar
Ali
Member
- Mallam Moshood Tosho Amuda
Member
- Alhaji Buhari Kelani
Member
- Alhaji Abdulkareem Saka
Member
- Dr. Abdulhameed Amin
Olohunoyin Member
- Dr. Abdul Lateef Oladimeji
Member
- Alhaji S.O. Bhadmus
Member
- Dr. Hashir AbdulSalam
Member
- ADDRESS
Muhammed
Kamaldeen Education Foundation Interim Management Committee, P.M.B, 1504
Ilorin, Kwara State, Nigeria.
- BANKER
Bank PHB Plc,
Unity Branch, Ilorin.
- AUDITORS
US
ALADIRE & CO
CHARTERED ACCOUNTANTS
158
IBRAHIM TAIWO ROAD P.O.BOX 4567 ILORIN.
MANAGEMENT’S RESPONSIBILITY STATEMENTS
The following statements which should be
read in conjunction with the Auditor’s responsibility statement, is made to
distinguish the responsibilities of the Management for financial statement
from those of the Auditors.
The Management are required by companies
and Allied Matters Decree 1990 to prepare financial statements which give a
true and fair view of the state of affairs of the foundation as at the end
of the financial year and of the excess or deficit of the income over
expenditure for the financial year.
The Management have the responsibility of
ensuring that the Foundation keeps accounting records which disclose with
reasonable accuracy, the financial position of the college and which enable
them to ensure that the financial statements comply with the companies and
Allied Matter Decree 1990.
The Management also has a general
responsibility for taking such steps as reasonably open to them to safeguard
the asset of the Foundation and to prevent and detect fraud and other
irregularities.
AUDITOR’S RESPONSIBILITY STATEMENT
The Auditors are responsible for forming a
independent opinion on the financial statements presented by the management
based on their audit, and for reporting their opinion to the Management.
They also have the responsibility under the Companies and Allied Matters
Decree 1990 to report if particular requirement are not met.
They include:-
i. whether the foundation has
maintained the proper books of accounts;
ii. whether the financial
statements are in agreement with the accounting records and give the
information required by the decree in the manner so required and give a true
and fair view, in the case of balance sheet, of the state of the
Foundation’s affair at the end of its year, and in case of income and
expenditure, of the excess of income/expenditure over expenditure/income for
the year.
iii. that the Auditors have
obtained all information and explanations which to the best of their
knowledge and belief, were necessary for the purpose of their Audit;
iv. whether the financial
statements have been properly prepared in accordance with the provision of
the Decree so as to give a true and fair view of the statement of the
Foundation.
STATEMENT OF ACCOUNTING POLICIES
The following accounting policies have been
adopted by the Management of the Foundation and stated therein to assist
users of the Financial Statement in their interpretation of this accounts
which have been prepared under Historical Cost Convention.
Fixed Assets Depreciation
Depreciation of Fixed Assets is calculated
to write off the cost of each fixed asset on a straight line basis over its
estimated useful life. Based on the usual Accounting standard and practice,
depreciation of the following fixed assets of the Foundation is calculated
as shown below
Computer
Equipment 25%
Motorcycle/Motor
Vehicle 25%
Office Furniture and
Fittings 15%
Generator and other
Machinery 15%
Annual Subscriptions and Donations
Amount collectable from individuals as
annual subscription and donations are acknowledge in the books of the
foundation and are treated as income for that year. No provision is made for
bad and doubtful debts on individual subscription or donation.
AUDITED ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2008 |
REVENUE ACCOUNTS |
|
NOTE |
2008
# |
2007
# |
INCOME |
|
|
|
Annual Subscription |
|
2,937,950 |
3,334,200 |
Donations |
|
965,830 |
709,800 |
Zakat |
|
12,000 |
8,000 |
Others |
|
20,000 |
23,500 |
Interest on FTD |
|
44,384 |
-------- |
|
|
3,981,064 |
4,075,500 |
EXPENDITURE |
|
|
|
Salaries and wages |
|
539,000 |
444,000 |
Postage and Telephone |
|
43,395 |
72,685 |
MUKEF Day Expenses |
|
659,899 |
346,750 |
Printing and Stationery |
|
9,395 |
9,950 |
Transport and Traveling
|
|
12,135 |
3,285 |
Maintenance of Plant and Machinery |
|
42,280 |
35,875 |
Donation |
|
50,000 |
50,000 |
Fueling and Repair of Motor Vehicle |
|
47,380 |
34,600 |
Donation to the proposed University and others |
|
2,050,000 |
1,000,000 |
Professional Charges |
|
12,500 |
7,500 |
Utility Expenses |
|
35,000 |
--------- |
Depreciation |
|
73,350 |
110,025 |
Bush Clearing |
|
------- |
95,000 |
Maintenance of Furniture and fittings |
|
------- |
22,750 |
Miscellaneous Expenses |
|
------- |
2,063 |
Public Relation |
|
|
25,000 |
Publicity |
|
9,500 |
------ |
|
|
3,981,064 |
2,283,258 |
Excess of Income over expenditure |
|
348,995 |
1,792,242 |
FIXED ASSETS: NOTE 1 |
|
COMPUTER EQUIPMENT N |
OFFICE FURNITURE N |
MOTOR CYCLE N |
PLANT & MACH. N |
TOTAL N |
Cost as at 1/1/08 |
147,000 |
106,000 |
45,000 |
63,000 |
361,000 |
Addition during the year |
NIL |
NIL |
NIL |
NIL |
NIL |
|
147,000 |
106,000 |
45,000 |
63,000 |
361,000 |
Accum. Dep. 1/1/08 |
55,125 |
23,850 |
16,875 |
14,175 |
110,025 |
Charges for the year |
36,750 |
15,900 |
11,250 |
9,450 |
73,350 |
Accum. Dep. 31/12/08 |
91,875 |
39,750 |
28,125 |
23,625 |
183,375 |
WDV as at 31/12/08 |
55,125 |
66,250 |
16,875 |
39,375 |
177,626 |
WDV 31/12/07 |
91,875 |
82,150 |
28,125 |
48,825 |
250,975 |
|
|
|
|
|
|
CURRENT ASSETS: NOTE 2 |
|
|
2008
N |
2007
N |
Cash in hand |
58,969 |
4,395 |
Bank Balance |
1,376,370 |
3,052,983 |
Salary Advance |
10,000 |
10,000 |
Fixed Deposit (Bank PHB) |
2,044,384 |
-------- |
ACCUMULATED FUND: NOTE 3 |
Balance B/F |
3,318,353 |
1,526,111 |
Excess of Income over expenditure |
348,995 |
1,792,242 |
| |
|
|
|
FIXED ASSETS: NOTE 1 |
|
COMPUTER EQUIPMENT N |
OFFICE FURNITURE N |
MOTOR CYCLE N |
PLANT & MACH. N |
TOTAL N |
Cost as at 1/1/08 |
147,000 |
106,000 |
45,000 |
63,000 |
361,000 |
Addition during the year |
NIL |
NIL |
NIL |
NIL |
NIL |
|
147,000 |
106,000 |
45,000 |
63,000 |
361,000 |
Accum. Dep. 1/1/08 |
55,125 |
23,850 |
16,875 |
14,175 |
110,025 |
Charges for the year |
36,750 |
15,900 |
11,250 |
9,450 |
73,350 |
Accum. Dep. 31/12/08 |
91,875 |
39,750 |
28,125 |
23,625 |
183,375 |
WDV as at 31/12/08 |
55,125 |
66,250 |
16,875 |
39,375 |
177,626 |
WDV 31/12/07 |
91,875 |
82,150 |
28,125 |
48,825 |
250,975 |
|
|
|
|
|
|
CURRENT ASSETS: NOTE 2 |
|
|
2008
N |
2007
N |
Cash in hand |
58,969 |
4,395 |
Bank Balance |
1,376,370 |
3,052,983 |
Salary Advance |
10,000 |
10,000 |
Fixed Deposit (Bank PHB) |
2,044,384 |
-------- |
ACCUMULATED FUND: NOTE 3 |
Balance B/F |
3,318,353 |
1,526,111 |
Excess of Income over expenditure |
348,995 |
1,792,242 |
| |
|
|
|
HIGHLIGHTS OF
REVENUE ACCOUNTS FOR THREE YEARS (2006-2008)
|
INCOME |
2008
N |
2007
N |
2006
N |
|
Annual Subscription |
2,937,950 |
3,334,200 |
1,280,700 |
|
Donations |
965,830 |
709,800 |
793,500 |
|
Zakat |
12,000 |
8,000 |
64,000 |
|
Interest on FTD |
44,384 |
-------- |
--------- |
|
Other Income |
20,900 |
23,500 |
75,215 |
|
|
3,981,064 |
4,075,500 |
2,213,415 |
|
|
|
|
EXPENDITURE |
|
|
Administrative Expenses |
199,085 |
301,208 |
1,309,038 |
|
Staff Expenses |
539,000 |
444,000 |
214,500 |
|
Donation to proposed University and
others |
2,050,000 |
1,000,000 |
------------ |
|
Financial Expenses |
184,085 |
191,300 |
2,573 |
|
MUKEF Day Expenses |
659,899 |
346,750 |
-------- |
|
|
3,632,069 |
2,283,258 |
1,526,111 |
|
Surplus on Revenue Accounts |
348,995 |
1,792,242 |
687,304 |
|
| |
|
|
|
|
|
|
HIGHLIGHTS OF
REVENUE ACCOUNTS FOR THREE YEARS (2006-2008)
|
INCOME |
2008
N |
2007
N |
2006
N |
|
Annual Subscription |
2,937,950 |
3,334,200 |
1,280,700 |
|
Donations |
965,830 |
709,800 |
793,500 |
|
Zakat |
12,000 |
8,000 |
64,000 |
|
Interest on FTD |
44,384 |
-------- |
--------- |
|
Other Income |
20,900 |
23,500 |
75,215 |
|
3,981,064 |
4,075,500 |
4,075,500 |
2,213,415 |
|
EXPENDITURE |
|
|
Administrative Expenses |
199,085 |
301,208 |
1,309,038 |
|
Staff Expenses |
539,000 |
444,000 |
214,500 |
|
Donation to proposed University and
others |
2,050,000 |
1,000,000 |
------------ |
|
Financial Expenses |
184,085 |
191,300 |
2,573 |
|
MUKEF Day Expenses |
659,899 |
346,750 |
-------- |
|
|
3,632,069 |
2,283,258 |
1,526,111 |
|
Surplus on Revenue Accounts |
348,995 |
1,792,242 |
687,304 |
|
| |
|
|
|
|
|
INTERNAL AUDITORS REPORT YEAR 2006
INCOME N |
EXPENDITURE N |
Subscription --
1,280,700
Donations --
793,500
Sales of forms --
5,500
Income from schools orgs - 9,715
Special Prayer -
60,000
Zakat
64,000 |
Grants to schools
(a) proposed Muhammad Kamal
University 500,000
(b) Al-Zumural –Adabyyah Ilorin
200,000
(c) Mahad Al-azhary
Ilorin 200,000
(d) Ansarul-Islam Sec. Sch Ogunwale |
|
MUKEF Staff
Salaries 214,500 |
|
MUKEF Day
Expenses(2006) 346,750 |
|
Printing &
Stationery 256,495 |
|
Postage &
Telecommunication 22,460 |
|
Adverts &
Publicity 38,750 |
|
Traveling &
Transport 11,460 |
|
Office
maintenance 47,090 |
|
Repair of
Equipment 80,700 |
|
Bank
Charges 2,573 |
|
Miscellaneous
Expenses 13,275 |
2,213,415 |
2,034,053 |
SUMMARY OF INCOME EXPENDITURE
INCOME YEAR (2006) - 2,213,415
EXPENSES - 2,034,053
BAL.
-
179,362
INTERNAL AUDITORS REPORT YEAR 2007
INCOME N |
EXPENDITURE N |
Subscription --
3,334,200
Donations --
709,800
Zakat
8,000
Other Incomes ---
18,000 |
Grants to the proposed
Muhammad Kamal University
2,000,000
Grant to Ansarul Islam (Edo
State) 50,000
|
|
MUKEF Staff
Salaries 444,000 |
|
MUKEF Day
Expenses(2007) 650,899 |
|
Printing &
Stationery 9,950 |
|
Postage &
Telecommunication 72,685 |
|
Maintenance of plant &
machines 35,875 |
|
Maintenance of furniture &
fittings 22,750 |
|
Special Donation to (Dr Olukade)
late 50,000 |
|
Fuelling& repairs of
Motorcycle 34,600 |
|
Traveling & Transport
3,285 |
|
Bush Clearing
95,000 |
|
Public Relations Expenses
80,700 |
|
Professional Charges (External
Auditors) 7,500 |
|
Bank
Charges 27,775 |
|
Miscellaneous Expenses
2,063 |
4,070,000 |
3,540,382 |
SUMMARY OF INCOME EXPENDITURE
BAL.
B/F - 179,362
INCOME -
4,070,000
-
4,249,362
EXPENSES -
3,540,382
BAL.
- 708,980
INTERNAL AUDITORS REPORT YEAR 2008
INCOME N |
EXPENDITURE
N |
Subscription --
2,937,950
Donations --
965,830
Zakat
12,000
Other Incomes ---
20,000 |
Grants to the proposed Muhammad Kamal University
to be decided.
|
Interest FTD
44,384 |
MUKEF Day
Expenses(2008) to be decided |
|
MUKEF Staff
Salaries 429,000 |
|
Fixed deposit
(2,000,000) |
|
Printing &
Stationery 9,395 |
|
Postage &
Telecommunication 43,395 |
|
Maintenance of plant &
machines 42,280 |
|
MUKEF Staff
Welfare 50,000 |
|
Utility
Expenses 35,000 |
|
Fuelling& repairs of
Motorcycle 34,600 |
|
Traveling & Transport
12,280 |
|
Public Relations Expenses
9,500 |
|
Professional Charges (External
Auditors) 12,500 |
|
Grant to Ansarul Islam National
Secretariat
Ilorin 110,000 |
3,980,164 |
2,800,205 |
SUMMARY OF INCOME AND EXPENDITURE 2008
BAL. B/F FROM 2007 =
708,980
Direct Income year 2008
= 3,980,164
Income for year 2008 receipted in 2009
= 597,000
Total
= 5,286,144
Less Actual Expenses 2008
= 800,205
Bal
= 4,485,939
|
|
