ACCOUNTS
The Executive Council members have the pleasure in submitting their annual report together with the audited accounts of the Company for the year ended 31 December, 2006.
ACCOUNTS
The Executive Council Members present herewith the accounts of the company for the year ended 31 December, 2006 and report therefore as follows:
- The Balance Sheet has been signed by the Executive Council Members indicating the Council’s approval of such a Balance Sheet and the annexed Accumulated Fund for the year ended 31 December, 2006.
- ACCUMULATED FUND ACCOUNT ( ¢’000)
Balance as at 1 January 2006 17,868,975
Balance as Re – stated 17,868,975
Surplus of Income over Expenditure 94,830,000
Balance as at 31 December, 2006 112,698,975
NATURE OF BUSINESS
There was no change in the nature of business
In compliance with section 134 (5) of the Company’s Code 1963, (Act 179) the Executive Council Members have renewed the Auditor’s term of office.
By order of the Executive Council Members
signed
……………………………
DAPAAH CHRISTOPHER KWAKU
..signed……………………………….. Executive Council/Board Members
SALIA ALHASSAN
……signed…………………………..
FREDRICK KWABENA KUMAH
REPORT OF THE AUDITORS TO THE MEMBERS
OF RESOURCE LINK FOUNDATION
We have audited the financial statements set out on pages 4 to 9. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.
Respective Responsibilities of Directors and Auditors
As stated on page 2, the directors are responsible for the preparation of the financial statement based on our audit.
Based of Opinion
We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform out audit to obtain reasonable assurance about whether the financial statements are free from material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall presentation of the financial statements..
Opinion
In our opinion, proper books of account have been kept and the financial statements which are in agreement therewith give a true and fair view of the state of affairs of the organization at 31 December, 2006 and of its profit for the year then ended and comply with Ghana Accounting Standards and Ghana Companies Code, 1963 (Act 179).
SIGNED
JOHN ALLOTEY &CO
CHARTERED ACCOUNTANTS
KUMASI: 23RD MARCH, 2007
RESOURCE LINK FOUNDATION
INCOME & EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER, 2006
NOTES 2006 2005
¢ ¢
INCOME 2 149,000,000 120,000,000
Admin. & Gen. Exps. 3 (54,170,000) 92,936,400
Operating Surplus 94,830,000 27,063,600
ACCUMULATED FUND ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER, 2006
(¢’000)
Balance at 1 January 17,868,975 (9,194,625)
Surplus for the year 94,830,000 27,063,600
Balance at 31 December 112,698,975 17,868,975
RESOURCE LINK FUNDATION
BALANCE SHEETS AS AT 31 DECEMBER, 2006
NOTES 2005 2006
¢ ¢
FIXED ASSETS 4 56,458,875 43,238,875
CURRENT LIABILITIES
Accounts payable 5 80,240,100 592,000
NET CURRENT ASSETS 77,240,100 (4,369,900)
NET ASSSETS 133,698,975 38,868,975
REPRESENTED BY:
ACCUMULATED 112,698,975 17,868,975
MEMBERS’ FUND 21,000,000 21,000,000
133,698,975 38,868,975
The above Balance Sheet together with the attached Income and Expenditure Account and Notes thereon have been approved by the Board of Trustees
signed
…………………….
DAPAAH CHRISTOPHER KKWAKU
signed
………………….. Executive Baord/Council Members
SALIA ALHASSAN
signed
…………………..
FREDRICK KWABENA KUMAH
RESOURCE LINK FUNDATION
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER, 2006
- ACCOUNTING POLICIES
The following accounting policies have been consistently applied in dealing with items, which are considered material in relation to the company’s accounts.
- Bases of Accounting:
The Financial statements have been prepared under the historical
Cost convention and in accordance with the Financial
Reporting Standard for Smaller Entities.
- Depreciation:
Depreciation is calculated so as to write-off the cost of each asset over its estimated useful life. The annual rates generally in use as follows: The rates used are as follows:-
Furniture and Fittings 7.5%
Motor Vehicle 15%
(c) Foreign Currencies
Foreign currency transaction are converted into cedis at the rate of exchange applicable at the time of transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate ruling at that date.
Exchange differences arising from the conversion and translation are charged or credited to the profit and loss account in the year in which they arise.
2 TURNOVER 2006 2005
¢ ¢
Ghana Aids Commission 100,00,000 100,000,000
GTZ ( Germany) 20,000,000 20,000,000
Tain District Assembly 26,000,000 0
Forestry Commission 3,000,000 0
149,000,000 120,000,000
3 ADMINISTRATION & GEN. EXPS
Staff Allowances 6,130,000 7,560,000
Office Rent 600,000 600,000
Council Meeting Expenses 2,040,000 2,525,000
Council Members’ Allowances 2,000,000 7,040,000
Telephone and Postal Charges 1,455,000 829,000
Traveling and Transport Expenses 7,010,000 3,000,000
Electricity Charges 870,00 0
Printing & Stationary 4,900,000 4,663,900
Film, Photo & Video 470,000 2,800,000
Trade Advocacy/ Awareness & other
programme Exps. 8,930,000 37,721,000
Renewal and Licences 0 700,000
Annual Subscription 2,200,000 2,240,000
Motor Vehicle Running Expenses 1,600,000 2,240,000
Motor Bike Running Expenses 970,000 1,350,000
Advertisement & Publicity 950,000 7,584,000
Training Programme Expenses 2,445,000 4,090,000
Audit Fees 1,000,000 1,000,000
Depreciation 10,600,000 8,300,500
54,170,000 92,943,400
- FIXED ASSETS AT AT
COST 1/1/06 ADDITION 31/12/06
¢ ¢ ¢
Generator 0 4,800,000 4,800,000
Furniture and Fittings 2,580,000 4,020,000 6,600,000
Office Equipment 0 15,000,000 15,000,000
Computer and Accessories 14,000,000 0 14,000,000
Motor Vehicle:
Pick – Up- GT 4483D 15,000,000 0 15,000,000
Motor Bike 23,000,000 0 23,000,000
54,580,000 23,820,000 78,400,00
DEPRECIATION AT CHARGE FOR AT
1/1.06 THE YEAR 31/12/06
Generator 0 480,.000 480,000
Furniture and Fittings 241,125 495,000 736,125
Office Equipment 0 1,525,000 1,525,000
Computer and Accessories 2,800,000 2,800,000 5,600,000
Motor Vehicle :
Pick –Up-GT 4483 D 6,000,000 3,000,000 9,000,000
Motor Bike 2,300,000 2,300,000 4,600,000
11,341,125 10,600,000 21,941,125
NET BOOK VALUE 56,458,875
AT 31 DECEMBER, 2006
5 ACCOUNTS PAYABLE
Sundry Creditors 0 2,961,900
Audit Fees 3,000,000 2,000,000
3,000,000 4,961,900