Home > Publications > Annual Report: Resource Link Foundation 2006

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